Important information

You must read the following information before proceeding. It explains certain legal and regulatory restrictions which apply to the information contained on this website. By accessing this website, you agree to be bound by the terms and conditions below. If you do not agree to the notices and disclaimers below, do not access this website.

This website provides general information about LXi REIT plc (the "Company") only and does not constitute investment, tax, legal or other advice. The information contained on this website is intended only for professional and retail investors (as those terms are used in the Alternative Investment Fund Managers Directive 2011/61/EU) who are resident in the United Kingdom and may not be accessed by persons who are located in the United States, Canada, Australia, the Republic of South Africa or Japan. Viewing the materials you are seeking to access may not be lawful in jurisdictions other than the United Kingdom. In some jurisdictions, only certain categories of person may be allowed to view such materials. Any person who wishes to view these materials must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the "I do not accept" button below.

You may download or print copies of the reports or information contained within this website for your own private use only; all other copying, reproducing, transmitting, distributing or displaying of material on this website (by any means and in whole or in part) is prohibited. The contents of this website must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, outside the United Kingdom and in particular in or into any other Member State of the EEA, the United States, Canada, Australia the Republic of South Africa or Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving any such materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. None of the Company, LXI REIT Advisors Limited, Alvarium Fund Managers (UK) Limited nor any of their respective representatives accepts any responsibility for any violation by any person of any of these restrictions.

The information on this website may be subject to amendment and updating without notice. None of the Company, LXI REIT Advisors Limited, Alvarium Fund Managers (UK) Limited nor any other person guarantees the accuracy or completeness of any information on this website and each such person disclaims all representations and warranties, whether express or implied, to the greatest extent permitted by applicable law and regulation. By continuing to use this website, you agree to the exclusion by such persons, to the greatest extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to the provision of and your use of this website and its content.

This website may contain or link to content which is generated by third parties. None of the Company, LXI REIT Advisors Limited, Alvarium Fund Managers (UK) Limited nor any other person accepts any responsibility in respect of any information contained on any other website which may be linked to or from this website.

The information on this website is for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities in any jurisdiction. If you are considering any investment in the Company's shares and are unsure as to whether the investments described on this website are suitable for you, we strongly recommend that you seek professional advice from a financial adviser before making any investment or financial decisions. All investment is subject to risk. The value of the shares in the Company may go down as well as up. Past performance is no guarantee of future returns and there is no guarantee that the market price of the Company's shares will fully reflect their underlying net asset value. There is also no guarantee that the Company's investment objective or return objectives will be achieved.

This website is governed by the laws of England.

By clicking the "I accept" button below, you warrant that you are located in the United Kingdom, you are not a resident of, or physically present in, the United States, Canada, Australia, the Republic of South Africa or Japan or any other territory where to do so would breach applicable laws, rules or regulations, and you agree that you will not transmit or otherwise send any of the information on this website to persons outside the United Kingdom.
I Do AcceptI Do Not Accept
ESG strategy & portfolio Net Zero pathway document >LXi ESG policy >March 2023: ESG annual progress report >
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		 Energy:
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		 Tbc
Biodiversity Net Gain BNG(%)
Biodiversity Units generated		 Tbc
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
OCCUPIER ENGAGEMENT
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.
BIODIVERSITY ENHANCEMENT
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.
OCCUPIER ENGAGEMENT
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.