Link Logistics 2023 Sustainability Report

2023

Sustainability Sustainability, Social Impact and Governance

Report

Link Logistics

2023 Sustainability Report

P.2

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Table of Contents Letter from the CEO

Table of Contents

Social Impact

Introduction 2 Contents

18 Supporting Our People, Customers and Communities

3 Letter from the CEO

19 Community Development

20 Community Development Spotlight

Overview 5 2023 Key Highlights

21

Diversity, Equity & Inclusion (DEI)

22 ERG Spotlight

6 Who We Are

Governance 24 Data Governance and Risk Management

7 Our Role in the Energy Transition

8 Adapting to Customers' Needs

25 Ethics & Compliance

Sustainability 10 Energy Solutions

Appendix 27 Goals and Progress

11

Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

28 Environmental Data Table

12 Accelerating Energy Efficiency

29 Our Team

14 Catalyzing Renewable Energy Development

30 TCFD Disclosure Table

15 Scaling Sustainable Development

31

GRI Index

16 Sustainable Development Spotlight

33 SASB Index

36 Building on Momentum

Cover: Link Logistics South Bay DC 588, Torrance, California

Link Logistics

2023 Sustainability Report

P.3

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Table of Contents Letter from the CEO

Letter from the CEO

Dear Fellow Stakeholders,

Opportunities ahead We have established a strong framework for our firm moving forward. It is exciting to consider our capabilities to do more with sustainability initiatives such as solar and LEDs as we address our customers’ needs, accelerate the energy transition and help shape the future of the supply chain. Furthermore, we are actively working on solutions that support the next era of warehouse operations. These solutions, which include data-driven renewable energy products, will help our customers meet the power demands resulting from burgeoning innovations such as automation and fleet electrification. Leveraging proprietary research, analytics and data not only allows us to anticipate leasing trends and identify the most strategic property locations; it also informs how we deploy capital to enhance the value of our real estate by focusing on power and utilities.

earn recognition including the 2024 ENERGY STAR® Partner of the Year designation from the U.S. Environmental Protection Agency.

I am proud to share Link Logistics’ 2023 Sustainability Report. Five years ago, our firm was established with sustainability as a foundational pillar. Since then, our managed portfolio has grown to more than half a billion square feet across key markets throughout the U.S. From small family operations, to the biggest names in e-commerce and everyone in between, it is always thrilling to see the supply chain in action when I visit Link Logistics properties. While our firm has expanded rapidly, we have never lost sight of the fact that prioritizing sustainability makes good business sense. Our scale, coupled with our ability to leverage insights and connections from across the Blackstone Real Estate ecosystem, presents tremendous opportunity. Our commitment to sustainability and our conviction in its ability to drive value to our real estate have only strengthened with our firm’s growth. In addition, our people continue to impress me daily with their dedication to operating as one team with an unwavering focus on delivering positive outcomes for our customers. We have accomplished so much together—as illustrated in this report—but I have no doubt that the best is yet to come. Partners in decarbonization Last year was especially significant for our firm. We made substantial investments in new technology that enhances our partnership with customers. In a milestone achievement, we launched Energy Solutions, our award- winning energy and utility management program that helps customers reduce emissions and achieve lower operating

We continue to believe broad partnership with customers and climate-focused organizations is the key to helping drive the energy transition. In 2023, we held our first Link Logistics Energy & Sustainability Summit. I write this letter shortly after we completed our second summit, which was part of Climate Week NYC, the largest annual climate event of its kind. People, culture and values I remain inspired by how our employees uplift one another and our communities. Nearly 900 team members from markets across the U.S. contributed more than 3,500 volunteer hours in 2023 to fight childhood hunger with CoreGiving, our marquee nonprofit partner. It is always invigorating to see how enthusiastically our firm’s people embrace this organization I co- founded several years ago to address food insecurity. Also last year, our Link Logistics Community Grants Program furthered its work to provide infrastructure funding to organizations addressing hunger, education and hyperlocal needs. Since 2022, this program has now distributed $6 million across more than 50 projects throughout the U.S.; it is humbling to be able to support groups doing critical frontline work. The resources we commit to our people, processes and technology consistently strengthen our firm. We continue to build a culture of belonging and inclusion, as the people we hire, train and develop are our greatest asset. Last year, our Social Impact department launched Pride, an employee resource group (ERG) for LGBTQIA+ team members and allies; we now have five ERGs with over 60% of employees engaged in at least one, with more on the way. And we invested in people and technology to bolster our commitment to governing privacy, data compliance and enterprise risk management.

One team focused on the future I am immensely proud and grateful for all that our team has accomplished in 2023 and I am excited about all that we will achieve over the next five years as one team.

