sustainability - General Growth Properties
Transcription
sustainability - General Growth Properties
SUSTAINABILITY 2014 CONTENTS TABLE OF CONTENTS PAGE 2 CEO MESSAGE PAGE 3 WHO WE ARE PAGE 5 ABOUT THIS REPORT PAGE 7 CARING ABOUT THE ENVIRONMENT PAGE 8 SUSTAINABLE OPERATIONS AND EFFICIENCIES PAGE 12 DEVELOPMENT & PROPERTY MANAGEMENT PAGE 14 COMMUNITY ENGAGEMENT PAGE 18 WORKPLACE PAGE 20 AWARDS PAGE 26 CONTACT PAGE 27 PORTFOLIO PAGE 29 GRI DISCLOSURE INDEX PAGE 30 2 | GENERAL GROWTH PROPERTIES, INC. SUSTAINABILITY At GGP, sustainabilit y is not an “initiative,” but a core component in our day-to-day operations. Our sustainability efforts have a strategic benefit to our core audiences: Communities, Retailers, Employees, Consumers and Shareholders (CRECS). We do not implement these measures to garner media coverage or because they might be trendy. They are carried out only because they are the right thing to do and provide operational benefits. Sustainability, at its core, is about making our communities better places to live, work and play for both current and future generations. Our charitable focus is on education. We believe if you provide children with the oppor tunities to d i s cove r t h e l ove of e d u ca t i o n, yo u a re ensuring they have a great future. This is why we have partnered with DonorsChoose.org for the past three years. At The Shops at La Cantera in San Antonio, Texas, water condensation is recycled to fill the mall’s fountains and summertime misters. The solar panels installed at our New Jersey malls remain one of our most cost-beneficial sustainability initiatives, providing 11% of each mall’s respective energy each year. Although we are committed to exploring new initiatives and processes that lower our carbon footprint, we believe Sustainability is not limited to environmental initiatives. I am also proud to share with you that this year’s G G P S u s ta i n a b i l i t y Re p o r t n ow fo l l ows t h e guidelines of the Global Reporting Initiative (GRI). The goal of GRI mirrors GGP’s commitment to marry profitability with ethical behavior, social justice and environmental stewardship. I’ve often said GGP is not only a steward of your faith and trust, but also of the environment and its resources. The initiatives we are undertaking and those we will explore are at the heart of the GGP Mission of providing an outstanding experience and environment for our communities, retailers, employees, consumers and shareholders. Sincerely, Sandeep Mathrani Chief Executive Officer General Growth Properties, Inc. 2014 SUSTAINABILITY REPORT | 3 Our mission is to own and operate best-in-class retail properties that provide an outstanding environment and experience for our Communities, Retailers, Employees, Consumers and Shareholders. 4 | GENERAL GROWTH PROPERTIES, INC. WHO WE ARE OUR ORGANIZATION General Growth Properties, Inc. (GGP) is a Real Estate Investment Trust (REIT) located at 110 N. Wacker Drive, Chicago, IL 60606. The primary business is to be an owner and operator of best-in-class retail properties that provide an outstanding environment and experience for our communities, retailers, employees, consumers and shareholders. As of December 31, 2013, we owned, either entirely or with joint venture partners, 120 regional malls comprising approximately 125 million square feet of GLA. In addition to regional malls we owned 13 strip/other retail properties totaling approximately five million square feet of GLA, as well as six stand-alone office buildings totaling approximately 700 thousand square feet of GLA. As of December 31, 2013 substantially all of GGP’s business was conducted through GGP Limited Partnership (the “Operating Partnership” or “GGPLP”). GGP owns approximately a 99% common equity interest in the Operating Partnership. Total Revenues For more detailed information regarding operating costs, employee compensation, donations and other community investments, retained earnings, and payments to capital providers and governments, please refer to the GGP Annual Report. Generated & distributed - in millions Approx. 1,500 $2.5 billion Including interest income and management fees Total Assets This report should be read in conjunction with the consolidated financial statements and the Company’s 2013 10-K. This discussion contains forward-looking statements about our business. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in “Forward-Looking Statements” and “Risk Factors” contained in our 2013 10-K and in our other reports that we file from time to time with the Securities and Exchange Commission. DIRECT ECONOMIC VALUE* GGP AS OF DECEMBER 31, 2013*: Employees (Full-Time) In 2013, we substantially scaled back our investment in retail properties outside of the U.S. by selling our stake in Aliansce, a developer and manager of shopping centers in Brazil. We continue to hold an interest in one mall in Brazil. $25.8 billion Total Revenues 2,527 Operating Costs (1,695) Operating Income 832 Net Income Attributable to GGP 303 *Figures are presented in conformity with accounting principles generally accepted in the United States of America. 2014 SUSTAINABILITY REPORT | 5 WHO WE ARE GOVERNANCE GGP is governed by a board of directors with an independent chairman. The Board consists of nine directors (eight male and one female), all of whom, other than our Chief Executive Officer, are independent within the meaning of the listing standards of the NYSE. STOCKHOLDERS BOARD OF DIRECTORS Independent Directors include: Richard B. Clark Daniel B. Hurwitz Mary Lou Fiala Brian W. Kingston J. Bruce Flatt David J. Neithercut John K. Haley Mark R. Patterson COMMITTEES: AUDIT, COMPENSATION AND NOMINATING & GOVERNANCE VP AUDIT (REPORTS TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS) CHIEF EXECUTIVE OFFICER The Board’s responsibilities and objectives include the following: Oversee, directly and through board committees, the business and affairs of the Company; • Seek to enhance stockholder value over the long term; • Consider the interests of the Company’s employees and shareholders; and • SENIOR EVP MALL LEASING CHIEF FINANCIAL OFFICER CHIEF OPERATING OFFICER CHIEF LEGAL OFFICER CHIEF INFORMATION OFFICER EVP ANCHORS, DEVELOPMENT & CONSTRUCTION Fulfill its obligations in alignment with legal and ethical standards. • The Board considers transactions and relationships between each director (including any member of his or her immediate family, if any), the Company and its subsidiaries and affiliates. In making independence determinations, the Board considers each relationship not only from the standpoint of the director, but also from the standpoint of persons and organizations which the director has a