ShopCore Properties | 2021 ESG Report

Page 1

2021 ESG REPORT COMMUNIT Y ALWAYS

ME N D O C I N O FA R M S AT SH O P S AT LA JO L L A VI L L AG E | LA JO L L A , CA


TABLE OF CONTENTS

TA B L E O F CONTENTS

CEO LETTER ABOUT SHOPCORE O U R E S G ST R AT E G Y

2 3 4 5

TABLE OF CONTENTS CEO LETTER ABOUT SHOPCORE PROPERTIES

9

OUR ESG PRIORITIES 10

16 OUR ESG STRATEGY 6

Our Vision & Purpose

6

Our Stakeholders

7

Our Goals

Environment Our Properties Our Emissions

29

Glossary

30

TCFD Disclosure

Our People

Our Communities

Health & Wellbeing

Governance

OUR VISION OUR GOALS OUR PRIORITIES ENVIRONMENT SOCIAL

31

Social

26

28 REPORT INDEX

GRI Index

36 ABOUT THIS REPORT

GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

SHOPCORE PROPERTIES 2021 ESG Report | Page 2


TA B L E O F CO N T E N TS

A L E T T E R F R O M O U R CEO

CEO LETTER ABOUT SHOPCORE

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

Additionally, we are thrilled to announce the recent acquisition and integration of 52 new assets

that lie ahead.

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

At ShopCore, our culture is built on an appreciation of each other, giving back to those in our

Lauren’s deep history in the real estate industry and experience in operationalizing sustainability

communities, and pushing boundaries every single day. As we state in our CORE values, for us,

at the property level, she will play an active role alongside me, our ESG team, and our ESG

it’s “People first, community always.” Those aren’t just words on paper: they are the spirit with which

Steering Committee, in bringing our ESG commitments to life across our growing portfolio.

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.

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

Our ESG commitments blossomed across our communities last year. We made progress toward our

evaluate our greatest opportunities for impact and prioritize our work accordingly.

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

ShopCore properties are dynamic hubs of environmental and social activity that bring together

using more renewable energy throughout our portfolio. We put 83 green leases in place, collaborated

diverse businesses, shoppers, and employees. We have a responsibility to lead the way to a

with our tenants to drive high-performance buildings that contribute to public health and wellbeing,

more sustainable future in the communities in which we operate. We are committed to continuing

and piloted new waste diversion, real-time energy consumption monitoring, and low to no water

to collaborate with you, our community, to create a better world, and we can’t wait to share our

landscaping solutions. The result is that we were recognized as a Silver Green Lease Leader in 2021

progress with you again next year.

O U R E S G ST R AT E G Y OUR VISION OUR GOALS OUR PRIORITIES ENVIRONMENT SOCIAL GOVERNANCE GLOSSARY

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

TCFD DISCLOSURE

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

GRI INDEX

CDP response, and we tied our annual bonuses to our sustainability objectives for all ShopCore employees, including executive leadership.

MARC RICKS, CEO

ABOUT THIS REPORT

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.

PEOPLE FIRST, COMMUNITY ALWAYS

SHOPCORE PROPERTIES 2021 ESG Report | Page 3


A B O U T SHOPCORE PROPERTIES

TA B L E O F CO N T E N TS (1)

CEO LETTER

ABOUT SHOPCORE 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.

2021 SHOPCORE KE Y FAC TS

We are a portfolio company of Blackstone, one of the largest real estate owners and managers globally, which provides us with significant financial strength and long-term stability. Blackstone supports 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.

65+

16

17MM+

2,000+

ASSETS

WA

O U R E S G ST R AT E G Y

SQUARE FEET

OUR VISION OUR GOALS

STATES

TENANTS

OUR PRIORITIES ENVIRONMENT SOCIAL

NY

GOVERNANCE PA IL CO

NJ

OH

MD WV

GLOSSARY

VA

FOUNDED

CA

2016

NC AZ

HEADQUARTERS

CHICAGO

EMPLOYEES

140+

GA

TCFD DISCLOSURE GRI INDEX

TX

ABOUT THIS REPORT FL

All facts and statistics, including those about ShopCore Properties, are current as of December 31, 2021 and do not reflect 2022 growth.

iTYEQ RS

USi CL O

N DiVE

KPIs

UiTYiN

SITY

Conducted company-wide diversity, equity, and inclusion (DEI) training series

Completed third-party assured greenhouse gas (GHG) emissions inventory for scopes 1, 2, and 3

LU

C

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

LINKED

UITY

DIV

EQ

ER

IN

2021 ESG ACCOMPLISHMENTS

D i Ve R S i T Y eQUiTY iNCLUSiON

1

SIO N

Participated in the first annual CoreGiving Day

Opened applications for the Amplify mentorship program for women at ShopCore

Published our inaugural Task Force on Climate-related Financial Disclosures (TCFD) and Global Reporting Initiative (GRI)-aligned ESG report

Participated in the first annual CoreGiving Day on September 23, 2021

Linked sustainability KPIs to the bonus pool for all eligible employees

Submitted first-ever CDP response for 2020

SHOPCORE PROPERTIES 2021 ESG Report | Page 4


O U R ESG STRATEGY X E R I S C A PI N G AT T H E PR O M E N A D E | S COT T S DA L E , A Z


TA B L E O F CO N T E N TS

O U R ESG STRATEGY

CEO LETTER

V I S I O N & S TAT E M E N T O F P U R P O S E

U

A

ABOUT SHOPCORE

OU

R

O U R E S G ST R AT E G Y

I

VE

We recognize the role of ShopCore’s people and properties in preserving the resources available to current and

ST

future generations. Our actions can help our communities thrive. We envision a world where solar on retail rooftops

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.

S

N

OUR TE N

AN T

S

O U R S T R AT E G Y

AI

intentional. We plan to lead the way to a carbon neutral future in retail real estate.

CH

because they are hard to achieve. Our net zero goal is the most ambitious of our industry peers, and that’s

OUR PRIORITIES

SOCIAL

Y

hard work. We believe in setting stretch goals, not despite the fact that we think they are hard to achieve, but

OUR GOALS

ENVIRONMENT

PP L

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

OUR STAKEHOLDERS

OU R SU

When it comes to ESG, we aspire to be the best — not only in the operations of our properties, but for our

MUNITIE

hunger in the U.S.

COM R OU

to public health and wellbeing, and where we have helped CoreGiving realize its objective of eliminating child

S

where every ShopCore employee sees themself represented in our leadership, where our buildings contribute

OR

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

OUR VISION

N

O

R

TE

TES MMA

GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

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.