Thank you for reading, and for your ongoing support.

costs. We also introduced Link+, a customer-focused digital platform that is receiving glowing feedback.

Luke J. Petherbridge Chief Executive Officer

It is gratifying to see our value-oriented sustainability practices

Link Logistics

2023 Sustainability Report

P.4

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

2023 Key Highlights Who We Are

Our Role in the Energy Transition Adapting to Customers' Needs

Overview

Link Logistics Elk Grove Village, Elk Grove, Illinois

Link Logistics

2023 Sustainability Report

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

t

2023 Key Highlights Who We Are

Our Role in the Energy Transition Adapting to Customers' Needs

10,000+ customers 3,500+ properties in our managed portfolio 1,200+ employees 539 MSF of space across the U.S. * 5% of U.S. GDP— $1.4 trillion —flows through customers across our managed portfolio

AWARDS

AWARDS

$2M donated to 18 projects in 11 states SOCIAL IMPACT 3.1M meals funded through CoreGiving SOCIAL IMPACT

12,000+ metric tons 36 MSF of LED retrofits completed SUSTAINABILITY 2.8 MSF of LEED certified space across 10 projects SUSTAINABILITY SUSTAINABILITY

Inc. 5000 Honoree

GlobeSt.

2023 Influencer in Industrial Real Estate

2023 List of Fastest- Growing Private Companies in America

AWARDS

ENERGY STAR® Partner of the Year 2023 & 2024 Honored for third consecutive year and first industrial real estate firm to be recognized

AWARDS

Commercial Property Executive Influence Award Winner

130+ employee donations matched, resulting in over $100k for local nonprofits SOCIAL IMPACT

Best ESG Program

GOLD

ENERGY STAR® Excellence in Data Innovation 2024 AWARDS

Executive of the Year, Luke Petherbridge

GOLD

60% of employees are members of at least one employee resource group SOCIAL IMPACT

of carbon reduced through energy efficiency projects

Development Company of the Year

SILVER

*As of year-end 2023, the company operated, had interests in or had under development properties that upon completion represented a total of 539 million square feet.

Link Logistics Worldwide Boulevard, Hebron, Kentucky

Link Logistics

2023 Sustainability Report

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

2023 Key Highlights Who We Are

Our Role in the Energy Transition Adapting to Customers' Needs

Who We Are

Link Logistics operates the largest portfolio of warehouses and business parks located exclusively in the United States. Formed by Blackstone Real Estate in 2019, we leverage our scale, subject matter expertise, and proprietary research and analytics capabilities to drive value for our customers’ businesses.

Sustainability is core to our firm. We pursue bold, disruptive programs and prioritize customer partnership. This close partnership is the key to executing our initiatives, which aim to increase financial and operational efficiency for the businesses that use our space. Approximately 5% of U.S. GDP flows through customers across our half-a-billion-square-foot portfolio of assets under management, giving us a unique perspective on consumer demand and economic trends. Our foundational emphasis on sustainability helps us identify the most impactful opportunities to use our scale and capital to support productivity, growth and prosperity through our real estate, data and supply chain solutions. By finding and then exploiting these opportunities according to our customers’ needs, we improve both our leasing volume and asset value.

In addition to being customer-centric, we are a people-centric firm. We know that our impact extends beyond our properties and the businesses inside them. That’s why we invest time, money and resources to support the communities where we live and work through mentorship programs, grantmaking and volunteerism. We also invest in the people who compose our organization. Their dedication and collaboration across departments and levels while adhering to the highest standards of corporate ethics and governance enable us to deliver a best-in-class customer experience. Prioritizing our people’s health and wellness while fostering a diverse internal culture where every voice is valued strengthens our firm—which, in turn, bolsters our ability to deliver value and positive outcomes for our customers.

Link Logistics LEED certified development, Live Oak Logistics Center, The Colony, Texas

Link Logistics

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Our Role in the Energy Transition Adapting to Customers' Needs

2023 Key Highlights Who We Are

Our Role in the Energy Transition The clean energy

We are increasingly observing our customers drive the energy transition, which is intertwined with onshoring trends in manufacturing. In 2023, Link Logistics tracked over $167 billion in planned U.S. clean energy projects and 169,000 associated jobs. Our Research & Analytics team estimated that these projects will require more than 300 million square feet of direct manufacturing space and over 80 million square feet of related warehouse space over the next five years. While overall numbers have moderated, most of this demand will concentrate in the “Battery Belt” across the Midwest and Southeast, where clean energy projects call for more power-intensive facilities. In 2023, clean energy made up 10% of leasing in key electric vehicle markets, up from nearly zero in 2021. Manufacturers supporting the energy transition increasingly prioritize infill industrial locations—the core of our managed portfolio.

