CBL’s 2023 ESG Report: Highlights from Our Continued Progress

Since formalizing our ESG program three years ago, CBL has made significant headway in advancing each aspect of ESG at the corporate and property level. With our 2023 ESG report, we're excited to offer a glimpse into how we are continuing to approach ESG in a way that adds value for our employees, tenants and the communities we serve.

Driving Sustainable Change

CBL is committed to sustainable operations of our centers. We focus on four core areas of impact to reinforce that commitment to environmental stewardship: energy efficiency, climate risk, waste management and operational efficiency. In 2023, our focus included the completion of seven LED projects, through which we installed more than 3,500 high-efficiency lamps, resulting in an estimated annual energy savings of 4.1 million KwH.

In addition, we conducted an in-depth analysis of all the properties in our portfolio to assess the level of physical risk each property may face. We then created a Risk Mitigation and Storm Preparedness Manual, which provides our property teams with checklists for managing storm preparedness and response.

In 2023, we also strengthened our partnerships with key EV charging vendors. By the end of the year, we had 129 stations installed across 18 properties. Conserving resources was another key focus. We conducted Energy Management System (EMS) updates across three properties, resulting in an estimated saving of 2.0 million KwHs.

CBL also implemented HVAC upgrades, skylight maintenance and roofing updates, and replacements to maintain our malls and improve operational efficiency. One project included the completion of a roofing replacement at The Landing at Arbor Place that involved replacing the 25-year-old black roof with a white roof, which should lead to energy savings for the tenants and fewer leaks and service calls.

Enhancing Our DEIB Commitment

2023 was a big year for CBL in enhancing our commitment to inclusion and belonging.

We established a Diversity, Equity, Inclusion & Belonging (DEIB) Steering Committee, which reviews and defines our strategic intentions and goals for the year. The committee meets quarterly to assess our progress, authorize projects and allocate resources.

CBL's employee working group, CBL Community, is responsible for encouraging the appreciation of diverse perspectives in the workplace, this included establishing a Book Club where books covering topics including unconscious biases, the power of fear and how to be a better advocate for yourself were discussed in group settings. CBL Community hosted three expert-led training sessions on Mental Health and Creating Belonging in the Workplace and our employees were provided mandatory, annual Unconscious Bias Training. We hosted five Fireside Chats and Forums for CBL team members, covering a wide range of topics including Enneagram & Personality Types, Mental Health, CBL's DEIB Journey, Microaggressions in the Workplace and Belonging in the Workplace. All of this was designed to help our employees explore different dimensions of diversity.

In 2023, CBL also worked on enhancing diversity in our community through our continued small business expo program which we began the prior year. We held four Black-owned business expos, three women-owned business expos and one veteran-owned business expo. The Black-owned business expo, which started in 2022 at Hamilton Place and Northwoods Mall, was expanded to Monroeville Mall, Hanes Mall and Richland Mall in 2023. The expos drew significant traffic, which substantially increased visibility and sales for the participating vendors and the other retailers at each mall. We plan to continue expanding the expo program to support diverse small businesses and startups in the communities where our properties are located.

Implementing and Updating Best Practices

Operating our business ethically and responsibly is a primary objective at CBL. Our policies help enforce that commitment. In 2023, we released a Sustainable Development Policy which provides guidance on environmental considerations for our development or redevelopment projects. Additionally, we updated our Clawback Policy, which we first implemented in 2015. The policy is applicable to our Named Executive Officers and the updates ensure we remain compliant with the SEC and NYSE requirements for executive compensation, which went into effect on October 2, 2023.

We also received the Great Place to Work certification for the second year in a row, with 77% of our employees participating in the survey and 95% saying that CBL is a great place to work - 38 points higher than the average U.S. company.

CBL has continued to establish and enhance our ESG efforts through 2024, by setting new goals and continuing to develop the long-term strategies needed to embed ESG into our business strategies and culture. We are building on the progress we made in 2023 towards creating a healthier, safer and more comfortable environment for all.

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