State of ESG

INSIGHTS

State of ESG

June 2022

Environmental, Social, and Governance (ESG) principles and practices have positive impact on our investments and stakeholders, from our investors to our employees, residents and the communities in which we operate. As we enter our second decade, we are focused on institutionalizing our founding ESG principles throughout our platform.

ESG Policy

INSIGHTS

ESG Policy

June 13, 2022

The Firm believes systematic integration of ESG considerations into investment and ownership is the next step and that this will help the Firm’s decision-making and ultimately enhance value for our investors. We believe developing ESG systems around our investments and adjacent strategies will be key to navigating existing and future risks and opportunities. We are excited about this future.

The following ESG principles will guide our approach to new investments and existing ownership across our investment strategies, ownership, and operations:

  • Regularly engaging stakeholders on ESG.
  • Defining stakeholders as investors, employees, regulators, consumers, and communities in which we operate.
  • Tasking our leaders to drive assessment of material ESG factors across our strategies.
  • Systematically incorporating ESG considerations and solutions in our investments, ownership, and business operations from top to bottom.
  • Avoiding strategies that cause significant harm environmentally and/or socially.
  • Developing methods to disclose, benchmark, review and improve on our ESG strategies year over year.
  • Embracing a leadership role in ESG within our relevant industries.

Our goal is to lead our investment strategies and operating companies into the next decades within this framework and with thoughtful leadership focused on promoting corporate responsibility and enhancing value for our investors. To that end, we will undertake the following ESG Commitments:

  • Maintaining ESG within Executive Committee agenda.
  • Integrating ESG into investment decisions through assessment of material factors from sourcing to due diligence, to investment committee reviews.
  • Integrating ESG into existing portfolio ownership and operations by identifying opportunities to mitigate the effects of our investments on the environment and to promote a consumer and community centric vision.

Based on these ESG Principles and Commitments, the Firm is prepared to sign on to United Nations Principles for Responsible Investing in 2023 when the new guidelines are issued.

DEI Statement

INSIGHTS

DEI Statement

June 13, 2022

Pretium strives to have a diverse workforce reflective of the communities in which we operate. We believe this driving principle will make us a better Firm, one more able to deliver value to our investors. We are committed to embracing and developing Diversity, Equity, and Inclusion (“DEI”) best practices across our platforms by:

  • Developing recruitment, retention, and promotion practices that focus on expanding our workforce to reflect the communities in which we operate.
  • Developing workforce policies that reflect awareness, inclusivity, respect, equitable opportunity, and a fulfilling work environment for employees of any race, ethnicity, religion, LGBTQ+, familial, and/or disability status.
  • Developing and promoting a network of diverse partners, consultants, suppliers, vendors, and third-party professionals.
  • Benchmarking, disclosing, reviewing, and improving on our DEI strategies year over year.
  • Educating ourselves regularly and engaging around unconscious bias, racial justice, and any other material DEI topics that impact our communities, our business, and/or our stakeholders.
  • Embracing a leadership role in DEI within our relevant industries.

Crescent Communities and Pretium Announce Second HARMON Build-to-Rent Community in Growing Charlotte Market

PRESS RELEASE

Crescent Communities and Pretium Announce Second HARMON Build-to-Rent Community in Growing Charlotte Market

May 25, 2022

HARMON Five Points Offers New Approach to Single-Family Living in Historic Charlotte Neighborhood

Fourth BTR Community Under Development as Part of Joint Venture

CHARLOTTE, N.C. and NEW YORK, May 25, 2022 /PRNewswire/ — Crescent Communities and Pretium today announced the closing of land for the development of HARMON Five Points, the fourth build-to-rent (BTR) community under development, and second community in Charlotte, as part of their previously announced joint venture and commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets. Construction for HARMON Five Points is expected to commence in June 2022 with first units slated to be delivered in early 2023.

“We are thrilled to announce our fourth development in partnership with Pretium and our second build-to-rent community in the Charlotte market,” said Tony Chen, Managing Director of Single-Family Build-to-Rent at Crescent Communities. “HARMON Five Points will offer new construction housing supply to the Historic West End neighborhood, and as a result, will provide housing options in an infill setting to accommodate the migration and population growth that Charlotte has experienced over the past several years. This community highlights our commitment to growing strategically in Charlotte, and we look forward to sharing more updates soon.”

