Our performance
QIC Real Estate uses a number of sustainability-related ratings systems, including NABERS, Green Star and GRESB, to benchmark against peers and track our performance over time. We also monitor our performance against short and long-term objectives to track our progress in implementing our ESG Strategy.
Below we present our performance ratings and data for FY25.
National Australian Built Environmental Ratings System (NABERS)
NABERS is a national ratings system that measures the environmental performance of Australian buildings. QIC Real Estate submits properties in the QIC Property Fund (QPF), QIC Town Centre Fund (QTCF) and QIC Office Fund/Queensland Government Office Fund (QOF/QGOP) portfolios for NABERS Energy and Water assessments annually. NABERS Waste ratings are obtained each year for QOF/QGOP only, as this type of rating is only available for office assets. NABERS Energy and Water assessments commenced for QIC Australia Core Plus Fund (QACPF)94 and QIC Active Retail Property Fund (QARP) portfolios in FY24.
The following average portfolio NABERS ratings were achieved in FY25:
Table 12: QIC Real Estate NABERS ratings95
- QPF — NABERS Energy and Water ratings for Shopping Centre Base Building covers 100% of QPF’s shopping centre portfolio, and has been rated by NABERS Energy and Water in FY2599.
- QTCF — NABERS Energy and Water Ratings for Shopping Centre Base Building covers 100% of QTCF’s shopping centre portfolio, and has been rated by NABERS Energy and Water in FY25100.
- QOF/QGOP — NABERS Energy, Water and Waste Ratings for Office Base Building covers 100%101 of QOF’s office portfolio, and has been rated by NABERS Energy, Water and Waste in FY25102.
- QACPF103 — NABERS Energy and Water Ratings for Shopping Centre Base Building covers 100% of QACPF’s shopping centre portfolio, and has been rated by NABERS Energy and Water in FY25104.
- QARP — NABERS Energy and Water ratings for Shopping Centre Base Building covers 100% of QARP’s shopping centre portfolio, and has been rated by NABERS Energy and Water in FY25105.
The ongoing implementation of environmental initiatives in line with the objectives identified in Our Approach can deliver future improvements in these ratings, which we monitor on an annual basis. Prior year NABERS Energy and Water ratings were impacted by government mandated COVID-19 lockdowns across some reporting periods which has likely partially contributed to score uplift for results received in FY22 and FY23.
Refer to the Key Data and Trends section of this report for more information on our energy and water performance during the year.
94 In August 2025, the QACPF Unitholders approved a change of investment strategy to a retail-only strategy, and the Trustees commenced the process to divest any non-retail assets and change the name of the Fund from QACPF to QIC Everyday Retail Fund (QERF). From 1 July 2026, the Fund will formally change its name to QERF and change its benchmark to MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index, Retail Funds, NAV Weighted, Post Base Fee (incl QIC) to reflect the new investment strategy.
95 FY22, FY23 and FY24 reporting years noted represent self-calculated portfolio ratings based on formal individual asset ratings provided by NABERS. Portfolio ratings use average weighted star ratings and ownership percentage to determine a final result. FY25 reporting years use the NABERS SPI Index results.
96 Ratings shown for QPF, QTCF, QACPF and QARP are those received in each financial year, which are based on the performance period for the previous financial year for ratings shown in FY23, FY24 and FY25. For the previous years FY22, FY21 and FY20, these are calendar year ratings.
97 Ratings shown for QOF/QGOP are those received in each financial year, which are based on the performance for the previous annual period of September to August for ratings shown in FY23, FY22, FY21 and FY20. Ratings shown for FY24 and FY25 represent the performance period for the previous financial year.