relationship. The purpose of this review is to determine whether any such relationship or transactions would interfere with the director's independent judgment, and, therefore be inconsistent with a determination that the director is independent. Stockholders or other interested persons wishing to communicate with members of the Board may contact them by writing to Corporate Secretary, 110 North Wacker Drive, Chicago, Illinois 60606. Correspondence may be addressed to the independent directors as a group, the entire Board or one or more individual members of the Board, at the election of the sender. Any such communication will be promptly distributed to 6 | GENERAL GROWTH PROPERTIES, INC. the director or directors named therein. Communications will be forwarded to all directors if they relate to substantive matters and include suggestions or comments the recipient considers to be important for all directors to know. Stockholders may present any proposal for inclusion in the Company's proxy statement in accordance with Rule 14a-8 under the Securities Exchange Act of 1934 and our bylaws. Employees may communicate with members of the Board through the procedures listed above with respect to shareholders. The current standing committees of the Board of Directors: Audit Committee; Compensation Committee; and • Nominating & Governance Committee • • Descriptions of the mandates and composition of each committee are in GGP’s proxy statement. Refer to the proxy statement for more information on the committees of the Board of Directors. STAKEHOLDER ENGAGEMENT DETERMINING MATERIALITY Relationships are essential to GGP’s success. By engaging with core stakeholders, who include communities, retailers, employees, consumers, and shareholders, we can better anticipate and understand emerging trends, improve operational practices that enhance our environmental impact and understand our customers’ needs. GGP recognizes the importance of focusing on key ESG (environmental, social, and governance) issues that have the greatest impact on stakeholders and our business. To determine materiality of sustainability related issues, we consider the following: • Feedback from internal leadership on the areas where GGP can make the most notable influence; GGP engages with stakeholders informally through participation and/or membership in networks and industry • Data requests from various sustainable businesses such as Carbon Disclosure Project and GRESB ; and associations. Internally, employees are engaged across departments to identify and prioritize material issues. All stakeholders can contact us at ggpsustainability@ggp. com. Additional content on sustainability initiatives can also be found at www.ggp.com. • Suggestions from our internal teams to determine what is most important to their teams. The themes that emerged from these discussions are the focus of this report. We believe collaboration is critical to GGP’s success. We look forward to continuing stakeholder engagement and encourage ongoing discussions to improve the experience at our properties and strengthen communities in which they reside. ABOUT THIS REPORT This is GGP’s first GRI standard report and focuses on the 2013 calendar year. The first non-GRI standard report was published in August 2013. As such, we have no restatements of information and there are no significant changes to the scope, boundary or measurements to report at this time. This report data includes information on malls GGP managed in the United States that are under our operational control. GGP anticipates publishing a sustainability report on an annual basis following the end of each calendar year. The structure and principles of GRI 3.1 version of indicators were obser ved and developed with reference to the Construction and Real Estate Sector Supplement. Our performance has been assessed against the GRI guidelines at a C level. Reporting priorities were determined based on relevance to GGP’s vision for sustainability as well as importance to our organization’s operations. For further information regarding this report and its contents, please contact [email protected]. The purpose of this report is to provide an outline of GGP’s ongoing economic, environmental and social initiatives. Data has been compiled through current internal systems and processes. 2014 SUSTAINABILITY REPORT | 7 CARING ABOUT THE ENVIRONMENT GGP is committed to being an environmentally responsible business. As a company highly focused on asset management, we strive to allocate capital efficiently. Recently, we have focused on opportunities to increase building efficiencies. OUR EFFORTS ARE CONCENTRATED ON CAPITAL EXPENDITURES THAT INCREASE BUILIDINGS' ENVIRONMENTAL PERFORMANCE IN KEY AREAS SUCH AS: GREENHOUSE GAS EMISSIONS (GHG) Our primary focus is to reduce GHG emissions through improved operational energy efficiencies. Electricity consumption was the most significant part of GGP’s emissions profile, accounting for 89% of total emissions. The majority of Scope 1 emissions is from combustion of natural gas to heat/cool our centers and gasoline consumption to manage the GGP security car fleet. In Scope 2, the majority of emissions come from consumed electricity. Scope 3’s largest emissions part is the waste. HEATING COOLING • LIGHTING • FURNITURE • FIXTURES • • GREENHOUSE GAS EMISSIONS (GHG) 700,000 634,635 600,000 500,000 400,000 300,000 200,000 100,000 0 MTCO2e During 2013, 714,320 metric tonnes of CO2 were emitted into the atmosphere as a result of GGP’s operations. GGP’s direct energy consumption for 2013 was comprised mostly of natural gas – around 84%. EQUIPMENT AND WASTE MANAGEMENT • WATER USAGE FOR BATHROOMS AND IRRIGATION • 51,483 28,202 SCOPE 1 Direct Emissions SCOPE 2 Indirect Emissions SCOPE 3 Optional Emissions Note: Scope 3 emissions do not include employee commuting BELLIS FAIR 8 | GENERAL GROWTH PROPERTIES, INC. 2013 DIRECT ENERGY CONSUMPTION BY PRIMARY SOURCE FUEL TYPE TOTAL KWH TOTAL GJ % 18,051,245 2,256,405 11.23% Diesel Fuel 318,249 43,918 0.20% LPG 20,478 2,948 0.01% Ethanol (Gasoline Component Only) 33,634 4,843 0.02% Compressed Natural Gas (CNG) 115.05 12 0.00% 135,420,630 14,286,876 84.24% 4,282,845 15,418 4.30% 158,283,539 16,632,936 100% Motor Gasoline Natural Gas Renewable Sources Total INDIRECT ENERGY CONSUMPTION BY PRIMARY SOURCE FUEL TYPE Purchased Electricity BELLIS FAIR TOTAL KWH TOTAL GJ 1,111,753,452 4,002,312 NATICK MALL 2014 SUSTAINABILITY REPORT | 9 CARING ABOUT THE ENVIRONMENT WASTE GGP is committed to reducing waste sent to landfills. As a result of our sustainability efforts, our diversion rate for 2013 was 24%. Every center that GGP owns and manages recycles cardboard. GGP centers also recycle