| Notes |
Environmental
Social &
Governance
REPORT
Table of Contents
ABOUT RELATED
ENVIRONMENT
Leadership.......................................................................................................6
Certifications....................................................................................................7
Energy Use Reduction & Efficiency.............................................................9
Water Use & Waste Reduction......................................................................11
Climate Change Adaptation.......................................................................13
SOCIAL ENGAGEMENT
Related’s Commitment to Affordable Housing.........................................16
Related Affordable Foundation...................................................................17
Diversity, Equity & Inclusion........................................................................20
Our Team.........................................................................................................21
Workforce Development.............................................................................24
Investing in Action........................................................................................29
Community Building.....................................................................................33
GOVERNANCE
Business Ethics.............................................................................................37
Code of Conduct...........................................................................................38
Related Procurement Commitments.........................................................39
Strategic Risk Management & Business Continuity Planning.............40
Integrating ESG into Our Decision Making...............................................41
Independent Audits......................................................................................42
OVERVIEW
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Over more than 45 years, we’ve
redefined the real estate industry
by thinking beyond physical
assets to propel cities forward.
Every day, we design, engineer and invest in inclusive, tech-forward and
sustainable communities, infrastructure and initiatives. These solutions
serve as economic and creative engines that will positively impact society
for generations. From coast to coast and around the world, our projects
inspire and transform urban life. Whether it’s affordable housing and
programs that create more equitable solutions for everyone, commercial
buildings pioneering solutions for the future of work life, or unparalleled
luxury residences and hotels at the forefront of wellness, service and
responsive design.”
— JEFF T. BLAU, CEO, RELATED COMPANIES
OVERVIEW
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About Related
OVERVIEW
The Related Companies is widely recognized as the preeminent
developer of transformative residential, retail, office, hotel and
mixed-use in the United States, notably the Time Warner Center
in New York City and the ongoing 18 million square foot mixed-use
Hudson Yards development on the West Side of Manhattan.
What is less known is Related started exclusively as an affordable
housing developer in 1972 and today is one of the largest developers,
financiers and preservationists of affordable and workforce housing
in the country. Currently, Related owns and manages 55,000
affordable and workforce housing apartment homes and is proud
to have never converted a single unit of affordable housing to
market rate.
Skyview Downtown, Springfield, MA
Volunteers at The Bowery Mission, New York
One Bennett Park, Chicago
Hunter’s Point South, New York
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Environment Governance
6
ENVIRONMENTAL
Related Environmental Efforts
Leadership
Related is a champion of environmentally conscious real estate. We continuously advance the design, construction
and operation of our properties to reduce their environmental footprint. We promote density to create the critical mass
necessary to support public infrastructure and transportation, culture and the arts, retail and restaurants – the amenities
that underpin social exchange and interaction. But we are also careful to balance density with areas for escape, reflection
and relaxation and the infrastructure necessary to manage traffic, emissions, storm water, waste and noise.
Stephen M. Ross, Related’s Chairman and Founder, is the founding benefactor
for the World Resource Institute (WRI) Ross Center for Sustainable Cities.
The mission of the WRI Ross Center is to bring place making, sustainable
transportation options and low carbon planning to rapidly growing cities in
developing countries. Stephen and Related believe that global sustainability
depends upon getting cities right. Related intends for its developments to be
a model of good design, resource efficiency, health and wellness, resiliency,
and interconnectivity. Related strives to lead by example.
Related’s deep commitment to sustainable design, extensive experience in green building and reputation for innovation
has made us a go-to resource for New York City policy impact initiatives like the New York City Green Codes Task Force
and the New York City Building Resiliency Task Force, in which we held leadership positions.
Related’s Vice Chairman has been a long time board member and Chairman emeritus for the Urban Green Council (the
New York City chapter of the US Green Building Council), and a founding board member and Chairman since 2013 of New
York City Energy Efficiency Corporation (NYCEEC). Related VPs sit on the Sustainability Committee and Electrification Task
Force of the Real Estate Board of New York, and the Advisory Committee of AIA NYC’s Zero Waste Design Guidelines.
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ENVIRONMENTAL
In 2008 Related committed that every building we develop in the United
States, regardless of asset class, shall be certified LEED Silver or better.
Using third party certification systems holds us accountable to external
review.
• Developed one of the nation’s first green residential high-rises in
2004 (LEED Gold).
• Completed another 36 LEED Silver, Gold and Platinum certified
properties across a diverse array of asset classes, including luxury
and big-box retail; market rate, labor force and affordable housing;
hotel; and mixed use.
• Accredited 3 of the first 10 ENERGY STAR labeled residential
buildings in the U.S. and currently owns 69 buildings with ENERGY
STAR scores that qualify for ENERGY STAR rating.
• Built the tallest and largest Passive House certified building in the
United States in 2018.
• Developed the world’s largest Platinum-certified LEED-CS v2009
development at 10 Hudson Yards.
• Currently have over 25 additional projects working toward
certification, including three neighborhood developments.
Commitments
• Every project we develop from the ground up across the United
States is designed to achieve a minimum of LEED Silver certification,
or the equivalent certification of the locality.
• New construction within New York City commercial, retail, and
market-rate and workforce multifamily subsectors utilize a high
performance “Basis of Design” focused on reduced energy, water and waste reductions, occupant health, and
sustainable site design.
• Related Rentals branded luxury apartments across the country include sustainable guidelines and resources for
incoming occupants, covering energy and water use reduction, waste diversion and indoor environmental quality.
• Our commitment to innovative resident health created the first nation-wide Smoke Free Initiative in 2010. Over 40,000
of our rental apartments serving residents of all incomes are smoke free greatly improving air quality as well as
reducing the risk of fires that displace residents or cause harm.
• We are also proud to have been one of the first firms in the country to have over 60 of our New York City property
management teams trained and receive GPRO O&M certification from the Urban Green Council.
Certifications HIGHLIGHTS
Cornell Tech on Roosevelt Island Is the
world’s tallest certified Passive House.
Hudson Yards is designated Manhattan’s first
LEED-ND Gold-certified neighborhood.
10 Hudson Yards is New York’s first LEED
Platinum-certified commercial office building.
LEED
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ENVIRONMENTAL
HIGHLIGHTS
PASSIVE HOUSE
Related developed the tallest passive house certified building in the world for Cornell Tech. The 352-unit, 26-floor
student and faculty housing building is designed to reduce energy use by 70% relative to code by adhering to the
framework of the most stringent energy certification program in the world — Passive House. Further, the building
uses only electricity for all HVAC and lighting. The only fossil fuel used in the building is to make hot water, and that
is only because the technology to efficiently generate hot water at scale with electricity doesn’t yet exist.
