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ESG

OUR CEO

I joined the ShopCore team in June of 2022, and I could not be more excited about the opportunities that lie ahead.

At ShopCore, our culture is built on an appreciation of each other, giving back to those in our communities, and pushing boundaries every single day. As we state in our CORE values, for us, it’s “People first, community always.” Those aren’t just words on paper: they are the spirit with which we approach everything we do. Our environmental, social, and governance (ESG) initiatives are no exception. We know our people and our properties can help current and future generations thrive.

Our ESG commitments blossomed across our communities last year. We made progress toward our 2030 net zero target for greenhouse gas emissions, the most ambitious in our industry peer group, by increasing common area LED lighting, adding parking lot electrical vehicle (EV) charging stations, and using more renewable energy throughout our portfolio. We put 83 green leases in place, collaborated with our tenants to drive high-performance buildings that contribute to public health and wellbeing, and piloted new waste diversion, real-time energy consumption monitoring, and low to no water landscaping solutions. The result is that we were recognized as a Silver Green Lease Leader in 2021 and earned Gold recognition earlier this year. We conducted a company-wide DEI training series and, through our SEED initiative, continued to support, engage, empower, and develop women at ShopCore across all levels of the organization. From a governance perspective, we instituted annual reporting and disclosures with our inaugural ESG report and the submission of our first CDP response, and we tied our annual bonuses to our sustainability objectives for all ShopCore employees, including executive leadership.

Alongside our partners, through CoreGiving we helped donate more than 9 million meals in the communities where we operate. We also participated in the inaugural CoreGiving Day on September 23, encouraging our employees to support local nonprofits that are fighting hunger where we live and work, and will do so again this year.

In 2022, we’ve already taken strides to deepen our impact. Our new application-based, year-long women’s mentorship program, Amplify, began in January. We expanded our urban beekeeping pilot to more than 50 percent of our 2021 properties. We are creating a standardized high-diversion materials management program for all properties. And the work of our newly formalized ESG Steering Committee is well underway.

Additionally, we are thrilled to announce the recent acquisition and integration of 52 new assets into our portfolio—pushing our current property count well over 100—and the appointment of our new Executive Vice President and Chief Operating Officer, Lauren Holden, both in 2022. With Lauren’s deep history in the real estate industry and experience in operationalizing sustainability at the property level, she will play an active role alongside me, our ESG team, and our ESG Steering Committee, in bringing our ESG commitments to life across our growing portfolio.

We are proud of the progress we’ve made in advancing our ESG work to date, but we also know we have a long way to go to achieve what we know is possible. This year, we will continue to evaluate our greatest opportunities for impact and prioritize our work accordingly.

ShopCore properties are dynamic hubs of environmental and social activity that bring together diverse businesses, shoppers, and employees. We have a responsibility to lead the way to a more sustainable future in the communities in which we operate. We are committed to continuing to collaborate with you, our community, to create a better world, and we can’t wait to share our progress with you again next year.

LETTER

SHOPCORE

ESG STRATEGY

VISION

GOALS

PRIORITIES

MARC RICKS, CEO

SOCIAL GOVERNANCE

TCFD DISCLOSURE

INDEX

THIS REPORT

We are a premier owner and operator of community, power, and grocery-anchored centers throughout the country.

As of December 31, 2021, we owned approximately 17 million square feet of retail centers, with properties in densely populated sub-markets and anchored by best-in-class retailers.

As we continually evaluate our portfolio, we search for opportunities to improve our operational efficiency, reduce our environmental footprint, and benefit the communities we serve.

We are an affiliate of Blackstone, one of the largest real estate owners and managers globally, which provides us with significant financial strength and long-term stability. Blackstone is committed to promoting the business case of sustainability across its portfolio, as it believes that sustainability efforts help create stronger, more resilient companies and long-term value for its investors. Blackstone’s ambition and resources help propel our commitment to create a best-in-class ESG program.

Recognized at the Silver level as a 2021 Green Lease Leader; subsequently recognized at the Gold level in early 2022

Conducted

Completed third-party assured greenhouse gas (GHG) emissions inventory for scopes

KEY

KPIs

Published

Opened

Participated

Submitted

Linked

DISCLOSURE

STRATEGY

VISION & STATEMENT OF PURPOSE

We recognize the role of ShopCore’s people and properties in preserving the resources available to current and future generations. Our actions can help our communities thrive. We envision a world where solar on retail rooftops is the status quo, our operations are zero waste and fully powered by renewable energy, and we engage all our communities in initiatives such as urban beekeeping and local farmers markets. We want to create a future where every ShopCore employee sees themself represented in our leadership, where our buildings contribute to public health and wellbeing, and where we have helped CoreGiving realize its objective of eliminating child hunger in the U.S.

When it comes to ESG, we aspire to be the best — not only in the operations of our properties, but for our people and communities more broadly. And we know we can’t get there alone: we want to collaborate with our stakeholders and our peers to expand what’s possible in the world of retail.

We know we have a lot of work to do to make that vision a reality, but at ShopCore, we’ve never shied away from hard work. We believe in setting stretch goals, not despite the fact that we think they are hard to achieve, but because they are hard to achieve. Our net zero goal is the most ambitious of our industry peers, and that’s intentional. We plan to lead the way to a carbon neutral future in retail real estate.

OUR STRATEGY

A robust sustainability program makes our properties more efficient, reduces risk, and positively impacts the communities we serve. We have adopted several time-bound goals to keep us on track for realizing our big-picture commitment to ESG, and we intend to expand these objectives following the launch of our formal materiality assessment in 2022.

To inform our sustainability strategy and this year’s report, we interviewed key leaders across the company to identify our stakeholders’ needs, prioritize our ESG efforts, and better articulate the risks and opportunities for our business. You can read more about the priorities that emerged from these conversations in the Our Priorities section of this report.

INVESTO

OUR STAKEHOLDERS

YLPPUS

URTSTNANE

R C O M M U N I T I E S

ENVIRONMENT

• Achieve net zero scope 1 and 2 GHG emissions by

Install 100 percent common area LED lighting by end of

Source renewable energy for 25 percent of our common area by end of

Outfit 50 percent of assets

Standardize a high-diversion

Implement urban beekeeping

charging stations by end of

GOALS

SOCIAL

Implement our third annual company-wide DEI engagement survey in 2022 in preparation

a strategic goal-setting

Launch the Amplify mentorship program for women at ShopCore as part of our SEED initiative

Expand the scope and use of our supplier diversity

across our

Contribute to CoreGiving’s 2022 goals of donating 14+ million meals, $2.8+ million dollars,

GOVERNANCE

LETTER

SHOPCORE

ENVIRONMENT

Our Properties: ShopCore aims to be a leader in sustainability, and we partner with our tenants to achieve our sustainability goals and theirs. Not only do we strive to preserve the environment for future generations, but we also endeavor to make things better and healthier today.

Our Emissions: Environmental sustainability is ingrained in how we do business. We have set ambitious, data-driven, short- and long-term targets to ensure we do our part to meet global greenhouse gas emissions goals.

ESG STRATEGY

VISION

GOALS

PRIORITIES

SOCIAL

Our People: We put our people first. That’s why we are committed to sustaining an environment that is diverse, equitable, inclusive, and supportive by recognizing, celebrating, and leveraging our colleagues’ values, unique perspectives, and contributions.

Our Communities: We believe that when people are empowered to make a difference and care for others in need, entire communities are lifted. That’s why we have partnered with our fellow Blackstone real estate portfolio companies in support of CoreGiving, a 501(c)(3) nonprofit organization dedicated to ending childhood hunger in the United States.

Health and Wellbeing: We spend approximately 90 percent of our time indoors, and our built environment is the largest determinant of our overall health. At ShopCore, we strive to design (and remodel) our buildings in a way that puts people and their health and wellbeing front and center.

SOCIAL GOVERNANCE GLOSSARY

TCFD DISCLOSURE GRI INDEX

THIS REPORT

GOVERNANCE

Our Governance: We are committed to aligning our corporate sustainability governance around international market standards to ensure we remain globally competitive and adhere to a high level of transparency in reporting.

