As a retail real estate owner-operator, we are committed to implementing value-creating environmental, social, and governance (ESG) practices at our shopping center assets. This Earth Month, we are proud to highlight our current sustainability initiatives.
Since 2016, we have retrofitted our shopping centers with LED exterior lighting, reducing energy consumption by 95,000 kW and generating over $1 million in cost savings. These retrofits have had the same environmental impact as removing 1,100 cars from the road or saving 1,000 acres of trees.
Since 2015, we have replaced 2.6 million square feet of roofing with energy-efficient white versions. These thermally-cool roofs reduce the amount of energy needed for air conditioning by up to 15% while also curbing greenhouse gas emissions. Traditional roofs absorb 83% of the sun’s energy, resulting in warmer interiors, higher energy bills, and inefficient cooling. In contrast, a white roof absorbs only 12% of the sun’s energy, leading to cooler interiors, lower energy bills, and efficient cooling. The combined energy savings from our recent roof installations will offset 30,000 tons of carbon dioxide over their lifetime – equivalent to planting 1.3 million trees.
Most recently, we’ve added meters to our sprinkler systems which help determine the amount of additional water needed to keep landscaping healthy, thereby allowing landlords the ability to reduce water waste and protect local resources. This approach also leads to lower water bills and reduced maintenance costs associated with overwatered landscaping.
Pine Tree is committed to exploring new and innovative ESG practices that will allow us to create tangible value while also creating a more environmentally secure future for generations to come.