SHOPCORE PROPERTIES 2021 ESG Report | Page 6


O U R GOALS

TA B L E O F CO N T E N TS (2)

CEO LETTER ABOUT SHOPCORE O U R E S G ST R AT E G Y

ENVIRONMENT

OUR VISION

Achieve net zero scope 1 and 2 GHG emissions by 2030

Install 100 percent common area LED lighting by end of 2022

Source renewable energy for 25 percent of our common area by end of 2022

Outfit 50 percent of assets with EV charging stations by end of 2022

Standardize a high-diversion materials management program by end of 2022

Implement urban beekeeping at 50 percent of assets by end of 2022

Achieve Green Lease Leaders Gold in 2022

OUR GOALS OUR PRIORITIES ENVIRONMENT SOCIAL

(3)

GOVERNANCE

SOCIAL •

Implement our third annual company-wide DEI engagement survey in 2022 in preparation for a strategic goal-setting process

Launch the Amplify mentorship program for women at ShopCore as part of our SEED initiative in 2022

Expand the scope and use of our supplier diversity database across our operations

Contribute to CoreGiving’s 2022 goals of donating 14+ million meals, $2.8+ million dollars, and 10,000 volunteer hours

GLOSSARY TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

PR E S S E D J U I C E R Y AT E N C I N O CO U R T YA R D | E N C I N O, C A

GOVERNANCE •

Deploy software program for ESG data and reporting by end of 2022

Incorporate ESG data into asset due diligence process in 2022

Launch a formal materiality assessment in 2022

Continue to respond annually to CDP

2

3

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 PROPERTIES

ShopCore has achieved Green Lease Leaders Gold as of the time of publication of this report.

2021 ESG Report | Page 7


O U R PRIORITIES A L L E Y W AY D I N I N G AT O N E CO LO R A D O | PA S A D E N A , C A


O U R PRIORITIES

TA B L E O F CO N T E N TS CEO LETTER ABOUT 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.

O U R E S G ST R AT E G Y OUR VISION OUR GOALS

OUR PRIORITIES 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.

ENVIRONMENT SOCIAL

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

GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX

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.

ABOUT THIS REPORT

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.

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. SHOPCORE PROPERTIES 2021 ESG Report | Page 9


TA B L E O F CO N T E N TS

O U R PROPERTIES

CEO LETTER ABOUT SHOPCORE

PA R TNER IN G W ITH PRO PER TIE S ACROS S OU R P O R TFO LI O

2021 ESG ACCOMPLISHMENTS

OUR VISION

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.

OUR GOALS

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

OUR PRIORITIES

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.

O U R E S G ST R AT E G Y

Achieved Green Lease Leaders Silver recognition

ENVIRONMENT SOCIAL

P R O P E R T Y HIGHLIGHT

GOVERNANCE GLOSSARY

URBAN BEEKEEPING at Bakers Centre

Implemented 83 green leases

Honeybees pollinate more than 90 percent of leading global crop types, including approximately

GRI INDEX

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.

TCFD DISCLOSURE

ABOUT THIS REPORT

A LV ÉO L E B E E H I V E AT B A K E R S C E N T R E | PHIL ADELPHIA , PA

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

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

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.

4

Source: 2019 Report of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services on pollinators, pollination and food production

H�ney, Please!

WHAT’S THE

Buzz? Piloted urban beekeeping at two properties

SHOPCORE PROPERTIES 2021 ESG Report | Page 10


TA B L E O F CO N T E N TS

C O L L A B O R AT I N G W I T H O U R T E N A N T S

CEO LETTER

ON GREEN LEASES

ABOUT SHOPCORE

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

O U R E S G ST R AT E G Y

resources our communities need to thrive. OUR VISION

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

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.

OUR PRIORITIES X E R I S C A PI N G AT W E S TG AT E C E N T E R | S A N L E A N D R O, C A

ENVIRONMENT

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.

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.

SOCIAL GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

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

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

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

To achieve our goal of Green Lease Leaders Gold in 2022, we were required to demonstrate we have active,

planters around the existing tree wells. In our second floor space, we replaced all existing

executed green leases in place that include all the provisions outlined above.green leases in place that

plumbing fixtures with touchless and waterless alternatives. The automatic flush valves we

include all the provisions outlined above.

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 PROPERTIES 2021 ESG Report | Page 11


S H O P P I N G C E N T E R E N T R A N C E AT T H E S H O P S AT S K Y V I E W | F LU S H I N G , N Y

TA B L E O F CO N T E N TS

P R O P E R T Y HIGHLIGHT

CEO LETTER ABOUT SHOPCORE

WASTE DIVERSION at The Shops at Skyview

O U R E S G ST R AT E G Y

The Shops at Skyview is a multi-level shopping destination in Flushing, NY featuring a growing mix of national

OUR VISION

retailers such as Target, Uniqlo, SkyFoods, Marshalls, and local favorites such as Gong Cha and Royal Beauty.

OUR GOALS

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.

OUR PRIORITIES

In 2021, we implemented improvements to our day-to-day interaction with haulers and educated our tenants,

ENVIRONMENT

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

SOCIAL

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:

GOVERNANCE GLOSSARY

E N V I R O N M E N TA L S AV I N G S F R O M R EC YC L I N G

305

~10,000

E N V I R O N M E N TA L S AV I N G S FROM DIVERTED ORGANICS

20

TOTAL REC YCLED TONS

YARDS OF L ANDFILL SPACE SAVED

TOTAL ORGANIC TONS

5,000+

~122,000

5,125

MATURE TREES SAVED

GALLONS OF OIL SAVED

TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

ESTIMATED POUNDS OF GHGS AVOIDED (or 2.3 MTCO2e)

2,435

ESTIMATED POUNDS OF GHGS AVOIDED (or 1.1 MTCO2e)

182,000+ K WHS ENERGY AVOIDED

We are actively working with other properties across our portfolio to improve our waste management and diversion practices in 2022 with the goal to standardize a high-diversion materials management program for roll-out to all assets in 2023.

SHOPCORE PROPERTIES 2021 ESG Report | Page 12


TA B L E O F CO N T E N TS

O U R EMISSIONS

2021 ESG ACCOMPLISHMENTS

NET ZERO

OUR A PPROACH TO CLIM ATE CH A NGE

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.

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.

