ARA continues to advance our Corporate Responsibility program to benefit our portfolio assets and the communities in which they are located. The 2023-2024 Corporate Responsibility Report documents our activities and progress on corporate responsibility and sustainability efforts and the significant achievements made throughout the year. Initiatives featured in the report span a full range -- from practicing responsible governance, to deploying sustainability solutions that add value to our portfolios, to social initiatives designed to give back and engage our employees and communities.

Sustainability Highlights

ARA promotes sustainable practices at the assets we acquire and manage on behalf of our clients. These efforts not only reduce operating costs but also can attract tenants and add long-term value. Our focus includes enhancing energy efficiency, implementing water conservation measures, and emphasizing sustainable building operations.

Each year, we evaluate all the sustainability initiatives that occurred on-site. In 2023, the following energy, water, and waste projects were completed.

Performance Targets

In 2017, our core fund set 10-year goals to reduce energy use, greenhouse gas emissions, and water use as well as to increase waste diversion. Progress toward these goals is calculated annually against a 2017 baseline using an intensity methodology that compares the data on a per square foot basis. For three consecutive years, the core fund has surpassed the reduction targets for energy use and greenhouse gas emissions.

GRESB Results

Since 2014, ARA has submitted its core real estate fund to the GRESB Assessment, an investor-driven sustainability assessment for real estate portfolios with increasing adoption by public and privately held investment groups from around the world. The 2023 GRESB benchmark covers $7.2 trillion in assets under management.

In 2023, the core fund earned a 4-star rating from GRESB¹ and scored an 86 in its assessment of environmental, social, and governance performance data. The fund is ranked 5th out of 62 in our peer set.

This is the 10th year our core fund participated in the assessment. Some areas of our highest performance are in Leadership, Risk Management, Risk Assessment, Stakeholder Engagement, Building Certifications, and Data Monitoring and Review.

1 GRESB B.V. (GRESB) created and tabulated the core fund's score which covers activities taking place during 2022 and was released in October 2023. In order to obtain a rating, the core fund must pay a paricipation assessment fee per submission to GRESB.

Employee Engagement and ARA Service Days

ARA’s passionate professionals thrive in our team-oriented, hands-on environment. We encourage our teams to initiate educational and team building initiatives, participate in service activities, and increase their knowledge and skillsets throughout the year.

• In March 2023, over 30 members of the Los Angeles office volunteered with Meals on Wheels West. The team delivered nutritious food orders and picked up empty food containers from the homes of individuals who lack access to food due to illness, disability, or advanced age.
• In November 2023, 50 members of the Los Angeles office spent an afternoon at the Los Angeles Regional Food Bank assembling 2,268 food kits for local families in need.

A Place Called Home

During the past holiday season, the ARA team in Los Angeles came together with A Place Called Home, a multi-service youth and community center, to support local families in need of holiday gifts. 

YMCA Stair Climb

ARA supported the Ketchum-Downtown YMCA through their annual stair climb event, with ARA's team climbing to the 72nd floor of the U.S. Bank Tower in downtown Los Angeles to fundraise for YMCA community programming. The ARA team has helped raise over $29,600 over the past five years for the YMCA.

Tree Planting with TreePeople

In January 2024, 30 members of the Los Angeles office joined TreePeople in planting 24 shade trees in the City of South Gate.  

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