98 QACPF and QARP commenced obtaining NABERS Energy and Water ratings in FY24.
99 QPF shopping centre assets rated by NABERS Energy and Water in FY25 include Castle Towers, Sydney, NSW; Canberra Centre, Canberra, ACT; Eastland, Melbourne, VIC; Watergardens, Melbourne, VIC; Woodgrove, Melbourne, VIC (QIC Real Estate sold Woodgrove in August 2025); Hyperdome, Logan, QLD; Robina Town Centre, Gold Coast, QLD; Grand Central, Toowoomba, QLD; Werribee, Melbourne, VIC; Epping, Melbourne VIC; Coomera Town Centre, Gold Coast, QLD; and Merrifield City, Melbourne, VIC (QIC Real Estate sold Merrifield in June 2025).
100 QTCF shopping centre assets rated by NABERS Energy and Water in FY25 include Castle Towers, Sydney, NSW; Canberra Centre, Canberra, ACT; Eastland, Melbourne, VIC; Watergardens, Melbourne, VIC; Woodgrove, Melbourne, VIC (QIC Real Estate sold Woodgrove in August 2025); Hyperdome, Logan, QLD; Robina Town Centre, Gold Coast, QLD; Grand Central, Toowoomba, QLD; Werribee, Melbourne, VIC; Epping, Melbourne, VIC; and Merrifield City, Melbourne, VIC (QIC Real Estate sold Merrifield in June 2025).
101 100% of rateable portfolio. Development site at 62 Mary St excluded.
102 QOF/QGOP office assets rated by NABERS Energy, Water and Waste in FY25 include 111 George Street, Brisbane, QLD; 33 Charlotte Street, Brisbane, QLD; 54 Mary Street, Brisbane, QLD; and 63 George Street, Brisbane, QLD (QIC Real Estate sold 63 George Street in August 2025). Note that NABERS Waste ratings are only available for office buildings currently.
103 In August 2025, the QACPF Unitholders approved a change of investment strategy to a retail-only strategy, and the Trustees commenced the process to divest any non-retail assets and change the name of the Fund from QACPF to QIC Everyday Retail Fund (QERF). From 1 July 2026, the Fund will formally change its name to QERF and change its benchmark to MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index, Retail Funds, NAV Weighted, Post Base Fee (incl QIC) to reflect the new investment strategy.
104 QACPF shopping centre assets rated by NABERS Energy and Water in FY25 include Big Top Shopping Centre, Maroochydore, QLD; Forest Lake Shopping Centre, Forest Lake, QLD; Kippa-ring Shopping Centre, Brisbane, QLD; Nerang Mall, Nerang, QLD; The Village, Upper Mount Gravatt, Brisbane, QLD; and Pittwater Place, Mona Vale, Sydney, NSW. Other NABERS certified assets in the QACPF portfolio as at 30 June 2025 include 1 Chandos St, St Leonards, Sydney NSW (NABERS Energy and Water for Offices); 301 Grand Junction Rd, Ottoway, Adelaide, SA (NABERS Energy for Industrial); and 60-70 Purling Avenue, Edinburgh, Adelaide, SA (NABERS Energy for Industrial).
105 QARP shopping centre assets rated by NABERS Energy and Water in FY25 include Craigieburn Junction, Craigieburn, Melbourne, VIC; Domain Central, Townsville, QLD; and Bathurst City Centre, Bathurst, NSW.
Green Star
Green Star106 is an internationally recognised sustainability rating system for buildings, fitouts, and communities. The Green Star Performance Benchmark provides a holistic sustainability performance measure in relation to the operation of existing buildings.
During FY25, QIC Real Estate submitted all retail and commercial assets (excluding peripherals107) for Green Star Performance Year 2 ratings and in FY24 we maintained a 3 Star Green Star Performance Portfolio rating using v1 of the tool.
During this period, QIC also undertook certification for Green Star Performance using version 2 (v2) of the tool. Launched by the Green Building Council of Australia (GBCA) in July 2024, they describe v2 as “a significant evolution in the sustainability assessment of existing buildings… developed in response to shifting global expectations around ESG, climate resilience, and sustainable finance, v2 is a comprehensive overhaul of the original 2013 framework.”
Key updates to v2 of the tool include:
- Alignment with global frameworks such as Climate Bonds Initiative (CBI), GRESB, and TCFD.
