Picton Property Income Limited Annual Report 2024

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Environmental Focus / Continued

Energy usage In line with EPRA best practice, we report energy usage data on an absolute GHG emissions (tCO 2 e) and GHG intensity (tCO 2 e/m 2 ) basis, both absolute and like-for-like under Scopes 1, 2 and 3. Absolute data provides the entire picture without taking any changes to portfolio composition into account, whereas like-for-like data enables us to compare usage across the same properties year-on-year. Energy intensity measures normalise consumption by floor area to give a comparative measure of efficiency. Sustainability data collection and quality poses a key challenge for the industry as a whole, and we are working to improve the accuracy, timeliness and transparency of our energy usage data. Post-data assurance and publication of our 2022 emissions data, revisions have since been made at two properties where reconciliation has identified meter reading errors, therefore requiring amendments to Scope 1 emissions. Changes have been reflected in the table below. This year the UK Government raised the grid carbon emission factor (which converts electricity consumption into GHG equivalent units) resulting in a GHG consumption increase nationally. This is reflected in the increase in our Scope 2 emissions detailed below. Compared to our 2019 baseline, our total absolute Scope 1 and 2 GHG emissions decreased by 16% to 2,899 tCO 2 e. We are working with our occupiers to increase Scope 3 data coverage and have collected 62% of 2023 data to date, which shows a 13% decrease in Scope 3 intensity compared to 2022.

Greenhouse gas emissions Scope 1

Our Scope 2 energy intensity has increased by 3% over the year but has decreased by 53% compared to our 2019 baseline. Scope 3 Due to the composition of our portfolio, the majority of our total GHG emissions are Scope 3 emissions from our occupiers, therefore accurately recording this data is key to our net zero carbon strategy. This year, to date we have collected 62% of the portfolio data. We have achieved this via direct meter readings as well as ongoing engagement with our occupiers. Our Scope 3 collection process is continuing and we will provide an update within our Sustainability Data Performance Report. Our like-for-like Scope 3 emissions for the period of the data collected to date are 6,965 tCO 2 e, a 15% reduction on the prior year. However, this figure is likely to be amended as further data is collected and will be re-stated using assured data in the GRESB and EPRA data tables published in June. Our like-for-like Scope 3 energy intensity has increased by 3% in the year. On an absolute basis, our Scope 3 emissions collected to date are 7,226 tCO 2 e, a 26% reduction on the previous year. Again, this is subject to change as further occupier data is collected. Using data available, our Scope 3 energy intensity has reduced by 13% over the year to 0.022 tCO 2 e/m 2 .

Our like-for-like Scope 1 emissions for the period were 1,005 tCO 2 e, a decrease of 10% compared to the previous year. Our like-for-like Scope 1 energy intensity has decreased by 11% over the year. Our absolute Scope 1 emissions for the period were 1,161 tCO 2 e, which is 3% higher than the previous year. The increase is partly due to an acquired property providing a full year of emissions data for the first time in 2023. Absolute Scope 1 emissions in 2023 were flat in comparison to the 2019 baseline, however the composition of the portfolio has changed since 2019. Our Scope 1 energy intensity has increased by 1% over the year but has decreased by 18% compared to our 2019 baseline. Scope 2 Our like-for-like Scope 2 emissions for the period were 1,429 tCO 2 e, an increase of 3% compared to the previous year. This is partly due to the amended UK Government emissions factor as explained above. Our like-for-like Scope 2 energy intensity has increased by 1% over the year, again attributable to the changing emissions factor. Our absolute Scope 2 emissions for the period were 1,731 tCO 2 e, which is 4% higher than the previous year. This reflects both the emissions factor change and acquired property providing a full year of emissions data for the first time in 2023. Absolute Scope 2 emissions in 2023 were 25% lower than the 2019 baseline.

2023

2022

2021

Absolute GHG emissions (tCO 2 e)

GHG intensity

GHG Scope

(tCO 2 e/m

2 )

Emission source

(tCO 2 e/m

2 )

(tCO 2 e/m

2 )

1,161 0.020 1,731 0.020 7 0.023 2,899 0.029 7,189 0.030 18 0.000 10 0.000 7,226 0.022 9 N/A

Combustion of fuel and operation of facilities Electricity, heat, steam and cooling purchased for own use

1 2 2

1,132 0.019 1,020 0.019 1,665 0.019 1,448 0.028

Office premises

8 0.026

5 0.018

Total Scope 1 and 2

2,805 0.028 2,473 0.044

Business travel Occupier data Landlord waste Total Scope 3 Total all Scopes

3 3 3 3

N/A

9,664 0.033 10,455 0.039

Landlord water and treatment

21 0.002 16 0.003

6 8

0.000 0.000

9,703 0.026 10,471 0.032

10,125

N/A

12,508

N/A

12,944

N/A

Please note 2022 numbers are re-stated

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