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
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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
Overview
Link Logistics Elk Grove Village, Elk Grove, Illinois
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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
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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
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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
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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.
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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
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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
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
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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
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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
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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
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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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