10 HUDSON YARDS LEED CORE & SHELL PLATINUM CERTIFICATION
10 Hudson Yards was the first commercial office building in New York to receive such a rating after the LEED
v2009 rating system went into effect. The 895-foot-tall tower features a 1.2 MW cogeneration plant that generates
power, hot water and chilled water with twice the efficiency of standard systems and remains operational in
the event of a power outage, a storm water retention tank to replenish cooling towers and irrigate terrace
landscaping, and an Operation and Energy Control Center that coordinates security, building performance and
visitor experience throughout Hudson Yards. 10 Hudson Yards is also equipped with underfloor and overhead air
distribution, advanced lighting controls, and a robust telecommunications platform that includes site-wide WiFi,
fiber optic networking, and wireless communications from any device at any on-site location.
VINTAGE CROSSINGS – FIRST LEED PLATINUM AFFORDABLE COMMUNITY
Vintage Crossings is an example of a successful public-private partnership and was the first LEED Platinum
rated affordable housing development in the City of Anaheim and the second time that the City and
Related pioneered new territory in sustainable affordable housing. Vintage Crossings’ high density design
(over 30 units per acre) and connection to mass transit and services efficiently uses the land and enables
pedestrian, bicycling and mass transit mobility- all reducing vehicle miles traveled.
Solar lot orientation, high-performance glazing (U-factor = 0.28/SHGC = 0.20), cool roofs, 96% efficient
instantaneous gas hot water heaters and high efficiency HVAC systems keep the total energy use low and
exceeded current energy codes by 45.9% at the time of construction.
Water use is reduced through low-flow/flush plumbing fixtures and landscape irrigation systems calculated
to reduce 65% of potable water needs. Vintage Crossings achieved all available LEED points for its
landscape design.
Materials were sourced with high recycled content and low emission profiles. PEX water supply piping was
installed throughout the development, as long term it is more durable than copper and more resistant to
corrosion and freeze-thaw action.
HUDSON YARDS LEED-ND GOLD
Hudson Yards’ Eastern Yard was the first neighborhood in Manhattan to receive LEED Neighborhood Development
Gold (LEED-ND) certification. Highlighted by its innovative microgrid with two cogeneration plants that save
25,000 MT of CO2e emissions each year, a rainwater reclamation system saving 10 million gallons of drinking
water annually, as well as public transportation linkages and pedestrian-friendly community design, this Gold
certification furthers Hudson Yards’ position as one of the most sustainable, connected and forward-thinking urban
neighborhoods in the country. Once the Western Rail Yard is completed, this mixed-use neighborhood, platform
infrastructure and Public Square & Gardens will bring tens of thousands of jobs, more than 1,000 units of newly
created or preserved affordable housing in and around the neighborhood, 14 acres of public parks and open
space and increased foot traffic and tourism to Manhattan’s West Side.
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ENVIRONMENTAL
Energy Use Reduction & Efficiency
Related proactively takes actions to reduce energy use through efficient design and retrofit standards and renewable
energy production; controls price volatility through energy management and distributed generation; and minimizes
regulatory risk through portfolio level analysis and improvement.
Commitments
• Our Basis of Design (BOD) for new developments and major renovations within New York City commercial, retail,
and market-rate and workforce multifamily subsectors includes requirements for energy use reduction and better
than energy code improvements to envelope, HVAC, domestic hot water, electrical, lighting and control systems.
• Affordable housing preservation acquisitions nationally are assessed for potential energy savings, water
savings, and occupant health improvements prior to purchase. Due diligence can range from simple ASHRAE
Level 1 assessments to sophisticated data collection and analysis depending on the age of the asset, and the
jurisdictional requirements of the project. Company standards are incorporated, including: LED lighting retrofits in
common areas, dwelling units and back of house; high efficiency boilers and water heating equipment; insulation
improvements where possible; and high efficiency Low-E windows when necessary.
• Our affordable housing renovation programs target 15% energy efficiency improvements and 15% water usage
reductions.
• All asset class developments evaluate projects for distributed energy generation opportunities using solar
photovoltaic (PV) and/or combined heat and power (CHP) systems.
• We require 100% ENERGY STAR certified appliances within our multifamily new construction and renovation
projects.
• Related benchmarks and reports energy consumption by fuel type and energy use intensity (EUI) for 63% of our
nationwide portfolios, totaling 59 million GSF.
• 95% of tenants across all asset subsectors are separately or sub-metered for grid electricity and charged by
usage and not rentable square footage.
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ENVIRONMENTAL
• Cogen – Related’s commitment to more efficient distributed generation includes 4.6 megawatts of cogeneration
installed across both market rate, workforce and affordable housing sites in New York City, California, Connecticut
and Massachusetts, including 3.0MW at Manhattan Plaza, one of the first affordable housing projects in the city to
incorporate cogeneration for energy savings in 2009.
• In total we have deployed solar arrays on 20 of our developments including market rate and affordable housing
as well as retail facilities from California to Texas to NY and Connecticut.
Cogen at Hudson Yards
At Hudson Yards, Related has completed a 13.3MW cogeneration facility that will provide over 50% of the
electrical and thermal demand of the Eastern Yards, avoiding 24,000MT of greenhouse gas emissions (equal
to the annual emissions of 5,000 cars) annually. A unique electrical interconnection will allow the cogeneration
plant to disconnect from the utility during grid outages and restore power to tenants.
5MW Lithium-Ion Battery Project
In the summer of 2019 Related partnered with global energy firm EnelX on a 5MW lithium-ion battery project at our
Gateway Center retail complex in Brooklyn. In addition to the fundamental innovation of using energy storage behind
the meter at scale, our solution involves exporting the power to the grid, enabling the storage asset to provide peak
management services to the local electric grid, which reduces greenhouse gas emissions, enhances the resilience of the
grid, and lowers electric costs for rate payers by obviating the need for costly infrastructure investments by the local utility.
D I S T R I C T S C A L E E N E R G Y P R O J E C T S
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ENVIRONMENTAL
Water Use & Waste
Reduction
Related minimizes water use, water cost, and environmental risk
in all our portfolios. We are also a leader in the development
of water capture and reuse systems within our market rate
multifamily and commercial office portfolios. The carbon cost
of waste hauling and disposal is also an area of focus in both
Related’s development and management operations. We
were early adopters of adding collection chutes for recycling
and organics to our multifamily assets, have trialed organic
dehydration systems in our food & beverage establishments
and are retrofitting our company offices and larger commercial
facilities for organic waste diversion.
Commitments
• Related primarily targets previously developed (brownfield)
sites for new projects, inherently protecting existing surface
water resources, and all development sites are evaluated for
protection of existing resources.
• New developments and retrofits within commercial, retail,
and market-rate and workforce multifamily subsectors
adhere to low-flow plumbing standards between 25-40%
better than national plumbing codes.
• New developments and renovated market-rate and
workforce multifamily subsectors specify ENERGY STAR
appliances, which on average use 30% less water than
standard.
• New developments within commercial, retail, and marketrate and workforce multifamily subsectors specify highefficiency irrigation systems and primarily drought tolerant
landscapes to target 50-100% water use reduction.