plastics, glass, aluminum cans and hangers. Currently GGP has four centers that compost a total of 1,119 tonnes of food. We intend to expand our composting program at additional centers. TONNES OF WASTE DISPOSAL BY CATEGORY 1,119 1% 2,132 2% 23,316 23% 479 0% 75,989 74% WATER In the United States, water rates have been increasing 10-25% annually due to aging infrastructure, climate change and mandated water restrictions. Facing this reality, GGP is exploring ways to rethink water use for irrigation and landscaping needs. In 2013, GGP reduced water consumption by 7% compared to 2012. We hope to find ways to reduce our consumption even more in this area moving forward. RECYCLING COMPOSTING INCINERATION LANDFILL CONVERTED TO ENERGY Development construction waste not included WATER USAGE 2011 – 2013 Million Cubic Meters 2011 2012 2013 10,529.56 11,267.12 10,521.96 7% -7% Year Over Year Change THE WOODLANDS MALL 10 | GENERAL GROWTH PROPERTIES, INC. THE SHOPS AT LA CANTERA BAYSIDE MARKETPLACE ATTAINS WATER REDUCTION Last year, a new smart weather irrigation system at Bayside Marketplace (Miami, Florida) was implemented. This smart technology monitors both real-time weather and soil conditions, which allows watering to occur only as needed. The system is comprised of controllers that optimize watering automatically based on plant and soil type, slope, geography and angle of the sun. Controllers receive site specific weather data every 10 seconds and adjust water use to establish optimal irrigation conditions for each landscaped zone. This new system will reduce over-watering and landscaping damage. IN THE FIVE MONTHS FOLLOWING INSTALLATION, GGP SAVED OVER 1 MILLION GALLONS OF WATER AT BAYSIDE MARKETPLACE. We are currently evaluating other smart weather irrigation system opportunities across our portfolio. MITIGATING ENVIRONMENTAL IMPACTS G G P ’s co m m i t m e nt to s u s ta i n a b i l i t y e x te n d s to i t s e nv i ro n m e nta l m a n a g e m e nt a n d co m p l i a n ce program, a key element of sustainabilit y. The in-house environmental team handles all environmental issues on both an individual property and corporate-wide level, assuring compliance with Occupational Safet y and Health Administration (OSHA) standards. This program has been in place for more than 15 years. It includes defined corporate environmental procedures and protocols, training of GGP personnel, compliance audits of operating properties and involvement by the internal GGP environmental team in all aspects of company operations. BAYSIDE MARKETPLACE 2014 SUSTAINABILITY REPORT | 11 SUSTAINABLE OPERATIONS & EFFICIENCIES During 2013, GGP made measurable strides in the implementation of a solar program, energy conservation and lighting upgrades. GGP also created an in-house Energy Department. The main focus of this group is to reduce energy consumption by installing solar panels, installing LED lighting upgrades, upgrading Energy Management Systems and utilizing energy review teams to evaluate and fine tune best practices. Annual highlights of energy initiatives include: ENERGY MANAGEMENT SYSTEMS (EMS): A large portion of GGP’s energy consumption is dependent on the efficiency of our mechanical rooms and common areas. In order to maximize this opportunity, GGP invested in 25 Energy Management Systems (EMS) upgrades across our portfolio, which will help to reduce consumption and cost. ENTERPRISE OPERATIONS ANALYTICAL PLATFORM (EOA): With the ongoing rollout of the EOA, GGP is taking Enterprise Energy Management (EEM) to new heights. Our EOA integrates with the property level EMS extracting approximately 2,000 data points at each property providing real-time consumption of energy for lighting and HVAC systems. ENERGY EFFICIENT STANDARDS: All HVAC equipment replaced at our properties meets or exceeds Energy Star Criteria and meets ASHRAE 90.1 requirements. Each property adheres to a checklist of operational energy efficiency best practices to ensure GGP is continually improving energy efficiency across the portfolio. ENERGY REVIEW TEAMS: GGP assembled teams in 2013 to assess and g i ve recommendations on how we could increase energy efficiency and lower utility costs at our centers. Teams reviewed every GGP center and recommended ideas to improve operational efficiencies. DEMAND RESPONSE PROGRAM: GGP participates in an energy demand response program, which enables us to reduce electricity during times of peak demand. When electricity demand is high and power is short, interruptions can occur. Demand response days are declared when electricity outpaces supply, which means shutting down or reducing non-essential lighting and equipment. This helps to support consistent electricity and reduce the need for additional generation. Twentyfive properties participated in this program reducing our kilowatt (KW) demand by 19,038 in 2013. ENERGY EFFICIENCY UPGRADES In 2013, GGP reduced energy expenses and improved lighting performance by completing several lighting projects across our portfolio. We changed parking garage lights from metal halide lamps to light emitting diodes (LEDs) providing approximately 60% energy savings. Interior LED lighting retrofit projects replaced existing inefficient bulbs and fixtures, which not only reduced energy consumption and utility costs, but also resulted in a more natural spectrum of light. ESTIMATED ANNUAL SAVINGS ESTIMATED ANNUAL SAVINGS ESTIMATED ANNUAL ENERGY ESTIMATED C02 EMISSIONS kWh GJ SAVINGS REDUCTION (LBS.) Parking Garage Lighting 6,023,054 21,682 $801,866 6,854,881 Interior Lighting 1,548,330 5,573 $212,214 1,663,824 Total 7,571,384 27,255 $1,014,080 8,518,705 12 | GENERAL GROWTH PROPERTIES, INC. SOLAR POWER GGP’s use of alternative power, in particular solar energy, is aligned with our core value of Do the Right Thing. Our investments to date have delivered benefits to the environment and cost savings to our properties. During late 2012 and continuing into 2013, GGP invested in solar power at four properties in New Jersey. The installations, have the capability to provide an aggregate of 5.129 megawatts (MW) supplying power to the malls’ common areas. On average, these solar panels deliver approximately 11% of each malls total electricity demand. In the first year of operation, the solar systems provided greater cost savings than expected due in large part to increased utility rates in New Jersey. We project that over the 30-year life of the New Jersey installations, CO2 emissions will be reduced by 263 million pounds, which equates to the following: 13,373,856 GALLONS OF GASOLINE 277,430 BARRELS OF OIL 2013 SOLAR ENERGY PRODUCTION RESULTS SYSTEM SIZE (KW) FIRST MONTH OF SERVICE KWH ACTUAL PRODUCTION GJ ACTUAL