FY25 Climate-related Disclosures

NZX and media
announcement
—
10 September 2025

Page 1

FY25 CLIMATE-RELATED DISCLOSURES
Property for Industry Limited (PFI) today releases its Climate-related Disclosures for the reporting period
ended 30 June 2025.

PFI’s FY25 Sustainability and Climate Report, containing PFI’s FY25 Climate-related Disclosures, is
available on PFI’s website at: https://www.propertyforindustry.co.nz/sustainability/

ENDS























ABOUT PFI & CONTACT

PFI is an NZX listed industrial property specialist, owning over 90 quality properties worth more than $2 billion. Our well
diversified portfolio is focused on strategic locations that drive value and growth for the industrial sector, for our tenants, and for
our investors. Since listing on the NZX in 1994, we’ve built a strong track record of delivering consistent returns. We invest for
the long-term, combining our capital and specialist industry capability to deliver the successful outcomes all our stakeholders
need.

For further information please contact:

SIMON WOODHAMS
Chief Executive Officer
----
Phone: +64 21 749 770
Email: woodhams@pfi.co.nz
CRAIG PEIRCE
Chief Finance and Operating Officer
----
Phone: +64 21 248 6301
Email: peirce@pfi.co.nz
----
Property for Industry Limited
Level 4, Hayman Kronfeld Building, 15 Galway Street,
Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
www.propertyforindustry.co.nz

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FY25
SUSTAINABILITY AND
CLIMATE REPORT.
FY25 SUSTAINABILITY AND CLIMATE REPORT

FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
CONTENTS.
1. INTRODUCTION 3
2. FY25 SUSTAINABILITY UPDATE 5
3. CLIMATE-RELATED DISCLOSURES 15
STATEMENT OF COMPLIANCE 16
GOVERNANCE 17
STRATEGY 20
RISK MANAGEMENT 38
METRICS AND TARGETS 39
4. APPENDICES 48
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURESINTRODUCTION
INTRODUCTION.
Property for Industry Limited (PFI) is an NZX
listed industrial property specialist, that owns
over 90 properties worth more than $2 billion.
Our well-diversified portfolio is focused on
strategic locations that drive value and growth
for the industrial sector, for our tenants, and
for our investors. Since listing on the NZX in
1994, we’ve built a strong track record of
delivering consistent returns. We invest for the
long-term, combining our capital and specialist
industry capability to deliver the successful
outcomes all our stakeholders need.
01.
This report contains PFI’s FY25 Sustainability Update
and Climate-related Disclosures. All financial information
in this report is presented in New Zealand Dollars and
excludes GST.
Reporting period
This report covers the 12-month period from 1 July 2024
to 30 June 2025 (FY25), unless otherwise stated.
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURESINTRODUCTION
1. Figures on this page are as at 30 June 2025.
AUCKLANDOUT OF AUCKLAND
87%CURRENT:CURRENT:13%
126
TENANTS
$2,166.2M
CURRENT PORTFOLIO VALUATION
$112.3M
CONTRACT RENT
91
PROPERTIES
5.47years
WEIGHTED AVERAGE LEASE TERM (WALT)
PORTFOLIO METRICS
1
Stage 2 of our
development at
78 Springs Road.
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESINTRODUCTIONCLIMATE-RELATED DISCLOSURESFY25 SUSTAINABILITY UPDATE
FY25 SUSTAINABILITY
UPDATE.
The purpose of PFI’s FY25 Sustainability
Update is to transparently communicate the
impacts we have on people and the planet, to
explain our strategy to address such impacts,
and to provide insight into our sustainability-
related risks and opportunities.
02.
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESINTRODUCTIONCLIMATE-RELATED DISCLOSURESFY25 SUSTAINABILITY UPDATE
OUR SUSTAINABILIT Y STRATEGY: 2030
MATERIAL FOCUS AREAS

TO 2030
GREENHOUSE GAS
EMISSIONS
RESOURCES
AND WASTE
DISASTER AND
CLIMATE RESILIENCE
PEOPLE AND
WELLBEING
ECONOMIC
VALUE
Aspiration
The embodied and
operational
greenhouse gas
emissions associated
with PFI’s buildings
are minimised.
Aspiration
The impacts from the
materials that PFI
uses and the waste
PFI produces during
developments
and refurbishments
are minimised.
Aspiration
PFI’s buildings
are resilient and we
are well placed to
respond to disasters.
Aspiration
Our people are safe

and engaged, and we
promote positive
social impacts
through
our operations.
Aspiration
The value of PFI
grows to create
economic value for
investors, tenants, our
people and others
that we work with.
CURRENT TARGETS
UPDATED TARGET:
Achieve 1.4MW of solar
capacity by the end
of FY27.
SOLAR SYSTEMS
TARGET ACHIEVED:
Implement power metering
and monitoring for 90% of
properties by the end of FY25.
METERING
Significant new buildings
to target minimum 5 Green
Star certification.
GREEN STAR
NEW TARGET:
80% of PFI’s tenancies to
have full LED lighting by the
end of FY28.
LED LIGHTING
OUR SUSTAINABILITY STRATEGY
PFI plays an important role in the hard-working
industrial sector by providing workplaces for
industrial tenants. PFI owns long-term assets, so
making sustainable, enduring decisions is critical
for delivering positive outcomes for our tenants
and investors. PFI is focused on embedding
sustainability in our core business activities,
to position PFI for the future.
In 2022, PFI set its Sustainability Strategy to 2030,
with an initial implementation plan that spanned
from 2023 to 2025. Since then, PFI has made
significant progress toward delivering the first
stage of its Sustainability Strategy, having achieved
our initial solar and metering targets ahead of
expectations. During FY25, PFI undertook a
review of PFI’s Sustainability Strategy and targets.
PFI’s revised targets are set out below, including
new targets around solar installations and LED
lighting upgrades.
Our implementation of the strategy will be dynamic.
We will review and adapt our response as we learn
and as our external environment changes.
CORE PRINCIPLES
Create a future-
proofed and
resilient portfolio
through sustainable
refurbishments,
developments,
acquisitions and
divestments.
Maximise the useful
lifespan of buildings
to minimise waste
by transforming our
core portfolio.
Become a trusted
partner for tenants
when it comes to
sustainability and
reducing greenhouse
gas emissions.
Collaborate with
supply chain
partners to minimise
waste, use lower-
impact materials and
promote positive
social impacts.
Maintain strong
employee
engagement and
health and safety
performance.
Maintain high
standards of
financial and
governance
performance.
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FY25 SUSTAINABILITY
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APPENDICESINTRODUCTIONCLIMATE-RELATED DISCLOSURESFY25 SUSTAINABILITY UPDATE
Awarded a 5 Star Green
Star Design rating for
three buildings (Stage 1
and 2 at 30-32 Bowden
Road, and Stage 1 at 78
Springs Road). 10.3% of
our portfolio by market
value has achieved a 5
Green Star Design rating.
2.4% of our portfolio by market value has achieved
a Green Star Performance (Energy and Water
Pathway) rating. See page 11.
Achieved our target of
installing power metering
and monitoring at 90% of
our properties by the end of
FY25, with 91%
of properties in our portfolio
now with metering installed.
See page 11.
91%
POWER METERING AND MONITORING
5 STAR GREEN STAR DESIGN RATING
Installed solar panels at a further three buildings, meaning
that a total 731 kwp of solar capacity has been installed
across eight buildings in PFI’s portfolio. See page 12.
731kWp
SOLAR PANEL INSTALLATION
Commenced construction
on Stage 2 at 78 Springs
Road, which is currently
registered for a Green
Star rating.
DEVELOPMENT PIPELINE
OPERATIONAL PERFORMANCE RATINGS
FY25 HIGHLIGHTS:
Green Star
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESINTRODUCTIONCLIMATE-RELATED DISCLOSURESFY25 SUSTAINABILITY UPDATE
ELECTRICITY FROM TENANTED BUILDINGS |
OPERATIONAL WASTE | BUSINESS TRAVEL
UPSTREAM EMISSIONS
SCOPE 3
CORPORATE EMISSIONS
SCOPE 1 AND 2
DOWNSTREAM EMISSIONS
SCOPE 3
GOODS AND SERVICES | CAPITAL GOODS |
ELECTRICITY TRANSMISSION AND DISTRIBUTION
LOSSES | EMPLOYEE COMMUTING
FUGITIVE EMISSIONS FROM HVAC SYSTEMS |
DIESEL EMISSIONS FROM SPRINKLER SYSTEMS |
PURCHASED ELECTRICITY
% TOTAL FOOTPRINT
EMISSIONS SOURCE
OUR FY25 CARBON FOOTPRINT
11,504.7
TONNES OF C02E
54.6%
6,284.3 TONNES
0.7%
76.2 TONNES
44.7%
5,144.3 TONNES
GREENHOUSE GAS EMISSIONS
PFI’s measured greenhouse gas emissions
are set out above. A more detailed
breakdown can be found on pages 39-41
and 50-55.
Scope 3 emissions comprise 99.3% of PFI’s measured
Greenhouse Gas (GHG) emissions footprint for FY25.
PFI considers its most material emissions impacts to be:
§
Emissions relating to our development and refurbishment
activities, known as embodied carbon emissions. These
are our Scope 3, Category 2 emissions from capital goods.
§
Emissions relating to the electricity use in our tenanted
buildings, known as operational emissions. These are
our Scope 3, Category 13 emissions from downstream
leased assets.
PFI’s strategy and Transition Plan (see pages 20-22)
primarily focus on minimising both the embodied and
operational carbon emissions of our buildings. We have
committed to:
§
building and refurbishing in a way that reduces both
embodied and operational greenhouse gas emissions
where practicable; and
§
measuring and over time improving the operational
performance of our buildings.
Embodied carbon is likely to be a particular challenge for
PFI in the coming decades. These emissions largely arise
from the use of materials such as concrete and steel when
constructing our buildings. There are lower-carbon
products becoming available (such as low-carbon concrete
and steel), which PFI is utilising where practicable and
subject to cost considerations. However, PFI is reliant on
third parties for the development and provision of lower
carbon products. PFI is continuing to monitor progress in
this space and highlights the re-use of existing buildings
as an opportunity to reduce these impacts.
Emissions associated with property maintenance are also
significant (falling under Scope 3, Category 1). Bringing
PFI’s facilities management in-house during 2023 was an
important step in positioning the business to address these
emissions in future as it has enabled PFI to form direct
relationships with the contractors generating these
emissions. However, our primary focus in reducing our
GHG emissions remains on developments, refurbishments
and electricity use of our buildings, as set out in our
Transition Plan on pages 21-22.
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APPENDICESINTRODUCTIONCLIMATE-RELATED DISCLOSURESFY25 SUSTAINABILITY UPDATE
Green Building Ratings Achieved as at 30 June 2025
2
Developments Registered for Green Building Ratings as at 30 June 2025
2
PROPERTY
78 Springs Road (Stage 1)
MARKET VALUE
$121.0m
RATING
5 Green Star Design & As Built
NZv1.0 Design rating.
3
COMPLETED
PROPERTY
Spedding Road
MARKET VALUE
No market valuation available
4

