Senior Leadership

ASB’s core senior leadership has worked closely together for more than 15 years. The firm has enjoyed two decades of stable ownership by a private, well-capitalized parent that supports ASB’s independence and focus.


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ASB deliberately executes an innovative, tenant-centric strategy, investing in one-of-a-kind assets in high-demand markets across the United States.


We believe successful real estate investment management requires an equal focus on physical assets and the people who live and work in these spaces. Our significant expertise in deal sourcing, asset management, development, re-development, and finance – combined with our pioneering tenant-centric approach – has led to more than three decades of attractive risk-adjusted returns for our institutional clients and their beneficiaries.

bellinger portrait

Robert Bellinger, CFA*
President and Chief Executive Officer

Tenant-Centric Investing


We focus on where tenants want to be now and in the future — in assets with the right attributes at the right locations. That’s tenant centric investing. That’s what we do at ASB.

Industrial


Investments with characteristics that are attractive to logistics, distribution, and technology-oriented tenants.

Multifamily


Investments in vibrant, walkable neighborhoods with mass-transit access in high-demand markets.

Office


High-quality 21st-century tenant-centric office investments in markets that facilitate creativity and collaboration.

Retail


Investments in retail assets in the nation’s most iconic shopping corridors that cater to national and global brands.

Self-Storage


Modern self-storage assets with strong visibility located in dense sub-markets with limited competition.

ASB Key Company Stats*


$9.7

BILLION ASSETS UNDER MANAGEMENT

92

CURRENT
ASSETS

28

DYNAMIC MAJOR MARKETS

310+

INSTITUTIONAL
CLIENTS

*as of December 31, 2022

ASB’S DIFFERENTIATORS

Performance Comes First

Our investment professionals are guided by the firm’s steadfast fiduciary mission to generate outstanding risk-adjusted investment performance for our institutional clients and their beneficiaries.

Extensive Market Expertise

Our teams are experts in identifying investment opportunities in emerging submarkets within major U.S. cities, seeking assets which can generate solid long-term income growth and appreciation.

Tenant-Centric Investing

Our investment methodology is driven by understanding and anticipating the motivations and requirements of tenants. We focus on assets with specific competitive advantages that can meet tenants’ needs today and over the investment lifecycle.

ASB’S DIFFERENTIATORS

Accountability and Continuity

Each investment team is responsible and held accountable for asset performance results through its entire holding period from acquisition, strategic planning, asset management, and leasing to eventual disposition. 

No Competing Mandates

We manage a limited number of real estate investment products with clear, compelling strategies and no competing mandates.

Committed to the Community

We are dedicated to making the places we invest in better – actively seeking opportunities to generate positive social and environmental impacts, and committed to sustainability initiatives.

Our Mission and Core Values


Our steadfast mission is to generate outstanding risk-adjusted investment performance for our investors so that their beneficiaries and retirees can secure life-long financial independence and peace of mind.

Perseverance

Our people have the passion, resilience, and determination to achieve long-term excellence.

Focus

Our people strive to prioritize their responsibilities and maintain their clarity of purpose to accomplish our mission.

Accountability

We take responsibility for our actions and hold ourselves accountable for our results.

Empathy

We are committed to our people and their professional and personal development and engaging all voices to unearth creative solutions that will drive performance. 

Social Responsibility

We are committed to making a positive, impactful change to improve the communities we serve.


Strategies Disclosure

Disclosures Related to Strategies


Investment in Real Estate Generally. Real estate investments are subject to various risks, many of which are beyond the control of ASB, such as adverse changes in national or local economic and demographic conditions; local conditions (such as an oversupply of space or a reduction in demand for space); the quality and philosophy of management; competition based on rental rates; adverse changes in financial conditions of tenants, buyers and sellers of properties; quality of maintenance, insurance and management services; reduction or change in sources of debt or equity financing, including changes in interest rates; increases in real estate taxes and operating expenses, including energy prices; changes in law, regulations and governmental policies, including environmental laws, health and safety laws, zoning laws and governmental fiscal policies; potential liability under changing environmental and other laws; changes in the relative marketability of properties; cyclical over-building in property sectors; risks due to dependence on cash flow; risks and operating problems arising out of the presence of certain construction materials; structural or property latent defects; natural and unnatural disasters; acts of terrorism; uninsurable losses; condemnations; and others. Such risks could significantly impact the cost of operations, cash flow and results of operations, thereby leading to losses. No assurance exists that ASB can achieve its return objectives. Investments in existing entities (e.g., buying out a distressed partner or acquiring an interest in an entity that owns a real property) could also create risks of successor liability.

Development Competition. The development of undeveloped and/or partially developed properties is a highly competitive business. Success, therefore, will depend in part upon the ability of the ASB and its affiliates to select investments that will be competitive in their markets.

Risks of Leverage. The use of leverage will increase the exposure of investments to adverse economic factors, such as rising interest rates, economic downturns, or deteriorations in the condition of the investments or their respective markets. In the event an investment is unable to generate sufficient cash flow to meet debt service payments or there are other defaults under any loan documents underlying its indebtedness, the lender will be entitled to exercise the remedies specified under the loan documents, as well as its remedies under law. These remedies may include acceleration of the indebtedness and foreclosure on any collateral securing the loan. A lender seeking to enforce its claims may have recourse to a portfolio generally and not be limited to any particular investment, such as the asset giving rise to or securing the liability. Debt also may not be available on the terms and conditions and at the rates or in amounts that are consistent with the particular ASB investment strategy.