As providers of space, we are also doing our part to support the energy transition by ensuring our managed portfolio is operationally efficient through initiatives that include building all new developments to LEED standards, increasing solar capacity and installing LED lighting. This creates value for our customers across industries, from manufacturing to e-commerce to logistics. Because the energy transition requires broad partnership, we believe that working with our customers and adapting to their needs is the most effective way to advance decarbonization in industrial real estate. Along these lines, the most disruptive way we are progressing this work is through Energy Solutions, a product we introduced in 2023. A data-driven, first-of-its-kind energy and utility management program, Energy Solutions is examined in more detail on Page 10 of this report.

transition is a societal- scale endeavor—one in which we have a material role as providers of space and value-additive customer solutions.

Link Logistics Paw Creek Logistics Center, Charlotte, North Carolina

Link Logistics

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

2023 Key Highlights Who We Are

Our Role in the Energy Transition Adapting to Customers' Needs

Adapting to Customers' Needs Our view is that the future of industrial real estate will revolve around close partnership between operators and occupiers, as opposed to the more transactional legacy model.

Clockwise from top: Head of

Sustainability Sam Stockdale and CEO Luke Petherbridge and colleagues at our 2023 Energy & Sustainability Summit

Event Spotlight Our inaugural Link Logistics Energy & Sustainability Summit in April 2023 brought together customers and partners to share best practices and identify market opportunities. Speakers at the summit included senior leaders from Carrier , Scheider Electric , The Nature Conservancy and Blackstone Real Estate . As a value-focused industry leader that seeks to partner with customers to decarbonize, our firm found this event enormously beneficial. It will continue to be an annual gathering.

In 2023, our targeted stakeholder* engagement enabled us to better understand our customers and provide new technologies that make their real estate operations easier so they can spend more time focused on their own businesses. Link Logistics property managers conducted in- person and online surveys to assess customers’ needs and how we can adapt to meet them. We released Link+, our bespoke digital portal for customers, in the spring as part of this push to enhance our customer experience. Sustainability is fundamental to our technology- powered, customer-centric practices. Link+ is the means through which customers access information provided by Energy Solutions, our

energy and utility management program, which we launched in late 2023 and is covered on Page 10 of this report. We built Energy Solutions after commissioning a survey in 2021 that found 46% of Link Logistics customers were very likely or likely to participate in a property- owner-managed utility model, confirming our conviction in the product concept. Customers’ needs continue to drive our sustainability work. Looking forward, we are actively spending time, money and effort to provide them with products and services to support next-generation features of warehouse operations such as automation and infrastructure for electric vehicle fleets.

Top: Customer experience manager Shane Dolan in conversation Bottom: Property manager Michael Schnackenberg meets with Aslin Beer, a customer of Link Parks

*Stakeholders for this engagement included Link Logistics customers. Elsewhere in this report we refer to Link Logisti cs’ employees, part ners, communities and shareholders as our stakeholders, in addition to our customers.

Link Logistics

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Energy Solutions: Aligning Incentives for Property Owners and Occupiers Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

Accelerating Energy Efficiency Catalyzing Renewable Energy Development

Scaling Sustainable Development Sustainable Development Spotlight: Reinvigorating a Riverside Site

Sustainability

We deploy capital for energy programs that meet Blackstone Real Estate's investment criteria, support our customers' needs, and drive leasing volume and asset value.

Link Logistics Palmer's Oak Logistics Center, Jurupa Valley, California

Link Logistics

2023 Sustainability Report

P.10

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Energy Solutions: Aligning Incentives for Property Owners and Occupiers Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

Accelerating Energy Efficiency Catalyzing Renewable Energy Development

Scaling Sustainable Development Sustainable Development Spotlight: Reinvigorating a Riverside Site

Energy Solutions Aligning Incentives for Property Owners and Occupiers

A milestone achievement for our firm was the December 2023 launch of Energy Solutions, Link Logistics’ comprehensive energy and utility management program.