Formalized a commitment to achieve net zero scope 1 and 2 GHG emissions by 2030

CEO LETTER ABOUT SHOPCORE O U R E S G ST R AT E G Y OUR VISION

Completed our first third-party assured greenhouse gas emissions inventory for scopes 1, 2, and 3

OUR GOALS OUR PRIORITIES

ENVIRONMENT 40 percent common area LED in place; 60 percent in scoping phase

SOCIAL GOVERNANCE

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.

SUS TA IN A BILIT Y 202 2 TA RGE TS LED UPGRADES FOR 100% OF PORTFOLIO

6 percent renewable common area energy in place or contracted

GLOSSARY TCFD DISCLOSURE GRI INDEX

34 percent assets with EV charging stations in place or under construction

ABOUT THIS REPORT

EV CHARGING STATION

2021 STATISTICS

25% RENEWABLE ENERGY

50% ASSETS WITH EV CHARGING STATIONS

0%

10%

20%

30%

40%

50%

60%

70%

80%

% In Place

% in Scoping Phase

% Under Feasibility

% in Construction

% Under Contract

2021 Goal

90%

100%

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.

335,000+

kWh of charging

~10,000

gallons of gasoline saved

1,165,000+ miles driven

430,000

estimated kg of CO2e saved (or 195.5 MTCO2e)

SHOPCORE PROPERTIES 2021 ESG Report | Page 13


F O U N TA I N AT PA R K V I L L A G E | S O U T H L A K E , TX

O U R EMISSIONS

TA B L E O F CO N T E N TS CEO LETTER ABOUT SHOPCORE

OUR GHG EMISSIONS

O U R E S G ST R AT E G Y OUR VISION

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 GOALS

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

OUR PRIORITIES

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

ENVIRONMENT

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

SOCIAL

EMISSIONS (MTCO2e) Total: 156,802

GOVERNANCE

Total: 155,258

data coverage has allowed us to allocate emissions between all three scopes more

160,000

accurately. Additionally, despite the increase in our scope 1 and 2 emissions, our total

150,000

emissions — scopes 1, 2, and 3 combined — decreased by 1 percent from 2020 to 2021.(5)

SCOPE 3

2020

2021

Emissions

144,550

138,387

13%

48%

7.94 CO2e/SF

8.24 CO2e/SF

% Data Coverage Emissions Intensity (6)

140,000

2020

2021

Emissions

12,270

12,541

86%

93%

0.69 CO2e/SF

0.75 CO2e/SF

% Data Coverage Emissions Intensity (6)

120,000

- 2.2% +35 percentage points

110,000

+3.9%

100,000

YoY Change

80,000

+2.2%

70,000

+7 percentage points

60,000

+8.6%

Emissions % Data Coverage Emissions Intensity (6)

2020

2021

YoY Change

2,982

4,330

+45.2%

0%

0%

0.17 CO2e/SF

0.26 CO2e/SF

30,000 20,000

0 percentage points

10,000

+54.3%

0

2020 5

Figures may not total due to rounding.

6

Per Gross Leasable SF

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.

GRI INDEX ABOUT THIS REPORT

50,000 40,000

SCOPE 1

TCFD DISCLOSURE

130,000

YoY Change

90,000

SCOPE 2

GLOSSARY

2021

*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 complete the inventory. Additionally, the 2019 and 2020 inventories included six assets that ShopCore does not own or have operational control of. For additional information about our 2020 and 2021 GHG inventory process, recalculations, and limited assurance, please refer to the Index of this report.

SHOPCORE PROPERTIES 2021 ESG Report | Page 14


TA B L E O F CO N T E N TS

P R O P E R T Y HIGHLIGHT

CEO LETTER ABOUT SHOPCORE

REAL-TIME ENERGY CONSUMPTION VISIBILITY at The Shops at Skyview

O U R E S G ST R AT E G Y

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

OUR VISION Utility Spend

Electric Demand Index

Electric Demand Index

OUR GOALS

Act of 2019. This energy monitoring program provides the property with its initial steps toward the reduction of $1314

its energy usage and its GHG emissions.

1.58

$$/Month

1.42

kBTU/sqft

OUR PRIORITIES

watts/sqft

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

Allowable

Green

Current

Allowable

Green

Current

Allowable

Green

Current

$3,985

$1,992

$1,314

7.00

3.50

1.58

6.00

2.50

1.42

a point-to-point verification on the full system — from the local device to the building energy portal. In addition,

$$/Month

$$/Month

$$/Month

kBTU/sqft

kBTU/sqft

kBTU/sqft

kBTU/sqft

kBTU/sqft

kBTU/sqft

ShopCore implemented a monthly meter reading, billing, and auditing program to maintain data accuracy.

Greenhouse Gas Indicator

Weather Comparison Apr

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

High

Moderate

Low

Use

Use

Use

May

53º F 64º F previous

ENVIRONMENT SOCIAL

18,059 kBTU 18,828 kBTU current

GOVERNANCE GLOSSARY

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

TCFD DISCLOSURE GRI INDEX

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.

ABOUT THIS REPORT

S H O P P I N G C E N T E R E X T E R I O R AT T H E S H O P S AT S K Y V I E W | F LU S H I N G , N Y

SHOPCORE PROPERTIES 2021 ESG Report | Page 15


TA B L E O F CO N T E N TS

O U R PEOPLE

CEO LETTER ABOUT SHOPCORE

USiO CL

UiTYiN

— L ATA R A I N I C A R T E R B U S C H , DEI Committee Co-Chair

SITY

DIV

ER

OUR GOALS Conducted a company-wide DEI training series

LU

UITY

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

SIO N

OUR PRIORITIES ENVIRONMENT

SOCIAL

RETENTION • Advocacy for new advancement opportunities within the organization • Organization of a DEI summit at ShopCore

GOVERNANCE

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

Implemented a second annual company-wide DEI engagement survey

GLOSSARY TCFD DISCLOSURE

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

GRI INDEX

CORE CULTURE AT SHOPCORE

ABOUT THIS REPORT

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.

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

We encourage authenticity, inclusivity, sustainability, and philanthropy.

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

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.

OUR VISION

EQ

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, 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:

C

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.

DiVE O U R E S G SNT R A T E G Y

IN

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.

