Leading retail real estate company continues to advance its industry-leading sustainability strategy
SANTA MONICA, Calif., June 6, 2023 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, today officially released its Corporate Responsibility Report, with data for the period ending December 31, 2022.
This year's report spotlights the Company's continued momentum toward its goal of carbon neutrality by 2030, as well as its focus on double materiality, the intersection of financial responsibility and stewardship of natural resources. Significantly, in 2022, Macerich reached the milestone of obtaining 35% of the energy it uses portfolio-wide from clean or renewable resources. It has already exceeded its solid waste reduction goal for 2025, having reduced solid waste by 37% from its 2015 baseline.
"At Macerich, we aim to set the bar for sustainability in our industry by operating properties with purpose that 'walk the walk' in stewarding resources for everyone, from guests and tenants, employees and investors, to communities and the planet," said Olivia Bartel Leigh, Macerich Executive Vice President, Portfolio Operations and People. "Today, we are already achieving some of the goals we set with target dates of 2025 and beyond, but we are not resting. Instead, we continue to innovate to enhance the long-term value creation of our properties, a concept we view as interconnected with our natural environment, our human environment and responsible corporate oversight."
Highlights from Macerich's Corporate Responsibility Report include:
- Obtained 35% of its energy from clean and renewable resources, including the addition of over 1,000 kilowatts of on-site energy resources.
- Achieved its goal of a 35% reduction in solid waste from its 2015 baseline, three years ahead of schedule.
- Reduced year-over-year market-based carbon emissions by 12%, in line with the Company's Science-Based Targets.
- Hosted more than 2,100 on-property events supporting local causes and communities, including blood drives, farmers markets, food drives, cultural celebrations and more.
- Contributed $1.1 million in philanthropic contributions, including over $326,000 in employee-driven donations to a variety of organizations through our employer match program.
- Offers opportunities to all employees and works to diversify its team and provide a welcoming place for everyone. Two central initiatives include hiring practices designed to mitigate unconscious bias and an industry-leading internship program that opens doors for talented college students from underrepresented populations in the real estate industry, hosting nine interns in 2022.
- Created the multidisciplinary MacImpact Committee, which brings together employees in project-based teams to refine and execute the Company's corporate social responsibility and environmental efforts.
- Included sustainability-aligned key performance indicators (KPIs) in executive compensation to ensure alignment with ESG goals through the lens of double materiality.
To learn more about Macerich's leadership in sustainability, access the Macerich Corporate Responsibility/ESG Report, with data for the period ending December 31, 2022.
Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 47 million square feet of real estate consisting primarily of interests in 44 regional town centers, many of which contain mixed uses. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 Global Real Estate Sustainability Benchmark (GRESB) ranking for the North American retail sector for eight consecutive years (2015-2022). For more information, please visit www.Macerich.com.
Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.
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SOURCE Macerich Company
Karen Maurer, Macerich, 602-708-6311, Website: http://www.macerich.com