RATING
Registered with NZGBC under
the Green Star Design & As Built
NZV1.1 rating tool.
UPCOMING DEVELOPMENT
UPCOMING DEVELOPMENT
PROPERTY
92-98 Harris Road
MARKET VALUE
$25.0m
RATING
Registered with NZGBC under
the Green Star Design & As Built
NZV1.1 rating tool.
PROPERTY
686 Rosebank Road
MARKET VALUE
$58.9m
RATING
Registered with NZGBC under
the Green Star Design & As Built
NZV1.1 rating tool.
PROPERTY
30-32 Bowden Road
(2 buildings)
MARKET VALUE
$103.0m
RATING
5 Green Star Design & As Built
NZv1.0 Design rating.
3
COMPLETED
2. Market value of these developments reflect market valuations
as at 30 June 2025.
3. PFI was awarded an ‘As-Built’ certification for Stage 1 at 30-32
Bowden Road in July 2025. An ‘As-Built’ certification for Stage 2 at
30-32 Bowden Road and Stage 1 at 78 Springs Road have not yet
been issued, but PFI is well-progressed through the NZGBC Green
Star certification progress.
4. In 2023 PFI entered into a conditional contract to purchase two
lots (5.8 hectares of land) for $40.6m.
1. Green Star ratings are administered by the New Zealand Green
Building Council (NZGBC). PFI is a member of the NZGBC.
PROPERTY
304, 316 and 318 Neilson Street
MARKET VALUE
$31.6m
RATING
Registered with NZGBC under
the Green Star Design & As Built
NZV1.1 rating tool.
UPCOMING DEVELOPMENT
UPCOMING DEVELOPMENT
PROPERTY
78 Springs Road (Stage 2)
MARKET VALUE
$34.3m
RATING
Registered with NZGBC under
the Green Star Design & As Built
NZV1.1 rating tool.
UNDER CONSTRUCTION
New Buildings and Brownfields Developments
When developing significant new buildings, our target of
a minimum 5 Green Star certification
1
aims to ensure the
building performs to a range of sustainability standards
including materials, water, energy, and indoor environment
quality. In particular, the Green Star tool seeks to:
§
minimise the impact of building materials and practices
on the environment, including embodied carbon
emissions; and
§
ensure the building is designed efficiently to minimise
greenhouse gas emissions arising from the operation
of the building (for example, electricity usage).
As part of meeting 5 Green Star certification requirements,
PFI must obtain independent Life Cycle Assessments for
its developments. Life Cycle Assessments enable us to
understand the upfront embodied carbon emissions
associated with construction using lower carbon building
materials and design, compared to a reference building of
similar size and use. To achieve 5 Green Star certification,
all upcoming registered developments will be required
to achieve a mandatory 10% reduction in embodied carbon
emissions (compared to a reference building), through
design and use of low carbon building materials.
PFI has commenced construction on Stage 2 at 78 Springs
Road, which is targeting 5 Green Star certification. PFI has
also committed to targeting 5 Green Star certification
for a number of upcoming developments (which will be
completed in stages over the short to medium term).
As a first step in this process, PFI has registered five
development projects with the NZGBC, meaning that these
properties will be designed and built to meet the NZGBC’s
Green Star certification requirements.
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESINTRODUCTIONCLIMATE-RELATED DISCLOSURESFY25 SUSTAINABILITY UPDATE
Sustainable Refurbishments
In some cases, we are able to extend the useful life of an
aged building by undertaking a refurbishment. This avoids
the generation of embodied carbon and waste by reusing
materials (such as walls and foundations) that were
already in place in an original building, while presenting an
opportunity to upgrade or add sustainable features (such
as LED lighting). PFI has created an internal Sustainable
Refurbishment Framework, providing guidance for our
team and contractors to minimise our environmental
impacts when we undertake refurbishment projects
through a preference for lower-carbon materials and
resource efficient design features.
As each refurbishment is unique, this framework ensures
we have a range of sustainable design options to consider
for each refurbishment. A refurbishment under our
Framework might include improving energy efficiency
and water consumption, reducing waste, using lower
impact building materials, and moving to renewable
energy sources.
CASE STUDY:
212C Cavendish Drive
PFI applied our Sustainable Refurbishment Framework
to the vacant property at 212C Cavendish Drive, Wiri.
PFI undertook an identification process with our
head contractor Haydn & Rollett to evaluate the
opportunities and types of sustainable refurbishment
features to be considered for this project. The general
categories of focus for this refurbishment were
improving energy efficiency, water consumption,
the indoor environment, using low carbon building
products, and waste management.
During FY25, PFI deployed approximately $1.5m in gross
capital expenditure towards this refurbishment (including
general refurbishment costs). This refurbishment
assisted PFI to secure a new tenant, Portacom,
for this property.
Key sustainable features incorporated into this
property include:
§
reuse of existing structure.
§
installation of solar panels.
§
upgrades to LED lighting for the office and canopy.
§
temperature and lighting controls.
§
use of lower carbon concrete for the new warehouse
floor slab.
§
installation of rainwater harvesting tanks for
greywater use.
§
double glazing and insulation for the office.
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESINTRODUCTIONCLIMATE-RELATED DISCLOSURESFY25 SUSTAINABILITY UPDATE
Measuring and Improving Operational
Performance
PFI’s Scope 3, Category 13 emissions comprise electricity
consumed by our tenants in our buildings. In 2022 we
commenced a project to install power metering and
monitoring at 50% of properties by the end of 2025. Having
achieved that initial target in FP24, we revised our metering
target to: install power metering and monitoring for 90% of
properties by the end of FY25. As at 30 June 2025, PFI has
successfully achieved this target with power metering
installed at 91% of properties in the portfolio. With
metering installed at the majority of our buildings, we are
now better-placed to measure the operational performance
of our buildings
1
.
With the data collected so far, we have been able to
measure and disclose the greenhouse gas emissions
associated with the use of electricity in our tenanted
buildings in FY25 (for detailed methodology and
assumptions, see Appendix 2).These emissions are
a material part of our Scope 3 emissions, and we anticipate
these emissions could increase over time due to proactive
responses by our tenants to climate change, such as the
electrification of their machinery or vehicles in their efforts
to decarbonise.
In time, as we build up data, we expect that we may be able
to identify opportunities to collaborate with our tenants to
improve the energy efficiency of our buildings (including
through initiatives to upgrade to energy efficient lighting
and solar panels). The power use of buildings forms part
of a tenant’s Scope 2 emissions, so we are in a position
to help them with their own emissions reduction plans.
Buildings with better operational performance also typically
consume less and cost the tenant less in power and water.
CASE STUDY:
Green Star Performance
(Energy and Water Pathway) Trial
In 2025, PFI completed a trial for a small selection of
properties for Green Star Performance certification under
the Energy and Water only pathway. Under this pathway
buildings are only assessed against energy and water
performance criteria, which limits the number of stars
that can be awarded to 3 Stars (compared to the
maximum of 6 Stars achievable under a full Green Star
Performance rating). PFI has achieved a 2 Star Green
Star Performance rating for a portfolio of four buildings.
This certification is valid for a period of three years and is
subject to annual energy and water performance audits.
These buildings are now able to be classified as ‘Eligible
Assets’ under PFI’s Green Finance Framework, which in
turn, may allow PFI greater access to Green Finance from
its lenders. Further information on PFI’s Green Finance
Framework is available at https://www.
propertyforindustry.co.nz/sustainability
With a trial of the Green Star Performance certification
process now complete, we intend to work toward
seeking ratings for selected other properties in the
portfolio.
PROPERTYMARKET VALUERATING
6 Autumn Place$5.0m2 Star Green Star Performance NZv1.2
10 Autumn Place$19.1m2 Star Green Star Performance NZv1.2
102 Mays Road$15.6m2 Star Green Star Performance NZv1.2
23 Zelanian Drive$12.3m1 Star Green Star Performance NZv1.2
Operational Performance Ratings as at 30 June 2025
1. Measuring operational performance will remain challenging as it is often difficult to differentiate between emissions from the operation
of an industrial building and emissions associated with tenant operations within that building (which is relevant to obtaining operational
performance ratings).
The collection of data has been a crucial first step to
exploring options for operational performance certification
for our existing properties. Operational performance
ratings (such as Green Star Performance) are used to
assess the operational performance of existing buildings,
and assists building owners to measure and identify
opportunities to improve the operational performance
of their buildings.
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FY25 SUSTAINABILITY
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APPENDICESINTRODUCTIONCLIMATE-RELATED DISCLOSURESFY25 SUSTAINABILITY UPDATE
RESOURCES AND WASTE
When PFI undertakes property developments and
refurbishments, building materials such as steel and
concrete are procured by PFI’s contractors. Extracting,
producing, and shipping these materials have upstream
impacts such as greenhouse gas emissions and potential
impacts on local communities or biodiversity if not
produced responsibly.
Waste is also generated by PFI’s contractors during
development and refurbishment activities, for example
from demolition of existing structures (including concrete
and steel) and packaging of materials that are delivered to
site. We aspire to minimise the impacts from the materials
that PFI uses and the waste that PFI produces during
developments and refurbishments. We are collaborating
with suppliers to improve waste measurement and
reduction, and use of lower-impact materials.
Our commitment to 5 Green Star encourages us to use
lower impact materials and reduce the waste impacts
from our developments. PFI has achieved high rates of
construction and demolition waste diversion from landfill
for the Green Star developments that have recently
been completed:
Solar
New Zealand has a higher supply of renewable electricity
than many other countries. However, electrification of
activities that we currently rely on fossil fuels for (such
as driving) is key for decarbonising many aspects of our
economy, resulting in increased demand for electricity.
Installing solar panel arrays at our properties makes
renewable electricity available for our tenants to use,
reducing their demands on New Zealand’s electricity
grid, and their energy bills.
Solar installations can help PFI to strengthen
our relationships with our tenants, and in some cases,
presents an opportunity to extend lease terms and
generate an acceptable commercial return through lease
negotiations with tenants interested in solar.
PFI has installed solar systems at a total of eight buildings
as at 30 June 2025, including at three buildings during
FY25. This represents 0.73 MW of renewable power
capacity installed at our properties. PFI has recently revised
its solar target to achieve a total 1.4MW of solar capacity in
its portfolio by the end of FY27.
Scope 1 and 2 emissions
PFI’s Scope 1 and 2 emissions
1
are very small when
compared to the scale of Scope 3 emissions from
developments and electricity use at tenanted buildings.
While our Sustainability Strategy focuses on managing
these more material impacts, we acknowledge that we
need to be mindful of our direct footprint, and we have
taken steps to reduce it.
In recent years, PFI has upgraded a significant number of
HVAC systems across our portfolio within PFI’s operational
control in order to reduce emissions and remove ozone-
depleting refrigerant gases.
We intend to continue to work on initiatives to further
reduce our gross Scope 1 and 2 emissions going forward,
particularly as new technologies become available that
enable us to make further advances.
1. PFI’s measured Scope 1 emissions include fugitive emissions
from refrigerant gas and diesel consumed at PFI’s properties.
PFI’s measured Scope 2 emissions include purchased electricity
consumed at PFI’s head office, vacant spaces and common areas
in PFI’s portfolio of properties, where PFI has operational control
over the electricity used.
Solar panel
installation
makes renewable
electricity available
to tenants.
DEVELOPMENT
WASTE DIVERTED
FROM LANDFILL
TOTAL WASTE
(TONNES)
WASTE SENT TO
LANDFILL
30-32 Bowden Road (Stage 1 & Stage 2)98.4%9,331.21.6%
78 Springs Road (Stage 1)97.9%9,829.32.1%
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FY25 SUSTAINABILITY
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PFI also considers the impacts of resources and waste
from our refurbishment activities through our Sustainable
Refurbishment Framework. During a refurbishment of
an existing building, we can reduce the impacts caused
by building materials by reusing existing materials and
structures (where possible) and aim to use lower
impact materials.
Our in-house facilities management model also enables
us to make more informed decisions about capital
expenditure on our buildings and reduce the unnecessary
use of materials.
DISASTER AND CLIMATE RESILIENCE
PFI aims to ensure its buildings are resilient and we are
well placed to respond to disasters, including climate-
related events.
Climate Resilience Framework
PFI faces a range of risks arising from climate change
including regulatory change, increasing demand for
sustainable and climate-resilient buildings, changing
investor and funder preferences, and the effects of extreme
weather (including on insurance availability and pricing),
driving the need to ensure PFI’s portfolio is both
sustainable and resilient.
Preparing the business and portfolio for the physical
and transition impacts of climate change has been an
ongoing focus for PFI, and PFI’s Sustainability Strategy
and Transition Plan are designed with this in mind.
Assessing physical climate-related risks to PFI’s buildings
is one of a number of considerations that inform our asset
planning, portfolio management decisions, due diligence
for new acquisitions and decisions to divest existing
properties. Physical risk assessments are undertaken
annually as part of PFI’s climate-related risks and
opportunities assessment, and prior to acquisition of
new properties.
PFI has implemented an internal Climate Resilience
Framework, which identifies the opportunities and actions
PFI could consider to mitigate climate change impacts and
improve the climate resilience of its properties. Through
this Climate Resilience Framework, PFI is aiming to
mitigate or manage physical climate-related risks by:
§
working with our contractors to identify and incorporate
climate resilience features into our buildings as part of
sustainable projects or wider refurbishment activities
over time (for example, improving weather-tightness,
installing solar or rainwater harvesting tanks);
§
identifying and implementing climate adaptation
measures into the design of new buildings as part
of targeting 5 Green Star certification; and
§
embedding climate resilience into our day-to-day
facilities management activities via planned proactive
maintenance to minimise the impact of severe weather
events, such as by increasing the frequency of gutter
cleans and maintenance and through roof maintenance
and repairs.
The extent to which these are applied will vary depending
on the specific circumstances of the properties, including
landlord and tenant needs, and cost considerations.
Addressing Seismic Risk
For many years, PFI has been working through a programme
to assess, and where appropriate, improve the seismic
ratings of each property in our portfolio to reduce the
likelihood of damage and harm as a result of earthquakes.
Seismic risk is also carefully considered when acquiring
new properties as part of our due diligence process.
PEOPLE AND WELLBEING
PFI strives to ensure our people are safe and engaged,
and we aim to promote positive social impacts through
our operations. PFI also interacts with a wide range of
stakeholders, for whom we want to contribute to a safe
and positive working environment.
Team Engagement
PFI focuses on maintaining strong staff engagement.
We achieved an 86% staff engagement score and a 100%
participation rate in our last full staff engagement survey,
undertaken in 2023. We also achieved a low employee
turnover of 4% during FY25.
Our facilities
management team
works closely with
our tenants.
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FY25 SUSTAINABILITY
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Health, Safety and Wellbeing
The health, safety and wellbeing of our team and others that
we work with remains a critical focus for PFI. We provide a
variety of wellbeing offerings to our team, including:
§
A flexible working policy
§
Staff health and safety induction and ongoing training
§
Provision of ergonomically designed workstations
§
A staff wellbeing programme that includes funding for
periodic health checks, staff insurances, and access
to a clinical psychologist
§
Safety protocols, including personal protective
equipment, for site visits
§
Governance and incident management through our
health and safety committee
§
An annual ‘Wellness Week’, which includes a focus on
health and wellbeing of our staff
PFI has implemented a Health, Safety and Wellbeing
Manual that provides a practical and enduring system to
ensure our approach to health, safety and wellbeing goes
beyond adherence to the Health and Safety at Work Act.
The manual sets out our objectives, policies, risk
management controls and responsibilities across our team.
The development, maintenance and ongoing management
of our properties presents a range of risks to our tenants,
contractors and other visitors to those properties, such
as those arising from electrical hazards, roof access
and fire risks. Risk management initiatives for our
properties include:
§
Prequalification requirements and induction
for contractors
§
Periodic and independent property risk assessments
§
Asbestos management protocols
§
Requirements for safety plans and site inspections
for development projects
§
Governance and incident review through our health
and safety committee
1. This table covers all health and safety incidents and near misses that have been reported to PFI by our contractors, tenants and PFI’s staff.
HEALTH AND SAFETY INCIDENTS AND NEAR MISSES
FY23
12 MONTHS
FP24
6 MONTHS
FY25
12 MONTHS
Injuries1368
Incidents that did not result in injury / near misses201631
Total recorded incidents and near misses332239
The health and safety incidents in the table below reflect
incidents that were reported to us across our operations
1
:
Community Engagement
Engaging with our community is important to PFI and
to our team. During FY25, we participated in a team
volunteering day at Fair Food NZ, preparing food
packages for local West Auckland families in need.
PFI also made the following donations during FY25:
§
$10,000 donation to Auckland City Mission to support
their activities in the community.
§
$5,000 donation to Fair Food New Zealand to support
access to fresh food in the West Auckland community.
§
$4,500 donation to The Gut Foundation NZ to support
their efforts to promote research and education of gut
diseases and disorders.
§
$2,500 donation to Southern Charity Hospital Trust
to support access to healthcare for the Southland
community.
We also continued our sponsorship of Keystone
New Zealand Property Education Trust, which supports
students to get a tertiary education in the property or
construction sector.
ECONOMIC VALUE
PFI is proud to help our tenants to generate economic
value through the provision of fit-for-purpose properties
from which they can operate their businesses, while
generating direct economic value for our investors and
other capital providers. We see our Sustainability Strategy
(along with our proven business model, prudent capital
management, strategy, and team) as critical to the ongoing
delivery of strong economic performance as the context in
which we operate continues to evolve with regulatory
change, changing market demands and increasing
expectations from our business partners and investors.
Health, safety and
wellbeing is a priority
for the PFI team.
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APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
CLIMATE - R E L ATE D
DISCLOSURES.
This section contains PFI’s Climate-related
Disclosures for the 12-month period to
30 June 2025 (FY25).
PFI’s Climate-related Disclosures are for Property for
Industry Limited (the Company) and its subsidiaries P.F.I.
Property No. 1 Limited (PFI No. 1) and P.F.I. Cover Limited
(PFI Cover) (collectively, the Group, PFI or we).
Balance Date Change
The Group changed its balance date from 31 December
to 30 June with effect from 1 January 2024. These
Climate-related Disclosures represent the first full
12-month reporting period under the new balance date,
covering the year ended 30 June 2025. The comparative
information presented for the immediately preceding
reporting period reflects a six-month period ending 30 June
2024 (FP24).
03.
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DISCLAIMER
Climate change is an evolving challenge,
with high levels of uncertainty. This report
sets out PFI’s approach to scenario analysis,
our understanding of, and response to, PFI’s
climate-related risks and opportunities, PFI’s
Transition Plan, and our current and
anticipated impacts of climate change,
including financial impacts. This reflects our
current understanding as at 10 September
2025. We acknowledge that this will evolve
over time, and this report contains estimates
and assumptions about future external
physical and transitional changes driven
by climate change and their anticipated
impacts on our business. These
representations are subject to significant
uncertainties and assumptions.
This report contains forward looking
statements, including climate-related
scenarios, targets, assumptions, climate
projections, forecasts, statements of PFI’s
future intentions, transition planning,
estimates and judgements. These
statements involve assumptions, forecasts
and projections about PFI’s present and
future strategies and the environment in
which PFI will operate in the future, which
are inherently uncertain and subject to
limitations, particularly as to inputs, available
data and information which is likely to
change. The risks and opportunities
described here, and our strategies to achieve
our targets, may not eventuate or may be
more or less significant than anticipated.
There are many factors that could cause
PFI’s actual results, impacts, performance
or achievement of climate-related metrics
(including targets) to differ materially from
that described, including economic and
technological viability, as well as climatic,
government, consumer, and market factors
outside of PFI’s control.
The disclosed qualitative financial impacts
and quantitative data are inherently subject
to limitations and uncertainties. These
have been described at pages 33-37. PFI
has sought to provide a reasonable basis
for forward-looking statements and is
committed to progressing our response
to climate-related risks and opportunities
over time but we are constrained by the
novel and developing nature of this subject
matter. We remain committed to reporting
our progress each year, but we caution
reliance on aspects of this report that are
necessarily less reliable than other
aspects of our annual reporting.