Debt Investment Risks. The value of debt investments, including construction, participating and other real estate-related loans (collectively, “Debt Investments”) and the ability to realize full repayment on a Debt Investment may be adversely affected by all of the factors that affect an investment. Risks of Debt Investments include (i) dependency for repayment on successful operation of the underlying property and tenant businesses operating therein; (ii) the fact that such loans are often non-recourse to the borrower; and (iii) amortization schedules that are often longer than the stated maturity and provide for balloon payments at stated maturity rather than periodic principal payments.
In addition, the market value of Debt Investments may be affected by changes in interest rates. Accordingly, in a period of declining interest rates, Debt

Investments without adequate call protection may benefit less than other fixed income securities due to accelerated prepayments. Interest rate changes may also affect a return on new investments. If there is a period of declining rates, the amounts becoming available for investment due to repayment of Debt Investments may be re-invested at lower rates than had been possible in prior investments. Increases in the interest rates on debt incurred in originating or acquiring investments may not be reflected in increased rates of return on the related investments, adversely affecting the return on those investments. Accordingly, interest rate changes may adversely affect the total return on investments.

Market Conditions. ASB’s strategy in some investments may be based, in part, upon the premise that real estate businesses and assets will be available for purchase at prices that ASB or its affiliate considers favorable. Further, a strategy for an investment may rely, in part, upon the continuation of existing market conditions (including, for example, supply and demand characteristics) or, in some circumstances, a local market recovery or improvement in market conditions over the projected holding period for the investments. No assurance can be given that real estate businesses and assets can be acquired or disposed of at favorable prices or that the market for such assets will either remain stable, or, as applicable, recover or improve, since this will depend, in part, upon events and factors outside the control of ASB.

Dependence on Property Managers. Although ASB will monitor the performance of investments, it will be the responsibility of unaffiliated property managers to manage the investments on a day-to-day basis. The results of operations, including the ability to make payments on any indebtedness, will depend to some degree on the ability of the property managers to operate investments on economically favorable terms. There can be no assurance that the management teams of property management firms will be able to operate each of the investments successfully. Moreover, the risks of dependence on property management firms are different by property type and by investment stage.

Any property manager may provide management services to properties owned by others that compete with one or more other ASB investments. As a result, such property manager may at times face conflicts of interest in the management of ASB investments managed by such property managers.

Inflation Risks. Increases in the rate of inflation may adversely affect net operating income from leases with stated rent increases or limits on the tenant’s obligation to pay its share of operating expenses, which could be lower than the increase in inflation at any given time. Inflation could also have an adverse effect on consumer spending, which may impact tenants’ sales and, with respect to those leases including percentage rent clauses, average rents.


ESGR Disclosure

ESGR Disclosures


The information provided herein regarding the ASB Real Estate Investments (“ASB”) ESGR program does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities in any fund ASB or its affiliates acts as a sponsor or investment adviser to now or in the future.

IN MAKING ANY INVESTMENT DECISION, PROSPECTIVE INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE GOVERNING AGREEMENTS OF SUCH FUNDS (INCLUDING THE PARTNERSHIP AGREEMENTS), AND THE TERMS OF ANY OFFER, INCLUDING THE RISKS INVOLVED. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR THE SECURITIES COMMISSION OR ANY OTHER AGENCY OF ANY OTHER JURISDICTION HAS REVIEWED OR PASSED UPON THE MERITS OF SUCH FUNDS. THEIR UNITS HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL, STATE OR FOREIGN SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DESCRIPTION OF THE ESGR PROGAM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Where consistent with our investment goals of improving long term performance and reducing risk, ASB integrates ESGR objectives into our overall business strategy and investment management process. The information contained herein is solely for informational purposes and should not be relied upon in connection with making any decision with respect to advisory services provided by ASB Capital Management LLC, its division ASB or an investment in a fund or separate account managed by ASB or an affiliate. It should not be assumed that any ESGR initiatives, standards, or metrics described herein will apply to each asset in which ASB invests or each portfolio or fund or that they have applied to each of ASB’s prior investments or funds. ESGR is only one of many considerations that ASB takes into account when making investment decisions and managing assets, and other considerations can be expected in certain circumstances to outweigh ESGR considerations. The information provided herein is intended solely to provide an indication of the ESGR initiatives and standards that ASB may apply from time to time when seeking to evaluate and/or improve the ESGR characteristics of an asset as part of the larger goal of maximizing financial returns on investments. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein. Considering ESGR qualities when evaluating and/or managing an investment may result underperformance compared to advisers that do not take ESGR-related factors into account because, among other reasons, the market may ultimately have a different view of a particular property than that anticipated by ASB. Further, while ESGR-related expenses of ASB’s funds and clients generally are incurred in furtherance of ASB’s goal to maximize profits for such funds and clients, certain expenses may instead be incurred in furtherance of certain environmental, social, governance and resilience goals, which could have an adverse impact on performance of an investment.

With respect to any case studies or outcomes referenced herein at the property or fund level it should not be assumed that these case studies are representative of all properties in all funds, or that similar initiatives or results will be experienced at other properties and it should not be assumed that these outcomes are representative of all properties in any funds, or that similar initiatives or results will be experienced at other properties. In considering the information contained herein, readers of this description of ESGR matters and case studies or goals or objectives should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that ASB or its affiliates will be able to achieve similar results, implement its investment or ESGR strategy and investment or ESGR approach or achieve its investment or ESGR objectives. The description of ESGR is solely for illustrative purposes.

Unless stated otherwise, all time-sensitive representations or financial information in this description of our ESGR program are provided as of the specific date stated herein. Neither the delivery of this description at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any other time subsequent to such dates. Certain economic and market information or other information contained herein has been obtained from published sources and/or prepared by other parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable for the purpose used herein, none of the ASB or its affiliates or officers, directors or employees, any of their respective affiliates or any of their respective shareholders, directors, officers, employees, partners, members, agents or representatives or any other person assumes any responsibility for the accuracy or completeness of such information.