PARTNERING WITH PROPERTIES ACROSS OUR PORTFOLIO

ShopCore aims to be a leader in sustainability, and we look to partner with our tenants to achieve our sustainability goals and theirs. That’s why we continuously seek out ways to engage with our tenants, from urban beekeeping pilots to waste management innovation and green leases.

In 2021, we migrated our previous web-based tenant portal to a new app that allows us to reach our tenants more easily through a mobile-friendly platform and interface. We use this platform to educate our tenants about our properties as well as our corporate and property-specific climate and sustainability initiatives.

2021 ESG ACCOMPLISHMENTS

Achieved Green Lease Leaders

Silver recognition

PROPERTY HIGHLIGHT

URBAN BEEKEEPING at Bakers Centre

Honeybees pollinate more than 90 percent of leading global crop types, including approximately one-third of the world’s food production, yet more than 40 percent of bee species are threatened with global extinction.(4) We saw an opportunity to transform our properties into homes for these species that are critically important for supporting whole communities and ecosystems.

In October 2021, we installed a beehive with 30,000 honeybees at our Bakers Centre property in Philadelphia, PA. Bakers Centre is part of the East Falls, Hunting Park West corridor and provides access to an array of national and local retailers and services for the community. Anchor tenants include ShopRite, Ross Dress for Less, and Planet Fitness.

In fall 2021, we were able to distribute the hyper-local honey the Bakers Centre hive produced to community members on-site. Employees and community members can keep up with the bees through MyHive, an online platform that provides social updates on the property’s hive and seeks to connect people with nature in urban environments.

Our Bakers Centre hive was part of a two-property urban beekeeping pilot that we have since expanded to more than 50 percent of our 2021 portfolio in 2022.

ALVÉOLE BEEHIVE AT BAKERS CENTRE | PHILADELPHIA, PA

Implemented 83 green leases

Piloted high-diversion materials management program that achieved zero waste to landfill

WHAT’S THE

Piloted urban beekeeping at two properties

THIS

COLLABORATING WITH OUR TENANTS

ON GREEN LEASES

Each property is unique and has its own set of solutions to advance sustainability. Working alongside our tenants and leveraging the strength of our landlord-tenant relationships helps us all protect the resources our communities need to thrive.

Green leases are a key aspect of how we approach our sustainability collaboration with our tenants.

Green Lease Leaders is a national recognition program honoring landlords, tenants, and partnering real estate practitioners from a variety of sectors that incorporate green leasing to drive high performance and healthy buildings. As of the end of 2021, we had 83 active green leases in place.

To achieve Green Lease Leaders Silver in 2021, we incorporated the following green provisions into our standard leases:

• We commit to providing tenants with a point of contact for sustainability information, tracking common area energy and water use, and disclosing the whole building ENERGY STAR score, which reflects overall energy performance, to tenants annually.

• We have incorporated a cost recovery clause for energy efficiency upgrades that collectively benefit our tenants, allowing us to make those investments in our properties.

• Where we are able, we work with our tenants to provide them with renewable energy, generated on-site, at market competitive prices. This guarantees to our tenants that they are purchasing locally generated, 100 percent renewable energy rather than purchasing from the grid.

• Our tenants permit us to meter their spaces separately, giving us better insight into property utility consumption and allowing for more informed decision making property-wide.

• Our tenants agree to provide an annual energy disclosure upon request.

To achieve our goal of Green Lease Leaders Gold in 2022, we were required to demonstrate we have active, executed green leases in place that include all the provisions outlined above.green leases in place that include all the provisions outlined above.

WATER CONSUMPTION & CONSERVATION

Water is a critical resource for sustaining life and our planet, and our property operations present a wide range of opportunities for water preservation. In 2020, we began baselining water consumption across our portfolio. We improved upon this data collection in 2021, and while we still have more work to do to ensure our data are complete, we know the value of this precious resource. Our work to install systems that enable water reuse and recycling, including smart and drip irrigation, are well underway at our properties.

In water-stressed areas, we are also prioritizing converting conventional, water-intense landscaping to drought-resistant xeriscaping. At properties with ShopCore-controlled restrooms, we have worked to install touchless and waterless fixtures.

At Westgate Center in San Leandro, CA, a dominant power center anchored by Home Depot, Ross Dress for Less, and Burlington with a multi-tenant incubator office and manufacturing space on the second level, we implemented several water conservation upgrades in 2021. We converted all street front landscaping to xeriscaping and installed drought-resistant planters around the existing tree wells. In our second floor space, we replaced all existing plumbing fixtures with touchless and waterless alternatives. The automatic flush valves we installed not only use less (or no) water per flush, but are also a more hygienic solution.

We plan to build on these efforts moving forward as we continue to aggregate more accurate water consumption data and establish baselines and targets for additional water metrics, including consumption intensity.

SHOPCORE

ESG STRATEGY

VISION

GOALS

PRIORITIES

GOVERNANCE

DISCLOSURE

INDEX

THIS REPORT

XERISCAPING AT WESTGATE CENTER | SAN LEANDRO, CA

WASTE DIVERSION at The Shops at Skyview

The Shops at Skyview is a multi-level shopping destination in Flushing, NY featuring a growing mix of national retailers such as Target, Uniqlo, SkyFoods, Marshalls, and local favorites such as Gong Cha and Royal Beauty.

As part of our effort to increase the effectiveness of our waste management operations and achieve increased levels of waste diversion at The Shops at Skyview, we identified several opportunities for enhancement.

In 2021, we implemented improvements to our day-to-day interaction with haulers and educated our tenants, janitorial staff, and office staff on best practices to support operations and drive waste diversion by reshaping habits and mindsets. In addition, we adopted new equipment with features like remote monitoring, dashboard integration, and cost analysis. As a result of these efforts, we achieved zero waste to landfill at The Shops at Skyview in 2021. Here’s a look at what else we were able to accomplish there:

OUR EMISSIONS

Formalized

OUR APPROACH TO CLIMATE CHANGE

The scale of our business gives us the ability and responsibility to address the collective global challenges we face while minimizing our environmental impact as we continue to grow. A successful climate strategy includes both ambitious long-term targets and more readily attainable short-term goals to measure progress along the way. In 2021, we completed an initial GHG inventory of our 2019 and 2020 scope 1, 2, and 3 emissions, which has served as our initial baseline and informed our company-wide reduction targets. This year, we further updated and refined our 2020 inventory, applying the same methodology to our 2021 inventory, and had both assured by a third party.*

We are proud to have set a net zero by 2030 goal for our scope 1 and 2 GHG emissions, and we continue to implement new initiatives to help us get there, first by prioritizing energy efficiency, then by sourcing renewable energy, and finally advancing on-site decarbonization strategies. These initiatives include our work to implement 100 percent common area LED lighting, our goal of using 25 percent renewable energy in our common areas, and our plans to equip 50 percent of our assets with EV charging stations — all by the end of 2022. As we develop additional intermediate goals on our path to net zero, we will also explore using renewable energy credits or carbon offsets as a bridging strategy.

SUSTAINABILITY 2022 TARGETS

LED Lighting Upgrade:

To accelerate the implementation of LED lighting upgrades in common areas across the portfolio, we developed a portfolio-wide LED lighting procurement strategy in 2021. This process involved surveying every property that had not received full upgrades to determine the location, type, and quantity of lighting needed to take the property from zero or partial LED lighting in the common areas to 100 percent. Once these surveys were complete, we worked with a consultant to select all the necessary new fixtures and develop a procurement package to competitively bid in early 2022, which will allow us to complete the upgrades by the end of 2022.