With the exception of PFI’s Scope 1 and
Scope 2 greenhouse gas emissions for
FY25, the disclosures and metrics in this
report have not been assured.
Nothing in this report should be interpreted
as capital growth, earnings or any other
legal, financial, tax or other advice or
guidance. To the fullest extent possible,
PFI disclaims liability for any loss suffered
as a result of reliance on this report.
DEAN BRACEWELL
Board Chair
CAROLYN STEELE
Audit and Risk Committee Chair
STATEMENT OF COMPLIANCE
PFI is a climate reporting entity under
the Financial Markets Conduct Act 2013.
These Climate-related Disclosures comply
with the Aotearoa New Zealand Climate
Standards (NZ CS 1, 2 and 3) issued by
the External Reporting Board (XRB).
In preparing this report, PFI has elected
to use the following adoption provisions
in NZ CS 2:
§
Adoption provision 5, which exempts
PFI from disclosing two years of
comparative information for Scope
3 GHG emissions. PFI has disclosed
comparative information for the previous
two reporting periods for all relevant
Scope 3 GHG emissions sources except
Category 13 which was not reported
in FY23. PFI disclosed its Category 13
emissions for the first time in FP24,
noting that the GHG emissions for FP24
cover a six-month period compared to
the current 12-month period due to PFI’s
change in balance date in 2024.
§
Adoption Provision 8, which permits
PFI to exclude its Scope 3 emissions
disclosures from the scope of GHG
assurance engagements for reporting
periods ending before 31 December
2025. Accordingly, PFI’s Scope 1 and 2
emissions in respect of FY25 are subject
to a limited assurance engagement.
While PFI has disclosed its Scope 3
emissions, these emissions have not
been assured. PFI relies on the Financial
Markets Conduct (Climate-related
Disclosures – Assurance Engagement)
Exemption Notice 2025, which exempts
PFI from seeking assurance over
Scope 3 GHG emissions statements,
as otherwise required by section
461ZH(1) of the Financial Markets
Conduct Act 2013.
The Climate-related Disclosures contained
in this report are signed on behalf of
Property for Industry Limited and were
authorised for issue on 10 September
2025.
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GOVERNANCE
This section describes the role of PFI’s
Board in overseeing climate-related risks
and opportunities and the role of
management in assessing and managing
climate-related risks and opportunities.
Board of Directors
§
Oversees PFI’s strategy and performance, including PFI’s Sustainability Strategy.
§
Establishes a framework for recognising and managing all business risks, including climate-related risks.
§
Oversees, reviews and approves PFI’s Climate-related Disclosures.
Audit & Risk Committee
§
Assists the Board with risk management.
§
Annually reviews PFI’s Company-wide risk register and climate-related risks and opportunities.
§
Reviews and provides recommendations to the Board on PFI’s Climate-related Disclosures.
Senior Leadership Team
Comprised of PFI’s Chief Executive Officer, Chief Finance and Operating Officer, Head of Sustainability
and Operations, and Portfolio Manager¹
§
Leads PFI’s Sustainability Strategy and the day-to-day management of PFI’s climate-related risks
and opportunities.
§
Meets monthly and monitors progress against PFI’s strategy and targets.
§
Reports PFI’s progress and response to climate-related risks and opportunities to the Board quarterly.
Head of Sustainability and Operations
§
Leads the assessment of PFI’s climate-related risks and opportunities.
§
Aims to ensure PFI’s strategy is designed to respond to climate-related risks and opportunities.
§
Reports progress on climate-related matters to the Senior Leadership Team.
§
Leads the preparation of PFI’s Climate-related Disclosures.
Management Sustainability Meetings
Attended by members of the Property and Facilities Management Teams, who manage the day-to-day operations
and play a critical role in implementing PFI’s Sustainability Strategy and targets.
§
Attendees meet every 6-8 weeks to discuss sustainability-related topics in the context of property
and facilities management, including the execution of PFI’s Sustainability Strategy and performance
against targets.
§
Reports progress to the Senior Leadership Team (via the Head of Sustainability and Operations).
1. PFI’s General Counsel and Company Secretary was appointed to the Senior Leadership Team with effect from 1 July 2025.
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GOVERNANCE BODY OVERSIGHT
Climate-related Risks and Opportunities
PFI’s Board of Directors is responsible for oversight of
climate-related risks and opportunities affecting PFI.
The Board oversees PFI’s overall performance and strategy,
as well as its Sustainability Strategy and management of
climate-related matters. The Board is also responsible for
recognising and managing all business risks and ensuring
effective risk management systems are in place to protect
PFI’s assets, including for climate-related risks, supported
by the Audit and Risk Committee.
The Audit and Risk Committee and the Board review
PFI’s Risk Register annually, which provides a view of the
Company’s overall business risks. Climate-related risks
are embedded in several of PFI’s business risks, including
our strategic, financial, operational, ESG, property and
reputational risks. PFI’s climate-related risks and
opportunities are also reviewed and presented to PFI’s
Directors annually. PFI’s Risk Register was reviewed by
Directors at an Audit and Risk Committee meeting held
in December 2024, and PFI’s climate-related risks and
opportunities were reviewed by Directors at a Board
meeting held in May 2025. Risk is also a standing agenda
item at quarterly Board meetings and Audit and Risk
Committee meetings.
Further details on PFI’s risk management processes are
set out in the Risk Management section.
Climate-related Metrics and Targets
PFI’s Audit and Risk Committee is responsible for ensuring
appropriate metrics and targets for managing PFI’s
climate-related risks and opportunities are set and
monitored in consultation with the Board and
management. As PFI makes progress against set targets,
PFI’s Board also oversees the refresh of PFI’s climate-
related targets as appropriate. The Board monitored
progress against agreed targets at quarterly Board
meetings during FY25. Having met some of these targets
ahead of time in FY25, the Senior Leadership Team
undertook a review of PFI’s Sustainability Strategy,
which included a review of PFI’s targets and initiatives for
managing climate-related risks and opportunities. Revised
targets were approved by the Board at a Board meeting in
May 2025. The Board intends to monitor progress against
these revised targets at quarterly Board meetings in FY26.
The Board also oversees the achievement of sustainability-
related targets incorporated in the Senior Leadership
Team’s short-term incentives. Further information can
be found in the Metrics and Targets Section.
The Board also oversees the development of metrics to
measure and manage climate-related risks and
opportunities, and monitors progress against these metrics
and targets at least annually at Board meetings, including
once in FY25. Further information on PFI’s metrics and
targets can be found in the Metrics and Targets Section.
Strategy Implementation
PFI’s Board considers climate-related risks and
opportunities when reviewing and overseeing
implementation of PFI’s overall strategy, plans and
budgets. Management of climate-related risks and
opportunities associated with our existing portfolio
is a key strategic consideration for PFI. Key strategic
initiatives for PFI include targeting a minimum 5 Green
Star certification for all significant new buildings, and
aiming to improve energy efficiency, sustainability and
climate resilience of PFI’s existing buildings via sustainable
refurbishments and property upgrades. Climate-related
risks and sustainability matters are one of a number of
factors the Board considers as part of PFI’s due diligence
for acquisitions and in decisions to divest properties. The
Board reviewed and approved PFI’s corporate strategy and
Sustainability Strategy (including revised climate-related
targets) at the May 2025 Board meeting. Further
information on PFI’s Transition Plan can be found on
pages 20-22.
PFI’s specialist
industrial capability
delivers value for our
tenants and investors.
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Board Skills and Competencies
PFI’s Board aims to ensure that the Board maintains the
right mix of skills and competencies to effectively deal with
current and emerging issues of the business, including
climate-related risks and opportunities as appropriate.
PFI’s Directors review the Board’s skills and competencies
annually, which includes a self-assessment of their skills
and experience across a range of topics, including climate-
related skills. Four Directors have assessed themselves as
having either ‘strong’ or ‘some’ climate-related skills and
experience, with two Directors assessing themselves as
having ‘limited’ climate-related skills or experience. PFI’s
Directors last attended training on climate-related
disclosures in 2023, and intend to attend a further training
session in 2025 to develop and maintain their climate-
related skills.
A summary of recent key Board engagements relating to
climate-related risks and opportunities can be found in
Appendix 1.
MANAGEMENT’S ROLE
PFI’s Chief Executive Officer and Chief Finance and
Operating Officer are responsible for managing risks and
executing PFI’s overall strategy, including climate-related
risks and opportunities. With contribution from the Senior
Leadership Team, PFI’s Head of Sustainability and
Operations leads the identification, assessment, and
management of PFI’s climate-related risks and opportunities
and aims to ensure that the Company’s strategy is designed
to respond to these risks and opportunities. Under PFI’s Risk
Management Framework, which is approved by the Board,
the Senior Leadership Team are responsible for promoting
good risk practices by their teams. Further details of how
PFI identifies, assesses, and manages climate-related risks
are set out in the Risk Management Section.
During FY25, PFI held seven management sustainability
meetings with key members of the property and facilities
management team. The agenda of these meetings covers
PFI’s sustainability targets and initiatives. Attendees monitor
and track progress on key targets and management of
climate-related risks and opportunities through this forum.
Sustainability and climate risk is also a frequent topic at
monthly Senior Leadership Team meetings, where
management discuss emerging climate-related market
trends, progress against PFI’s key targets, strategy, climate
risk and transition planning. Management decisions on PFI’s
responses to climate-related risks and opportunities can be
made through this forum. The Senior Leadership Team
engage with PFI’s Board and Audit and Risk Committee on
climate-related risks and opportunities, progress against
targets, and risk responses via reporting at Board and Audit
and Risk Committee meetings. The frequency of
Management’s engagement with the Board and Audit and
Risk Committee during FY25 is described in Appendix 1.
Further information on PFI’s responses to climate-related
risks and opportunities can be found in the Strategy section.
Sustainability
is a key focus
for members
of the property
and facilities
management team.
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STRATEGY
This section describes the scenario
analysis PFI has undertaken, the climate-
related risks and opportunities we have
identified in our work to date, our current
and anticipated impacts of climate
change, and how we plan to position
our business towards a low emissions,
climate-resilient future.
PFI’S STRATEGY
PFI’s strategy is to invest in well-diversified, strategically
located, quality industrial properties across New Zealand.
As a professional landlord, our business model broadly
covers leasing existing properties to industrial tenants,
portfolio management through acquisitions and
divestments, and refurbishment and development
activities. Following the insourcing of facilities
management in mid-2023, we now coordinate repairs,
maintenance and capital projects for our buildings through
our internal facilities management team. We work to
embed sustainability and climate risk into PFI’s overall
business strategy, and in recent years, PFI has focused on
prioritising value creating opportunities through significant
developments, projects and bolt-on acquisitions that have
the potential to increase shareholder returns beyond
current levels. As part of PFI’s portfolio management,
we also divest properties to recycle capital and fund
our ongoing brownfield opportunities, new developments,
or upgrades of our existing assets.
PFI’s Sustainability Strategy is described on page 6. The
transition planning aspects of PFI’s overall business
strategy aligns with PFI’s Sustainability Strategy. Further
information on PFI’s Transition Plan can be found below.
TRANSITION PLANNING ASPECTS
OF STRATEGY
PFI recognises that the impacts of climate change require
us to be responsive and make strategic decisions to address
climate-related risks and realise opportunities. PFI’s
scenario analysis, and identification of climate-related risks
and opportunities (as set out in this section) demonstrate
that there is scope for PFI to evolve its activities to
effectively manage the risks and realise the opportunities
arising as the global and domestic economy transitions
towards a low-emissions, climate resilient future state.
Building from the core principles in our Sustainability
Strategy (see page 6), the transition planning aspects
of our strategy focus on improving the sustainability,
energy efficiency and climate resilience of our buildings.
PFI’s Transition Plan outlines initiatives that are critical to
our overall strategy and to help position PFI in the transition
to a lower carbon, more climate resilient future. These
initiatives (described on pages 21-22) require PFI to make
strategic decisions regarding its existing portfolio and
new acquisitions, including whether to:
§
retain and upgrade existing buildings (via a sustainable
refurbishment or project);
§
demolish and re-develop existing buildings (seeking
Green Star certification); or
§
divest properties and recycle capital to fund
sustainable refurbishments, Green Star developments
or acquisitions.
PFI’s climate-related risks and actions being taken to
respond to those risks are described further on pages
27-32.
Alignment with capital deployment
and funding processes
Understanding and regularly reviewing the long-term
strategy for each property is critical to enabling PFI to
understand whether and when to deploy capital to
upgrade existing buildings to be more sustainable and
climate resilient or achieve a Green Building Rating.
Property strategies will adapt over time based on market
conditions, changes in tenant, owner and funder
preferences, and tenant demand.
PFI’s Transition Plan provides a high-level overview of how
we incorporate emissions reductions and climate resilience
into decision-making (including capital-deployment and
funding decisions), noting that climate change is one of
a number of factors in strategic decision-making for
the portfolio.
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HIGH LEVEL TRANSITION PLAN
The transition planning aspects of our strategy aim to embed emissions reduction initiatives and climate resilience in key strategic decisions to retain and upgrade,
demolish and redevelop, and acquire or divest properties. More information on PFI’s climate-related risks and opportunities is provided on pages 27-32.
FOCUS AREAOUR INITIATIVES
RELEVANT CLIMATE-RELATED RISKS
AND OPPORTUNITIESSHORT-TERM ACTIONS (PRESENT TO 2030)CAPITAL MANAGEMENT DECISIONS
EXISTING PORTFOLIO:
Upgrade PFI’s existing
buildings, including
acquisitions, to incorporate
sustainability, climate
resilience and energy
efficiency.
1. Sustainable Refurbishments
Aim to address climate-related
transition risk and reduce our
embodied and operational carbon
emissions (Scope 3) by applying
PFI’s Sustainable Refurbishment
Framework to applicable
refurbishment projects (refer to page
10) for further information on PFI’s
Sustainable Refurbishment
Framework. PFI has targets to
achieve 1.4MW of solar capacity by
the end of FY27 and for 80% of PFI’s
tenancies to have full LED lighting by
the end of FY28.
Climate-related regulatory change,
tenant and purchaser demand for
sustainable and / or climate
resilient buildings, and changing
investor and funder preferences
and funding requirements.
Apply Sustainable Refurbishment
Framework to applicable projects.
Active engagement with tenants regarding
potential sustainability initiatives.
Improve energy performance via installing
metering and monitoring, solar and
LED lighting.
Funding to include sustainable or
climate resilience features into our
existing buildings can be
incorporated into our:
§Annual maintenance capex
planning (for example, through
LED lighting upgrades to improve
energy efficiency or HVAC
replacements when equipment
reaches end of useful life).
§Approval processes for lease-
related capex (for example,
to incorporate tenant specific
sustainability / resilience
features as part of securing new
or renewing leases).
We also consider exposure to
physical climate risks as part of
acquisition and divestment
decisions.
2. Embed Climate Resilience
Implement PFI’s Climate Resilience
Framework to improve the resilience
of PFI’s buildings and portfolio to
climate-related physical risks (such
as severe storms, wind, flooding, and
heat). Refer to page 13 for further
information on PFI’s Climate
Resilience Framework.
Opportunity to embed climate
resilience against extreme weather
events, rising temperatures, and
sea level rise risk.
Implement Climate Resilience Framework
by incorporating climate resilience features
into existing buildings as part of wider
refurbishments and projects, and as part
of daily facilities management activities.
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FOCUS AREAOUR INITIATIVES
RELEVANT CLIMATE-RELATED RISKS
AND OPPORTUNITIESSHORT-TERM ACTIONS (PRESENT TO 2030)CAPITAL MANAGEMENT DECISIONS
3. Operational Performance
Ratings
Measure emissions from electricity
consumed at tenanted buildings and
work toward obtaining operational
performance ratings for some
properties in PFI’s portfolio.
Climate-related regulatory change,
tenant and purchaser demand for
sustainable and / or resilient
buildings, and changing investor
and funder preferences and
funding requirements.
PFI achieved its target to implement power
metering and monitoring for 90% of PFI’s
properties, and is now continuing to
measure electricity consumption data via
metering.
Work toward seeking operational
performance ratings for selected properties
in the portfolio.
DEVELOPMENTS:
Incorporate sustainability
and climate resilience into
significant new
developments and
brownfield redevelopments,
which are targeting a green
building certification.
4. Green Star Certification
Significant new developments and
redevelopments to target 5 Green
Star certification. This aims to
reduce embodied carbon
emissions from development
activities and address climate-
related risks by improving climate
resilience and energy efficiency of
our buildings and reducing
operational costs for our tenants.
Climate-related regulatory
change, tenant and purchaser
demand for sustainable and / or
resilient buildings, changing
investor and funder preferences
and funding requirements,
extreme weather events, and
rising temperatures.
Commitment to 5 Green Star certification
for all significant new buildings. Work
through opportunities to redevelop existing
properties to target Green Star certification.
Opportunities for Green Star
certification are considered as part
of development and acquisition
funding applications.
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TIME HORIZONS
Climate change is a fundamental shift in our external
environment that requires decisions to be made now with
the implications spanning multiple years. PFI’s scenario
analysis, climate-related risks and opportunities, and
targets consider short-term, medium-term and long-term
time horizons that align with PFI’s strategic planning.
These time horizons are set out below:
HORIZONPERIODDESCRIPTION
Short termPresent - 2030Within PFI’s weighted
average lease term
(WALT) (1-6 years)
Medium term2031 - 2050The period in which PFI
anticipates spending
major CAPEX at most
properties (6-25 years)
Long term2051 - 2100The anticipated life of a
building (25+ years)
1. Beca Limited, Climate Scenarios for the Construction and Property
Sector, Ngā Horopaki Āhuarangi mō te Rāngai Hanganga me ngā
Whare, New Zealand Green Building Council (2023).
2. When reviewing the sector scenarios, PFI has assessed transition
risk in a Hot House World scenario to be higher than anticipated
by NZGBC and Beca. PFI has particularly focused on the impacts
of extreme physical climate risks (extreme weather events, rainfall
and flooding) driving increased demand for climate-resilient
buildings among tenants, investors, funders and insurers.
SCENARIO ANALYSIS
During FY25, PFI undertook a scenario analysis
assessment to review PFI’s previously identified climate-
related risks and opportunities and assess our strategic
resilience across three climate scenarios. Climate-related
scenarios represent a plausible and challenging description
of how the future may develop based on assumptions
about potential climate-related impacts. Climate-related
scenarios are not intended to be probabilistic or predictive,
or to identify the ‘most likely’ outcomes of climate change.
Climate scenarios are intended to help entities develop
their internal capacity to better understand and prepare
for the uncertain future impacts of climate change.
As a starting point PFI’s scenario analysis process involved
using the climate scenarios constructed by the New Zealand
Green Building Council (NZGBC) and Beca Limited (Beca)
for the property and construction sector in 2023
1
, and
assessing PFI’s risks and opportunities under each climate
scenario. Along with other key stakeholders within the
industry, we are pleased to have been involved in overseeing
the development of these sector scenarios as part of the
Technical Working Group created by NZGBC in 2022.
The scope of operations covered in the scenario analysis
process included the full supply chain, including tenants,
suppliers and funders. Our scenario analysis considered
a 1.5°C ‘Orderly’ scenario, a less than 2°C ‘Disorderly’
scenario, and a greater than 3°C ‘Hot House World’
scenario
2
. A description of each scenario is outlined on
pages 24-26, with a detailed description, methods,
assumptions, and sources of data used to construct each
scenario available on NZGBC’s website: www.nzgbc.org.
nz/research-and-reports.
We consider the sector scenarios to be relevant to PFI, as
many entities within the property and construction industry
will face the same challenges resulting from climate
change. These scenarios have helped us to consider the
resilience of our business and strategy to climate-related
risks and opportunities faced by PFI and our sector
generally. PFI’s climate-related risks and opportunities
were assessed against these scenarios with oversight from
the Senior Leadership Team and reviewed by the Board.
PFI’s scenario analysis forms part of PFI’s climate risk
and opportunity assessment, which in turn is used to
inform PFI’s corporate strategy.
Upgrades like
installation of
solar panels
improve
the energy
performance of
existing buildings
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CLIMATE SCENARIOS
1.5°C
Orderly
scenario:
Decarbonisation policies are enacted
immediately and smoothly (globally, in
New Zealand, and within the sector). The
world successfully limits global warming
to 1.5°C above pre-industrial temperatures.
This scenario presents medium to high
transition risk for PFI due to a greater
focus on decarbonisation.
Global emissions decline steadily to achieve net zero CO
2

