2022
SUSTAINABILITY REPORTSUSTAINABILITYREPORT1

About This Report
In this second annual sustainability report, TA
Realty LLC, (“TA Realty” or the “Firm”), provides its
environmental, social, governance, and resilience(“ESG+R”) initiatives reflecting on progress for the 2022
calendar year. The contents of this report reference
global reporting frameworks including GRESB, PRI,INREV and the Task Force on Climate-Related Financial
Disclosures (“TCFD”) and benchmarks for increasedtransparency and accountability on TA Realty’s ESG+R
progress. This report is for informational purposes only.
Please see page 33 for further important information
regarding the content of this report.
For questions, contact:
Anne Peck, Vice President, Head of ESG+R,
peck@tarealty.com
TA Realty Investor Services
investorservices@tarealty.com

Contents

TA REALTYSUSTAINABILITY REPORT2A MESSAGE FROM THE
MANAGING PARTNERS

3

FIRM OVERVIEW

5UN SDGs

6

ESG+R AT TA REALTY

11

ENVIRONMENTAL

18

STAKEHOLDER ENGAGEMENT

24

GOVERNANCE

28

CLIMATE CHANGE AND RESILIENCE

32

LOOKING FORWARD

33

DISCLOSURES

1

A MESSAGE FROM THE MANAGING PARTNERS

FIRM OVERVIEWTA Realty continues to take a holistic approach tosustainability management, aligning with a responsible
business model in order to reduce its properties’
negative impact on the environment, mitigate physicaland transitional risks, and ultimately increase thefinancial performance of its assets. In this second annual
corporate sustainability report, TA Realty reflects on the
progress made this reporting year, highlighting successes
and where the Firm looks to grow in the future.

As an experienced and established real estateadvisor, TA Realty focuses exclusively on theacquisition, management, and disposition of realestate investments in the United States, acquiring,
investing, and/or managing mainly multifamily,industrial, retail, office, data center, and mixeduse property investments. TA Realty is driven bya strong commitment to upholding the integrity
and resilience of the Firm. Throughout its 40-year
history, TA Realty has maintained a philosophy
which blends teamwork and sustainability with afiduciary responsibility. This mindset is not only
conducive for productivity, but also lends to good
governance and quality results. TA Realty believes its
culture of collaboration and cross-training elevates
its offerings. Professionals across the Firm’s various
internal teams work together on a daily basis inorder to put the investors’ needs first.2

TA Realty’s investment process takes sustainability into
account from the acquisition of the asset through thedisposition stage. Throughout this lifecycle, TA Realty
implements ESG+R strategies to increase efficiency andconserve natural resources, foster healthy workplaces
for our employees and tenants, educate stakeholders
on ESG+R topics and achievements, increase tenant
retention, and develop resilience programs that ensure
the long-term viability of the Firm’s operations andproperties. TA Realty is reporting in alignment with the
TCFD, reinforcing the Firm’s commitment to improvetransparency and communicate our approach torisk management.

TA Realty’s employees are the conduits of our success,and the Firm looks to engage with all stakeholders to not
only improve their experience but to raise awarenesson a range of ESG+R objectives for the betterment of life
inside and outside of our operations. TA Realty continued
to support local charities and community groups throughvolunteering our time and donating resources, which
provided our employees with opportunities to give backin their local community. Tenant outreach and education
remained a priority this year with TA Realty distributing
tenant sustainability guides to all properties and sending
quarterly sustainability newsletters to all our tenants.
By incorporating best practices year-over-year, whether
it be through adopting more industry benchmarks ordeveloping creative ways to engage property teams,
employees, and tenants on sustainability initiatives, TA
Realty is poised to keep improving and increasing thevalue of our investments.

2022 Firm Holdings

30%

8%Based on Real
Estate Assets Under
Management as ofDecember 31, 2022

6%

2%

54%

INDUSTRIAL

MULTIFAMILYRETAILOFFICELAND

BOSTON, MA(HEADQUARTERS)ONE FEDERAL STREETBOSTON, MA 02110

SAN FRANCISCO, CA
3 ROSS COMMON
ROSS, CA 94957

3%

23%

NEWPORT BEACH, CA
MICHAEL HAGGERTYManaging Partner(Boston, MA)

JAMES P. RAISIDESManaging Partner(Boston, MA)

JAMES O. BUCKINGHAMManaging Partner(Newport Beach, CA)

37%

DALLAS, TX

5950 BERKSHIRE LANEDALLAS, TX 75225

29.6%

27 YEARS

150 HOURS

114

56M

$19.3Bof the portfolio is green
building certified*of experience, on average,
across the Firm’s partners

dedicated tovolunteering

employees1

total sq ft ofleasable floor area4

gross assets5*See more on pg. 12(1) As of Dec. 31, 2022.

2

37%1301 DOVE STREET, SUITE 860
NEWPORT BEACH, CA 92660% of theportfolio by
location3

WEST

SOUTH

EAST

MIDWEST

93%
inaugural TCFDaligned report

occupied(2) Please see TA Realty’s most recent Form ADV Part 2A Brochure for other important information about TA’s Realty’s advisory services (including, but not 		
limited to, certain material risks associated with such services). The Brochure is available upon request or publicly available on the SEC’s website.
(3) As of Dec 31, 2022, based on the fair values of TA Realty Assets Under Management (4) As of Dec. 31, 2022, this figure includes uncalled capital.
(5) As of Dec. 31, 2022.

TA REALTYSUSTAINABILITY REPORT3

ESG+R Committee

UN SDGs
The United Nations Sustainable Development Goals (“UN SDGs”) are a set of aspirational goals aimed at ending poverty, reducing
inequality, spurring economic growth, and improving health and education all while addressing climate change. TA Realty’s ESG+R
objectives are in alignment with several of these goals.

TA Realty’s ESG+R Committee, established in 2019, is tasked withintegrating ESG+R into the corporate culture aligning with the Firm’svalues. The cross-functional leaders who serve on this Committee meetquarterly to improve processes and workshop action plans before
communicating a strategy or initiative across the company.

Goal

Committee Members:
As of September 2023

ANNE PECK

Vice President,
Head of ESG+R

SCOTT DALRYMPLENICOLE DUTRA GRINNELL

SEAN RUHMANNNHAT NGUYENBROOKS WALES

Ensure healthy lives and promote wellbeing for all at all ages.

TA Realty provides healthy, safe, and inclusive workplaces for
employees and/or tenants.
• Indoor Air Quality (“IAQ”), non-hazardous materials/cleaningproducts for tenants• Comprehensive health benefits and training• Employee Resource Groups• Ergonomic desks, healthy snacks, green walls and access to natural lightPartner, Portfolio Management

KERRY GALLAGHER

Achieve gender equality and empower
all women and girls.

TA Realty has a diversity, equity, and inclusion (“DE&I”) policy that
promotes gender equality and aims to empower all employees toreach their full potential in a safe and inclusive work environment.

Ensure access to affordable, reliable,
sustainable, and modern energy for all.