• In areas of moderate to high incident rainfall, all new
developments within commercial, retail, and market-rate and
workforce multifamily subsectors strive to include rainwater
retention systems for use at mechanical and irrigation
systems.
• Related also benchmarks and reports total asset water
consumption for its New York City portfolios, totaling 34
million GSF and 36% of the total GSF in our portfolio.
HIGHLIGHTS
Waste Reduction
The mixed-use Time Warner Center received the
BOMA TOBY (The Office Building of the Year)
AWARD and is included as a case study for the New
York City AIA’s Zero Waste Design Guidelines.
Blackwater System
Tribeca Green has one of the first in-building
“blackwater” reuse systems for residential high-rise
in the US.
Water Reclamation
2.3 million GSF of market rate residential water
reclamation systems.
Storm Water Collection
Hudson Yards was designed with a campus-wide
stormwater harvesting system estimated to reuse
close to 10 million gallons per year.
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ENVIRONMENTAL
Storm Water Collection
Hudson Yards was designed with a campus-wide stormwater harvesting system estimated to reuse close to 10
million gallons per year. Rainfall is collected from rooftops and plaza areas and stored within the towers and a
60,000-gallon tank in the platform that forms the base of the neighborhood. Captured rainwater is used to irrigate
the over 200 mature trees and 28,000 plants in the public park as well as in building mechanical systems to both
conserve potable drinking water and reduce stress on New York’s combined sewer system. The Public Square
and Gardens at Hudson Yards is New York City’s smartest park featuring a sophisticated layered approach to root
growth, nutrient delivery, temperature regulation, irrigation and drainage, making it possible to grow 200 mature
trees water-efficiently over an active rail yard. Beyond the technical feat, the varied horticultural experience and
nearly a mile of garden seating walls invite New Yorkers to gather outside and provide an urban oasis for over 225
types of bees, butterflies and other pollinators threatened by habitat loss and climate change.
Water Reclamation
New York City receives 48 inches of rain annually, including storms that overflow the city’s combined sewer system
multiple times a year. In addition to our Hudson Yards stormwater reclamation system, we have responded by
including stormwater harvesting systems in over 2 million square feet of market rate rental assets. At each of
the six sites we collect stormwater from the roofs and terraces, store and filter in a collection tank – instead of
releasing to the sewer – and feed to the building mechanical systems in place of municipal supply. Each of the six
sites avoids over one million gallons of sewer outflow and potable water usage.
Tribeca Green Blackwater System
Related built one of the first in-building “blackwater” reuse systems for residential high-rise in the US at our Tribeca
Green site in Manhattan, NY. Our system is part of a network serving eight buildings and over 2,000 residents. The
“blackwater” system collects wastewater from the building’s plumbing system, treats it to potable standards and
reuses it for toilet flushing, laundry and mechanical systems. We are achieving both a 55% reduction in municipal
water use and a 65% sewer discharge reduction.
Waste Reduction
The mixed-use Time Warner Center marks the southwest corner of Central Park with two 80-story towers rising
from a seven-story glass atrium housing a complex array of tenants (including retail, restaurant, concert hall,
grocery store, luxury hotel, residential condos and commercial offices) and hosts 16 million visitors per year.
Related’s success working on reducing waste and recycling contamination led to a BOMA TOBY (The Office
Building of the Year) AWARD and inclusion as a case study in the New York City AIA’s Zero Waste Design
Guidelines. Lease language requires tenants adhere to the waste management rules to ensure waste moves
efficiently through the building’s service corridors and elevators, and that tenant staff properly separate materials.
The loading dock area is outfited with clear recycling signage, storage space and compactors for organic waste,
glass/metal/plastic, paper/cardboard and trash to ensure tenant staff correctly separate materials. There is also
video monitoring, which can be used to identify contamination sources. This is critical since 10-15% contamination
can result in an entire organics or recycling compactor going to landfill or incineration.
HIGHLIGHTS
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ENVIRONMENTAL
Climate Change Adaptation
Commitments
• 34 million GSF of multifamily, commercial and retail subsectors have begun to evaluate greenhouse gas
emissions from operational energy usage in an attempt to reduce building emissions portfolio wide.
• Over 16 million GSF of pipeline developments are analyzing projected greenhouse gas emissions in an attempt
to reduce, offset or eliminate them during operations.
• Almost 10 million GSF of pipeline developments are integrating embodied carbon analysis into supply chain
considerations through material life-cycle analysis of structural and major materials.
• All new developments located in areas of flood risk are designed and constructed to a Resilience Specification
which considers: flood risk mitigation such as building hardening and raising of infrastructure, and backup power
(on site or through external tie-in) for life safety and project targets such as functional occupancy or continued
occupancy.
Hunter’s Point South
Super Storm Sandy of 2012 hit New York as Related was days away
from completing design on Hunter’s Point South, a two-building,
925-unit rent regulated development on the East River waterfront in
Queens. Related worked with the City to redesign the building for
hardening and resilience to ensure it would see minimal negative
impact from severe weather events including extreme flooding.
Improvements included raising and relocating critical electrical
switchgear and mechanical equipment well above the Sandy flood
plain on a mezzanine level, building a bathtub around the ground floor
retail, and providing backup power capacity beyond what is required
by code through a mix of energy efficient cogeneration and natural gas
generators that power a number of services to facilitate comfortable
in-place habitation of residents during a grid outage including: DHW
heaters and pumps for hot showers and operable toilets, and full
power in certain amenity spaces and lobbies to allow for socializing
and device charging. We shared our learnings from the experience
with the broader community through our co-leadership of New York
City’s Resiliency Task Force, which was constituted to inform policy and
code development in the service of mitigating buildings’ risk exposure
to extreme weather events. Hunter’s Point South went on to be named
the ULI Development of the Year.
HIGHLIGHT
Social
Engagement
SOCIAL
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Social engagement is an essential piece of who we are as a company and what makes our business successful.
Our holistic approach to building more inclusive cities includes a focus on affordable housing development and
preservation, local recruitment, training and job placement and partnerships with non-profit organizations that focus
on supporting children, sustainability, the local community, and the arts.
Affordable Housing
Related started exclusively as an affordable
housing developer in 1972 and today is one of
the largest developers and preservationists of
affordable and workforce housing in the country.
Driven by the belief that every person deserves a
high-quality home, Related has never converted a
single unit of affordable housing to market.
Our Team
Our employees are our greatest asset, they are
what make Related the preeminent real estate
company in the world.
Workforce Development
Related’s developments and businesses have the
ability to jumpstart careers and create jobs in our
local communities.
Investing in Action
Giving back is a core value of who we are. The
employees and leadership of Related support
causes and communities across the world through
volunteering efforts and charitable giving.
Community Building
At our core, Related builds neighborhoods and
supports the people who live there. Through
neighborhood coalitions, charitable endeavors,
and arts and culture initiatives, our mission is to
bring people together and drive positive change
in communities.
Our Company
Construction Site, Chicago, IL
SOCIAL
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Related’s Commitment to Affordable Housing
Affordable housing is the foundation of Related. It has been a key component of our growth as an organization for
more than 48 years and is embedded in our DNA.