THIS DESCRIPTION MAY INCLUDE FORWARD-LOOKING STATEMENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING ASB’S OR ITS FUNDS’ OR AFFILIATIES’ FUTURE ESG PERFORMANCE, FINANCIAL POSITION, BUSINESS STRATEGY, BUDGETS, PROJECTED COSTS AND PLANS AND OBJECTIVES FOR FUTURE OPERATIONS AND INVESTMENTS, ARE FORWARD-LOOKING STATEMENTS. IN ADDITION, FORWARD-LOOKING STATEMENTS GENERALLY CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “INTEND,” “FORECASTED,” “PROJECTED,” “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” OR “CONTINUE” OR THE NEGATIVE THEREOF OR VARIATIONS THEREON OR SIMILAR TERMINOLOGY. ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT AND ACTUAL RESULTS MAY DIFFER MATERIALLY.


Resilience

Our objectives


ASB believes as an investment manager it should focus on both physical and transition climate-related risks. As part of our property acquisitions, environmental assessments and property condition reviews are often conducted to assess potential physical risks. As applicable, we conduct ongoing reviews of our properties’ physical and transition risks.

represents risk

Analyze Physical and Transition Risk Data

represents portfolio

Evaluate Portfolio Risk

represents asset management

Asset Management & Mitigation

stakeholder

Engage Stakeholders

Our goals


Seek to comply with municipal regulations involving energy, emissions, water, and waste/recycling disclosure, audit, retro-commissioning, and efficiency


Screen investments and prepare for climate-related physical and transition risks by employing resilient strategies on certain assets


The information provided herein regarding the ASB Real Estate Investments (“ASB”) ESGR program does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities in any fund ASB or its affiliates acts as a sponsor or investment adviser to now or in the future.

IN MAKING ANY INVESTMENT DECISION, PROSPECTIVE INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE GOVERNING AGREEMENTS OF SUCH FUNDS (INCLUDING THE PARTNERSHIP AGREEMENTS), AND THE TERMS OF ANY OFFER, INCLUDING THE RISKS INVOLVED. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR THE SECURITIES COMMISSION OR ANY OTHER AGENCY OF ANY OTHER JURISDICTION HAS REVIEWED OR PASSED UPON THE MERITS OF SUCH FUNDS. THEIR UNITS HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL, STATE OR FOREIGN SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DESCRIPTION OF THE ESGR PROGAM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Where consistent with our investment goals of improving long term performance and reducing risk, ASB integrates ESGR objectives into our overall business strategy and investment management process. The information contained herein is solely for informational purposes and should not be relied upon in connection with making any decision with respect to advisory services provided by ASB Capital Management LLC, its division ASB or an investment in a fund or separate account managed by ASB or an affiliate. It should not be assumed that any ESGR initiatives, standards, or metrics described herein will apply to each asset in which ASB invests or each portfolio or fund or that they have applied to each of ASB’s prior investments or funds. ESGR is only one of many considerations that ASB takes into account when making investment decisions and managing assets, and other considerations can be expected in certain circumstances to outweigh ESGR considerations. The information provided herein is intended solely to provide an indication of the ESGR initiatives and standards that ASB may apply from time to time when seeking to evaluate and/or improve the ESGR characteristics of an asset as part of the larger goal of maximizing financial returns on investments. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein. Considering ESGR qualities when evaluating and/or managing an investment may result underperformance compared to advisers that do not take ESGR-related factors into account because, among other reasons, the market may ultimately have a different view of a particular property than that anticipated by ASB. Further, while ESGR-related expenses of ASB’s funds and clients generally are incurred in furtherance of ASB’s goal to maximize profits for such funds and clients, certain expenses may instead be incurred in furtherance of certain environmental, social, governance and resilience goals, which could have an adverse impact on performance of an investment.

With respect to any case studies or outcomes referenced herein at the property or fund level it should not be assumed that these case studies are representative of all properties in all funds, or that similar initiatives or results will be experienced at other properties and it should not be assumed that these outcomes are representative of all properties in any funds, or that similar initiatives or results will be experienced at other properties. In considering the information contained herein, readers of this description of ESGR matters and case studies or goals or objectives should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that ASB or its affiliates will be able to achieve similar results, implement its investment or ESGR strategy and investment or ESGR approach or achieve its investment or ESGR objectives. The description of ESGR is solely for illustrative purposes.

Unless stated otherwise, all time-sensitive representations or financial information in this description of our ESGR program are provided as of the specific date stated herein. Neither the delivery of this description at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any other time subsequent to such dates. Certain economic and market information or other information contained herein has been obtained from published sources and/or prepared by other parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable for the purpose used herein, none of the ASB or its affiliates or officers, directors or employees, any of their respective affiliates or any of their respective shareholders, directors, officers, employees, partners, members, agents or representatives or any other person assumes any responsibility for the accuracy or completeness of such information.

THIS DESCRIPTION MAY INCLUDE FORWARD-LOOKING STATEMENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING ASB’S OR ITS FUNDS’ OR AFFILIATIES’ FUTURE ESG PERFORMANCE, FINANCIAL POSITION, BUSINESS STRATEGY, BUDGETS, PROJECTED COSTS AND PLANS AND OBJECTIVES FOR FUTURE OPERATIONS AND INVESTMENTS, ARE FORWARD-LOOKING STATEMENTS. IN ADDITION, FORWARD-LOOKING STATEMENTS GENERALLY CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “INTEND,” “FORECASTED,” “PROJECTED,” “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” OR “CONTINUE” OR THE NEGATIVE THEREOF OR VARIATIONS THEREON OR SIMILAR TERMINOLOGY. ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT AND ACTUAL RESULTS MAY DIFFER MATERIALLY.


