Sustainability Practices and Philosophies

About

Our properties serve as the gathering places within the community, which is why sustainability is an important part of what PREIT does every day.

This comes to life in the ways we operate and redevelop our centers, provide dynamic experiences for our guests, conduct business with our partners, engage with our communities and create an engaging work environment for our colleagues.

Energy

Our properties are committed to increasing energy efficiency to reduce greenhouse gas emissions, lower our operating costs, as well as decrease overall environmental impact.

Solar Energy

We have installed solar panels on the rooftops of five of our centers, allowing us to convert unused space into a productive energy source.

The systems combined are expected to generate more than 7.7 million kilowatt-hours of energy per year.

Energy Efficient Roofs

Over 85% of our centers’ rooftops contain at least a portion of white roofs. These roofs reflect sunlight, which prevents heat from damaging the roof and extends the life of the roof, and keeps the buildings cool to help reduce summer energy usage.

Peak Demand Monitoring

Over half of our centers utilize peak demand monitors to gauge power usage, enabling our centers to increase energy cost savings and make more efficient use of energy throughout the year.

LED Lighting

We have installed energy-efficient lighting at over half of our properties, including interior spaces and parking lots. We believe that LED lighting provides many advantages over traditional lighting, including lower energy usage, reduced maintenance and increased safety. A recent parking lot LED conversion at Dartmouth Mall saves approximately 467k KWH/per month and an interior common area LED conversion at Valley Mall saves approximately 1624 KWH/per month. We have been able to source incentive and rebate funding for these example projects with minimal cost to us. The corporate headquarters is equipped with LED lighting and room occupancy sensors to curb unnecessary consumption and decrease our carbon footprint.

Reduce & Recycle

Sustainable management of waste is crucial to providing environmental, social and economic benefits to current and future generations.

All of our centers, as well as our corporate headquarters, participate in recycling programs. To reduce waste, we have partnered with recycling service providers at several of our properties and we continue to explore opportunities to expand recycling across our portfolio. Our recycling programs divert cardboard, glass and plastic from landfills. Additionally, we have recycling programs at properties for clothing, books and cooking oil.

All 19 centers and our corporate office participate in recycling programs:

  • 100% recycle cardboard
  • Over one-third recycle waste (plastic, glass, compost, etc.)
  • 75% have clothing collection bins (34 total)
  • 90% of properties recycle oil
  • Over 100 vendors recycle oil, as well

Alternative Transportation

We encourage, and seek to better enable, our shoppers and employees to reduce their carbon footprint by using environmentally friendly means of transportation.

Offering charging stations is another way we reduce our carbon emissions impact on the local environment and benefit the global climate. PREIT’s expanding network of stations currently totals 70 chargers across our properties. We continue to install new electric vehicle charging stations at in-demand malls by partnering with several national companies.

All of our centers are within walking distance of public transportation, including bus stops and rail stations.

95% of our properties also offer bike racks, with a total of 47 racks across the portfolio.

We take pride in our relationships with our colleagues, tenants, partners, guests and the communities we operate in. We also care deeply about our people and what makes them unique.

Community Health

In light of the COVID-19 pandemic, we were among the first in the country to close our properties to curb the spread of the disease. Our properties have prioritized the health and safety of our customers and tenants by instituting new protocols that promote hygiene and notification protocols to avoid the spread of COVID-19. Our properties proactively sought to act as host sites for blood drives, food donation drives, food distribution efforts and the distribution of masks and other protective supplies to local hospitals and first responders. In addition, COVID-19 testing and vaccination sites are located on several of our properties. We partnered with the state of New Jersey to license space at our Moorestown Mall for a COVID-19 vaccination mega-site, one of only six selected within the state. The location has a vaccination capacity of between 4,000-6,000 appointments per day. Additionally, nine of our properties offer COVID-19 testing facilities and we have 10 PPE vending machines, further supporting the health and well-being of our communities.

Community Social Engagement and Assistance

Generally speaking, our centers host a variety of seasonal, family-friendly events to engage with the communities that we serve. We provide community services and resources that are inviting, welcoming and free of charge, including mall walker programs, internet accessibility and community play spaces. We also work with various community groups to support the communities where our properties are located. In response to the COVID-19 pandemic and the resulting disruption to our tenants, PREIT has developed and implemented many new offerings across its portfolio, including:

  • its own contactless pick-up solution, “Mall2Go”
  • a branded  parking  lot  activation  series, “Park  and  Play,”  that  resulted  in  nearly three  dozen  outdoor community events being held across our portfolio
  • “Shop Local” web pages aggregating e-commerce sites for all the small businesses throughout our portfolio.

The offerings highlighted these businesses not only to the local audience but to customers of the entire PREIT portfolio, leveraging the Company’s marketing power for local business partners;

  • An “SBA Resources” page that was designed to offer resources for smaller businesses to access the liquidity needed to make it through closure periods
  • The addition of job portals on its mall websites to collect information to pass along to our retail partners

Additionally, in 2020, we hosted a Black-owned business showcase at Woodland Mall, and we endeavor to host several similar showcases throughout our portfolio in the future due to the positive response. For example, during 2021, PREIT properties are showcasing Black-owned businesses throughout our portfolio and planning events and activities throughout the year, including art exhibits, documentary screenings and food festivals as a way to highlight the importance of Black-owned business and brands beyond Black History Month.

Human Capital

We have programs in place for our associates that are designed to ensure employee satisfaction and engagement. We conduct an annual culture survey to engage employees and identify opportunities. In December 2019, we relocated our corporate headquarters to an office that is designed to create a better sense of place and pride and to cultivate a more collaborative work environment. We also offer wellness initiatives and educational programs. PREIT embraces diversity as valuable to a well-functioning company and provides equal opportunities without regard to race, color, religion, national origin, age, sexual orientation, gender/gender identity, disability, status as a protected veteran, or any other characteristic protected by applicable federal, state and local laws. We also endeavor to maintain workplaces that are free from discrimination or harassment on the basis of any such status or characteristic. The health and safety of our employees is a high priority, in particular during the COVID-19 pandemic. In protecting our employees’ safety, we have invested in creating safe work environments for our employees by taking additional measures such as additional work from home flexibility, increased cleaning protocols, mask-wearing in our corporate office and at our properties and enhanced communication and engagement regarding Company responses to the pandemic.

Charitable Giving  

Our properties supported numerous charitable organizations in 2020, and many of our properties allowed charitable organizations to use a space within the property, free of charge. Our corporate giving program made donations to a number of charitable organizations in 2020 and has raised awareness for various non-profit organizations through executive participation. Our executive team raised funds for the Philadelphia Police Foundation in 2020.

During the recent coronavirus pandemic, our teams were encouraged to find ways to prioritize supporting their local communities during a time of need. Read all about how we have leaned into showing support here.

PREIT and our Board of Trustees strive to balance the interests of all stakeholders while ensuring proper and transparent corporate governance.

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