Policy Scope

This policy applies to Breakthrough Properties globally, guiding management as it makes its investment decisions¹ and conducts its business. To achieve the commitments outlined in this policy, Breakthrough Properties has developed an Impact framework in alignment with ISO 14001, the internationally recognized standard for environmental management, which requires the firm and our investment vehicles to:

• Establish roles, responsibilities, accountability, and resource allocation.
• Establish operational procedures to implement best practice Impact initiatives throughout day-to-day business activities.
• Work towards establishing specific, measurable, and time-dependent objectives and targets, which, alongside this policy, will be reviewed by senior management on an annual basis.
• Identify Impact-related risks and opportunities throughout the investment cycle.
• Ensure the continual improvement of Impact performance.
• Be accountable to stakeholders, serving as evidence of Impact practices.

Impact Oversight

To deliver our Impact mission and strategy, we have established a Global Impact Task Force to bring together senior executives and department heads from across the company. This Task Force is co-led by the firm’s General Counsel and Director of Sustainability, with advisory membership from Tishman Speyer’s Global Head of Sustainability. The Task Force meets regularly to define Breakthrough Properties’ ongoing Impact approach and priorities, to track and benchmark progress against our corporate targets, and to review and update our corporate governance.

Our People

Employee Health, Safety, and Wellbeing

Our commitment to Impact ensures that our clients and employees work in healthy and productive environments. Through our innovative operating practices, education programs, and outreach, we strive to create safe, healthy, and desirable spaces to work. We offer comprehensive health benefits to all employees to support a culture of wellbeing, along with generous time off policies for employees to rest and recharge as needed.

Inclusivity and Culture

As a signatory of the ILPA Driving Inclusion in Alternatives initiative, Breakthrough Properties has a long-term ambition regarding diversity and inclusion and is developing a roadmap to guide and enhance those critical aspects of our company. We recognize our responsibility to facilitate and promote a diverse, equitable, and inclusive environment for our people and support active listening, continuous learning, decisive action and an environment where speaking up is encouraged and championed. To deliver that environment, we commit to a vision:

• to proactively attract, promote and retain a diverse organization, creating pathways to provide opportunities for Black, Indigenous, People of Color and other underrepresented populations in the life science real estate industry;
• to implement effective practices that foster a diverse, equitable, inclusive and anti-racist work environment;
• to create accountability systems within our company to share regular updates and track and measure our progress; and
• to support employee resource groups that are focused on fostering safe, open spaces for employees to connect and share.

Talent Attraction and Retention

Breakthrough Properties is committed to attracting, developing, and retaining high-caliber talent by fostering a workplace culture rooted in growth, inclusion, and purpose. We recognize that our long-term success depends on the engagement and well-being of our employees, and we strive to create an environment where individuals are motivated to build meaningful careers within our organization.

In support of our Talent Attraction and Retention strategy, Breakthrough Properties promotes equitable and transparent hiring practices by advertising roles across a range of diverse job platforms and including clear compensation information in all public postings. We regularly conduct compensation benchmarking to uphold pay equity and ensure our rewards remain competitive within the market. Additionally, we administer annual employee engagement surveys to provide our team members with an open forum to share feedback, ideas, and concerns. Insights from these surveys inform our ongoing efforts to strengthen company culture, enhance employee experience, and support long-term retention.

Training and Development

Breakthrough Properties is committed to investing in the growth, development, and wellbeing of our employees, as it is from within our ranks that we aim to develop the future senior management of our company. In support of our Training and Development strategy, we deliver leadership development training, facilitate biannual performance reviews, and, through a combination of on-the-job training and external training courses, ensure that all employees are able to reach their full potential.

Our Places

Energy

Building energy usage and energy sources are large contributors to the environmental impacts of our business. We strive to incorporate energy efficiency and building electrification strategies into the design, construction, and operation of our properties, as doing more with less allows us to reduce operating and capital expenses while minimizing our impact on the environment. Where achievable, we also seek to incorporate onsite renewable energy generation and EV charging infrastructure to increase resiliency and contribute to the transition to a low-carbon economy.