PRODUCTION ENERGY SAVINGS Bridgewater Commons 1459.5 August 2012 1,814,845 15,984.00 269,000 Paramus Park 1032.7 October 2012 1,218,000 4,384.80 210,000 Willowbrook Mall 1163.8 February 2013 676,000 2,433.60 134,000 Woodbridge Center 1472.6 November 2012 1,792,000 6,451.20 260,000 GGP Solar Portfolio 5128.6 5,500,845 29,253.60 873,000 A portion of the Bridgewater system was completed in 2013. We are currently in the process of evaluating additional solar opportunities. We develop solar projects in conjunction with state and federal and local utility incentive programs. ALA MOANA CENTER 2014 SUSTAINABILITY REPORT | 13 DEVELOPMENT & PROPERTY MANAGEMENT In many localities, shopping malls not only serve as the primary community gathering place, but also generate significant tax revenue for communities which is used to support local school systems, infrastructure and government functions. As part of the development process, GGP engages city leaders and local organizations to discuss and understand environmental issues that directly impact the community. Key components to this collaboration include analysis of site plans, traffic studies, storm water management, water conservation, waste management, erosion, pollution controls, transportation alternatives and energy management. Reviewing and discussing these issues with the public helps formulate strategies to develop project objectives and reduce the environmental impact of the development. GGP completes due diligence and feasibility studies at multiple phases for all development projects to minimize negative economic and social impacts. GGP has implemented guidelines, standards and protocols that create consistency and efficiencies that are beneficial to our development and sustainability strategies. THE MALL IN COLUMBIA In 2013, GGP completed its first Leadership in Energy and Environmental Design (LEED) Certified project (in application review status, awaiting approval) at The Mall in Columbia (Columbia, MD). This 77,000-square-foot lifestyle expansion was designed to meet best practices of sustainability and the U.S. Green Building Council LEED Certified Rating. The beds absorb runoff and allow storm water to naturally percolate into the ground. To avoid flooding, water that overflows enters the storm drainage system. Storm water inlets in the micro bio-retention areas also filter runoff before the water enters the storm drainage system, which flows into Lake Kittamaquandi. A significant highlight of this project is the storm drainage collection system. Architectural highlights of our LEED project include a white roof membrane that reflects heat and reduces the mall’s cooling needs. To optimize lighting and power usage the mall’s common area was incorporated into the overall mall Energy Management System (EMS). High efficiency Seasonal Energy Efficiency Ratio (SEER rating) HVAC equipment was installed to reduce the building’s overall energy consumption. Water efficient fixtures were also installed in the restrooms. A 6,000 GALLON WATER CISTERN COLLECTS RAINWATER THAT CAN BE REUSED TO IRRIGATE MALL LANDSCAPING. Drought tolerant landscaping was utilized further to reduce our irrigation needs. Plaza runoff is treated by eight micro-bio retention landscaping beds. THE MALL IN COLUMBIA 14 | GENERAL GROWTH PROPERTIES, INC. MONDAWMIN MALL MONDAWMIN MALL The recent lifestyle expansion at Mondawmin Mall (Baltimore, MD) exemplifies our focus on sustainability. The 38,000- square-foot expansion features a 25,000-squarefoot Ross Dress for Less and a 10,500-square-foot Dollar Tree. Redevelopment was structured around the Environmental Site Design practices of the City of Baltimore’s Green Initiatives that aim to maintain the integrity of the surrounding ecosystem and mitigate negative environmental impact. SIMULATIONS SHOW THAT THE ADDITION OF HIGH-EFFICIENCY HVAC AND LIGHTING EQUIPMENT RESULTED IN ENERGY SAVINGS OF 22%. Lighting and power usage was optimized using photo cells and automated lighting schedules that were incorporated into the overall EMS. To help reduce heating and cooling costs, insulation with higher R-values was used. High efficiency windows were installed with reflective coatings to help diffuse heat gain and maintain consistent cooling building temperatures. To reduce wastewater, low-flow water fixtures were installed that will decrease water use by 30%. A white roof membrane was installed to reflect heat back into the atmosphere and reduce cooling needs of the buildings. On the exterior of the property, a storm water management plan was created to reduce flooding and protect the landscape and local waterways. Excess rainfall increases runoff that can cause a decline in water quality, soil erosion, decreased plant growth and additional pollutants to enter the surrounding areas. One bio-swale and three micro bio-retention facilities were created to filter storm water prior to off-site evacuation. To maintain the natural diversity of the area, an exterior drought tolerant landscaping plan was implemented which reduces irrigation and eliminates the need for a permanent irrigation system. Mulching mowers are also used that will return clippings back into the lawn to recycle vital nutrients. Environmentally-friendly forms of transportation are now offered which include eight smart parking spaces to charge electric vehicles and additional bike racks. Mass transit bus stops are also conveniently located at the mall. 2014 SUSTAINABILITY REPORT | 15 DEVELOPMENT & PROPERTY MANAGEMENT GLENDALE GALLERIA Glendale Galleria (Glendale, CA), is one of GGP’s premier shopping destinations in Southern California. At 1,327,000-square-feet, the center is Los Angeles County’s second largest regional shopping destination, with four department stores and more than 200 specialty stores. The 2013-2014 renovation updated the entire common area and all exterior entrances with a new, fashion-forward image. DURING THE RENOVATION, 50% OF EXISTING WALLS, FLOORS AND ROOFING MATERIALS WERE REUSED. Energy efficient skylights were installed along with a reflective white roof reducing heat absorption. To reduce the level of pollutants released into the indoor environment, low emitting volatile organic compounds (VOC) materials, such as adhesives, sealants, paints, coatings, flooring systems and wood products were incorporated throughout the project. Daylight was maximized with a wall of fritted glass near the Central Avenue escalator which minimizes heat gain. New elevators utilizing a machine room-less technology save GLENDALE GALLERIA 16 | GENERAL GROWTH PROPERTIES, INC. space, are more energy efficient and avoid the use of polluting fluids. Compared to traditional hydraulic elevators, they