Energy Solutions takes a novel approach to what is known in industrial real estate as the “split incentive barrier.” This stems from the traditional triple-net leasing model under which utility accounts are kept in customers’ names. When a utility account is in a customer’s name and the property owner deploys capital for energy- related improvements, the customer—not the owner—receives the cash flow benefit from utility savings. As a result, both parties hesitate to deploy capital for energy improvements. Energy Solutions overcomes this barrier and is central to our approach to climate change and our three-phased sustainability strategy. Under the Energy Solutions program, customers transfer their utility accounts to Link Logistics to be managed on their behalf. Our teams then benchmark consumption and expenses via a dashboard accessible through Link+. Guided by that data, we then deploy capital

toward energy efficiency upgrades that generate financial benefits for both customers and the firm, which aligns incentives for both parties. The goal is to make customers' spaces energy efficient; we can then purchase and install renewable power sources on their behalf, which can lower operating costs while reducing emissions. Through year-end 2023, Energy Solutions generated a total benefit of $0.16 per square foot for enrolled customers, with $0.06 per square foot generated in utilities savings and $0.10 per square foot of cost avoidance generated through insulation from volatility in energy market rates via Link Logistics' innovative power procurement amenity. This represents an average savings of 12% off utility bills for participating customers. We have enrolled more than 1,000 customers in Energy Solutions so far, and aim to make the program available to everyone who leases space from us.

Program Spotlight In March 2024, the Energy Solutions product dashboard accessed through our proprietary customer portal, Link+, received the ENERGY STAR® Excellence in Data Innovation Award from the U.S. Environmental Protection Agency for work performed in 2023.

Energy Solutions dashboard as viewed through Link+

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Energy Solutions: Aligning Incentives for Property Owners and Occupiers Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

Accelerating Energy Efficiency Catalyzing Renewable Energy Development

Scaling Sustainable Development Sustainable Development Spotlight: Reinvigorating a Riverside Site

Leveraging ENERGY STAR® Data to Drive Efficiencies Access to quality energy and emissions data helps guide Energy Solutions while mitigating future environmental policy and compliance risk.

Graph Link Logistics properties in benchmarking compliance markets

546

California

136

Minnesota

122

New Jersey

Texas

89

71

Florida

62

Washington

Program Spotlight Link Logistics earned the 2023 ENERGY STAR Partner of the Year Award from the U.S. Environmental Protection Agency and the U.S. Department of Energy. This recognition distinguishes the top energy management programs; our firm has received it three years in a row. Link Logistics’ total of 51 ENERGY STAR certifications, greater than the next five industrial real estate operators combined, is emblematic of our commitment to ENERGY STAR. In 2022, Link Logistics was the first company in the industrial real estate sector to be honored with this award.

39

Nevada

Maximizing access to high-integrity energy data is paramount to our sustainability strategy. The U.S. Environmental Protection Agency’s ENERGY STAR Portfolio Manager® tool serves as our source of truth for whole- building performance data. It also functions as a customer-engagement tool, as ENERGY STAR scores indicate which locations would benefit most from enrollment in Energy Solutions. This, in turn, helps us target and customize communications to Link Logistics customers in those locations. Real-time information sent from customers already enrolled in Energy Solutions to our internal database will also be

regularly uploaded to Portfolio Manager, further bolstering the quality of our insights and analysis.

32

Oregon

Energy benchmarking laws are the precursor to auditing properties' efficiency and meeting energy performance requirements. In 2023, we operated 57% more properties subject to benchmarking compliance laws compared to 2021. We believe the reciprocal relationship between Portfolio Manager and Energy Solutions will rapidly advance both our decarbonization progress and ability to meet compliance obligations, which increase in volume and complexity every year.

28

Colorado

23

Georgia

New York

22

22

Indiana

18

Utah

17

Ohio

Maryland

13

Massachusetts

10

227 MSF of whole-building data benchmarked in ENERGY STAR Portfolio Manager 2023 ENERGY STAR Highlights

1,260 total properties submitted for ENERGY STAR benchmark compliance

51 ENERGY STAR certifications across 7.4 MSF

7

Pennsylvania

2

Illinois

1

Missouri

Link Logistics distribution centers, Cranbury, New Jersey

Link Logistics

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Accelerating Energy Efficiency Catalyzing Renewable Energy Development

Energy Solutions: Aligning Incentives for Property Owners and Occupiers Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

Scaling Sustainable Development Sustainable Development Spotlight: Reinvigorating a Riverside Site

After LED Retrofit

Accelerating Energy Efficiency Scaling energy efficiency projects requires a national approach that leverages specific disciplines and sustainability domain expertise.

Left and right: Link Logistics facility in La Grange, Illinois

Deploying such expertise is a critical component of Energy Solutions, as Link Logistics teams strategize and execute energy efficiency upgrades wherever feasible across our managed portfolio to drive value for customers. Our national LED program—which is the product of close collaboration between our Sustainability, Leasing, Property Management, Construction and Building Solutions teams—is a good example. Every unit in a Link Logistics building is audited for a potential LED retrofit. Our dedicated team and

national vendor have standardized specifications, installation processes, and measurement and verification methodologies. After executing 14 million square feet of LED retrofits in 2022, we greatly accelerated that work in 2023 with a total of 36 million square feet installed—more than the total for the previous four years combined.