HARMON Five Points will be a 76-home BTR community, offering residents the option to rent three-bedroom townhomes with outdoor balconies, private garages, and driveways. Residents will have access to dedicated communal spaces such as a fire pit with outdoor lounge seating and a lawn area for gatherings and pets. The community is adjacent to Five Points Park, located two miles from Uptown, and is walking distance from the Gold Line Streetcar and Stewart Creek Greenway.

“In partnership with Crescent, we have already acquired land and are developing four BTR communities in the southern United States, including 323 homes, since forming our joint venture in September,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “Crescent Communities shares our commitment to having a long-term, positive impact on our communities by developing new, quality, healthy homes for residents. By continuing to invest in desirable communities like HARMON Five Points, we are offering residents the choice to rent high-quality, single-family homes while increasing the supply of move-in ready homes across the country.”

HARMON Five Points will be located at 360 Seldon Drive, Charlotte, NC and will be built by DRB Group. Additional partners include lender Atlantic Union Bank, landscape architect LandDesign and architectural review by 505Design. Progress Residential, Pretium’s leading single-family rental management services platform, will provide leasing and property management services.

Additional details surrounding HARMON Five Points will be announced at a later date. A rendering is available here. Forthcoming imagery and logos are available upon request.

About Crescent Communities

Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 77 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, AtlantaOrlandoNashvilleDallasDenverPhoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has more than $40 billion of assets and employs approximately 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Contacts

Crescent Communities Media

Lauren Alligood
205-383-8450
lauren@sprouthouseagency.com

Pretium Media

Jon Keehner / Lyle Weston / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Adolfo Villagómez, Ejecutivo de Transformación Digital, se une a Progress Residencial como CEO

PRESS RELEASE

Adolfo Villagómez, Ejecutivo de Transformación Digital, se une a Progress Residencial como CEO

May 17, 2022

Ex ejecutivo de Home Depot dirigirá la próxima fase de crecimiento de la Plataforma Pretium

SCOTTSDALE, Ariz. – 17 de mayo de 2022 – Progress Residential, la plataforma líder de servicios de administración de arrendamientos para viviendas unifamiliares, anunció hoy que ha designado a Adolfo Villagómez como Director Ejecutivo (CEO), quien asumirá el cargo el 23 de mayo de 2022.

El Sr. Villagómez tiene más de veinte años de experiencia dirigiendo empresas orientadas al consumidor y generando crecimiento en mercados digitales y tradicionales. Más recientemente, el Sr. Villagómez ocupó el cargo de Presidente de homedepot.com y Director de Marketing para The Home Depot en Estados Unidos. Durante la pandemia, la estrategia comercial del Sr. Villagomez generó crecimiento que duplicó las ventas e ingresos para la empresa en su negocios digitales. Antes de su paso por The Home Depot, el Sr. Villagómez fue socio en McKinsey and Company, a cargo del área de Marketing y Ventas en Norteamérica.

“La posición de liderazgo de Pretium nos permite atraer talento extraordinario como Adolfo”, expresó Don Mullen, CEO de Pretium y fundador de Progress Residential. “En esta próxima etapa de innovación de Progress Residential, me complace dar la bienvenida a Adolfo como CEO.”

“La estrategia comercial de Adolfo, con un enfoque en los datos y la tecnología, así como sus conocimientos en materia de productos y cadena de suministro, acelerarán el liderazgo de Progress Residential en las áreas de adopción de hogares inteligentes, el movimiento a cero emisiones netas, y la transformación digital general del sector de bienes raíces”, añadió el Sr. Mullen.

“Hoy, como nunca antes, las empresas tienen la oportunidad de aprovechar la tecnología de formas que mejoren significativamente la experiencia del cliente, y al tiempo empujar su crecimiento”, expresó el Sr. Villagómez. “Progress Residential es un precursor sin igual en la industria de arrendamiento de viviendas unifamiliares y espero con ansias unirme a este equipo de enorme talento para generar soluciones de base tecnológica y escalables que mejoren aún más la experiencia de arrendamiento de nuestros residentes”.

El Sr. Villagómez comenzó su carrera en DuPont, en la unidad de negocio de Fluoroproductos. Tiene una maestría en Administración de Empresas de Yale School of Management y un bachillerato en Ingeniería Química de la Universidad Nacional Autónoma de México.

