This case study was published in the 2023 REIT Industry ESG Report, which details the REIT and publicly traded real estate industry's environmental, social, and governance (ESG) performance and features 20 case studies showcasing REIT leadership and ESG innovation from a variety of sectors. The report serves as a practical tool for shareholders and stakeholders to assess the scale and impact of the REIT industry's ESG commitments and initiatives. Applicable footnotes and/or citations for this case study are available in the full report.
Kimco implements a comprehensive and future-focused climate resiliency strategy that allows it to approach natural disasters proactively and anticipate the needs of its employees, tenants, and communities. Kimco deploys “boots-on-the-ground” initiatives, applies innovative technology, and operates with enhanced site information, assessing and iterating this process as needed to continue protecting its local communities.
Kimco Realty’s portfolio of open-air, grocery- anchored shopping centers and mixed-use properties are critical infrastructure within its communities, both providing communities with essential goods and services as well as providing valuable resources before, during, and after natural disasters. With a strong focus on resiliency, its properties have withstood hurricanes, wildfires, earthquakes, and other severe weather events because of rigorous planning and quick action.
Before a natural disaster even takes place, Kimco’s team is at work planning local response efforts. They are in constant communication with tenants and property managers to understand how to best prepare, such as ensuring drainage systems are cleared prior to a storm. Kimco works with local contractors and vendors who respond after the natural disaster event to assess the damage, help repair it, and get the site up and running again. In addition, as a community partner, Kimco interacts with local police, fire departments, and aid organizations to assist in the development and implementation of response plans, like making its property parking lots available to relief agencies.
Kimco also leverages innovative technology to respond to these scenarios. For instance, some Kimco properties have lighting controls that notify a dashboard when power is out that stakeholders can view in real time. In addition, Kimco is launching a high-resolution camera system that runs solely on batteries, solar, and cellular networks, enabling early assessment of the conditions onsite, even when power has been lost.
Kimco also works to use the most current and relevant information available to prepare its sites. Kimco conducts flood mapping of its properties to identify risks and prepare prior to a natural disaster and runs ASTM Level 1 Seismic Assessments of some of its properties to obtain information needed to react to seismic events. This information is then shared with engineers to help them assess the sites and get properties back to operational capacity as quickly as possible.
Kimco’s approach to partnering with local communities to implement and execute climate preparedness plans is supporting the tenant, their customers, and the community in times of crisis.
Kimco Realty is the largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets in North America. Much of the company’s portfolio is concentrated in major metropolitan markets, especially in coastal and Sun Belt areas. Kimco’s tenant mix is focused on essential and necessity-based goods and services.