- The introduction of Climate Positive Pathways as a part of the GBCA climate positive roadmap for the built environment.
- Expanded scope of indicators to include the introduction of circular economy principles, embodied carbon, fitout waste, health and wellbeing, social impact, and nature-based resilience.
- Enhanced benchmark requirements across management practice, energy, water, waste and health and wellbeing making this rating tool a significant step-up on its predecessor and redefining Sustainable operations for today’s property market.
In FY25, we also achieved a 3 Star Green Star Performance Portfolio rating using v2 of the tool, which sets the bar higher in terms of approach and performance expectations compared to v1. Refer to downloadable ESG Performance Data for individual asset ratings achieved under the v2 rating tool.
106 QIC is a member of the Green Building Council of Australia who administer the Green Star sustainably building rating tools, and QIC pays an annual fee.
107 Small, non-core properties on the edge of major shopping centre assets that sit outside the main retail footprint.
GRESB
GRESB108 is one of many tools used by institutional investors to engage with their investments, with the aim of understanding the sustainability performance of their investment portfolio and the global property sector.
QIC Real Estate has participated in GRESB reporting since 2012 for QTCF and QPF, and started reporting for QOF/QGOP, QACPF109 and QARP in 2016.
We work closely with GRESB through our memberships with the Green Building Council of Australia and Property Council of Australia, and their broader membership base, to ensure the GRESB benchmark continues to evolve as a useful tool for investors to understand and compare performance, reward demonstrated leadership in real performance, and appropriately measure the industry's contribution to mitigating climate change impacts and the many other significant ESG challenges faced by Australian real estate managers. Our 2025 results, alongside prior year results, are detailed in Table 13.
Table 13: FY25 GRESB ratings110
| Fund | 2021 score | 2022 score |
2023 score | 2024 score | 2025 score | Overall score vs GRESB average111 |
| QPF |
83 4 |
91 5 |
85 4 |
89 5 |
90 5 |
90 vs 79 |
| QTCF |
82 4 |
92 5 |
85 4 |
90 5 |
90 5 |
90 vs 79 |
| QACPF109 |
82 4 |
82 4 |
84 4 |
88 5 |
87 4 |
87 vs 79 |
| QARP |
87 5 |
85 4 |
86 4 |
91 5 |
91 5 |
91 vs 79 |
| QOF / QGOF |
81 4 |
92 5 |
92 5 |
88 5 |
89 4 |
89 vs 79 |
- GRESB results shown for each year relate to the prior calendar year performance period. For example, our 2025 results relate to the 2024 calendar year performance period.
- QARP, QTCF, and QPF have received a 5 Star GRESB rating in 2025, placing them in the top quintile or 20 per cent of performance globally. 5 Stars is the highest rating available in GRESB reporting, associated with recognition for being a global industry leader.
- QACPF’s slight score decline related to its energy performance during the GRESB reporting period, which we expect to improve in future with BMS upgrades implemented across the portfolio having already enabled efficiency improvements, as well as further energy performance enhancements planned in future years.
108 QIC is an investor member of GRESB and pays an annual fee.
109 In August 2025, the QACPF Unitholders approved a change of investment strategy to a retail-only strategy, and the Trustees commenced the process to divest any non-retail assets and change the name of the Fund from QACPF to QIC Everyday Retail Fund (QERF). From 1 July 2026, the Fund will formally change its name to QERF and change its benchmark to MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index, Retail Funds, NAV Weighted, Post Base Fee (incl QIC) to reflect the new investment strategy.
110 GRESB survey responses are completed using a financial control reporting boundary.
111 Average score of all GRESB participants in 2025.
Key data and trends
FY25 data112 is presented below and provides an opportunity to compare our performance against previous years. Several initiatives were undertaken throughout FY25 to improve our performance across the retail and office portfolios against various environmental sustainability metrics. The outcomes of these initiatives are evident in the data presented in Table 14 (water and waste) and Table 15 (energy and carbon emissions) below.