2021 ESG ACCOMPLISHMENTS

OUR DEI COMMIT TEE

iTYEQ RS

OUR COMMITMENT TO DI V ERSIT Y, EQUIT Y, A ND INCLUSION (DEI)

D i Ve R S i T Y eQUiTY iNCLUSiON

Updated our values through the creation of our CORE culture statements

SHOPCORE PROPERTIES 2021 ESG Report | Page 16


O U R PEOPLE

TA B L E O F CO N T E N TS

SEED IN 2021: BE A G A ME CH A NGER 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

SUPPOR TING 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.

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.

CEO LETTER ABOUT SHOPCORE O U R E S G ST R AT E G Y OUR VISION OUR GOALS OUR PRIORITIES ENVIRONMENT

SOCIAL GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

SHOPCORE PROPERTIES 2021 ESG Report | Page 17 S H O P CO R E P R O P E R T I E S T E A M M E M B E R S | S A N D I E G O CO R P O R AT E O F F I C E


TA B L E O F CO N T E N TS

O U R PEOPLE

CEO LETTER ABOUT SHOPCORE

OUR WORK FORCE AT A GL A NCE

O U R E S G ST R AT E G Y OUR VISION

At ShopCore, our people are our greatest asset. We conduct an annual employee satisfaction survey to understand what our people need and expect from us, and we work hard to ensure their happiness

OUR GOALS

and success. We are proud to celebrate the uniqueness of all ShopCore team members.

OUR PRIORITIES

We are especially proud of the growth and development of our team thus far in 2022, which includes an executive leadership team that is now equally balanced in terms of gender. We are excited to be

ENVIRONMENT

able to report on these organizational transformations to you next year, following the conclusion of what has so far proved to be a year of incredible change for us at ShopCore.

SOCIAL GOVERNANCE GLOSSARY

GENDER

AGE

TCFD DISCLOSURE

R ACE

GRI INDEX ABOUT THIS REPORT

42% MALE

58% FEMALE

4.9%

27.8%

11%

24.3%

27.1%

10%

13.2%

2.8%

18-24

35-44

55-64

25-34

45-54

65+

6%

ASIAN

BLACK OR AFRICAN AMERICAN

HISPANIC OR LATINO

3%

2 OR MORE RACES

69% WHITE

SHOPCORE PROPERTIES 2021 ESG Report | Page 18


W O R K P L A C E DEMOGRAPHICS

TA B L E O F CO N T E N TS

144

ASIAN BLACK OR AFRICAN AMERICAN HISPANIC OR LATINO

O U R E S G ST R AT E G Y

WHITE

SHOPCORE 2021 WORKFORCE DEMOGR APHICS

OUR VISION OUR GOALS

15

F

3

M

OUR PRIORITIES

37

F

Professional

First/Mid-Level Official and Manager

Executive/Senior Level Official and Manager

17

M

38

M

0

ENVIRONMENT

SOCIAL

31

F

F

GOVERNANCE GLOSSARY

3

M 0

ABOUT SHOPCORE

TWO OR MORE RACES

TOTAL EMPLOYEES

Administrative Support Worker

CEO LETTER

5

10

15

20

25

30

35

40

TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

Executive/Senior Level Official and Manager

33%

0%

0%

0%

66%

100% MALE

First/Mid-Level Official and Manager

6%

7%

7%

3%

77%

55% MALE 0% FEMALE

Administrative Support Worker

Professional

17%

11%

4%

4%

65%

31% MALE 45% FEMALE

11%

22%

11%

0%

56%

17% MALE 69% FEMALE

83% FEMALE

SHOPCORE PROPERTIES 2021 ESG Report | Page 19


TA B L E O F CO N T E N TS

O U R COMMUNITIES

CEO LETTER ABOUT SHOPCORE

COLLABOR ATING WITH OUR SUPPLIERS

CELEBR ATING THE INAUGUR AL COREGIVING DAY

We seek to be responsible citizens by procuring goods and services

On September 23, 2021, we participated in the inaugural CoreGiving Day alongside

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.

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 PROPERT Y MANAGER, SHOPCORE PROPERTIES

2021 ESG ACCOMPLISHMENTS

O U R E S G ST R AT E G Y OUR VISION OUR GOALS

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

OUR PRIORITIES ENVIRONMENT

SOCIAL Supported communities where we operate by providing local businesses with opportunities at our properties, hosting back-to-school events and donation drives, and contributing to local nonprofits through our holiday celebrations

GOVERNANCE GLOSSARY TCFD DISCLOSURE

Contributed to the success of CoreGiving

GRI INDEX

9,000,000+

ABOUT THIS REPORT

meals donated in 2021

50+

food banks

5

new portfolio company partners

100%

of proceeds donated to food banks nationwide

$1.8+ mm dollars raised

SHOPCORE PROPERTIES TEAM MEMBERS | COREGIVING DAY 2021

$1 = 5 Meals

SHOPCORE PROPERTIES 2021 ESG Report | Page 20


TA B L E O F CO N T E N TS

O U R COMMUNITIES

CEO LETTER ABOUT SHOPCORE

GIVING BACK THROUGH COREGIVING

O U R E S G ST R AT E G Y

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

OUR VISION

In 2016, we created CoreGiving, a 501(c)(3) organization, to fight child hunger in the communities we serve by

OUR GOALS

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,

OUR PRIORITIES

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

ENVIRONMENT

SOCIAL

We align our efforts with CoreGiving's three pillars:

$

DOLLARS

HOURS

GOVERNANCE

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

GLOSSARY TCFD DISCLOSURE

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

GRI INDEX

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.

ABOUT THIS REPORT

FOOD BANKS COREGIVING CONTRIBUTED TO IN 2021 ARIZONA St. Mary’s Food Bank

COLORADO Food Bank of the Rockies

HAWAII Hawaii Food Bank

MASSACHUSETTS Food For Free

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

FLORIDA Feeding South Florida Feeding Tampa Bay Food For Life Northeast Florida Book Bank Second Harvest Food Bank

ILLINOIS Feed My Starving Children Greater Chicago Food Depository Lakeview Pantry

MINNESOTA Feed My Starving Children Loaves and Fishes

GEORGIA Atlanta Community Food Bank Hands On Atlanta Urban Recipe

LOUISIANA Second Harvest Food Bank

NEVADA Three Square Food Bank of Northern Nevada

MARYLAND Maryland Food Bank

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

SHOPCORE PROPERTIES 2021 ESG Report | Page 21


O U R COMMUNITIES

TA B L E O F CO N T E N TS

T E N A N T HIGHLIGHT

CEO LETTER ABOUT SHOPCORE

INVESTING IN SMALL BUSINESS OWNERS WITH MYSHOP

PINEAPPLE KIDZ at Downtown Palm Beach Gardens When Crazy 8, the children’s apparel retailer, chose to close their location at Downtown

O U R E S G ST R AT E G Y OUR VISION

Palm Beach Gardens, in Palm Beach, FL, store manager Cheryl Navaroli quickly approached 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

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

ENVIRONMENT

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

endeavors and providing them with an opportunity

stay within the center. In late 2021, Cheryl signed a long-term lease to continue operating

for success.