TA Realty continuously explores renewable energy options madeavailable by utility providers. TA Realty hopes to install nearly 24 MWhof renewable energy by the end of 2024 across its portfolios.

Promote sustained, inclusive, andsustainable economic growth, full andproductive employment and decent
work for all.

TA Realty offers various training and development opportunities for
its employees, in an effort to continue to develop the talents of its
employees.

Take urgent action to combat climatechange and its impacts.

TA Realty has implemented a resilience program aligned with TCFD
and has begun analyzing the portfolios for climate-related risks.
Training on TA Realty’s Climate Program was offered to all TA Realty
employees.

Protect, restore and promote sustainable
use of terrestrial ecosystems, sustainably
manage forests, combat desertification,and halt and reverse land degradationand halt biodiversity loss.

TA Realty works to reduce biodiversity loss through native
landscaping and by restoring and promoting the use of terrestrial
ecosystems, where possible.

Vice President, Investor Services

CHRISTINE ELMORE

Partner, Acquisitions

Our ESG+R committee not only aligns
us with sustainability goals but alsoenhances our long-term resilience and createsvalue for all stakeholders. Without our collective
efforts, our initiatives would live on paper,and would not have support. Together, we areshaping a bright future for our Firm andthe communities we invest in.

4

TA Realty volunteers and donates resources in the community,
partnering with organizations such as Heading Home.

MICHAEL HAGGERTY

Partner, Portfolio Management,
Investment Committee

Partner, Head of Asset Management

End poverty in all its forms everywhere.

Managing Partner

Partner, Chief Compliance Officer,
Chief Financial Officer

Partner, Portfolio Management,
Investment Committee

Alignment

TA REALTYSUSTAINABILITY REPORT

5

ESG+R AT TA REALTYTA Realty believes that integrating sustainability
factors into real estate investments not only
enhances long-term value creation but also aligns
with the evolving expectations of responsible
investment practices, fostering a more resilient andforward-thinking approach for investment managers.

As a fiduciary, TA Realty’s selection of ESG+R initiatives and goals involves thoughtful analysis of expected results, including the impact
its assets have on the environment, the impact the environment has on its assets (climate change), its carbon footprint, and its role inpreserving the environment in which its employees and tenants live and work. Throughout an investment’s lifecycle, TA Realty aims to
mitigate risks, reduce its environmental impact, make its assets more desirable to tenants, decrease operating expenses, and ultimately
create and preserve value for its investors. TA Realty believes that these efforts, along with strong governance, a mindful corporate
culture, and robust community engagement position TA Realty as a trusted, responsible asset manager and favorable employer.6

StatusENVIRONMENTAL STEWARDSHIP

Identify opportunities to improve TA Realty’s• TACTIC: Energy audits and efficiency upgradesbuildings and reduce the portfolios’
informed by benchmarked data
environmental footprint by identifying• PROGRESS: 24 multifamily assets audited for LED
inefficiencies, increasing water conservation, andlighting; 10 assets fully retrofit to LEDs in 2022; 8
diverting more waste from landfills to reduce
assets in process of LED retrofit; 3 assets 100%
operating expenses and enable higher returns.
LED in 2021

ACHIEVED& ONGOING

Improve sustainability, health and wellbeing measures at TA Realty’s properties
throughout the green building and ENERGYSTAR® certification processes for eligible
properties annually. This recognition of energy
improvements and ESG+R achievements is also
intended to attract and retain tenants.

• TACTIC: Attaining operational green building
certifications (“GBCs”) wherever possible fromBREEAM, IREM, ENERGY STAR, and Fitwel

Continue to enroll TA Realty’s assets into its
Environmental Management Systems (“EMS”) in aneffort to reduce environmental impacts, improve
operating efficiencies, decrease operating expenses,
and increase the value of the Firm’s assets.

• TACTIC: Engage property managers and tenants on ACHIEVED& ONGOINGTA Realty’s EMS to increase data coverage

Evaluate opportunities for green power
procurement in deregulated markets. This gives
TA Realty the ability to source reduced energy
rates in deregulated energy markets.

• PROGRESS: TA Realty data coverage by utility(across all funds, as of 12/31/2022):• Energy: 27.2% Water: 31.7% Waste: 16.7%

Encourage the development and usage ofenvironmentally friendly technologies that will
benefit investments and support a precautionary
approach to environmental changes.

• TACTIC: Amerex evaluates all energy service
agreements and provides guidance on contracts•

Providing on-site solar as an amenity totenants•

Opportunity to prioritize assets, based on
location, for reduction of emissions andpotential carbon fines•

Making TA Realty’s buildings more
attractive to potential buyers and helping
future-proof its assets

ON TRACK• TACTIC: Sustainability Reference Guides take thefirst step in promoting environmentally friendly andsustainable operations. TA Realty’s EMS gathers
real-time utility usage to pinpoint inefficiencies andpilots new technology to drive efficiency(6) Investment processes and strategies that consider or incorporate ESG+R factors involve certain risks. Please see page 29 for a general summary
discussing such risks.

TA REALTY

Status• TACTIC: Solar feasibility study and engaging thirdparty experts to test the viability of renewableenergy deployment across portfolios

JUST
STARTING• PROGRESS: ~24 MWh of renewable energy leased
to solar providers in 2022; solar panels expected
to be installed in 2023/2024 with a rental incomeof $1.06M

JUST
STARTING• Request all renovation projects evaluate materials
specified & used, request Environmental ProductDeclarations (“EPDs”)• PROGRESS: Calculated embodied carbon on amulti-family wood construction development.
Educated those involved on the project about
embodied carbon
Collaborate with property managers to be
more considerate of implementing biodiversity
designs. Reduce the loss of biodiversity in thesurrounding neighborhoods of assets.

ON TRACK• PROGRESS: Amerex facilitated 8 electric/ natural
gas contracts between July 2022 and January 2023.
Amerex Energy onboarded 15 office and multi-family
assets in deregulated markets

Tactic & Progress

Collaborate with property managers to track• TACTIC: Provide guidance on sustainable
and eventually reduce carbon emissions during
materials through Sustainability Reference Guides
renovations/construction projects.
and comprehensive ESG+R training

ON TRACK• PROGRESS: 59% of properties have completed alighting retrofit

6

Evaluate opportunities for renewable energy
across the portfolios including the installationof solar photovoltaic panels. Potential benefits
include:ACHIEVED& ONGOING• PROGRESS: 29.6% of the portfolios is green
building certified

Benchmark the Firm’s properties’ energy,• TACTIC: Utilize ENERGY STAR® Portfolio Manager®
to track utility data where available, across thegreenhouse gas (“GHG”) emissions, water, and waste
Firm’s portfolios
metrics to measure the portfolios’ environmental
performance. TA Realty strives to track all landlord• PROGRESS: 37.4% of properties benchmarking
data and obtain tenant data when available.
utility consumption

Objective

ENVIRONMENTAL STEWARDSHIP

Tactic & Progress

ENVIRONMENTAL TARGETS
FROM A 2021 BASELINE:

Objective• TACTIC: Provide guidance through Sustainability
Reference Guides

JUST
STARTING• PROGRESS: 33% of all properties have native
landscaping

25% reduction in GHG emissions over 10 years (2.5% annually).