Carbon

Breakthrough Properties recognizes the important role greenhouse gas (GHG) emissions, particularly carbon dioxide (CO₂), plays in our changing climate. Given the built environment is responsible for about 37% of global GHG emissions (UN Environment Program 2023), we feel it is important to measure, manage, and minimize these emissions in both the development and operation of our buildings. We also look for ways to reduce embodied carbon in the construction of our projects globally.

Breakthrough has committed to achieve whole-building operational net zero carbon across our global real estate portfolio by 2050 or sooner. In addition, we have aligned publicly with ULI Greenprint’s Net Zero by 2050 Goal: Track 2. We work with both our internal and external partners to create Net Zero Pathways for all our buildings and update them annually to account for changing regulations, technology, equipment retirements, energy market forecasts, and other factors.

Healthy Buildings

Our client companies (“clients”)² work tirelessly every day to improve global health, and our mission is to deliver environments that foster innovation and life-changing scientific breakthroughs. One of the key pillars of our Impact strategy is a focus on healthy buildings and workplaces.

Our Healthy Buildings focus spans the physical, mental, emotional, and social health of all our building occupants, through strategies such as incorporating best-in-class wellness amenities and green spaces, selecting healthier materials during our development process, monitoring and improving indoor environmental quality, and facilitating a variety of onsite community programming opportunities in our day-to-day operations.

Where possible, we seek to incorporate into our developments and operating properties principles established by the global healthy buildings community, through scientific evidence-backed strategies and policies found in certification systems such as WELL and Fitwel.

Certifications & Data

Breakthrough Properties strives to be a leader in sustainable development and property operations. Operating our business sustainably enhances the quality of life of every one of our clients and employees, with the goal of creating lasting value for our investors and communities. This ethos is reflected in our mission to certify all our properties through recognized third-party certifications. We endeavor to certify all new construction to a minimum standard of LEED Gold, BREEAM Excellent, or local equivalent rating system. With few exceptions, we strive to certify all eligible operating properties under the appropriate existing building rating system.

To the extent that our clients wish to pursue certifications for their own spaces within our buildings, we encourage and support those endeavors and are happy to provide base building certification documentation necessary to complement these efforts.

To support our Impact strategy and goals, we recognize the need to collect and track key performance data for all operating properties annually. To that end, we have a rolling three-year goal for 100% data coverage of whole building utility information (Current Goal: By December 2028, 100% utility data coverage for all properties in the operating portfolio as of December 2025). 

Our Partners

Clients

Our clients work every day to make life-changing scientific discoveries, and it is our mission to provide them with research environments that foster innovation.

To ensure we are aligned with our clients and deliver and operate healthy, productive spaces, we annually engage a third-party vendor to conduct satisfaction surveys across all our occupied buildings. We use these surveys alongside our client engagement program to continuously improve our buildings and onsite programming.

To support our Impact goals, we work to partner with all our clients on initiatives such as energy efficiency, net zero, water efficiency, waste reductions, and community engagement/ philanthropy, to name a few. We engage with our clients on these initiatives through a variety of methods, such as green leasing language, building policies and guidelines, building certification initiatives, and onsite programming and partnership.

Communities

At Breakthrough Properties, our philanthropic efforts are numerous, and our commitment to provide opportunities that encourage social growth through community involvement is at the core of every project. Our employees are the foundation of our community service initiative, Breakthrough Cares. And, as individuals, they are also deeply committed to being active in their local communities including participating in Community Giving Days and volunteering time for important causes.

We aspire for all of our new buildings to incorporate community and user considerations into the design process, providing healthy and natural spaces that enable building users to thrive within their work environment and the community surroundings. We are not merely building world-class infrastructure; we are seeking to strengthen communities and ecosystems, to advance scientific discoveries and to support the life science industry in its mission to deliver therapies, diagnostics, vaccines and medical innovations to support humankind.