These installations and other energy efficiency upgrades amounted to 12,343 metric tons of carbon emissions reduced across our managed portfolio in 2023.

36 MSF retrofitted 2023 LED Program Highlights

1,965 projects completed

260% increase in SF retrofitted YOY

Before LED Retrofit

Link Logistics

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Accelerating Energy Efficiency Catalyzing Renewable Energy Development

Energy Solutions: Aligning Incentives for Property Owners and Occupiers Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

Scaling Sustainable Development Sustainable Development Spotlight: Reinvigorating a Riverside Site

Timeline

Scaling a National LED Program

Link Logistics sets goal of retrofitting same-store 2020 managed portfolio by 2025

Additional key hires made for national program

Complete audit of firm's managed portfolio

Accelerate lease-driven and Energy Solutions projects

Implement further process improvements

Pilot project with RFP finalist

Firm's national program manager hired

MSA with EMC executed

Include LED retrofits in Energy Solutions product offerings

Include LED measurement and verification in Energy Solutions customer dashboards

Pursue LED retrofits across future Blackstone Real Estate acquisition portfolios

Link Logistics' Building Solutions Department established

EMC selected as program partner

Interior spaces retrofitted: 36 MS F

Interior spaces targeted for retrofit: 35 MSF

RFP for LED program partner r eleased

Install 100% LED lighting across same-store 2020 managed portfolio

LED jobs data collection process established

LED program governance established

Reevaluate baseline in alignment with audit results

Program catalyzed with exterior lighting projects

2021

2022

2023

2024

2025

2026

Link Logistics Airport Center II, Atlanta, Georgia

Link Logistics

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Energy Solutions: Aligning Incentives for Property Owners and Occupiers Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

Accelerating Energy Efficiency Catalyzing Renewable Energy Development

Scaling Sustainable Development Sustainable Development Spotlight: Reinvigorating a Riverside Site

Catalyzing Renewable Energy Development

Integrating renewable energy sources, both onsite and offsite, is our greatest pathway to decarbonization.

With more than half a billion* square feet of roof space across our managed portfolio, harnessing the potential of rooftop solar is key to this effort. In 2023, we began working with a leading energy infrastructure organization to be our long-term solar development partner. We plan to install renewable energy onsite to meet customer demand for power products through Energy Solutions. Meanwhile, we continued to expand our solar footprint, constructing, commissioning and delivering 29 megawatts and adding an additional 7 megawatts of solar leases to our pipeline, providing renewable energy to communities where we operate. We now host a total of 82 megawatts of solar capacity across our portfolio. In 2023, we consumed 12,578 megawatt hours of renewable energy from solar projects we host ourselves, bringing our overall portion of renewable energy usage to 24% of direct consumption.

Solar Program Highlights 82 MW operating solar portfolio

36 MW new solar installed and commissioned in 2023

24% of direct power consumption from solar

*As of year-end 2023, the company operated, had interests in or had under development properties that upon completion represented a total of 539 million square feet.

Link Logistics Exit 7A Distribution Center, Hamilton Township, New Jersey

Link Logistics

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Scaling Sustainable Development Sustainable Development Spotlight: Reinvigorating a Riverside Site

Energy Solutions: Aligning Incentives for Property Owners and Occupiers Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

Accelerating Energy Efficiency Catalyzing Renewable Energy Development

Scaling Sustainable Development Supporting a resilient market positioned for long-term success, sustainable developments are crucial to our firm, our customers and the overall industrial real estate sector.

Table LEED Certifications Nationwide

Certified Projects

Certified Square Feet (000s)

Projects In Progress

Square Feet In Progess (000s)

Total Projects

Total Square Feet (000s)

State

Arizona

1

1,157

--

--

1

1,157

California

6

1,225

8

2,829

14

4,054

Florida

4

505

15

2,200

19

2,708

Georgia

--

--

2

570

2

570

We work to ensure that all new Link Logistics developments attain LEED certification. This means we emphasize solar-ready roofs, LED lighting and standard metering to support enrollment in Energy Solutions. We also assess and recommend added sustainable development features such as EV charging infrastructure, supplier diversity and accounting for embodied carbon in the development lifecycle.

After establishing minimum building requirements that prioritize sustainable development in 2022, in 2023 we shifted from strategy to execution. By year-end 2023, we delivered 16 LEED certified properties across nearly 4 million square feet; an additional 54 are in progress and registered with the U.S. Green Building Council (USGBC) and 29 more are in the LEED development pipeline. The Link Logistics LEED program touches 10 markets across a total of 14.8 million square feet and 70 active or completed projects.