As our country comes to terms with our housing affordability crisis, we are committed to continuing to grow our
investment in developing, constructing, preserving, and renovating affordable housing. When 47 million workers, one
third of the workforce in the U.S., earn less than $12 per hour; when only 24% of eligible low income families receive
federal housing assistance, and 25% of all the renter households in the U.S. pay more than 50% of their income for
rent, over 75% of Related’s rental developments have a traditional affordable housing component. We use the term
“traditional affordable” to identify apartment homes that serve the needs of families who earn less than 60% of Area
Median Income (“AMI”), i.e., those most in need.
• 65% of all the rental apartments Related owns and operates serve traditional affordable households.
• Our traditional affordable housing portfolio now serves the needs of over 50,000 households and 100,000
people including 25,000 seniors and nearly 30,000 children.
• The affordable housing families we serve have an average income of approximately $20,000 per year.
• The majority of our affordable housing households identify as Black, Latinx, Asian or American Indian.
• Starting in 2017, Related Affordable has required all of our New York City renovation sub-contractors to agree to
pay a site minimum wage of $20 per hour as well as pay for Affordable Care Act compliant employee healthcare.
• Our affordable housing portfolio now extends across the country to 25 states and the District of Columbia.
• Acknowledging that the population of seniors in the U.S. will double from 2010 to 2040, we have consistently
incorporated a program of increasing the number of fully accessible units as a part of all our preservation and/or
renovation sites.
Across our nearly five decades as a community-building developer, owner
and operator of rental housing, we have NEVER exited an affordable housing
program or converted an affordable housing site to market rate.
We recognize the exceptional unmet need for affordable housing for low income families across the country, and are
proud to do our part to provide decent, affordable homes for raising their families or to aging in place with dignity.
In addition, Related has developed or purchased and owns one of the nation’s larger workforce housing portfolios
with over 5,000 units built, priced, and regulated to serve the teachers, nurses, emergency responders and others
who are critical to the vitality of our communities. These apartments serve the missing middle, i.e., families who earn
from 60% to 130% of AMI.
We are extremely proud of our decades-long commitment to providing housing stability for families with lower
incomes and fewer options.
SOCIAL
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Five 88, Affordable Housing, San Francisco, CA
Foundation for Affordable Housing Backpack Program, Oakland, CA
Senior Housing Fitness, Oakland, CA
Marshall Field Gardens, Affordable Housing, Chicago, IL
SOCIAL
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Community Partners
Our national affordable practice has partnered with over 25 distinct 501c3 non-profits on over 55 developments
across the country representing approximately 30% of our portfolio. These non-profit partners work with us to assure
we are addressing the needs of the local community including providing input on operational budget priorities.
Our efforts to weave our properties into the fabric of their communities is organically done when we team up with
community insiders. One powerful example is the seven joint venture projects Related California has undertaken with
churches in Black communities over the past 15 years, creating nearly 500 affordable family and senior units.
In addition, Related has contracts with 28 different local service providers to provide our residents at 67 locations
with after school programs, art engagement, tai chi for maintaining balance into old age as well as other forms of
resident services focused on health and wellness, financial skills development, aging in place with dignity and more.
In aggregate, we are proud to fund $4 million per year for these social service enhancements.
NON-PROFIT PARTNERS & SERVICE PROVIDERS
LOS ANGELES
West Angeles
Community
Church
OAKLAND
Acts Full Gospel
Church
POMONA
Shield of Faith
Christian Center/
Shield of Faith
Economic
Development
Corporation
RICHMOND
Richmond
Labor and Love
Community
Development
Corporation
SACRAMENTO
All Nations
Church/Itasker
Hollins
Community
Development
Corporation
SAN DIEGO
St. Stephens
Church
OUR PARTNERS INCLUDE
Internet Inequality
In an effort to bridge the digital divide in our affordable housing communities,
Related has partnered with Starry Internet to provide an ultra-low-cost, high-quality
broadband option to residents. Through Starry’s Connect program, over 4,000 of
Related’s affordable housing residents have access to a high-speed, uncapped
broadband service for $15 per month or less, which includes all equipment,
installation and 24/7 customer care. Starry Connect does not require long-term
contracts, credit checks or other eligibility requirements from residents, easing
barriers to adoption.
SOCIAL
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Related Affordable Foundation
OVERVIEW
The Related Affordable Foundation (“RAF”) is a charitable, tax-exempt 501c3 organization committed to enriching the
lives of affordable housing residents and breaking the generational cycle of poverty. Established in 2016, the Related
Affordable Foundation sponsors impactful programs and activities in the areas of education, food security, health &
wellness, and workforce development.
PROGRAM AREAS
Education — We award scholarships and partner with local non-profits to host back-to-school drives, as well as
after-school and summer programs.
Food Security — We address food insecurity by supporting hunger relief programs and meal initiatives.
Health & Wellness — We promote a balanced lifestyle in the communities we serve by sponsoring health and
wellness activities.
Workforce Development — We support training for job-relevant skills, financial literacy and provide a pathway
toward economic success.
Grants & Scholarships
Related Affordable Foundation is committed to breaking the generational cycle of poverty by partnering with nonprofit organizations to provide essential services in the areas of education, food security, health & wellness, and
workforce development for affordable housing communities. In the last 12 months RAF has made grants of nearly
$1 million.
Related Affordable Foundation Scholarship supports affordable housing residents who aspire to attend accredited
trade and/or professional institutions, colleges, and universities. The goal of Related Affordable Foundation
Scholarship Program is to eliminate economic barriers for young adults in their pursuit of post-secondary education.
GRANT RECIPIENTS
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Diversity, Equity & Inclusion
Diversity, equity, and inclusion (“DE&I”) are foundational principles which guide the work of all of us at Related. We are
proud of what we have accomplished to make our company, industry and communities more inclusive, diverse, and
equitable, even as we are humble in the knowledge that we must do more. Our track record over the past decades
contains important lessons that will guide our work going forward. It is a core belief of this organization that diversity,
equity and inclusion are not only socially responsible, they are the foundation of a successful business.
Related is committed to increasing DE&I within the company and the broader real estate industry. This goal has been
a part of the company’s DNA since its founding, and the path to success runs through every Related employee who
lives these values and uses them to guide the work they do.
OUR FIVE PILLARS
Empowering Internal Leadership
Identify internal leaders who will ensure the achievement of Related’s diversity, equity and
inclusion goals and initiatives.
Growing a Diverse Talent Pipeline for Related & the Real Estate Industry
Foster next generation talent through targeted programs and creating hiring protocols
that widen our applicant pool, specifically increasing the percentage of employees from
underrepresented groups.
Raising Awareness of Unconscious Bias & Structural Racism
Strengthen training protocols that raise awareness about issues of equality, equity, and
structural racism in the workplace.