Suppliers & Vendors

Our suppliers, vendors, and project partners are integral to our success. We expect our outside partners to adhere to all applicable laws and regulations in the countries in which we operate and, when relevant using our risk-based criteria, follow our third-party diligence processes and procedures.  We also wish to work closely with all our third-party partners in the promotion of positive environmental and social impact within the broader commercial real estate and life science industries.

In our new construction projects, we seek to provide opportunities for suppliers and vendors that supports the economic health of our local communities and/or provide opportunities to suppliers and vendors who have historically been underrepresented in the commercial real estate industry. This may include, but is not limited to, initiatives involving trades/construction partners, jobsite participation and apprenticeship opportunities, food & beverage operator partnerships, and manufacturers.

Investors

Our investors are our key strategic partners. We regularly seek to engage with our investors on our Impact initiatives and provide them with key Impact data on an annual basis alongside our year-end financial reporting. In our commitment to transparency in Impact evaluation, we annually submit our Income Portfolio to the GRESB Real Estate Assessment and report our annual progress against the environmental and social characteristics established for our Growth II and Income Portfolios as SFDR Article 8-classified investment vehicles.³

Our Planet

Climate & Resilience

Breakthrough Properties recognizes the risks inherent in climate change and an increase in extreme weather events and chronic risks such as droughts and extreme heat around the world to our People, our Places, and our Partners. These risks have the power to disrupt our business operations, the operations of our clients, and the broader communities in which we build and operate.

We screen all new acquisitions and existing assets for acute and chronic physical risks over the life of the investment through exit to next owner using third-party screening tools that incorporate globally recognized Shared Socioeconomic Pathways (SSPs)/Representative Concentration Pathways (RCPs) as established by the Intergovernmental Panel on Climate Change to forecast risk changes over time. We use the results of these risk screens to create building/project-level resiliency plans for all our assets and revise these plans annually as necessary to ensure they remain aligned with updated global risk modeling.

Biodiversity

Biodiversity loss is one of the critical and growing issues of our generation. We seek to promote and preserve biodiversity in the construction and operation of our buildings through the following strategies and more:

• New construction, onsite – we seek to preserve existing biodiversity through landscaping or by providing habitats for local pollinator species, and minimize excess water use through local, climate-tolerant landscaping opportunities
• New construction, offsite – we seek to use materials that are harvested in a regenerative way (ex. FSC-certified wood and paper)
• Existing buildings, operations – we aim to promote local species in landscaping schemes for biodiversity preservation and local climate resilience, look for opportunities to add habitats for local pollinator species such as bee/bat boxes, butterfly gardens, etc., and implement an Integrated Pest Management program that minimizes or eliminates harmful chemicals in plant and animal control

Natural Resources

Protecting and preserving our natural resources is key to a thriving society, and we promote the minimization of water and waste consumption within our development projects and building operations through several initiatives.

Water: We build with water efficiency in mind for both indoor and outdoor water uses and try to reduce potable water consumption to the extent possible. We also seek to prevent excess stormwater runoff in precipitation stressed areas and minimize water use in landscaping by selecting local, climate-tolerant species. In our operations we install and maintain low-flow fixtures and conduct regular water testing at our occupied properties.

Waste: We promote the prevention of pollution, minimization of waste, and increasing waste diversion from landfill in both the construction and operation of our buildings. For new construction we seek to achieve a minimum waste diversion from landfill threshold of 75% and seek to promote circular economy principles through our holistic materials selection process – striking a balance between durability, reuse potential, embodied carbon, recycled content, natural material selection, and healthy building principles.

Human Rights

We are committed to respecting human rights across all aspects of our business in alignment with the UN Global Compact. This is inclusive and especially considerate of risks related to child labor and forced/compulsory labor. Acknowledging the risks present within the built environment and construction sectors, we actively promote ethical labor practices and require our suppliers, vendors, and project partners to uphold these same principles.