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2020 Farmland Sustainability Report

An aerial view of farmland

The sustainability commitment of a leader in farmland management

Welcome to our 9th annual Farmland Report, which chronicles our progress in achieving a range of sustainability goals across our farmland portfolio, which comprises 2.2 million acres in seven countries.

For the first time, this report was written by Westchester’s Environmental, Social and Governance (ESG) committee, which we formed in 2019 with members from across our organization. The committee has already risen to its expansive responsibility: to lead ESG innovation and implementation across our farmland portfolio.

Agriculture employs 2 billion people worldwide and provides the means to feed a growing global population that will demand as much as 50% more food by 2050, as compared with 2010.1 Westchester is committed to helping the world meet these challenges through strong leadership, innovation and accountability. We continue to evolve our approach to ESG and to provide tools for setting and achieving goals.

This report also provides country-level maps with granular data including, for the first time, carbon footprint. These maps will make it easier to visualize our 2019 achievements and challenges. Our interactive mapping tool offers some of this data through a bird’s-eye view of the locations and crop types for each of our properties.

Throughout these pages, you will find numerous examples of our sustainability initiatives, including these highlights:

We hope you enjoy this look at our extensive farmland sustainability efforts. As a reminder, this report complements another publication that offers a high-level overview of our work: How we invest in farmland: An introduction to Nuveen’s global agricultural sustainability approach. Taken together, these documents intend to provide our investors and other stakeholders with clear insight into what we do and how we do it.

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The information presented in these materials is believed to be materially correct as at the date hereof, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Data was taken from sources deemed reliable, but cannot guarantee its accuracy. The statements contained herein reflect opinions as of the date written and are subject to change without further notice. Nothing set out in these materials is or shall be relied upon as a promise or representation as to the past or future.

This document is not a prospectus and does not constitute an offer to the public. No public offering or advertising of investment services or securities is intended to have taken effect through the provision of these materials. It is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about suitability for any particular investor.

Past performance is not a guide to future performance. Investment involves risk, including loss of principal. The value of investments and the income from them can fall as well as rise and is not guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to fluctuate.

Nothing set out in these materials is or shall be relied upon as a promise or representation as to the past or future.

Farmland investments are less developed, more illiquid and less transparent compared to traditional asset classes. Investments will be subject to risks generally associated with the ownership of real estate-related assets and foreign investing, including changes in economic conditions, currency values, environmental risks, the cost of and ability to obtain insurance and risks related to leasing of properties.

Nuveen provides investment advisory solutions through its investment specialists.

©2020 Nuveen, LLC. All rights reserved.

Westchester Group Investment Management is an affiliate of Nuveen LLC.