Massachusetts

--

--

1

367

1

367

Minnesota

1

510

--

--

1

510

New Jersey

--

--

9

1,202

9

1,202

Nevada

--

--

4

1,079

4

1,079

New York

--

--

3

344

3

344

Pennsylvania

1

251

--

--

1

251

Texas

3

330

12

2,208

15

2,538

10 markets LEED Program Highlights

Total

16

3,978

54

10,800

70

14,777

14.8 MSF across LEED program

70 active or completed projects

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Energy Solutions: Aligning Incentives for Property Owners and Occupiers Leveraging ENERGY STAR® Compliance Data to Drive Efficiencies

Accelerating Energy Efficiency Catalyzing Renewable Energy Development

Scaling Sustainable Development Sustainable Development Spotlight: Reinvigorating a Riverside Site

SUSTAINABLE DEVELOPMENT SPOTLIGHT

Reinvigorating a Riverside Site

A Link Logistics LEED Silver certified project delivered in 2023 offers a window into our approach to sustainable development.

Our Investments, Development, Leasing, Construction and Property Operations teams partnered to develop an infill site in Philadelphia adjacent to the Delaware River. The formerly blighted parcel is now home to a 251,000 square foot building, delivered in 2023, that houses one of our largest customers under a green lease in a prime location offering efficient access to New York City, Baltimore and New Jersey via I-95. Our first development in the city, the completed project features an energy-efficient ventilation system and LED lighting. A historic stone wall that we kept intact pays respect to the site’s heritage. We also worked with the City of Philadelphia and local residents to extend a key riverfront trail. Our development designated a 0.6-mile stretch to be part of the 11-mile network of trails and parks in the area, thus playing a critical role in reconnecting diverse Philadelphia neighborhoods to recreation opportunities along the Delaware River.

It was personally rewarding to be part of a project that gives riverfront access back to a community where I grew up—a place where open space wasn’t always easily accessible.” — LIZ GABOR Vice President, Development

Link Logistics Princeton Elm Industrial Center, Philadelphia, Pennsylvania

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Supporting Our People, Customers and Communities Community Development

Community Development Spotlight: Read Ahead Diversity, Equity & Inclusion (DEI)

ERG Spotlight: A Source of Pride at Link Logistics

Social Impact

We have a responsibility to invest in the future of our industry and the places where our customers and employees work and live by fostering community and social development alongside economic growth.

Local artist Leah Abucayan installs a mural that reflects the best things about ATL in our Atlanta office

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Supporting Our People, Customers and Communities Community Development

Community Development Spotlight: Read Ahead Diversity, Equity & Inclusion (DEI)

ERG Spotlight: A Source of Pride at Link Logistics

DEI

Supporting Our People, Customers and Communities

1,200+

employees

>60%

involved in one or more of our employee resource groups

100%

received foundational DEI training

With more than 1,200 employees and 10,000 customers as of year-end 2023, we leverage our unique position and scale in the industry, coupled with diverse perspectives, to drive social impact programming.

Our dedicated Social Impact department focuses on our firm’s Diversity, Equity & Inclusion (DEI) and Community Development programs, working to make a conscious, positive difference for people inside and outside Link Logistics. This includes driving initiatives around volunteering, donating, grant investing and pro bono support as well as internal events that foster inclusivity at the firm, customer gatherings that celebrate

Community Development

entrepreneurs from diverse backgrounds and our Community Grants Program. In 2023, we extended our work on both the DEI and Community Development fronts.

of employees engaged in giving and volunteer programming >90%

$2M

donated through Community Grants program in 2023, which benefited 18 projects in 11 states

Clockwise from top: Derek Suhre from Calavera Coffee & Let’s Chow, Miami, Florida; Link Logistics president & chief investment officer Nicholas Pell and team members volunteer at the New York Food Bank, New York, New York; Link Logistics team members at the Greater Chicago Food Bank, Chicago, Illinois

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Supporting Our People, Customers and Communities Community Development

Community Development Spotlight: Read Ahead Diversity, Equity & Inclusion (DEI)

ERG Spotlight: A Source of Pride at Link Logistics

Community Development

A central component of our Community Development program is providing intentional infrastructure, tools and opportunities that help Link Logistics employees take an active role in our firm’s initiatives. Employee donation match We match employee donations of up to $1,000 annually per employee. Through this program, we matched employee donations to more than 100 nonprofits across the country in 2023. Community Link We donate short-term space to mission- driven groups when possible.