Water consumption
Base building potable water consumption decreased by 19% in FY25 compared to FY24. This was largely driven by the water sub-metering program roll out across the retail portfolio over the past 18 months. Phase 2 of the program, which was completed in FY25, involved the deployment of over 700 meters to monitor tenant water consumption and provide sub-metering of major base building end uses. This program has resulted in:
- More advanced monitoring and faster leak detection capabilities across the portfolio.
- Enhanced visibility over where water is being used and any irregular consumption patterns, allowing better identification of opportunities to improve water efficiency.
- Improved granularity on tenant water consumption, which is driving greater visibility of water use and encouraging more efficient consumption practices by tenants.
An additional 100 water sub-meters are being rolled out in a future third phase of this program, which will drive further efficiencies moving forward.
Waste and recycling rates
In FY25 a new multi-site waste contract was rolled out across 17 shopping centre assets, focused on the implementation of improved waste management infrastructure and practices to drive advanced waste management outcomes. Through implementation of the contract, we have:
- Introduced new waste streams, for example, organics recycling at centres where this was not previously available.
- Improved measurement, verification and transparency of waste management outcomes through upgraded weighing and reporting systems.
- Upgraded compactors to enable ‘smart’ alerts as they are approaching full, enabling more tailored waste collection services that reduce transport and lower associated carbon emissions.
- Established safer, more efficient back of house waste management areas.
- Achieved more cost-effective operational outcomes through improved systems, avoided landfill tariffs, and more efficient waste transport schedules.
The multi-site contract has been in place since November 2024 and has already resulted in significant improvements in waste diversion rates across our portfolio, including:
- A 9% improvement in overall diversion from landfill rates, from 37% in FY24 to 46% in FY25.
- A 7% improvement in A-Grade waste recycling rates, from 34% in FY24 to 41% in FY25, which was largely driven by increasing the availability of organic waste streams.
Energy and carbon emissions
Total operational Scopes 1 and 2 (market-based) carbon emissions across the Real Estate portfolio decreased by 7% in absolute terms in FY25 compared to FY24. The portfolio also maintained its carbon emissions (Scopes 1 and 2) intensity in FY25 compared to the prior year. This result has been influenced by:
- Asset sales during FY25, which is responsible for a large portion of the reduction in absolute carbon emissions in FY25 and resulted in a 11% reduction in GLA through divestment activity113.
- A 35% increase in Scope 1 carbon emissions, driven by a rise in refrigerant emissions in FY25 compared to FY24. This was the result of a chiller leak event at Castle Towers, NSW, in FY25. Leak detection was in place and the incident was responded to appropriately to avoid further impacts. In addition, the adoption of an updated reporting methodology for refrigerants from FY24 onwards that is more accurate continues to generate more volatile year-on-year performance figures for Scope 1 carbon emissions than the previously used methodology114. We note that Scope 1 carbon emissions were also impacted by a 10% reduction in natural gas consumption in FY25 compared to FY24, driven largely by BMS upgrades and improved control measures for boiler systems. Scope 1 carbon emissions make up approximately 17% of QIC Real Estate’s total operational carbon emissions profile, so while this proportional increase appears large, it has had a minor but material impact on our overall operational carbon emissions performance.
- A 12% reduction in market-based Scope 2 carbon emissions as a result of a 7% reduction in electricity consumption driven by energy efficiency improvements, and more of our energy demand being met by our onsite solar systems across the portfolio.
In FY24, QIC Real Estate conducted a review of its Scope 3 carbon emissions reporting with the aim of ensuring our approach continues to evolve in line with that of well regarded industry frameworks such as:
- Greenhouse Gas (GHG) Protocol
- Climate Active: Carbon Neutral Buildings standard (via NABERS Base Building pathway)
- Net Zero Investment Framework (NZIF)115.
