JERICHO, N.Y., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Kimco Realty^® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-used properties in the United States, today announced the publication of its fourth 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. The $493.7 million in net proceeds from the green bond issuance were fully allocated to finance Eligible Green Projects, as defined by Kimco’s Green Bond Framework.

“We are incredibly proud to have achieved full allocation of our inaugural green bond – an achievement which demonstrates our commitment to sustainable growth and prudent financial management. By investing in projects such as green buildings, renewable energy, and sustainable water and energy projects, we are not only enhancing the value of our assets but also delivering long-term benefits to our investors and communities,” said Kimco Executive Vice President and CFO Glenn G. Cohen.

This milestone marks the early achievement of one of Kimco’s long-term public goals. Per Kimco’s Green Bond Framework, Eligible Green Projects include Renewable Energy projects, Green Buildings, Energy Efficiency projects and Sustainable Water and Wastewater Management projects. Green bond proceeds allocated in the most recent year include The Milton, Kimco’s LEED Silver certified residential tower at Pentagon Centre in Arlington, Virginia.

Additional Eligible Green Projects funded to date that contributed to the full allocation include:

• Renewable Energy Projects – Acquisition of a 988.8 kW Solar Renewable Energy Project at Carmans Plaza in Massapequa, New York, 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).
• Green Buildings – Funding/Acquisition of LEED Silver certified projects including The Milton and The Witmer^® residential towers at Pentagon Centre in Arlington, Virginia and the West Alex mixed-use building in Alexandria, Virginia. Green bond proceeds were also allocated towards the acquisition of 19 ENERGY STAR Certified tenant spaces.
• Energy Efficiency Projects – Energy Efficiency projects at 129 properties, resulting 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).
• Sustainable Water and Wastewater Management projects – Projects at 46 properties, including the installation of a stormwater management system for flood protection and mitigation. The sustainable water 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 corporate responsibility initiatives and its publicly stated goals can be found in the company’s 2023 Corporate Responsibility Report.

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 properties in 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 June 30, 2024, the company owned interests in 567 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, 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) unexpected delays, difficulties, and expenses in executing against the goals, targets and commitments identified in the Green Bond Report, (ii) unexpected cost increases or technical difficulties in constructing, maintaining or modifying properties, and lack of available or suitable Eligible Green Projects being initiated (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 achieve and maintain favorable corporate responsibility-related rankings and scores, (xxiv) valuation and risks related to the company’s joint venture and preferred equity investments and other investments, (xxv) collectability of mortgage and other financing receivables, (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 the 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) the other risks and uncertainties identified under Item 1A, “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K for the year-ended December 31, 2023 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.

CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-866-831-4297
dbujnicki@kimcorealty.com