Targets 2007-2008

The table below details our property management 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.

Impact Area	Target	Progress Indicator	Interim Progress Comments
Energy and Climate Change	Reduce CO₂ emissions from energy use in the UK managed ('significant') office and shopping centre portfolio by 9% by 2012, compared to a 2006 baseline (and equivalent to an annualised 1.56% reduction each and every year which is in line with the rate required to achieve the UK Government’s Draft Climate Change Bill target to reduce CO₂ emissions by 60% by 2050).		Carbon emissions (kgCO₂/m² of net lettable area for Managed Offices and common parts areas for Shopping Centres - including emitted and averted CO₂) improved by 14% compared to the 2006 baseline. This is significantly beyond the 2012 target we set ourselves, with four years remaining. (1)
	Improve energy efficiency (kWh/m²) in the shopping centre portfolio by 3% on the 2006 baseline, by the end of 2008.		Energy efficiency in Shopping Centres improved by 17% compared to the 2006 baseline.
	Improve energy efficiency (kWh/m²) in the managed office portfolio by 3% on the 2006 baseline, by the end of 2008.		Energy efficiency in Managed Offices improved by 16% compared to the 2006 baseline.
Waste	Achieve a 40% actual recycling rate (by mass) for Shopping Centres by the end of 2008. (2)		Our shopping centre recycling rate was 26% in 2007. We have appointed a new waste contractor in order to work towards the ambitious 40% target. 40% target.
Water	Commission water audits at the top 20 water consuming managed properties.		Water audits were undertaken at 20 properties and extended to include a full Strategic Resource Review (of energy, waste and water) of all Shopping Centres and high water consuming properties.
Health and Safety	Zero deaths and RIDDORs at all UK managed offices.		Regrettably there was one fatality during 2007.
Our own office	Ensure PRUPIM’s Head Office move to City Place House implements sustainable fit-out options, thereby minimising the baseline footprint of own office occupation.		PRUPIM moved into City Place House in early 2008. During fit out, a range of energy efficiency and waste management measures were implemented. We will feature a case study in our 2008 Sustainability Report.
	Establish procedures to measure and target own office waste recycling at PRUPIM’s new Head Office, City Place House.		PRUPIM has initiated discussions with its new Facilities Manager at City Place House regarding possible waste measurement arrangements. No firm decisions have yet been taken, but we hope to implement an appropriate recycling strategy in due course, taking account of the fact that we are now in a multi occupancy building.

(1) For some buildings within the Managed Portfolio the data includes consumption within the tenant’s demise during direct recovery arrangements or in void units.
(2) Please note that we have amended the wording of this target (removing the word ‘average’ and replacing it with ‘actual’). This decision was taken following the availability of actual waste data by mass. It will improve the accuracy of our waste reporting by reflecting the actual recycling rate rather than an average which can mask poorer performance across a portfolio of properties.