Our ESG mandate is based on a custom index. Companies in the representative index are initially screened on a scorecard that requires an assessment of domicile country, property type, occupancy, and leverage. Companies can also be excluded at the PM’s discretion if they demonstrate non-core real estate characteristics or illiquidity. If compliant with these screens, companies are then excluded if they screen in the bottom quartile of CenterSquare’s proprietary quality and/or ESG scores. The remaining best-in-class companies are part of the investible universe.