Acerca de Progress Residential

Progress Residential, la plataforma de arrendamiento para viviendas unifamiliares de Pretium, es líder de mercado en servicios inteligentes de administración de arrendamientos para viviendas unifamiliares, con personal, tecnología, escala y soluciones basadas en datos que agilizan las operaciones, optimizan el rendimiento de los activos y ofrecen una experiencia excepcional de arrendamiento y de vida para nuestros residentes. La plantilla de aproximadamente 2500 empleados de Progress Residential administra actualmente más de 80.000 viviendas en 30 mercados. Progress Residential ofrece también servicio externos de administración de inmuebles para inversores con carteras medianas a grandes de viviendas unifamiliares en arrendamiento y comunidades de construcciones para arrendamiento a través de los servicios de administración de Progress Residential. Don Mullen fundó Progress Residential en 2012. Para obtener más información, puede visitar www.rentprogress.com.

Acerca de Pretium

Pretium es una firma de inversión especializada dedicada al mercado de inmuebles residenciales de Estados Unidos, crédito residencial y crédito corporativo. Pretium fue fundada en 2012 para aprovechar la inversión a largo plazo y las oportunidades de préstamo que surgían de cambios estructurales, alteraciones en el mercado e ineficiencias dentro de la economía. Pretium ha forjado un ecosistema operativo y analítico integrado en los mercados de viviendas, crédito residencial y crédito corporativo de Estados Unidos, y está convencida de que su conocimiento y experiencia en estos mercados constituyen una ventaja estratégica respecto de otros gestores de inversión. La plataforma de Pretium gestiona activos por más de $40.000 millones y emplea aproximadamente 4.000 personas en 30 oficinas, incluidas las de Londres y Dubai. Para obtener más información, visite www.pretium.com.

Contacto con los medios:

Nikki Sloup
Vicepresidente de Comunicaciones y Relaciones Públicas
press@progressresidential.com

Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Digital Transformation Executive Adolfo Villagomez Joins Progress Residential as CEO

PRESS RELEASE

Digital Transformation Executive Adolfo Villagomez Joins Progress Residential as CEO

May 17, 2022

Former Home Depot Executive to Lead Pretium Platform’s Next Phase of Growth

SCOTTSDALE, Ariz. – May 17, 2022 – Progress Residential, the leading single-family rental management services platform, today announced that it has named Adolfo Villagomez as Chief Executive Officer, effective May 23, 2022.

Mr. Villagomez brings more than two decades of experience leading consumer-facing businesses and delivering profitable growth in digital and traditional domains. Most recently, Mr. Villagomez served as President of homedepot.com and Chief Marketing Officer for U.S. Retail at The Home Depot. During the pandemic, Mr. Villagomez’s customer-focused business strategy led to double-digit growth in sales and revenue for the home retailer. Prior to joining The Home Depot, Mr. Villagomez was a partner at McKinsey and Company, where he led its North America Marketing and Sales Practice.

“Pretium’s leadership position enables us to attract phenomenal talent like Adolfo,” said Don Mullen, CEO of Pretium and Founder of Progress Residential. “As Progress Residential enters its next phase of innovation, I am thrilled to welcome Adolfo as CEO.”

“Adolfo’s data-driven approach to business strategy, combined with his supply chain and product expertise, will accelerate Progress Residential’s leadership in smart home adoption, movement to net zero, and the overall digital transformation of real estate,” continued Mr. Mullen.

“Now, more than ever, companies have the opportunity to leverage technology in ways that significantly improve the customer experience while also driving growth,” said Mr. Villagomez. “Progress Residential is an unmatched pioneer in the single-family rental industry, and I look forward to joining this exceptionally talented team as we deliver technology-enabled, scalable solutions that make the rental experience for our residents even better.”

Mr. Villagomez began his career at DuPont, in its Teflon and Fluoroproducts businesses. He holds a master’s degree in Business Administration from the Yale School of Management, and a bachelor’s degree in Chemical Engineering from the Universidad Nacional Autónoma de México (National Autonomous University of Mexico).

