Kimco Realty® (NYSE: KIM), North America’s largest publicly
traded owner and operator of open-air, grocery-anchored shopping
centers and a growing portfolio of mixed-use assets, today
announced the publication of its third Green Bond Report, outlining
the use of the net proceeds and the associated estimated
environmental impact of the company’s inaugural green bond, issued
in July of 2020. Of the $493.7 million in net proceeds from the
green bond issuance, $373.8 million, or over 75 percent, has been
allocated to finance Eligible Green Projects, as defined by Kimco’s
Green Bond Framework.
Per Kimco’s Green Bond Framework, Eligible Green Projects
include Renewable Energy projects, defined as the development,
construction, installation, operation, maintenance and/or
acquisition of renewable energy projects including solar, wind and
energy storage. Kimco used green bond proceeds for the acquisition
of a 988.8 kW Solar Renewable Energy Project at Carmans Plaza in
Massapequa, New York. This system is estimated to produce
approximately 1.2 Gigawatt hours of renewable energy annually, with
an estimated annual Greenhouse gas (GHG) emissions savings of 678
metric tonnes of carbon dioxide equivalent (MTCO2e).
Eligible Green Projects also include Green Buildings, defined,
in part, as the new development, maintenance, operation, and
acquisition of buildings that have received LEED Silver
certifications, or the acquisition of buildings with tenant spaces
that have previously received an ENERGY STAR rating of 75 or
higher. Kimco has used green bond proceeds to fund and/or acquire
LEED Silver certified projects including The Witmer® residential
tower at Pentagon Centre in Arlington, Virginia, the Array
residential building at West Alex in Alexandria, Virginia, and an
office building also at West Alex. Green bond proceeds were also
allocated towards the acquisition of 12 ENERGY STAR Certified
tenant spaces.
Additional Eligible Green Projects funded to date include Energy
Efficiency projects at 129 properties and Sustainable Water and
Wastewater Management projects at 46 properties, including the
installation of a stormwater management system for flood protection
and mitigation. The energy efficiency projects resulted in an
estimated total GHG savings of 7,500 MTCO2e (based on estimated
emissions associated with usage one year after project completion
compared to one year prior), and sustainable water and wastewater
management projects resulted in an estimated average water
efficiency gain of more than 35 percent. A stormwater management
system for flood protection and mitigation at Dania Pointe in Dania
Beach, Florida exceeded requirements for the LEED Rainwater
Management Standard and is designed to withstand a 100-year,
72-hour storm event.
Additional information on Kimco’s industry leading ESG
initiatives and its publicly stated ESG goals can be found in the
company’s 2022 Corporate Responsibility Report.
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust
(REIT) headquartered in Jericho, N.Y. that is North America’s
largest publicly traded owner and operator of open-air,
grocery-anchored shopping centers and a growing portfolio of
mixed-use assets. The company’s portfolio is primarily concentrated
in the first-ring suburbs of the top major metropolitan markets,
including those in high-barrier-to-entry coastal markets and
rapidly expanding Sun Belt cities, with a tenant mix focused on
essential, necessity-based goods and services that drive multiple
shopping trips per week. Kimco Realty is also committed to
leadership in environmental, social and governance (ESG) issues and
is a recognized industry leader in these areas. Publicly traded on
the NYSE since 1991, and included in the S&P 500 Index, the
company has specialized in shopping center ownership, management,
acquisitions, and value enhancing redevelopment activities for more
than 60 years. As of June 30, 2023, the company owned interests in
528 U.S. shopping centers and mixed-use assets comprising 90
million square feet of gross leasable space. For further
information, please visit www.kimcorealty.com.