Governance

Our objectives


We seek to improve our governance structure through oversight of the investment management process. ASB values transparency in its processes and especially in its communication with stakeholders. We understand that transparency:

represents trust

Establishes Trust

represents teamwork

Expands Relationships

represents productivity

Increases Productivity

represents innovation

Strengthens Innovation

Our goals


Seeking transparency, accountability, and independence in compliance, reporting and governance programs


Providing regular training to employees on the ASB Code of Ethics, which covers prohibited behaviors for ASB employees

Aligning our ESGR Program with sustainability frameworks, such as GRESB and the United Nations Principles for Responsible Investment (“PRI”), to manage and seek to improve ESGR performance


Disclosing ASB ESGR programs and performance to investors to seek to show transparency through our website, ongoing newsletters, annual reports, and partner communications

CODE OF ETHICS AND COMPLIANCE PROGRAM

All employees receive annual training on the firm’s Code of Ethics and compliance practices.  ASB’s Code of Ethics cover various issues to ensure the avoidance of conflicts of interest.

REAL ESTATE INVESTMENT ADVISORY COMMITTEE

The Real Estate Investment Advisory Committee is comprised of both internal senior executives and independent, external directors that have significant industry experience.  The role of the committee is to provide independent advice, industry expertise and guidance on major investment decisions. 

INVESTOR ADVISORY COMMITTEE

The Investor Advisory Committee is a group of representatives of investors that have significant investment in ASB’s products.  The Investor Advisory Committee primarily serves as a sounding board for Fund’s senior leadership on key Fund matters and necessary consents.

ESGR COUNCIL

ASB’s commitment to making ESGR a priority has led to the designation of an ESGR Council comprised of a cross-section of company representatives that are charged with seeking to ensure ESGR best practices are being implemented.

The information provided herein regarding the ASB Real Estate Investments (“ASB”) ESGR program does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities in any fund ASB or its affiliates acts as a sponsor or investment adviser to now or in the future.

IN MAKING ANY INVESTMENT DECISION, PROSPECTIVE INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE GOVERNING AGREEMENTS OF SUCH FUNDS (INCLUDING THE PARTNERSHIP AGREEMENTS), AND THE TERMS OF ANY OFFER, INCLUDING THE RISKS INVOLVED. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR THE SECURITIES COMMISSION OR ANY OTHER AGENCY OF ANY OTHER JURISDICTION HAS REVIEWED OR PASSED UPON THE MERITS OF SUCH FUNDS. THEIR UNITS HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL, STATE OR FOREIGN SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DESCRIPTION OF THE ESGR PROGAM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Where consistent with our investment goals of improving long term performance and reducing risk, ASB integrates ESGR objectives into our overall business strategy and investment management process. The information contained herein is solely for informational purposes and should not be relied upon in connection with making any decision with respect to advisory services provided by ASB Capital Management LLC, its division ASB or an investment in a fund or separate account managed by ASB or an affiliate. It should not be assumed that any ESGR initiatives, standards, or metrics described herein will apply to each asset in which ASB invests or each portfolio or fund or that they have applied to each of ASB’s prior investments or funds. ESGR is only one of many considerations that ASB takes into account when making investment decisions and managing assets, and other considerations can be expected in certain circumstances to outweigh ESGR considerations. The information provided herein is intended solely to provide an indication of the ESGR initiatives and standards that ASB may apply from time to time when seeking to evaluate and/or improve the ESGR characteristics of an asset as part of the larger goal of maximizing financial returns on investments. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein. Considering ESGR qualities when evaluating and/or managing an investment may result underperformance compared to advisers that do not take ESGR-related factors into account because, among other reasons, the market may ultimately have a different view of a particular property than that anticipated by ASB. Further, while ESGR-related expenses of ASB’s funds and clients generally are incurred in furtherance of ASB’s goal to maximize profits for such funds and clients, certain expenses may instead be incurred in furtherance of certain environmental, social, governance and resilience goals, which could have an adverse impact on performance of an investment.

With respect to any case studies or outcomes referenced herein at the property or fund level it should not be assumed that these case studies are representative of all properties in all funds, or that similar initiatives or results will be experienced at other properties and it should not be assumed that these outcomes are representative of all properties in any funds, or that similar initiatives or results will be experienced at other properties. In considering the information contained herein, readers of this description of ESGR matters and case studies or goals or objectives should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that ASB or its affiliates will be able to achieve similar results, implement its investment or ESGR strategy and investment or ESGR approach or achieve its investment or ESGR objectives. The description of ESGR is solely for illustrative purposes.

Unless stated otherwise, all time-sensitive representations or financial information in this description of our ESGR program are provided as of the specific date stated herein. Neither the delivery of this description at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any other time subsequent to such dates. Certain economic and market information or other information contained herein has been obtained from published sources and/or prepared by other parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable for the purpose used herein, none of the ASB or its affiliates or officers, directors or employees, any of their respective affiliates or any of their respective shareholders, directors, officers, employees, partners, members, agents or representatives or any other person assumes any responsibility for the accuracy or completeness of such information.

THIS DESCRIPTION MAY INCLUDE FORWARD-LOOKING STATEMENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING ASB’S OR ITS FUNDS’ OR AFFILIATIES’ FUTURE ESG PERFORMANCE, FINANCIAL POSITION, BUSINESS STRATEGY, BUDGETS, PROJECTED COSTS AND PLANS AND OBJECTIVES FOR FUTURE OPERATIONS AND INVESTMENTS, ARE FORWARD-LOOKING STATEMENTS. IN ADDITION, FORWARD-LOOKING STATEMENTS GENERALLY CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “INTEND,” “FORECASTED,” “PROJECTED,” “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” OR “CONTINUE” OR THE NEGATIVE THEREOF OR VARIATIONS THEREON OR SIMILAR TERMINOLOGY. ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT AND ACTUAL RESULTS MAY DIFFER MATERIALLY.