Enhancing Job Training, Development & Retention Programs
Ensure Black employees as well as women and people from the Latinx, Native American,
Asian, and other underrepresented groups are included in the leadership development
pipeline by employing a range of formal and informal professional development tools.
Utilizing Supply Chain Eco-System
Engage our supply chain to prioritize Black and M/WBEs and worker development at all stages
of the process including design, construction, and operations.
To learn more about our diversity, equity and inclusion commitments please visit Related.com.
SOCIAL
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Our Team
55%
Among Related’s managers, approximately 258, or
36%, identify as Black or African American; Hispanic
or Latinx; Asian; Native American or Alaskan;
Hawaiian or other Pacific Islander; or mixed-race.
Approximately 35% of Related’s 3,737 employees
identify as female. 337 employees, or 48% of
Related’s managers, identify as female. 63 employees
or 24% of Related’s senior leadership, identify as
female.
Approximately 55% of Related’s 3,737 employees
identify as Black or African American; Hispanic or
Latinx; Asian; Native American or Alaskan; Hawaiian
or other Pacific Islander; or mixed-race.
35%
36%
DE&I PILLARS IN ACTION
Recruitment
We take a holistic approach to hiring and retaining our workforce —
from talent acquisition through training, performance management,
health and well-being, including financial wellness. We employ a
diverse group of over 4,000 full-time employees across the U.S.
We source talent from universities, trade schools, the military, and
our community partnerships. We also rely on our employee referral
process, rewarding employees that refer successful hires. In our
corporate offices we run an annual summer internship program,
with 80 interns across 5 markets. This population serves as the
early career talent pipeline for our corporate business lines.
As part of our talent and acquisition strategy, Related partners with
community NGOs (non-governmental organizations), universities,
and other non-profit organizations to introduce, educate, and
mentor underrepresented communities within the real estate
industry.
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Career Growth
Performance feedback and career development conversations occur on an ongoing basis throughout the year. A
formal evaluation takes place at year end in which employees and managers document goal progress, areas for
development, and highlight exceptional performance.
Related is continually building capability and tools to provide opportunities for skill development across all roles and
business lines. Company-wide orientation is in place for all new hires. All employees are provided training on fair
housing, information, and cyber-security. We are compliant with all state and local training requirements for workplace
harassment prevention and deliver this annually. With an increased focus on employee and resident safety, in 2019
we instituted an initiative across Related Management Company requiring employees to complete relevant training
throughout the year.
Even though external hiring is critical to meet company growth, Related increasingly aims to fill new roles and
promotions with internal candidates.
14%
Corporate openings were filled
with internal candidates
21%
Related Management Company openings
were filled with internal candidates
2019 INTERNAL PROMOTIONS
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Employee Benefits
Related offers comprehensive benefit plans to all fulltime employees, including a high deductable health plan
that includes employer contributions to an HSA (healthsavings account). In addition to the medical plans,
Related offers:
Fertility benefits for all employees and spouses
or domestic partners on the medical plans
Dependent care FSA
Pre-tax and post-tax parking and transit benefits
Dental plans
Vision plan
401K – 50% of 4% company match, 5 year
vesting period
Wellness program
Comprehensive long term disability coverage
(cost to employees)
Wage continuation – paid leave for own illness
or injury, tiered based on years of service
Paid parental leave (6 weeks for all new
parents)
Employee assistance program (EAP) – access
to telephonic and in-person counseling and
lifestyle support
Gym memberships (varies by office location)
Related Anniversary Program rewards
employees based on tenure
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Related is committed to building and supporting thriving cities
that make a positive impact on the surrounding communities.
Hudson Yards is well known as the largest private sector
project in U.S. history and is also an enormous source of jobs
through construction and associated industries. The first wave
of construction at Hudson Yards, comprised of nearly 7.5
million square feet, was built predominantly with union labor.
From 2012 through 2025, hard- and soft-cost spending on the
development of Hudson Yards will have directly supported an
average of nearly 4,600 jobs each year, including an average
of 3,116 jobs each year in construction, and 1,476 jobs in
associated industries. Total wages and salaries paid to these
workers will average $579.7 million each year, an average of
about $126,000 per job.
Workforce Development
CREATING SOLID JOBS
HIGHLIGHT ON THE GRAND
The Grand, located in the heart of Grand Avenue’s cultural
corridor, will bring a variety of economic and community
benefits to downtown Los Angeles and the entire Los
Angeles region. The project is projected to create more
than 10,000 new jobs and $1.3 billion in one-time total
economic output for Los Angeles County. The Grand
is also working with local labor advocates and human
services agencies to create employment opportunities for
populations that face employment barriers.
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NO ONE LEFT BEHIND
Related created the “Hudson Yards Hiring Network” in 2018 to help assure that as many of the operational jobs
being created by our new Hudson Yards development would be made available to those NYC residents who might
have additional barriers to employment. The Hiring Network is an outstanding representation of a public/private
partnership, engaging and coordinating the efforts of multiple NYC agencies and at least ten local community
non-profits that service the needs of those who are justice involved, individuals with physical and mental health
disabilities, residents of NYC Public Housing, veterans, and those that are homeless. While the Network helps
candidates from any of these categories, its focus is on those who live in the immediate vicinity of the Hudson Yards
development. To date, using specialized interviewing methods, we have placed over 300 individuals from all of the
targeted cohorts. These positions include, but are not limited to, guest relations, food and beverage personnel,
cleaners, security staff, loading dock, and logistics teams.
65%
11
25%
100’s
of hires in Customer
Experience Hospitality
nonprofit and local advocate
community partners
of hires from
NYCHA housing
of individuals placed from
targeted cohorts
Nearly HALF of the candidates that are interviewed by the hiring manager
from Hiring Network get hired.
Hiring Hall at Hudson Yards, New York
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H I R I N G C O M M U N I T Y P A R T N E R S
WORKFORCE1
City run one-stop centers that provide
training, career advisement, and job
placement services to NYC residents
across the five boroughs.
BOWERY MISSION
Provides housing, training, and job
placement to the homeless population.
FORTUNE SOCIETY
Assists formally incarcerated job seekers
with training, job readiness, and job
placement services, as well.
BEDSTUY RESTORATION
Bedford Stuyvesant Restoration
Corporation (Restoration), the nation’s first
Community Development organization,
partners with residents and business
to improve the quality of life in Central
Brooklyn.
HUDSON GUILD
Hudson Guild’s mission is to create and
sustain a strong, effective community that
acknowledges and responds to the potential,
achievements and interdependence of its
diverse members.
BUILDING SKILLS
Building Skills New York is a not-for-profit
organization committed to provide New
York residents with good paying jobs at
local construction sites in underserved
communities.
HENRY STREET SETTLEMENT
Provides training and job placement services
to residents of the Lower East Side. Also,
operates the jobs plus program for NYCHA
residents on the Lower East Side.
FEDCAP
Provides training and job placement services
to NYC residents that might have physical or
mental disabilities.
