“We take great pride in the tangible progress Kimco has made in 2023, demonstrating our commitment to our stakeholders through both actions and results,” said Kimco CEO Conor Flynn. “Our achievements reflect a shared vision that intertwines financial performance with corporate responsibility and sustainability excellence.”
Kimco has celebrated numerous milestones in recent years, marking significant progress towards our public ESG goals. Program highlights for 2023 include the following:
- Continued progress on GHG emissions reduction goals, including our Science-Based Target and net zero Scope 1 and 2 GHG emissions target, supplementing operational efficiency enhancements by implementing a bundled renewable energy credit (REC) procurement pilot, as we explore our pathway to net zero Scope 1 and 2 GHG emissions.
- In 2023, Kimco’s dedication to corporate responsibility was honored with Nareit’s Retail Leader in the Light Award for outstanding sustainability practices, marking this the second consecutive year and the fourth time overall that Kimco has received this prestigious award. Additionally in 2023, Kimco received a top ranking in our peer group by GRESB and was awarded the Great Place to Work® certification for the sixth consecutive year.
- Launch of Kimco’s IREM® Certified Sustainable Properties Volume Program, a third-party certification designed to recognize excellence and sustainability in property operations and performance, achieving 19 certifications.
- The launch of Employee Resource Groups (ERGs) and first annual volunteerism drive, enhancing our organizational culture and fostering a sense of belonging.
- The early achievement of our goal to install Curbside Pickup® infrastructure at 100% of qualified sites by 2025.
The full 2023 Corporate Responsibility Report can be accessed here.
The 2023 Corporate Responsibility Report was prepared in reference to the Global Reporting Initiative’s (GRI) Sustainability Reporting Standards and incorporates disclosures aligned with the Sustainability Accounting Standards Board (SASB) Standards and Task Force on Climate-related Financial Disclosures (TCFD).
About Kimco Realty®
Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use propertiesin the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. 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. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of March 31, 2024, the company owned interests in 569 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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, including the Company’s ability to achieve the goals, targets and commitments referred to in this communication. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) unexpected delays, difficulties, and expenses in executing against the goals, targets and commitments identified in this communication, (ii) unexpected cost increases or technical difficulties in constructing, maintaining or modifying properties, (iii) energy prices, (iv) technological innovations, (v) natural disasters, and weather and climate-related events, (vi) general adverse economic and local real estate conditions, (vii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (viii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (ix) 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, (x) 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, (xi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (xii) the Company’s ability to raise capital by selling its assets, (xiii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (xiv) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (xv) 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, (xvi) the Company’s failure to realize the expected benefits of the merger with RPT Realty (“RPT Merger”), (xvii) significant transaction costs and/or unknown or inestimable liabilities related to the RPT Merger, (xviii) the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any resulting expense, (xix) the ability to successfully integrate the operations of the Company and RPT and the risk that such integration may be more difficult, time-consuming or costly than expected, (xx) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company, (xxi) effects relating to the RPT Merger on relationships with tenants, employees, joint venture partners and third parties, (xxii) the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xxiii) our ability to navigate evolving stakeholder perceptions regarding various ESG policies, goals, memberships and programs, including rankings and scores and both pro- and anti-ESG activism by various stakeholders, including certain policymakers, (xxiv) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xxv) valuation of marketable securities, (xxvi) impairment charges, (xxvii) criminal cybersecurity attacks, disruption, data loss or other security incidents and breaches, (xxviii) risks related to artificial intelligence, (xxix) impact of natural disasters and weather and climate-related events, (xxx) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xxxi) our ability to attract, retain and motivate key personnel, (xxxii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxxiii) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxxiv) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxxv) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxxvi) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxxvii) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. 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 in other filings with the Securities and Exchange Commission (“SEC”).
Furthermore, while future events discussed in this communication may be significant, any significance should not be read as necessarily rising to the level of materiality of certain disclosures included in our SEC filings. In addition, information discussed in this communication is subject to certain other important disclaimers, qualifiers, and/or additional information discussed in more detail in our 2023 Corporate Responsibility Report, which should be reviewed in concert with any assessment of these statements or other statements within the body of the report.
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-866-831-4297
