Forest City Recognized by Department of Energy for Reduction in Energy Usage

Publicly traded REIT highlighted for participation in the Better Buildings Challenge
Jun 16, 2016 5:05 PM ET

CLEVELAND, June 16, 2016 /3BL Media/ - Forest City Realty Trust, Inc. (NYSE: FCEA and FCEB) was recently recognized by the Department of Energy as part of the Better Building Alliance’s Interior Lighting Campaign.

The latest recognition of the company’s energy conservation efforts highlights the partnership Forest City has developed with the Department of Energy since joining the Better Buildings Alliance’s Better Buildings Challenge in December 2011.

As part of this initiative, Forest City, which is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate in key markets across the United States, uses a continuous-improvement approach to reducing lighting energy use by more than 40 percent at multifamily residential communities in four states.

“The Better Buildings Challenge provides the opportunity to improve our building design, maintenance practices and energy management by tapping into their expertise,” said Forest City’s Joyce Mihalik, vice president of Integrative Design Services. “It further extends our ability to utilize their knowledge and tracking programs to augment our own.”

The Better Building Challenge was launched by President Barack Obama and is aimed at doubling American energy productivity by 2030 while motivating corporate and public sector leaders across the nation to save energy through commitments and investments. It also facilitates and encourages the sharing of successful strategies.

“Being a Better Buildings Challenge partner allows us to capture training value and keep us on target with goals,” Mihalik said. “If we set goals similar to others in the building industry, then we know we are maintaining competitiveness in the real estate market.”

A case study on the Interior Lighting Campaign website details how Forest City, a participant in the Campaign since its launch in May 2015, upgraded to LED lighting at apartment communities in Maryland, Michigan, Illinois and Ohio. Tubular LEDs were installed in the common areas of each community and are projected to deliver a 50 percent reduction in energy usage.

Mihalik also gave a partner presentation on the energy saving initiative to the commercial real estate forum at this year’s Better Buildings Summit, which was held May 9-11 in Washington, D.C. The annual conference is designed for partners and stakeholders to exchange best practices and highlight demonstrated market solutions with an equal emphasis on discussing future opportunities for greater energy efficiency in America’s homes and buildings.