CINCINNATI--(BUSINESS WIRE)--Phillips Edison & Company, Inc. (“PECO”), an internally-managed real estate investment trust (“REIT”) and one of the nation’s largest owners and operators of grocery-anchored shopping centers, today announced the release of its first annual Corporate Responsibility report. The report offers a comprehensive overview of the environmental, social and governance strategies that PECO is advancing to enhance performance, associate satisfaction and community engagement.
“Operating as a responsible corporate citizen is part of our organizational DNA,” said Jeff Edison, Chairman and Chief Executive Officer of PECO. “When we invest in improving the environmental performance of our centers or work collaboratively with our partners to build the social fabric of our centers, we are simultaneously making it possible to outperform our competitors and improve every community where we operate. We sincerely appreciate our team members’ efforts towards driving these important initiatives forward and creating value for our partners and stakeholders.”
PECO is pursuing a number of initiatives that align its human and capital resources with its corporate values. These programs are designed to further optimize PECO’s real estate operations, lower its carbon footprint, drive professional development opportunities, and promote workplace diversity, inclusion and volunteerism. PECO’s impressive progress on these fronts is outlined in the report, which includes a series of case studies, key performance metrics and industry accolades.
Notable achievements in 2018 detailed in the report include:
- Being named a “Top Place to Work” by the Cincinnati Enquirer in 2018 and awarded a “2018 MRI Innovation & Technology Award”.
- Winning the Institute of Real Estate Management’s 2018 REME Awards for “Employee & Leadership Development” and “Sustainability Programs.”
- Receiving three 2018 Silver MAXI Awards from the International Council of Shopping Centers for PECO’s solar program, PECO Community Partnership’s community involvement and PECO’s “Award Winning” year marketing efforts.
- Growing the PECO NOW (Networking Opportunity for Women) program, an associate-led initiative designed to recruit, retain and develop women in leadership positions.
- Providing associates with approximately 1,900 hours of training through PECO University, the company’s professional development program.
- Donating more than 940 hours of community service through 19 different volunteer and fund-raising events.
As part of its ongoing commitment to corporate social responsibility, PECO’s multidisciplinary Green Options Team researches and implements energy efficient and eco-friendly programs at its properties. The report details the success this team has achieved implementing portfolio-wide sustainability programs. Moreover, the report highlights the goals PECO seeks to achieve when pursuing renovation and new construction projects, which include promoting the principles of reduce, re-use and recycle.
Key sustainability performance metrics in 2018 include:
- Saving approximately 35,859,000 gallons of water and $178,000 through the installation of water conservation systems.
- Upgrading 1,889.5 tons of HVAC systems at 203 shopping centers, saving more than $342,380 on average annually.
- Installing LED lights at 107 shopping centers, helping to reduce energy use and costs.
- Completing more than 800,000 square feet of white TPO (thermoplastic polyolefin) roofing at 32 shopping centers, helping to reduce energy use and costs.
- Recycling more than 100,202,640 pounds of waste across 72 percent of its shopping centers annually.
- Achieving at least one sustainability upgrade on 90% of all projects.
The full report is available for download by clicking here.
About Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”), an internally-managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. PECO’s diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States. Through its vertically-integrated operating platform, the company manages a portfolio of 338 properties, including 300 wholly-owned properties comprising approximately 34.1 million square feet across 32 states (as of March 31, 2019). PECO has generated strong operating results over its 27+ year history and has partnered with leading institutional commercial real estate investors including TPG Real Estate and The Northwestern Mutual Life Insurance Company. The Company remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time. For more information, please visit www.phillipsedison.com.