Completed our first third-party assured greenhouse gas emissions

scopes

40 percent common area LED in place;

percent in scoping

Renewable Energy Procurement:

In 2021, ShopCore successfully executed an agreement with a solar developer for a large 1.76 MW on-site solar array that is expected to generate nearly 2,000,000 kWh of electricity annually, benefitting both ShopCore and the surrounding community by distributing the energy produced. Additionally, we conducted a procurement for solar installations at nine of our properties, and we are currently working with the selected project partner to chart a path to implementation. In 2022, we have been working to achieve our end-of-year goal by procuring electricity supply contracts to power our properties with off-site renewable energy, while still pursuing longer-term on-site renewable energy project development in parallel.

percent renewable common area

in place

assets with

under

charging

EV Charging Stations:

ShopCore has partnered with multiple turnkey EV vendors to install, operate, and maintain EV charging stations at our properties. Working with these partners, we installed charging stations at several of our properties in 2021, and we have even more stations already constructed and in the pipeline for 2022 to meet our goal. ShopCore anticipates that 2022 will be a very active year for EV charging station installation as we bring our strategy to scale.

EV CHARGING STATION 2021 STATISTICS

OUR GHG EMISSIONS

Our 2021 GHG emissions inventory and the restatement of our 2020 inventory* were prepared in accordance with the Greenhouse Gas Protocol’s Corporate Accounting and Reporting Standard (Scopes 1 and 2) and Corporate Value Chain Accounting and Reporting Standard (Scope 3). To calculate our emissions, we used the operational control method to define our GHG inventory boundaries.

Our scope 1 and 2 emissions increased by 1,619 MTCO2e, or 10.6 percent, from 2020 to 2021. We attribute this increase to two external factors. First, with COVID-19 upending our industry, we acknowledge that neither 2020’s closure of a number of retail storefronts nor 2021’s rebuilding and reopening process were “typical.” As we seek to understand the “new normal” that emerges from these events, we will evaluate setting a new base year for our emissions and other environmental metrics.

Second, we are able to correlate some increase in emissions with an increase in data coverage, rather than a significant change in how we operate our properties. With increased data available in 2021 compared to 2020, we were able to reduce the overall percentage of estimated emissions by nearly 32 percentage points. This increase in data coverage has allowed us to allocate emissions between all three scopes more accurately. Additionally, despite the increase in our scope 1 and 2 emissions, our total emissions — scopes 1, 2, and 3 combined — decreased by 1 percent from 2020 to 2021.(5)

EMISSIONS (MTCO2e)

In 2022, as we continue to advance our 2030 net zero strategy, ShopCore will begin working on establishing baselines and targets for additional metrics, including emissions and energy consumption intensities, like-for-like property emissions across reporting years, and long-term goals and targets for specific categories of our emissions, including scope 3.

*Prior to beginning the 2021 GHG inventory process, we completed an audit of our 2019 and 2020 inventories and discovered that the location of 17 assets had been improperly recorded. This issue was internal to ShopCore's system and does not reflect an error within the inventory itself, but rather with the data that were supplied to

the inventory.

the

ShopCore does not own or have operational control of.

REAL-TIME ENERGY CONSUMPTION VISIBILITY at The Shops at Skyview

As part of ShopCore’s commitment to reducing our environmental footprint, we implemented a state-of-the-art submetering system at The Shops at Skyview. Located in Queens, NY, The Shops at Skyview was prioritized due to stringent emissions requirements beginning in 2024 under New York City’s groundbreaking Climate Mobilization Act of 2019. This energy monitoring program provides the property with its initial steps toward the reduction of its energy usage and its GHG emissions.

The solution for The Shops at Skyview involved new smart meters that enable real-time data collection, submeter reading, and utility cost control and review services. To ensure energy data were valid and accurate, we completed a point-to-point verification on the full system — from the local device to the building energy portal. In addition, ShopCore implemented a monthly meter reading, billing, and auditing program to maintain data accuracy.

One of the unique features of the program is the ability for both management and tenants to access energy data via a web-based portal. This portal provides ShopCore access to its real-time energy usage data from the field at any time via desktop, tablet, and smartphone mobile applications with a secure login. Retail tenants can be provided with a custom computer dashboard that allows each tenant to access their submetered utility charges, as well as comprehensive utility profiles, consumption reports, and analytics.

To date, this system and collaboration has provided insight into the property’s energy usage, improved tenant and base building energy efficiency, and provided our property managers and tenants the intelligence they need to contribute to ShopCore’s sustainability goal of net zero carbon emissions by 2030.

SHOPPING

2021 ESG ACCOMPLISHMENTS

OUR COMMITMENT TO DIVERSITY, EQUITY, AND INCLUSION (DEI)

We value a diverse workforce and recognize that varied backgrounds, perspectives, and experiences in leadership positions create dynamic organizations and positive impacts for our people, shareholders, and communities. We are committed to fostering the talents of our people and providing them with the best resources for professional and personal growth and development.

As part of this commitment, in 2021, we conducted a company-wide, anti-bias DEI training series. The training focused on what DEI is, why it matters, and how each person can play a role in creating an inclusive culture. It raised awareness around equity and privilege, as well as understanding and managing bias.

We also implemented a company-wide DEI engagement survey as a follow-up to our initial employee survey in 2020. At a high level, we found that sentiment among our employees as it relates to diversity, equity, and inclusion continues to improve from a strong baseline; however, we are also aware that we have more work to do. Moving forward, we will seek opportunities to increase gender, ethnic, and racial diversity in our hiring overall as well as representation on our executive team.

OUR DEI COMMITTEE

Our DEI committee, founded in 2020, fosters a professional environment that is diverse, equitable, inclusive, and supportive. At ShopCore, we are committed to sustaining this environment by recognizing, celebrating, and leveraging each colleague’s value, unique perspectives, and contributions. In 2021, our DEI committee focused on the following three priorities:

RECRUITMENT

• Universal inclusion of DEI language in career opportunity announcements

• Partnership with our human resources team to align on DEI goals and mission

• Creation and promotion of DEI materials at internship and career fairs

RETENTION

• Advocacy for new advancement opportunities within the organization

• Organization of a DEI summit at ShopCore

COMMUNITY

• Support for LGBTQIA+ youth toiletry and food drives in San Diego and Philadelphia in June 2021 for Pride Month

• Participation in a holiday Adopt-A-Family Toy Drive in December 2021

CORE CULTURE AT SHOPCORE

In 2021, after the challenges and uncertainties of the previous year, we undertook an effort internally to re-center on a formal set of company values that serve to support and strengthen our culture. Employees volunteered to join our culture committee, whose first order of business was to conduct outreach to all team members and formalize what eventually became our CORE Values.

Our DEI committee is an opportunity to champion organizational change. We value initiatives that create opportunity for all persons, provide a diverse and equitable perspective, and bring innovation that can be demonstrated through recruitment, job retention, and community engagement.

The committee still meets monthly as part of an ongoing process and reports to our executive team on a quarterly basis.

C O R E

We Are Community Partners We Are Opportunity Creators We Are Responsible People We Are Entrepreneurial Spirits

It’s people first, community always.

V e RS TY e QU TY i NCLUS i ON DiVERSi T

SiON D IVERS I T Y EQ U I T YINCLU S I ON

Conducted a company-wide DEI training series

We have an unwavering focus on excellence, growth, and innovation.

We encourage authenticity, inclusivity, sustainability, and philanthropy.

Implemented a second annual company-wide DEI engagement survey

DISCLOSURE

INDEX

THIS REPORT

We strive for excellence, average is not in our vernacular.

Opened applications for the Amplify mentorship program for women at ShopCore as part of our SEED initiative

are

Updated our values through the creation of our CORE culture statements

SUPPORTING WOMEN THROUGH SEED

We aim for all levels of our company to reflect our company’s overall demographic composition: nearly 60 percent of our employees are women. We also know that mentoring programs are proven to be paramount for women in male-dominated professions such as our own. Since 2019, ShopCore’s SEED initiative has served to support, engage, empower, and develop women at ShopCore by providing various opportunities and resources to increase professional and personal knowledge and skills.

SEED IN 2021: BE A GAME CHANGER

In 2021, we focused on formalizing our SEED governance and continuing to enhance our program. For the first time, we introduced a theme for our 2021 efforts, “Be a Game Changer.” The objective was to help women push past their perceived limitations to define and achieve their personal success. We believe game changers see opportunities others do not, and they have the ability to transform the ordinary into the extraordinary. They create, improve on, and innovate around best practices to help serve, improve, and inspire.