Social

Impact

ASB seeks to consider the impact of our corporate and investment-level operations on the well-being of our tenants, employees, contractors, and the communities in which our investment activity serves.

OUR GOALS

Promote tenant and resident engagement events including donation drives and community-building events


Provide amenities and spaces that support tenant and resident health and well-being where possible


Pursue building certifications in recognition of health and well-being attributes at certain properties


Through support of charitable organizations give back to the community to help those in need


Pursue the employment of highly trained, skilled workers from the construction industry, who are paid fair wages and have safe living and working conditions through ASB’s responsible contractor policy

Tenant Engagement, Health & Wellness


ASB utilizes tenant engagement and surveys from time to time to gauge satisfaction levels and identify issues to address with the aim of ensuring high levels of retention. In addition, we have conducted tenant satisfaction surveys to track tenant satisfaction and engagement at certain properties.

Additionally, we have launched a number of initiatives to address tenant health and wellness, pursuing applicable certifications where possible, such as Fitwel and WELL Building Standard. 

IMPROVING INDOOR AIR QUALITY

We currently have an Indoor Air Quality (IAQ) program focused on select office and mid-to-high-rise multifamily assets across our portfolio — timely during the Covid-19 pandemic. The program included third-party measurements and internal review.

EMPLOYEES

The ASB team is a diverse group of individuals that enjoy professional benefits, including competitive pay, access to health, dental, and vision care, disability and life insurance coverage, plus paid time off. Employees are encouraged to take an active part in managing their careers and growth within the organization.

group charity logos

DIVERSITY, EQUITY & INCLUSION

As a leader in the institutional real estate marketplace, we recognize the importance of promoting diversity and equality within all facets of our organization. The ASB Diversity, Equity and Inclusion (DEI) initiative’s purpose is to foster an environment that seeks to recognize employees’ unique skillsets and strives to ensure that they have equal opportunity to grow and advance in an evolving workplace. As part of our DEI program, we have partnered with the following organizations:

A BEST PLACES TO WORK COMPANY

ASB Real Estate Investments has won a Best Place to Work in Money Management award for several years from Pensions & Investments.¹ Presented by Pensions & Investments, the global news source of money management, the annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry.

2021 Best Places to Work

SUPPLIERS & CONTRACTORS

We believe one of the more impactful policies employed by ASB in pursuit of social engagement is its responsible contractor policy.  This policy seeks to promote responsible investing through engagement of signatory contractors ensuring the employment of highly trained skilled workers from the construction industry that are paid fair wages and have safe living and working conditions.

ASB: GIVING BACK

ASB wants to give back to the community to help those in need. We strive to make a positive, impactful change and support a wide variety of socially responsible organizations. Fostering a corporate culture of giving, the company has created a volunteer committee, ASB in Action, which aims to organize fundraising events that give back to the communities where we operate. In addition, all employees are given five volunteer days per year.

charity logos

1. ASB paid a participatory fee to be included in the Pensions & Investments Best Place to Work survey. There was no promise or guarantees, either direct or indirect, in connection with the fee and the selection for the award. For more information regarding the survey, please see opens in a new windowBest Places to Work for more information regarding the survey.

The information provided herein regarding the ASB Real Estate Investments (“ASB”) ESGR program does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities in any fund ASB or its affiliates acts as a sponsor or investment adviser to now or in the future.

IN MAKING ANY INVESTMENT DECISION, PROSPECTIVE INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE GOVERNING AGREEMENTS OF SUCH FUNDS (INCLUDING THE PARTNERSHIP AGREEMENTS), AND THE TERMS OF ANY OFFER, INCLUDING THE RISKS INVOLVED. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR THE SECURITIES COMMISSION OR ANY OTHER AGENCY OF ANY OTHER JURISDICTION HAS REVIEWED OR PASSED UPON THE MERITS OF SUCH FUNDS. THEIR UNITS HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL, STATE OR FOREIGN SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DESCRIPTION OF THE ESGR PROGAM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Where consistent with our investment goals of improving long term performance and reducing risk, ASB integrates ESGR objectives into our overall business strategy and investment management process. The information contained herein is solely for informational purposes and should not be relied upon in connection with making any decision with respect to advisory services provided by ASB Capital Management LLC, its division ASB or an investment in a fund or separate account managed by ASB or an affiliate. It should not be assumed that any ESGR initiatives, standards, or metrics described herein will apply to each asset in which ASB invests or each portfolio or fund or that they have applied to each of ASB’s prior investments or funds. ESGR is only one of many considerations that ASB takes into account when making investment decisions and managing assets, and other considerations can be expected in certain circumstances to outweigh ESGR considerations. The information provided herein is intended solely to provide an indication of the ESGR initiatives and standards that ASB may apply from time to time when seeking to evaluate and/or improve the ESGR characteristics of an asset as part of the larger goal of maximizing financial returns on investments. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein. Considering ESGR qualities when evaluating and/or managing an investment may result underperformance compared to advisers that do not take ESGR-related factors into account because, among other reasons, the market may ultimately have a different view of a particular property than that anticipated by ASB. Further, while ESGR-related expenses of ASB’s funds and clients generally are incurred in furtherance of ASB’s goal to maximize profits for such funds and clients, certain expenses may instead be incurred in furtherance of certain environmental, social, governance and resilience goals, which could have an adverse impact on performance of an investment.

With respect to any case studies or outcomes referenced herein at the property or fund level it should not be assumed that these case studies are representative of all properties in all funds, or that similar initiatives or results will be experienced at other properties and it should not be assumed that these outcomes are representative of all properties in any funds, or that similar initiatives or results will be experienced at other properties. In considering the information contained herein, readers of this description of ESGR matters and case studies or goals or objectives should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that ASB or its affiliates will be able to achieve similar results, implement its investment or ESGR strategy and investment or ESGR approach or achieve its investment or ESGR objectives. The description of ESGR is solely for illustrative purposes.

