Real Estate Investors Commitment to ESG+

Our ESG+R Objectives

Recognizing that ESG+R is a continuous process rather than a time-bound project, we are committed to the ongoing incorporation of ESG+R into our investment decision making process, from acquisition to disposition. New York Life Real Estate Investors has fully integrated our ESG+R Objectives into our investment process and overall business strategy. By adhering to our ESG+R Objectives we seek to deliver high-quality products and services to our clients and tenants. Demonstrating our commitment to ESG+R, We are a member of GRESB and a signatory to the UN Principles for Responsible Investment (“PRI”).

Environmental

Monitor consumption and evaluate strategies by identifying and implementing feasible efficiency projects to achieve our reduction targets for energy, greenhouse gas emissions, water, and waste & recycling.
Strategically evaluate green building certifications across our portfolio, such as: LEED, Green Globes, BREEAM, and IREM CSP
Pursue ENERGY STAR Certification at all eligible buildings on an annual basis.

Social

Enact socially responsible policies and programs relating to diversity and inclusion, corporate ethics, disaster relief, and community impact grants.
- Notable Achievement: A $1 billion impact investment initiative was launched in April 2021 to address the racial wealth gap by investing in underserved and undercapitalized communities over the next three years.
Act as a responsible landlord through conducting regular tenant satisfaction surveys to identify areas for improvement.
Encourage sustainable practices by our tenants through the deployment of tenant engagement tools such as distributing educational materials, providing tenant fit- out guides, implementing green lease language, and hosting events.
Evaluate health and wellness certifications including, WELL and Fitwel, in a strategic manner.
Provide tools and resources to engage property managers and encourage the implementation of sustainability and health & well-being practices.
Be a good corporate citizen and improve our social impact on our communities at both the corporate level through the New York Life Foundation and at the local property level.
Foster a culture of diversity, equity, and inclusion in the workplace, including Pension Real Estate Association (PREA) Foundation sponsorship to advance industry-wide diversity and inclusion.

Engage our employees through ongoing employee surveys, trainings, and communications on industry changes and updates, including items related to ESG+R.
Incorporate sustainability focused language in new tenant lease and vendor agreements.

Governance

Meet on a consistent basis within our ESG+R Taskforce to lead and direct our efforts.
- Taskforce members include strategic stakeholders from Asset Management, Investor Relations, Investment Committee, Acquisitions Team and other departments.
Align our ESG+R program to material industry standards including GRESB and UN Principles for Responsible Investment (“PRI”) and regularly report to these frameworks to assess the ESG+R performance of our real estate portfolios.
Enact governance policies that create long-term value and potentially reduce risk to investors. These include:
- Support portfolio oversight through appropriate internal controls, policies, procedures, and compliance oversight
- Mitigate investment risk by following a thorough investment due diligence and approval process
- Prevent and detect possible suspicious activity through our Anti–Money Laundering Program, Code of Ethics, and Conflicts of Interest Questionnaire
- Ensure employees are well informed through training related to governance risks
- Incorporate evaluation of ESG+R factors during the acquisition due diligence process for new investments.
- Ensure compliance for our assets located in jurisdictions that require benchmarking or performance audits.

Resiliency

Evaluate new acquisitions for climate related physical risks as part of the due diligence process.
Identify opportunities to mitigate climate related risks from market, policies, and changes in technology that may result from a transition to a low carbon economy.
Evaluate portfolio approach on climate risk analysis that aligns with recognized industry standards such as TCFD reporting framework.

New York Life Real Estate Investors’ 10-year (2019-2029) Targets

Environmental, Social and Governance (ESG) managers may take into consideration factors beyond traditional financial information to select securities, which could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. Further, ESG strategies may rely on certain values-based criteria to eliminate exposures found in similar strategies or broad market benchmarks, which could also result in relative investment performance deviating.