As a result of the review, in FY25 QIC Real Estate commenced reporting its Scope 3 carbon emissions broken down by category in alignment with the GHG Protocol, and based on relevance and materiality to our operations. This includes:
- Category 1: “Purchased goods and services”, which captures upstream carbon emissions from the production of goods and services that QIC Real Estate procures in its supply chain116.
- Category 2: “Capital goods”, which captures upstream ‘embodied carbon’ for major development projects (reported post completion) using studies compiled in a developments’ Green Star Buildings submission.
- Category 3: Fuel and energy-related activities (not included in Scope 1 or 2).
- Category 5: “Waste generated”, which captures upstream emissions from the handling and treatment of waste created and managed at assets under our operational control117.
- Category 6: Business Travel.
- Category 8: “Upstream Leased Assets”, which captures upstream emissions resulting from our corporate offices and associated operations118.
- Category 13: “Downstream emissions from leased assets”, capturing emissions from our tenants' operations119.
- Category 15: “Investments”, captures emissions from JV assets not under QIC Real Estate’s operational control120.
This change to our reporting practices represents another step in our journey to further mature our Scope 3 carbon reporting processes, and provides greater transparency, relevancy and comparability of our Scope 3 carbon emissions profile. It also provides greater visibility over the various drivers of our Scope 3 carbon emissions and improves our ability to understand any opportunities to influence these in future.
Table 14: Key performance data: Water Consumption and Waste Management
| FY21 |
FY22 | FY23 | FY24 | FY25 | Year-on-year variance | ||
| Water (potable) |
Total water use (KL) |
899,996 | 1,026,204 | 1,218,912 | 1,204,345 | 974,088 | ↓ 19% |
|
Intensity |
0.61 | 0.65 | 0.77 | 0.76 | 0.66 | ↓ 13% |
|
| Recycling |
Waste recycling rate (% of total waste) |
44% | 39% | 37% | 37% | 46% | ↑ 9% |
|
A-Grade waste recycling rate (% of total waste) |
N/A | N/A | 33% | 34% | 41% | ↑ 7% | |
| Intensity factor | Gross Lettable Area (m2) | 1,477,866 | 1,586,064 | 1,582,746 | 1,582,746 | 1,468,608121 |
↓ 7% |
Table 15: Key Performance Data: Energy and Carbon emissions
| FY21 |
FY22 | FY23 | FY24 | FY25 | Year-on-year variance | ||
| Energy |
Total energy use (GJ) |
492,672 | 495,903 | 507,639 | 491,002 | 455,650 | ↓ 7% |
|
Intensity |
333 | 313 | 321 | 310 | 310 | 0% |
|
| Carbon emissions (Scope 1 and 2) |
Total Scope 1 emissions |
11,379.4 | 12,498 | 9,520 | 6,230 | 8,382 | ↑ 35% |
|
Total Location-based Scope 2 emissions |
83,619 | 75,332 | 66,433 | 60,551 | 55,911 | ↓ 8% | |
|
Total Market-based scope 2 emissions |
N/A | N/A | N/A | 47,770 | 41,928 | ↓ 12% | |
|
Scope 1 & 2 Location-based intensity |
64 | 55 | 48 | 42.2 | 43.8 | ↑ 4% | |
|
Scope 1 & 2 Market based intensity |
N/A | N/A | N/A | 34.1 | 34.3 | 0% |
|
| Carbon emissions (Scope 3)123 |
Category 1: Purchased Good and Services |
Partially reported prior to FY25 reporting period as part of total Scope 3 carbon emissions profile. | 29,036 | N/A | |||
|
Category 2: Capital Goods (tCO2-e) |
Not reported prior to FY25 reporting period. | 0 | N/A | ||||
| Category 3: Fuel and energy-related activities (not included in Scope 1 or 2) | Included as part of total Scope 3 carbon emissions profile prior to FY25. | 6,262 | N/A | ||||
| Category 5: Waste generated in operations (tCO2-e)118 | Included as part of total Scope 3 carbon emissions profile prior to FY25. | 17,935 | N/A | ||||
| Category 6: Business Travel (tCO2-e) | Not reported prior to FY25 reporting period. | 285 | N/A | ||||
|
Category 8: Upstream Leased Assets (tCO2-e)119 |
Not reported prior to FY25 reporting period. | 506 | N/A | ||||
|
Category 13: Downstream Leased Assets (tCO2-e)120 |
