1 According to GRESB, LFL change only includes comparable data that is the portion of the portfolio that has remained for, at least, two successive reporting years. For example, assets sold, acquired or that have undergone new construction or major renovation projects should be excluded from LFL calculations. For MUST, Capitol has been divested and is excluded for 2023 and 2024 for LFL calculations. 2 Total amount of water withdrawn is the same as total amount of water discharged into third-party water with negligible amount of water consumed. Hence, the total amount of water usage is reported. 3 Water intensity ratio is calculated by the total volume of water consumed relative to GFA, expressed as L/sq ft. 4 MUST’s properties do not store water onsite. 5 2023 data published in 2023 Sustainability Report was based on estimates whereas 2023 data in this report has been revised to reflect the actual consumption. 6 Waste intensity is calculated by total waste generated relative to GFA, expressed as kg/sq ft. Waste Management5,6 Efficient waste management is crucial for creating sustainable and liveable urban environments. Embracing circular economy principles, we are committed to minimising the amount of waste sent to disposal facilities. In 2024, 1,456 tonnes of waste were generated by tenants, of which 750 tonnes were disposed of in landfills while the remaining 706 tonnes were recycled. All of the waste generated from MUST’s properties consists of non-hazardous waste from tenants and there is no hazardous waste generated from the activities in the buildings. The waste intensity was 0.14 kg/sq ft, a 21.5% decrease from 2023. This year, we have improved our waste data collection by collecting and disclosing the types of recycled waste such as cardboard, mixed paper, and e-waste. In line with efforts to reduce waste generated, we emphasise recycling practices within our operations. We educate our employees, tenants, and business partners, encouraging them to take action to reduce, reuse, and recycle. Collection drives for e-waste were held throughout the year at properties such as Diablo, Michelson, Figueroa, Peachtree and Plaza. Due to improved waste recycling efforts across several properties, the waste diversion rate improved from 39.1% in 2023 to 48.5% in 2024. A full breakdown of our waste figures is provided in the Appendix: 2024 ESG Data Summary. Water Management1,2,3,4,5 Water management is a key priority in our property operations. We primarily source water from municipal utilities, and all our properties responsibly discharge wastewater through these same municipal systems. In addition to saving operating expenses for our managed buildings, efficient water use also contributes to the preservation of this vital resource. We regularly perform third-party water audits every three years as part of our continuous water conservation initiatives. Our yearly budgets and asset strategies take into account the water efficiency opportunities identified by these water audits. Through various initiatives and practices, we aim to improve water efficiency and reduce water usage across our operations. On a LFL basis, the water usage decreased by 3.1% in 2024. This is mainly due to the water efficiency initiatives introduced to our properties. To mitigate water scarcity risks, we focus on maximising operational efficiencies while minimising consumption across our portfolio. Our strategies include conducting water audits, installing water-efficient appliances and faucets, and reducing landscaping water needs where applicable. A full breakdown of our water usage figures is provided in the Appendix: 2024 ESG Data Summary. ANNUAL REPORT 2024 | 85
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