Kimco Realty® Publishes 2021 Corporate Responsibility Report

Rhea-AI Summary

Kimco Realty (NYSE: KIM) announced the release of its 2021 Corporate Responsibility Report. This report highlights the company's advancements in environmental, social, and governance (ESG) aspects, including the integration of ESG goals into executive compensation, a perfect score in LGBTQ+ workplace equality, and the successful merger with Weingarten Realty Investors. Kimco has committed to enhancing its ESG initiatives and expanding its community engagement efforts.

Positive

• Adjusted executive compensation to align with ESG performance.
• Hired a Senior Director of ESG for strategic implementation.
• Achieved a perfect score on the Human Rights Campaign Foundation’s Corporate Equality Index.
• Donated $1.4 million to support local businesses and charities.
• Expanded DEI Council membership and launched KIMunity Councils.
• Completed a strategic merger with Weingarten Realty Investors.

Negative

• None.

JERICHO, N.Y.--(BUSINESS WIRE)-- Kimco Realty^® (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets, announced today the release of its 2021 Corporate Responsibility Report. This ninth annual report details the company’s performance in environmental, social, and governance (ESG) areas.

2021 Report Highlights

Now over a decade since the launch of Kimco’s formalized efforts around ESG and the hire of its first Director of Sustainability, the company’s focus has expanded and its programs have evolved, but its holistic, stakeholder-driven approach continues to drive industry-leading innovation in the ESG space and is a hallmark of the company’s success.

The past year saw meaningful progress made towards the 16 public ESG goals announced in early 2021. Highlights from the year include:

• Formally adjusted the company’s executive compensation plan to tie a portion of incentive pay to performance against the company’s ESG goals.
• Hired Tamara Chernomordik as Senior Director of ESG, leading the strategic development and implementation of the company’s initiatives and guiding the company towards achieving its publicly stated goals.
• Received the Best Place to work for LGBTQ+ Equality designation after achieving a perfect score on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index, a nationally recognized benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality.
• Donated $1.4 million in cash and in-kind contributions to support small businesses and charitable causes in the unique and diverse communities in which the company operates.
• Launched four unique KIMunity Councils and doubled the membership of the company’s existing Diversity, Equity and Inclusion (DEI) Council. These councils are made up of associates across the organization who directly participate in driving strategy in the areas of DEI, giving, wellness, sustainability, and tenant engagement.
• Successfully completed the strategic and immediately accretive merger with Weingarten Realty Investors, applying a people-first approach to welcome and onboard approximately 100 new associates to the Kimco family. The team is now focused on applying the company’s unique ESG platform and sustainable operational approach to the 150-plus new assets in its portfolio.

“Over the last 12 months of stakeholder engagement, there has been an increased focus on addressing climate risk, and on diversity, equity and inclusion initiatives – these are themes that are incorporated into the 16 ESG goals that we announced in early 2021. This past year, we focused making meaningful progress towards those goals, and we put in place the infrastructure that would support our comprehensive efforts,” said Conor Flynn, Kimco’s Chief Executive Officer.

He continued, “Today, our commitment to ESG permeates every area of our business and every level of our organization. We will continue to engage with and serve our stakeholders, because we are certain that this approach will drive the best possible results for both our stakeholders and our company.”

The digital version of Kimco’s 2021 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 Value Reporting Foundation’s 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) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including 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 March 31, 2022, the company owned interests in 537 U.S. shopping centers and mixed-use assets comprising 93 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), 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.

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 iv 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,” “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 inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) 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, (iv) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (v) the Company’s ability to raise capital by selling its assets, (vi) increases in operating costs due to inflation and supply chain issues, (vii) 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 following the merger between Kimco and Weingarten Realty Investors (the “Merger”), (viii) the possibility that, if the Company does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (ix) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (x) valuation and risks related to the Company’s joint venture and preferred equity investments, (xi) valuation of marketable securities and other investments, including the shares of Albertsons Companies, Inc. common stock held by the Company, (xii) impairment charges, (xiii) pandemics or other health crises, such as coronavirus disease 2019 (“COVID-19”), (xiv) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xv) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xvi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xvii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, and (xviii) the other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year-ended December 31, 2021. 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 the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that the Company files with the Securities and Exchange Commission (“SEC”).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220705005072/en/

Jennifer Maisch

Vice President, Marketing & Communications

Kimco Realty Corporation

516-869-7224

jmaisch@kimcorealty.com

Source: Kimco Realty Corporation

FAQ

What does Kimco Realty's 2021 Corporate Responsibility Report cover?

The report covers Kimco Realty's performance in environmental, social, and governance (ESG) areas, including details on their ESG goals and initiatives.

What was a key highlight from Kimco Realty's 2021 Corporate Responsibility Report?

A key highlight was the adjustment of the executive compensation plan to tie a portion of incentive pay to ESG performance.

When did Kimco Realty announce its merger with Weingarten Realty Investors?

The merger with Weingarten Realty Investors was announced in the prior year and is included in Kimco's recent Corporate Responsibility Report.

How much did Kimco Realty donate to community causes in 2021?

In 2021, Kimco Realty donated $1.4 million in cash and in-kind contributions to community causes.

What recognition did Kimco Realty receive for LGBTQ+ equality?

Kimco Realty received the Best Place to Work for LGBTQ+ Equality designation, achieving a perfect score on the Human Rights Campaign Foundation's Corporate Equality Index.