Real Estate Investors Plc (‘REI Plc’)
Climate Impact & Sustainability Data (2021, 2022)
Reporting Period: 2021
Environmental Metrics
Total Carbon Emissions:18,810 MTCO2e (2019, landlord-controlled areas only)
Scope 1 Emissions:17,574 MTCO2e (2019)
Scope 2 Emissions:1,236 MTCO2e (2019)
ESG Focus Areas
- Carbon emissions reduction
- Energy Performance Certification (EPC)
Environmental Achievements
- Established carbon emissions (Scope 1 and 2) for landlord-controlled areas (1.07 million sq ft) for 2019: 17,574 MTCO2e (Scope 1) and 1,236 MTCO2e (Scope 2).
- Commitment to expanding data capture to include tenant consumption data (Scope 3) for future reporting.
- Programme in place to meet UK statutory timeframe for EPCs; intention to upgrade assets when required.
Social Achievements
- Formation of a non-Board ESG Committee in 2021 to create, implement, and review the ESG framework.
- Partnership with Measurabl to streamline carbon emissions tracking and reporting, and measure asset-level ESG data.
Governance Achievements
- Established a non-Board ESG Committee headed by a Non-Executive Director.
- Application of the QCA Corporate Governance Code (2018 edition).
Climate Goals & Targets
Short-term Goals:
- Reduce void space and unlock income potential in 2022.
Environmental Challenges
- Reduced occupancy levels to 85.75% (FY 2020: 91.60%) due to sales and known lease expiries, with void spaces sitting empty longer than in a normalized market.
- Reduction in like-for-like rental income to £14.3 million (FY 2020: £16.0 million) due to void space and disposals.
Mitigation Strategies
- Focus in 2022 on reducing void space and unlocking income potential.
- Intensive asset management initiatives, including refurbishments (e.g., Titan House, Telford) to improve rental income and lease terms.
- Active tenant engagement to navigate challenging periods.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2022
Environmental Metrics
ESG Focus Areas
- Environment
- Social
- Governance