Board Statement

Dear Stakeholders,

We are pleased to present PRIME’s 4th Sustainability Report, which provides insight into our areas of focus through an ESG lens over the past reporting period. FY2023 was a significant year for PRIME as we navigated through various challenges and headwinds in the U.S. commercial real estate market.

With evolving tenants’ needs and preferences, PRIME remains committed to maintaining a strong focus on driving sustainability and value creation for our tenants. Through proactive engagement and initiatives such as organising tenant events, implementing building enhancements and adding amenities to PRIME's properties, we created more attractive and functional spaces to foster a sense of community as more employees returned to offices, thereby enhancing overall tenant satisfaction. To examine the effectiveness of our efforts, we implemented tenant engagement surveys and feedback loops, allowing us to continually adapt and upgrade our offerings.

In line with our commitment to ESG principles, we implemented new ESG initiatives and solutions, with increased adoption of technology such as automated energy metering systems and smart irrigation technologies in our properties. These efforts enhanced resource conservation and operational efficiency across our properties, resulting in a significant improvement in utilities management and efficiency. Moreover, FY2023 marked the first full year of LPC serving as the consolidated property manager for PRIME’s assets and a key partner in implementing our ESG initiatives throughout our portfolio. With the addition of an ESG plan into PRIME’s operating budget for the fiscal year, we were able to plan out ESG-related activities that would increase the attractiveness of our assets in a more structured manner. A clear testament to our efforts was the increased ENERGY STAR scores in more than 85% of our properties – we strive to keep our scores high and continually pursue improvements.

As we continue to navigate through the evolving landscape, PRIME remains steadfast in delivering value to our stakeholders while prioritising sustainability and tenant satisfaction. We extend our gratitude to our stakeholders for their continued support in our endeavours towards building a more sustainable business.

Professor Annie Koh

Chairperson, on behalf of the Board

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