Targets 2007-2008

The table below details our investment targets for 2007-2008. Due to the considerable work that went into establishing meaningful and stretching targets at the start of 2007, we made a conscious decision to set these on a longer time period. All these targets therefore share the completion deadline of 31 December 2008, spanning an 18 month period. We are now only reporting on our interim progress made during 2007, but we will report more fully in 2009. The following key summarises how interim progress is objectively assessed using a traffic light system.

Target completed:

For management targets, this symbol indicates that the target has already been completed and its status will remain the same at the end of 2008.
For performance targets, this symbol indicates that PRUPIM’s performance in 2007 achieved or exceeded the target threshold set for 2008. While this would suggest that the target should be met in 2008, it does not guarantee it, given the small possibility of performance in 2008 regressing for as yet undetermined reasons.

Target in progress:

For management targets, this symbol indicates that some actions have been taken in 2007 towards completing the target.
For performance targets, this symbol indicates that PRUPIM’s performance in 2007 exceeds 2006 performance and is moving closer towards the target performance threshold.

No progress:

For management targets, this symbol indicates that no actions have yet been taken towards completing the target.
For performance targets, this symbol indicates that PRUPIM’s performance in 2007 has declined compared with 2006 performance and is moving away from the target performance threshold.

Target	Progress Indicator	Interim Progress Comments
Conduct environmental audits at all properties in the Improver Portfolio and establish key performance indicators against which improvement will be tracked over five years. (NB: the wording of this target has been altered to reflect the fact that the number of properties in the Improver Portfolio will change with sales and purchases.)		22 environmental audits were undertaken (covering the entire portfolio – revised in size following the sale of several properties). KPIs have yet to be established but we are working with our consultants Ecofys to determine these.
Use the Tenant's Energy Review (TER) as a major pillar of our strategy to engage with tenants across our Improver Portfolio, in order to encourage greater understanding of energy consumption between landlord and tenant.		The Tenant Energy Review part of LES-TER was not finalised until late in 2007, and so we have not had the opportunity to utilise it yet. However, we are rolling this into 2008 and beyond as one of the tools for tenant engagement in the Improver Portfolio.
Trial the Landlord's Energy Statement (LES) at selected offices in our Improver Portfolio and our ISO 14001 group of properties, with a view to achieving a like for like saving of 6kg CO2 per m2 of Net Lettable Area (NLA), based on previous year historical consumption, by April 2008.		The worksheet for the LES (Landlord’s Energy Statement) was not finalised until late 2007. Given this delay there was little opportunity to liaise with tenants to the extent that we would have wished. We are rolling this project over into subsequent years.