emissions globally by 2050. New Zealand climate policies
are ambitious and in line with the rest of the world’s, with
the building and construction sector adopting and
prioritising decarbonisation policies. The energy grid shifts
rapidly away from fossil fuel use, with the New Zealand grid
reaching 100% renewable by 2050.
Alternative fuels are used as a backup, and renewables are
utilised onsite instead of fossil fuels. Direct carbon capture
technology matures to a point where the world is on track
to achieve net zero CO
2
emissions globally by 2050.
New Zealand’s Emissions Trading Scheme (ETS) is
amended to make carbon capture and storage (CCS) a
recognised removal activity. Carbon capture and storage
systems are implemented in the medium term to
accelerate the rate of decarbonisation and mitigate
hard-to- abate fossil fuel use.
The implementation of this technology increases pressure
on technical and skilled labour supply. As this technology
matures there is a reduction in focus on hard-to-abate
emissions associated with some construction materials
(e.g. concrete, steel, aluminium). This unlocks capital for
more cost-effective decarbonisation strategies.
The shadow price of carbon increases dramatically to align
with a 1.5°C trajectory, steadily rising up to $250/tCO
2
e by
2050 (an increase of ~614% from a 2023 baseline of $35/
tCO
2
e). As a result, the cost and lead-times for low carbon
materials and products increase through the 2020s and
2030s, but they become more cost and time effective than
traditional materials by 2040. The construction sector
grows significantly as carbon-supporting infrastructure is
replaced with greener, low carbon infrastructure.
Land use change due to increased forestry sequestration
continues through to 2050 but the extent is limited and has
marginal impacts on food production and biodiversity.
Regulatory changes for the property and construction
sector include government procurement policies targeting
recycled materials and circular economy principles.
Stringent energy and carbon caps for new buildings are
phased in rapidly. Existing buildings must disclose energy
and carbon performance, take steps to remove all reliance
on fossil fuels for operation, and scale up energy efficiency.
Pressures on centralised infrastructure increase with the
demand for electrification, closing of fossil fuel power
stations and direct climate impacts on storm and
wastewater networks. Modular, circular designs will take
precedence, with existing building re-use and adaptive
re-use being in demand rather than new builds. Rapid
densification puts pressure on horizontal infrastructure,
necessitating significant upgrades.
Significant behavioural change results in an increased
demand for energy efficient buildings, increased pressures
on public transport, the rise of circular business models
and a higher consumer awareness regarding low carbon
buildings.
In response to continued high intensity rainfall events,
properties in floodplains, or subject to unstable ground
conditions, experience increasing insurance premiums
above inflation and experience insurance retreat by 2050.
The threat of late century sea level rise is being priced into
property valuations in the short term and premiums on
some coastal properties increase to the point of permanent
unprofitability, leading to them being stranded.
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FY25 SUSTAINABILITY
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APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
CLIMATE SCENARIOS
<2°C
Disorderly
Scenario:
Significant decarbonisation is delayed
until 2030 (globally, in New Zealand, and
within the sector). Global warming is limited
to <2°C by 2100. The sector faces high
transition risk after 2030 as entities rush
to decarbonise.
As global emissions continue to rise during the 2020s,
concerns about meeting Paris Agreement goals drive a
sudden shift in global policy around 2030. Abrupt and
stringent decarbonisation policies are enacted in the
2030s, succeeding in limiting global warming to below 2°C
above pre-industrial levels by 2100.
New Zealand follows suit with the rest of the world, leading
to abrupt policy and market changes for the property and
construction sector post-2030. There is no initial increase
in carbon price up to 2030, at which point the price rapidly
increases to reach $250/tCO
2
e by 2050.
Whilst rapid policy, technology, and behaviour change does
occur, it is disordered and inconsistent across sectors and
sub-sectors.
Land use change due to increased forestry sequestration
takes place out to 2050 and there are moderate impacts on
food production and biodiversity as rapid decarbonisation
efforts significantly expand the extent of managed forests.
During the 2020s there is a slow increase in demand for
electricity, followed by a surge in demand in the 2030s as
New Zealand rushes to electrify our transport networks.
The electricity sector is unprepared for the sudden shift in
demand at 2030, which causes a delay in adequate
expansion of the grid during the 2030s and leads to supply
constraints. These constraints result in more frequent
blackouts and fluctuations in electricity prices.
During the 2020s, increased regulation within the sector
attempts to address the need to decarbonise, but
regulation is uneven across local entities and conflicting
regulations lead to uncertainty.
At 2030 more stringent regulatory changes are introduced.
During the 2020s there is less investment signalling for
both new and retrofit low carbon buildings, which causes
further uncertainty and lack of momentum until 2030. At
2030, significant regulatory changes demand an immediate
step change in building energy and carbon requirements.
Limited investment during the 2020s means the spike in
demand for low carbon materials, low energy technology
and onsite generation in 2030 causes significant disruption
for the sector. Competition for availability of products,
materials, professional advice and competent installers
impacts significantly on both new building and retrofit
projects resulting in escalation in development costs.
Pressures on centralised infrastructure are compounded
after 2030 due to increasing densification and the
increasing impacts of physical climate risks. Spatial
planning to prioritise decarbonisation and densification
versus climate resilience and managed retreat is
inconsistent across the country. This inconsistency leads
to increasing uncertainty for the construction and property
sector regarding which assets are most likely to become
stranded.
Initially the construction and property sector is slow to
decarbonise, but ‘fast movers’ get the opportunity to utilise
materials, capital, and knowledge while late movers are
disadvantaged when demand peaks post-2030.
A lack of action in addressing medium term physical risks
in the 2020s results in a greater extent of vulnerable assets
in the medium term (2030-2050). The pace of insurance
retreat is accelerating. Properties in floodplains experience
increasing insurance premiums above inflation and
experience insurance retreat by 2040. Premiums on some
coastal commercial properties increase to the point of
permanent unprofitability, leading to them being stranded
by 2030.
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
CLIMATE SCENARIOS
>3°C
Hot House
World
Scenario:
No further decarbonisation policies are
enacted (globally, in New Zealand, and
within the sector), and emissions continue
to rise. Global warming reaches >3°C above
pre-industrial levels by 2100. The sector
faces extreme physical climate risks,
particularly towards the end of the century.
In a Hot House World scenario PFI expects transition risks
will continue as a consequence of the extreme physical
impacts of climate change, particularly as adaptation and
climate resilience are prioritised.
New Zealand’s climate change policy remains in keeping
with the rest of the world. No further policies are
introduced to curb emissions, with the building and
construction sector following suit. Regulatory changes are
slow and focus on adaptation and managing climate driven
immigration / refugees. The price of carbon remains at
$35/tCO
2
e to 2050. Mandates are introduced to conserve
energy for critical functions, as asset and infrastructure
damages due to climate change are realised.
New Zealand follows global trends in not introducing
additional policies and both technology and behaviour
change remain slow across all sectors.
Increasing frequency and severity of acute weather events,
as well as longer term increases in baseline shifts
(increasing temperatures and sea level rise), drive an
increasing need for climate adaptation. For example, the
need to retrofit buildings and infrastructure to be more heat
and flood resilient. There is little investment in technology
and innovation that does not serve these pressing
adaptation needs.
This increases our reliance on current extractive
technologies, which become more expensive as material
resources become scarcer (e.g. rare earth minerals for
EVs and mobile phones).
Use of carbon capture and storage is minimal. Current
policies are entrenched seeing New Zealand’s reliance on
carbon sequestration through forestry increase
significantly out to 2050 in an attempt to offset continued
increases in emissions.
New Zealand’s electricity grid is gradually decarbonised
further in line with current policies. Emission grid factors
remain at 0.06 kgCO
2
/kWh by 2050 which means
businesses wishing to achieve net zero carbon emissions
must invest in their own zero carbon generation.
Existing low carbon materials are readily available due
to low demand but there is little innovation beyond
technologies and materials currently available. Investment
is prioritised towards adaptation and climate resilience.
Some assets become stranded as building codes
increasingly become more stringent regarding the need
for buildings to withstand climate impacts (such as storm
events, extreme rainfall, heatwaves, and floods).
Centralised infrastructure will show failures and stresses,
with some assets becoming stranded due to the physical
impacts of climate change. Consequently, local councils
increase rates to invest in protection and restoration of
certain assets.
There are no incentives for meaningful behavioural change.
A significant breakdown of social cohesion occurs, with
heat stress and mental health impacts from climate
change at record levels. Food insecurity and growing
populations drive retreat from cities. Spikes in demand
for housing occur due to climate- driven immigration from
other parts of the world and increasing numbers of
climate refugees.
The pace of insurance retreat accelerates. Properties in
floodplains experience increasing insurance premiums
and likely experience insurance retreat by 2040. Properties
lose value and become stranded assets. Premiums on
coastal commercial properties may increase to the point
of permanent unprofitability, leading to them being
stranded by 2030.
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FY25 SUSTAINABILITY
AND CLIMATE REPORT
APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
CLIMATE-RELATED RISKS
In FY25, we reviewed PFI’s climate-related risks across the above three climate-related scenarios. Further information on PFI’s approach and processes to identifying and assessing
climate-related risks can be found in the Risk Management Section.
This process has assisted us to identify what we consider to be PFI’s material climate-related risks. A summary of these risks, along with the associated anticipated impacts is illustrated
below. Anticipated financial impacts are further described in the pages that follow.
RISK DESCRIPTION
RELEVANT TIME HORIZON
& CLIMATE SCENARIO
REASONABLY ANTICIPATED
IMPACTS IF RISK MATERIALISESRISK RESPONSE
TRANSITION RISK
Time
Horizon
Climate
Scenario
Residual
Risk Rating
Policy Risk - Climate-related
Regulatory Change
Policy and regulatory change
relating to decarbonisation
and / or climate resilience
(for example, on building
materials and design, land use,
operational performance ratings,
and restrictions on water and
energy use).
Short,
Medium,
Long
Orderly,
Disorderly,
Hot House
Medium /
High
Anticipated impacts of climate-related regulatory
change are:
§Increased retrofit and development activities to
upgrade buildings to a sustainable and climate-
resilient standard;
§Increased demand for (and cost of) low carbon
materials;
§Increased development costs or a reduction in
feasibility of projects; and / or
§Increased compliance risk.
§We closely monitor and work with industry bodies
to respond to regulatory changes and comply with
new regulations.
§We are continuing to execute PFI’s Sustainability
Strategy and initiatives, which focuses on
improving energy and water efficiency, climate
resilience and reducing embodied carbon
emissions of our buildings.
Market Risk - Tenant and
Purchaser Demand for
Sustainable Buildings
Increased tenant and purchaser
demand for sustainable
buildings.
Short,
Medium,
Long
Orderly,
Disorderly,
Hot House
Medium /
High
Anticipated impacts of increased tenant and
purchaser demand for sustainable buildings are:
§Increased retrofit and development activities
to upgrade buildings to a sustainable or green
building standard;
§Increased demand for (and cost of) low carbon
materials;
§Increased development costs or a reduction in
feasibility of projects;
§Positive impacts on valuations for properties that
are sustainable, or negative impacts on valuations
that are not sustainable; and / or
§Difficulty re-letting buildings that are not
sustainable.
§We have a target of 5 Green Star certification for all
significant new buildings.
§We apply an internal Sustainable Refurbishment
Framework for eligible projects and refurbishments.
§We are working to drive stronger operational
sustainability performance of existing buildings
through inhouse facilities management.
§We are working toward operational performance
ratings for selected existing assets.
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RISK DESCRIPTION
RELEVANT TIME HORIZON
& CLIMATE SCENARIO
REASONABLY ANTICIPATED
IMPACTS IF RISK MATERIALISESRISK RESPONSE
TRANSITION RISK
Time
Horizon
Climate
Scenario
Residual
Risk Rating
Market Risk - Tenant and
Purchaser Demand for Resilient
Buildings
Increased demand for buildings
that are resilient to the physical
impacts of climate change.
Medium,
Long
Disorderly,
Hot House
Medium /
High
Anticipated impacts of increased tenant and
purchaser demand for climate resilient buildings are:
§Increased retrofit and development activities to
upgrade buildings to a resilient standard;
§Increased development costs or a reduction in
feasibility of projects;
§Difficulty re-letting buildings that are not climate
resilient; and / or
§Devaluation of properties at risk of climate
change impacts.
§We have begun applying PFI’s internal Climate
Resilience Framework to PFI’s existing buildings.
§Climate resilience is embedded in our day-to-day
facilities management activities.
§Climate adaptation plans are completed for major
developments which assist with designing new
buildings to be more resilient to the expected
physical impacts of climate change.
Market Risk - Changing Investor
and Funder Preferences and
Funding Requirements
Risks relating to changing
expectations of investors and
funders, including:
§Failure to meet climate-related
targets and initiatives, or set
sufficiently ambitious targets;
§Failure to meet expectations
for decarbonisation or climate
resilience;
§Declining market attractiveness
due to increased vulnerability
and exposure to climate
change impacts.
Short,
Medium,
Long
Orderly,
Disorderly,
Hot House
Medium /
High
Anticipated impacts of changing investor and funder
expectations are:
§Reputational damage, negative media attention
and scrutiny from funders, investors, and key
stakeholders; and / or
§Impacts on PFI’s ability to access capital or higher
debt costs due to changing lender requirements.
§ We disclose progress against climate-related
targets and initiatives annually.
§We regularly engage with our investors and funders
to understand expectations.
§We have a target of 5 Green Star certification for all
significant new buildings.
§We apply an internal Sustainable Refurbishment
Framework for eligible projects.
§We apply an internal Climate Resilience Framework
for eligible projects, refurbishments and
developments and as part of day-to-day facilities
management activities.
§In 2023, PFI launched its Green Finance Framework
and established its inaugural $150 million Green
Loan Tranches to support progressive action
towards Green Star targets.
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APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
RISK DESCRIPTION
RELEVANT TIME HORIZON
& CLIMATE SCENARIO
REASONABLY ANTICIPATED
IMPACTS IF RISK MATERIALISESRISK RESPONSE
PHYSICAL RISK
Time
Horizon
Climate
Scenario
Residual
Risk Rating
Acute - Extreme Weather Events
Increased severity and frequency
of extreme weather events (for
example, flooding, storms,
intense rainfall, high winds or
cyclones).
Short,
Medium,
Long
Orderly,
Disorderly,
Hot House
Medium /
High
Anticipated impacts of extreme weather events are:
§Damage to, or accelerated deterioration of, PFI’s
assets and surrounding infrastructure;
§Disruptions to supply chains, construction
timelines, and tenant’s operations;
§Shorter earthworks seasons due to changes in
ground conditions;
§Health and safety risks to staff, tenants and
contractors;
§Increased insurance claims and property rates,
leading to higher insurance premiums or risk of
insurance retreat; and / or
§Increased pressure from tenants, investors, and
funders to improve the climate-resilience of PFI’s
buildings.
§We review portfolio physical climate risks
periodically and complete climate risk assessments
as part of due diligence for new acquisitions.
§We apply an internal Climate Resilience Framework
to incorporate climate resilience into our existing
buildings through wider sustainable refurbishments,
and facilities management activities.
§We have a target of 5 Green Star certification for
all significant new buildings, which incorporates
climate resilience measures.
§In FP24, P.F.I. Cover Limited was incorporated for
the purpose of establishing a captive insurance
programme for the Group. This forms part of a long-
term insurance strategy to position PFI to obtain
prudent levels of insurance.
§We aim to reduce physical impacts through proactive
maintenance via inhouse facilities management.
Chronic - Rising Temperature
Temperature rise and extreme
heat resulting in the need to
upgrade properties to be more
heat resilient.
Medium,
Long
Disorderly,
Hot House
Medium /
High
Anticipated impacts of temperature extremes are:
§Increased cooling demand and energy consumption;
§Increased demand on HVAC systems (leading to
HVAC degradation and upgrades);
§Impacts on operational performance certification
requirements;
§Health and safety risks for tenants and contractors;
and / or
§Demand from tenants to improve air-conditioning
and temperature control within PFI’s buildings.
§We apply an internal Climate Resilience
Framework to incorporate climate resilience into
our existing buildings through wider sustainable
refurbishments, and facilities management
activities.
§We aim to reduce physical impacts through
proactive maintenance via inhouse facilities
management.
Chronic - Sea Level Rise Risk
Rising sea levels result in coastal
flooding during storms or coastal
inundation.
LongHot HouseLowAnticipated impacts of sea level rise are:
§Insurance retreat from coastal locations; and / or
§Properties at risk of sea level rise impacts becoming
permanently stranded or unprofitable.
§Sea level rise risk is a consideration in PFI’s
acquisition and divestment decisions.
§We have assessed PFI’s current portfolio for risk of
coastal flooding due to sea level rise.
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APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
CLIMATE-RELATED OPPORTUNITIES
We have also identified climate-related opportunities, which may be used to manage PFI’s climate-related risks.
The following climate-related opportunities have been identified and are being progressed by PFI.
OPPORTUNITY DESCRIPTION
OPPORTUNITY TYPE, TIME HORIZON AND
RELEVANT CLIMATE SCENARIO
ANTICIPATED IMPACT IF
OPPORTUNITY IS REALISEDRESPONSE
OPPORTUNITY
OPPORTUNITY
TYPE
TIME
HORIZON
RELEVANT
CLIMATE
SCENARIO:
Sustainable Refurbishments
With increased demand for lower carbon, energy efficient
buildings and a focus on decarbonisation among some
investors, funders, tenants, and policy makers, we have a
potential opportunity to reduce emissions, improve the
operational performance of some buildings in our existing
portfolio and improve building value and desirability by
applying PFI’s Sustainable Refurbishment Framework to
refurbishment projects. This may include:
§Reducing embodied carbon emissions via use of lower
carbon materials and reuse of existing materials or
structures.
§Reducing operational carbon emissions, helping our
tenants meet their climate commitments and potentially
reducing costs via implementation of energy and water
initiatives (for example, LED lighting, metering, water
capture and fittings).
§Helping our tenants move to renewable energy (via solar
installations) or implementing sustainable initiatives as
part of their lease negotiations.
TransitionShort,
Medium,
Long
Orderly,
Disorderly
Anticipated impacts of
sustainable refurbishments
could include:
§An increase in retrofit
activities to upgrade existing
assets to be energy efficient
and climate resilient.
§Potential positive impacts
on valuations, occupancy
and rental income if
properties are upgraded
to a sustainable standard
or to meet green building
standards.
Upgrading existing assets via sustainable
refurbishments is already a core element of
PFI’s Transition Plan and business strategy.
During FY25, actions PFI took to realise this
opportunity include:
§Completion of a sustainable
refurbishment at 212 Cavendish Drive.
§Application of PFI’s Sustainable
Refurbishment Framework to other
projects (i.e., solar installations, metering
and LED lighting).
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FY25 SUSTAINABILITY
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OPPORTUNITY DESCRIPTION
OPPORTUNITY TYPE, TIME HORIZON AND
RELEVANT CLIMATE SCENARIO
ANTICIPATED IMPACT IF
OPPORTUNITY IS REALISEDRESPONSE
OPPORTUNITY
OPPORTUNITY
TYPE
TIME
HORIZON
RELEVANT
CLIMATE
SCENARIO:
Green Star Certification
We have identified an opportunity to use Green Star
certification as a differentiator for our new buildings, which
may improve building value and desirability. Through Green
Star certification, PFI has the opportunity to reduce
embodied and operational emissions and address market
and regulatory risks, which may drive demand for low
carbon, energy efficient and climate resilient buildings.
