updated: 6/7/2012 10:54:13 AM
Indianapolis-based Simon Property Group Inc. (NYSE: SPG) has reached what it considers a major sustainability milestone. The shopping mall operator says 100 percent of its enclosed properties now offer waste recycling to retailers.
June 7, 2012
INDIANAPOLIS, June 7, 2012 -- Simon Property Group, Inc. (NYSE: SPG), the world's leading retail real estate company, announced today that 100% of Simon's enclosed regional malls and Mills properties now offer waste recycling to merchants.
Simon's commitment to recycling is well established. In 2011 the company completed a 'Recycling Enhancement Plan' which resulted in the conversion of more than 70 compactors from trash to recycling and the diversion of an additional 6,000 tons of waste from landfills annually. Additionally, common area recycling containers were added to 40 centers, providing recycling access to shoppers. In all, Simon recycles over 58,000 tons of material annually and has increased its diversion rate by 25% over the past two years.
"The fact that every one of our enclosed properties is now recycling cardboard is an accomplishment that makes us proud," said George Caraghiaur, senior vice president of energy and procurement at SPG, who coordinates the company's sustainability efforts. Caraghiaur also noted that pilot programs are underway for plastic film recycling and composting of food waste.
"Our leadership role in sustainability is a responsibility we don't take lightly," said Tim Earnest, SPG's executive vice president of management. "We work with our tenant base on a daily basis to enhance our recycling programs. A truly successful recycling program cannot be sustained by our property management teams without 100% participation from the tenant store associates and corporate support from our retailers."
Simon's Commitment to Sustainability and Energy Efficiency
In addition to waste recycling, the company focuses on energy efficiency as a core sustainability strategy. Through the continued use of energy conservation practices, energy efficiency projects, and continuous monitoring and reporting, Simon has reduced energy consumption at comparable properties every year since 2003. As a result, excluding new developments and expansions, the company reduced the electricity usage over which it had direct control by 299 kWhs since 2003. This represents a 26% reduction in electricity usage across a portfolio of comparable properties and reflects significant operating savings. Simon's documented reduction in greenhouse gas emissions resulting from its energy management efforts is 210,000 metric tons CO2e.
In 2011, Simon was awarded NAREIT's Leader in the Light Award for the seventh consecutive year and NAREIT's Leader in the Light Long Term Achievement Award. Simon is the only company to have achieved the Leader in the Light distinction every single year since NAREIT launched the program in 2005. Simon was included in the 2011 Carbon Disclosure Leadership Index published by the Carbon Disclosure Project. The company scored 96 points out of 100 for transparency in environmental-impact reporting and was the only REIT to earn a place on the index.
About Simon Property Group
Simon Property Group, Inc. (NYSE:SPG) is an S&P 100 company and the largest real estate company in the world. The Company currently owns or has an interest in 338 retail real estate properties in North America and Asia comprising 245 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S. For more information, visit the Simon Property Group website at www.simon.com.
Source: Simon Property Group, Inc.