Picton Property Income Limited Annual Report 2023

Strategic Report


Financial Statements

Additional Information

travel, occupier, and own premises consumption 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 landlord-obtained utilities and waste removal. 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 UK Government’s GHG Conversion Factors for Company Reporting 2022. We continue to report on a calendar year basis to ensure there is sufficient time to collect occupier consumption data. 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. So that an accurate comparison can be made between reporting years, this approach has been backdated to 2019 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 2022. Year- on-year, we will continue to update

Smart buildings During the year we have seen a kWh reduction in four properties of between 16% and 34%, following the installation of Asset IQ. The system aims to help reduce energy consumption and is currently installed at 401 Grafton Gate, Milton Keynes, Pembroke Court, Chatham, 180 West George Street, Glasgow and 50 Farringdon Road, London. The tool connects to the building management systems, providing live updates from each piece of plant equipment throughout the building and builds a holistic picture of each building’s energy usage over a 24/7 period. The tool highlights any key inefficiencies and helps to: ‒ Identify issues with the operation of the equipment ‒ Pinpoint the reasons for anomalies ‒ Suggest the most suitable technical solutions ‒ Identify the improvement of the overall energy strategy This information provides quarterly action plans and enables discussions with occupiers on how the building systems can be adjusted for optimum performance and help reduce energy costs. We aim to increase the use of Asset IQ throughout our multi-let offices where feasible.

previous reported figures if applicable to remove estimates and ensure actual data is captured and reported. We occupy a floor within one of our assets under management and as such, have apportioned out our consumption based on the floor area and this is reported as a separate line item. Head office We started collecting and reporting our head office data in 2016, and while it is only a small part of our overall footprint, we believe it is important to provide a holistic view where possible. Our head office is located on a floor within Stanford Building, London, which is one of our own assets. This is a recently refurbished space, providing the latest technology and energy efficiency measures. This switch has allowed us to obtain more reliable data and cut our office emissions significantly. In 2022 our energy usage did increase, but this reflects a greater return to office working, following the pandemic. Business travel We have seen a small increase in business travel emissions as our team have begun travelling more regularly to our assets. We continue to encourage sustainable forms of travel and virtual meetings where feasible.

24% Reduction in Scope 1 and 2 emissions since 2019 67% Scope 3 occupier energy data collection

Over the year we are pleased to have increased Scope 3 data collection, achieving this in part via improved automated data collection. Tim Hamlin Director of Asset Management

 Picton Property Income Limited  Annual Report 2023


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