URBAN UPBOUND
Operates the jobs plus program for the
Queens Bridge NYCHA projects. Assists with
training and job placement services for the
residents of Queens Bridge Housing.
CENTER FOR EMPLOYMENT
OPPORTUNITIES
Offers individuals just coming home
from prison the ongoing support necessary
to build career capital and financial stability.
STRIVE
Assists formally incarcerated job seekers
with training, job readiness, and job
placement services.
THE HOPE PROGRAM
Provide training and job placement services
to underserved populations in the Bronx
and Brooklyn.
CITY AGENCY PARTNERS
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HIRE360 BUILDING CAREERS
At Related Midwest, real estate development and community development go hand in hand. Over the last 30 years, we
have strived to develop an ecosystem of programs that are designed to help alleviate hurdles for groups that have not
always been afforded a level playing field.
As a developer, Related Midwest has hired hundreds of community residents, with plans to hire many more for pipeline
projects. But hiring is only part of the story, too often small, community-based businesses fail because they lack the
resources to sustain work over time. We have made it our responsibility to help by mentoring emerging business
owners, even giving many their first contracts.
Our free mentorship program provides support to entrepreneurs as they navigate the complex process of starting a
business, financing, scaling operations, and building capacity. These efforts help pave the way for life-changing careers
for individuals who might not have had a chance with employers but today operate thriving businesses that employ
others in need of an opportunity.
Related Midwest co-led the creation of a small business loan fund raising nearly hundreds of thousands of dollars to
guarantee capital for emerging, minority-owned businesses, ensuring they can compete with larger, well-capitalized
firms. We have partnered with financial institutions to award more than 15 loans since the fund’s creation and will
continue to help small businesses gain access to capital in the future.
Related Midwest is also a founding member of HIRE360. We are working to Hire, Invest, Reach and Empower through
a cross-industry effort that brings together unions, other developers, contractors and trade associations to create
opportunity, business, equity and wealth for residents across the Chicagoland area.
Our holistic approach to being a good neighbor provides recruitment, training, and job placement. We have investing
capital and providing mentoring for women- and minority-owned businesses. We’re connecting area youth and local
residents with a path to sustainable careers. And, most importantly, we’re working to address an often overlooked
opportunity to diversify the supply chain.
VIDEO
Creating
Jobs in the
Windy City
WATCH
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Community Inclusion Council
The Community Inclusion Council (“CIC”), a first-of-its-kind
organization, was founded with a council of trusted, community
partners with the mission to guide our business diversity, equity and
inclusion efforts and provide feedback on our practices.
Related Midwest Community Commitment Ecosystem
This collection of interdependent programs, resources, partners, and
initiatives works to hold our industry accountable, and strengthen
communities.
Equity, Diversity & Inclusion Directive
The Equity, Diversity, and Inclusion Directive (“EDID”) is an internal
Related Midwest program that outlines policies required across all our
projects with the core mission to:
• Create equity, diversity and inclusion programs that support the
hiring of M/WBEs both in the trades and professional services.
• Support and promote the development of sustainable careers and
business ventures for underrepresented individuals and companies.
• Provide mentorship and tools to support small businesses as they
develop and pursue additional sustainable opportunities.
HIGHLIGHTS
450+
community residents hired
across 25 projects.
$250M+
in contracts awarded to businesses that are owned
by underrepresented groups including women.
15
first-opportunity contracts
for local startups.
25
small businesses across
Chicago have participated
in the program that provides
mentorship, ongoing support,
and training.
15+
small businesses have received loan funds that
offer a path to obtaining low-interest loans,
secured through funds raised by industry leaders.
DE&I PILLARS IN ACTION
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Investing in Action
RISE
Established in 2015 by Stephen M. Ross, the Ross Initiative in Sports for Equality
(RISE) is a national nonprofit focused on eliminating racial discrimination, championing
social justice, and improving race relations in sports. Since its founding, Stephen
has given more than $30 million to the cause. Employing a three-pronged strategy
of education, empowerment, and engagement, RISE provides athletes and other
industry leaders with the opportunity and tools—programs, workshops, roundtables,
and resources—to address bigotry, prejudice, diversity, and inclusion while
encouraging them to become more effective advocates for social change.
WRI Ross Center for Sustainable Cities
Creating sustainable cities and supporting environmental justice has been a focus
for Related and its founder for nearly half a century. With the understanding that
climate change disproportionately affects socio-economically vulnerable populations,
Stephen M. Ross has committed $100 million to the World Resourses Institute
including a $30.5 million contribution in 2014 to establish the WRI Ross Center for
Sustainable Cities, as well as the Prize for Cities in 2018. This initiative is designed
to integrate and leverage expertise and experience in urban planning, sustainable
transport, energy and climate change, water resources, and governance across
dozens of countries around the globe.
Related Southeast Community Initiatives
Like many of Related’s regional divisions, Related Southeast takes a grassroots
approach to community investment through numerous annual donations to, and
sponsorships of, local causes. Some of these organizations include:
DE&I PILLARS IN ACTION
Stephen M. Ross and Jeff T. Blau have committed $6 million to help the University
of Michigan Ross School of Business further its commitment to diversity, equity, and
inclusion through the Blau Initiative for Diversity in Real Estate and Infrastructure
and the Related Scholars Fund which are designed to attract, recruit, support, and
offer innovative learning and work experiences for students from underrepresented
backgrounds in real estate and investing.
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R E L A T E D C A R E S
Related Cares provides both a giving back and volunteering program to our employees across the country.
• We provide a full day off per year for employees to give back to any organization they support in their
communities. We also arrange for dozens of giving back volunteering days where our teams work in our local
communities serving meals at the Bowery Mission, painting community rooms at the New York City Housing
Authority, cleaning local parks, and more.
• In addition, Related provides a gift matching program for all our employees that matches dollar for dollar
employee contributions to any of over 600,000 501c3 non-profits (up to $1,000 per employee per year).
Public School Outreach
With the goal of expanding our job-candidate pool,
Related has sought to increase exposure to the
real estate industry for students at local schools. At
the forefront of these efforts is Related Beal, which
since 2017 has established a variety of programs in
partnership with Boston Public Schools, including
multiple summer internships, career workshops,
construction-site tours, job-shadow programs,
and more. In addition, Related Beal employees
have participated in curriculum planning for a new
engineering curriculum at Dearborn STEM Academy.
$354K 153/729
16 EVENTS HOSTED IN 2019
VOLUNTEERS / VOLUNTEER HOURS
RELATED EMPLOYEES CREATED
TOTAL IMPACT
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RELATED’S COVID-19 RESPONSE
World Central Kitchen
Related and Chef José Andrés’ global organization, World Central Kitchen (WCK), partnered to feed the heroic healthcare
workers and emergency responders at the Javits Center’s temporary field hospital, USNS Comfort at Pier 90, and other
locations on Manhattan’s West Side.
To support those working to address the current pandemic, the WCK outpost was established within 55 Hudson Yards
where WCK’s Chef Relief Team, Related volunteers, and Hudson Yards’ restaurant staff are dedicated to providing free
meals every day for healthcare workers, soldiers, police officers, EMTs, and support staff.
