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PRI reporting framework 2020

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Post-investment (monitoring and active ownership)


PR 08. ESG issues in post-investment activities

08.1. Indicate if your organisation, and/or property managers, considers ESG issues in post-investment activities relating to your property assets.

08.2. Indicate whether your organisation, and/or property managers, considers ESG issues in the following post-investment activities relating to your property assets.

          [described below in 08.03]

08.3. Describe how your organisation, and/or property managers, considers ESG issues in post-investment activities related to your property assets.

For us, post-investment refers to operating frameworks, which we have discussed previously as follows: Our selection of third-party managers is fundamentally focused on the appropriate mix of executional capabilities and values alignment. We expect that any third party manager would be held to identical standards of our wholly owned management entities, both in terms of ongoing impact performance as well as reporting. In fact, even at the earliest stages of our inception, we partnered closely with third party managers to develop the expectation and habituation of ESG measurement and reporting that has led to our engagement of wholly owned managers and the process of developing and refining projects that have a combined mission- and returns-driven focus. This partnership has led to an active back-and-forth with third party managers on innovation implementation that is consistent with our ESG-focused AC Way framework.

In partnership with all managers, we review ESG/impact report and activities on a quarterly and annual basis to continually improve communication and performance on impact. As a result, we are regularly receiving new points of data and project ideas directly from property managers. We've even designed property improvements which taken into consideration ESG issues. We play an active investment manager role in driving and enabling ESG-related projects of all of our managers, and this engagement has become increasing fluid and productive over time.

Property monitoring and management

PR 09. Proportion of assets with ESG targets that were set and monitored

09.1. Indicate the proportion of property assets for which your organisation, and/or property managers, set and monitored ESG targets (KPIs or similar) during the reporting year.

(in terms of number of property assets)

09.2. Indicate which ESG targets your organisation and/or property managers typically set and monitor

Progress Achieved
          Zero waste food processing facility (Oregon) [by definition, 92% waste recycled or recovered]
          Reduction of polystyrene use in secondary packaging [50% plastics reduction goal in business unit over prior year]
          86% waste recycled or recovered
          54% reduction over 2018

09.3. Additional information. [Optional]

Although we have indicated in PR 09.2 that we do not set and/or monitor against targets in all categories, that is somewhat a function of the questionnaire not supporting the way we think about this.  We are driving toward continual improvement in ESG (and specifically E and S) related factors year over year. We are seeking directionally appropriate trajectory in driving toward key efficiencies across the business. We also have set a KPI expectation of all managers to improve by at least one tier each year on our five-tier sustainability performance framework, which incorporates a wide range of factors across a comprehensive set of material categories.

PR 10. Certification schemes, ratings and benchmarks (Private)

Property developments and major renovations

PR 11. Proportion of developments and refurbishments where ESG issues were considered

11.1. Indicate the proportion of active property developments and major renovations where ESG issues have been considered.

(by number of active property developments and refurbishments)

11.2. Indicate if the following ESG considerations are typically implemented and monitored in your property developments and major renovations.

11.3. Additional information. [Optional]

Each time we have contemplated a facility or farm block redevelopment since the inception of our funds, we have done it with the goal of improving both of the efficiency and resilience -- and thus the ESG performance -- of the asset. These projects have included building material and paint choices in a fruit packing facility we redeveloped in one location; energy efficiency and energy management upgrades in a facility in another location; high-efficiency irrigation systems across our entire business; design of an operations facility for zero waste-focused material handling; upgrades of employee wellbeing facilities at key operations sites; and ongoing evaluation of new renewable energy projects.