2024 GRESB Real Estate Assessment Disclosure
GRESB 2024
Real Estate Assessment
Certain underlying information, documents and policies referenced in response to individual questions, or elsewhere in this assessment submission, may be confidential and may not be available via the hyperlink provided. Moreover, these disclosures are being provided in light of various stakeholder interests and should not be read as necessarily rising to the level of materiality of certain disclosures included in our filings with the
GRESB Real Estate Assessment 2024
DATE:
STATUS: 100% Completed.
Table of Contents
ASPECT CHECKLIST
Aspect Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
ENTITY AND REPORTING CHARACTERISTICS
LEADERSHIP
POLICIES
ESG Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
REPORTING
ESG Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 ESG Incident Monitoring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
RISK MANAGEMENT
Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Risk Assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Climate-related Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
STAKEHOLDER ENGAGEMENT
Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Suppliers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
REPORTING CHARACTERISTICS
Reporting Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
RISK ASSESSMENT
Risk Assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Efficiency Measures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
TARGETS
Targets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
TENANTS AND COMMUNITY
Tenants/Occupiers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Community . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
ENERGY
Energy Consumption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
GHG
GHG Emissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
WATER
Water Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
WASTE
Waste Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
DATA MONITORING AND REVIEW
Review, verification and assurance of ESG data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
BUILDING CERTIFICATIONS
Building Certifications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Entity & Reporting Characteristics - Entity Characteristics
ENTITY AND REPORTING CHARACTERISTICS
Entity Characteristics
EC2
Nature of ownership
- Public (listed on a
Stock Exchange ) entity Specify ISIN:
US49446R1095
Legal status:
- Property company
-
- Real Estate Investment Trust (REIT)
- Private (non-listed) entity
- Government entity
Legal Entity Identifier (optional)
EC3
Entity commencement date
Year of commencement (listed) or Year of establishment (non-listed) 1991
EC4
Reporting year
- Calendar year Fiscal year
ENTITY AND REPORTING CHARACTERISTICS
Reporting Characteristics
RC1
Reporting currency
Values are reported in:
USD United States Dollar
RC2
Economic size
What was the gross asset value (GAV) of the portfolio at the end of the reporting year in millions?
16,964.66
RC3
Floor area metrics
Metrics are reported in:
- m2
sq. ft.
RC4
Property type and Geography
Portfolio predominant location (*):
Portfolio predominant property type (**): Retail: Retail Centers:
Entity & Reporting Characteristics - Entity Characteristics
RC5
Nature of entity's business
The entity's core business:
- Management of standing investments only (continue with Management and Performance Components)
- Management of standing investments and development of new construction and major renovation projects (continue with Management, Performance, and Development Components)
- Development of new construction and major renovation projects (continue with Management and Development Components)
Entity & Reporting Characteristics - Entity Characteristics
LEADERSHIP
ESG Commitments and Objectives
|
LE1 |
◎ Max. score 0 |
ESG leadership commitments
Has the entity made a public commitment to ESG leadership standards and/or principles?
- Yes
Select all commitments included (multiple answers possible)
- General ESG commitments
-
Global Investor Coalition on Climate Change (including AIGCC, Ceres, IGCC, IIGCC)International Labour Organization (ILO) Standards- Montreal Pledge
OECD - Guidelines for multinational enterprises- PRI signatory
- RE 100
- Science Based Targets initiative
Task Force on Climate-related Financial Disclosures (TCFD) UN Environment Programme Finance Initiative
UN Global Compact - UN
Sustainable Development Goals - Other
Other selected. Please describe
CEO Action for Diversity & Inclusion Pledge, CREW Network Pledge for Action,
Provide applicable hyperlink