ON TRACK

25% reduction in energy consumption over 10 years (2.5% annually).

ON TRACK

15% reduction in water consumption over 10 years (1.5% annually).

ON TRACK

40% waste diversion rate within 10 years.

ON TRACKSUSTAINABILITY REPORT7

GOVERNANCE

8

Tactic & Progress

StatusObjective

Tactic & Progress

Foster, cultivate and preserve a cultureof DE&I throughout the organization by
supporting the ongoing developmentof a work environment that encourages
respectful communication, cooperation,
teamwork and active engagement(participation) among the Firm’s
employees.

• TACTIC: DE&I Committee, employee resourcegroups, speaker series, lunch and learns, a DE&I
survey, and equitable hiring practices

ACHIEVED& ONGOING

Improve transparency by sharing the Firm’s
corporate sustainability report (CSR) thatoutlines ESG+R goals and performance on thecorporate website.

• TACTIC: Produce an annual corporate sustainability ACHIEVED& ONGOING
report (CSR) and include it on TA Realty’s website

Increase outreach, mentorship, andeducation, targeting young womenand underrepresented groups, aboutcommercial real estate.

• TACTIC: Engage recent higher education students
and graduates and mentor young professionals to
succeed in commercial real estate

Ensure the Firm’s employees participate inannual compliance, code of ethics, and ESG+R
review/training to enhance TA Realty’s ability
to maintain high standards and responsible
business practices.

• TACTIC: Employees review Compliance Policies
and Procedures on an annual basis and areprovided regular training opportunities to foster
the progression of ESG+R goals

Ensure and track the Firm’s assets’ compliancewith applicable city and state benchmarking
ordinances, audit and improvement mandates,
and GHG emissions performance requirements.

• TACTIC: Third party consultant monitors
changing legislation and communicates updates
when necessary

Assess the Firm’s properties’ GHG emissions
performance compared to applicable
performance requirements and implement
efficiency improvements to maintain highperforming buildings and avoid potential fines
associated with noncompliance. Evaluate
property resilience reports, resilience scores,
and potential values at risk in an effort to choose
modifications at assets that meet TA Realty’s
financial goals and reduce business interruption
after climate events.

• TACTIC: Share property-specific risk reportssuggesting solutions and action plans for property
teams and identify properties most at risk

Reduce investment risks related to climatechange by evaluating the Firm’s exposure tophysical and transition risks at the asset andportfolio levels. Create plans for high risk assets
to minimize exposure to risks, help future-proof
these assets and minimize effects of climate
related natural disasters on these assets.

• TACTIC: TA Realty’s Resilience Program and risk
assessments on new acquisitions

Report progress on the Firm’s climate program
in alignment with TCFD the industry standard
framework to disclose climate-related risks andopportunities.

• TACTIC: TCFD language is included in this annual
sustainability report

ACHIEVED& ONGOINGGOVERNANCE• PROGRESS: 100% of employees trained on antiharassment and discrimination policies• PROGRESS: 10 outreach events in 2022 at 10
colleges and universities.
• “Beyond Banking” 25 students attended, from
9 different colleges• Hosted our 2nd annual Women in Real Estate event

Provide professional training to employees
including career development, health andwell-being, DE&I, investment due diligence,compliance, environmental issues andsurvey employees’ satisfaction annually inan effort to retain talent.

• TACTIC: Multiple committees and groups exist to
spearhead diversity and social initiatives

ACHIEVED& ONGOING• PROGRESS: 100% of employees trained for implicit
bias; 11 opportunities for various trainings across
ESG+R and DE&I topics; employee satisfaction survey
sent to 100% of employees

Encourage charitable donations throughfinancial support and volunteerism withthe guidance of TA Realty’s Social Impact
Committee. Encourage property teams tocreate local community support throughevents at properties managed by the Firm.
Seek ways for TA Realty to support the
UN SDGs.

• TACTIC: Fundraising events and dedicated time forvolunteering

Provide relevant guidance and resources
to property teams and tenants related
to increased sustainability, better healthand well-being standard practices andcommunity outreach, in an effort toincrease tenant engagement, monitor
tenant satisfaction and make assets more
attractive to current and potential tenants.

• TACTIC: Distribute Sustainability Reference Guides
and ESG+R Surveys

Educate and update stakeholders on
ESG+R implementation and achievements
through appropriate ESG+R reporting,disclosures, and commitments, including
GRESB (when applicable) and the United
Nation’s Principles for Responsible
Investment (“PRI”).

• TACTIC: Report to industry recognized frameworks
and disclose rankings and ratings to stakeholders,
as applicable

ACHIEVED& ONGOING• PROGRESS:• $100,000 given• ~1,000 items donated• 150 volunteer hours• 8 events
ON TRACK• PROGRESS: 100% of property teams receive TA
Realty’s Sustainability Reference Guide, to be sharedwith all tenants• All property managers receive quarterly
newsletters to be shared with tenants
ACHIEVED& ONGOING• PROGRESS: 79/100 score on 2022 GRESB submission
achieved by TA Realty’s core diversified open-end
strategy fund, and disclosing to TCFD for the first timein this report. See page 10 for GREB performance

TA REALTY

CLIMATE CHANGE RESILIENCES O C I A L R E S P O N S I B I L I TY

Objective• PROGRESS: In 2022 the CSR for 2021 was posted
along with DE&I Objectives to TA Realty’s
corporate website
ACHIEVED& ONGOING• PROGRESS: 100% of employees certified they
comply with the Firm’s Code of Ethics in 2022;
100% of employees were offered ESG+R training
ON TRACK• PROGRESS: 100% of property teams in compliancewith local laws, benchmarking, audits, andperformance target ordinances
ACHIEVED& ONGOING• PROGRESS: 100% of multifamily assets within
the core diversified open-end strategy fund wereaudited over the last 3 years

ON TRACK• PROGRESS: 64 physical risk assessmentscompleted in 2022 as part of TA Realty’s
acquisition process

ON TRACK• PROGRESS: See pages 29-30 for more information

Target having a Disaster Recovery Plan or an• TACTIC: Engage with property teams to
Emergency Preparedness Plan at every asset that
disseminate resources and guidance that keep
is shared with tenants to maintain or support
operations running in the event of a disaster
continuity of operations after an emergency.
• PROGRESS: 46% of properties have a Disaster
Recovery/Response PlanSUSTAINABILITY REPORT

StatusON TRACK

9ENVIRONMENTAL

Industry reporting
GRESB7 is an industry-driven, international assessment that measures the sustainability performance of
direct real estate portfolios around the world. The information reported in this annual assessment discloses
ESG+R performance at the portfolio level, including green building and energy certifications; sustainability risk
assessments; energy, water, and waste consumption data; as well as governance and stakeholder engagement
indicators. GRESB data is used by more than 100 institutional and financial investors to monitor investments
across portfolios. TA Realty’s core diversified open-end strategy has improved its overall score and standing
against its peers for the past three years in which the Firm has participated.