The company announces material information to its investors
using the company’s investor relations website
(investors.kimcorealty.com), SEC filings, press releases, public
conference calls, and webcasts. The company also uses social media
to communicate with its investors and the public, and the
information the company posts on social media may be deemed
material information. Therefore, the company encourages investors,
the media, and others interested in the company to review the
information that it posts on the social media channels, including
Facebook (www.facebook.com/kimcorealty), Twitter
(www.twitter.com/kimcorealty) and LinkedIn
(www.linkedin.com/company/kimco-realty-corporation). The list of
social media channels that the company uses may be updated on its
investor relations website from time to time.
Safe Harbor Statement
This communication contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and includes this statement for purposes of complying
with the safe harbor provisions. Forward-looking statements, which
are based on certain assumptions and describe the company’s future
plans, strategies and expectations, are generally identifiable by
use of the words “believe,” “expect,” “intend,” “commit,”
“anticipate,” “estimate,” “project,” “will,” “target,” “plan,”
“forecast” or similar expressions. You should not rely on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors which, in some cases, are
beyond the company’s control and could materially affect actual
results, performances or achievements. Factors which may cause
actual results to differ materially from current expectations
include, but are not limited to, (i) general adverse economic and
local real estate conditions, (ii) the impact of competition,
including the availability of acquisition or development
opportunities and the costs associated with purchasing and
maintaining assets, (iii)the inability of major tenants to continue
paying their rent obligations due to bankruptcy, insolvency or a
general downturn in their business, (iv) the reduction in the
company’s income in the event of multiple lease terminations by
tenants or a failure of multiple tenants to occupy their premises
in a shopping center, (v) the potential impact of e-commerce and
other changes in consumer buying practices, and changing trends in
the retail industry and perceptions by retailers or shoppers,
including safety and convenience, (vi) the availability of suitable
acquisition, disposition, development and redevelopment
opportunities, and risks related to acquisitions not performing in
accordance with our expectations, (vii) the company’s ability to
raise capital by selling its assets, (viii) disruptions and
increases in operating costs due to inflation and supply chain
issues, (ix) risks associated with the development of mixed-use
commercial properties, including risks associated with the
development and ownership of non-retail real estate, (x) changes in
governmental laws and regulations, including, but not limited to,
changes in data privacy, environmental (including climate change),
safety and health laws, and management’s ability to estimate the
impact of such changes, (xi) valuation and risks related to the
company’s joint venture and preferred equity investments and other
investments, (xii) valuation of marketable securities and other
investments, including the shares of Albertsons Companies, Inc.
common stock held by the company, (xiii) impairment charges, (xiv)
criminal cybersecurity attacks disruption, data loss or other
security incidents and breaches, (xv) impact of natural disasters
and weather and climate-related events, (xvi) pandemics or other
health crises, such as coronavirus disease 2019 (“COVID-19”),
(xvii) our ability to attract, retain and motivate key personnel,
(xviii) financing risks, such as the inability to obtain equity,
debt or other sources of financing or refinancing on favorable
terms to the company, (xix) the level and volatility of interest
rates and management’s ability to estimate the impact thereof, (xx)
changes in the dividend policy for the company’s common and
preferred stock and the company’s ability to pay dividends at
current levels, (xxi) unanticipated changes in the company’s
intention or ability to prepay certain debt prior to maturity
and/or hold certain securities until maturity, (xxii) the company’s
ability to continue to maintain its status as a REIT for federal
income tax purposes and potential risks and uncertainties in
connection with its UPREIT structure, and (xxiii) the other risks
and uncertainties identified under Item 1A, “Risk Factors” and
elsewhere in our Annual Report on Form 10-K for the year-ended
December 31, 2022 and in the company’s other filings with the
Securities and Exchange Commission (“SEC”). Accordingly, there is
no assurance that the company’s expectations will be realized. The
company disclaims any intention or obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise. You are advised to refer to any further
disclosures the company makes or related subjects in the company’s
quarterly reports on Form 10-Q and current reports on Form 8-K that
the company files with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20230821670101/en/
David F. Bujnicki Senior Vice President, Investor Relations and
Strategy Kimco Realty Corporation 1-866-831-4297
dbujnicki@kimcorealty.com
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