About Progress Residential

Progress Residential, Pretium’s single-family rental platform, is a market leader in intelligent single-family rental management services, with people, technology, scale, and data-driven solutions that streamline operations, optimize asset performance, and provide an exceptional renting and living experience for our residents. Progress Residential’s approximately 2,500 employees currently manage more than 80,000 homes across 30 markets. Progress Residential also offers third-party property management service for investors with mid-to-large single-family rental home portfolios and Built for Rent communities through its Progress Residential Management Services. Progress Residential was founded by Don Mullen in 2012. For more information, please visit www.rentprogress.com.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has more than $40 billion of assets and employs approximately 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Media Contact:

Nikki Sloup
Vice President Communications and PR
press@progressresidential.com

Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Crescent Communities and Pretium Announce New HARMON Build-to-Rent Community in Growing Gulf Coast Market

INSIGHTS

Crescent Communities and Pretium Announce New HARMON Build-to-Rent Community in Growing Gulf Coast Market

March 28, 2022

HARMON Legacy Trail in Metro Sarasota, FL Offers New Approach to Single-Family Living

CHARLOTTE, N.C. and NEW YORK, March 28, 2022 /PRNewswire/Crescent Communities and Pretium today announced the closing of land for the development of HARMON Legacy Trail, the third build-to-rent (BTR) community under development as part of their previously announced joint venture and commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets. Construction for HARMON Legacy Trail is expected to commence in July 2022 with first units slated to be delivered in Fall of 2023.

“We are thrilled to announce our third development in partnership with Pretium and our first build-to-rent community in the Florida region,” said Tony Chen, Managing Director of Single-Family Build-to-Rent at Crescent Communities. “HARMON Legacy Trail will provide residents the opportunity to live in new construction homes within a growing and vibrant community adjacent to the Legacy Trail connecting downtown Sarasota and Venice. This community highlights our commitment to growing strategically in Florida and the Sun Belt, and we look forward to sharing more updates on further growth very soon.”

HARMON Legacy Trail will be a 78-home BTR community in Nokomis, Florida. The community will offer residents the option to rent three- (1,600+ sq ft) and four- (1,900+ sq ft) bedroom townhomes with outdoor patios and private garages. Residents will have access to select interactive amenity spaces, such as dedicated outdoor lounge seating, play areas, dog park, and walking trails. Select homes will also have views from private balconies of the onsite lake. The community is located in an excellent school district, is adjacent to the Legacy Trail, a 20+ mile path connecting downtown Sarasota to downtown Venice, and is near Nokomis Beach and Oscar Sherer Park.

“We are proud to partner with the Crescent Communities team to unveil our third BTR community in one of the most desirable housing markets in the country,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “Our partnership is an example of how private capital can quickly and efficiently be invested to build high-quality housing for our communities. HARMON Legacy Trail represents an incredible opportunity to provide something we know our residents want – new, modern, and healthy homes. We are looking forward to the beginning of construction over the summer and building on our partnership with the Crescent Communities team.”

“HARMON Legacy Trail will be part of a larger master-planned community with additional residential offerings, including the forthcoming RENDER Legacy Trail, and more than six acres of future retail space,” said Tim Graff, Managing Director of Florida for Crescent Communities’ multifamily business. “We are excited to bring our top-of-the-line build-to-rent product to this area and look forward to commencing work.”

HARMON Legacy Trail will be located at Aqua Bella Drive, Nokomis, FL and will be built by Southern Impression Homes. Additional partners include civil engineer Kimley-Horn, landscape architect LandDesign, and architectural review by 505Design.

Additional details surrounding HARMON Legacy Trail will be announced at a later date. A rendering is available here. Forthcoming imagery and logos are available upon request.

About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 74 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.

About Pretium
Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $40 billion of assets under management as of February 1, 2022 and employs more than 3,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Crescent Communities Media Contact
Lauren Ferguson
205-383-8450
lauren@sprouthouseagency.com

Pretium Media Contacts
Jon Keehner / Lyle Weston / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Esusu and Progress Residential Join Forces to Transform Single-Family Rental Housing

INSIGHTS

Esusu and Progress Residential Join Forces to Transform Single-Family Rental Housing

March 2022

HARLEM, N.Y. and SCOTTSDALE, Ariz., March 21, 2022 /PRNewswire/ — Esusu, the leading financial technology company advancing rent reporting and data solutions for credit building, and Progress Residential, the market leader in single-family rental management services, today announced a new partnership to make Esusu’s platform for financial health solutions available to Progress Residential’s more than 250,000 residents across approximately 80,000 homes nationwide.