Our programming in 2021 aligned with this theme. We hosted Lori Locust, assistant defensive line coach for Super Bowl champions the Tampa Bay Buccaneers, who spoke on the topic of Being a Game Changer. Vanessa Williams, founder and CEO of Leading Edge Consulting, also spoke to our SEED community in 2021 about the power of positive impact, both for yourself and the people around you.

In 2021, we also laid the groundwork for Amplify, our new application-based, year-long women’s mentorship program within the organization. Prospective mentors and mentees applied to the program in the fall of 2021; this year, they are meeting bi-weekly on mentee-driven personal and professional development goals.

Looking ahead, our theme for SEED in 2022 is “Developing Your Playbook.” This year, we will continue to build on and expand our Amplify program, host events and workshops with guest speakers as well as speakers within ShopCore to encourage peer leadership, host in-person social and training events in line with our theme, and evolve the governance and impact of SEED under new leadership.

WORKFORCE AT A GLANCE

COLLABORATING WITH OUR SUPPLIERS

We seek to be responsible citizens by procuring goods and services from like-minded companies that value diversity, opportunity, and sustainability. In 2021, we established a procurement process that asks suppliers to disclose key information, including environmental and social policies and diversity status. To track this information, we launched a database that we use to make fully informed decisions about who we work with; it takes more factors than cost into account. In 2022, we plan to expand the scope and use of this database across our operations.

CELEBRATING THE INAUGURAL COREGIVING DAY

On September 23, 2021, we participated in the inaugural CoreGiving Day alongside our other CoreGiving partners. This day of service brought 1,000+ volunteers across 19 cities together to support 24 nonprofits with 8,000+ hours of volunteer time.

CoreGiving Day means that I can be the hands and feet of love and care to the community. Every time I pack a box, every time I push a box down the line, I think of the wonderful families that will receive the love and care we have to share.

— DESHANTEL ROBINSON, REGIONAL PROPERTY MANAGER, SHOPCORE PROPERTIES

2021 ESG ACCOMPLISHMENTS

Launched a database to track our suppliers' environmental and social policies and programs, including supplier diversity

communities where

local businesses with opportunities at our properties, hosting back-to-school events

donation

and contributing to local

GIVING BACK THROUGH COREGIVING

We are passionate in our belief that no child should ever experience hunger and its harmful effects.

In 2016, we created CoreGiving, a 501(c)(3) organization, to fight child hunger in the communities we serve by providing nourishing meals to food-insecure children. Since CoreGiving’s inception, the nonprofit has grown to include the support of corporate partners in addition to ShopCore, including April Housing, Beam Living,

BRE Hotels & Resorts, BioMed Realty, Link Logistics, LivCor, Longview Senior Housing Advisors, Revantage, and Simply Self Storage.

We align our efforts with CoreGiving's three pillars:

$

DOLLARS

Through various fundraising events and campaigns, we donate the money we raise to the local communities we serve.

HOURS

Every year, each of our employees volunteers eight hours at their local food bank or another charity organization.

MEALS

As a result of our fundraising efforts, we provide millions of meals to the communities we serve across the country, directly helping those in need.

FOOD BANKS COREGIVING CONTRIBUTED TO IN 2021

ARIZONA

St. Mary’s Food Bank

CALIFORNIA

Alameda County Community Food Bank

Bay Area Feeding America

Feeding San Diego

Jacobs & Cushman San Diego Food Bank

Los Angeles Regional Food Bank

Orange County Food Bank

Sacramento Food Bank & Family Services

Second Harvest of Silicone Valley

LETTER

COLORADO

Food Bank of the Rockies

FLORIDA

Feeding South Florida

Feeding Tampa Bay

Food For Life

Northeast Florida Book Bank

Second Harvest Food Bank

GEORGIA

Atlanta Community Food Bank

Hands On Atlanta

Urban Recipe

ESG STRATEGY

VISION

GOALS

PRIORITIES

HAWAII

Hawaii Food Bank

ILLINOIS

Feed My Starving Children

Greater Chicago Food Depository

Lakeview Pantry

LOUISIANA

Second Harvest Food Bank

MARYLAND

Maryland Food Bank

MASSACHUSETTS

Food For Free

MINNESOTA

Feed My Starving Children

Loaves and Fishes

NEVADA

Three Square

Food Bank of Northern Nevada

NEW JERSEY

Community Food Bank of New Jersey

NEW YORK

City Harvest

Food Bank for NYC

New York Cares

River Fund Food Bank

NORTH CAROLINA

Loaves and Fishes

OREGON

Oregon Food Bank

PENNSYLVANIA

Central Pennsylvania Food Bank

Philabundance

Share Food Program

TEXAS

Central Texas Food Bank

Kids Meals

North Texas Food Bank

San Antonio Food Bank

WASHINGTON

Northwest Harvest

GOVERNANCE

TCFD DISCLOSURE

GRI INDEX

ABOUT THIS REPORT

INVESTING IN SMALL BUSINESS OWNERS WITH MYSHOP

TENANT HIGHLIGHT

We believe that using our space to empower small and local business owners will lift communities. MyShop by ShopCore Properties is a program that encourages retail entrepreneurs who dream of opening a brick-and-mortar location to “pop-up” on a temporary basis and grow their business. We are committed to supporting participants’ business endeavors and providing them with an opportunity for success.

Entrepreneurs can dream, pop-up, and grow by renting indoor and outdoor space from one day to twelve months at best-in-class ShopCore shopping centers nationwide. MyShop participants benefit from flexible lease terms, guidance from an experienced team, an accelerated leasing process, limited start-up costs, and affordable rates.

PINEAPPLE KIDZ at Downtown Palm Beach Gardens

When Crazy 8, the children’s apparel retailer, chose to close their location at Downtown Palm Beach Gardens, in Palm Beach, FL, store manager Cheryl Navaroli quickly approached the MyShop team to inquire about opening her own children’s apparel store within the space. In April 2019, after purchasing some of Crazy 8’s inventory and partnering with several local children’s clothing designers, Cheryl opened her own children’s apparel retail store, Pineapple Kidz, in Crazy 8’s old location.

Over the next two years, Pineapple Kidz built a steady stream of return customers, contributing to its growth and success. When the shopping center started undergoing a large redevelopment project, Cheryl had the opportunity to move to another space and stay within the center. In late 2021, Cheryl signed a long-term lease to continue operating Pineapple Kidz at Downtown Palm Beach Gardens — an opportunity made possible through MyShop by ShopCore Properties.

We’ve had such a successful grand opening and foot traffic. We just love how MyShop was flexible with us and we love their short-term leasing options. It was exactly what our business needed.

TODDLER AT PINEAPPLE KIDZ | PALM BEACH GARDENS, FL

HELPING LOCAL KIDS LOAD THEIR LOCKERS

We hosted events across the U.S. to get kids ready to go back to school. At 11 centers, we hosted Load the Lockers events where we installed bright yellow lockers for community members to donate school supplies for children in need. Together, we collected nearly 400 pounds of school supplies across these centers. We also hosted back-to-school events at five centers — including a community book swap and back-to-school bash — that drew over 3,000 community members.

PROPERTY HIGHLIGHT

COMMUNITY BOOK SWAP at Streets of Woodfield

On July 31, 2021, we held a “community book swap” event at the Streets of Woodfield property in Schaumburg, IL. Our goal was to give the community a place to trade books for the upcoming school year; those that went un-swapped were donated to our partner, SCARCE Book Rescue, an organization that salvages gently used books and redistributes them where they are needed. Following the event, our community donated 20 large boxes of books to SCARCE.

I enjoyed being a part of this event, it is a unique opportunity to offer our community. I believe events like this are important to help reinforce the idea to reuse or donate items you no longer need. I hope we can continue working together on events like this.

—SCARCE BOOK RESCUE ORGANIZATION

The book swap was so successful that we plan to expand it to at least seven additional properties in 2022 for the back-to-school season.

