Picton Property Income Limited Annual Report 2022

Being Responsible continued

2021

2020

2019

Absolute GHG emissions (tCO 2 e)

Absolute GHG emissions (tCO 2 e)

Absolute GHG emissions (tCO 2 e)

GHG intensity

GHG intensity

GHG intensity

GHG Scope

(tCO 2 e/m

2 )

Emission source

(tCO 2 e/m

2 )

(tCO 2 e/m

2 )

1,020 0.019

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

1

940 0.017 1,137 0.005

1,457 0.028 2,477 0.042 3,099 0.034 5 0.018 2 N/A

2

1,499 0.028 2,295 0.010

Total Scope 1 and 2

2,439 0.040 3,432

N/A N/A

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

3 3 3 3 3

1

N/A

4

2,278 0.024 3,672 0.033

8

N/A

9

N/A

6 8

0.000 0.000

Landlord water and treatment

28 0.001 7 0.000

53 0.001 13 0.000

3,120 0.021 5,597 0.038

2,322 0.011 3,751 4,761 0.023 7,183

N/A

0.017

Greenhouse gas emissions Scope 1

We have also seen a small increase in business travel emissions as our team have begun travelling more regularly to our assets. We expect this to increase further in 2022 but continue to encourage sustainable forms of travel and virtual meetings where possible. We have seen a -77% reduction in water emissions, largely due to an improved emission factor for 2021 reporting. We are investigating the roll out of automatic meter readers to improve the accuracy and reliability of water supplies we control. Methodology We have reported on all the emission sources required under the core requirements of the EPRA Best Practices Recommendations and have voluntarily disclosed business travel, occupier, and own premises consumption (Scope 3) emissions. An operational control approach has been adopted and all our properties are included. Figures presented are absolute for utility and waste consumption and relate only to utilities and waste removal we control. Occupier-obtained consumption is included where possible. We have calculated and reported our emissions in line with the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and used emission factors from the UK Government’s GHG Conversion Factors for Company Reporting 2021. We have changed from financial year to calendar year reporting to ensure we have more time to collect occupier consumption data. This is the first year we have calculated our intensity measurements based on the area served by each meter, for example whole site, common area or a specific floor within an asset. External supplies have been excluded from the intensity calculations. In order for an accurate comparison to be made between reporting years, this approach has been backdated to 2020 figures. We have continued to voluntarily report on Scope 3 vehicle emissions. Vehicle emissions were calculated using our vehicle expenses reports and the vehicle emission factors from the UK Government GHG Conversion Factors for Company Reporting 2021. We have included occupier and own premises consumption within the Scope 3 emissions, using emission factors from UK Government’s GHG Conversion Factors for Company Reporting 2021. Year-on-year, we will continue to update previous reported figures if applicable to remove estimates and ensure actual data is captured and reported.

Our absolute Scope 1 emissions rose by 9% compared to the previous year to 1,020 tCO 2 e. Similarly, our Scope 1 intensity rose by 11%. This rise was to be expected as lockdown restrictions eased further during 2021, with small increases seen in many of our office assets. Compared to 2019 emissions, the last full reporting year prior to the pandemic impacts on occupation, we have seen a -10% reduction. We continue to explore energy efficiency measures across our portfolio, with current studies being undertaken at Colchester Business Park, Colchester, on replacing the gas boilers with low carbon alternatives. Scope 2 Our absolute Scope 2 emissions have decreased by -3% this year, to 1,457 tCO 2 e, with our emission intensity staying level. Energy efficiency projects at Stanford Building, London, 50 Farringdon Road, London and Regency Wharf, Birmingham, have helped reduce our Scope 2 emissions despite the increasing occupancy levels following the easing of lockdown restrictions. Compared to 2019, we have seen a -37% reduction in emissions. This year we are looking to continue refurbishing our properties, with LED upgrade works at Parkbury Industrial Estate, Radlett, a building management system upgrade at Metro, Manchester and the continued roll out of Asset IQ across suitable assets. For the first year, we have represented our head office emission intensity due to occupying a floor within the newly refurbished Stanford Building, London. Scope 3 By far, the largest element of our Scope 3 emissions is that of our occupiers. Data collection for the Annual Report is presented at the time of writing, with final data collection figures presented in our Sustainability Report. We are targeting an increase in occupier data collection compared to 2020 following the end of lockdown restrictions. To help assist our engagement with occupiers, we have installed a CBRE Host app at Colchester Business Park, Colchester. In 2022 we will be implementing the app at further sites, including Stanford Building, London. We will also be starting an occupier engagement workshop programme to encourage collaboration opportunities with all of our occupiers.

Picton Property Income Limited Annual Report 2022

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