In partnership with Related, WCK uses the power of food to build resilient communities and to strengthen economies.
Related and Wells Fargo started this initiative by contributing $1,000,000 to HYWWCK: Relief on the Hudson. The outpost
at 55 Hudson Yards was made possible in part by Mitsui Fudosan Americas, Inc., and Oxford Properties Group.
Hospital Rebuild
Related helped to rebuild a former hospital in
New York City in partnership with the Governor’s
Office of New York to aid our city’s healthcare
system. Related redirected construction crews
from other sites, including Hudson Yards, to make
more than 400 rooms available at Mt. Sinai Beth
Israel hospital.
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RELATED’S COVID-19 RESPONSE
Volunteer Community Outreach
Related employees across the country worked together to further serve their communities and help those in need by
organizing food drives, collecting donations, volunteering, and more during the ongoing pandemic.
Vaccination Distribution
Related Affordable and RMC worked with
the federal government, under a CDC
partnership with CVS and Walgreens,
to provide senior citizens access to the
COVID-19 vaccination. The team worked
tirelessly to organize over 250 on-site
clinics through CVS and Walgreens for
over 10,000 residents ages 62+. The
effort is helping to keep residents, their
families, friends and community healthy
and safe.
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Community Building
Neighborhood Investment Coalitions
Related believes in marshaling the resources
of the businesses in our communities to
drive positive change. As an example,
Related is a founding member of the West
Side Community Fund (WSCF) in New York
City, a consortium of more than 20 leading
businesses and firms that help deliver
improved or expanded services to residents
in Manhattan’s Chelsea and Hudson Yards
neighborhoods. Primary beneficiaries
include low-income residents, youth, and the
homeless. In its first year, the WSCF awarded
more than $440,000 in grants to more
than 50 separate organizations or projects,
focusing mainly on health and wellness, arts,
food assistance, education, job training, and
legal advocacy.
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Hudson Yards Tours
Since the opening of Hudson Yards in March 2019, over 100 groups from all over the world have reached out to learn
more about New York’s newest neighborhood. These groups include students of architecture, horticulture and retail
services; government officials from countries planning to develop multiuse complexes that are based on Hudson Yard’s
LIVE/WORK/PLAY operating model; specialty interest groups in engineering, utilities, and infrastructure seeking to
understand how Related powers an entire community built on a platform over a working train yard. People from the
food and beverage industry come to us intent on learning how we have curated the singular collection of restaurants.
Art aficionados come to explore our art collection. We have developed a specialized team of Brand Ambassadors
who bring the neighborhood to life for all who are interested in learning more. All proceeds are donated to community
organizations such as the Westside Community Fund.
Charitable Events
Hudson Yards has partnered with 43 non-profit organizations with a focus on supporting kids, sustainability, the local
community, and the arts. In just three years we have hosted events attended by nearly 3,500 guests, provided space
at no charge, and in most cases covered costs of events.
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Arts and Culture
Related’s commitment to community engagement through arts and culture is clear to anyone who has visited Hudson Yards
and experienced the exceptional active sculpture that is Vessel. Or you may have seen Metronome in Union Square, the
large-scale public are piece commissioned by Related and recently changed over to the Climate Clock for Climate Week
NYC. In San Francisco, you may have seen the scuptural abstraction Absorption by Berlin-based artist Alicja Kwade, located
at the entrance to The Avery. Just as important, we sponsor art programs in our affordable portfolio such as Art on Sedgwick
in Chicago and the 400 foot long Mural Festival community engagement piece in Springfield, MA.
VIDEO
Skyview
Downtown
WATCH
VIDEO
Art on
Sedgwick
WATCH
Vessel, Hudson Yards, New York Absorbtion, The Avery, San Francisco
Metronome, One Union Square South,
New York
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Governance
GOVERNANCE
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Related’s Business Ethics
Related is committed to conducting our business fairly and honestly, in constant compliance with all laws and regulations
that may be applicable to our business. As such, the company expects its employees to understand and obey all legal
requirements governing Related’s operations. We are guided by our Code of Conduct, our Employee Handbook, and
our overarching company values.
The Related Code of Conduct outlines policies ensuring our commitment to ethical business practices including accurate
books and records, conflicts of interest, political contributions and activities, and global anti-corruption. Employees are
required to report known or suspected violations through their chain of command, Human Resources, or the Chief Legal
Officer. A hotline is provided for anonymous reporting and retaliation is strictly prohibited.
Our Employee Handbook provides our workforce with information about working at Related including our basic
employment policies, guidelines and procedures. At the core of both the Code of Conduct and the Employee Handbook
are our company values:
Act with
integrity
Lead with passion
and a vision for
the future
Deliver an
exceptional customer
experience
Have a positive
impact on the
community
Innovate with
purpose
Create opportunity
for colleagues
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Code of Conduct
All employees must represent Related in the most positive light possible, and treat our clients, customers, partners,
suppliers and vendors in a manner that is courteous, professional, evenhanded, ethical and timely. Employment by
Related comes with a responsibility to be aware of the importance of ethical conduct in all aspects of business. All
employees, regardless of position, are prohibited from engaging in any conduct or activity that has the potential to,
or actually does, raise questions as to the Company’s reputation, honesty, impartiality, or reputation, or cause harm or
embarrassment to Related, or violate, federal, state or local laws, statutes, or regulations.
Conflict of Interest Policy
It is Related’s policy that employees and others acting on Related’s behalf must be free from conflicts of interest
that could adversely influence their judgment, objectivity or loyalty to the Company in conducting Related business
activities and assignments. The Company recognizes that employees may take part in legitimate financial, business,
charitable and other activities outside of their Related jobs, but any potential conflict of interest raised by those
activities must be disclosed promptly to management.
Political & Charitable Contributions
All political contributions by Related must comply with Related’s policies and governing law. For more information on
the rules pertaining to political contributions in the United States, please see Related’s policy on domestic political
contributions.
All charitable contributions made by Related or on Related’s behalf outside the United States must be pre-approved
for anti-corruption compliance purposes by the Regional Manager or their designee. Charitable contributions outside
the United States that are intended to influence a Covered Official for the purpose of obtaining or retaining business
or securing an unfair business advantage are prohibited.
Cybersecurity
Related takes the security and privacy of its customers, partners and employees very seriously. The firm has adopted and
implemented security controls and practices designed to protect the confidentiality, integrity, and availability of our customer’s
information. Related has a robust Information Security Policy that follows national and international standards frameworks such as
NIST and ISO. We have adopted a defense-in-depth strategy that provides layers of security around critical assets and data.
