SITE Centers Issues 2023 Corporate Sustainability Report

Rhea-AI Summary

SITE Centers (NYSE: SITC) has released its 2023 Corporate Sustainability Report, marking its tenth sustainability report and eighth following Global Reporting Initiative (GRI) Standards.

The report highlights significant progress in sustainability and strategic changes, including the planned spin-off of its Convenience portfolio into a new REIT, Curbline Properties, expected around October 1, 2024.

Key achievements include reducing Scope 1 and 2 emissions by 24% and 34% respectively since 2019, cutting electricity consumption by 25%, and reducing irrigation by 16%. The company also launched the Mentor Advisory Program to support emerging leaders and increased employee training hours by 9% from 2022.

Recognition for SITE Centers includes inclusion in the 2023 Bloomberg Gender-Equality Index, a “Green Star” rating from GRESB, a Gold Green Lease Leader award, the NorthCoast 99 Award, and the Cigna Healthy Workplace Gold Award.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- SITE Centers Corp. (NYSE:SITC), an owner of open-air shopping centers in suburban, high household income communities, announced today the release of its 2023 Corporate Sustainability Report (CSR) which is the Company’s tenth sustainability report and eighth completed in accordance with the Global Reporting Initiative (GRI) Standards. The report provides an annual update on SITE Centers’ corporate responsibility and sustainability programs and was completed in alignment with GRI, Sustainability Accounting Standards Board (SASB) metrics and the Task Force on Climate-Related Financial Disclosures (TCFD). The full report can be found at https://www.sitecenters.com/2023CSR.

“2023 was a year of strategic change for SITE Centers highlighted by the announced planned spin-off of the Company’s Convenience portfolio into a separate publicly-traded REIT to be named Curbline Properties Corp. (“Curbline Properties”). The announcement, along with substantial transaction activity during 2023, including $877 million (at SITC share) of dispositions and $165 million (at SITC share) of acquisitions, position both SITE Centers and Curbline Properties to execute on their respective business plans at the time of the expected spin-off on or around October 1, 2024,” said David R. Lukes, President and Chief Executive Officer. “Despite the strategic announcement and dramatic change in the underlying property portfolio, the Company was able to advance initiatives and programs commenced in prior years, and start new ones, as we invest in our employees, properties, and communities to position for the future.”

2023 Report Highlights Include:

• Reduced Scope 1 emissions by 24% and Scope 2 emissions by 34% since 2019 on a same-property basis.
• Reduced landlord-controlled electricity consumption by 25% since 2019 on a same-property basis driven, in part, by the conversion of 59% of SITE Centers owned and managed common area lighting to LED.
• Reduced landlord-controlled irrigation by 16% since 2019 on a same-property basis driven, in part, by the installation of smart sub-metering to track usage and detect leaks and waste.
• Launched our Mentor Advisory Program (MAP) to support the growth of emerging leaders and increased training hours per employee by 9% from 2022.
• Maintained ISS Governance Quality Score of 1.

2023 Recognition and Awards Include:

• Included in the 2023 Bloomberg Gender-Equality Index (“GEI”) comprised of public companies committed to transparency in gender-data reporting and which have exhibited performance on specific gender-data metrics.
• Rated “Green Star” by GRESB (Global Real Estate Sustainability Benchmark) for sustainability benchmark results with an above-average rating relative to the peer group with respect to the level of public ESG disclosures.
• Recognized as a Gold Green Lease Leader by the U.S. Department of Energy and The Institute for Market Transformation for the Company’s development and implementation of green leases.
• Received the NorthCoast 99 Award given to 99 Northeast Ohio workplaces that have exceptional policies, practices, and benefits that are shown to retain and attract top talent.
• Received the Cigna Healthy Workplace Gold Award which reflects the Company’s comprehensive approach to employee wellness.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Safe Harbor

The Company considers portions of the information in this press release, including statements with respect to the expected spin-off of Curbline Properties, to be 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, both as amended. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to satisfy conditions and complete the spin-off of Curbline Properties in a timely manner or at all. Other risks and uncertainties that could cause our results to differ materially from those indicated by such forward-looking statements include general economic conditions, including inflation and interest rate volatility; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants at our properties; and business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions, natural disasters or public health crises in locations where we own properties. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627500559/en/

SITE Centers Corp.

Conor Fennerty, EVP and

Chief Financial Officer

216-755-5500

Source: SITE Centers Corp.

FAQ

What is SITE Centers' Corporate Sustainability Report 2023 about?

SITE Centers' 2023 Corporate Sustainability Report highlights sustainability achievements, strategic changes, and future plans, including reducing emissions and electricity consumption, and launching new employee programs.

When is the planned spin-off of SITE Centers' Convenience portfolio?

The planned spin-off of SITE Centers' Convenience portfolio into Curbline Properties is expected on or around October 1, 2024.

What are the emission reduction achievements in the 2023 CSR for SITE Centers (SITC)?

SITE Centers reduced Scope 1 emissions by 24% and Scope 2 emissions by 34% since 2019.

What is the Mentor Advisory Program launched by SITE Centers?

SITE Centers launched the Mentor Advisory Program to support the growth of emerging leaders and increased training hours per employee by 9% from 2022.

What awards and recognitions did SITE Centers receive in 2023?

In 2023, SITE Centers was included in the Bloomberg Gender-Equality Index, rated a 'Green Star' by GRESB, awarded the Gold Green Lease Leader award, the NorthCoast 99 Award, and the Cigna Healthy Workplace Gold Award.