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PRI reporting framework 2019

Export Public Responses

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Outputs and outcomes

PR 15. ESG issues affected financial/ESG performance

15.1. Indicate whether your organisation measures how your approach to responsible investment in property investments has affected financial and/or ESG performance.

15.2a. Describe the impact on the following.

Describe the impact on:
Funds' financial performance

15.2b. Describe the impact on the following.

Describe the impact on:
Funds' ESG performance

15.3. Describe how you are able to determine these outcomes.

We measure how our approach to ESG issues impacts funds' financial and ESG performance in a number of ways.

For buildings for example we can look at the changes to energy consumption in energy cost and consumption profile through the year and in relation to the implementation of improvement initiatives, how waste disposal is managed, quantity of waste and disposal routes or improvements to a building's energy performance certificate as a result of improvement works.

Decisions to implement improvement initiatives consider impacts to capital expenditure and operational costs and consumption savings, and the effect of implemented initiatives is monitored at operation to confirm the savings delivered.

We are members of the Better Buildings Partnership, submit property data to their Real Estate Environmental Benchmarks (REEB) and assess the relative performance of our assets' energy and water intensity against the benchmarks.

We monitor the property manager's service level and how this has supported improvements to the management of the assets and achievement of targets. In the UK we can monitor the improvement to a property manager's key performance indicator score.

At the fund level we can look at the changes to a fund's Global Real Estate Sustainability Benchmark annual score and the components of the assessment which fall within two principal aspects of management and policy and implementation and measurement.

We also include sustainability reports within annual fund report and accounts which are aligned with INREV Sustainability Reporting Guidelines 2016 or EPRA Best Practices Recommendations on Sustainability Reporting 2017 as appropriate, these include environmental performance data presented absolute and like for like.

PR 16. Examples of ESG issues that affected your property investments (Private)