BOOK SWAP TABLE AT STREETS OF WOODFIELD | SCHAUMBURG, IL

INDEX

LOAD THE LOCKERS AT ONE COLORADO | PASADENA, CA

OUR

2021 ESG ACCOMPLISHMENTS

HEALTH AND WELLBEING FOR OUR TEAMMATES

On March 17, 2020, when we closed our offices in response to COVID-19, we weren’t sure when we might be able to come together again in person. We opened our offices to our employees for voluntary return on July 20, 2020, with some of our workforce opting to return to the office three days per week.

We ensure that we come together safely by requiring all employees to be fully vaccinated against COVID-19 without requiring them to use their time off to receive or recover from the vaccines. We provide free and readily available face masks and hand sanitizer at all office locations and conduct contact tracing in the event of employee exposure.

Renewed WELL Health-Safety Rating at Skyview for 2021

In February 2021, to help bring the team together virtually with a focus on health and wellbeing, ShopCore women held a 10-day, female-focused wellness challenge covering a range of topics — from the benefits of weight training to the importance of mental health.

Participated in Hunger Action Awareness Month with installations at 10 properties

In late 2021, we developed our full return-to-office strategy in light of increasingly available testing and vaccines. In October, all ShopCore employees began returning to their offices at least three days per week, fully vaccinated and observing mask mandates as applicable in our office locations.

As our understanding of the situation evolves, so does our response. In mid-December, when positive cases caused our offices to close a second time, we implemented mandatory weekly testing for all employees entering our offices as well as specific testing and quarantining requirements for any employee who tests positive for COVID-19. We mailed at-home test kits to all employees and continue to reimburse employees for the cost of testing kits purchased separately. With these protocols in place, we successfully returned to the office once again on January 31, 2022.

DISCLOSURE

INCREASING HUNGER AWARENESS

In support of our mission to end childhood hunger and as part of the transparency theme for Hunger Action Month, we conducted a “Hunger Looks Different on Everybody” campaign in September. We brought posters, digital signage, and transparent donation bins to 10 of our properties to collect food donations for our local partners. In total, we were able to donate close to 1,000 pounds of combined food supplies to our communities.

At One Colorado in Pasadena, CA, we hosted several events, including A Magical Night to Fight Hunger, which raised $3,000 to benefit local food banks. We also partnered with our tenant, Patagonia, and partners Grow Good, Arlington Gardens, and LA Compost, to coordinate a community event. Approximately 100 guests learned about food insecurity and got hands-on experience with composting by using composted soil to pot plants, which they then took home.

“Thanks so much for your support. We all loved the donation box you used! Your donations will help us provide 183 meals!”

— FEED MORE, WEST BROAD VILLAGE, GLEN ALLEN, VA

OUR HEALTH & WELLBEING

CONTRIBUTING TO HEALTHY COMMUNITIES

We are committed to providing safe and healthy spaces for our employees, our tenants, our customers, and our communities. From following the most rigorous sanitizing standards to adhering to the latest public health guidance on our properties and supporting our employees with location flexibility through an ongoing pandemic, promoting wellbeing is an essential component of how we serve our communities.

One example of how we’re thinking about community health is our incorporation of farmers and artisan markets in locations like The Point in Atlanta, GA. We partnered with local artisans and farmers to set up a market for Mother’s Day where we gave away flowers. It was so successful that we also partnered with small businesses to hold another farmers and artisan market in the fall, where we gifted apples to the community.

The WELL Health-Safety Rating is another aspect of how we’re thinking about community wellbeing. Developed by the International WELL Building InstituteTM , the WELL Health-Safety Rating is awarded to facilities that adopt evidence-based operational policies, maintenance protocols, emergency plans, and stakeholder education to address a post-COVID-19 environment and broader health and safety-related issues into the future. We first applied for this certification for The Shops at Skyview in 2020, and we renewed the certification in 2021 as part of our ongoing commitment to health and wellbeing.

FITNESS INSTRUCTOR AT ONE COLORADO | PASADENA, CA

CEO LETTER

SHOPCORE

ESG GOVERNANCE AT SHOPCORE

At ShopCore, sustainability is part of everyone’s job. That’s why we linked our climate-related KPIs to our company KPIs for 2021, aligning our employees’ bonus structure with our sustainability goals.

Our sustainability team, which leads the strategy and day-to-day execution of our program, works cross-functionally with departments across the company as well as with employee-led committees and resource groups, like our DEI and SEED Committees, to execute on our ESG strategy.

Our executive team provides directional oversight to the sustainability team on both a bi-weekly and an as-needed basis. The executive team and the sustainability team both regularly collaborate with Ownership each month to accomplish our ESG goals. ShopCore’s sustainability team is in close communication with Ownership's ESG team, often meeting multiple times per month to discuss specific initiatives. Ownership represents the most senior decision maker with ESG-related oversight and reviews our strategy, progress on key metrics, and key initiatives on a quarterly basis.

Our investment committee reviews major capital projects and refers them to ShopCore’s executive team and Ownership for oversight and direction, as necessary. In 2021, Ownership approved ShopCore's portfolio-wide LED upgrade initiative as well as our approach to procuring on-site solar installations at our properties for the following two years. These teams hold additional meetings at various levels as important issues arise.

OUR ESG STRATEGY

VISION

GOALS

OUR PRIORITIES

SOCIAL GOVERNANCE

TCFD DISCLOSURE

OUR GOVERNANCE STRUCTURE

GRI INDEX

2021 ESG ACCOMPLISHMENTS

ABOUT THIS REPORT

OWNERSHIP SHOPCORE EXECUTIVE LEADERSHIP SUSTAINABILITY TEAM

TENANTS

TEAMMATES COMMUNITIES

Published our inaugural ESG report

EMPLOYEE-LED ESG COMMITTEES & RESOURCE GROUPS

SUPPLY CHAIN

Responded to CDP for the first time

KPIs LINKED

Linked our climate-related KPIs to our bonus structure for employees

ESG STRATEGY

MANAGING CLIMATE RISKS AND OPPORTUNITIES

We understand and recognize the financial implications of climate change, and our management approach is tied to the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. We have taken initial steps toward assessing climate-related risks and opportunities as part of our TCFD disclosure process across the portfolio, and we will continue to enhance our analysis over time.

We believe that our proactive approach to environmental sustainability will help us reduce our footprint, enhance our financial health, and preserve the environment for future generations while reducing our risk and exposure to increasing regulatory requirements, energy prices, and climate change. Some risks are evaluated almost daily at the asset level, while portfolio level risks are monitored quarterly, at minimum, with the Board.

We identify and assess climate-related risks and opportunities at the asset level through our risk assessment process. Each property is assessed against various physical risks, such as earthquakes, flooding, hurricanes, severe rain/flooding events, and severe winter weather events. Each of these risk factors is assigned a risk level based on geographic and property-specific information. The resulting risk assessment helps guide action at the asset level to prepare for and mitigate these risks.

We also use the results of these risk assessments to implement crisis management plans for all properties. These plans address climate change risks over the short-, medium-, and long-term and outline the short-term time horizon action and response process for our on-site property management teams.

We also identify and assess transitional risks, such as emerging regulations and increasing benchmarking compliance regulations in the jurisdictions in which we own properties. In 2020, we implemented a semi-automated process to track and submit requested benchmarking data on a year-round rolling basis. It is our policy to comply with all governmental regulations, and we monitor compliance across the portfolio and report results to our Board of Directors on a quarterly basis. In 2021, 100 percent of our assets completed benchmarking and compliance initiatives.

OUR COMMITMENT TO TRANSPARENCY AND REPORTING

Although ShopCore is a privately held company, we are committed to sharing our sustainability goals and progress with our stakeholders. Through our annual ESG reports, we will continue to provide updates on our progress. We are committed to measuring, tracking, and reporting on our environmental footprint, from carbon emissions and energy usage to waste generation and water consumption, as well as our social impact, including diversity and our charitable giving contributions.