Pineapple Kidz at Downtown Palm Beach Gardens — an opportunity made possible through MyShop by ShopCore Properties.

Entrepreneurs can dream, pop-up, and grow by to twelve months at best-in-class ShopCore shopping centers nationwide. MyShop participants benefit from flexible lease terms, guidance from an

OUR PRIORITIES

retail store, Pineapple Kidz, in Crazy 8’s old location.

are committed to supporting participants’ business

renting indoor and outdoor space from one day

OUR GOALS

T O D D L E R AT P I N E A P P L E K I DZ | PA L M B E A C H G A R D E N S , F L

SOCIAL GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

experienced team, an accelerated leasing process, limited start-up costs, and affordable rates.

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. — V I C TO R I A W I EC H O W, O W N E R , S E L F I E W R L D, S C H AU M B U R G , I L

SHOPCORE PROPERTIES 2021 ESG Report | Page 22


O U R COMMUNITIES

TA B L E O F CO N T E N TS

P R O P E R T Y HIGHLIGHT

CEO LETTER ABOUT SHOPCORE

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.

L O A D T H E L O C K E R S AT O N E CO L O R A D O | PA S A D E N A , C A

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. —S C A R C E B O O K R E S C U E O R G A N IZ AT I O N

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.

O U R E S G ST R AT E G Y OUR VISION OUR GOALS OUR PRIORITIES ENVIRONMENT

SOCIAL GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX

B O O K S W A P TA B L E AT S T R E E T S O F W O O D F I E L D | S C H A U M B U R G , I L

ABOUT THIS REPORT

SHOPCORE PROPERTIES 2021 ESG Report | Page 23


TA B L E O F CO N T E N TS

O U R HEALTH & WELLBEING

CEO LETTER ABOUT SHOPCORE O U R E S G ST R AT E G Y

2021 ESG ACCOMPLISHMENTS

HEALTH AND WELLBEING FOR OUR TEAMMATES

OUR VISION

On March 17, 2020, when we closed our offices in response to COVID-19, we weren’t

We ensure that we come together safely by requiring all employees to be

sure when we might be able to come together again in person. We opened our

fully vaccinated against COVID-19 without requiring them to use their

offices to our employees for voluntary return on July 20, 2020, with some of our

time off to receive or recover from the vaccines. We provide free and

workforce opting to return to the office three days per week.

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

As our understanding of the situation evolves, so does our response.

covering a range of topics — from the benefits of weight training to the importance

In mid-December, when positive cases caused our offices to close

of mental health.

a second time, we implemented mandatory weekly testing for all employees entering our offices as well as specific testing and

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

quarantining requirements for any employee who tests positive for

available testing and vaccines. In October, all ShopCore employees began returning

COVID-19. We mailed at-home test kits to all employees and continue

to their offices at least three days per week, fully vaccinated and observing mask

to reimburse employees for the cost of testing kits purchased

mandates as applicable in our office locations.

separately. With these protocols in place, we successfully returned to the office once again on January 31, 2022.

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

OUR GOALS OUR PRIORITIES ENVIRONMENT

SOCIAL GOVERNANCE GLOSSARY TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

“Thanks so much for your support. We all loved the donation box you used! Your donations will help us provide 183 meals!” — F E E D M O R E , W E S T B R O A D V I L L AG E , G L E N A L L E N , VA

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.

SHOPCORE PROPERTIES 2021 ESG Report | Page 24


TA B L E O F CO N T E N TS

O U R HEALTH & WELLBEING

CEO LETTER ABOUT SHOPCORE O U R E S G ST R AT E G Y

CONTRIBUTING TO HEALTHY COMMUNITIES

OUR VISION

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

OUR GOALS

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.

OUR PRIORITIES

One example of how we’re thinking about community health is our incorporation of farmers and artisan

ENVIRONMENT

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

SOCIAL

businesses to hold another farmers and artisan market in the fall, where we gifted apples to the community.

GOVERNANCE

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

GLOSSARY

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

TCFD DISCLOSURE

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.

GRI INDEX ABOUT THIS REPORT

F I T N E SS I N ST R U CTO R AT O N E CO LO R A D O | PA S A D E N A , C A

SHOPCORE PROPERTIES T W I G G Z F LO W E R M A R K E T | O N E CO LO R A D O

2021 ESG Report | Page 25


TA B L E O F CO N T E N TS

O U R GOVERNANCE

CEO LETTER ABOUT SHOPCORE O U R E S G ST R AT E G Y

ESG GOVERNANCE AT SHOPCORE At ShopCore, sustainability is part of everyone’s job. That’s why we linked our climate-related

Our executive team provides directional oversight to the sustainability team on both a bi-weekly

KPIs to our company KPIs for 2021, aligning our employees’ bonus structure with our

and an as-needed basis. The executive team and the sustainability team both regularly collaborate

sustainability goals.

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

Our sustainability team, which leads the strategy and day-to-day execution of our program, works

discuss specific initiatives. ShopCore engages with Ownership on our ESG strategy, progress

cross-functionally with departments across the company as well as with employee-led committees

on any key metrics, and key initiatives on a quarterly basis.

