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Monitoring and measurement of progress: Targets & KPIs
This set of KPIs is clearly monitorable and consists of indicators perceived as most critical at this point. It is to be revisited on an annual basis and can be modified as strategy delivery progresses. On-going progress against the KPIs is reviewed quarterly by the Board of Directors, with an in-depth annual review. Progress against these will be reported to investors through our annual and interim reporting.
Environmental - Immediate (to 2025)
Area KPIs Target
LL controlled Scope 1&2 emissions Emissions reduction alignment to Net Zero Net Zero by 2025
Occupier data coverage % electricity consumption
% gas consumption
% water consumption
% data on waste management
2023: 75% | 2024: 85%+
Water & waste: 2023: 50% | 2024: 75%
Embodied carbon Establish measurement approach for forward fundings and tenant fit-outs and refurbishments To be concluded by end FY23/24
Occupier engagement % tenants by rent roll - regular dialogue
% tenants collaborating on initiatives
% tenants with Net Zero targets
Regular dialogue: 75% by end FY23/24
Tenant questionnaire coverage:
2023: 50% portfolio
2024: >90% portfolio
Net Zero plans for buildings % portfolio by rent roll with plans in place 2023: 15% to have reduction plans in place by year end
2024: 30%
2025: >50%
EPCs EPC audit & improvement plans 2023: all assets to have an EPC rating in place by end of FY23/24
2024: improvement plan in place for all EPC D & below
On-site renewables Progress PV projects across the sites with live negotiations
Portfolio-level scoping exercise
To be concluded by end FY23/24
Physical risk Establish appropriate physical risk assessment tool To be concluded by end FY23/24
Biodiversity Pilot and roll-out plan To be concluded by end FY23/24
Environmental - Medium & longer term (2030 to 2050 milestones)
Area KPIs Target / portfolio potential
CO2e emissions, intensity & yoy emission reductions tCO2e, % like-for-like reductions vs operational
Scope 3 pathway
2030: 30% reduction
2040: 50% reduction
2045: 75% reduction
2050: Net Zero
Whole life carbon WLC reductions & NZ Tbc
Building Energy Usage Intensity EUI (kWh/m2/yr)
EUI reduction vs pathways
Tbc as site-level audits complete
Delivery against decarbonisation plans for buildings Delivery of asset efficiency-driven decarbonisation potential 2030: 50% reduction
2040: 80% reduction
2045: 100% reduction
EPCs % EPCs by rating 2027: All properties rated >=C
2030: All properties rated >=B
On-site renewables % properties with on-site renewables
% energy generated on-site
30% on-site potential to be delivered by 2030
Physical risk % portfolio rated
% portfolio low risk
Biodiversity Net Gain BNG(%)
Biodiversity Units generated
Social - Immediate (to 2025)
Area KPIs Target
Social impact Increasing DE&I in the built environment Delivery of localised social impact Investment Advisor to take part in minimum three initiatives annually Complete site-level scope assessment by end FY23/24
Wellbeing Establish approach to wellbeing assessment Scoping assessments & framework development: End FY23/2
Governance - Immediate (to 2025)
Area KPIs Target
DE&I Board & senior teams composition 50:50 gender balance Ethnic and socioeconomic diversity
Board ESG oversight Direct Board responsibility for ESG oversight, regular engagement on ESG progress Industry best practice
Transactional DD LXis ESG due diligence checklist Adherence to all requirements
Strategy Delivery: Case Studies
Travelodge regear
The Company completed a lease regear with Travelodge in Q4-22, extending the unexpired lease terms on 122 hotels by a weighted average of nine years. Green Lease Provisions are included within the updated leases, with focus on the following principles:
  • sharing of energy, water, recycling and waste data
  • co-operating on the environmental, social and governance strategies
  • future proofing the leases to ensure the landlord has the necessary rights to enter the properties to make environmental performance improvements where necessary
Information sharing and frequency of dialogue around energy reduction and decarbonisation has already increased since the provisions came into effect, and we have set out to collaborate with Travelodge and their sustainability consultants on an air source heat pump pilot project at one of the LXi sites.
Columbus Quarter, Andover
In May ’23, we completed our first biodiversity enhancement project at Columbus Retail Park in Andover in collaboration with The Ecology Co-operation Ltd. Based on their strategy for the site, existing landscaping was replaced with a native mix of plants and shrubs, creating a more varied and resilient ecosystem that thrives in the local climate and encourages birds, insects and other wildlife. This overhaul is calculated to have achieved >200% BNG vs baseline. Although over a relatively small area (c.500 m2), this packs a punch and we are looking to replicate this across our other landlord-controlled landscaping areas, and encourage all our occupiers to do the same across their plots wherever possible.
Increasing data coverage
Having access to data is key for setting a reliable baseline for science-based emission reduction targets at the individual property-level. In Q1-23, we focused our efforts on conversations with occupiers around the importance of data sharing and ultimately doubled utility usage data coverage from 27% for calendar year 2021 to 62% for 2022. We are aiming for 75% coverage in 2023 to flesh out gaps. The data will continue to be used to benchmark energy usage intensity across the portfolio, and to identify priority sites for collaboration with occupiers on energy management and decarbonisation initiatives.