BRIXMOR PROPERTY GROUP ISSUES ANNUAL CORPORATE RESPONSIBILITY REPORT

Rhea-AI Summary

Brixmor Property Group has released its fifth annual Corporate Responsibility (CR) report, showcasing its commitment to environmental, social, and economic sustainability. Key achievements in 2023 include maintaining a zero gender pay gap for four consecutive years, linking executive bonuses to ESG goals, and earning the highest Governance QualityScore of '1' from ISS. The company also achieved a 50% reduction in Scope 1 and 2 greenhouse gas emissions compared to 2018, increased renewable energy capacity to 11.2 MW, and converted 96% of its portfolio to LED lighting.

Additionally, Brixmor reported a 42% reduction in common area water consumption since 2016 and stabilized approximately $1 billion in reinvestment projects since 2016. The CR report also highlights over 3,400 hours of employee volunteer service in communities.

Positive

• Maintained a zero gender pay gap for four consecutive years.
• Executive bonuses are now linked to ESG goal achievements.
• Achieved a highest possible Governance QualityScore of '1'.
• Reduced Scope 1 and 2 greenhouse gas emissions by 50% compared to 2018 levels.
• Increased on-site renewable energy capacity to 11.2 MW.
• Converted 96% of its portfolio to LED lighting.
• Reduced common area water consumption by 42% since 2016.
• Stabilized approximately $1 billion in reinvestment projects since 2016.
• Contributed over 3,400 hours of employee volunteer service.

Negative

• None.

NEW YORK, July 1, 2024 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today the release of its fifth annual Corporate Responsibility (CR) Report, which provides a comprehensive overview of the Company's strategy to improve the environmental, social, and economic well-being of its stakeholders, as well as measurements and case studies that highlight Brixmor's progress with respect to its CR goals.

"Our CR principles align with our core values, our vision, and our mission," stated James Taylor, Chief Executive Officer and President. "Our continued focus on CR supports the long-term, sustainable growth of our business and the continued value creation delivered to our key stakeholders, which include our team, our shareholders, our tenants, and the communities our centers serve." 

Notable achievements in each of Brixmor's Corporate Responsibility pillars for calendar year 2023 included:

Our Culture:

• Continued progress in support of Diversity and Inclusion initiatives, with an emphasis on inclusive recruitment and early career development; employee engagement, mentorship, and education; and enhanced transparency and accountability
• An average gender pay gap of zero for the fourth consecutive year
• Executive bonuses linked directly to the achievement of individual ESG goals
• Maintaining the highest score of "1" from ISS's Governance QualityScore, which reviews corporate governance quality and risk across four categories: Board Structure, Compensation, Shareholder Rights, and Audit & Risk Oversight

Our Properties:

• A 50% reduction in Scope 1 and 2 greenhouse gas emissions compared to the 2018 baseline year, surpassing our Science-Based Target goal, up from a 40% reduction in calendar year 2022
• An increase in on-site renewable energy systems to a total capacity of 11.2 MW of capacity, up from 10.3 MW in calendar year 2022
• The conversion of 96% of the Company's portfolio to LED lighting, up from 95% of the portfolio in calendar year 2022
• A 42% reduction of common area water consumption on a like-for-like basis since 2016, up from 10% in calendar year 2022

Our Stakeholders:

• The stabilization of approximately $1B of reinvestment projects since January 1, 2016, up from $872M in calendar year 2022
• More than 3,400 hours of employee volunteer service in Brixmor's communities

To learn more and read the entire CR report, please visit https://www.brixmor.com/corporate-responsibility.

CONNECT WITH BRIXMOR

• For additional information, please visit https://www.brixmor.com;
• Follow Brixmor on:
  • LinkedIn at https://www.linkedin.com/company/brixmor
  • Facebook at https://www.facebook.com/Brixmor
  • Instagram at https://www.instagram.com/brixmorpropertygroup; and
  • YouTube at https://www.youtube.com/user/Brixmor

ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 359 retail centers comprise approximately 64 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to over 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, and taxes. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

 

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SOURCE Brixmor Property Group Inc.

FAQ

What notable achievements did Brixmor Property Group report in their 2023 Corporate Responsibility Report?

Brixmor maintained a zero gender pay gap, linked executive bonuses to ESG goals, received a Governance QualityScore of '1', reduced greenhouse gas emissions by 50%, increased renewable energy capacity to 11.2 MW, converted 96% of its portfolio to LED lighting, and reduced common area water consumption by 42% since 2016.

How much did Brixmor reduce its greenhouse gas emissions in the 2023 Corporate Responsibility Report?

Brixmor reduced Scope 1 and 2 greenhouse gas emissions by 50% compared to the 2018 baseline.

What is the current renewable energy capacity reported by Brixmor in their 2023 Corporate Responsibility Report?

Brixmor increased its on-site renewable energy capacity to 11.2 MW in 2023.

How has Brixmor addressed gender pay equity in its 2023 Corporate Responsibility Report?

Brixmor has maintained an average gender pay gap of zero for the fourth consecutive year.

What is the significance of Brixmor's Governance QualityScore in their 2023 Corporate Responsibility Report?

Brixmor achieved the highest possible Governance QualityScore of '1', indicating strong corporate governance practices.

What progress did Brixmor make in reducing water consumption as noted in their 2023 Corporate Responsibility Report?

Brixmor reported a 42% reduction in common area water consumption on a like-for-like basis since 2016.

How much investment has Brixmor stabilized since 2016 according to their 2023 Corporate Responsibility Report?

Brixmor has stabilized approximately $1 billion in reinvestment projects since January 1, 2016.