TransitionShort,
Medium,
Long
Orderly,
Disorderly,
Hot House
Anticipated impacts of Green
Star certification could include:
§An increase in development
activities to upgrade
properties to meet Green
Star certification.
§Potential positive impacts on
valuations, occupancy and
rental income for properties
that have achieved Green
Star certification.
§Potential opportunity to
obtain Green finance.
Brownfield and Greenfield developments
are already a core element of PFI’s
Transition Plan and business strategy, with
PFI’s current target that all significant
developments target a minimum 5 Green
Star certification. During FY25, PFI has
achieved a 5 Green Star Design & As Built
NZv1.0 Design rating for three new
buildings.
Operational Performance Ratings
We have identified a potential opportunity to gain
accreditation for some buildings in PFI’s existing portfolio
via operational performance ratings. Power metering and
monitoring is a first step that will allow us to measure
operational carbon emissions from energy use in our
buildings with an ambition to eventually reduce these
emissions where practicable. PFI views this as a potential
way to further improve building value and desirability.
TransitionShort,
Medium
Orderly,
Disorderly
Anticipated impacts of
operational performance
ratings could include:
§An increase in retrofit
activities to upgrade existing
assets to be energy efficient.
§Potential positive impacts
on valuations, occupancy
and rental income for
properties with operational
performance ratings.
§Potential opportunity to
obtain Green Finance.
Operational performance ratings is an area of
focus to improve our existing portfolio of
properties. During FY25, PFI undertook
actions that are critical to achieving
operational performance ratings in future,
including:
§ Continuing to install power metering and
monitoring at PFI’s properties as a first step
towards measuring energy performance;
and
§Conducting a trial using the Green Star
Performance rating tool (Energy and
Water only pathway) for a portfolio of four
properties, which has achieved a 2 Star
Green Star Performance rating.
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FY25 SUSTAINABILITY
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OPPORTUNITY DESCRIPTION
OPPORTUNITY TYPE, TIME HORIZON AND
RELEVANT CLIMATE SCENARIO
ANTICIPATED IMPACT IF
OPPORTUNITY IS REALISEDRESPONSE
OPPORTUNITY
OPPORTUNITY
TYPE
TIME
HORIZON
RELEVANT
CLIMATE
SCENARIO:
Building Climate Resilience
With increased severity and frequency of extreme weather
events and temperature rise driving demand for resilient
buildings, we have an opportunity to embed climate
resilience into PFI’s portfolio. Through the implementation of
PFI’s Climate Resilience Framework, PFI may be able to:
§Improve resilience of existing assets against the physical
impacts of climate change by incorporating climate
resilience features during sustainable refurbishments
and developments and as part of day-to-day building
management.
§ Improve PFI’s due diligence and management of
properties with heightened climate risk to create a more
resilient portfolio.
§Reduce reactive capital expenditure on responding to
climate-related weather events.
§Reduce the number of insurance claims and improve
insurer appetite.
§Improve the safety of tenants and occupants.
Physical Short,
Medium,
Long
Orderly,
Disorderly,
Hot House
Anticipated impacts of building
climate resilience could
include:
§An increase in retrofit and
development activities to
upgrade properties to be
more resilient.
§An increase in planned
proactive maintenance
activities to mitigate impacts
of climate change.
§Potential positive impacts on
valuations, occupancy and
rental income for properties
that are resilient to climate
change impacts.
During FY25 PFI undertook actions to
improve climate resilience and mitigate the
impacts of climate change, including:
§Implementing PFI’s internal Climate
Resilience Framework, which involved
working with PFI’s contractors to
identify ways to incorporate climate
resilience measures into our sustainable
refurbishments and projects;
§Conducting physical risk assessments for
the portfolio, and as part of due diligence
for new acquisitions;
§Completing planned proactive
maintenance, including gutter cleans for
some buildings (where appropriate); and
§ Incorporating climate resilience into the
design of Green Star developments.
Green finance
PFI has identified an opportunity to secure green finance
under PFI’s Green Finance Framework to support
progressive action towards our strategic objectives and
Green Star targets.
TransitionShort,
Medium
Orderly,
Disorderly
Anticipated impacts of green
finance include the opportunity
to access capital at potentially
lower rates.
§In 2023, PFI launched its Green Finance
Framework and established its inaugural
$150 million Green Loan Tranches to
support progressive action towards Green
Star targets. For further information on
PFI’s Green Finance Framework, refer to
https://www.propertyforindustry.co.nz/
sustainability
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CURRENT CLIMATE-RELATED IMPACTS
AND FINANCIAL IMPACTS
PFI has experienced the following current climate-related
impacts and financial impacts during FY25.
Current physical impacts
We continued to observe physical impacts of climate
change during FY25. During FY25, PFI lodged insurance
claims for three properties that experienced flood-related
damage due to heavy rainfall, storms, and subsequent
leaks. The financial impact to PFI from these events was
immaterial. PFI considers a property to be ‘impacted’ by an
extreme weather event if an insurance claim has been
made to cover the cost of repairing damage. PFI makes no
assumptions around the extent to which a weather event
was caused by climate change.
Current transition impacts
Sustainable buildings
Climate-related transition risks and opportunities, including
increased demand for sustainable and climate-resilient
buildings among tenants, purchasers, investors, and
funders, have directly influenced the implementation of
sustainability initiatives for our buildings.
PFI has progressed major developments at 30-32 Bowden
Road and 78 Springs Road. During FY25, three buildings
were awarded a 5 Green Star Design and As-Built NZV1.0
Design rating. PFI also commenced construction at Stage
2 at 78 Springs Road, which is targeting 5 Green Star
certification. Targeting 5 Green Star certification for all
significant new developments is a key initiative in PFI’s
Transition Plan (see pages 21-22), and has enabled us to
incorporate energy and water efficiency initiatives, embed
climate resilience and lower embodied carbon emissions
of the new buildings.
The current financial impacts to PFI associated with these
Green Star developments during FY25 are captured as
follows:
§
approximately $23.3m in gross capital expenditure
spend towards the delivery of Green Star developments
(including Stage 2 at Bowden Road and Stages 1 and
2 at Springs Road). The capital expenditure deployed
towards Green Star developments during FY25 reflects
gross capex and does not separate the incremental
spend that is ‘climate-related’ from general development
costs, nor does it provide an estimate of additional
costs incurred for undertaking Green Star developments
(therefore the gross spend also includes costs that are
not ‘climate-related’). Although we are unable to reliably
estimate the incremental costs incurred for developing
these buildings to a Green Star standard, additional
costs associated with seeking 5 Green Star certification
include costs to implement energy and water efficiency
measures, use of low impact building materials and
products, and additional consultant fees to support the
certification process.
§
the three completed buildings (excluding Stage 2
at Springs Road, which is still under construction),
represent a value of $224.0m or 10.3% of PFI’s current
portfolio market value (based on 30 June 2025
valuations). These buildings are now generating around
$10.8m in contract rental income, which represents
9.7% of PFI’s total contract rent as at 30 June 2025.
We aim to embed
sustainability into our
core business activities.
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PFI has also continued to apply an internal Sustainable
Refurbishment Framework to incorporate energy and water
efficiency and use lower impact building materials at
applicable projects and refurbishments. During FY25,
sustainable features incorporated into PFI’s buildings
include solar installations, LED lighting upgrades, metering
installations, rainwater harvesting tanks, sustainable
landscaping, and EV chargers.
During FY25, PFI spent approximately $5.9m in capital
expenditure towards sustainability-related projects
(excluding capital expenditure towards PFI’s Green Star
developments, which is noted above). Total sustainability-
related capex during FY25 includes some general
refurbishment costs, and therefore also includes some
capex that is not ‘climate-related’.
1
Climate resilience
During FY25, PFI implemented an internal Climate
Resilience Framework, which helps to identify opportunities
to improve climate resilience of both new and existing
buildings within our portfolio. Embedding climate resilience
is a key initiative in PFI’s Transition Plan (see pages 21-22)
and is a response to climate-related risks such as
increased demand for climate-resilient buildings among
tenants, purchasers, investors and funders, and the risk of
extreme weather events and rising temperatures. PFI has
also recognised that implementing PFI’s Climate Resilience
Framework presents an opportunity to improve the
resilience of our assets. See page 13 for further
information on PFI’s Climate Resilience Framework.
The current financial impacts to PFI associated with
climate resilience measures are captured in PFI’s capital
expenditure. PFI has incorporated climate resilience-related
property upgrades as part of wider sustainable projects or
refurbishments, which includes rainwater harvesting, solar
installations, and landscaping. Capital expenditure
deployed towards these resilience-related property
PFI proactively
obtained operational
performance ratings on
four of its buildings.
upgrades are included within the total sustainability-related
capital expenditure noted above.
During FY25, PFI also spent approximately $1.8m in capital
expenditure towards HVAC repairs or upgrades, and roof
repairs and maintenance works. While this capital
expenditure assists us in improving the resilience of our
buildings against climate-related impacts, it also includes
capex spent for general building maintenance purposes
and therefore includes costs that are not ‘climate-related’.
This capital expenditure is not included in the
sustainability-related project costs noted above.
Operational performance ratings
Over the past few years, PFI has installed metering at 91%
of our properties, which allows us to obtain data to
measure operational performance of our existing portfolio
of buildings. While no legislation mandating operational
performance ratings for commercial buildings has formally
been introduced, this presents a potential market
opportunity to obtain operational performance ratings for
selected properties, and prepares PFI for potential
regulatory change in this space. During FY25, PFI
conducted a trial of the Green Star Performance rating tool
(Energy and Water Only pathway) for a small portfolio of
four buildings, which achieved a 2 Green Star Performance
rating. The costs associated with obtaining Green Star
Performance certification for these four buildings during
FY25 were immaterial. The capital expenditure spent
towards metering installations during FY25 is included in
the sustainability-related project costs noted above.
1. Sustainability-related capital expenditure for FY25 is captured where projects have been identified as including a ‘sustainability feature’, and
does not separate capex that is ‘climate-related’ from general project costs. Other uncertainties include data entry limitations.
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ANTICIPATED CLIMATE-RELATED IMPACTS
AND FINANCIAL IMPACTS
Based on our current understanding of PFI’s climate-related
risks and opportunities and scenario analysis, PFI
anticipates the following physical and transitional impacts
of climate change are reasonably expected in future.
Anticipated impacts of PFI’s risks and opportunities are
described in the tables on pages 27-32.
Anticipated physical impacts
PFI considers physical climate-related risks as part of
asset management and portfolio management decisions
such as future capital expenditure and / or divestment
decisions. Physical risk assessments also inform our due
diligence processes for new acquisitions.
Climanomics
PFI has assessed the anticipated financial impact of
physical risks across its portfolio using the S&P Global
Climanomics tool, which quantifies the potential financial
impact of climate risks on physical assets. PFI’s
assessment indicates that the most significant potential
risks to PFI’s portfolio are flooding and extreme
temperatures.
Climanomics is limited in its ability to predict the
anticipated financial impact of climate change on our
assets but does provide a useful understanding of
modelled financial impacts of physical climate risks for
PFI’s portfolio using up to date climate data. For this
reason, PFI considers this platform to be an appropriate
model to estimate the financial impact of physical risks to
PFI’s portfolio across a range of climate scenarios and
time horizons. PFI’s anticipated financial impacts of the
physical risks described below are modelled over short,
medium and long-term time horizons and across a
‘Disorderly’ and ‘Hot House World’ scenario.
Refer to Appendix 4: Glossary and Acronyms for further
detail relevant to Climanomics and Modelled Average
Annual Loss (MAAL).
Severe weather events
PFI has identified a risk that increased severity and
frequency of weather events (for example, flooding, storms
and cyclones), could result in damage or accelerated
deterioration of our assets, and exposure to increased
reactive repairs and maintenance costs to respond to
climate events and business interruption for our tenants.
According to Climanomics, the combined MAAL out to
2100 due to pluvial and fluvial flooding is anticipated to
range between 0.16-0.85%. This means the average annual
loss to the portfolio due to these climate hazards is
projected to be less than 1% of our total portfolio value
through to 2100. Further information can be found in the
Metrics and Targets section. The anticipated costs
captured in the modelling (repair and business interruption
costs) are typically covered by insurance. However,
following PFI’s scenario analysis and climate risk
assessment, PFI anticipates that over a short to medium-
term time horizon, insurance will become increasingly
difficult and expensive to obtain, particularly for certain
perils. Further details on the anticipated impact of climate
change on insurance premiums can be found on page 37.
Other financial impacts of severe weather could include
weather-related delays to projects and developments and
increased planned proactive maintenance costs to mitigate
impacts of climate change. These anticipated financial
impacts cannot be reliably quantified as PFI does not have
sufficient hazard-related data to quantify these impacts.
Rising temperatures
PFI has identified a risk that rising temperatures could
result in increased demand on, or for, air conditioning
systems and electricity use, particularly in a ‘Hot House
World Scenario’. According to Climanomics, the MAAL due
to temperature extremes is anticipated to range between
0.37 – 1.57%. This means that the average annual loss to
the portfolio due to HVAC-related costs is projected to be
up to 1.57% of our total portfolio value through to 2100.
Further information can be found in the Metrics and
Targets section.
Sea Level Rise
Although sea level rise is considered a lower risk for PFI
because of the physical location of our assets, we
anticipate that sea level rise could result in insurance
retreat from coastal locations and at-risk properties may
become stranded over a long-term time horizon.
Climanomics’ assessment is that PFI’s portfolio will not
suffer any financial impact from coastal flooding through
to 2100. However, PFI has also assessed the risk of sea
level rise to PFI’s properties using NIWA’s extreme sea level
flood maps (1%AEP and up to 2m sea-level rise) for
Aotearoa.
1
Through this modelling, PFI has identified that
two properties representing a combined value of $37.2m
(or 1.7% of PFI’s portfolio by market value), are potentially
at risk of coastal flooding due to sea level rise, albeit over a
long term time horizon.
2
Further information can be found
in the Metrics and Targets section.
1. NIWA’s extreme sea level flood map identifies national and regional level flood hazard and exposure trends with rising sea levels (across
various climate scenarios). NIWA is a nationally recognised Crown Research Institute that provides climate expertise specific to New
Zealand. PFI considers this dataset to be an appropriate model to understand which of PFI’s properties are located in regions that are at
risk of sea level rise inundation. NIWA’s extreme sea level flood map for New Zealand can be found here: https://experience.arcgis.com/
experience/8e3d7262cc9846968f0bfb86da0806f8
2. There is no data for the Bay of Plenty region within the NIWA extreme sea level flood maps, therefore PFI has not yet assessed the risk of sea
level rise for properties located in this region.
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Anticipated transition impacts
Anticipated transition financial impacts have been
quantified over a shorter time frame, where a reasonable
forecast is able to be made.
Anticipated Capital Expenditure and Other Costs
PFI considers that it is in the interests of long-term
shareholder value to prudently invest capital expenditure to
upgrade our assets to be more sustainable, energy efficient
and climate resilient over a short- and medium-term time
horizon. Capital deployment is necessary to implement the
key initiatives in PFI’s Transition Plan (see pages 20-22),
and is reasonably expected to occur across all climate
scenarios.
We anticipate increased capital deployment to pursue the
opportunities associated with Green Star certification,
sustainable refurbishments, operational performance
ratings, and building climate resilience. Additionally, this
capital deployment is driven by transition risks such as
regulatory change and tenant and purchaser demand for
sustainable and climate-resilient buildings, which could
have an impact on retrofit and development costs and PFI’s
capital deployment.
PFI is investing in the development of new buildings that
are designed and built with a view to addressing climate-
related risks and opportunities. PFI anticipates $30m of
remaining spend will be deployed towards the development
of Stage 2 at Springs Road during FY26, with a pipeline of a
further $297m-333m of capital expenditure to be deployed
towards Green Star developments over the short to
medium term (based on early estimates of development
costs, noting that in some cases these are not fully
committed projects).
PFI also anticipates investing capital expenditure to
upgrade our existing properties to be more sustainable,
energy efficient and climate resilient over the short to
medium term time horizon. Around $3.9m of PFI’s
budgeted capital expenditure for FY26 is expected to be
deployed towards projects that will incorporate
sustainability and climate resilience features into our
existing buildings.
1
This includes LED lighting upgrades,
solar investigation work, sustainable landscaping, and
climate-resilient weather design.
PFI has recently reviewed its sustainability targets,
including revising its solar target and introducing an LED
lighting target. Solar investigation work and LED lighting
upgrades have been budgeted for in FY26, and these costs
are included within PFI’s FY26 budgeted sustainability-
related capex noted above. PFI anticipates spending
around a further $2m in capital expenditure towards solar
installations and LED lighting upgrades through to FY28 to
meet these targets (excluding what has been budgeted for
in FY26).
Budgeted capital expenditure for other sustainability and
resilience-related property upgrades from FY27 onwards
cannot be reliably estimated at this stage due to
insufficient data, however PFI anticipates deploying
significant capex towards sustainable refurbishments over
the short to medium term. In time, as PFI completes more
projects, it expects to be able to provide more guidance on
the costs to upgrade other buildings.
Anticipated Impact on Valuations and Rental Income
PFI anticipates that over a short to medium term time
horizon, regulatory change and market demand for
sustainable and climate-resilient buildings will impact
property valuations and rental income for industrial
buildings that are considered to be sustainable and climate
resilient (e.g., via green building certification), versus those
that are not. The anticipated financial impact of
sustainability and green building certifications on property
valuations and rental income is not currently quantifiable
due to insufficient market data. At present, standard
market valuations do not differentiate the additional value
and rent attributable to properties that have green building
certification compared to a like-for-like building that does
not have certification. Likewise, we are unable to quantify
the potential reduction in value and rental income that is
attributable to owning properties that are not sustainable
or climate resilient. In addition, climate change impacts is
one of a range of economic factors that determine future
rents and valuations, such as location, strategy and tenant
demand. PFI expects it may be able to quantify this impact
in future as more market data becomes available.
1. Budgeted sustainable capital expenditure for FY26 is captured where projects have been identified as including a ‘sustainability feature’ and
does not separate capex that is ‘climate-related’ from general project costs (for example, wider refurbishment works). Therefore, budgeted
sustainable capex also includes some costs that are not climate-related. Budgeted sustainable capex does not include capex towards Green
Star developments. PFI notes that budgeted sustainable capital expenditure for FY26 may differ from actual spend during FY26. Other
uncertainties include data entry limitations.
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Anticipated Impact on Green Financing
We anticipate that over time as we increase the proportion
of our portfolio that has green certification, the percentage
of our funding that is green funding will adjust accordingly.
1

