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Nuveen, a TIAA Company

PRI reporting framework 2020

Export Public Responses

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PR 08. ESG issues in post-investment activities

08.1. Indicate if your organisation, and/or property managers, considers ESG issues in post-investment activities relating to your property assets.

08.2. Indicate whether your organisation, and/or property managers, considers ESG issues in the following post-investment activities relating to your property assets.

08.3. Describe how your organisation, and/or property managers, considers ESG issues in post-investment activities related to your property assets.

Nuveen Real Estate's Tomorrow's World Sustainability approach places a significant focus on the consideration of ESG issues in post-investment activities. Nuveen Real Estate has a whole programme dedicated to the effective management of ESG risk and opportunities during the post-investment process, referred to as the Sustainable Property Management programme. A core part of this initiative is the monitoring and management of ESG issues for existing assets, developments and major renovations, and occupier and community engagement.

With regards to monitoring and reporting, a reporting framework has been established which involves the quarterly review of key requirements as outlined in the Property Management Agreement. This primarily includes the review of asset-level environmental performance data and sustainability action plans in the context of asset-, portfolio-, and house-level targets. The Sustainability team, working with a sustainability consultant, reviews and reports on performance metrics for all properties on a quarterly basis, directly distributing this information to asset managers and portfolio managers and incorporating the data into the investor quarterly reports. Beyond this formal review which is undertaken at quarterly intervals, there is of course the expectation that property managers manage the day-to-day ESG aspects via their dedicated Environmental Management Systems.

In relation to property developments and major refurbishments, Nuveen Real Estate has a set of clear development principles and guidelines for all property managers and principle contractors to ensure that the standards are followed. Where appropriate, this can include the targeting of particular certification (e.g., all new construction and development projects located in the United States must be designed and built to achieve LEED certification), operational efficiency benchmarks, and the need to participate in industry assessment initiatives such as the Global Real Estate Environmental Benchmark New Construction and Major Refurbishment module.

Occupier engagement continues to be an important issue for Nuveen Real Estate. The approach and drivers for occupier engagement are sector specific, with a greater focus on the Health and Wellbeing agenda for the office sector, as compared to the themes of waste management and tenant fit-out in the retail sector. An area of interest for Nuveen Real Estate in the immediate future is engaging with tenants in order to access energy consumption data outside of Nuveen Real Estate's operational control and how to account for this within the context of target setting. In the U.S., the Kingsley Survey is distributed annually to occupiers to assess their satisfaction with various aspects of property management at our properties (including Sustainability programs); the results are compared with the Kingsley Index as well as across peer firms, and they inform how we shape the Property Management Policies and Procedures.

Finally, community engagement forms a significant part of our post investment activities for retail assets in particular. Recognising the role that Nuveen Real Estate's assets can play in supporting the community, Nuveen Real Estate encourages a number of initiatives in its shopping centres, outlet malls, and retail parks. This includes the sponsorship of local community groups and adjusting the customer journey/experience of our assets to ensure they are sensitive to local needs (for example, the accessibility requirements of an ageing population).