Included as part of total Scope 3 carbon emissions profile prior to FY25. | 148,342 | N/A | ||||
|
Category 15: Investments (tCO2-e)121 |
Not reported prior to FY25 reporting period. | 1,450 | N/A |
||||
|
Total reported Scope 3 emissions |
226,588124 | 237,449 | 236,004 | 192,669 | 203,838124 | ↑ 6% | |
|
Total reported Scope 3 emissions intensity |
153 | 150 | 149 | 122 | 139 | ↑ 14% | |
| Intensity factor |
Gross Lettable Area (m2) |
1,477,866 | 1,586,064 | 1,582,746 | 1,582,746 | 1,468,663121 | ↓ 7% |
Note: Table 14 and Table 15 presents aggregated FY25 performance data from QIC Real Estate's portfolio of managed retail, office and industrial assets. Specific FY25 data and metrics displayed in Tables 14 and 15 were included in a Limited Assurance scope undertaken by KPMG. Please refer to this link for a downloadable version of KPMG’s Limited Assurance Opinion. Data from assets that QIC Real Estate does not have operational control125 over is excluded from all reported metrics except Scope 3, Category 15 carbon emissions from investments. This includes our joint venture assets, Coomera Town Centre and Claremont Quarter126.
Intensity metrics are calculated by dividing annual usage data by gross lettable area allowing the presentation of relative annual performance while accounting for changes in portfolio structure over time (for example, asset sales or acquisitions within any reporting period and the inclusion of part year performance of those assets).
For more information on our reporting methodologies, please refer to our 2025 Basis of Preparation.
This downloadable spreadsheet presents asset level FY25 environmental performance data for each of QIC Real Estate's five funds: QIC Real Estate FY25 Asset Environmental Performance Data.
112 Covers the aggregated performance data for physical assets owned and managed by QIC Real Estate in Australia, encompassing those relevant properties held under QPF, QTCF, QACPF, QOF/QGOP and QARP. Note that the sustainability data and information contained within this report covers only assets within QIC’s operational control.
113 QIC Real Estate divested Westpoint in January 2025 and Merrifield in June 2025.
114 The updated methodology is more accurate than that used in FY23 and for prior years because it reacts to proactive maintenance and upgrade works, using actual data instead of relying on industry standard leakage rates to estimate related carbon emissions.
115 As an NZAM signatory, we have elected to use the Net Zero Investment Framework (NZIF) as our target setting methodology. In January 2025, NZAM announced it had suspended activities and would be undertaking a review. As a signatory to NZAM, QIC will await the outcome of its ongoing consultation and evaluate the findings of NZAM’s review once complete.
116 Category 1: In prior years only upstream carbon emissions from energy purchase were reported, which accounts for a small portion of total Category 1 Scope 3 emissions.
117 Category 5: Captured in QIC Real Estate’s Sustainability reporting on total Scope 3 carbon emissions in prior years but not reported separately.
118 Category 8: Captured in QIC Corporate Sustainability reporting in prior years. Not previously captured in QIC Real Estate’s Sustainability reporting.
119 Category 13: Captured in QIC Real Estate’s Sustainability reporting on total Scope 3 carbon emissions in prior years but not reported separately.
120 Category 15: Not captured in QIC Real Estate’s Sustainability reporting in prior years. This category reports emissions from joint venture or investment assets that do not fall within QIC operational control boundary.
121 Intensity Factor in FY25 accounts for part year operation of assets sold during FY25 until their settlement date (Westpoint was sold in January 2025 and Merrifield was sold in June 2025). GLA for assets sold during FY25 is attributed based on the percentage of the financial year reporting period that they were owned and operated by QIC Real Estate.
