When we began reporting on responsible investing, our objectives included reducing energy and emissions intensity, improving water efficiency and waste diversion, strengthening our community engagement, and embedding governance discipline throughout the investment cycle. Guided by these commitments, we have continued to translate ambition into execution. This year, we focused on actions that deliver measurable results within our typical investment horizon while positioning the portfolio for long-term resilience in markets with increasingly stringent building performance regulations.

Our most consequential advancement was the continued transformation of our data into a strategic asset. In the first half of 2025, we expanded our sustainability dataset to cover asset-level metrics from 2019 through 2024, added ten properties to our Measurabl platform, and secured tenant permissions for direct utility data access. These steps closed key gaps, increased coverage, and gave our teams granular, real-time visibility into electricity, gas, and water consumption. With a more complete dataset, we refined how we track energy usage and emissions intensity at the asset-class level and aligned our methodologies to standard emissions factors. We are also in the early stages of deploying AI-enabled analytics to detect anomalies, correlate trends with occupancy and weather, and pinpoint the highest-return efficiency investments. This robust foundation enhances decision quality, supports regulatory compliance, and drives operational performance. We coupled data progress with targeted capital improvements that create environmental and financial value during our hold period. Our strategy is to prioritize high-impact upgrades LEDs, low-flow fixtures, and building management system optimization that pay back quickly and reduce operating risk.