Community Grants Program Employees nominate nonprofits that address hunger, education or hyperlocal needs to receive funding. In 2023, we distributed 18 infrastructure grants totaling $2 million to organizations across the U.S. As of year-end 2023, we donated a total of $4 million to support 38 projects in 24 states since launching the program in 2022. Paid volunteer time In addition to a firm-wide volunteer day and regional/team-building volunteering events across the firm, we provide eight more hours of paid volunteer time for employees to use as they wish. The combination of these volunteering efforts resulted in a total investment of over 12,000 volunteer hours in 2023. CoreGiving Day Each October, employees participate in CoreGiving Day, our marquee nonprofit partner’s annual volunteer mobilization. Nearly 900 Link Logistics employees donated more than 3,500 hours to fight childhood hunger in their local communities on CoreGiving Day 2023.

Spotlight on CoreGiving Co-founded by Link Logistics CEO Luke Petherbridge in 2016, CoreGiving is a nonprofit organization dedicated to fighting childhood hunger throughout the U.S. In addition to Link Logistics, 15 other U.S.-based Blackstone Real Estate portfolio companies also support its mission. Along with our annual firm- wide volunteer day, we assist CoreGiving through annual fundraising drives as well as communications and marketing support.

Colleagues participating in CoreGiving Day at the Greater Chicago Food Bank, Chicago, Illinois

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Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Community Development Spotlight: Read Ahead Diversity, Equity & Inclusion (DEI)

Supporting Our People, Customers and Communities Community Development

ERG Spotlight: A Source of Pride at Link Logistics

COMMUNITY DEVELOPMENT SPOTLIGHT

Our Community Grants Program is an essential component of deepening our relationships and impact. Here, we spotlight one of the organizations we are proud to have supported in 2023.

Read Ahead Nonprofit Partner

Located in New York City, Read Ahead pairs volunteer mentors with elementary school students to develop literacy skills through one-on-one reading sessions. Ninety percent of its mentees identify as people of color. A colleague on the Data Science team nominated the nonprofit for a community grant and in 2023 Link Logistics provided an $85,000 grant to help Read Ahead purchase new computers and other equipment needed to support more students more effectively. In addition, 14 Link Logistics team members volunteered as Read Ahead mentors during the 2023-24 school year.

Colleague Niandra Humphrys with a student at Read Ahead, New York, New York

Link Logistics

2023 Sustainability Report

P.21

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Supporting Our People, Customers and Communities Community Development

Community Development Spotlight: Read Ahead Diversity, Equity & Inclusion (DEI)

ERG Spotlight: A Source of Pride at Link Logistics

Workshop participants, Rosemont, Illinois

We are committed to operating as one team and cultivating a diverse workforce where every voice is valued, every perspective is respected and every individual feels empowered to contribute authentically. Our initiatives aim to expand skillsets and viewpoints, diversify the pipeline of future talent for our industry, foster understanding, and support our customers and communities. Diversity, Equity & Inclusion (DEI)

Expanding opportunities for diverse talent We collaborated with Project Destined to produce the nonprofit’s first-ever Industrial Real Estate Bridge Program. The five-week program supported Project Destined’s mission to help young, diverse talent unlock careers in real estate through professional development, networking and mentorship. In addition to our work with Project Destined, we provided four full-time students with $20,000 for tuition and education expenses, as well as personal mentorship and networking opportunities. Cross-firm DEI Committee Our DEI Committee is composed of 12 employees selected annually from a field of applicants. Spanning departments and levels, these employees identify goals and support the expansion of DEI initiatives. The committee’s 2023 accomplishments include mentoring students through our scholarship program; meeting with prospective employees; producing a cookbook featuring recipes from Link Logistics team members’ diverse family backgrounds; and working with our People & Culture department to help identify additional opportunities for inclusion programming.

Employee resource groups (ERGs) ERGs are employee-led groups that foster an inclusive workplace aligned with the firm’s goals. In 2023, we established our second ERG and implemented a formal process for creating groups, along with technical tools that help increase the governance of ERGs and enhance the experience of members. All Link Logistics employees and allies are welcome to join each group; as of year-end 2023, over 60% of the firm was engaged in at least one. We continue to expand our ERG program.

Quarterly content and facilitated discussions

Each quarter, we work with colleagues to curate informational content and produce firm-wide panel discussions and events that highlight different demographics, backgrounds and life experiences to raise awareness, celebrate diversity and be candid about inclusion. Events last year included a firm-wide fireside chat with Carla Harris, a finance executive and celebrated advocate for equity in the workplace.