TA Realty aims to
mitigate the Firm’s
environmental impact
by setting performancegoals and embracing
initiatives thatemphasize efficiency anddecrease redundancies.

Performance History8
4th

79
100

30
30

49
70

United States of America | Diversified | Core
Tenant Controlled

100

Out of 10

GRESB Score		Green StarGRESB Average 74

Peer Average 73

71
50

70

61

73

73

79

65

73

74

Management Score
GRESB Average 27

Benchmark Average 27

Performance Score
GRESB Average 47

GRESB Rating

Benchmark Average 44

02020
Core Diversified
Open-End Strategy

2021
Peer Average

2022
Global Average

PRI9 - Launched by the United Nations in 2006, PRI is the world’s leading proponent of responsible
investment. It looks at investment implications of ESG+R factors and works to support investor
signatories in incorporating these factors into their investment and ownership decisions. PRI
carries out an annual assessment based on how a signatory has progressed year-over-year and relative to peers. TA Realty scored 3
out of 5 stars in both the Investment and Stewardship Policy and the Direct Real Estate Modules in its inaugural submission in 2021.

(7)The GRESB rating is conferred by GRESB B.V. (GRESB). The GRESB rating is conducted within the calendar year and is based on the previous year’s data. In orderto obtain a GRESB rating, TA Realty must pay a participation fee as part of its data submission to GRESB. GRESB is a global framework which measures the ESG
management and performance of real estate funds. Through a GRESB Membership, data is reported to the relevant GRESB Assessment each year on a regular cycle
and are validated by a third party and scored against a peer benchmark. Annual fees are paid to GRESB to participate in the annual GRESB assessment.
(8)All GRESB scores reference in this report relate to TA Realty’s score in the year provided based on data from the prior year.
(9)The Principles for Responsible Investment (PRI) is an investor initiative in partnership with UNEP Finance Initiative and UN Global Compact. The PRI weredeveloped by an international group of institutional investors and convened by the United Nations Secretary-General. The PRI is funded primarily via an annual
membership fee payable by all signatories. Signatories are required to report on their responsible investment activities annually.

10

TA REALTYSUSTAINABILITY REPORT11

Green building
certifications

BREEAM In-Use Certified Sites
2022 Certifications | Total Buildings
41

TA Realty uses green building certifications as an integral
part of TA Realty’s ESG+R approach that are intended to
improve not only building performance and health, butalso increase asset desirability and resilience. These thirdparty certifications measure each property’s sustainability
progress against established benchmarks, recognizing
those that have seen notable success in the areas ofenergy, water, and waste performance.

8 IREM CSP

Very GoodTop performing aspects:

2
15
Core
and
Shell

HIGHLIGHT

Eagle Business Park

1

Resilience

Health & Wellbeing

Resources• Risk assessment forflood risk completed
and runoff prevention
measures established• Access to daylighting• Recycling practices
in place

Retail & Industrial

Certifications and46 BREEAM

1

Certifications completed as of 2022

20,184,158 SF

of green building certified space across
our portfolios

Interior
Design andConstruction
Operations
andMaintenance

TA Realty’s headquarters
is located in a LEED Goldbuilding and TA Realty’s
Newport Beach office isplanning to relocate to a
LEED Gold building in 2024.

12

1
4

Resilience

Health & Wellbeing

Energy• Risk assessment forflood risk completed
and runoff prevention
measures established• Access to daylighting• 100% LED interior
and exterior

Office4
6

Green buildings

Very GoodTop performing aspects:

1

29.6%
of portfolios
with GBCs byfloor area

970 Harding Way

New Construction
and Major
Renovationfor Homes

5

1
1
2

BREEAM certifications are a green building rating operated by Building Research Establishment (BRE). Certifications must be renewed after certain time periods.
Fees are paid to BRE and third parties to receive building-level certifications.
Institute of Real Estate Management (IREM) Certified Sustainable Property (CSP) certifications are a green building rating operated by the IREM. Certifications
must be renewed after certain time periods. Fees are paid to IREM and third parties to receive building-level certifications.
Cal Green: The California Green Building Standards Code – Part 11, Title 24, California Code of Regulations (CALGreen) is a mandatory state green building
standards code developed to govern new building construction. CALGreen was developed in an effort to meet the greenhouse gas reduction goals of California’s
initiative AB 32. Fees are paid during the construction of a building and vary by jurisdiction.
NAHB: National Green Building Standard (NGBS) certifications are a green building rating operated by Home Innovation Research Labs. NGBS certifications do
not expire. Fees are paid to Home Innovation and third parties to receive building-level certifications.

2

LEED certifications are a green building rating program developed by the U.S. Green Building Council (“USGBC®”). Certifications achieved during the designand construction of a building do not expire. Certifications achieved based on the operation must be renewed. Fees are paid to the USGBC and third parties toreceive building-level certifications.
Fitwel certifications are a green building rating operated by The Center for Active Design (“CfAD”). Certifications must be renewed after certain time periods. Fees
are paid to CfAD and third parties to receive building-level certifications.

Multifamily

TA REALTYSUSTAINABILITY REPORT

13

Energy

Renewable Energy

TA Realty tracks landlord-paid andotherwise available energy usage through
ENERGY STAR® Portfolio Manager® and usesthat data to communicate consumption trends andidentify properties which would benefit from energy
audits or increased efficiency efforts.

TA Realty strategically explores green power procurement
opportunities at the portfolio level to reduce carbon
emissions. Having completed a solar feasibility study
across 100% of the portfolios, TA Realty understands where
there are opportunities to add solar PV (“photovoltaic”), to
reduce greenhouse gas emissions and increase revenue.
As programs open across the country, TA Realty relies on athird-party consultant to re-evaluate opportunities.

14 properties

with ENERGY STAR® certification
as of 12/31/202210% Portfolio Covered (SF)

Energy and Emissions Data
Coverage Over Time
30
25
20

24.8

27.2

15
10
5
0

2021

2022

Greenhouse Gas
Emissions

HIGHLIGHT

24

multifamily assets
audited for
LED lighting

10 assetsfully retrofit to LEDs in 2022

8 assets

assets in process tohave lights replacedwith LEDs

3

assets 100%
LED as of2021

EVcharging capacity
is being evaluatedat 28 of TA Realty’s
assets in 2023

TA Realty uses ENERGY STAR® Portfolio Manager® to
track scope 1 and 2 emissions over time. This tool
determines both the direct and indirect emissions
across TA Realty’s sites and allows asset management
and property teams to identify where energy-saving
and emission-reducing improvements, policies, and/or
practices should be implemented. Direct emissions arecaused by on-site sources, such as natural gas heating,and indirect emissions are derived from electricity
consumption generated off-site.

TA Realty completed asolar feasibility study
to understand how toincorporate more renewableenergy into TA Realty’s
portfolios. 37 sites released
RFPs; 7 sites pursuing solar;
24 MWhs estimated to be
produced across the 7 sites;
estimated rental income for
24 MWhs is $1.06M.

