For the second consecutive year Simon Property Group, Inc., the USA's largest owner, developer and manager of high quality retail real estate, was selected to receive the National Association of Real Estate Investment Trusts (NAREIT) Leader in the Light Gold Award. The award was presented to Simon officials on Friday, November 16th at NAREIT's Annual Convention held in Las Vegas.
NAREIT developed the Leader in the Light award in collaboration with the United States Environmental Protection Agency (EPA) to honor its member companies that have demonstrated superior and sustained energy use practices. The award, based on a review by a panel of experts from the field of academia, business/finance and the EPA, recognizes company-wide operations which generate substantially improved energy efficiency and expense management.
Sheldon M. Groner, NAREIT's executive vice president of finance and operations remarked, "NAREIT initiated its 'Leader in the Light' award in 2005 based on our conviction that the REIT industry should be a strong and visible contributor to building management practices that conserve energy and help to preserve our environment. We commend Simon Property Group for the leadership role it is playing in this regard and congratulate it for being awarded the Gold Leader in the Light award for the second consecutive year."
In 2004, Simon implemented a comprehensive strategy to improve energy efficiency. Since that time, the company has reduced its electricity usage by over 10% without affecting comfort, safety or reliability. This reduction represents an annual cost saving of over $11 million (approx. 7 mln.) and confirms the importance of continued focus on best operating practices, management reporting and cost-effective investments in energy efficiency to control usage.
"Every kilowatt-hour we don't use is a kilowatt-hour we don't have to pay for," said George Caraghiaur, Simon's vice president of energy services. "Moreover, it's a kilowatt-hour that does not have to be produced by a power plant. In other words, energy efficiency is good for the bottom line and for the environment. It's a win-win proposal."
Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers(R), The Mills(R), community/lifestyle centers and international properties. It currently owns or has an interest in 379 properties comprising 256 mln. ft² (approx. 23.7 mln. m²) of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide.
SOURCE Simon Property Group