Head of Social Impact Grace Beaudin and colleagues during a DEI Committee strategy session, Chicago, Illinois

Link Logistics

2023 Sustainability Report

P.22

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

ERG Spotlight: A Source of Pride at Link Logistics

Supporting Our People, Customers and Communities Community Development

Community Development Spotlight: Read Ahead Diversity, Equity & Inclusion (DEI)

ERG SPOTLIGHT

A key piece of our efforts to foster a culture built on belonging, Pride works to create an open and inclusive environment for LGBTQIA+ employees through career development, education and community building. We seek to ensure every employee feels comfortable and confident bringing their whole, authentic self to work. “While society has made remarkable progress in its understanding of the LGBTQIA+ community over the past several years, there is still work to be done to ensure everyone gets the respect they deserve,” says Matthew Ostrower, chief financial officer at Link Logistics and Pride’s executive sponsor. “Discussing identity and personal experiences can develop a sense of empathy that helps people approach complex ideas in their personal and professional lives.” Launched in 2023, Pride is our employee resource group for LGBTQIA+ team members and allies. A Source of Pride at Link Logistics

Colleagues participating in the Atlanta Pride Run, Atlanta, Georgia

Link Logistics

2023 Sustainability Report

P.23

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Data Governance and Risk Management Ethics & Compliance

Governance

Adhering to the highest standards of corporate ethics and governance underpins our ability to deliver positive outcomes for our customers and shareholders.

IMAGE FPO

CEO Luke Petherbridge and colleagues, New York, New York

Link Logistics

2023 Sustainability Report

P.24

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Data Governance and Risk Management Ethics & Compliance

Data Governance and Risk Management

In 2023, we invested heavily in people and technology to strengthen our commitment to governing privacy, data compliance and enterprise risk within our firm. We hired leaders to build dedicated teams overseeing compliance, privacy, risk management and data governance strategy. These teams act as liaisons between our Legal and Technology departments and our business functions. The approaches, processes and tools that we implemented to govern, protect and secure our data and the privacy of our customers, employees, partners and shareholders are designed to fulfill our legal obligations to protect individuals’ data privacy rights while supporting the achievement of our corporate goals with minimal risk.

Additional key steps taken in 2023 to bolster our data governance include:

We launched a dedicated privacy function in order to embed privacy by design in our technology projects, ensure privacy terms in all applicable vendor agreements, and provide ongoing privacy guidance and training to our teams. We launched a dedicated data governance function. This includes our Data Governance Council, which is a cross-functional group of leaders that meets biweekly to approve changes to our data ecosystem. Council subcommittees also focus on specific aspects of data governance. We launched a dedicated risk management function that is designed to better understand and implement strategies to mitigate risk across all aspects of our business. We also invested in technology to help create efficiency and visibility in how we manage risk.

Colleagues in Rosemont, Illinois

Link Logistics

2023 Sustainability Report

P.25

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Data Governance and Risk Management Ethics & Compliance

Technology operations manager John Kettering in Chicago, Illinois

Ethics & Compliance All Link Logistics

Codified standards In addition to our Code of Conduct, the Link Logistics Employee Handbook is also provided to all staff. The handbook outlines our dedication to diversity, workplace safety, anti-harassment and other ethical business conduct. It serves as a guide for how we interact with employees, customers, business partners and the communities where we operate. Ethics and compliance reporting As part of our commitment to upholding all applicable laws and the highest ethical and professional standards, employees are encouraged to report any questions, concerns, or actual or suspected violations of our ethics or applicable laws through our confidential and anonymous 24- hour hotline. Concerns can also be reported to our Legal department, Risk & Compliance department, People & Culture department or directly to a manager. We uphold a strict non-retaliation policy and are dedicated to thoroughly reviewing all reports, conducting fair and appropriate investigations based on the situation, and taking necessary corrective actions when required.

Expectations of our vendors Our Vendor Code of Conduct outlines our expectations for suppliers regarding issues including business conduct, regulatory compliance, wages and benefits, labor rights, anti-bribery and anti-corruption, as well as environmental compliance and sustainability. Progress in 2023 Steps taken last year to strengthen our commitment to ethics and compliance include: • We launched dedicated, standalone compliance and risk management functions. • We insourced our employee relations and whistleblower oversight functions. • We enhanced third-party risk management capabilities to ensure all vendors and customers, as well as their ultimate ownership groups, are continuously screened against applicable sanctions lists.

employees are required to sign our Code of Conduct and participate in annual compliance training to ensure that every employee understands and abides by ethical, lawful and proper workplace conduct.

Link Logistics

2023 Sustainability Report

P.26

Introduction

Overview

Sustainability

Social Impact

Governance

Appendix

Goals and Progress Environmental Data Table

Our Team: Employee Demographic Data TCFD Disclosure Table

GRI Index SASB Index

Building on Momentum: What's Next

Appendix

Link Logistics Interstate 45, Wilmer, Texas

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