122 Our calculation methodology for Scope 2 carbon emissions from electricity consumption was updated in FY24 to include annual Scope 2 carbon emissions using both a Location Based methodology and a Market Based methodology from FY24 onwards. Our Market Based methodology is as per Section 2.2 of the National Greenhouse Account Factors issued by the Australian Federal Department of Climate Change, Energy, the Environment and Water, which is aligned with the GHG Protocol. Refer to QIC Real Estate Basis of Preparation document for further detail.
123 In FY25, QIC Real Estate commenced reporting its Scope 3 carbon emissions broken down by category in alignment with the GHG Protocol, and based on relevance and materiality to our operations. This has meant a re-drawing of our Scope 3 carbon emissions boundary in FY25 compared to prior years, meaning FY25 figures are not comparable to previously reported results. Refer to QIC Real Estate Basis of Preparation document for further detail on our FY25 Scope 3 carbon reporting methodology.
124 QIC updated Scope 3 reporting to include ‘Major Tenant’ (large tenants not connected to asset embedded networks who own and manage their own energy utility accounts) emissions from FY21 onward.
125 The term ‘operational control’ has been adopted from the definition provided in the National Greenhouse and Energy Reporting (NGER) Act of Australia where operational control refers to having the authority to introduce and implement any or all of the following policies for a facility: operating, health and safety, and environmental. Only one corporation can have operational control over a facility at any given time. This concept is crucial for determining a corporation’s registration and reporting obligations under the NGER Act and plays a key role in broader ESG reporting transparency. It has the same meaning in this report as assets that fall under our management.
126 QIC Real Estate sold Claremont Quarter in October 2024.
Performance against FY25 targets
QIC Real Estate continued to monitor our annual performance against a set of short-term targets during the FY25 year. These targets can be seen in the table below, along with a status update on our performance against them.
An overview of QIC Real Estate’s long and short-term targets can be viewed in the ESG Strategy section of this report.
Table 16: Performance against FY25 goals
| ESG strategic focus area | Target |
Status |
| Nature and circularity |
Achieve a total operational waste diversion rate of 45% in FY25 and a total ‘A-Grade’ operational waste diversion rate of 40% in FY25. |
Achieved/exceeded: |
| Achieve a total retail portfolio potable water use intensity of ≤700 L/m2 and a total office portfolio potable water use intensity of ≤390 L/m2 in FY25. |
Partially achieved: |
|
| Pilot biodiversity assessment methodology to inform the development of a portfolio-wide approach. | Achieved: See Nature and Circularity section of report for more information. |
|
| Climate change | Reduce QPF and QTCF core retail assets’ Scope 1 and 2 intensity based and absolute carbon emissions by 5% in FY25 compared to FY24. |
Achieved: |
| Reduce QACPF128 Scope 1 and 2 intensity-based and absolute carbon emissions by 10% in FY25 compared to FY24. |
Not achieved: |
|
| Achieve Net zero carbon emissions (Scopes 1 and 2) and Climate Active Building carbon neutral certification for each asset within QARP in FY25. |
Achieved129. |
|
| Reduce QOF/QGOP Scope 1 and 2 intensity-based and absolute carbon emissions by 3% in FY25 compared to FY24. |
Achieved: |
|
| 30% of electricity sourced from centre-based renewable energy by 2025. |
Not achieved: 26% of total electricity consumption was delivered by our onsite solar systems in FY25. |
|
| Community investment | Community Investment Program focused on physical health and wellbeing implemented at 100% of targeted retail and office assets. |
Achieved: |
| Total procurement spend with First Nations businesses of $6.5m across Real Estate between FY23 to FY27130. |
In progress (noting FY27 target date). |
|
| Increase Real Estate’s social procurement spend in FY25 by 10% compared to FY24. |
Exceeded: |
|
| Active management of a Real Estate DE&I plan including improvement of gender balance at all levels. | Achieved. | |
| Sustainable value chain | 100% of high-risk Tier 1 suppliers surveyed on their approach to modern slavery via the Property Council modern slavery supplier platform, and directly engage with 10% of Tier 1 high risk suppliers to support them in their approach to addressing modern slavery132. |