PFI considers that there is an opportunity over the short
and medium-term to increase access to capital via green
finance and potentially secure finance with cheaper rates.
However, there is insufficient market information at this
time to quantify the anticipated financial impact of this and
we note that finance market dynamics are likely to continue
to be the primary influencer of this financial impact. PFI
may be able to quantify this impact in future if more
financial market information, including interest rates,
becomes available.
Anticipated Impact on Insurance
Notwithstanding the changes that PFI has made to its
insurance programme to prepare for the impacts of climate
change, we anticipate that insurance premiums may
continue to increase over a short, medium and long-term
time horizon, particularly if the world experiences frequent
extreme weather events. The anticipated financial impact
of climate change on insurance premiums and insurance
coverage is unable to be quantified due to a lack of
available and reliable data around the potential impact of
climate change on the insurance market and premiums.
PFI also considers that claims history, insurer loss
modelling, and insurance market dynamics are likely to
continue to be key drivers of insurance pricing, in addition
to actual climate change-related losses suffered by
insurers. PFI may be able to quantify this financial impact
in future if more market information as to the expected
increase in insurance premiums becomes available.
1. Refer to PFI’s Green Finance Framework for further information
on green funding.
Our team visits a
newly completed
5 Green Star
building.
37

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RISK MANAGEMENT
This section describes PFI’s processes for
identifying, assessing and managing
climate-related risks and how these
processes are integrated into PFI’s overall
risk management processes.
IDENTIFYING, ASSESSING AND MANAGING
CLIMATE-RELATED RISKS
As noted in the Governance section, identification and
assessment of PFI’s climate-related risks and opportunities
is led by PFI’s Head of Sustainability and Operations, with
oversight from the Senior Leadership Team. The Senior
Leadership Team also identifies any responses and
opportunities PFI may undertake to manage PFI’s climate-
related risks. PFI undertakes an annual assessment of both
PFI’s climate-related risks and company-wide risks, which
are reviewed by the Board at least annually.
PFI’s Risk Management Framework governs our approach
to identifying and assessing risks, including climate-related
risks. In line with this framework, climate-related risks are
identified by reviewing previously identified climate-related
risks and considering any changes to the internal and
external environment. Risks are then assessed and
prioritised according to our Risk Management Framework
which assesses them against a risk matrix of likelihood
of the risk occurring and consequences to PFI, should it
occur. The Framework provides an ‘inherent risk rating’
and a ‘residual risk rating’, which can be assessed as low,
medium or high risk. The residual risks are determined by
assessing any changes to consequences and likelihood,
considering PFI’s current responses to mitigate this risk.
In addition to this typical risk assessment process,
climate-related risks have been assessed across each
sector scenario and adapted to reflect how they may
evolve in each plausible scenario. We have also
considered the potential impact to PFI over different
time horizons. The time horizons considered in this risk
assessment are described on page 23.
PFI’s climate-related risks are characterised as either
‘transition risks’ or ‘physical risks’. This risk assessment
is also informed by an analysis of the potential impacts of
physical climate hazards across all PFI properties as
noted on page 35.
PFI’s climate-related risks and opportunities assessment
considers PFI’s direct operations, as well as upstream
and downstream impacts. No parts of the value chain
are excluded.
Managing and responding to climate-related risks forms
part of PFI’s Sustainability Strategy. Any decisions on PFI’s
responses to climate-related risks, including whether to
mitigate, transfer, accept or control these risks and
opportunities are made by the management team with
oversight from the Board. PFI’s assessment of climate-
related risks and opportunities translates through to PFI’s
Transition Plan. Actions being taken to respond to and
manage PFI’s most material climate-related risks are set
out in the Strategy Section.
INTEGRATION INTO OVERALL RISK
MANAGEMENT PROCESS
Under PFI’s Risk Management Framework, every PFI staff
member is responsible for the identification, management
and escalation of risks as part of their role. Risks are
discussed at Senior Leadership Team meetings and
reports on risk management are provided to the Audit
and Risk Committee and Board at least annually.
In 2023, PFI’s Audit and Risk Committee and Board
reviewed and approved PFI’s Risk Management Framework,
which was updated to integrate climate-related risks into
the risk management process. Assessment and
management of climate risk is managed in the same way
as our other risks, with oversight by the Senior Leadership
Team, including the Chief Executive Officer and Chief
Finance and Operating Officer, and the Board. PFI’s Risk
Management Framework is reviewed two-yearly, and is
next due to be reviewed in November 2025.
PFI’s climate-related risks are also incorporated into PFI’s
company-wide risk register to give a single view of PFI’s
risks. In most cases, climate risks are an extension of our
existing risks. Potential impacts of climate change are
considered to present strategic, financial, operational,
ESG, property and reputational risks for PFI. Our controls
for those risks have been improved to include
consideration of climate change impacts. For example,
PFI added new controls for PFI’s strategic and ESG risk,
which now includes an annual review of PFI’s climate-
related risks and opportunities.
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APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
METRICS AND TARGETS
This section describes the metrics and
targets set to measure and manage PFI’s
climate related risks and opportunities.
SCOPECATEGORY
NOTE
(SEE PAGE 40)
FY19 (tCO
2
e)
12 MONTHS
FY20 (tCO
2
e)
12 MONTHS
FY21 (tCO
2
e)
12 MONTHS
FY22 (tCO
2
e)
12 MONTHS
FY23 (tCO
2
e)
12 MONTHS
FP24 (tCO
2
e)
6 MONTHS
1
FY25 (tCO
2
e)
12 MONTHS
SCOPE 1NOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDLIMITED ASSURANCE
Direct EmissionsFugitive emissions (refrigerants)94.5116.876.861.341.268.753.7
Fuel1Not measured
in FY19
Not measured
in FY20
0.24.55.62.413.4
SCOPE 2NOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDLIMITED ASSURANCE
Indirect
Emissions
Electricity consumption
(location based)
215.55.414.219.64.42.29.1
Total Scope 1 and Scope 2 Emissions110.0122.291.285.451.273.376.2
SCOPE 3NOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSUREDNOT ASSURED
Other Indirect
Emissions
Category 1: Purchased goods
and services
3Not measured
in FY19
111.3117.4284.31,244.2506.11,052.3
Category 2: Capital goods4Not measured
in FY19
2,564.72,615.02,122.416,733.78,595.55,202.0
Category 3: Energy and fuelNot measured
in FY19
0.51.21.80.50.20.7
Category 5: Waste generated
in operations
0.70.50.20.40.50.10.3
Category 6: Business travel19.89.412.718.425.043.651.0
Category 7: Employee
commuting
Not measured
in FY19
15.113.612.617.711.029.3
Category 13: Downstream
leased assets
5Not measured
in FY19
Not measured
in FY20
Not measured
in FY21
Not measured
in FY22
Not measured
in FY23
669.35,093.0
Total Scope 3 Emissions20.52,701.52,760.32,439.918,021.79,825.811,428.5
TOTAL Scope 1, 2 and 3 Emissions130.52,823.72,851.32,525.418,072.99,899.111,504.7
1. tCO
2
e figures for FP24 reflect the six-month period between 1 January 2024 and 30 June 2024 due to PFI’s balance date change to 30 June, and are therefore not comparable with emissions for prior or subsequent
years (which reflect a 12-month reporting period).
GREENHOUSE GAS EMISSIONS
PFI’s Scope 1, Scope 2 and Scope 3 greenhouse gas emissions for FY25 are set out below. PFI engaged
PricewaterhouseCoopers (PwC) to provide limited assurance for PFI’s FY25 Scope 1 and Scope 2 emissions (but not Scope
3). PFI’s Scope 1, Scope 2 and Scope 3 emissions have also been externally peer reviewed by Ekos Kamahi Limited to
check alignment with the GHG Protocol.
Further information on PFI’s calculation methodology, assumptions, limitations, uncertainties, consolidation approach,
emissions factors, and excluded emissions is detailed in Appendix 2. PwC’s GHG assurance report is provided in Appendix 3.
OUR GHG EMISSIONS
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NOTE
1 Fuel emissions from diesel-powered sprinkler systems were not
measured in FY19 (base year), FY20 and FY21 due to a lack of
data available.
2 PFI’s Scope 2 emissions are comprised of electricity
consumption at PFI’s head office, vacant properties and
common areas within PFI’s portfolio of properties for which
PFI has operational control over the electricity consumed.
3 Scope 3 Category 1 emissions were estimated using a spend-
based methodology, which multiplies PFI’s expenditure on
purchased goods and services against spend-based emission
factors. The increase in Scope 3 Category 1 emissions
from FY23 onwards reflects a change in the spend-based
methodology used by PFI, rather than a material change in
underlying activity. Refer to page 52 for further detail on the
uncertainties, assumptions and limitations of this spend-based
calculation methodology.
4 Scope 3 Category 2 emissions were calculated using Life
Cycle Assessments (LCAs), which provides estimated upfront
embodied carbon emissions of PFI’s major developments. A
spend-based methodology is used for the balance of emissions
in this category. The increase in Scope 3 Category 2 emissions
from FY23 onwards is attributable to both an increase in
development activity and a change to the spend-based
methodology used by PFI. Please note: The upfront embodied
carbon emissions from PFI’s completed developments have been
allocated across reporting periods based on spend (i.e., split
across FY23, FP24 and FY25). PFI is transitioning to reporting
total upfront embodied carbon emissions ‘at completion’ of
each development for projects that commence after 1 July 2024
(noting that these projects may span over multiple reporting
periods). Refer to page 53 for further detail on the uncertainties,
assumptions and limitations of this methodology.
5 PFI’s Scope 3 Category 13 emissions include emissions relating
to electricity consumption in PFI’s tenanted buildings. In 2022,
PFI began installing utility metering to measure electricity
consumed in PFI’s tenanted buildings. PFI reported Scope 3
Category 13 emissions for the first time in FP24 using actual
measured metering data for a limited number of properties.
Therefore, the emissions reported for FP24 do not represent the
total emissions associated with building electricity use across
the whole portfolio. As at 30 June 2025, PFI had metering
data for 89% of properties in its portfolio. Reported emissions
for FY25 reflects both an increase in activity data available
via metering and the extrapolation method used to estimate
emissions for remaining properties. Refer to page 54 for further
detail on the uncertainties, assumptions and limitations of these
estimated emissions.
EMISSIONS PERFORMANCE
PFI does not currently have an absolute or intensity
emissions reduction target. See pages 8-12 for more
information on PFI’s strategy to minimise our emissions,
along with the transition plan aspects of our strategy on
pages 21-22 setting out our planned initiatives to
minimise emissions associated with our buildings.
Scope 1 and 2
PFI’s Scope 1 fugitive emissions have decreased in FY25
compared to FP24 (noting that FP24 represents a
6-month period), and have increased compared to FY23.
These emissions are due to ad-hoc refrigerant leaks from
HVAC systems and are difficult to predict. Overall, PFI’s
Scope 1 fugitive emissions have decreased by 40.8 tCO
2
e
(or 43.2%) in FY25 compared to PFI’s FY19 base year. This
is primarily due to PFI’s transition away from R22
refrigerant gas.
PFI’s Scope 1 emissions associated with diesel usage for
sprinkler systems have increased, noting that 42.8% of the
diesel consumption during FY25 is attributable to
refuelling sprinkler systems at the new developments at
78 Springs Road and 30-32 Bowden Road.
PFI’s Scope 2 emissions associated with electricity use
at PFI’s head office, vacant properties and properties with
common areas have increased when compared to prior
reporting periods. A change in emission factor from the
Ministry for the Environment’s 2024 Measuring Emissions
Guide to the 2025 Measuring Emissions Guide contributed
significantly to the increase in Scope 2 emissions for
FY25 (an uplift of 38.7%).
Scope 3
PFI’s most significant Scope 3 emissions are Category 1
(Purchased Goods and Services), Category 2 (Capital
Goods), and Category 13 (Downstream Leased Assets).
PFI’s Scope 3 Category 1 emissions account for 9% of
PFI’s FY25 measured GHG emissions. These emissions
have stayed relatively stable in FY25 when compared to
FP24, and have decreased by around 15% when compared
to FY23. This is largely attributable to changes in the types
of expenditure during the period.
PFI’s Scope 3 Category 2 emissions, accounting for 45.2%
of PFI’s FY25 measured GHG emissions, decreased in
FY25 compared to FY23 and FP24, primarily due to the
timing of the completion of the development works at
30-32 Bowden Road (Stage 1 and 2) and 78 Springs Road
(Stage 1). These emissions are expected to fluctuate over
time as PFI completes new developments.
Scope 3 Category 13 emissions associated with electricity
consumption at tenanted buildings account for 44.3% of
PFI’s FY25 total measured GHG emissions. These
emissions were reported for the first time in FP24, and the
increase in emissions from FP24 to FY25 is reflective of
an increase in visibility over the electricity consumed by
tenants via metering and the extrapolation method used
to estimate emissions across the whole portfolio of
properties in FY25. There was also a change in emission
factor between the Ministry for the Environment’s 2024
Measuring Emissions Guide to the 2025 Measuring
Emissions Guide, which contributed significantly to the
increase in these emissions for FY25 (an uplift of 38.7%).
Electricity use in PFI’s tenanted buildings is expected to
vary depending on tenant operations. PFI also anticipates
an increase in these emissions over time, particularly as
tenants are expected to increasingly electrify their
operations.
The notes below relate to the GHG Emissions table
on the previous page.
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OFFSETS
We have offset our measured FY25 Scope 1, 2 and selected
categories of Scope 3 emissions
1
with certified carbon
credits. These certified carbon credits are sourced from a
project that helps to deliver forest protection, biodiversity
conservation and water quality protection.
2
INTERNAL EMISSIONS PRICE
As in FY23 and FP24, PFI does not currently use an
internal emissions price for its business activities. PFI has
a small team, and relevant staff members have developed
an understanding of PFI’s material emissions impacts
(in particular, the impacts of developments, refurbishments
and building operation) through regular management
meetings. At this stage, PFI does not consider that setting
an internal emissions price will add material incremental
value to the business’s decision-making with regards to
carbon impacts.
Embodied Carbon Emissions Intensity
This intensity metric has been calculated using the upfront
embodied carbon emissions from Life-Cycle Assessments
(LCAs) prepared for developments targeting Green Star
certification. LCAs estimate embodied carbon emissions
associated with the construction of these buildings ‘as
at completion’.
In FP24, PFI reported the emissions intensity of Scope 3,
Category 2 upfront embodied carbon emissions associated
with properties that were under development during the
reporting period per sqm lettable area developed. The
intensity metric for FP24 has been updated to reflect our
emissions intensity of developments that were completed
during the reporting period (and to align with our transition
to reporting these emissions ‘at completion’). In FP24, PFI
completed the development of one building at 30-32
Bowden Road, which is estimated to have an emissions
intensity of 0.308 tCO
2
e per sqm. In FY25, PFI completed
the development of two buildings at 30-32 Bowden Road
and 78 Springs Road, which is estimated to have a
combined emissions intensity of 0.347 tCO
2
e per sqm³.
This data is subject to the uncertainties and limitations of
LCA data set out on page 53. This intensity metric does not
cover all Scope 3, Category 2 emissions, however upfront
embodied carbon emissions is one of PFI’s largest
emissions sources.
PFI does not calculate intensity metrics for the following
Scope 3 emissions: Purchased Goods and Services,
other Capital Goods (not associated with developments),
Energy and Fuel, Waste, Business Travel and Employee
Commuting.
1. Including waste, business travel, employee commuting, and
energy and fuel; but excluding goods and services, capital
goods, and downstream leased assets.
2. These carbon credits are certified under the Plan Vivo
(UK) carbon credit standard and are retired on the Markit
Environmental Registry.
3. The upfront embodied carbon emissions intensity for FP24
has been calculated using a final ‘as built’ LCA, whereas the
emissions intensity for FY25 has been calculated using LCAs
prepared at the design stage of each development. This
means that the actual upfront embodied carbon emissions
intensity for developments completed in FY25 will vary
depending on materials used during each development.
GHG EMISSIONS INTENSITY METRICS
GHG EMISSIONS
INTENSITY METRICFY23 (tCO
2
e)FP24 (tCO
2
e)FY25 (tCO
2
e)COMMENTARY
Scope 1 + 2 GHG
emissions (tCO
2
e)/sqm
lettable area
0.000060.000080.00008Scope 1 and 2 GHG emissions intensity
stayed relatively stable over the last three
reporting periods.
Scope 3 Category 13
emissions (tCO
2
e)/sqm
net lettable area
Not measuredNot measured0.007PFI measured its Scope 3, Category 13
emissions for the first time in FP24 using a
limited dataset, therefore the emissions
intensity for Category 13 emissions has not
been calculated for FP24.
Scope 3, Category 2
upfront embodied carbon
emissions associated with
developments that were
completed during the
reporting period (tCO
2
e)/
sqm lettable area
Not measured0.3080.347See below for commentary on embodied
carbon emissions intensity.
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APPENDICESINTRODUCTIONFY25 SUSTAINABILITY UPDATECLIMATE-RELATED DISCLOSURES
OTHER METRICS AND TARGETS
The key metrics used to measure and manage our climate-related risks and opportunities are set out below. We consider these metrics to be most relevant to PFI’s industry and business
model. PFI uses these metrics to understand and assess the extent to which our assets and business activities are vulnerable to climate-related transition and physical risks and to track
progress on climate-related initiatives.
The following metrics were set with oversight from the Board. Metrics in line with industry-based metrics are indicated below, and we are continuing to monitor metrics used by our peers
