We believe that sustainability issues are relevant and can be material in evaluating management teams of listed property companies. More specifically, we believe that management teams which articulate, enact and measure sustainability issues are more likely to make superior business decisions in general. We underwrite companies using a ranking system called Relative Value Analysis (RVA), which is a factor-based model incorporating qualitative and quantitative inputs. An assessment of management quality is a qualitative input, which typically constitutes approximately 25% of a company’s overall RVA score. Accordingly, companies whose management teams are evaluated more favorably regarding sustainability issues will generate higher overall RVA scores. Our assessment of management reflects the team’s ability to execute on an intelligent business strategy over time, including its ability to make decisions which add to shareholder value over time, and its ultimate alignment with shareholders. To the extent that management’s view towards sustainability issues adds to shareholder value over time, other inputs to the RVA score will also indirectly reflect this impact, via higher earnings growth and potentially higher valuation multiples.