Federal Realty Announces Setting of Science-Based GHG Reduction Targets

Rhea-AI Summary

Federal Realty Investment Trust (NYSE: FRT) announced an ambitious target to reduce Scope 1 and 2 greenhouse gas emissions by 46% from 2019 to 2030, in line with the Paris Agreement goal of limiting global temperature rise to less than 1.5°C. The company aims for net zero emissions by 2050. Key efforts include expanding renewable energy use, with a solar capacity of 14 MW—the highest among publicly-traded shopping center firms—and achieving LEED Gold certification for recent projects valued at nearly $1.8 billion. The company has increased dividends for 55 consecutive years.

Positive

• Set a science-based target to reduce Scope 1 and 2 GHG emissions by 46% by 2030.
• Achieved LEED Gold certification for new projects worth nearly $1.8 billion.
• Current solar portfolio with a generating capacity of 14 MW, the highest in its sector.
• Increased dividends for 55 consecutive years, signaling strong shareholder returns.

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• None.

Part of Overall Strategy for Managing Transitional and Physical Climate Risks and Achieving Operational Net Zero Emissions

NORTH BETHESDA, Md., Oct. 11, 2022 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced it has set a target approved by the Science Based Targets initiative to reduce Scope 1 and 2 greenhouse gas emissions by 46% between 2019 and 2030.  This goal has been set in alignment with the more stringent objective of keeping global temperature increases to less than 1.5°C, the most ambitious goal of the Paris Agreement.

Setting science-based targets for reducing operational greenhouse gas emissions is just one part of Federal's aggressive management of its potential exposure to the transition and physical risks of climate change and its goal to achieve net zero emissions for Scope 1 and 2 emissions by 2050.  Other key components of Federal's efforts include:

• Use of renewable energy through installation of on-site solar arrays.  Federal's current solar portfolio has a generating capacity of 14 MW, more than any other publicly traded shopping center company, with more solar projects currently in development and planning
• Purchasing green power from suppliers where possible.  In 2021, approximately 60% of the electric power used by Federal was generated from solar or other green power sources
• Delivering energy efficient buildings with new construction.  Our two newest projects delivered at Assembly Row containing 330,000 SF of commercial space and 500 residential units have recently achieved LEED Gold certification bringing our total investment in completed LEED certified buildings to nearly $1.8 billion and 4.3 million SF
• Upgrading common area lighting at all of our shopping centers to energy efficient LED lighting.  A multi-year project to complete those upgrades is currently underway
• Inclusion of resiliency considerations in the ongoing maintenance, operation and redevelopment of our properties

"We are committed to doing our part to address climate change and to doing it in a way that is financially responsible for the benefit of our shareholders," said Don Wood, chief executive officer.  "For more than a decade, we have been including climate related considerations into our operations and investment decisions so that they are truly embedded as part of our ongoing business.  Most of the jurisdictions where we do business are committed to and proactively investing in the management of climate risk allowing us to take advantage of those investments and not having to shoulder all of the climate transition responsibilities on our own."

More information on our initiatives can be found in our 2021 Environmental Social and Governance Report, available under the ESG tab on our website.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 105 properties include approximately 3,100 tenants, in 25 million square feet, and approximately 3,400 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 55 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

Investor Inquiries:
Leah Andress Brady
Vice President, Investor Relations
301.998.8265
lbrady@federalrealty.com

Media Inquiries:
Brenda Pomar
Director, Corporate Communications
301.998.8316
bpomar@federalrealty.com

 

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SOURCE Federal Realty Investment Trust