Environmental Report

INSIGHTS

Environmental Report

March 2022

Executive Summary

Pretium and Progress Residential are committed to conducting business ethically and making investment decisions in a manner that is fiscally, socially, and environmentally responsible. The goal of both organizations is to provide residents with renovated, well-maintained, and affordable rental homes by making significant investments in residents, homes, and communities within the Pretium SFR Portfolio. This Environmental Report provides a high-level overview of Pretium’s and Progress Residential’s “Social” and “Governance” strategies but mainly focuses on our “Environmental” impacts. Additional details on Pretium Social and Governance strategies will be included as part of our upcoming State of ESG publication.

Pretium Expands Real Estate Team with Addition of Josh Pristaw as Senior Managing Director and Co-Head of Real Estate

PRESS RELEASE

Pretium Expands Real Estate Team with Addition of Josh Pristaw as Senior Managing Director and Co-Head of Real Estate

Brings Diverse Experience and Perspective to Leading Real Estate Investment Platform

February 24, 2022

NEW YORK, Feb. 24, 2022 /PRNewswire/ — Pretium, a specialized investment firm with $40 billion in assets, today announced that Josh Pristaw has joined the firm as Senior Managing Director and as Co-Head of Real Estate. Mr. Pristaw joins Dana Hamilton, Pretium’s Co-Head of Real Estate, responsible for Pretium’s real estate platform, including investing in and managing rental homes. As Co-Head of Real Estate, Mr. Pristaw will work alongside Ms. Hamilton to oversee Pretium’s market-leading Progress Residential platform, which services more than 250,000 residents across approximately 80,000 homes. Progress Residential is a market leader in single-family rental management services, with people, technology, scale, and data-driven solutions that streamline operations, optimize asset performance, and provide an exceptional renting and living experience for residents.

Mr. Pristaw brings to Pretium more than two decades of direct real estate experience across acquisitions, asset management, portfolio development, and capital markets. In 2005, Mr. Pristaw co-founded GTIS Partners, a real assets investment firm, where he worked for 17 years and most recently served as a Partner, Co-Head of GTIS Brazil, Head of Capital Markets, and a member of the firm’s Investment Committee. Previously, he was a Principal and Co-Head of Acquisitions for Coventry Real Estate Advisors and was also a member of Coventry’s Investment Committee.

“Josh brings extensive and complementary experience to Pretium’s single-family-rental business,” said Don Mullen, Founder and CEO of Pretium. “We are confident now is the opportune time for Josh to join our rapidly expanding team as we continue to deploy private capital to contribute to solving our nation’s housing shortage. His keen understanding of the real estate ecosystem will help us continue to elevate the standard for professional ownership and management of affordable, single-family homes, including best-in-class service and support for our residents.”

“Pretium is a distinguished leader in today’s rental housing market with an unmatched reputation and legacy in residential housing and communities,” said Mr. Pristaw. “I look forward to the opportunity to partner with Don, Dana, and the Pretium and Progress teams to prioritize our residents, support our incredible teams on the ground across the country, and deliver the best possible resident experience for those who choose to rent.”

Mr. Pristaw previously served as Chairman of the Board of Directors of Brazil Hospitality Group, one of the largest owners and managers of hotels in Brazil, and on the Board of Directors of GTIS Brazil Logistics FII, an externally-managed real estate vehicle listed on the Bovespa in Brazil. He received a Bachelor of Arts in Government from Dartmouth College.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $40 billion of assets under management as of February 1, 2022 and employs approximately 3,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

About Progress Residential

Progress Residential is a market leader in intelligent single-family rental management services, with people, technology, scale, and data-driven solutions that streamline operations, optimize asset performance, and provide an exceptional renting and living experience for our residents. Progress Residential’s approximately 2,500 employees currently manage approximately 80,000 homes across 30 markets. Progress Residential also offers third-party property management service for investors with mid-to-large single-family rental home portfolios and Built for Rent communities through its Progress Residential Management Services. For more information, please visit www.rentprogress.com.

Contacts

Jon Keehner / Lyle Weston / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

 

June 2022

Pretium’s State of ESG Report

Read here to learn more.