Sustainability

New York Life Real Estate Investors (“NYLREI”) believes that investment principles that incorporate environmental, social and governance (“ESG”) best practices will generate favorable relative returns for our clients over the long term. To uphold our core values, NYLREI is committed to act as a responsible corporate citizen within the communities we serve while reducing our environmental impact. By adhering to these principles and through continuous investment in the development and growth of our employees, we seek to deliver high-quality products and services to our investors, tenants and customers.

Recognizing that sustainability is a continuous process rather than a timebound project, NYLREI is committed to the ongoing responsible use of our natural resources in delivering products and services to our varied stakeholders. NYLREI is a member of Global Real Estate Sustainability Benchmark (GRESB) and has chosen this platform as the primary tool to assess the sustainability performance of its real estate portfolios.

2018 GRESB score (averaged across three reporting Funds) was 64, which was a 25% increase from 2017. For comparison purposes, the GRESB Index average score for 2018 was 68, an 8% increase from 2017.

More specifically we strive to:

Environmental

  • Mitigate our properties' impact on climate change by reducing our greenhouse gas emissions and usage of natural resources.
  • Improve our properties' operational efficiencies by implementing projects to help meet waste, water and energy reduction goals. NYLREI is achieving these goals through various projects, including the installation of electric vehicle charging stations, LED lighting retrofit projects, the installation of low flow restroom fixtures, irrigation management systems and drought tolerant landscaping, BAS upgrades and other projects where appropriate.
  • Obtain LEED, ENERGY STAR, Fitwel or other designations when appropriate, to support and track our commitments to sustainability.
  • Provide new NYLREI tenants with a Tenant Fit Out Guide, offering suggested green practices for construction projects within their premises. Green language is included within all tenant lease and vendor agreements.

Social

  • Increase stakeholder engagement by encouraging employees and tenants to contribute and to receive ESG training.
  • Act as a responsible landlord through efforts to reduce occupancy costs and provide good working and living environments for our tenants.
  • Routinely conduct employee and tenant satisfaction surveys to promote communication and engagement with our stakeholders.
  • Be a good corporate citizen and improve our social impact on our communities.
    • At the corporate level, through the New York Life Foundation, New York Life has provided more than $275 million in charitable contributions to national and local nonprofit organizations since 1979.
    • New York Life is recognized for its socially responsible policies and programs relating to diversity and inclusion, corporate ethics, disaster relief and community impact grants.

Governance

  • Promote transparency in reporting our ESG performance to our investors and applicable industry groups.
  • Operate under the policies, procedures, principles and practices set forth by our parent company so that all New York Life affiliated companies are operating under the same standards.
  • New York Life, for example, strives to foster a culture of diversity and inclusion in the workplace and encourages its employees to recruit talented men and women who reflect the different markets we serve.
    • Diversity Inc 2018 Top 50 Companies for Diversity
    • Forbes 2018 America’s Best Employers for Diversity
    • NAFE 2018 Top 70 Companies for Executive Women
  • Enact governance policies that create long-term value and potentially reduce risk to investors. These include:
    • Supporting portfolio oversight through appropriate internal controls, policy and procedures, and compliance oversight
    • Mitigating investment risk by following a thorough investment due diligence and approval process
    • Preventing and detecting possible suspicious activity through Anti–Money Laundering Program, Code of Ethics and Conflicts of Interest Questionnaire
    • Ensuring employees are well informed through training related to governance risks

Note: Percentages above are as of 12/31/18
*LEED and the related logo is a trademark owned by the U.S. Green Building Council and is used with permission.