Achieved:
100% of identified high-risk suppliers invited to complete the modern slavery questionnaire. Two roundtables were held covering 10% of identified high-risk suppliers across a range of non-compete sectors, with participants provided with a list of resources to further support them in their approach to addressing modern slavery risks. |
|
100% of QPF/QTCF core retail assets and 100% of QOF/QGOP assets CAF certified. |
Achieved: 100% of QPF/QTCF core retail assets were CAF certified as at 30 June 2025, with Grand Central, QLD, and Woodgrove, VIC, obtaining certification during FY25, and all other assets maintaining their CAF certification. 100% of QOF/QGOP assets as at 30 June 2025 obtained CAF certification: 111 George Street, 33 Charlotte Street, 54 Mary Street and 63 George Street. During 2025, QIC Real Estate had 13 CAF certified assets133. |
|
| Commence planning for CAF certification of QACPF134 and QARP core retail assets with a view to participate in CAF Portfolio Certification Framework, once established. |
In progress: |
|
| Benchmarks | Deliver 5 Star Green Star Performance rating across the QTCF/QPF Core Retail Portfolio by 30 June 2028. | In progress and on track: Green Star Performance v2, 3 Star average rating was confirmed for QPF/QTCF Core Retail Portfolio in June 2025. |
| Deliver average 5.5 Star NABERS Energy and 4.5 Star NABERS Water ratings across QOF/QGOP by 31 December 2025. |
In progress (noting FY26 target date): As of 30 June 2025, average of assets held in QOF/QGOP are: NABERS 5.4 Star Energy and 4.5 Stars Water. |
|
| All new development projects at core retail and office assets to be designed to receive a minimum 5 Star Green Star Buildings rating. |
Achieved. |
127 Impacted by the sale of Westpoint in January 2025, which has resulted in a larger reduction in absolute carbon emissions than carbon emissions intensity, where the latter better allows for year-on-year performance comparisons on portfolios with changing asset profiles.
128 In August 2025, the QACPF Unitholders approved a change of investment strategy to a retail-only strategy, and the Trustees commenced the process to divest any non-retail assets and change the name of the Fund from QACPF to QIC Everyday Retail Fund (QERF). From 1 July 2026, the Fund will formally change its name to QERF and change its benchmark to MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index, Retail Funds, NAV Weighted, Post Base Fee (incl QIC) to reflect the new investment strategy.
129 QARP has achieved its target early, which is confirmed annually via Climate Active certification (using a NABERS base building pathway) and definition of operational carbon emissions which includes Scope 1, Scope 2 and some Scope 3.
130 QIC Real Estate’s reported spend with First Nations businesses includes expenses related to our day-to-day operational and project procurement needs, and includes spend with both regular and social enterprise First Nations businesses. It does not include funds spent on First Nations related community initiatives or activations, which are instead captured in our B4SI Community Contributions figures.
131 QIC Real Estate’s reported social procurement spend includes expenses related to our day-to-day operational and project procurement needs, and covers spend with social enterprises, including First Nations social enterprises (making up approximately 65% of total reported spend in FY25). It does not include funds spent on community related initiatives or activations, which are instead captured in our B4SI Community Contributions figures.
132 Refer to the Our Progress section for details on our Modern Slavery approach. For further information, read QIC’s latest Modern Slavery Statement.
133 This includes Westpoint which was CAF certified, however QIC Real Estate sold this asset in January 2025.
134 In August 2025, the QACPF Unitholders approved a change of investment strategy to a retail-only strategy, and the Trustees commenced the process to divest any non-retail assets and change the name of the Fund from QACPF to QIC Everyday Retail Fund (QERF). From 1 July 2026, the Fund will formally change its name to QERF and change its benchmark to MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index, Retail Funds, NAV Weighted, Post Base Fee (incl QIC) to reflect the new investment strategy.
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