PRS REIT | ESG

ESG Policy

Policy as at:
21/06/2021

ESG Overview

Our ESG strategy, and fundamental goals, align with our commitment to providing quality homes for people with first class customer care, building thriving communities, supporting local charities, contributing positively to society in general where we can. Communities and people are at the heart of our business and our strategy reflects a responsibility to all stakeholders. As such this strategy is ever-developing and evolving, taking into account a constantly changing landscape. This focus affords the power to improve lives and communities for the better, and we are proud to be pursuing these aims and upholding high ESG values.

Aims

We strive to deliver positive outcomes for all our stakeholders, and to ensure that our decisions are taken with a deep sense of responsibility towards the environment and society, through investment in people and the communities where we have an impact. Our Investment Adviser, Sigma, is responsible for the implementation of our ESG strategy.

Partnerships

We recognise the impact our business has on the environment, throughout the planning and construction phases and beyond, and are committed to reducing our environmental impact. We also understand the impact our business, and activity, has on the lives of our employees, service providers, supply chain, residents and the wider community, indeed all with whom we engage and interact. As a result we are committed to working responsibly with all stakeholders and partners, taking into account the ever-changing needs of all parties.

External ESG Verification and Validation

Recognising, reacting and responding to the sustainability and ethical impacts of all we do is the basis behind our ESG journey. With this in mind, and to help focus and better direct our efforts in all aspects of environmental, social and governance, we have signed up to the UN Global Compact, and commit to complying and adhering to its 10 core principles, based on human rights, labour, environment and anti-corruption. Our management structure operates with clear policies and practices, to identify, address and manage ESG issues effectively throughout the lifecycle of our managed PRS assets. The appointment, in November 2020, of a dedicated ESG Director, reporting directly to CEO and Board, is designed to enhance and develop further our commitment to and engagement in this area.

Recognising and reflecting the growing importance of ESG globally, it is our intention to seek external assessment and recognition of our achievements in these areas.  Late in 2020 we undertook a gap analysis review with advisors EVORA, a leading sustainability consultant specialising in real estate solutions, to identify focus areas and establish direction of travel. After careful review and consideration we are now working towards submissions to achieve a rating from GRESB (Global Real Estate Sustainability Benchmark) and to further align with the European Public Real Estate Association (EPRA) standards which represents the real estate sector by providing better information to investors and promoting best practice. We have now appointed EVORA to help direct strategies, plans and decisions going forward.

Defining Value is a challenge and we identify the growing significance of Social Value in real estate. In March 2021 we engaged with the Social Value Portal (SVP) and we begin work with this team in June 2021 to build a picture of our current position, and monitor data and impact going forward. Further to this project is reference and alignment to the UN Sustainable Development Goals, drawing up an annual report illustrating our intent and position in relation to specific goals of the 17 listed.