REAL ESTATE

Simon Property Group recognized for climate disclosure

BY Staff Writer

Indianapolis — Shopping center owner Simon Property Group said Tuesday that it has again been recognized by the Carbon Disclosure Project with inclusion in its Carbon Disclosure Leadership Index.

The CDLI includes only those companies within the S&P 500 Index which have displayed the most professional approach to corporate governance regarding climate change information disclosure practices. Companies are scored on their climate change disclosure and high scores indicate good internal data management and understanding of climate change related issues affecting a company and its business.

Simon, the only real estate company to be awarded the CDLI distinction, earned 96 out of 100, which was good enough for the tenth best score among all reporting companies. The overall average score for the Global 500 in 2011 was 69.

"We are gratified to be included in this preeminent group on a measure that reflects the excellence of our shopping center operations," said David Simon, Chairman and CEO of Simon Property Group. "We take great pride in the thorough and accurate measurement of our energy use and greenhouse gas emissions."

The CDLI, compiled by PricewaterhouseCoopers on behalf of CDP, provides an evaluation tool for institutional investors and other stakeholders. It is based on analysis of the responses to CDP’s questionnaire which focused on greenhouse gas emissions, emissions reduction targets and risks and opportunities associated with climate change.

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REAL ESTATE

Five Guys to open mall location in Queens

BY Staff Writer

Flushing, N.Y. — Five Guys Burgers and Fries said Monday is has opened a new location at Sky View Center, located in Flushing, N.Y.

The upscale fast-food chain has opened a 2,000-sq.-ft. location on level B of the 800,000-sq.-ft. regional mall, and is one of 200 new franchises opening in 2011 for the chain.

Onex Real Estate Partners is the owner/developer of Sky View Parc, which also welcomed Famous Footwear to the center in August. Other recently opened retailers include specialty Asian grocery store Sky Foods, Old Navy, Bed Bath & Beyond, Best Buy, BJ’s Wholesale Club, Bob’s Discount Furniture, Marshalls, Payless ShoeSource and Target (including a Starbucks and Pizza Hut Express) and restaurants Applebee’s Neighborhood Grill & Bar, Chuck E. Cheese’s.

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REAL ESTATE

Vornado ups stake in J.C. Penney

BY Katherine Boccaccio

Plano, Texas — J.C. Penney Co. said Monday in a regulatory filing that it has allowed shopping center owner Vornado Realty Trust to increase its stake in the department store retailer, from 9.9% to 15.4%.

The move eases a poison-pill restriction that had prevented Vornado from previously buying additional J.C. Penney shares. It mirrors a deal struck with Penney’s largest shareholder William Ackman, who received the go-ahead to up his stake, held through his Pershing Square Capital Management hedge fund, from 16.5% to as much as 26.1%.

Vornado holds a seat on J.C. Penney’s board, as does Ackman.

J.C. Penney has not said whether Vornado had concrete plans to add to its stake. The retailer said in the filing that Vornado is barred under the agreement from purchasing additional shares until Oct. 10.

The moves come as J.C. Penney is preparing to change chief executives. Effective Nov. 1, Myron "Mike" Ullman will be replaced by Ronald Johnson, the architect of Apple Inc.’s retail stores. Ullman will serve as executive chairman of the chain until Feb. 1.

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