provide approximately 40% of energy savings. A wide variety of lighting levels was used throughout the center, adding complexity and richness to the design, while also meeting California’s strict lighting requirements. Throughout the property, low-flow plumbing fixtures were installed in the bathrooms that reduce water consumption. To eliminate battery disposal from the waste stream, all operated lavatories and water-closet flush valves were hard wired. High efficiency hand dryers were installed, which use 40% less energy than competitive high speed hand dryers and only 12% of the energy of traditional dryers. Improved transportation options were added, which include the addition of bicycle racks and an expanded bus shelter for people utilizing public transportation. In 2014, electric car charging stations are scheduled to be installed on the property. GLENDALE GALLERIA OTHER SUSTAINABLE RENOVATIONS During 2013, five additional smaller renovation projects were implemented at Bellis Fair (Bellingham, WA), Newgate Mall (Ogden, UT), Galleria at Tyler (Riverside, CA), Plaza Frontenac (St. Louis, MO) and Willowbrook Mall (Houston, TX), which included various lighting upgrades, paint, tile, carpeting and architectural updates improving the overall design and providing a fresh look. All development and renovation projects included waste diversion practices reducing waste sent to the landfill. RECYCLED WASTE FROM DEVELOPMENT AND RENOVATION PROJECTS PROPERTY AND LOCATION TOTAL PERCENTAGE OF WASTE MATERIALS RECYCLED Bellis Fair (Bellingham, WA) 90% Galleria at Tyler (Riverside, CA) Landfill 92% Glendale Galleria (Glendale, CA) 80% Mondawmin (Baltimore, MD) 75% Newgate Mall (Ogden, UT) 40% Plaza Frontenac (St. Louis, MO) 88% The Mall In Columbia (Columbia, MD) 75% Willowbrook Mall (Houston, TX) 50% Total Average Diversion Rate 74% PLAZA FRONTENAC PLAZA FRONTENAC 2014 SUSTAINABILITY REPORT | 17 COMMUNITY ENGAGEMENT Since opening our first mall in 1954, GGP has invested in the longevity of our communities. We understand that our centers often are the heart of the community, where customers can shop, dine and enjoy entertainment venues. Our malls are true community partners in the neighborhoods where they are located. GGP believes that charitable partnerships and programs make the communities we serve stronger and more vibrant. This philosophy is embodied in our national charitable programs, local mall events and corporate giving. We actively seek opportunities to invite community groups into our shopping malls to increase awareness, financial support and volunteerism for charitable causes in our neighborhoods. Last year, 1,200 charities benefited from partnerships with GGP malls. 2013 HIGHLIGHTS More than 3,000 charitable events hosted by GGP malls $5.9 million donated by shoppers • GGP donated 3.5 million square feet of mall space to non-profit organizations • $1.5 million donated by GGP to partner charities • • 2012 2013 Company Donations $1,219,902 $1,500,696 Employee Donations $82,062 $64,057 $6,536,973 $5,976,472 Estimated Shopper Donations DONORS CHOOSE GGP has partnered with DonorsChoose.org to engage customers in providing teachers across the country with needed classroom supplies. DonorsChoose.org makes it easy for anyone to help students in need. Teachers post requests for supplies, field trips, technology and other resources, and individuals give directly to the projects that inspire them. Nearly 11,000 teachers received classroom supplies and resources from shopper donations. • More than $507,000 was donated to classrooms • GGP and its customers helped 846,500 students in 2013 Nearly 25,000 ggp customers donated to a donorschoose.org classroom project by redeeming donation gift cards, courtesy of GGP. • “You are making this contribution to our entire preschool that includes 60 amazing, beautiful and hungry to learn students. We are all very grateful and thank you from the bottom of our hearts!” - Ms. Figueroa, Perth Amboy, NJ 18 | GENERAL GROWTH PROPERTIES, INC. CELEBRATE TEACHERS! To further complement GGP’s charitable focus on education, we established the Celebrate Teachers! Contest. This program recognized nearly 100 teachers who inspire and change lives every day. Winning teachers received $500 and were surprised by mall teams at school assemblies or in their classrooms, just in time for National Teacher Day on May 7. “I want to thank you again for the wonderful surprise today. I was completely caught off guard. Thank you so much for offering this wonderful program to teachers. I plan to use the prize to buy an iPad for the classroom. I want you to know how much it means to me and my students." - Mrs. Schueller, Milwaukee, WI LOCAL IMPACT In our communities across the United States, mall teams coordinated individual community programs supporting local charitable causes. Local events in 2013 included charitable-cause fashion shows, 5k races, pet adoption centers and more. SUPPORTING CHILDHOOD EDUCATION In 2011, the GGP corporate office partnered with the Chicago Sun-Times’ “Season of Sharing” program and adopted the New Sullivan Elementary School on Chicago’s Southeast side. Nearly 300 letters were received from children (Pre-K through third grade) asking for toys, clothes and shoes from Santa. GGP employees made students’ wishes come true by buying each child a present for the holidays. In addition, GGP leveraged retailer partnerships by providing 550 winter coats, hats and gloves to every child at New Sullivan. GGP has also partnered with New Sullivan through a monthly read-with-me program, a back-to-school supply drive, and by giving donations of cash and books to Tutoring Chicago that is a local charitable non-profit organization designed to improve the literacy of struggling readers. To further support our New Sullivan partnership, GGP sponsored a holiday employee raffle, which raised money for New Sullivan’s ongoing needs. In total, GGP has contributed more than $50,000 to educational programs, supplies, and book donations. GGP employees have already contributed a significant amount of volunteer time to support this educational cause. 