(10) ENERGY STAR® certifications are conveyed by the U.S. Environmental Protection Agency (“EPA”). Certifications are given on an annual basis and must be
certified year to year. Fees are paid to the U.S. EPA and third parties to receive building-level certifications.

14

TA REALTYSUSTAINABILITY REPORT

15

Water

Waste

Sustainable Practices

To reduce water consumption, TA Realty prioritizes efficient water
usage at its properties through the implementation of various
water-reduction strategies, including:

TA Realty’s waste prevention strategies seek toprevent materials from becoming waste evenprior to purchasing:• Low-flow plumbing• Reusable items• Irrigation timers and added controls• Sourcing used items• Native plants in landscaping• Buying items with little to no packaging

TA Realty pursues sustainability practices whenpossible by encouraging the use of alternativetransportation, promoting healthy indoor air quality,
facilitating biodiversity and procuring sustainable
materials and supplies at the property level. TA
Realty’s Sustainability Reference Guides communicate
strategies that property teams can use to facilitate theadoption of sustainable practices in and around the
Firm’s sites.

• Eliminating single-use items altogether

Water Data Coverage Over Time

Waste Data CoverageOver Time

30

31.7

25

% Portfolio Covered (SF)% Portfolio Covered (SF)

30
26.5

20
15
10
5
0

2021

2022

10

13.4

2021

2022

TA Realty is piloting HydroPoint,® a smart water
management system, on a trial basis within two of the
Firm’s assets to help reduce water consumption. See
below for progress to date.

TA Realty’s
E-WasteRecycling

25,000,000

TA Realty recycles its corporate IT
equipment with Green Network, a partner
focused on sustainability. Green Network
properly disposes and takes ownership ofelectronic equipment to extend the life andreduce the negative impacts of old, broken
or obsolete electronics.

23,000,000
21,000,000

25.4M
24.4M
22.5M

19,000,000

18.2M

17,000,000
15,000,000

2020

2021

2022

The Heights at Chino Hills

2020

17.9M
2021

Use of biodiversity screening tools during the due
diligence process for new developments

Retention of existing habitats and natural features

50

TA Realty promotes alternative forms of transportation
to limit pollution and emissions associated withtraditional forms of transit. As such, through site
selection and ESG+R management we provide
guidance and resources for:TA Realty promotes the sustainable managementof wildlife and the preservation of biodiversity at its
properties as well as the health and well-being of the
Firm’s employees and tenants. TA Realty encourages:

16.7

HIGHLIGHT

27,000,000

Gallons15

HIGHLIGHT

Hydropoint - Water Consumption Over Time

16

20

Alternative Transportation

Biodiversity

16.9M

EV charging
stations

Amerige Pointe

TA REALTY

Walkability inthe surrounding
communities

160 EV Charging Stations acrossthe Firm’s portfolios, evaluating
the opportunity to install across 28
properties in 2023.

Indoor Air Quality
TA Realty strives to support the health and wellbeing of tenants in every way, and a key part of thatis maintaining excellent IAQ. TA Realty promotes
the importance of healthy IAQ through the various
strategies management has in place, such as:

Securing
improvements to
HVAC Systems

2022

Accessibility tomass transit

Designating smokefree areas

SUSTAINABILITY REPORT

Additional biodiversity at existing buildings, suchas beehives on roof tops and birdhouses

Avoidance of chemical repellants, poisons or traps
as these may have unintended consequences toother species, including humans

Sustainable Materials
TA Realty encourages the use of sustainable materials
and supplies at the property level through the use of
TA Realty’s Sustainability Reference Guides, to ensure
property managers are contributing to building ahealthier environment. Materials with low levels ofvolatile organic compounds (“VOCs”) or non-toxic
ingredients are preferred and a list of certification seals
are provided to property teams for reference, including
the following labels:

Use of least-risk andleast-toxic chemical
pesticides

17

STAKEHOLDERENGAGEMENT

Investors
TA Realty practices business with integrity and transparency
and strives to communicate ESG+R topics to investors
in several ways, including: posting annual corporate
sustainability report on Firm website, including detail inquarterly and annual reports for certain strategies, providing
updates during investor meetings and annual meetings, asapplicable. In addition, the Firm reports to GRESB regarding
one of its strategies to further benchmark and communicate
its performance.

TA Realty’s social goals are realized through stakeholder
engagement and collaboration. These stakeholders
include investors, third-party property managers,
tenants, employees, and the communities in which
the Firm operates. TA Realty relies on clear and concise
communication to inform stakeholders of relevant ESG+R
progress. TA Realty remains an active corporate citizen
in its communities, putting time and resources into theneighborhoods surrounding the Firm’s assets.

Third-Party Property
Managers
TA Realty frequently meets with property teams todiscuss relevant matters, including those that pertain tosustainability. These meetings aim to assess property
progress, exchange any concerns and identify areas formutual growth. As energy use, water consumption, andwaste strategies are managed by these teams, knowledgesharing and brainstorming sessions are integral to meeting
TA Realty’s broader ESG+R goals.
The Firm also seeks to champion its third-party service
providers by supplying them with sustainability resources,
training, and support.
Resources include:• Sustainability Reference Guides• Quarterly sustainability newsletters for distribution to
all tenants• Variance reviews on utility consumption• Data tracking technology• Sustainability-focused events and trainings

Tenant Engagement

TA Realty takes amindful approachto management andputs the needs of its
stakeholders first.
18

Through creating Tenant Sustainability Reference andGreen Living Guides, TA Realty is able to empower tenants
to implement ESG+R initiatives throughout their properties.
These resources outline best practices for energy efficiency,
waste reduction and recycling as well as health and wellness
suggestions, vendor engagement guidelines and tips forfurthering community cohesion and awareness. Annually,
we ask property teams to fill out a survey pinpointing
concerns related to ESG+R and focus areas for the coming
year. TA Realty reviews the survey results to identify
opportunities for improvement and create action plans tobetter collaborate with tenants and the community.

TA REALTYSUSTAINABILITY REPORTHIGHLIGHT

Kingsley 2022
Multifamily Survey11
TA Realty surveyed multifamily, industrial, retailand office tenants using the Kingsley Index™,
a comprehensive performance benchmarking
database in the real estate industry. This survey
ensures a realistic and actionable assessmentof the Firm’s portfolios performance. In 2022, TA
Realty received an overall satisfaction rate of 4.24
out of 5, ranking above the Kingsley Index.

TA Realty
works withtenants toimplement green
leases and hasearned Green Lease
Leader recognition
for the past two
years.12(11) This rating is provided by a third party. TA Realty paid a fee toGrace Hill to perform a Kingsley Survey at most of its assets
in 2022.
(12) Awarded by the Department of Energy’s Better Buildings
Alliance and the Institute for Market Transformation as announced
on May 18, 2022. TA Realty did not pay a fee to this third party.