OUR VISION OUR GOALS OUR PRIORITIES ENVIRONMENT

and resource groups, like our DEI and SEED Committees, to execute on our ESG strategy. Our investment committee reviews major capital projects and refers them to ShopCore’s executive team and Ownership, as necessar y. In 2021, Ownership reviewed 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

SOCIAL

GOVERNANCE GLOSSARY

issues arise. TCFD DISCLOSURE GRI INDEX

OUR GOVERNANCE STRUCTURE SHOPCORE EXECUTIVE LEADERSHIP

2021 ESG ACCOMPLISHMENTS SUSTAINABILITY TEAM

TENANTS

ABOUT THIS REPORT

Published our inaugural ESG report

TEAMMATES COMMUNITIES OWNERSHIP

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

SHOPCORE PROPERTIES 2021 ESG Report | Page 26


TA B L E O F CO N T E N TS

O U R GOVERNANCE

CEO LETTER ABOUT SHOPCORE O U R E S G ST R AT E G Y

MANAGING CLIMATE RISKS AND OPPORTUNITIES

OUR COMMITMENT TO TRANSPARENCY AND REPORTING

OUR VISION

We understand and recognize the financial implications of climate change, and our

Although ShopCore is a privately held company, we are committed to sharing our sustainability

OUR GOALS

management approach is tied to the Task Force on Climate-related Financial Disclosures

goals and progress with our stakeholders. Through our annual ESG reports, we will continue to

(TCFD) recommendations. We have taken initial steps toward assessing climate-related

provide updates on our progress. We are committed to measuring, tracking, and reporting on our

risks and opportunities as part of our TCFD disclosure process across the portfolio, and

environmental footprint, from carbon emissions and energy usage to waste generation and water

we will continue to enhance our analysis over time.

consumption, as well as our social impact, including diversity and our charitable giving contributions.

We believe that our proactive approach to environmental sustainability will help us reduce

In the Index of this report, you will find tables focused on the TCFD recommendations and reporting

our footprint, enhance our financial health, and preserve the environment for future

in reference to the GRI Sustainability Reporting Standards.

generations while reducing our risk and exposure to increasing regulatory requirements,

OUR PRIORITIES ENVIRONMENT SOCIAL

GOVERNANCE

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.

GLOSSARY

LOOKING AHEAD

TCFD DISCLOSURE

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,

In 2022, we will establish and convene our ESG Steering Committee, which will oversee our first

such as earthquakes, flooding, hurricanes, severe rain/flooding events, and severe winter

formal materiality assessment. We plan to use the materiality process to inform and establish our

weather events. Each of these risk factors is assigned a risk level based on geographic and

strategic 2030 sustainability goals. We are also working to implement a software platform to better

property-specific information. The resulting risk assessment helps guide action at the asset

manage our ESG data and reporting and more deeply ingrain ESG considerations into the due

level to prepare for and mitigate these risks.

diligence phase of our acquisitions process.

GRI INDEX ABOUT THIS REPORT

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

SHOPCORE PROPERTIES

completed benchmarking and compliance initiatives.

2021 ESG Report | Page 27 S H O P CO R E P R O P E RT I E S T E A M M E M B E RS | C H I C AG O CO R P O R AT E O F F I C E


A E R I A L V I E W O F T H E P R O M E N A D E | S COT TS D A L E , A Z

R E P O R T INDEX


TA B L E O F CO N T E N TS

R E P O R T GLOSSARY 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)

GRI

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. 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.

TERM

PAGE #

High-diversion materials management / zero waste to landfill

Page 6

Page 3

Page 13

Page 14

Page 11

DEFINITION 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.

Materiality assessment

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.

Operational control method

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.

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.

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.

TCFD

Page 13

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.

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 #

CEO LETTER ABOUT SHOPCORE

Page 10

O U R E S G ST R AT E G Y OUR VISION

Page 6

OUR GOALS OUR PRIORITIES

Page 14

ENVIRONMENT SOCIAL

Page 13

GOVERNANCE

GLOSSARY Page 11

TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

Page 4

Page 4

Page 27

Page 11

SHOPCORE PROPERTIES 2021 ESG Report | Page 29


TA B L E O F CO N T E N TS

T C F D DISCLOSURE TABLE

CEO LETTER ABOUT SHOPCORE

TOPIC GOVERNANCE

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

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

STRATEGY

RISK MANAGEMENT

METRICS & TARGETS

RESPONSE In 2020, Ownership approved our ESG Framework, which outlined the climate-related initiatives to be undertaken throughout 2020 and 2021. In 2021, Ownership reviewed ShopCore's approach to procuring on-site solar installations at its properties for the following two years. ShopCore engages with Ownership on climate-related strategy, progress on key metrics, and key initiatives quarterly. We hold additional meetings as important issues arise. *In accordance with ShopCore’s nature of ownership and legal form, ‘Ownership’ is synonymous with ‘board.’ for purposes of TCFD guidance. 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. ShopCore engages with Ownership on 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.

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

See 'Managing Climate Risks and Opportunities' section.

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.

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

See 'Managing Climate Risks and Opportunities' section.

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.

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.

See 'Our GHG Emissions' section.

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

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

O U R E S G ST R AT E G Y OUR VISION OUR GOALS OUR PRIORITIES ENVIRONMENT SOCIAL GOVERNANCE GLOSSARY

TCFD DISCLOSURE GRI INDEX ABOUT THIS REPORT

SHOPCORE PROPERTIES 2021 ESG Report | Page 30


TA B L E O F CO N T E N TS

G R I I N D E X GENERAL DISCLOSURES

CEO LETTER ABOUT SHOPCORE

ShopCore has reported the information cited in this GRI content index for the period January 1, 2021 through December 31, 2021 with reference to the GRI Standards. GRI 1: Foundation 2021

DESCRIPTION

RESPONSE

GRI

GENER AL DISCLOSURES

Legal Name Nature of ownership and Legal form

DESCRIPTION

RESPONSE

GRI

R E S TAT E M E N T S O F I N F O R M AT I O N

ShopCore Properties, L.P. ShopCore Properties TRS Management LLC is a private property management company

2-1-A

The reasons for the restatements

Prior to beginning the 2021 GHG inventory process, an audit was completed of the 2019

OUR VISION 2-4-A-i

and 2020 inventory and it was discovered that location of 17 assets had been improperly the inventory itself, but rather with the data that was supplied to complete the inventory.

that is owned by a real estate fund managed by Blackstone Inc. 233 S. Wacker Dr., Suite 4700, Chicago, IL 60606

OUR PRIORITIES

or control. These assets are owned by ShopCore’s multifamily real estate counterpart, and

2-1-C

ShopCore provides property management services for the retail components of the prop-

ENVIRONMENT

erties only in a contracting relationship. The multifamily counterpart retains ownership as Countries of operation

United States

2-1-D

well as operational control of these properties in their entirety. As such, these properties

SOCIAL

were improperly included in ShopCore’s scope 1, 2, and 3 emissions in the 2019 and 2020 All entities included in sustainability reporting

ShopCore's sustainability reporting includes ShopCore Properties TRS Management LLC,

inventories. In 2022, ShopCore worked with its counterpart to appropriately assign these

2-2-A

assets for sustainability decision-making and reporting purposes and ensure the properties

ShopCore Properties, L.P., and all properties owned by ShopCore during the reporting

There are no differences between the list of entities included in ShopCore's financial

GOVERNANCE

are included but not double-counted. As such, as part of the 2021 GHG inventory, ShopCore

period.