In the Index of this report, you will find tables focused on the TCFD recommendations and reporting in reference to the GRI Sustainability Reporting Standards.

VISION

GOALS

PRIORITIES

LOOKING AHEAD

In 2022, we will establish and convene our ESG Steering Committee, which will oversee our first formal materiality assessment. We plan to use the materiality process to inform and establish our strategic 2030 sustainability goals. We are also working to implement a software platform to better manage our ESG data and reporting and more deeply ingrain ESG considerations into the due diligence phase of our acquisitions process.

GOVERNANCE

DISCLOSURE

INDEX

THIS

REPORT

TERM DEFINITION

Carbon neutral / net zero Carbon neutral is a state of net zero carbon dioxide emissions, which can be achieved by either balancing carbon dioxide emissions with its removal or eliminating the emissions entirely in a transition to a “post-carbon” economy.

CDP

Formerly known as the Carbon Disclosure Project, CDP is an international nonprofit organization that runs a global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

Decarbonization Decarbonization refers to all measures through which an organization reduces its carbon footprint, primarily through reduction of carbon dioxide, methane, and other GHG emissions, in order to reduce its climate impacts and ultimately achieve carbon-free operations.

Energy consumption intensity

Energy consumption intensity is the amount of energy used per unit output or activity. Using less energy for the unit of output or activity reduces the intensity. In real estate, energy consumption intensity is often measured per square foot of space.

Energy Star Energy Star is a program of the Environmental Protection Agency (EPA) and Department of Energy (DOE) with the goal to help consumers, businesses, and industry save money and protect the environment with by providing credible information and facilitate the adoption of energy-efficient products and practices.

Greenhouse gas emissions (GHG)

Greenhouse gases (GHGs) are gases that trap heat in the Earth’s atmosphere and create a greenhouse effect that causes climate change. GHGs, commonly measured in metric tons (MT) of carbon dioxide (CO2) equivalent (e), or MTCO2e, are emitted into the air by various sources. These emission types can be divided into three different categories. These categories, called Scopes 1, 2, and 3, help organizations better understand their direct and indirect emissions resulting from an organization’s activities. Scope 1 GHG emissions are those emitted directly from sources owned or controlled by an organization, such as emissions associated with combusting fuel in boilers, furnaces, and vehicles. Scope 2 GHG emissions are indirect emissions associated with an organization’s purchase of electricity, steam, heat, or cooling. Scope 3 GHG emissions are the result of activities from assets not owned or controlled by the organization, but that the organization indirectly impacts in its value chain. One organization’s Scope 3 GHG emissions are another organization’s Scope 1 and 2 emissions.

GRI The Global Reporting Initiative (GRI) is an independent international organization that creates sustainability reporting standards to help businesses, governments and other organizations understand and communicate their impacts on issues such as climate change, human rights and corruption.

PAGE #

TERM DEFINITION

High-diversion materials management / zero waste to landfill

Page 6

Materiality assessment

Materials management is a systematic approach to maintain materials at their highest and best use, typically by using and reusing materials more productively over their entire life cycles. High-diversion materials management prioritizes diverting materials from the landfill that would otherwise be considered waste by means such as increasing recycling and organic waste composting. Zero waste to landfill additionally prioritizes diverting materials that cannot be otherwise reused, recycled, or composted though an energy recovery process to limit the quantity of landfilled waste effectively to zero.

Page 10

Page 3

Operational control method

A materiality assessment is the process of identifying and prioritizing ESG issues that could affect an organization’s business and stakeholders, and condensing these issues into a short-list of topics to inform strategy, targets, and reporting activities.

Page 6

Page 13

Under the operational control method, a company accounts for 100 percent of the GHG emissions from all operations over which it has complete authority to create and apply operating policies. The operational control method is the most typical approach organizations use to define their GHG reporting boundaries.

Page 14

Page 14

Renewable energy credits and carbon offsets

Renewable energy certificates (RECs) are market-based products representing the ownership rights to the environmental, social, or other non-power aspects of the production of renewable energy. Similarly, carbon offsets, also known as carbon credits, are tradable rights linked to activities that lower the amount of carbon dioxide in the atmosphere.

Page 13

Page 11

Smart and drip irrigation

Irrigation systems can be designed to use less water and improve overall water use efficiencies through drip irrigation, which allows water to drop slowly to the roots of plants, and smart irrigation, a controlled system that monitors weather, soil conditions, evaporation, and plant water use to automatically adjust the irrigation schedule to actual site conditions.

Page 11

Page 14

TCFD The Task Force on Climate-related Financial Disclosures (TCFD) is a reporting framework that provides recommendations for more effective climate-related disclosures that help investors understand how organizations think about and assess climate-related risks and opportunities. TCFD’s recommendations are structured around four thematic areas representing core elements of how companies operate: governance, strategy, risk management, and metrics and targets.

Third-party assured GHG inventory

A GHG inventory is a list of emission sources and associated emissions quantified using standardized methods. Organizations seek third-party validation to ensure their GHG inventory aligns with inventory and reporting standards and requirements.

Transitional risk Transitional risks are business-related risks inherent in changing strategies, policies or investments as society and industry work to reduce climate impacts. Transitional risks include policy and regulatory, technological, market, reputational, and legal risks.

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THIS REPORT

Page 4

Xeriscaping/drought resistant landscaping

Method of landscaping that requires little or no irrigation, often using drought-tolerant or drought resistant vegetation which can tolerate extended periods of limited or no water.

Page 4

Page 27

Page 11

LETTER

SHOPCORE

OUR ESG STRATEGY

TOPIC DISCLOSURE

GOVERNANCE

Describe the board’s oversight of climate-related risks and opportunities

RESPONSE

Ownership represents the most senior decision maker with climate-related issue oversight at ShopCore. In 2020, Ownership approved our ESG Framework, which outlined the climate-related initiatives to be undertaken throughout 2020 and 2021. In 2021, Ownership approved ShopCore's approach to procuring on-site solar installations at its properties for the following two years. Ownership reviews climate-related strategy, progress on key metrics, and key initiatives quarterly. We hold additional meetings as important issues arise.

VISION

GOALS

Describe management’s role in assessing and managing climate-related risks and opportunities

Our CEO briefs Ownership on climate-related issues. Our executive team is part of our ESG committee and plays a role in approving climate-related strategies and initiatives. Ownership both reviews and approves issues for further action, taking into account climate-related issues as they pertain to ShopCore’s business strategy, major plans of action, risk management policies, budget planning, setting performance objectives, monitoring implementation and performance of key projects and initiatives, overseeing major capital expenditures, and setting the strategy direction for property and portfolio acquisitions and divestitures. The CEO is the highest ranking employee of ShopCore and reports directly to Ownership on a quarterly basis. The CEO oversees strategy and investment decisions, including as they relate to carbon emissions and climate-related issues and reduction risk, strategy and targets. ShopCore’s Director of Sustainability meets with Ownership's ESG team on a monthly basis to review ShopCore’s overall ESG strategy.

PRIORITIES ENVIRONMENT

STRATEGY

Describe the climate-related risks and opportunities the organization has identified over the short, medium and long term

Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning

See 'Managing Climate Risks and Opportunities' section.

SOCIAL GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX

See 'Managing Climate Risks and Opportunities' section.

THIS REPORT

RISK MANAGEMENT

Describe the organization’s processes for identifying, assessing and managing climate-related risks

Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall risk management

See 'Managing Climate Risks and Opportunities' section.

See 'Managing Climate Risks and Opportunities' section.

METRICS & TARGETS

Disclose the metrics used by the organization to assess and manage climate-related risks and opportunities in line with its strategy and risk management process.

Disclose scope 1, scope 2 and, if appropriate, scope 3 greenhouse gas (GHG) emissions and the related risks

See 'Our GHG Emissions' section.

See 'Our GHG Emissions' section and 'Managing Climate Risks and Opportunities' section.