2014 SUSTAINABILITY REPORT | 19 WORKPLACE GGP recognizes that the reputation and strength of our company lie in our workforce. We are dedicated to hiring, engaging and retaining a diverse workforce that mirrors the values we share. We want our employees to know that opportunities are available to fully utilize their talents and make an impact on our business and customers. annual reports on various metrics relating to diversity, disability, gender, military experience, age and job group to the Office of Federal Contract Compliance Programs. More information on career opportunities is available on GGP’s career page. As of December 31, 2013, GGP had a total workforce of 1593 employees. GGP fosters a dynamic workforce consisting of people of many different ethnicities, nationalities, and races. However diversity is not limited to ethnicity, nationality or race. A diverse talent pool includes people of different religions, sexual orientations, ages, work experiences, cultures, beliefs, physical abilities, military experiences and educational backgrounds. Diversity is limitless and highly valued at GGP. Although we do not disclose specific breakdowns of age, race, ethnicity or national origin distributions, we strive for diversity in our workforce. We recognize the benefits of diversity, which include increased staff retention and productivit y, enhanced responsiveness to a diverse customer base and improved relations in the communities where our properties reside. GGP is considered a government contractor by the federal government because we lease space in some of our malls to government agencies. For that reason, GGP provides EMPLOYEE STATUS TOTALS TOTAL SKILL DISTRIBUTION TOTAL % DISTRIBUTION 403 25.3% TOTAL % DISTRIBUTION 1562 98.1% Managers 31 1.9% Non-Managers 1190 74.7% 1593 100.0% Total 1593 100.0% Full Time Part Time Total TENURE DISTRIBUTION TOTAL % DISTRIBUTION < 5 Years 705 44.3% 5-10 Years 421 26.4% 10-15 Years 207 13.0% 15-20 Years 117 7.3% 20 + Years 143 9.0% 1593 100.0% Total 20 | GENERAL GROWTH PROPERTIES, INC. EMPLOYEE ENGAGEMENT SURVEY & RESULTS Our employees are the key ingredient to GGP’s success. Highly engaged teams foster a collaborative and high-performing work environment, which helps us achieve our long term goals. In June 2013, an engagement survey was distributed to all employees. The survey was performed by Kenexa and 1,295 employees responded. The results emphasized: • A STRONG CULTURE SUPPORTED BY GGP’S CORE VALUES (HIGH PERFORMANCE, ATTITUDE, DO THE RIGHT THING, TOGETHER AND OWN IT) • COMMITMENT AND WILLINGNESS TO MAKE OUR BUSINESS EVEN BETTER • CONTINUED FOCUS ON ORGANIZATIONAL CULTURE AND VISION COUPLED WITH COMMUNICATION, RECOGNITION, GROWTH AND DEVELOPMENT. I n 2 014, G G P w i l l fo cu s o n e n h a n ce d co m m u n i ca t i o n o f co m p a n y v i s i o n, co nt i n u e d e n c u l t u ra t i o n m o d e l i n g a n d i m p rove d co m m u n i ca t i o n s a t a l l l eve l s a n d b et w e e n d e p a r t m e nt s . 2014 SUSTAINABILITY REPORT | 21 WORKPLACE CULTURE AT GGP In 2013, GGP embarked on a commitment to strengthen its culture and establish a body of shared values and ideals. A Culture Leadership team was established consisting of five executives across different disciplines who provide direction to the Culture Champions committee and oversees the culture process. The committee assists management by incorporating GGP culture and core values into day-to-day use. To enable a positive and sustainable winning culture, the committee provides support by creating culture ideas, guidance, and tools that spread GGP’s values throughout the Company. GGP's culture is defined by our Mission Statement and Core Values. BY THE END OF SUMMER IN 2013, MORE THAN 1,500 EMPLOYEES WERE INTRODUCED AND TRAINED IN THE COMPANY-WIDE GGP CULTURE PROGRAM. MORE THAN 10,000 HOURS WERE DEDICATED TO CULTURE TRAINING, WHICH EQUATES TO APPROXIMATELY 6.25 HOURS OF TRAINING PER PERSON. 22 | GENERAL GROWTH PROPERTIES, INC. GGP CORE VALUES H A D T O IGH PERFORMANCE Pr i o r i t ize A ct i v i t i e s to Y i e l d t h e B e s t Re s u l t s S o l u t i o n D r i ve n W i l l i n g n e s s to Ta ke A p p ro p r i a te R i s k s E xce e d E x p e cta t i o n s TTITUDE Po s i t i ve S p i r i t Pe r s o n a l G row t h Re s p e ct O THE RIGHT THING I nte g r i t y O p e n C o m m u n i ca t i o n Ke e p s C o m m i t m e nt s - M y Wo rd i s M y B o n d OGETHER S u p p o r t s Te a m D e ci s i o n s Pu b l i ca l l y & Pr i va te l y A cce pt i n g of O t h e r s ' I d e a s I s U n s e lfi s h i n M a k i n g D e ci s i o n s w i t h G G P i n M i n d Fi r s t C o l l a b o ra t i o n WN IT A cce pt s Re s p o n s i b i l i t y to M y A ct i o n s Ta ke s I n i t i a t i ve to G et T h i n g s D o n e Em p owe r s O t h e r s Re s p e ct s O t h e r ’s Re s p o n s i b i l i t y to O w n i t HEADQUARTER RENOVATION In March of 2013, GGP ’s corporate headquarters received a face-lift. Ever y effort was made to use sustainable products. Walls were painted with low volatile organic compound (VOC) paint, which reduced harmful gases and unpleasant odors. Recycled carpeting was installed that contained no harmful chemicals. 1,700 existing workstations were kept, diverting waste from landfills. Nearly 700 cubicle, office and conference room chairs were reupholstered with fabric made from recycled content, eliminating the need for chair base disposal. New furniture for the hub areas was made with recycled content. A major part of the renovation included the addition of collaborative common areas called “hubs” on ever y floor. These “hubs” encourage employees to meet informally, brainstorm or just catch up with colleagues. Each hub has click sharing technology that allows users to present content on a display to instantly connect, communicate and collaborate in small groups, reducing the need for paper handouts. Sustainabilit y was at the heart of many aspects of the renovation. From the beginning, ever y employee participated in departmental clean-up days, which comprised of recycling unneeded paperwork and office supplies and removing file cabinets to enhance the open office space environment. More than 57,000 pounds of paper were recycled and more than 200 boxes of office supplies and desk accessories were donated to local charitable organizations. Surplus furniture, doors, appliances and file cabinets were donated to organizations such as The Salvation Army and Habitat ReStore to reduce the impact on the environment. More than 88% of construction materials were also recycled. 2014 SUSTAINABILITY REPORT | 23 WORKPLACE WASTE REDUCTION CHANGES Making strides in waste reduction involves collaboration through employee-driven initiatives. GGP developed bet ter communication and signage and implemented a specialty waste recycling program at the corporate office. Light bulbs and batteries are now recycled at our corporate office as well as our mall properties, thus reducing harmful gases and chemicals from landfils. We have also diverted more than 17,000 pounds of electronic waste, which included desktops, notebooks, phones and other equipment. This equates to the energy savings of powering 42 households per year and removing 61 passenger cars from the road per year. SUSTAINABILITY NEWSLETTER The SustainABILITY newsletter embodies our core value, “together.” It is published monthly for GGP employees and highlights both employee and departmental sustainable efforts. The newsletter heightens awareness on sustainability projects that were completed across the portfolio and provides an outlet to continue sustainable conversations. 