in the property sector.
METRIC
FY23
12 MONTHS
FP24
6 MONTHS
FY25
12 MONTHSCOMMENTARY
ASSETS / BUSINESS ACTIVITIES VULNERABLE TO PHYSICAL RISKS
MAAL % due to
pluvial and
fluvial flooding
0.16%
– 0.85%
0.16%
– 0.86%
0.16%
– 0.85%
PFI undertook an assessment of the vulnerability of PFI’s properties to flood risk using S&P Global’s Climanomics platform, which
quantifies the potential financial impact of climate hazards on physical assets.
Analysis of trends:
According to Climanomics, the combined MAAL over a short-, medium- and long-term time horizon (2020s through to 2090s) due to
pluvial and fluvial flooding is anticipated to range between 0.16 – 0.85% (relative to PFI’s current insurance value), in a ‘Disorderly’
and ‘Hot House World’ scenario’. Accordingly, we consider that less than 1% of PFI’s assets (by portfolio value per annum) are
vulnerable to risks associated with fluvial and pluvial flooding (out to 2100).
The MAAL % has remained stable compared to previous reporting periods (primarily due to there being no material change to PFI’s
portfolio size and location over the reporting periods).
Key assumptions, uncertainties and limitations:
Refer to Appendix 4: Glossary and Acronyms for detail relevant to Climanomics, MAAL, and pluvial and fluvial flooding.
The Climanomics platform has a number of limitations and assumptions, including that the modelling assumes PFI, or the tenant
are responsible for certain costs, which does not necessarily align with PFI’s lease agreements (negotiated separately).
Using local Council flood maps, PFI has also identified that a significant portion of PFI owned properties are located near or on a
flood plain or flood prone area (in some capacity, whether fully or partially). However, this exposure does not necessarily mean the
properties are vulnerable to physical climate risks. As such, PFI does not rely on Council data as an appropriate measure of the
‘vulnerability’ of PFI’s assets to physical risks.
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METRIC
FY23
12 MONTHS
FP24
6 MONTHS
FY25
12 MONTHSCOMMENTARY
MAAL % due to
temperature
extremes
0.38%
– 1.57%
0.38%
– 1.57%
0.37%
– 1.57%
PFI has identified a risk that rising temperatures could result in increased demand on, or for, HVAC systems. PFI has assessed the
vulnerability of PFI’s portfolio to this risk using the S&P Global Climanomics platform, which models the potential financial impact of
temperature extremes from climate-related expenses (costs associated with HVAC degradation).
Analysis of trends:
According to the Climanomics platform, the MAAL over a short, medium and long-term time horizon (2020s through to 2090s) due
to temperature extremes is anticipated to range between 0.37 – 1.57% (relative to PFI’s current insurance value) in a ‘Disorderly’ and
‘Hot House World’ scenario. Accordingly, we consider that less than 2% of PFI’s assets (by portfolio value per annum) are vulnerable
to risks associated with temperature extremes.
As above, the MAAL % has remained stable compared to previous reporting periods (primarily due to there being no material
change to PFI’s portfolio size and location over the reporting periods).
Key assumptions, uncertainties and limitations:
Refer to Appendix 4: Glossary and Acronyms for detail relevant to Climanomics and MAAL. Climanomics primarily considers costs
associated with HVAC degradation due to temperature rise over time. PFI considers that this financial impact may be overstated, as
the warehouse components of PFI’s buildings do not typically have cooling (as opposed to HVAC systems cooling the office portion
of the building). However, as we expect temperatures to rise over time, we anticipate we will need to upgrade HVAC systems as they
reach the end of their useful life and incorporate temperature control within some PFI warehouses over a long-term time horizon.
% of properties
by market value
that may be at
long-term risk of
coastal flooding
due to sea level
rise
This metric is in
line with
industry-based
metrics.
2.2%1.8%1.7%PFI undertook an assessment of the vulnerability of PFI’s assets to risk of coastal flooding due to sea level rise using NIWA’s
extreme sea level flood maps (1%AEP and up to 2m sea-level rise) for Aotearoa.
Analysis of trends:
As at 30 June 2025, PFI currently owns two properties that are potentially at risk of coastal flooding due to sea level rise of a
minimum 0.8m and 1.4m respectively. These properties represent a combined value of $37.2m (based on 30 June 2025 valuations).
The timeframes over which these properties might be impacted by sea level rise is long (potentially between 2080-2110 in a ‘Hot
House World’ Scenario). Accordingly, we consider that 1.7% of PFI’s total portfolio value, or $37.2m, is vulnerable to risk of coastal
flooding due to sea level rise of at least 0.8-1.4m by the year 2080-2110.
PFI divested one property that was at risk of sea level rise impacts in FP24. The market value of the remaining two properties has
stayed relatively stable.
Key assumptions, uncertainties and limitations:
There is no data for the Bay of Plenty region within the NIWA extreme sea level flood maps, therefore PFI has not yet assessed the
risk of sea level rise for properties located in this region. These unassessed properties represent 5.3% of PFI’s market value.
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METRIC
FY23
12 MONTHS
FP24
6 MONTHS
FY25
12 MONTHSCOMMENTARY
Average %
increase in retail
insurance
premium
33%13%7%Analysis of trends:
PFI has observed the general easing of market conditions in FY25 and the continued development of its property insurance
programme through its wholly-owned captive insurer, P.F.I. Cover Limited. During PFI’s 2025 insurance renewal, at a portfolio level,
we experienced an average 7% increase in insurance premiums when compared to the prior year insurance premium. This has
decreased compared to the average premium increase experienced in FY23 (33%) and FP24 (13%).The majority of insurance
premiums are recovered from PFI’s tenants.
Key assumptions, uncertainties and limitations:
An increase in insurance premiums is attributable to a range of factors including increased sums insured (often driven by changes
in the insurance valuation of each property, the acquisition of properties and the completion of developments), increased severity
and frequency of climate events locally and globally, and other market factors.
The average increase in premium does not include a small number of tenant-insured properties in PFI’s portfolio as PFI does not
have oversight of these premium increases.
ASSETS / BUSINESS ACTIVITIES THAT ARE VULNERABLE TO TRANSITION RISKS OR ALIGN WITH CLIMATE-RELATED OPPORTUNITIES
% of portfolio by
market value
that has
achieved a green
building rating
This metric is in
line with
industry-based
metrics.
0%0%12.7%PFI considers that tenant and purchaser demand for energy efficient, sustainable and climate resilient buildings present both a
market risk and an opportunity to improve PFI’s buildings to achieve a green building rating. 12.7% of our portfolio by market value
has achieved a green building rating and is therefore considered to be aligned with this climate-related opportunity. We are currently
targeting 5 Green Star certification for all significant new buildings.
Analysis of trends:
The percentage of PFI’s portfolio that has achieved a green building rating has increased in FY25 when compared to prior reporting
periods, primarily driven by the following:
§During FY25, PFI achieved a 5 Green Star Design & As Built NZ1.0 Design rating for three new buildings, including Stage 1 and
Stage 2 at Bowden Road, and Stage 1 at Springs Road. These buildings have a combined value of $224m, representing 10.3% of
PFI’s portfolio by market value.
§PFI has also achieved a 2 Star Green Star Performance rating for a portfolio of four buildings, including 10 Autumn Place, 6
Autumn Place, 23 Zelanian Drive and 102 Mays Road. These buildings have a combined value of $51.9m, representing 2.4% of
PFI’s portfolio by market value.
Key assumptions, uncertainties and limitations:
PFI considers a ‘green building rating’ to include a Green Star rating or an operational performance rating (such as Green Star
Performance). PFI does not specify a minimum rating for buildings to be included in this metric.
An ‘As Built’ certification for Stage 1 at 30-32 Bowden Road was awarded on 17 July 2025. As Built certification for Stage 2 at 30-32
Bowden Road and Stage 1 at 78 Springs Road have not yet been issued.
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METRIC
FY23
12 MONTHS
FP24
6 MONTHS
FY25
12 MONTHSCOMMENTARY
% of portfolio by
market value
that is registered
for a green
building rating
This metric is in
line with
industry-based
metrics.
6.8%9.1%7.8%In addition to the percentage of our portfolio by market value that has achieved a green building rating, 7.8% of our portfolio by
market value is registered for a green building rating. This demonstrates alignment with the opportunity to improve PFI’s buildings to
achieve a green building rating.
Analysis of trends:
The percentage of PFI’s portfolio that is registered for a green building rating has fluctuated over the last three reporting periods. PFI
expects this metric to fluctuate as PFI works through its development pipeline.
PFI has registered several developments for Green Star certification, including Stage 2 at 78 Springs Road, and upcoming
developments at Neilson Street, Rosebank Road, and Harris Road. These properties represent a market value of $168.1m or 7.8% of
PFI’s portfolio (based on ‘as-is’ market valuations as at 30 June 2025).
PFI expects the percentage of projects registered for a green building rating to fluctuate over time, particularly as PFI executes the
transition plan aspects of our strategy.
Key assumptions, uncertainties and limitations:
This metric includes upcoming developments that have formally been registered for Green Star certification with the NZGBC. The
figure for FY25 excludes the upcoming greenfield development at Spedding Road, which has also been registered for Green Star
certification. PFI has not settled the acquisition of this property and it does not currently have a market valuation.
% of portfolio by
market value
that has not
achieved / been
registered for a
green building
rating
This metric is in
line with
industry-based
metrics.
93.2%90.9%79.5%79.5% of our portfolio by market value has not yet achieved or been registered for a green building rating. This proportion of our
portfolio is therefore considered to be potentially vulnerable to the climate-related risk that tenants and purchasers demand
sustainable and climate resilient buildings.
Analysis of trends:
The percentage of PFI's portfolio that has not achieved, or been registered for, a green building rating, has decreased compared to
prior reporting periods. This is primarily driven by an increase in properties that have achieved, or been registered for, Green Star
certification.
Key assumptions, uncertainties and limitations:
This metric includes properties that have not achieved a Green Star rating or an operational performance rating (such as Green Star
Performance), and properties that have not been formally registered for Green Star certification with the NZGBC. We note that there
are not green building rating tools available for all building types in PFI's portfolio, and that PFI may have taken steps to improve the
sustainability performance of a building without seeking formal certification.
% of properties
that have power
metering
installed
This metric is in
line with
industry-based
metrics.
21.7%62.6%91.2%PFI identified an opportunity to obtain operational performance ratings for some properties in our portfolio, with a need to collect
electricity data to prepare for this. 91.2% of our properties have power metering installed and are therefore aligned with this
opportunity. In 2022, PFI committed to installing power metering at 50% of PFI’s properties by the end of 2025, which was later
revised to install power metering at 90% of PFI’s portfolio of properties by the end of FY25.
Analysis of trends:
The percentage of properties that have power metering installed has increased when compared to the prior reporting periods. We
have now achieved our goal of implementing power metering and monitoring at 90% of PFI’s properties by the end of 2025, with
power metering installed at 91% of properties (or 83 properties) in PFI’s portfolio as at 30 June 2025.
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METRIC
FY23
12 MONTHS
FP24
6 MONTHS
FY25
12 MONTHSCOMMENTARY
% of total
funding facilities
that is Green
Debt
16.7%16.7%14.6%PFI has identified an opportunity to secure green finance under PFI’s Green Finance Framework to support progressive action
towards our strategic objectives and Green Star targets. 14.6% of our total funding facilities are Green Debt and therefore aligned
with this opportunity.
Analysis of trends:
The percentage of total funding facilities that is Green Debt has decreased slightly when compared to prior reporting periods. This is
primarily driven by an increase in funding facilities that is not Green Debt.
Key assumptions, uncertainties and limitations:
Green Debt is defined in PFI’s Green Finance Framework.
CAPITAL DEPLOYMENT TOWARDS CLIMATE-RELATED RISKS AND OPPORTUNITIES
Gross capital
investment
deployed toward
Green Star
buildings
$64.25M$43.6M$23.3mAnalysis of trends:
Gross capital expenditure towards buildings targeting Green Star certification has decreased during FY25 when compared to the
last two reporting periods.
As part of executing PFI’s strategic goal for all new significant buildings to target a minimum 5 Green Star certification, PFI has
completed construction for three buildings including Stage 1 and 2 at Bowden Road, and Stage 1 at Springs Road, which was
awarded a 5 Green Star Design & As Built NZV1.0 Design rating during FY25. PFI also commenced construction at Stage 2 at
Springs Road during FY25, which is expected to be completed in FY26. Since FY23, PFI has deployed a gross amount of around
$130m in capital expenditure towards these developments.
Key assumptions, uncertainties and limitations:
This metric does not separate the incremental spend that is ‘climate-related’ from general Green Star development costs, nor does it
provide an estimate of additional costs incurred for undertaking Green Star developments (therefore the gross spend also
encompasses costs that are not climate-related).
Gross capital
investment
deployed toward
sustainability-
related projects
at existing
properties
Not
measured
Not
measured
$5.9mDuring FY25, PFI spent around $5.9m in gross capital expenditure towards sustainability-related projects at existing properties.
Analysis of trends:
This metric reflects an updated approach to materiality and was not measured in FY23 and FP24.
PFI’s capital deployment metrics in FY23 and FP24 included ‘gross capital deployment towards solar installations’ and ‘gross capital
deployment towards metering and monitoring’. When considered individually, the capital deployed towards these initiatives are
deemed to be immaterial and therefore have not been included as standalone metrics in this year’s capital deployment metrics.
Capital deployed towards solar and metering installations during FY25 are included within the overall gross capital investment
deployed toward sustainability-related projects at existing properties metric, along with other sustainable features that have been
incorporated into PFI’s existing properties (see key assumptions, uncertainties and limitations below).
Key assumptions, uncertainties and limitations:
Total sustainability-related capital expenditure is captured where projects have been identified as including a ‘sustainable feature’ and
does not separate capex that is ‘climate-related’ from general project costs.
Sustainability-related projects include projects that have incorporated sustainable features such as installation of solar panels, LED
lighting upgrades, rainwater harvesting, EV chargers, electrical metering, water efficiency measures, skylight replacements and
sustainable landscaping. This metric excludes capex deployed towards the development of Green Star buildings (see metric above).
Other uncertainties include data entry limitations.
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TAR G E T S
PFI has committed to key targets to operationalise its Sustainability Strategy. The time frames for these targets align to the time horizons set out on page 23. Performance as at
30 June 2025 against these targets is described below.
TARGETTIMEFRAMEBASE YEARPROGRESSPERFORMANCE
GREEN STAR
Significant new buildings to target
minimum 5 Green Star certification
Ongoing target
(short, medium
and long-term
target)
2023On trackPFI has been awarded a 5 Star Green Star Design & As Built NZv1.0 Design rating for Stage 1 and
Stage 2 at Bowden Road (leased to Tokyo Food and Daikin) and Stage 1 at Springs Road (leased
to Fisher and Paykel Appliances). We have also registered a number of upcoming developments
for 5 Green Star certification, including Stage 2 at Springs Road, Spedding Road, Rosebank Road,
Neilson Street, and Harris Road. These developments are expected to progress over the next few
years.
METERING
Implement power metering and
monitoring for 90% of properties
by the end of FY25
By the end of
FY25 (short-
term target)
2023Target achievedPower metering and monitoring have been implemented at 91% of properties in PFI’s portfolio.
SOLAR
Achieve 1.4MW of solar capacity by
the end of FY27
By the end of
FY27 (short-
term target)
2023On trackHaving successfully met our target to install solar systems at five buildings in our portfolio by the
end of 2025 ahead of time, we have revised our target to achieve a total 1.4MW (megawatt) of
solar capacity by the end of FY27.
Over the last three reporting periods, PFI has completed solar installations at eight buildings in
its portfolio. This represents 0.73MW of solar capacity installed at PFI’s properties.
LED LIGHTING
80% of PFI’s tenancies to have full
LED lighting by the end of FY28.
By the end of
FY28 (short-
term target)
2025On trackAs at 30 June 2025, approximately 62% of PFI’s tenancies had full LED lighting, with the remainder
containing a mixture of LEDs with non-LED lights, or no LED lights at all.
METRIC
FY23
12 MONTHS
FP24
6 MONTHS
FY25
12 MONTHSCOMMENTARY
REMUNERATION
% of Short Term
Incentives for
the Senior
Leadership
Team linked to
climate-related
risks and
opportunities
15%10%10%Analysis of trends:
During FY25, the key performance indicators (KPIs) underpinning the Short-term Incentives (STIs) of the Senior Leadership Team
included sustainability-related measures and objectives. In FY23, sustainability-related KPIs were embedded in a wider KPI that had a
15% weighting. Sustainability-related KPIs were weighted at 10% of the Senior Leadership Team’s STIs for FP24 and FY25.
During FY25, these objectives included progressing 5 Green Star certification for new developments, and conducting a trial of the
Green Star Performance rating tool (energy and water pathway) for a selected group of properties.
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APPENDICES.
04.
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APPENDIX 1: RECENT FY25 KEY BOARD ENGAGEMENTS RELATING TO CLIMATE-RELATED RISKS AND OPPORTUNITIES
BOARD AUDIT & RISK COMMITTEE