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

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.

2-2-B

GLOSSARY

The decision was made to not recalculate 2019 emissions, as 38 of 78 properties owned in

reporting and the list included in its sustainability reporting.

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

TCFD DISCLOSURE

refrigerants (scope 1 when under ShopCore control, scope 3 when under tenant control), Approach used for consolidating the information

i. There are no minority interests in ShopCore's entities. ii. Unless otherwise noted herein,

OUR GOALS

recorded. This issue was internal to ShopCore's system and does not reflect an error within

2-1-B

Additionally, the 2019 and 2020 inventories included six assets that ShopCore does not own Location of headquarters

O U R E S G ST R AT E G Y

2-2-C

ShopCore leased office spaces, rental car emissions, personal vehicle mileage reimbursed

the information consolidation approach includes all properties owned by ShopCore

GRI INDEX

for work purposes, and employee commuting (all latter inclusions are scope 3 emissions).

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

The effect of the restatements

otherwise noted herein, the information consolidation approach is consistent across disclosures in this Standard and across material topics.

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,

2-4-A-ii

ABOUT THIS REPORT

respectively); exclusion of multifamily assets: -1, -82, and -2,805 MTCO2e (scopes 1, 2 and 3,

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

See 'About This Report' section.

2-3-A

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

See 'About This Report' section.

Report the publication date of the report or reported information

See 'About This Report' section.

2-3-C

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

Report page 4 See 'About This Report' section

2-3-D

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);

2-3-B

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.)

SHOPCORE PROPERTIES 2021 ESG Report | Page 31


TA B L E O F CO N T E N TS DESCRIPTION

RESPONSE

GRI

EXTERNAL ASSUR ANCE

Describe its policy and practice for seeking external assurance, including whether and how the highest governance body and senior executives are involved

See 'About This Report' section.

If the organization’s sustainability reporting has been externally assured

See 'About This Report' section.

Report contextual information necessary to understand the data reported under 2-7-a and 2-7-b

Region breakdown was not provided for employees due

2-7-D

ABOUT SHOPCORE There are no significant fluctuations in the number of employees during the reporting period or between

2-7-E

O U R E S G ST R AT E G Y

2-5-B

OUR VISION

WORKERS WHO ARE NOT EMPLOYEES

2-6-A

The supply chain

Providers and vendors of purchased goods and services, including property management vendors (e.g. electricians/engineers, roofers, janitorial staff, waste haulers, landscapers, etc.), professional services vendors (including outside counsel, HR, benefits, IT, procurement, additional legal counsel, risk management, etc.), goods/supplies for offices and properties (including furniture at the properties, bike racks, signage, and food, office supplies, IT equipment, furniture in the offices, etc.), utility providers, and travel services providers (e.g., airlines, hotels, etc.)

2-6-B-ii

Tenants, including grocery stores, local shops, restaurants, and

2-6-B-iii

and 2-6-B-i

service providers, and their respective business activities.

See 'About ShopCore Properties' section.

No change.

CEO LETTER

to privacy concerns.

reporting periods.

See 'About ShopCore Properties' section.

Description of significant changes in 2-6-a, 2-6-b, and 2-6-c compared to the previous reporting period

GRI

Describe significant fluctuations in the number of employees during the reporting period and between reporting periods

Description of the activities, products, services, and markets served in the value chain

Other relevant business relationships

RESPONSE

2-5-A

A C T I V I T I E S , VA LU E C H A I N A N D O T H E R B U S I N E S S R E L AT I O N S H I P S

The entities downstream and their activities

DESCRIPTION

The total number of workers who are not employees and whose work is controlled by the organization and describe: i. the most common types of workers and their contractual relationship with the organization; ii. the type of work they perform.

In 2021, ShopCore employed 2 workers who were not e

The methodologies and assumptions used to compile the data, including whether the number of workers who are not employees is reported; i. in headcount, full-time equivalent (FTE), or using another methodology and; ii. at the end of the reporting period, as an average across the reporting period, or using another methodology

The number of workers who are not employees are reported

Significant fluctuations in the number of workers who are not employees during the reporting period and between reporting periods

There are no significant fluctuations in the number of

2-8-A

mployees and whose work is controlled by ShopCore. i. These

OUR GOALS

employees are embedded contractors within ShopCore, located at specific property sites. ii. They perform work related to

OUR PRIORITIES

Property Management and Property Marketing.

2-8-B

ENVIRONMENT

in i. head count and ii. as of the end of the reporting period.

SOCIAL GOVERNANCE

2-8-C

workers who are not employees either during the reporting

GLOSSARY TCFD DISCLOSURE

period or between reporting periods.

2-6-C

2-6-D

GRI INDEX

C O M M U N I C AT I O N O F C R I T I C A L C O N C E R N S

Whether and how critical concerns are communicated to the highest governance body

ShopCore addresses grievances as they are identified by

2-16-A

ABOUT THIS REPORT

our stakeholders on an as-needed basis. When issues are identified, they are elevated to our Asset Management team.

EMPLOYEES

This team is ultimately overseen by our Chief Operating Officer, Report the total number of employees, and a breakdown of this total by gender and by region Describe the methodologies and assumptions used to compile the data, including whether the numbers are reported: i. in headcount, full-time equivalent (FTE), or using another methodology; at the end of the reporting period, as an average across the reporting period, or using another methodology

See 'Our Workforce at a Glance' section, "Workplace Demographics"

who has the authority to settle such matters, including

2-7-A

making the decision to communicate critical concerns to the

section.

Chief Executive Officer and Ownership as well as rectifying the issue at hand.

The numbers of employees are reported in: i. headcount and ii. as of the end of the reporting period.

2-7-C S TAT E M E N T O N S U S TA I N A B L E D E V E L O P M E N T S T R AT EG Y

Report a statement from the highest governance body or most senior executive of the organization about the relevance of sustainable development to the organization and its strategy for contributing to sustainable development

See 'CEO letter' section.