24 | GENERAL GROWTH PROPERTIES, INC. ENCOURAGING EMPLOYEE WELLNESS GGP believes investing in the health and well-being of our employees benefits not only individual employees, but the Company as a whole, as our employees will be healthier, happier and more productive. In September 2013, GGP introduced its new GGP Wellness program. Key goals of the program are to increase awareness of healthy everyday choices, improve the health and wellness of our employees and their families at work and at home, and create a culture of wellness at GGP. Additional wellness resources are available to employees on an interactive GGP Wellness website that provides personalized wellness tools designed to help optimize fitness, dietary and wellness goals. The Chicago corporate office sponsored events that supported the wellness program; which included an onsite biometric screening, 5k walk /run; flu shot clinic and onsite yoga classes twice a week. 35% of our employees participate in the GGP Wellness Program. Our goal is to engage over 50% of employees by the end of 2014. 5K RUN WITH CEO 2014 SUSTAINABILITY REPORT | 25 WORKPLACE PROFESSIONAL DEVELOPMENT & TRAINING GGP is committed to developing and engaging people throughout their career. This in turn strengthens our employee base to work on challenging issues and develop leadership skills. Employees are encouraged to continue their education and obtain certifications through national industr y associations and specialized training programs. The company will pay the cost for employees to pursue designations from the International Council of Shopping Centers (ICSC) and BOMI International. If employees are required to hold a professional registration, certification or license to perform aspects of their work, the company will reimburse the employee or pay the cost. GGP also offers financial assistance to those who choose to participate in outside educational programs or who are pursuing a degree related to their work assignment. EMPLOYEE PERFORMANCE High Performance is one of our most accomplished GGP Core Values. Fostering a goal-oriented environment is a critical component to achieving a high performance culture. Employees and managers meet to create mutually agreed upon goals that align with business goals for the year. All employees receive a mid-year and year-end review which provides a formal discussion for managers and employees to align performance progress and allows employees to provide formal feedback. GGP believes that open and honest feedback throughout the year will ultimately assist in maintaining our high performance team. The dedication to continually learn has been exemplified by employees who have attained ICSC certifications. Congratulations to all who achieved this milestone in 2013. CERTIFICATION TYPE TOTAL EMPLOYEES WHO ATTAINED CERTIFICATION Certified Shopping Manager (CSM) 4 Certified Marketing Director (CMD) 6 Certified Leasing Specialist (CLS) 2 Certified Retail Property Executive (CRX) 17 Specialty Leasing Designation (SLD) 10 AWARDS REALCOMM DIGIE AWARD GGP received a RealComm Digie Award for Best Use of Automation. Digie Awards are presented to companies, real estate projects, technologies and people that positively impact the commercial, corporate, government and institutional real estate industr y through the use of technology, automation and innovation. 26 | GENERAL GROWTH PROPERTIES, INC. CONTACT This report contains information in summary form and is intended for general audience only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. CORPORATE OFFICE General Growth Properties, Inc. 110 N. Wacker Drive Chicago, IL 60606 (312) 960-5000 www.ggp.com Learn more about GGP’s sustainability efforts at www.GGP.com. We invite you to submit your comments and suggestions regarding this report. Please contact us at: Kevin Berry Vice President Investor Relations [email protected] (312) 960-5529 Marti Smith Sustainability Program Manager [email protected] (312) 960-2884 Join us in reducing paper usage by sharing this report with someone else. Please recycle this report when you are finished. It is also available on our website at www.ggp.com. This printed report has been produced in an environmentally friendly manner. It has been manufactured with 100% renewable energy and is carbon neutral. It is printed on recycled fiber from 100% post-consumer waste paper. The Forest Stewardship Council has deemed it Chain of Custody certified. 2014 SUSTAINABILITY REPORT | 27 28 | GENERAL GROWTH PROPERTIES, INC. PORTFOLIO ALABAMA INDIANA NORTH CAROLINA Riverchase Galleria · Hoover Glenbrook Square · Fort Wayne ARIZONA IOWA Carolina Place · Pineville (Charlotte) Four Seasons Town Centre · Greensboro The Streets at Southpoint · Durham Park Place · Tucson Tucson Mall · Tucson Coral Ridge Mall · Coralville (Iowa City) Jordan Creek Town Center · West Des Moines OHIO ARKANSAS KENTUCKY Pinnacle Hills Promenade · Rogers Florence Mall · Florence (Cincinnati, OH) Greenwood Mall · Bowling Green Mall St. Matthews · Louisville Oxmoor Center · Louisville CALIFORNIA Eastridge · San Jose Fallbrook Center · West Hills (Los Angeles) Galleria at Tyler · Riverside Glendale Galleria · Glendale (Los Angeles) Northridge Fashion Center · Northridge (Los Angeles) Otay Ranch Town Center · Chula Vista (San Diego) Stonestown Galleria · San Francisco Valley Plaza Mall · Bakersfield Visalia Mall · Visalia LOUISIANA Mall of Louisiana · Baton Rouge Oakwood Center · Gretna (New Orleans) Pecanland Mall · Monroe MAINE The Maine Mall · South Portland COLORADO MARYLAND Park Meadows · Lone Tree (Denver) Southwest Plaza · Littleton (Denver) The Gallery at Harborplace · Baltimore The Mall in Columbia · Columbia (Baltimore) Mondawmin Mall · Baltimore Towson Town Center · Towson (Baltimore) White Marsh Mall · Baltimore CONNECTICUT Brass Mill Center · Waterbury The Shoppes at Buckland Hills · Manchester (Hartford) DELAWARE Christiana Mall · Newark (Wilmington) FLORIDA Altamonte Mall · Altamonte Springs (Orlando) Bayside Marketplace · Miami Coastland Center · Naples Governor’s Square · Tallahassee Mizner Park · Boca Raton The Oaks Mall · Gainesville Pembroke Lakes Mall · Pembroke Pines (Fort Lauderdale) Village of Merrick Park · Coral Gables (Miami) Beachwood Place · Beachwood (Cleveland) Kenwood Towne Centre · Cincinnati The Shops at Fallen Timbers · Maumee (Toledo) OKLAHOMA