Climate Change Data

Environmental Metrics

ESG Focus Areas

• Sustainable Economic Value
• Energy and Carbon Abatement
• Diversity and Inclusion
• Health, Safety and Satisfaction of Stakeholders
• Ethical Behaviour and Compliance

Environmental Achievements

• 11 out of 12 properties are LEED and Energy Star certified
• Implemented energy saving initiatives in response to COVID-19 resulting in reduced energy consumption across multiple properties (specific figures not provided)
• Implemented long-term energy saving initiatives across multiple properties (details provided for each property)

Social Achievements

• Zero reported incidents of discrimination in FY2020
• Zero workplace injuries and fatalities in FY2020
• Held virtual and in-person tenant engagement events focused on wellbeing (details provided)

Governance Achievements

• Zero confirmed incidences of bribery or corruption in FY2020
• No significant fines or non-monetary sanctions for non-compliance with laws and regulations in FY2020
• Placed in the Top 10 in the Governance Index for Trusts (“GIFT”) 2020

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacted global economic activity and posed unique challenges for PRIME

Mitigation Strategies

• Implemented business continuity plan, with all employees working remotely
• Board regularly consulted on developments requiring impact assessments and mitigation measures
• Provided assistance to tenants by way of lease deferrals on a case-by-case basis

Supply Chain Management

Responsible Procurement

• Committed to dealing with environmentally and socially responsible suppliers

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards: Core Option

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• 12 out of 14 properties are LEED or Energy Star certified
• Implemented measures to optimize energy and water efficiency across all properties
• Installation of environmentally friendly amenities (bicycle racks, recycling programs, automatic lighting sensors, water conservation features, weather-proofing window panels) in most properties

Social Achievements

• Implemented measures to ensure the health and safety of tenants during the COVID-19 pandemic (signage, increased janitorial services, UV sterilization technology, nano-septic elevator button covers, higher quality air filters)
• Provided resources for tenants such as virtual concierge services and hosted virtual events

Governance Achievements

• Adherence to the Singapore Code of Corporate Governance 2018
• Establishment of a Distribution Reinvestment Plan (DRP)
• Inclusion in the FTSE EPRA Nareit Global Real Estate Index

Climate Goals & Targets

Environmental Challenges

• Global economic uncertainty and disruptions of return to office plans due to COVID-19 variants
• COVID-19 pandemic impact on physical occupancies

Mitigation Strategies

• Implemented measures to ensure tenant health and safety (see Key Achievements - Social)
• Proactive lease management and expansion of technology and hybrid working solutions
• Business continuity plans updated and tested regularly

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Energy Management
• Water Management
• Emissions Management
• Waste Management
• Employment Practices
• Safe Spaces and Well-being
• Talent Development
• Diversity and Non-discrimination
• Local Communities
• Economic Performance
• Anti-corruption Practices
• Board Diversity

Environmental Achievements

• 71% of PRIME’s properties rated as above average in Energy Star scores
• 57% of PRIME’s properties achieved at least LEED Gold Certification
• Adopted new energy savings initiatives
• 12 out of 14 properties achieved U.S. Green Building Council Leadership in Energy and Environmental Design (“LEED”) and/or Energy Star certification

Social Achievements

• Zero incidents of workplace injuries or fatalities among the Manager’s employees and LPC’s employees physically based at PRIME’s properties
• Implemented new policies to drive sustainability efforts across PRIME’s properties
• Increased material topics from 8 to 12 focus areas
• 1st year mapping material topics to United Nation’s Sustainable Development Goals (“SDGs”)

Governance Achievements

• Implemented new policies to drive sustainability efforts across PRIME’s properties
• Zero incidents of non-compliance or corruption
• All directors on the Board attended SGX-prescribed one-time sustainability training in FY2022
• Adopted new energy savings initiatives

Climate Goals & Targets

Environmental Challenges

• Data limitations or exclusions for some properties (e.g., energy consumption, emissions, water usage, waste data)
• Need to improve data collection mechanisms on further metrics identified to monitor climate-related risks

Mitigation Strategies

• Partnered with Gridium to achieve significant energy savings and attract ESG-focused tenants
• Aim to collect energy consumption data for all 14 properties in FY2023
• Aim to collect Scope 1 and Scope 2 emissions data for all properties in FY2023
• Aim to increase the scope of data collection to all 14 of our properties for water and waste data, starting from FY2023

Supply Chain Management

Responsible Procurement

• Green purchasing policy implemented in December 2022

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards, TCFD, SGX-ST Listing Rules 711A and 711B

UN Sustainable Development Goals

• Goal 7 (Affordable and clean energy)
• Goal 11 (Sustainable cities and communities)
• Goal 13 (Climate action)

PRIME’s contributions to SDGs are outlined in the report, aligning with various initiatives.

Environmental Metrics

ESG Focus Areas

• Environmental Impact
• Diversity and Inclusion
• Health, Safety and Satisfaction of Stakeholders
• Corporate Governance, Compliance & Ethics
• Economic Sustainability

Environmental Achievements

• 86% of properties showed improved ENERGY STAR scores compared to the prior year.
• Achieved UL Verified Healthy Building Mark for all 14 properties.
• Total GHG emissions decreased by 8.0% compared to the prior year.
• Total energy consumption decreased by 8.6% compared to the prior year.

Social Achievements

• Organised more than 60 tenant and community engagement events.
• Implemented tenant engagement surveys and feedback loops.
• All 14 properties achieved the UL Verified Healthy Building Mark.
• Implemented a Vendor Diversity Policy.

Governance Achievements

• Achieved approximately 30% female representation on the Board of Directors.
• Zero incidences of fraud, bribery, or corruption.
• All employees received comprehensive ethics and compliance training.

Climate Goals & Targets

Environmental Challenges

• Transition from seven different property management companies to LPC.
• Data quality issues in previous years.
• Evolving tenant needs and preferences.
• Economic uncertainties and market fluctuations in the US commercial real estate market.

Mitigation Strategies

• Consolidated property management under LPC.
• Implemented Gridium platform for enhanced data quality.
• Implemented tenant engagement surveys and feedback loops.
• Developed a tenant events calendar and provided resources to property managers for better event planning.
• Implemented new ESG initiatives and solutions, including automated energy metering systems and smart irrigation technologies.

Supply Chain Management

Responsible Procurement

• Vendor Diversity Policy

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Extreme temperature rise
• Rising sea levels

Transition Risks

• Tenant preferences
• Increased pricing of GHG emissions
• Increased ESG reporting requirements
• Building certification requirements

Reporting Standards

Frameworks Used: GRI Standards, TCFD

UN Sustainable Development Goals

• SDG 7 (Affordable and Clean Energy)
• SDG 11 (Sustainable Cities and Communities)
• SDG 13 (Climate Action)

Initiatives such as energy efficiency improvements, tenant wellness programs, and climate risk assessments contribute to these goals.