19

HIGHLIGHT

TA Realty’s corporate
policies and committees
develop and hold theFirm accountable formaintaining diversity
initiatives. These
include:
DIVERSITY EQUITY & INCLUSIONCOMMITTEE
Helps guide DE&I strategies throughout the Firm
including diverse hiring practices

PARTNERSHIP COMMITTEE
Establishes criteria around partner promotions

GROW COMMITTEE
Establishes criteria around non-partner promotions

SOCIAL IMPACT COMMITTEE
Promotes employee wellness through education andcharitable engagement activities

WOMEN’S EMPLOYEE RESOURCE GROUP
Supports the efforts of the Social Impact Committee
and hosted the 2nd annual Women in Real Estate OpenHouse in 2022

REACH (“Race, Ethnicity, And Cultural
Heritage”) GROUP

Employees
TA Realty seeks to build a team that is disciplined
and motivated, hiring individuals who embrace andappreciate the organizational structure and thrive in anenvironment that is dynamic and growing. The Firm’s
management and leadership teams work in tandem todrive diversity, development, health and wellness for allof its employees.

CASE STUDY:
Development through TAAP for New Hires

Diversity
In order to develop a team of dynamic individuals, an
inclusive culture that nurtures and welcomes diversity
must be fostered. Employees with diverse backgrounds
can bring varying perspectives which lead to better
decision making. TA Realty has taken the following steps
to do so:
• Ensured teams continued to diversify through hiring
and talent development• Launched a DE&I survey to help identify focus areas
and key metrics for improvement• Developed succession plans considering all facetsof diversity

Employee Development
At TA Realty, mentorship is a core tenant of the Firm’s
culture, fostered by providing hands-on training to growtalent within the organization. The Firm’s senior leaders
help guide employees who are interested in building
upon their skills and leave a line of open communication
around advancing a successful career trajectory. TA
Realty’s training program is a robust resource thatbrings together third-party consultants and in-houseprofessionals to provide engaging learning opportunities
and expertise such as “lunch and learns” and speaker
series to all employees. These opportunities span acrossall disciplines to give employees a deeper understandingof TA Realty’s current projects and industry-specificdevelopments.

Provides support to employees from minority groups
by fostering cultural education and celebrating diversity
through hosting events open to all employees

THIRD THURSDAYS
Drives monthly micro-trainings and workshops related
to DEI and ESG+R initiatives. These educationalsessions are offered to all employees, on topics geared
toward diversity, equity, and inclusion with a focus on
how they tie into the UN SDGs

20

The TA Analyst Program (“TAAP”) was created to help
individuals develop the foundational, analytical skills
necessary to pursue a career in Real Estate Investment.
Open to recent graduates and early career candidates
looking to develop working knowledge of real estate
investment, TAAP is a 3-year program that helps level-up

TA REALTYSUSTAINABILITY REPORTTA Realty’s workforce. The program brings together people
from across the organization to share resources that help
support each individual’s experience throughout the
duration of the program. Through TAAP, the Firm hopes
to set up pathways for continued career success, with theopportunity to secure an open role at the end of three years.

21

Training and Education
TA Realty knows that educating its workforce is key tobuilding a sustainable and high-performing team. The
Firm’s employees are provided with various in-housetraining that focuses on building a diverse, inclusive,and safe workplace. Topics such as cybersecurity, antiharassment, DE&I, and ESG+R are covered.
Training by the numbers

20

In 2022, TA Realty held DE&I training
for all employees with subsequent
micro trainings to further the Firm’s
commitment to diversity. A monthly
speaker series on ESG+R anddiversity topics was also launchedin partnership with the following

total training classes in 2022
(5 of which were designed for targeted audiences)organizations:

TA Realty has made a commitment to improving andinvesting in the community. Led by its Social Impact
Committee, TA Realty structured its social impact initiative
to establish criteria for the types of programs and initiatives
that the Firm supports.
TA Realty’s community impact initiative focuses on
the following:• Giving/supporting niche organizations that do not get a
lot of national funding• Alignment with the UN’s Sustainability
Development Goals

WONDERFUND GIFT DRIVE

2022 Giving by the numbers

Benefits:• 100% coverage for Healthand Dental Insurance• Reimbursement on
Approved Education• Life and Accidental Death& Disability Insurance• Flexible Working
Schedules• Short and Long-Term
Disability• Paid Parental Leave• Commuter Benefits• Leisure & Entertainment
Benefits$100,000

150 hours

corporate
donationsdedicated tovolunteering~1,0008

donated items
from employeessocial impact
eventsCASE STUDY:
Health and Wellness

TA REALTY

Employees collected and provided over 230 gifts to
75 children and teens involved in the Massachusetts
Department of Children and Families.

MAGDALEN HOUSE (TX) AND CASATERESA (CA)
Employees raised funds and secured essential
items for women recovering from substance abuseand pregnant women facing homelessness.

SECOND HARVEST
Local employees raised money and participated ina fundraising walk for the Southern California
food bank.

THOMPSON ISLAND OUTWARD BOUND
Employees participated in a 4K trail run andvolunteer day on the island and proceeds went toproviding disadvantaged youth with opportunities
to engage in outdoor activities in the summer.

TA Realty added a new fitness reimbursement
benefit for all employees. TA Realty contributes$900 per year to reimburse employees for gym
memberships, fitness classes, or subscription
fees. Additionally, TA Realty formed a corporate
agreement with Equinox Fitness Club to reducethe monthly membership fees for all employees.
All TA Realty offices are within close proximity toan Equinox. Employees can choose the corporate
membership to Equinox or submit monthly fitness
memberships for reimbursement.

22

HEADING HOME

• Fiscal responsibility and ensuing charitable donations are
directed to organizations with high charity navigator scores• Serving disadvantaged individuals

As a people-conscious employer, TA Realty provides
comprehensive benefits along with competitive salaries
and professional development.

CASE STUDY:
TA Realty’s
Community Impact
Amplified ThroughPartnerships
Employees volunteered to aid a family with HeadingHome to help ease their transition from a homelessshelter into permanent housing. Volunteers
purchased items to outfit the home, cleaned,decorated, and built furniture for the family.

• Addressing systemic issues, such as homelessness

Employee Benefits• Health Care
Reimbursement Accounts

Community Impact

Other notable partnerships in 2022 include:

SUSTAINABILITY REPORT23

GOVERNANCE

Corporate Governance
TA Realty is led by its Managing Partners, members of the Management Committee, and its Board of Managers. In addition tothis leadership, TA Realty has governance committees, each comprised of TA Realty investment professionals, that facilitate
thorough reviews and/or decision-making for specific disciplines. TA Realty’s Managing Partners bring experience and industry
knowledge to the Firm with an average of 35 years of commercial real estate experience. Compliance and professionalism
are core focuses of TA Realty’s governance strategy and all employees are required to review and acknowledge the Firm’s
Compliance Policies and Procedures annually. Policies and procedures undergo a comprehensive review by the Chief
Compliance Officer and Director of Compliance on an annual basis to ensure the adequacy of the policies and procedures andthe effectiveness of their implementation and operation given changes in business and the regulatory landscape.