Whistleblower Policy
We are committed to the highest possible standards of ethics, legal compliance, proper business conduct and
accountability. In line with this commitment, we expect and want our employees to promptly report instances of noncompliance with our policies or with legal requirements, including instances where employees know or suspect noncompliance or if employees are asked to participate in an activity that could potentially violate any company policy or
any law or regulation. Related is committed to investigating issues promptly, in order to prevent violations before they
occur or to remedy any errors, mistakes or misconduct that are uncovered as quickly as possible. This policy makes
it clear that employees can and must make such reports without fear of retaliation of any kind as long as employees
have made reports in good faith, and with a reasonable belief that a violation may have occurred.
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Related Procurement Commitments
Related Procurement is dedicated to supporting Related’s vision of creating a legacy of positive social, economic and
physical impacts for all stakeholders. As such, we understand and are fully committed to holding our suppliers to the
highest level of conduct by building a network of diverse suppliers who provide the best combination of price, quality
and capability to meet the need of our clients and partners.
Supplier Code of Conduct
As our suppliers’ products and services affect the quality of our own products and services, we have implemented a
comprehensive Supplier Code of Conduct that provides governance and operating standards for all of our suppliers
to uphold. Key features include, but are not limited to:
• Supplier workplace environment standards and requirements
• Environmental, social sustainability, and human rights requirements
• Supplier compliance with local and regional law
• Data handling and confidentiality requirements
• Privacy and conflicts of interest requirements
Supplier Diversity
Related Procurement remains fully committed to Supplier Diversity, including establishing positive relationships with
other companies and organizations that are equally dedicated. We have, whenever possible, engaged with Minority-,
Woman-, Veteran-, Service-Disabled Veteran-, Disability-, and LGBTQ+-Owned businesses.
In 2017, Related engaged in $300M+ of spend volume with 1,183+ diverse suppliers around the country.
2016
$229.8m
2017
$306.4m
2016
1,131
2017
1,183
DIVERSE SPEND DIVERSE SUPPLIERS
GOVERNANCE
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Strategic Risk Management & Business Continuity
Planning
Risk management is a key component of Related’s culture, with the ultimate goal of safeguarding our employees, guests,
assets, operations and reputation. In so doing, we protect our ability to successfully execute our strategic, operational
and financial objectives. The effective identification and evaluation of vulnerabilities and uncertainties inherent in our
businesses facilitates internal dialogue regarding corporate risk tolerance and the consideration of various methods of
loss control and mitigation, safety and wellness, governance, risk transfer and risk finance.
Our aggressive approach to risk management creates transparency and the appropriate allocation of resources to
strategies that add value and ensure success. It also mandates preparedness, through robust business continuity plans
and established emergency response protocols that are updated and tested on a regular basis.
Our business environment is constantly changing and the challenges we face ever evolving. The consistent effort to
identify, monitor and measure risk reveals new and emerging threats, while gauging the effectiveness of our implemented
risk management strategies and techniques.
Managed properly, risk is not just a threat but an opportunity. Our approach to risk management is driven not by fear of
failure, but by our strategy of removing barriers to success.
Integrating ESG into Our Decision Making
Related Affordable specifically reviews a broad range of ESG impacts as part of its investment approval process. Included
in each investment memo are examinations of resident demographics and social service needs. Construction scope of
work is defined and includes discussion of enhancements to address the ability of seniors to age in place with dignity,
including increasing the number of fully handicap accessible apartments. Renovation plans that incorporate healthy living
benefits for families such as new playgrounds, bridging the digital divide by providing computer rooms and in some cases
low or no cost in-unit broadband connectivity, and after school programs are fully defined. Our targets and methods for
enhancing energy efficiency and reducing water consumption are also embedded in our discussion documents.
GOVERNANCE
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Independent Audits
The financial statements of The Related Companies are prepared in accordance with U.S. generally accepted accounting
principles and audited annually by a “Big Four” independent auditor. The annual audit includes consideration of the design,
implementation, and maintenance of the internal control structure relevant to the preparation and fair presentation of our
financial statements, to ensure that they are free from material misstatement. Additionally, over 300 of Related’s entities
and assets are subject to additional statutory reporting requirements at the property, platform, and joint venture levels,
with many involving annual financial statement audits performed by independent auditors. Our financial reporting team
provides oversight and technical guidance with complex accounting transactions and reviews of the statutory reporting.
Related’s control environment is decentralized in order to allow the internal control framework to be tailored to the
specific needs of the various stakeholders. The overall top-down and risk focused approach to internal controls is led by
the executive team with oversight and support from Related’s corporate accounting and financial reporting teams. Senior
leadership regularly communicates and reinforces the importance of maintaining an appropriate internal control structure.
As part of our corporate governance process, each business is required to present on an annual basis their operational
objectives and financial budget to the executive team for approval. Additionally, the executive team presents a strategic
and financial review of company performance with corporate investors on an annual basis to align business direction,
communicate identified initiatives, review financial performance and engage in collaborative dialogue.
GOVERNANCE
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Presentation Disclosures
This overview is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to
buy any interests or any specific assets. The Related Companies L.P. (“Related”) does not provide accounting, tax or
legal advice; all persons are strongly urged to consult with their own advisors regarding any potential strategy contained
herein. This overview is confidential and may not be reproduced or transferred, in whole or in part, to any other party
without the express written consent of Related.
Except as otherwise provided in a written agreement between the recipient of this Presentation and Related or its affiliates,
if the recipient receives a request under any applicable public disclosure law to provide, copy or allow inspection of
this Presentation or other information regarding or otherwise relating to Related, or any of their respective affiliates,
the recipient agrees to (i) provide prompt notice of the request to Related (ii) assert all applicable exemptions available
under law and (iii) cooperate with Related and its affiliates to seek to prevent disclosure or to obtain a protective order or
other assurance that the information regarding or otherwise relating to Related or any of their respective affiliates will be
accorded confidential treatment.
The information contained herein should not be construed as research or investment advice. No information herein
should be considered a recommendation to purchase or sell interests in an investment. No warranty is given as to
its completeness or accuracy of the information contained herein, and views and opinions, whilst given in good faith,
are subject to change without notice. Unless otherwise specified, statements in this presentation are made as of May
2020. Recipients of this presentation agree that Related, its affiliates and their respective partners, members, employees,
officers, directors, agents, and representatives shall have no liability for any misstatement or omission of fact or any
opinion expressed therein.
Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by
the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,”
“continue,” or “believe” or the negatives there of or other variations thereon or other comparable terminology. Due
to various risks and uncertainties, including those described in this presentation, actual events or results may differ
materially from those reflected or contemplated in such forward-looking statements. Assumptions are believed to be
reasonable under the circumstances, but are inherently uncertain and are subject to business, industry, market, regulatory,
geopolitical, competitive and financial risks that are outside of Related’s control.
This report was developed by a diverse and passionate group of over 30 Related employees representing offices from
New York City to Los Angeles, across all asset classes and operational functions of the firm and lead by Related executives.
Each of the Environmental, Social and Governance teams gave their time to this effort out of their pride in our decades
long commitment to innovation and sustainable community building.
For questions or to provide feedback on our report, please email communications@related.com
GOVERNANCE
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Contact us
Related Companies
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