2-22-A

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TA B L E O F CO N T E N TS DESCRIPTION

RESPONSE

GRI

P R O C E S S E S T O R E M E D I AT E N EG AT I V E I M PA C T S Describe its commitments to provide for or cooperate in the remediation of negative impacts that the organization identifies it has caused or contributed to

See 'Our Priorities: Our Emissions' section, 'Our Priorities: Our People'

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

ShopCore addresses grievances as they are identified by our stakeholders on

DESCRIPTION

RESPONSE

GRI

CEO LETTER

A P P R O A C H T O S TA K E H O L D E R E N G A G E M E N T 2-25-A

section, 'Our Priorities: Our Communities' section, 'Our Priorities: Our Health and Wellbeing section,' 'About ShopCore Properties' section,

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

O U R E S G ST R AT E G Y

'ESG Strategy' section. 2-25-B

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

ShopCore's grievance mechanisms are continually evaluated as part

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

The effectiveness of our grievance mechanisms and other remediation processes

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,

2-29-A-ii

OUR VISION

and 'Health and Wellbeing for Our Teammates' section.

OUR GOALS

rectifying the issue at hand.

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

ABOUT SHOPCORE

2-25-D

of an iterative process that includes all involved stakeholders.

OUR PRIORITIES

ShopCore takes improvement suggestions seriously and acknowledges that our work is never done.

ENVIRONMENT 2-25-E

is evidenced in the outcome of the process through our commitment to and

SOCIAL

follow through of correcting any issues and instances of non-compliance that have been identified. To the extent that any individual employee at ShopCore

GOVERNANCE

may be involved in such issues, the Company will take appropriate remedial and disciplinary action, up to and including termination from employment.

GLOSSARY MECHANISMS FOR SEEKING ADVICE AND R AISING CONCERNS Description of the mechanisms for individuals to: i. seek advice on implementing the organization’s policies and practices for responsible business conduct

And raise concerns about the organization’s business conduct

We ask our employees to submit their good faith questions or concerns

TCFD DISCLOSURE 2-26-A-i

about conduct they believe may violate our Code of Conduct, our policies, or

GRI INDEX

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.

We provide employees the ability to report concerns to either the Legal/

ABOUT THIS REPORT 2-26-A-ii

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.

M E M B E R S H I P A S S O C I AT I O N S

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

SHOPCORE PROPERTIES 2021 ESG Report | Page 33


TA B L E O F CO N T E N TS

G R I I N D E X MATERIAL TOPIC DISCLOSURES DESCRIPTION

RESPONSE

GRI

P R O C E S S T O D E T E R M I N E M AT E R I A L T O P I C S 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

See 'Our Strategy' section in the 'Our ESG Strategy' section.

DESCRIPTION

RESPONSE

CEO LETTER

GRI

O U R E S G ST R AT E G Y

EMPLOYMENT 3-1-A

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-B

List its material topics

See 'Our Priorities' section.

3-2-A

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

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 provided to temporary or part- time employees

See ShopCore Careers wesbite.

401-2

OUR VISION OUR GOALS OUR PRIORITIES

LOCAL COMMUNITIES 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

DIVERSIT Y AND EQUAL OPPORTUNIT Y

ABOUT SHOPCORE

ENVIRONMENT SOCIAL GOVERNANCE GLOSSARY

N O N - D I S C R I M I N AT I O N Management of material topics

See 'Our Commitment to Diversity, Equity, and Inclusion (DEI)' and

3-3

'Our DEI Committee' sections. Diversity of governance bodies and employees

See 'Our Workforce at a Glance' section, 'Workplace Demographics' section.

TCFD DISCLOSURE Management of material topics

405-1-B

ECONOMIC PERFORMANCE

Management of material topics

See 'Managing Climate Risks and Opportunities' section.

3-3

Financial implications and other risks and opportunities due to climate change

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

201-2

to climate change. Also see 'Managing Climate Risks and Opportunities' section.

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

3-3

GRI INDEX ABOUT THIS REPORT

Commitment to Diversity, Equity, and Inclusion (DEI)' section in 'Our Priorities: Our People'.

C L I M AT E C H A N G E 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 “Our Approach to Climate Change” and “Our Priorities: Our Governance” sections.

3-3

SHOPCORE PROPERTIES 2021 ESG Report | Page 34


TA B L E O F CO N T E N TS DESCRIPTION

RESPONSE

GRI

CEO LETTER

ENERGY Management of material topics

See 'Our Priorities: Our Emissions' section.

3-3

ABOUT SHOPCORE O U R E S G ST R AT E G Y

EMISSIONS Management of material topics

See 'Our Priorities: Our Emissions' section.

3-3

OUR VISION

Gross direct (Scope 1) GHG emissions

See 'Our GHG Emissions' section.

305-1-A

OUR GOALS

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

See 'Our GHG Emissions' section.

305-2-A

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

See 'Our GHG Emissions' section.

ENVIRONMENT 305-3-A

SOCIAL

E N V I R O N M E N TA L C O M P L I A N C E

Management of material topics

OUR PRIORITIES

GOVERNANCE It is ShopCore’s governance policy to comply with all laws and regulations. All

3-3

regulations are actively monitored at a portfolio and asset level by ShopCore’s

GLOSSARY

sustainability and property management teams. In 2021, 100% of ShopCore’s properties were benchmarked in ENERGY STAR® Portfolio Manager®. Through benchmarking,

TCFD DISCLOSURE

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

GRI INDEX

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.

ABOUT THIS REPORT

W AT E R

Management of material topics

See 'Water Consumption & Conservation' section.

3-3

SHOPCORE PROPERTIES 2021 ESG Report | Page 35


ABOUT THIS REPORT ShopCore is a professional, entrepreneurial, and collaborative real estate organization that

ShopCore received limited assurance of the accuracy and completeness of our GHG inventory

seeks to deliver outstanding service and results for our teammates, tenants, communities,

from Apex Companies, LLC, in accordance with the reference standard ISO 14064-3 Second

and investors. While environmental sustainability and social impact have been a part of how

Edition 2019-04: Greenhouse gases – Part 3: Specification with guidance for the verification and

we have done business for years, we are excited to release our second annual ESG report.

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.

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

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

date. We take the views of all our stakeholders seriously and actively seek their input. We will continue This report, published October 12, 2022 covers the period January 1, 2021 through

to enhance and revise our commitments and evolve our programs on an ongoing basis. For any

December 31, 2021, unless otherwise noted. The reporting period is the same as our

feedback or questions, please contact sustainability@shopcore.com.

financial reporting period. We intend to continue to report on our ESG efforts and performance annually moving forward.

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

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.

S H O P P I N G C E N T E R E N T R A N C E AT E N C I N O CO U RTYA R D | E N C I N O , C A

of this report.

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