BOCA RATON, FL
Town Center at Boca Raton
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Simon Property Group earned the U.S. Environmental Protection Agency (EPA) "2008 Energy Star Partner of the Year" award for outstanding energy management and reductions in greenhouse gas emissions at malls across the country. The REIT owns or has an interest in 382 retail properties with 260 million square feet of gross leaseable area in North America, Europe and Asia, including 320 properties in the U.S. It is the first REIT to win this award in five years, and the only REIT recognized in 2008.
 Leader in the Light
2007 and 2006 Gold Award Winner
 Leader in the Light
2005 Bronze Award Winner
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"Since 2003 our focus has been on energy efficiency," says George Caraghiaur, vice president of energy services. "The impetus for this came directly from David Simon [the company's chairman and CEO], who created an increasing awareness of energy issues among the staff. We actively seek ways to make a big impact without affecting the comfort or safety of our properties, tenants and customers."
Caraghiaur says Simon Property Group has implemented best practices across its portfolio, has invested in energy efficient technology and continuously monitors its properties and listens to feedback. Among the myriad projects Simon Property Group has undertaken are the installation of more efficient lighting systems, HVAC units and energy management computer systems in its retail sites.
The absolute corporate energy use for retail sites under Simon's operational control has decreased by 9.7 percent from 2003 to 2006.
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The absolute corporate energy use for retail sites under Simon's operational control has decreased by 9.7 percent from 2003 to 2006, which represents a reduction of 102 million kilowatt-hours of energy use and more than 67,932 tons of annual carbon emissions.
"The bottom line is that 95 percent of our carbon footprint comes from energy use, so our priority is to increase energy efficiency," Caraghiaur says.
Other steps taken toward sustainability include developing efficient storm water management systems to reduce the burden on local communities, testing new types of concrete that can improve drainage in parking lots, reducing water use at retail sites and working to increase recycling at all sites by using single stream recycling.
Simon Property Group was recognized as the top ranked real estate company in Fortune Magazine's list of "America's Most Admired Companies" in 2003. These rankings were based upon surveys of 10,000 executives, directors and securities analysts who rated companies within each industry using eight criteria: social responsibility, innovation, long-term investment value, use of corporate assets, employee talent, financial soundness, quality of products and services and quality of management.
Simon Property Group intends to pursue LEED certification at some of its new facilities and to focus on renewable energy sources.
"Sustainability is a continuous process, with no beginning or end," Caraghiaur says. "Running our malls efficiently requires continued work with the mall managers and pursuing sustainability by working together."
— Michele Lerner