GRI INDEX GENERAL

DESCRIPTION RESPONSE GRI

GENERAL DISCLOSURES

Legal Name ShopCore Properties, L.P. 2-1-A

Nature of ownership and Legal form

ShopCore Properties TRS Management LLC is a private property management company that is owned by a private equity fund managed by Blackstone, Inc. 2-1-B

Location of headquarters 233 S. Wacker Dr., Suite 4700, Chicago, IL 60606 2-1-C

Countries of operation United States 2-1-D

All entities included in sustainability reporting ShopCore's sustainability reporting includes ShopCore Properties TRS Management LLC, ShopCore Properties, L.P., and all properties owned by ShopCore during the reporting period.

Differences between the list of entities included in its financial reporting and the list included in its sustainability reporting

There are no differences between the list of entities included in ShopCore's financial reporting and the list included in its sustainability reporting.

2-2-A

DESCRIPTION RESPONSE GRI

RESTATEMENTS OF INFORMATION

The reasons for the restatements

Prior to beginning the 2021 GHG inventory process, an audit was completed of the 2019 and 2020 inventory and it was discovered that location of 17 assets had been improperly recorded. This issue was internal to ShopCore's system and does not reflect an error within the inventory itself, but rather with the data that was supplied to complete the inventory.

2-4-A-i

LETTER

SHOPCORE

ESG STRATEGY

VISION

GOALS

2-2-B

Approach used for consolidating the information i. There are no minority interests in ShopCore's entities. ii. Unless otherwise noted herein, the information consolidation approach includes all properties owned by ShopCore Properties, L.P. during any part of the reporting year for the period in which they were actively owned, taking into account property entity acquisitions and dispositions. iii. Unless otherwise noted herein, the information consolidation approach is consistent across disclosures in this Standard and across material topics.

Specify the reporting period for, and the frequency of, its sustainability reporting

Specify the reporting period for its financial reporting and, if it does not align with the period for its sustainability reporting, explain the reason for this

Report the publication date of the report or reported information

Specify the contact point for questions about the report or reported information

See About This Report' section.

2-2-C

Additionally, the 2019 and 2020 inventories included six assets that ShopCore does not own or control. These assets are owned by ShopCore’s multifamily real estate counterpart, and ShopCore provides property management services for the retail components of the prop erties only in a contracting relationship. The multifamily counterpart retains ownership as well as operational control of these properties in their entirety. As such, these properties were improperly included in ShopCore’s scope 1, 2, and 3 emissions in the 2019 and 2020 inventories. In 2022, ShopCore worked with its counterpart to appropriately assign these assets for sustainability decision-making and reporting purposes and ensure the properties are included but not double-counted. As such, as part of the 2021 GHG inventory, ShopCore tasked its external consultant to recalculate its 2020 emissions with these corrections, as well as with additional data from its utility billing system that was not previously available. The decision was made to not recalculate 2019 emissions, as 38 of 78 properties owned in 2019 have since been sold from the portfolio and no additional or improved utility data was available for 2019. Lastly, ShopCore elected to expand its inventory boundary to include refrigerants (scope 1 when under ShopCore control, scope 3 when under tenant control), ShopCore leased office spaces, rental car emissions, personal vehicle mileage reimbursed for work purposes, and employee commuting (all latter inclusions are scope 3 emissions).

PRIORITIES ENVIRONMENT

2-3-A

The effect of the restatements

See About This Report' section.

2-3-B

The impact of these corrections and additional data on the 2020 GHG inventory restatement is as follows: property location corrections: +285 and +1,612 MTCO2e (scopes 2 and 3, respectively); exclusion of multifamily assets: -1, -82, and -2,805 MTCO2e (scopes 1, 2 and 3, respectively); additional utility billing system data: +108, -683, +13,504 MTCO2e (scopes 1, 2, and 3, respectively); refrigerants: +105 and +664 MTCO2e (scopes 1 and 3, respectively); ShopCore leased office spaces: +71 MTCO2e (scope 3); rental car emissions: +7 MTCO2e (scope 3); personal vehicle mileage reimbursed for work purposes: +22 MTCO2e (scope 3); employee commuting: +180 MTCO2e (scope 3). By scope, the total impact is as follows: scope 1: +212 MTCO2e (7.6% increase); scope 2: -480 MTCO2e (3.8% decrease); scope 3: +13,255 MTCO2e (10.3% increase). The sum total of these impacts across all three scopes is +12,290 MTCO2e, or an 8.5% increase. (Figures may not total due to rounding.)

2-4-A-ii

GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX

THIS REPORT

See About This Report' section.

2-3-C

Report page 4 See About This Report' section 2-3-D

PROCESSES TO REMEDIATE NEGATIVE IMPACTS

Describe its commitments to provide for or cooperate in the remediation of negative impacts that the organization identifies it has caused or contributed to

Describe its approach to identify and address grievances, including the grievance mechanisms that the organization has established or participates in

Describe how the stakeholders who are the intended users of the grievance mechanisms are involved in the design, review, operation, and improvement of these mechanisms

Describe how the organization tracks the effectiveness of the grievance mechanisms and other remediation processes, and report examples of their effectiveness, including stakeholder feedback

See 'Our Priorities: Our Emissions' section, 'Our Priorities: Our People' section, 'Our Priorities: Our Communities section, Our Priorities: Our Health and Wellbeing section,' About ShopCore Properties' section, 'ESG Strategy' section.

ShopCore addresses grievances as they are identified by our stakeholders on an as-needed basis. When issues are identified, they are elevated to our Asset Management team. This team is ultimately overseen by our Chief Operating Officer, who has the authority to settle such matters, including rectifying the issue at hand.

ShopCore's grievance mechanisms are continually evaluated as part of an iterative process that includes all involved stakeholders. ShopCore takes improvement suggestions seriously and acknowledges that our work is never done.

The effectiveness of our grievance mechanisms and other remediation processes is evidenced in the outcome of the process through our commitment to and follow through of correcting any issues and instances of non-compliance that have been identified. To the extent that any individual employee at ShopCore may be involved in such issues, the Company will take appropriate remedial and disciplinary action, up to and including termination from employment.

2-25-A

Describe its approach to engaging with stakeholders, including categories of stakeholders it engages with

See Our Stakeholders' section and ‘Our Strategy’ section. 2-29-A-i

LETTER

SHOPCORE

ESG STRATEGY

2-25-B

The purpose of the stakeholder engagement and; 2-29-a-iii, how the organization seeks to ensure meaningful engagement with stakeholder

See 'Collaborating With Our Suppliers section, Our Strategy' section, Partnering WIth Properties Across Our Portfolio section, 'Collaborating with Our Tenants on Green Leases section, ESG Governance at ShopCore' section, and Health and Wellbeing for Our Teammates' section.

2-29-A-ii

VISION

GOALS

2-25-D

MECHANISMS FOR SEEKING ADVICE AND RAISING CONCERNS

Description of the mechanisms for individuals to: i. seek advice on implementing the organization’s policies and practices for responsible business conduct

We ask our employees to submit their good faith questions or concerns about conduct they believe may violate our Code of Conduct, our policies, or the laws and regulations under which we do business to: their supervisor or manager, any company leader, People and Culture, Legal/Compliance, or our company's anonymous and confidential Ethics Helpline.

2-25-E

And raise concerns about the organization’s business conduct

We provide employees the ability to report concerns to either the Legal/ Compliance department, HR, or their manager, or by submitting concerns anonymously through our independent, 24/7 whistleblower Ethics Helpline. We have a non-retaliation policy, and we are committed to reviewing all reported concerns, conducting proper, fair, and thorough investigations tailored to the circumstances, and taking appropriate remedial and concluding steps as warranted.

2-26-A-i

PRIORITIES ENVIRONMENT

SOCIAL GOVERNANCE GLOSSARY

TCFD DISCLOSURE GRI INDEX

ABOUT THIS REPORT

2-26-A-ii

MEMBERSHIP ASSOCIATIONS

Industry associations, other membership associations, and national or international advocacy organizations in which it participates in

International WELL Building Institute™, Green Lease Leaders, ENERGY STAR® Partner, CDP, International Council of Shopping Centers (ICSC), Institute of Real Estate Management (IREM), Building Owners and Managers Association (BOMA) International, International Facility Management Association (IFMA), ConnexFM (formerly PRSM, the Professional Retail Store Maintenance Association), and National Association of Real Estate Investment Trusts (Nareit).

