67% of properties in our North American investment portfolio have a net zero asset plan and we are developing plans for the remaining 33%. These plans connect carbon reduction metrics with financial metrics, such as operational cost savings and payback periods, and enable us to assess strategies that contribute to achieving our carbon reduction targets and forecast potential financial incentives. 

At 560 South Winchester, our commercial property in San Jose, California, we completed construction of a solar panel array and expect to offset approximately 30% of electricity consumption, saving 565,000 kWh annually – comparable to the amount of electricity used by 50 homes per year. A similar installation at Orchard Trimble business park, also in San Jose, is estimated to save approximately 2.3m kWh annually, equivalent to the amount of carbon sequestered by over 1,925 acres of US forests.

A pilot of Hank AI, a tool that autonomously optimises a building’s management system to deliver increased tenant comfort, air quality and energy savings, proved a 34,000 kWh monthly reduction in energy consumption at one property compared to 2022. We may introduce the technology at several assets in 2024, further enhancing our portfolio composition.