July 2024Review and endorsement of PFI’s Transition Plan.Update on FP24 Climate-related Disclosures.
August 2024FP24 Climate-related Disclosures update, including progress against climate-
related metrics and targets.
September 2024Approval of FP24 Climate-related Disclosures.Review and recommendation of FP24 Climate-related Disclosures for Board
approval.
November 2024Update on progress against targets within PFI’s Sustainability Strategy.
December 2024Approval of limited assurance engagement relating to Scope 1 and Scope 2
greenhouse gas emissions.
Review of PFI’s corporate risk register.
Endorsement of limited assurance engagement relating to Scope 1 and Scope 2
greenhouse gas emissions for Board approval.
February 2025Approval of processes for preparing PFI’s FY25 Climate-related Disclosures.
Update on progress against targets within PFI’s Sustainability Strategy.
Review and recommendation of processes for preparing PFI’s FY25 Climate-
related Disclosures.
Update on matters relating to FY25 Climate-related Disclosures.
May 2025Review and approval of PFI’s refreshed Sustainability Strategy and revised
climate-related targets.
Review of annual Climate-related Risk and Opportunity Assessment, including
climate scenarios used.
Update on progress against targets within PFI’s Sustainability Strategy.
Update on matters relating to greenhouse gas emissions calculations and the
greenhouse gas emissions assurance engagement.
June 2025Update on FY25 Climate-related Disclosures.
August 2025Update on FY25 Climate-related Disclosures.
Update on matters relating to greenhouse gas emissions calculations.
Update on progress against targets within PFI’s Sustainability Strategy.
Update on FY25 Climate-related Disclosures.
Update on matters relating to greenhouse gas emissions calculations and the
greenhouse gas emissions assurance engagement.
September 2025Approval of FY25 Climate-related Disclosures.Review and recommendation of FY25 Climate-related Disclosures for Board
approval.
PFI’s People Committee reviewed the Board’s skills and experience, including
climate-related skills, at the November 2024 People Committee meeting.
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APPENDIX 2: FURTHER INFORMATION
ON GHG EMISSIONS
PFI’s greenhouse gas emissions for the 12-month period
ended 30 June 2025 (FY25) have been measured and
prepared in accordance with the Greenhouse Gas Protocol:
A Corporate Accounting and Reporting Standard (revised
edition) and the Greenhouse Gas Protocol: Corporate Value
Chain (Scope 3) Accounting and Reporting Standard
(GHG Protocol).
Assurance of GHG emissions
During FY25, PFI engaged PricewaterhouseCoopers (PwC)
as an external assurance practitioner to provide limited
assurance for PFI’s FY25 Scope 1 and Scope 2 greenhouse
gas emissions. PwC’s GHG assurance report is provided in
Appendix 3 (pages 56-58).
PFI’s Scope 3 emissions for this reporting period are not
subject to an external assurance engagement. PFI has
elected to use Adoption Provision 8 in NZ CS 2, which
exempts PFI from including Scope 3 emissions disclosures
from the Scope of GHG assurance engagements for
reporting periods ending before 31 December 2025.
PFI also relies on the Financial Markets Conduct (Climate-
related Disclosures – Assurance Engagement) Exemption
Notice 2025, which provides that climate-reporting entities
are not required to seek assurance over Scope 3 GHG
emissions statements, as otherwise required by section
461ZH(1) of the Financial Markets Conduct Act 2013.
PFI’s Scope 1, 2 and 3 emissions have been externally
peer reviewed by Ekos Kamahi Limited to check alignment
with the GHG Protocol (noting that this does not constitute
external assurance).
Organisation Description
PFI is comprised of a single parent company, Property for
Industry Limited (the Company), and its subsidiaries, P.F.I.
Property No. 1 Limited (P.F.I. No.1), which owns the full
property portfolio, and P.F.I. Cover Limited (PFI Cover)
(collectively, the Group).
PFI is an NZX-listed property vehicle focused on the
industrial property sector. As at 30 June 2025, PFI
has a portfolio of 91 properties located throughout
New Zealand, but primarily in Auckland. PFI’s core
activities broadly cover leasing pre-existing properties
to industrial tenants, portfolio management through
acquisitions and divestments, and refurbishment, project
and development activities. Following the insourcing of
facilities management in July 2023, PFI now coordinates
repairs, maintenance and capital projects for PFI’s
properties through its internal facilities management team.
Organisational Boundary and
Consolidation Approach
PFI’s organisational boundaries have been set with
reference to the methodology described in the GHG
Protocol. PFI has applied an operational control
approach to identify and determine the boundary of
PFI’s GHG inventory.
All emissions that PFI has operational control over in
its own head office and within its property portfolio are
covered in this inventory. Operational control is determined
by PFI’s capacity to enact operational decisions for an
emissions source (i.e., full authority to introduce and
implement operating policies). This approach allows us
to focus our initiatives on the emission sources which we
have operational control over and can make decisions on in
line with our Sustainability Strategy.
91 PROPERTIES
PROPERTY FOR INDUSTRY LIMITED
P.F.I. PROPERTY NO.1 LIMITEDP.F.I. COVER LIMITED
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Reporting Period and Base Year
In line with PFI’s financial reporting period, this inventory
covers emissions for FY25 (1 July 2024 to 30 June 2025).
PFI’s base year inventory is 2019. The 2019 base year was
selected to enable early performance comparison across
reporting years.
Balance Date Change
In 2024, PFI and its subsidiary changed balance date from
31 December to 30 June. As a result of this change, PFI
had a shorter six-month financial period from 1 January
2024 to 30 June 2024 (referred to as Financial Period 2024
or FP24). PFI’s FP24 emissions will continue to be included
in the year-on-year comparison, noting that to the extent
that the FP24 emissions reflect a short six-month period,
these emissions are not comparable to prior or subsequent
years, which reflect a 12-month reporting period.
1. The Market Economics Limited, 2023, Consumption Emissions Modelling report prepared for Auckland Council (Table 5 Consumption Emission Intensities for the Year Ending 2019) has been used to calculate Scope 3
Category 1: purchased goods and services and Scope 3 Category 2: Capital Goods (excluding construction-related emissions for major developments at Bowden Road and Springs Road).
Methodologies, assumptions, limitations and
uncertainties
GHG quantification is subject to inherent uncertainty
because of incomplete scientific knowledge used to
determine emissions factors and the values needed to
combine emissions of different gases. PFI’s GHG
emissions have been calculated with guidance provided by
Greenhouse Gas Protocol: Technical Guidance for
Calculating Scope 3 Emissions (version 1.0) (Technical
Guidance).
Unless otherwise stated, the calculation methodology used
to quantify emissions was based on the method of
multiplying supplied activity data by the relevant emissions
factor or Global Warming Potential (GWP) rate.
PFI uses emission factors and GWP rates sourced from the
most recent and up to date Ministry for the Environment’s
Measuring Emissions Guide: Emission Factor Workbook
(MfE Emission Factors) that are available as at the end of
the relevant reporting period (30 June). Emission factors
and GWP rates used to calculate PFI’s FY25 GHG
emissions were sourced from the 2025 MfE Emission
Factors, using GWP rates sourced from IPCC AR5. The
2025 MfE Emission Factors have not been applied to prior
year emissions calculations. Emissions factors have also
been sourced from the Market Economics Limited 2023
Consumption Emissions Modelling report prepared for the
Auckland Council
1
to estimate Scope 3, Category 1 and 2
emissions.
Embodied carbon emissions from PFI’s major
developments (covered under Scope 3 Category 2: Capital
Goods) are estimated using Life Cyle Assessments (LCAs)
prepared by Beca Limited.
Data for Scope 1, 2 and 3 emissions are captured by PFI’s
team members or provided by suppliers, and are subject to
data entry limitations.
Specific data sources, data uncertainties, assumptions and
limitations are set out on the pages that follow.
Base Year and Comparative Year
Restatement Policy
PFI will recalculate and restate base year and comparative
year emissions where there has been a change of more
than 10% of the total inventory as a result of structural
changes, a change in calculation methodology that has a
material impact on base year emission data, or discovery
of material errors.
Organic growth or decline will not trigger a base year
recalculation. A recalculation of base year and comparative
year emissions may not be appropriate if a recalculation is
unable to be carried out due to a lack of reliable data, or
where new methodologies cannot be applied to historic
years. In this circumstance, PFI may decide to establish a
new base year or otherwise provide an explanation as to
why a recalculation was not deemed appropriate.
PFI’s restatement policy was not triggered during FY25.
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EMISSIONS SOURCE INCLUSIONS
A summary of the emissions sources included in this inventory is provided below, along with a description of the methods, assumptions, limitations, and uncertainties relevant to
calculating or estimating emissions.
GHG EMISSIONS SOURCEFACILITIES MEASUREDDATA SOURCE AND COLLECTIONKEY UNCERTAINTIES, LIMITATIONS AND ASSUMPTIONS
SCOPE 1
Fugitive Emissions from
HVAC systems
All properties within the
portfolio where the HVAC is
owned and maintained by
PFI.
Records from HVAC suppliers
(emails and reports) detailing
the quantity used (in kg) to
top up HVAC systems during
the year.
Medium uncertainty – assumption that records provided by HVAC suppliers represent a complete and
accurate account of all fugitive emissions from HVAC systems. Assumption made that the quantity of
refrigerant gas topped up equals the quantity of the refrigerant gas lost during the reporting year.
Diesel emissions from
sprinkler systems
All properties with
diesel-powered sprinkler
systems that are owned
and maintained by PFI.
Records from suppliers that
maintain PFI’s sprinkler
systems (emails and reports)
detailing the quantity of diesel
used (litres) to top up
sprinkler systems.
Medium uncertainty – assumption that records provided by contractors are a complete and accurate
account of diesel emissions from sprinkler systems.
SCOPE 2
Electricity consumption
(location based)
Purchased electricity
consumed in PFI’s head
office, vacant spaces and
common areas within PFI’s
portfolio of properties
(where PFI has operational
control over the electricity
used).
Metering reports and invoices
from electricity suppliers
which record kWh consumed.
Low uncertainty – assumption that the meter readings are correct and that the kWh provided by electricity
suppliers are an accurate record of the electricity consumed.
SCOPE 3
Category 1: Purchased
goods and services
Emissions related to goods
and services purchased.
Expenses report for FY25
extracted from PFI’s
accounting software.
High uncertainty – data limitations meant that a spend-based method was employed. Uncertainties arise
from the lack of detailed information about the exact greenhouse gas emissions associated with each
product or service purchased. Expenditure categories that did not relate to goods and services or have been
accounted for elsewhere in PFI’s GHG Inventory have been excluded from these calculations. Category 1
emissions were estimated by multiplying spend against relevant emissions factors derived from the Market
Economics Limited 2023 Consumption Emissions Modelling Report prepared for the Auckland Council (a
New Zealand consumption-based model). PFI has used this NZ consumption-based model since FY23
1
.
This methodology provides an estimate only, and relies on the quality of the statistical data used to calculate
emissions factors and the categories aligning with PFI’s accounting codes.
1. Emissions factors for calculating Scope 3 Category 1 and 2 emissions from FY23 onwards were taken from the Market Economics Limited, 2023, Consumption Emissions Modelling, report prepared for Auckland
Council. Emissions factors for calculating Scope 3 Category 1 and 2 emissions prior to FY23 were derived from GZA’s US environmentally-extended input output (EEIO) model.
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GHG EMISSIONS SOURCEFACILITIES MEASUREDDATA SOURCE AND COLLECTIONKEY UNCERTAINTIES, LIMITATIONS AND ASSUMPTIONS
Category 2: Capital
Goods
Capital expenditure at PFI
properties, including
refurbishments and major
developments.
A combination of dollar spend
from internal accounting
records and embodied
emissions data from Life
Cycle Assessments.
High uncertainty – emissions were estimated using a combination of a spend-based method and data
from Life Cycle Assessments (LCA).
The spend-based methodology involved multiplying property spend against emissions factors derived
from a consumption-based model (limitations are described above). This method was applied to Category
2, Capital Goods emissions, where LCA data was not available.
Upfront embodied carbon emissions associated with material production, transport of materials and
construction at PFI’s major developments were estimated using data from LCA reports prepared by Beca
Limited (for the purpose of design review and certification under the Green Star framework). This
methodology intends to more accurately estimate the construction-related emissions from PFI’s major
development activities using estimated emissions totals for the product and construction stage of each
development. The following uncertainties and limitations apply:
§LCA data is calculated ‘at completion’ of development projects, which may span across more than
one reporting period before achieving practical completion. The upfront embodied carbon emissions
recorded in LCAs for the developments at 30-32 Bowden Road and Stage 1 at 78 Springs Road have
been split across FY23, FP24 and FY25 reporting periods based on spend. These development projects
were complete as at 30 June 2025.
§PFI is transitioning to reporting upfront embodied carbon emissions ‘at completion’ for all development
projects that commenced construction on 1 July 2024 onwards. This means that the upfront embodied
carbon emissions for the development at Stage 2 at 78 Springs Road were excluded from FY25
Category 2 emissions calculations. The upfront embodied carbon emissions for this development, and
future development projects, will be reported in the year of completion (rather than being split across
reporting periods).
§LCAs contain estimated emissions for PFI’s major developments, which are not finalised until after
practical completion and are subject to limitations, uncertainties and possible change. PFI has used the
most recently available LCAs for each development project, which in some cases are a draft version.
For PFI’s FY25 reporting, adjustments have been made to FY25 to account for variance from initial
estimates in draft LCA reports.
Category 3: Fuel and
Energy – Transmission
and distribution losses
Properties for which PFI is
responsible for paying for
the electricity and has
operational control over the
electricity consumed.
Records from electricity
suppliers – total kWh from
PFI’s Scope 2 emissions from
purchased electricity.
Low uncertainty – assumption that electricity invoices and meter readings accurately represent the
energy that PFI consumed across its offices, and properties with vacant spaces and common areas.
Category 5: Waste
generated in operations
Waste generated from PFI’s
head office.
Proxy measurement.High uncertainty – in the absence of actual supplier data for waste generated in PFI’s head office, PFI has
estimated emissions using a proxy measurement method. Assumptions have been made around the total
kg of waste per full time employee.
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FY25 SUSTAINABILITY
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GHG EMISSIONS SOURCEFACILITIES MEASUREDDATA SOURCE AND COLLECTIONKEY UNCERTAINTIES, LIMITATIONS AND ASSUMPTIONS
Category 6: Business
Travel
Staff from PFI head office.Records include invoices,
booking confirmations, and
reports from PFI’s accounting
system.
Medium-High uncertainty – a combination of a distance-based and spend-based methodologies were
used to estimate emissions associated with staff air travel, rental car use, taxi use, mileage, and hotel
accommodation.
Assumptions have been made relating to the type of vehicle and fuel used. Assumption that all business-
related travel is captured in PFI’s accounting records. An average national emissions factor has been
applied.
Category 7: Employee
commuting
Staff from PFI head office.Employee Commuting Survey
results. The data collection
unit is kilometers (km)
travelled to work via private
vehicle, bus, train and ferry
and number of days worked
from home.
Medium uncertainty – a distance-based methodology was used to estimate emissions associated with
commuting. Assumption that the answers provided by PFI’s employees in the survey are a complete and
accurate representation of how employees commuted to work in a typical week. Assumptions have been
made around the number of days worked and distance travelled.
Category 13:
Downstream Leased
Assets – Electricity
consumed at tenanted
buildings
All tenanted properties
within PFI’s portfolio.
Records include metering
reports.
Medium uncertainty – electricity consumption data has been extrapolated to estimate emissions for PFI’s
whole portfolio during FY25 using actual consumption data for almost 90% of PFI’s properties. Electricity
consumed at metered properties with less than 12 months of consumption data was annualised.
Estimated emissions were calculated using the average kWh consumed per sqm net lettable area (NLA) for
metered properties (kWh/NLA), applied across the remaining properties where no consumption data was
available.
The following limitations, uncertainties and assumptions apply:
§As at 30 June 2025, 91% of PFI’s portfolio had electricity metering installed, with 89% having verifiable
consumption data available for FY25. In some cases, metering was installed partway through the
reporting period and metered data reflects less than 12 months of electricity consumption for those
properties. PFI does not have electricity consumption data available for some properties.
§Metering reports were manually compiled by BraveGen using data fed live from metering. Metering
reports include data from the first full month of verified consumption only.
§It is assumed that the metering reports are a complete and accurate representation of the electricity
consumed at tenanted buildings with metering installed.
§To the extent that metering data is incomplete, the extrapolated electricity consumption data does
not reflect PFI’s actual Scope 3 Category 13 emissions associated with electricity consumption in
tenanted buildings.
§In many cases, data includes power associated with tenants’ operations as well as building electricity
use.
§Specific adjustments have not been made in relation to portfolio activity during the period.
54