2-28-A

PROPERTIES

GRI INDEX MATERIAL TOPIC DISCLOSURES

DESCRIPTION RESPONSE

PROCESS TO DETERMINE MATERIAL TOPICS

Describe the process it has followed to determine its material topics, including: i. how it has identified actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights, across its activities and business relationships; ii. how it has prioritized the impacts for reporting based on their significance

Specify the stakeholders and experts whose views have informed the process of determining its material topics

See 'Our Strategy' section in the 'Our ESG Strategy section. 3-1-A

DESCRIPTION RESPONSE

EMPLOYMENT

List its material topics

Report changes to the list of material topics compared to the previous reporting period

DIVERSITY AND EQUAL OPPORTUNITY

Management of material topics

Diversity of governance bodies and employees

ECONOMIC PERFORMANCE

Management of material topics

Financial implications and other risks and opportunities due to climate change

See 'Our Strategy' section in the 'Our ESG Strategy section. 3-1-B

GRI

See 'Our Priorities section. 3-2-A

See 'Our Priorities section. 3-2-B

Management of material topics See 'Our Priorities: Our People' section. 3-3

Benefits provided to full-time employees that are not provid ed to temporary or part- time employees

LOCAL COMMUNITIES

See ShopCore Careers wesbite 401-2

See 'Our Commitment to Diversity, Equity, and Inclusion (DEI)' and Our DEI Committee' sections. 3-3

See Our Workforce at a Glance' section, Workplace Demographics' section. 405-1-B

Management of material topics See 'Our Priorities: Our Communities' section. 3-3

Operations with local community engagement, impact assessments, and development programs

On an individual property basis, ShopCore engages with local community groups, such as Chambers of Commerce and Police departments. On a company-wide basis, ShopCore engages with community food banks through its participation in CoreGiving activities. ShopCore assists CoreGiving in vetting food banks for donations to ensure charitable contributions are efficient and impactful. Through CoreGiving, ShopCore receives feedback from the various food bank donation recipients in the communities in which ShopCore operates.

413-1

See 'Managing Climate Risks and Opportunities section. 3-3

When identifying climate-related risks, ShopCore defines substantive financial impact as any monetary amount (i.e., greater than $0) that is expected to occur within a one-year time horizon, resulting from a lack of compliance with climate-related regulations or the failure to improve the climate resiliency of any ShopCore asset. As an example, we monitor energy and climate regulations at all of our assets even when there are insignificant financial fines relative to how we define materiality for financial reporting purposes. At an asset level, we often define substantive financial impact to include projects for which the underlying spend exceeds $250,000 within a 1-year timeframe. This includes climate-related risk at the asset’s location as well as the capital expenditures that would be required to increase the climate resiliency of the asset. A disruption risk that affects our business operations, including at the asset level, is considered a substantive risk, including disruptions due or related to climate change. Also see 'Managing Climate Risks and Opportunities section.

201-2

NON-DISCRIMINATION

Management of material topics ShopCore is an equal opportunity employer. In accordance with applicable law, we prohibit discrimination against any applicant or employee based on any legally-recognized basis, including, but not limited to: veteran status, uniformed service member status, race, color, religion, sex, gender identity, sexual orientation, pregnancy (including childbirth, lactation or related medical conditions), age (40 and over), national origin or ancestry, physical or mental disability, genetic information (including testing and characteristics) or any other consideration protected by federal, state or local law. Our commitment to equal opportunity employment applies to all persons involved in our operations and prohibits unlawful discrimination by any employee, including supervisors and co-workers. Also see 'Our Commitment to Diversity, Equity, and Inclusion (DEI)' section in Our Priorities: Our People'.

CLIMATE CHANGE

Management of material topics Climate risks are evaluated annually as part of ShopCore’s voluntary CDP submission and TCFD- and GRI- compliant public ESG reporting and disclosure process across the portfolio. A cornerstone of this process is conducting an annual, third-party verified greenhouse gas inventory. This inventory encompasses scopes 1, 2, and 3 emissions. scopes 1 and 2 includes direct operations at each of our assets while scope 3 includes both upstream (e.g., commuting and business travel) and downstream emissions (e.g., tenant emissions from ShopCore-owned real property) across our portfolio and corporate operations. The results of this annual inventory help guide and prioritize actions to address these climate-related risks and opportunities based on their associated substantive financial and strategic impact. ShopCore’s Director of Sustainability, along with the executive leadership team, have ultimate oversight over the assessment and response to the climate-related risks identified through ShopCore’s annual ESG reporting and disclosure process. Also see

Climate Change” and “Our Priorities: Our Governance” sections.

3-3

Management of material topics See ' Our Priorities: Our Emissions' section.

EMISSIONS

Management of material topics See Our Priorities: Our Emissions section.

Gross direct (Scope 1) GHG emissions

Gross location-based energy indirect (Scope 2) GHG emissions

Gross other indirect (Scope 3) GHG emissions in metric tons of CO2 equivalent

See 'Our GHG Emissions section. 305-1-A

See 'Our GHG Emissions section. 305-2-A

ENVIRONMENTAL

Management of material topics

See 'Our GHG Emissions section.

It is ShopCore’s governance policy to comply with all laws and regulations. All regulations are actively monitored at a portfolio and asset level by ShopCore’s sustainability and property management teams. In 2021, 100% of ShopCore’s properties were benchmarked in ENERGY STAR® Portfolio Manager®. Through benchmarking, ShopCore is better equipped to respond to changes in city ordinances to report building energy use and benchmarking ordinances that are being enacted across the United States. A current regulation that impacts ShopCore’s operations is Local Law 84 in New York City. Local Law 84 requires every building in New York City over 25,000 square feet to submit an energy benchmark by May 1 of every year. ShopCore ensures compliance with this regulation by benchmarking 100% of its properties in the portfolio.

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LETTER ABOUT SHOPCORE

OUR ESG STRATEGY OUR VISION

GOALS

PRIORITIES ENVIRONMENT

SOCIAL GOVERNANCE GLOSSARY

TCFD DISCLOSURE GRI INDEX

THIS REPORT

WATER

Management of material topics See Water Consumption & Conservation' section. 3-3

ShopCore is a professional, entrepreneurial, and collaborative real estate organization that seeks to deliver outstanding service and results for our teammates, tenants, communities, and investors. While environmental sustainability and social impact have been a part of how we have done business for years, we are excited to release our second annual ESG report.

ShopCore is responsible for the preparation and integrity of the information in this report. This document details our overall approach to these topics, our legacy, and our progress to date.

This report, published October X, 2022 covers the period January 1, 2021 through December 31, 2021, unless otherwise noted. The reporting period is the same as our financial reporting period. We intend to continue to report on our ESG efforts and performance annually moving forward.

All facts and statistics, including those about ShopCore Properties, are current as of December 31, 2021. All goals referencing the end of 2022 are measured with like-for-like properties, or those properties that will be actively owned as of the end of 2022 that were also actively owned as of December 31, 2021.

ShopCore received limited assurance of the accuracy and completeness of our GHG inventory from Apex Companies, LLC, in accordance with the reference standard ISO 14064-3 Second Edition 2019-04: Greenhouse gases – Part 3: Specification with guidance for the verification and validation of greenhouse gas statements. There is no prior relationship between ShopCore and Apex. The rest of this report has not been externally assured by an independent third party.

This work was informed by the GRI Standards and TCFD recommendations.

We take the views of all our stakeholders seriously and actively seek their input. We will continue to enhance and revise our commitments and evolve our programs on an ongoing basis. For any feedback or questions, please contact sustainability@shopcore.com

In line with our commitment to supplier diversity, we partnered with qb. consulting, a small, women-owned, and BIPOC-led strategy design and communications firm, for the development of this report.

Shopping center entrance at Encino Courtyard | Encino, CA