Unless stated otherwise, all time-sensitive representations or financial information in this description of our ESGR program are provided as of the specific date stated herein. Neither the delivery of this description at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any other time subsequent to such dates. Certain economic and market information or other information contained herein has been obtained from published sources and/or prepared by other parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable for the purpose used herein, none of the ASB or its affiliates or officers, directors or employees, any of their respective affiliates or any of their respective shareholders, directors, officers, employees, partners, members, agents or representatives or any other person assumes any responsibility for the accuracy or completeness of such information.

THIS DESCRIPTION MAY INCLUDE FORWARD-LOOKING STATEMENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING ASB’S OR ITS FUNDS’ OR AFFILIATIES’ FUTURE ESG PERFORMANCE, FINANCIAL POSITION, BUSINESS STRATEGY, BUDGETS, PROJECTED COSTS AND PLANS AND OBJECTIVES FOR FUTURE OPERATIONS AND INVESTMENTS, ARE FORWARD-LOOKING STATEMENTS. IN ADDITION, FORWARD-LOOKING STATEMENTS GENERALLY CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “INTEND,” “FORECASTED,” “PROJECTED,” “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” OR “CONTINUE” OR THE NEGATIVE THEREOF OR VARIATIONS THEREON OR SIMILAR TERMINOLOGY. ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT AND ACTUAL RESULTS MAY DIFFER MATERIALLY.


Environmental

Environmental Sustainability

ASB Real Estate Investments seeks ways to ensure environmental sustainability is built into the investment process. Not only is environmental stewardship important from a moral perspective, we believe it can positively impact long-term performance for our investors.

We seek ways reduce or offset carbon emissions, gain energy use efficiencies, improve waste diversion, and prioritize green building certifications. In addition, we place emphasis on data collection, measurement, which can help improve our contribution to a cleaner built environment.

OUR GOALS:

Aim for the reduction targets aligned with the Paris Accord¹


Use environmental data management systems to track utility consumption and to identify efficiency opportunities at select properties


Identify, analyze, implement, and track efficiency projects and sustainability initiatives at certain of our properties


Implement energy procurement strategies in select markets to optimize costs


Evaluate renewable energy including on-site solar, green power purchasing, and Renewal Energy Credits (RECs) at certain properties


Seek green building certifications and pursue ENERGY STAR certification at certain properties, as appropriate

lobby courtyard
1201 Bryant industrial building

Building Certifications2


We believe green building certifications are a reliable way to measure the success of our sustainability initiatives at the property level. These third-party certifications measure our results against established benchmarks and recognize the sustainability efforts and achievements of our owners, property managers, and building tenants. 

Element apartments
fitwell2021
energy star
boma
fitwell
leed gold award
IREM
well health safety rated

Areas of Focus


represents energy

Energy

represents greenhouse gases

Greenhouse Gas Emissions

represents renewable energy

Renewable Energy

represents water

Water

represents waste

Waste

represents transportation

Alternative Transportation

represents air

Indoor Air Quality

represents sustainablity

Sustainable Materials

1. Greenhouse gas (“GHG”) reduction target goals are aligned with the Paris Accord goal of limiting global warming to two degrees Celsius above pre-industrial levels. These targets are based on landlord-controlled (Scope 1 and Scope 2) utilities across the ASB Allegiance Real Estate Fund portfolio and relate to goals for our core investment strategy at the time of publication. Environmental targets are in inherently uncertain, forward-looking statements and subject to change. There can be no assurance these targets will ultimately be achieved.

2. ASB paid a fee to LEED, BOMA 360, Fitwel, Fitwel VRM, IREM and WELL. There was no promise or guarantees, either direct or indirect, in connection with the fee and the certifications. The above certifications and recognitions are currently in place.

The information provided herein regarding the ASB Real Estate Investments (“ASB”) ESGR program does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities in any fund ASB or its affiliates acts as a sponsor or investment adviser to now or in the future.

IN MAKING ANY INVESTMENT DECISION, PROSPECTIVE INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE GOVERNING AGREEMENTS OF SUCH FUNDS (INCLUDING THE PARTNERSHIP AGREEMENTS), AND THE TERMS OF ANY OFFER, INCLUDING THE RISKS INVOLVED. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR THE SECURITIES COMMISSION OR ANY OTHER AGENCY OF ANY OTHER JURISDICTION HAS REVIEWED OR PASSED UPON THE MERITS OF SUCH FUNDS. THEIR UNITS HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL, STATE OR FOREIGN SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DESCRIPTION OF THE ESGR PROGAM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Where consistent with our investment goals of improving long term performance and reducing risk, ASB integrates ESGR objectives into our overall business strategy and investment management process. The information contained herein is solely for informational purposes and should not be relied upon in connection with making any decision with respect to advisory services provided by ASB Capital Management LLC, its division ASB or an investment in a fund or separate account managed by ASB or an affiliate. It should not be assumed that any ESGR initiatives, standards, or metrics described herein will apply to each asset in which ASB invests or each portfolio or fund or that they have applied to each of ASB’s prior investments or funds. ESGR is only one of many considerations that ASB takes into account when making investment decisions and managing assets, and other considerations can be expected in certain circumstances to outweigh ESGR considerations. The information provided herein is intended solely to provide an indication of the ESGR initiatives and standards that ASB may apply from time to time when seeking to evaluate and/or improve the ESGR characteristics of an asset as part of the larger goal of maximizing financial returns on investments. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein. Considering ESGR qualities when evaluating and/or managing an investment may result underperformance compared to advisers that do not take ESGR-related factors into account because, among other reasons, the market may ultimately have a different view of a particular property than that anticipated by ASB. Further, while ESGR-related expenses of ASB’s funds and clients generally are incurred in furtherance of ASB’s goal to maximize profits for such funds and clients, certain expenses may instead be incurred in furtherance of certain environmental, social, governance and resilience goals, which could have an adverse impact on performance of an investment.

