Hicks Sustainability Reporting
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Transcript of Hicks Sustainability Reporting
![Page 1: Hicks Sustainability Reporting](https://reader035.fdocuments.net/reader035/viewer/2022062503/589fb1541a28abf9038b512b/html5/thumbnails/1.jpg)
SUSTAINABILITY REPORTING
WP GLIMCHER VS. SIMON PROPERTY GROUP
By: Zack Hicks
![Page 2: Hicks Sustainability Reporting](https://reader035.fdocuments.net/reader035/viewer/2022062503/589fb1541a28abf9038b512b/html5/thumbnails/2.jpg)
Why these two companies?•Market sectors•Company scopes•Simon Property Group is much larger company
![Page 3: Hicks Sustainability Reporting](https://reader035.fdocuments.net/reader035/viewer/2022062503/589fb1541a28abf9038b512b/html5/thumbnails/3.jpg)
WP Glimcher
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Overview•Formed in 2015 after merger of Glimcher Realty Trust and Washington Prime
•Based in Columbus, OH•Operates 97 properties•Manages 53 million sf of commercial space
•Equity market capitalization: $2 billion
•Local properties: Bowie Town Center, St. Charles Town Plaza
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Communication•2014 Annual Report makes no mention of sustainability; neither does web site
•Individual properties have installed sustainable features before merger – no mention of this on web site
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Simon Property Group
![Page 7: Hicks Sustainability Reporting](https://reader035.fdocuments.net/reader035/viewer/2022062503/589fb1541a28abf9038b512b/html5/thumbnails/7.jpg)
Overview•Founded in 1993 after former private firm went public
•Based in Indianapolis, IN•Operates 325 properties•Manages 241 million sf of commercial space
•Equity market capitalization: $60 billion
•Local properties: Hagerstown Premium Outlets, Arundel Mills
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Communication•Web site is a shrine to sustainability
•Emphasis on all aspects of sustainability•Economic•Environmental•Social•Governance
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Engagement•Stakeholder Engagement: addresses how Simon informs all parties of their sustainability practices•Investors, tenants, suppliers, and shoppers
•Director of Sustainability provides updates on company’s sustainability progress upon request
•Needed examples of stakeholder interactions
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Metrics Reported•Inconsistent•Only benchmark greenhouse gases at corporate level
•Assets will benchmark where required by law
•Need to benchmark water consumption, waste production, etc.
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Truthful•Sustainability reporting borders on gloating•Specificity would suggest numbers are accurate, statements are true
•Greenhouse gas emission methodologies from Greenhouse Gas Protocol Initiative
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Specificity/Examples•Examples are plentiful•Report subdivided into energy management, water management, waste management, and customer-oriented perspectives
•Measures performed by individual properties used as examples•E.g., South Shore Plaza in Braintree, MA and Emerald Square in North Attleborough, MA divert one ton of food waste weekly from landfills
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Marketing•Marketing is boasting about how great one is, right?•Statement: “Sustainability leader for over a decade” Reality: First sustainability report released in 2014•Marketing emphasizes awards won, de-emphasizes individual measures performed
•Being arrogant and concise > Being arrogant and precise
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Sustainability Reporting GradesCompany
Overall Communication
Engagement
Metrics Reported
Truthful Specificity/Examples
Aesthetics/Marketing
WP Glimcher
Incomplete
F N/A N/A N/A N/A N/A
Simon Property Group
A- B+ B+ C+ B+ A+ A+