Kimco Realty Publishes 2020 Corporate Responsibility Report

Rhea-AI Summary

Kimco Realty Corp. (NYSE: KIM) released its 2020 Corporate Responsibility Report, showcasing progress in environmental, social, and governance (ESG) initiatives. Highlights include:

• First North American retail real estate owner on the Dow Jones Sustainability World Index.
• Ambitious ESG goals, including net zero by 2050 and 60% diversity in management by 2030.
• Provided $20 million in disaster relief funding through its Tenant Assistance Program.
• Successful green bond issuance increased from $300 million to $500 million.
• Diversity on the Board increased to 50% with the appointment of Henry Moniz.

Positive

• Named to Dow Jones Sustainability World Index.
• Set ambitious ESG goals for net zero emissions by 2050.
• Supported tenants with $20 million in disaster relief funds.
• Increased green bond issuance from $300 million to $500 million.
• Diversity in management improved with 50% representation on the Board.

Negative

• None.

Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, announced today the release of its 2020 Corporate Responsibility Report. This eighth annual report details the company’s performance in environmental, social, and governance (ESG) areas.

2020 Report Highlights

Despite the challenges of the COVID-19 pandemic, Kimco made strong progress towards its ESG initiatives, achieving several important milestones over the past year:

• Became the first North American retail real estate owner named to the Dow Jones Sustainability World Index, which represents the top ten percent of the largest 2,500 companies in the S&P Global Broad Market Index based on long-term economic and ESG factors.
• Publicly announced an ambitious set of ESG goals, including a science-based emissions reduction target, a goal to achieve net zero by 2050, and a pledge to increase diversity in its management ranks to 60% by 2030 through enhanced recruitment and employee engagement programs.
• Associates banded together with a strong focus on tenant support throughout the pandemic. Through its Tenant Assistance Program (TAP), Kimco helped hundreds of small business tenants secure approximately $20 million in disaster relief funding – just one of the many innovative tenant support programs it launched over the past year.
• Expanded ESG efforts to include capital markets, completing its first green bond issuance, which was boosted from $300 million to $500 million on strong investor demand.
• Welcomed Henry Moniz to its Board of Directors, increasing the proportion of diverse Board members to 50 percent. As Chief Compliance Officer at Facebook, and formerly at ViacomCBS, Mr. Moniz brings a diverse range of experience and knowledge in the areas of governance, compliance, risk, data analytics, and technology.

“Although the events of the past year have tested our resolve, we are incredibly proud of the way our team of associates has navigated this crisis while continuing to focus on creating value for all of our stakeholders,” said Conor Flynn, CEO of Kimco Realty. “After a transformative year, we enter into this next period from a position of strength and with a clarity of purpose that feels unprecedented in our organization’s history. We continue to build on our long history of action in addressing ESG issues, with an eye towards the future.”

The digital version of Kimco’s 2020 Corporate Responsibility Report can be accessed here.

This report was prepared in accordance with the Global Reporting Initiative’s (GRI) Sustainability Reporting Standard and incorporates disclosures aligned with the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD).

Hiring of New ESG Director

Further deepening the company’s commitment to addressing critical ESG topics, Kimco has hired Tamara Chernomordik as the Director of ESG. In this dedicated role, Mrs. Chernomordik will be responsible for leading the strategic development and implementation of the company’s ESG program, guiding Kimco on the path towards achieving its publicly stated goals.

Mrs. Chernomordik comes to Kimco with over a decade of industry-specific experience including expertise in ESG and corporate sustainability, stakeholder engagement, and change management. She was most recently at Prologis, a leading industrial REIT, where she was responsible for developing, implementing, and managing ESG strategies and programs that created business value across key stakeholder groups.

About Kimco

Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y., that is one of North America's largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-used 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 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 March 31, 2021, the company owned interests in 398 U.S. shopping centers and mixed-use assets comprising 70 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 its social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty), YouTube (www.youtube.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210706005057/en/

FAQ

What are the key highlights of Kimco Realty's 2020 Corporate Responsibility Report?

Key highlights include being named to the Dow Jones Sustainability World Index, setting ambitious ESG goals, providing $20 million in tenant support, successfully issuing green bonds, and increasing Board diversity to 50%.

What ESG goals did Kimco Realty announce for 2020?

Kimco Realty announced goals to achieve net zero emissions by 2050 and increase management diversity to 60% by 2030.

How much disaster relief funding did Kimco Realty provide during the pandemic?

Kimco Realty provided approximately $20 million in disaster relief funding through its Tenant Assistance Program.

What was the increase in Kimco Realty's green bond issuance?

Kimco Realty's green bond issuance was increased from $300 million to $500 million due to strong investor demand.

Who was appointed to Kimco Realty's Board of Directors in 2020?

Henry Moniz was appointed to Kimco Realty's Board of Directors, enhancing the Board's diversity to 50%.