With respect to any case studies or outcomes referenced herein at the property or fund level it should not be assumed that these case studies are representative of all properties in all funds, or that similar initiatives or results will be experienced at other properties and it should not be assumed that these outcomes are representative of all properties in any funds, or that similar initiatives or results will be experienced at other properties. In considering the information contained herein, readers of this description of ESGR matters and case studies or goals or objectives should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that ASB or its affiliates will be able to achieve similar results, implement its investment or ESGR strategy and investment or ESGR approach or achieve its investment or ESGR objectives. The description of ESGR is solely for illustrative purposes.

Unless stated otherwise, all time-sensitive representations or financial information in this description of our ESGR program are provided as of the specific date stated herein. Neither the delivery of this description at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any other time subsequent to such dates. Certain economic and market information or other information contained herein has been obtained from published sources and/or prepared by other parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable for the purpose used herein, none of the ASB or its affiliates or officers, directors or employees, any of their respective affiliates or any of their respective shareholders, directors, officers, employees, partners, members, agents or representatives or any other person assumes any responsibility for the accuracy or completeness of such information.

THIS DESCRIPTION MAY INCLUDE FORWARD-LOOKING STATEMENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING ASB’S OR ITS FUNDS’ OR AFFILIATIES’ FUTURE ESG PERFORMANCE, FINANCIAL POSITION, BUSINESS STRATEGY, BUDGETS, PROJECTED COSTS AND PLANS AND OBJECTIVES FOR FUTURE OPERATIONS AND INVESTMENTS, ARE FORWARD-LOOKING STATEMENTS. IN ADDITION, FORWARD-LOOKING STATEMENTS GENERALLY CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “INTEND,” “FORECASTED,” “PROJECTED,” “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” OR “CONTINUE” OR THE NEGATIVE THEREOF OR VARIATIONS THEREON OR SIMILAR TERMINOLOGY. ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT AND ACTUAL RESULTS MAY DIFFER MATERIALLY.


ESG

Our objectives & approach


ASB Real Estate Investments (ASB) seeks to advance environmental, social, and governance (ESG) policies and programs to help realize economic benefits, enhance long-term investment performance and reduce operating risk. We believe our ESG initiatives may have a positive impact on our properties by seeking to increase tenant demand, reducing operating expenses, improving resource efficiency, mitigating environmental impacts and overall climate-related risk, as well as enhancing engagement with stakeholders

ESG Chart

A Team Approach


ASB has established a cross-disciplinary team of company employees that share responsibility for recommending, implementing, and ultimately improving ASB’s ESGR efforts. ASB’s ESGR Council includes executive management personnel and has reporting responsibility to an internal management.  

ENVIRONMENTAL

We seek ways to reduce or offset carbon emissions, gain energy use efficiencies, improve waste diversion, and prioritize green building certifications for certain investments as applicable. In addition, we place emphasis on data collection and measurement which we believe can help improve our contribution to a cleaner built environment. 

LEARN MORE

SOCIAL

We seek to engage with our stakeholders including our tenants, employees, contractors, and the communities in which we are located. 

LEARN MORE

GOVERNANCE

We seek to improve our governance structure through oversight of the investment management process.

LEARN MORE

RESILIENCE

We seek to recognize the potential physical and transition risks related to climate change and may seek to screen, evaluate and address both physical and transition climate-related risks as part of our investment and asset management process.

LEARN MORE

Recent Achievements2


In connection with ESG matters, we have proudly partnered with:

boma
fitwell
GLL
assured lucideon sustainablity
us green building council
energy star
IREM
well health safety rated
fitwell2021
GRESG 2023 logo

GRESB


ASB is a member of GRESB (Global ESG Benchmark for Real Assets) and has participated in their annual assessment since 2017. We’re proud to have achieved four out of five stars in GRESB’s 2023 Real Estate Assessment.3

1. Environmental, Social, Governance and Resilience targets are in inherently uncertain, forward-looking statements and subject to change. There can be no assurance these targets will ultimately be achieved or that processes related to ESGR matters will be followed at all properties in the manner described herein. Past results are also not indicative of future results with respect to third party ratings or other achievements described herein. From time to time, ASB publishes a ESG Report on matters related to ESG, such report is available to existing investors upon request.

2. ASB paid a fee to GRESB, LEED, BOMA 360, Fitwel, Fitwel VRM, IREM and WELL. There was no promise or guarantees, either direct or indirect, in connection with the fee and the certifications. The above certifications and recognitions relate to specific investments managed by ASB and are ongoing and currently in place.

3. The GRESB Real Estate Assessment is based on criteria established by GRESB and such a rating should be considered in light of such criteria.  According to GRESB, it believes that the Assessment offers real estate managers relevant and validated ESG data and analytical tools to benchmark ESG performance, identify areas for improvement and engage with investors. ASB does not independently verify such ESG data.  As a third-party rating firm, we pay GRESB to conduct its review.  GRESB Real Estate Scoring Methodologyopens PDF file