TA Realty takes a holistic and team-centric
approach to governance, led by the
Firm’s three Managing Partners as wellas other members of the Management
Committee and Board of Managers.
The Managing Partners, in consultation
with the Management Committee, haveexclusive authority to manage the day-today operations and business activities of
the Firm. TA Realty’s leadership promotes
transparency, ethics and a sense of
responsibility that is weaved throughout
the organization to foster mutual respect,
openness, and integrity.

Governance Leaders:

Governance Leaders

JAMES BUCKINGHAMMICHAEL HAGGERTYManaging Partner

Managing Partner

JAMES RAISIDESSCOTT L. DALRYMPLEManaging Partner

Partner, Chief Financial Officer (“CFO”),& Chief Compliance Officer (“CCO”)

Management

Valuations

Investment

Board of Managers
GOVERNANCE
COMMITTEES:

Acquisitions

Investment Allocation

Addressing Building
Benchmarking Legislation
The Firm’s 24 partners havebeen with TA Realty for an
average of 18 years.
24

TA REALTY

To mitigate climate change and reduce GHG emissions
within their jurisdictions, governments across the globe
are instituting benchmarking ordinances at an increasingrate. This legislation requires buildings which meet specificcriteria to benchmark utility consumption annually. TA
Realty communicates with property teams to ensure
they are aware of and are prepared for any upcoming
benchmarking, audit, or performance target ordinances that
apply to their properties. Compliance with these ordinancesis tracked and pulled into an annual report for asset
managers, including upcoming legislative changes.

SUSTAINABILITY REPORT

Pre-Approval

Compensation

HIGHLIGHT

TA Realty’s
Environmental
Management
System is alignedwith ISO 14001.

25

Transparency
TA Realty strives to conduct its business in a manner that complies with all applicable rules and regulations. Accordingly, TA
Realty has established a compliance program that is designed to prevent violations of applicable rules and regulations. TA
Realty’s commitment to transparency is also evident in its commitment to publicly disclose ESG+R data and progress throughvoluntary reporting frameworks where performance is verified by a third party. These reporting frameworks include:

services for proactive response and security oversight. The Firm has defined an Information Technology and Cybersecurity
Policy Framework capturing the set of policies and procedures followed by TA Realty and its IT team to protect the technology
and information assets of the Firm. TA Realty is also dedicated to educating and training employees on cybersecurity bestpractices through on-demand training, testing and routine communications.

Anti-Bribery and Corruption
Ethics and Code of Conduct

Abiding by federal, state and local laws and policies is a requirement and condition of employment, and any employee inviolation of these laws is subject to potential prosecution and termination. Employees must adhere to state and federal antibribery laws that limit gifts and entertainment either being sent or received. TA Realty prohibits improper incentives in dealings
with investors, government officials, service partners, vendors and other individuals, businesses or organizations.

TA Realty’s Code of Ethics, Conduct and Insider Trading Policy (“Code of Ethics”) is distributed to all employees annually,outlining acceptable behavior and the requirement of compliance with state and federal laws and regulations. TA Realty
prohibits any behavior and activities that could be considered fraudulent or corrupt and recognizes that, as a fiduciary toclients, every supervised person of TA Realty has a duty of care and loyalty.

Industry Memberships and Associations
TA Realty participates in and is a member of various initiatives and principles that address business and sustainability matters.
These include the following:

Data Privacy and Information Security
TA Realty has implemented a defined Privacy Policy and a Written Information Security Plan (“WISP”) that are circulated to all
employees upon their start at TA Realty and then at least annually. The policies include definitions, regulatory adherence, outlined
purposes of how the WISP seeks to protect personal and sensitive data, along with how data is managed and protected by the Firm.

Cybersecurity
TA Realty’s Technology and Cybersecurity strategy prioritizes cybersecurity and active infrastructure management. TA Realty is
dedicated to ensuring a robust and resilient environment with high availability and enabled threat detection and remediation

26

TA REALTYSUSTAINABILITY REPORT27

Risk Mitigation

CLIMATE CHANGE AND RESILIENCETA Realty’s team of experienced real estate professionals
participate in a collaborative approach to risk managementthat employs various teams and committees. During theacquisition process, the Firm conducts thorough research
to evaluate potential sustainability risks and perform
ESG+R Acquisition Assessments that evaluate varying
sustainability topics to address possible concerns. TA
Realty’s resilience program is aligned to the TCFD reporting
framework and helps guide the longevity of assets
addressing both physical and transitional risks.

TA Realty understands the impact climate change has on its assets and asset
management strategy. The Firm remains committed to being proactive in mitigatingrisk and building in resilience throughout the portfolios to ensure TA Realty remains
a good steward to investors as well as employees.

A. Governance
TA Realty’s ESG+R Committee was formed in 2019 to provide
a coordinated approach on ESG+R matters such as the
management of climate-related risks and opportunities aswell as other ESG+R issues. The ESG+R Committee meetson a quarterly basis to discuss climate-related issues related
to real assets. Updates on progress and metrics are to
be provided against goals and targets for climate-relatedrisks and opportunities. The ESG+R Committee reports toManaging Partners.

Resilience is woven
into TA Realty’s
management
approach.

28

B. Strategy
When assessing climate and ESG+R factors in asset
management, TA Realty defines the short-term time
horizon to encompass the next one to three years,
the medium-term horizon to cover the next three toseven years and the long-term horizon to span thenext eight years and beyond. Opportunities include
increasing efficiency, optimizing building controls aroundconsumption, installing metering to obtain scope 3
emissions data, installing high-efficiency motors andequipment at replacement, installing solar and batteries
where feasible, moving to 100% LED lighting, andsupporting a move toward building electrification. Key
risks include increased frequencies of natural disasters andshifts toward enforced building efficiency standards andrequirements. As natural disasters and extreme weather
events increase in frequency and severity, they have thepotential to affect TA Realty’s operations and the value ofthe real estate assets the Firm manages. Extreme weather
events and chronic hazards— such as natural disasters,
drought, and heat stress— pose potential financial
impacts of increased insurance and utility costs, reduced
occupancy, equipment repair and replacement, and supply
chain and labor constraints. The Firm utilizes a climate risk
software tool to identify potential climate-related physicalrisks on existing assets as well as during the due diligenceprocess for new acquisitions. The use of climate risk tools
and analytics informs the Firm’s resilience strategy for
managing real assets and the impacts of climate-related

TA REALTYSUSTAINABILITY REPORT

29

risks. Monitoring market shifts and regulations
and future-proofing assets as the worldtransitions to a low-carbon economy will likely
be pertinent in the Firm’s business strategy andfinancial planning. TA Realty will continue toreevaluate decision-making processes as these
considerations require increased attention.

