Company continues to invest in solar production with new projects in 2023
SANTA MONICA, Calif., May 25, 2023 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, has again earned a spot on the EPA Green Power Partnership Top 30 On-Site Generation list. The honor recognizes the company's commitment to and investment in generating energy to power its properties nationwide from its own renewable sources.
Across its portfolio in 2022, 35% of the energy used by Macerich was from clean or renewable resources, a key component of the company's seventh appearance on the EPA list. The company's 2022 projects added 1.05 megawatts (MW) of power — a 6.25% increase — and materially reduced operating expenses. The 2022 additions included a 750-kilowatt solar project at Queens Center in New York City and power from Arizona's 100 MW Salt River Project (SRP) Central Line Solar plant. Macerich purchases 8% of the power generated by SRP, reducing Macerich's fossil fuel use in Arizona by nearly 20%. As of 2022, the company's total renewable and low-emission energy capacity was more than 17.5 MW.
The company is also pleased to announce it has increased its commitment to renewable energy production with two new solar projects launched in 2023 at the Mall of Victor Valley in Victorville, California, and Green Acres in Valley Stream, New York, which will generate a combined 1.8 MW of power upon completion. The added capacity will boost the company's on-site production by 17% and reduce its overall carbon emissions by 2.5%.
"We are proud to say that we are on track to reach our important goal of achieving carbon neutrality by 2030. We view renewable energy production as a key element of achieving that goal, with significant returns by both climate and financial measures," said Olivia Leigh, Executive Vice President, Portfolio Operations & People, Macerich. "This acknowledgment by the EPA is one important indicator of our progress, along with other accolades and certifications such as our #1 GRESB ranking, position on the CDP A List, and LEED and BREEAM certifications."
Macerich shares its environmental, sustainability and governance (ESG) activities and progress through its Corporate Responsibility Report, Annual Report, Proxy Statement and Form 10-K, in addition to other internal and external communications. The annual Corporate Responsibility Report conveys details of Macerich's comprehensive ESG focus.
Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 47 million square feet of real estate consisting primarily of interests in 44 regional town centers, many of which contain mixed uses. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 Global Real Estate Sustainability Benchmark ("GRESB") ranking for the North American retail sector for eight consecutive years (2015-2022). For more information, please visit www.Macerich.com.
Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.
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