IN MAKING ANY INVESTMENT DECISION, PROSPECTIVE INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE GOVERNING AGREEMENTS OF SUCH FUNDS (INCLUDING THE PARTNERSHIP AGREEMENTS), AND THE TERMS OF ANY OFFER, INCLUDING THE RISKS INVOLVED. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR THE SECURITIES COMMISSION OR ANY OTHER AGENCY OF ANY OTHER JURISDICTION HAS REVIEWED OR PASSED UPON THE MERITS OF SUCH FUNDS. THEIR UNITS HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL, STATE OR FOREIGN SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DESCRIPTION OF THE ESGR PROGAM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Where consistent with our investment goals of improving long term performance and reducing risk, ASB integrates ESGR objectives into our overall business strategy and investment management process. The information contained herein is solely for informational purposes and should not be relied upon in connection with making any decision with respect to advisory services provided by ASB Capital Management LLC, its division ASB or an investment in a fund or separate account managed by ASB or an affiliate. It should not be assumed that any ESGR initiatives, standards, or metrics described herein will apply to each asset in which ASB invests or each portfolio or fund or that they have applied to each of ASB’s prior investments or funds. ESGR is only one of many considerations that ASB takes into account when making investment decisions and managing assets, and other considerations can be expected in certain circumstances to outweigh ESGR considerations. The information provided herein is intended solely to provide an indication of the ESGR initiatives and standards that ASB may apply from time to time when seeking to evaluate and/or improve the ESGR characteristics of an asset as part of the larger goal of maximizing financial returns on investments. Accordingly, certain investments may exhibit characteristics that are inconsistent with the initiatives, standards, or metrics described herein. Considering ESGR qualities when evaluating and/or managing an investment may result underperformance compared to advisers that do not take ESGR-related factors into account because, among other reasons, the market may ultimately have a different view of a particular property than that anticipated by ASB. Further, while ESGR-related expenses of ASB’s funds and clients generally are incurred in furtherance of ASB’s goal to maximize profits for such funds and clients, certain expenses may instead be incurred in furtherance of certain environmental, social, governance and resilience goals, which could have an adverse impact on performance of an investment.

With respect to any case studies or outcomes referenced herein at the property or fund level it should not be assumed that these case studies are representative of all properties in all funds, or that similar initiatives or results will be experienced at other properties and it should not be assumed that these outcomes are representative of all properties in any funds, or that similar initiatives or results will be experienced at other properties. In considering the information contained herein, readers of this description of ESGR matters and case studies or goals or objectives should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that ASB or its affiliates will be able to achieve similar results, implement its investment or ESGR strategy and investment or ESGR approach or achieve its investment or ESGR objectives. The description of ESGR is solely for illustrative purposes.

Unless stated otherwise, all time-sensitive representations or financial information in this description of our ESGR program are provided as of the specific date stated herein. Neither the delivery of this description at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any other time subsequent to such dates. Certain economic and market information or other information contained herein has been obtained from published sources and/or prepared by other parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable for the purpose used herein, none of the ASB or its affiliates or officers, directors or employees, any of their respective affiliates or any of their respective shareholders, directors, officers, employees, partners, members, agents or representatives or any other person assumes any responsibility for the accuracy or completeness of such information.

THIS DESCRIPTION MAY INCLUDE FORWARD-LOOKING STATEMENTS. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING ASB’S OR ITS FUNDS’ OR AFFILIATIES’ FUTURE ESG PERFORMANCE, FINANCIAL POSITION, BUSINESS STRATEGY, BUDGETS, PROJECTED COSTS AND PLANS AND OBJECTIVES FOR FUTURE OPERATIONS AND INVESTMENTS, ARE FORWARD-LOOKING STATEMENTS. IN ADDITION, FORWARD-LOOKING STATEMENTS GENERALLY CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “INTEND,” “FORECASTED,” “PROJECTED,” “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” OR “CONTINUE” OR THE NEGATIVE THEREOF OR VARIATIONS THEREON OR SIMILAR TERMINOLOGY. ALTHOUGH WE BELIEVE THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, THERE CAN BE NO ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE TO BE CORRECT AND ACTUAL RESULTS MAY DIFFER MATERIALLY.


Careers at ASB

ASB has built success around talented, hard-working individuals who collaborate to gain a broad and integrated understanding of real estate disciplines to deliver attractive risk-adjusted returns.


Our team members gain full-spectrum expertise in underwriting, acquisitions, dispositions, asset management, leasing, valuations, budgeting, business planning, and strategy formulation. We encourage a culture of collaboration, and all members of our team engage in offering their points of view on major decisions in an extremely inclusive management process.  ASB promotes diversity and equality within all facets of our organization and fosters an environment that recognizes employees’ unique skillsets and ensures that all employees have an equal opportunity to grow and advance.

What’s more, all of ASB’s professionals receive competitive compensation packages and are offered upside based on performance.

View Our Current Job Postings


Welcome to our job portal. Here, you may apply for open positions or submit your resume to our resume bank. If you are a candidate in need of assistance or accommodation in the application process, please contact [email protected]create new email or call 301.986.6000.



WE ARE AN EQUAL OPPORTUNITY EMPLOYER. Applicants and employees are considered for positions and are evaluated without regard to mental or physical disability, race, color, religion, gender, gender identity, national origin, age, genetic information, military or veteran status, sexual orientation, marital status, or any other protected Federal, State/Province or Local status unrelated to the performance of the work involved.

B. F. Saul Company & Affiliates invites any employee and/ or applicant to review the Company’s Affirmative Action Plan. This plan is available for inspection upon request by emailing [email protected]create new email opens in a new window.create new email

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Our Mission & Core Values


Our steadfast mission is to generate outstanding risk-adjusted investment performance for our investors so that their beneficiaries and retirees can secure life-long financial independence and peace of mind.

Perseverance

Our people have the passion, resilience, and determination to achieve long-term excellence.

Focus

Our people strive to prioritize their responsibilities and maintain their clarity of purpose to accomplish our mission.

Accountability

We take responsibility for our actions and hold ourselves accountable for our results.

Empathy

We are committed to our people and their professional and personal development and engaging all voices to unearth creative solutions that will drive performance. 

Social Responsibility

We are committed to making a positive, impactful change to improve the community we serve.