C. Risk Management
TA Realty’s Head of ESG+R monitors the risks
and opportunities of transitioning to a lowcarbon economy and discusses the findings
with the ESG+R Committee, asset managers,
and the acquisition team. TA Realty identifies
the main transition risks to real assets asincreasing regulation levels for benchmarking,audit, and performance target ordinances
at both the local and state levels, fluctuating
costs of carbon fees and renewable energy
certificates, shifts in energy supply andutility costs, and emerging technologies.
The committee will continue to assess andmonitor transition risks as they apply to realestate by remaining informed on existing andpending regulations, vetting new technology
vendors, and adjusting to best practices asthese areas become more informed.
The associated costs of climate-relatedtransition risks are calculated using a
Decarbonization Modeling Tool, which isbased on the Carbon Risk Real Estate Monitor(“CRREM”) 2°C and CRREM 1.5°C global
pathways. Highlighting projected carbon
costs within our strategies allows the Firm
to identify high-risk assets and determine
appropriate action items to reduce carbon
emissions and energy intensity, which is
expected to increase the value of our assets.
TA Realty’s process for managing physicalrisk is broken into two phases. The first phaseis location-based screening, where, on anannual basis, the list of individual assets is
run through a Location Risk Intelligence Tool.
Top assets making up 25% of the gross asset
value with high or very high acute physicalrisks are evaluated by having an external
consultant conduct Physical Risk Assessment
Reports. The second phase is asset-based
screening. A high-level mitigation strategies
checklist, by peril, is provided to investment
teams and property teams to complete if thephysical perils of those assets are at high orvery high risk. After completing the checklist,
the current mitigation strategies are scored30

with the expectation that based on the numberof remediation measures completed, risk
levels are reduced when applicable. All ESG+R
Acquisition Assessments consider climaterelated risks based on location, including
evaluating areas with established resiliencestrategies for the surrounding community. Thisrisk evaluation process will inform TA Realty
where assets are vulnerable and help inform
decisions to create resilient opportunities
to reduce damages from events, reduce
insurance claims, and make our assets moredesirable to tenants.

D. Metrics and Targets
Energy data collected at the property levelis used to calculate scope 1, 2, and 3 (whereavailable) emissions and serves as the basis
upon which the Firm can assess year-overyear change and progress. Property-level
water and waste data are tracked as well.
The increase in data collection will create
opportunities to increase the value of ourassets. Metrics used to assess climate-related
physical risks and opportunities come from
Munich RE’s Location Risk Intelligence Tool at
the asset and portfolio level.
• 164 properties were located in jurisdictions
with city or state benchmarking or audit
ordinances and performance mandate
requirements in 2022.
• 856 MWh generated offsite

29.6% of PROPERTIES
have achieved green building
certification by Gross Floor
Area (“GFA”)• Scope 1 - 5,799 tonnes CO2e
Scope 2 - 24,884 tonnes CO2e
Scope 3 - 16,786 tonnes CO2e
as of 12/31/2022.
TA Realty targets 10-year reductions of energy
and emissions by 25% (2.5% reductions
annually) on an intensity-basis in alignment
with the Paris Accord and Science-Based
Targets initiatives compared to a baselineof 2021. TA Realty requires all properties
located in benchmarking and audit ordinancejurisdictions to benchmark their data andshare it annually with the city or state
as required.

TA REALTYSUSTAINABILITY REPORT

31

LOOKING FORWARDDISCLOSURESTA Realty will continue to look for ways to improve the efficiency of its assets and returns to investors and explore ways to
uplift and support the Firm’s employees, tenants and local communities by instituting management practices that prioritize
compliance and integrity. While this report has outlined the work and progress the organization has made through yearend 2022, TA Realty understands that there is still work to do. The Firm continually looks to the future and finds innovative
ways to improve procedures and processes to make progress and increase the value of our assets for our clients. Upcoming
initiatives include:

This report contains information about TA Realty LLC (“TARealty”). Information is as of the dates stated and subject tochange. Information and opinions provided by third parties
have been obtained from sources believed to be reliable, but
accuracy and completeness cannot be guaranteed. Since
conditions change frequently, there can be no assurance
that the trends and metrics described herein will continue orthat the goals or objectives outlined will be achieved.

that could impact the financial returns of an investment.
TA Realty focuses on ESG+R considerations that, in the
Firm’s view, could potentially impact tenant interest in an
investment and/or consideration that could potentially
impact and/or limit future buyer interest in an investment.
Further, it is possible that the investments in which a fund/account invests are unable to obtain or realize the intended
ESG+R outcomes.

Case studies were selected to highlight particularsustainability accomplishments described and may not be
representative of the portfolios as a whole. Other TA Realty
assets, current or future, may have different characteristics
than those described.

This report may contain forward-looking statements
within the meaning of the United States federal securities
laws. Forward-looking statements are those that predictor describe future events or trends and that do not relatesolely to historical matters. For example, forward-looking
statements may predict future economic performance,
describe plans and objectives of management for future
operations and/or make projections of revenue, investment
returns or other financial items. A prospective investor can
generally identify forward-looking statements as statements
containing the words “will,” “believe,” “expect,” “anticipate,”“intend,” “contemplate,” “estimate,” “project,” “target,”“assume” or other similar expressions. Such forward-looking
statements are inherently uncertain, because the mattersthey describe are subject to known (and unknown) risks,
uncertainties, and other unpredictable factors, many ofwhich are beyond TA Realty’s control. No representations
or warranties are made as to the accuracy of such forwardlooking statements.

Environmental• Continuing LED retrofits
and water conservation
efforts (aerators, low flow
faucets, irrigation controls)• Deploying EV chargers• Evaluating the use of smart
thermostat replacements• Enhancing green leaselanguage and creatinga process for all tenants
to sign Letters of
Authorization to their utility
data where available• Pushing for scope 3
emissions data whereavailable

32

Stakeholder
Engagement• Continuing witheducational/social
events for tenants• Requiring property
managers to hostrecycling of electronic
waste annually• Increasing DE&I
Committee initiatives(including outreach tounderrepresented highschool, undergraduate
and graduate students)
about careers in
Commercial Real Estate

Governance

ClimateChallenge andResilience• Offering educational
opportunities torelevant employees
regarding emissions
regulations acrossthe US• Enhancing the Firm’s
resilience program byassessing all assets through
TA Realty’s physical andtransition risk analysis
process• Continuously reviewing
and updating relevant
corporate policies• Identifying assets that may
become stranded against
CRREM and municipality
regulations• Investigating ways ofdecreasing climate risk
associated with assets
categorized as high riskThis report is for informational purposes only. This report
is not intended to be relied on to make any investment
decisions and is neither an offer to sell nor a solicitation of
an offer to buy any securities or financial instruments or any
investment advisory services from TA Realty. Photos used inthis report were selected based on visual appearance andused only for illustrative purposes.
TA Realty has an ESG+R policy that is a component of the
Firm’s investment decision-making process. This policy
may change from time to time. In considering investment
opportunities and making ongoing decisions with respect toa fund’s/account’s investments, including decisions relating
to follow-on investments, TA Realty reviews ESG+R risks• Including sustainability
requirements in the AssetManagement Manual for
property managers, including
the need for Disaster
Recovery/Emergency
Preparedness Plans

TA REALTYSUSTAINABILITY REPORT

33

For questions regarding this report, contact:
Anne Peck, Vice President
Head of ESG+R
peck@tarealty.com