Quail Springs Mall · Oklahoma City Sooner Mall · Norman (Oklahoma City) OREGON Clackamas Town Center · Portland Pioneer Place · Portland Rogue Valley Mall · Medford PENNSYLVANIA Neshaminy Mall · Bensalem (Philadelphia) Park City Center · Lancaster RHODE ISLAND Providence Place · Providence SOUTH CAROLINA Columbiana Centre · Columbia MASSACHUSETTS Natick Mall · Natick (Boston) MICHIGAN The Crossroads · Portage (Kalamazoo) Lakeside Mall · Sterling Heights (Detroit) RiverTown Crossings · Grandville (Grand Rapids) MINNESOTA Apache Mall · Rochester Crossroads Center · St. Cloud Ridgedale Center · Minnetonka (Minneapolis) River Hills Mall · Mankato TEXAS Baybrook Mall · Friendswood (Houston) Deerbrook Mall · Humble (Houston) First Colony Mall · Sugar Land (Houston) Hulen Mall · Fort Worth North Star Mall · San Antonio The Parks at Arlington · Arlington (DFW) The Shops at La Cantera · San Antonio Stonebriar Centre · Frisco (DFW) Town East Mall · Mesquite (DFW) Willowbrook Mall · Houston The Woodlands Mall · The Woodlands (Houston) UTAH GEORGIA MISSOURI Augusta Mall · Augusta Cumberland Mall · Atlanta North Point Mall · Alpharetta (Atlanta) Oglethorpe Mall · Savannah Peachtree Mall · Columbus Perimeter Mall · Atlanta The Shoppes at River Crossing · Macon Columbia Mall · Columbia Plaza Frontenac · St. Louis Saint Louis Galleria · St. Louis Fashion Place · Murray (Salt Lake City) Newgate Mall · Ogden (Salt Lake City) Provo Towne Centre · Provo Red Cliffs Mall · St. George NEBRASKA VIRGINIA HAWAII NEVADA Ala Moana Center · Honolulu (Oahu) Prince Kuhio Plaza · Hilo (Big Island) Whalers Village · Lahaina (Maui) Fashion Show · Las Vegas The Grand Canal Shoppes at The Venetian · Las Vegas Meadows Mall · Las Vegas The Shoppes at The Palazzo · Las Vegas IDAHO Boise Towne Square · Boise Grand Teton Mall · Idaho Falls ILLINOIS Market Place Shopping Center · Champaign Northbrook Court · Northbrook (Chicago) Oakbrook Center · Oak Brook (Chicago) Water Tower Place · Chicago Oak View Mall · Omaha Westroads Mall · Omaha NEW JERSEY Bridgewater Commons · Bridgewater Paramus Park · Paramus Willowbrook · Wayne Woodbridge Center · Woodbridge NEW MEXICO Coronado Center · Albuquerque Lynnhaven Mall · Virginia Beach Tysons Galleria · McLean (Washington D.C.) WASHINGTON Alderwood · Lynnwood (Seattle) Bellis Fair · Bellingham NorthTown Mall · Spokane Spokane Valley Mall · Spokane Westlake Center · Seattle WISCONSIN Fox River Mall · Appleton Mayfair · Wauwatosa (Milwaukee) Oakwood Mall · Eau Claire WYOMING Eastridge Mall · Casper NEW YORK Staten Island Mall · Staten Island 2014 SUSTAINABILITY REPORT | 29 GRI DISCLOSURE INDEX The Global Reporting Initiative (GRI) framework was used as guidance for the preparation of this report. The GRI is a nonprofit organization that promotes economic, environmental, and social sustainabilit y. It provides companies with a comprehensive reporting framework that is widely used around the world. CONTENT DESCRIPTION LOCATION/COMMENTS STANDARD PROFILE DISCLOSURES STRATEGY & ANALYSIS 1.1 Statement from most senior decision-maker of the organization 3 ORGANIZATIONAL PROFILE 2.1 Name of the Organization 5 2.2 Primary brands, products and/or services 5 2.3 Operational structure of the organization 5 2.4 Location of organizations headquarters 5 2.5 Number of countries where the organization operates 5 2.6 Nature of ownership and legal form 5 2.7 Markets served 5 2.8 Scale of reporting organization 5 2.9 Significant changes during reporting period 5 2.10 Awards received in the reporting period 26 REPORT PARAMETERS 3.1 Reporting period for information provided 7 3.2 Date of most recent previous report 7 3.3 Reporting cycle 7 3.4 Contact point for questions regarding the report 27 3.5 Process for defining report content 7 3.6 Boundary of the report 7 3.7 Specific limitations on the scope and boundary of the report 7 3.8 Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations, and other entities 7 3.10 Explanation of any effect of any restatements of information provided in earlier reports, and the reasons for such statements 7 3.11 Significant changes from previous reporting periods in the scope, boundary, or measurements methods applied in the report 7 3.12 Table identifying the location of the standard disclosures in the report 30-31 GOVERNANCE, COMMITMENTS AND ENGAGEMENTS 4.1 Governance structure of the organization, including committees under the highest governance body responsible for specific tasks, such as setting strategy or organizational oversight 6 4.2 Indicated whether the Chair of the highest governance body is also an executive officer 6 4.3 For organizations that have a unitary board structure, state the number of members of the highest governance body that are independent and/or non-executive members 6 4.4 Mechanisms for shareholders and employees to provide recommendations or direction to the highest governance body 6 4.14 List of stakeholder groups engaged by the organization 7 4.15 Basis for identification and selection of stakeholders with whom to engage 7 30 | GENERAL GROWTH PROPERTIES, INC. GRI DISCLOSURE INDEX, CONTD. CONTENT DESCRIPTION PAGE/LOCATION PERFORMANCE INDICATORS ECONOMIC EC1 Direct economic value generated and distributed, including revenues, operating costs, employee compensation, donations and other community investments, retained earnings and payments to capital providers and governments 5 ENVIRONMENT EN2 Percentage of materials used that are recycled or reused input materials 7,10,16,23 EN3 Direct energy consumption by primary energy source 9 EN4 Indirect energy consumption by primary energy source 9 EN5 Energy saved due to conservation and efficiency improvements 12,13,15 EN8 Total water withdrawal by source 10 EN22 Total weight of waste by type and disposal method 10 EN26 Initiatives to enhance efficiency and mitigate environmental impacts of products and services, and extent of impact mitigation 11 SOCIAL LA1 Total workforce by employment type, employment contract, and region 20 LA11 Programs for skills management and lifelong learning that support the continued employability of employees and assist them in managing career endings 26 LA12 Percentage of employees receiving regular performance and career development reviews by gender 26 LA13 Composition of governance bodies and breakdown of employees per employee category according to gender, age group, minority group membership, and other indicators of diversity 6,20 SOCIETY SO1 Percentage of operations with implemented local community engagement, impact assessments, and development programs 11,18,19 2014 SUSTAINABILITY REPORT | 31 29 | GENERAL GROWTH PROPERTIES, INC.
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