Provide hyperlink https://kimcorealty.widen.net/s/bp2vvhfhzt/2023-corporate-responsiblity-report
https://kimcorealty.widen.net/s/bp2vvhfhzt/2023-corporate-responsiblity-report
Indicate where the relevant information can be found
Page 7, ESG Goals, UN Sustainable Development Goals
Pages 10-11, Science-Based Target
Pages 10-13,
Page 30- Green Lease Leader
Page 32- CREW Pledge for Action
Page 36 -
Provide hyperlink https://kimcorealty.widen.net/s/kvoyexhk8h
https://kimcorealty.widen.net/s/kvoyexhk8h
Indicate where the relevant information can be found
Kimco ESG Policy
Page 19 - CEO Action for Diversity & Inclusion Pledge and CREW Network Pledge for Action
Provide hyperlink https://www.kimcorealty.com/corporate-responsibility/esg-goals
https://www.kimcorealty.com/corporate-responsibility/esg-goals
Indicate where the relevant information can be found
Kimco Website - public disclosure of ESG Goals
Provide hyperlink https://crewnetwork.org/get-involved/cre-pledge-for-action/signatories
https://crewnetwork.org/get-involved/cre-pledge-for-action/signatories
Indicate where the relevant information can be found
CREW Network CRE Pledge for Action Signatories page -
Provide hyperlink https://www.ceoaction.com/ceos/?Sort=Alphabet&companyLetters=K#js-filters-container
https://www.ceoaction.com/ceos/?Sort=Alphabet&companyLetters=K#js-filters-container
Indicate where the relevant information can be found
CEO Action for Diversity & Inclusion Signatories page -
Provide hyperlink https://sciencebasedtargets.org/companies-taking-action#dashboard
https://sciencebasedtargets.org/companies-taking-action#dashboard
Indicate where the relevant information can be found
Entity & Reporting Characteristics - Entity Characteristics
Science Based Targets initiative
Companies Taking Action > Meet the Companies > Kimco Realty Corporation Target: Target
This target was approved using a streamlined target validation route exclusive to small and medium-sized enterprises (SMEs). https://sciencebasedtargets.org/ faqs-for-smes/
- Net Zero commitments
-
- BBP Climate Commitment
- Net Zero Asset Managers initiative: Net Zero Asset Managers Commitment
- PAII Net Zero Asset Owner Commitment
- Science Based Targets initiative: Net Zero Standard commitment
- The Climate Pledge
- Transform to Net Zero
- ULI Greenprint Net Zero Carbon Operations Goal
- UN-convened
Net-Zero Asset Owner Alliance - UNFCCC Climate Neutral Now Pledge
- WorldGBC Net Zero Carbon Buildings Commitment
- Other
Other selected. Please describe
Public Commitment to achieve net zero Scope 1 and 2 GHG emissions by 2050.
Provide applicable hyperlink
Provide hyperlink https://kimcorealty.widen.net/s/bp2vvhfhzt/2023-corporate-responsiblity-report
https://kimcorealty.widen.net/s/bp2vvhfhzt/2023-corporate-responsiblity-report
Indicate where the relevant information can be found
2023 Corporate Responsibility Report Net-Zero Commitment:
Page 7: ESG Goals, Goal #9: "Reduce Scope 1 and 2 GHG emissions by 30% from 2018 to 2030, and achieve net zero Scope 1 and 2 GHG emissions by 2050."
Page 10: Emissions Goals: "The Company also set goal separate from the Science-Based Target of achieving net zero Scope 1 and 2 GHG emissions by 2050 as well as a goal to partner with our tenants to quantify and reduce our Scope 3 emissions, establishing a Scope 3 GHG emissions reduction goal by 2025."
Page 26: Goal #9: "Reduce Scope 1 and 2 GHG emissions by 30% from 2018 to 2030, and achieve net zero Scope 1 and 2 GHG emissions by 2050. Partner with tenants to quantify and reduce Scope 3 emissions, establishing a Scope 3 GHG emissions reduction goal by 2025."
Provide hyperlink https://www.kimcorealty.com/corporate-responsibility/esg-goals
https://www.kimcorealty.com/corporate-responsibility/esg-goals
Indicate where the relevant information can be found
Public Disclosure of our ESG Goals, including net zero - Goal #9 "Reduce Scope 1 and 2 GHG emissions by 30% from 2018 to 2030, and achieve net zero Scope 1 and 2 GHG emissions by 2050."
Provide hyperlink https://kimcorealty.widen.net/s/kvoyexhk8h
https://kimcorealty.widen.net/s/kvoyexhk8h
Indicate where the relevant information can be found
Kimco ESG Policy page 8 - Approach to GHG Emissions Reduction: Science-Based Target and net zero Goal
Provide hyperlink https://d18rn0p25nwr6d.cloudfront.net/CIK-0000879101/7ff9754e-4627-4cc6-9063-0c7a3a1dda0d.pdf
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000879101/7ff9754e-4627-4cc6-9063-0c7a3a1dda0d.pdf
Indicate where the relevant information can be found
- No
|
LE2 |
◎ Max. score 1 |
ESG objectives
Does the entity have ESG objectives?
- Yes
The objectives relate to (multiple answers possible)
- General objectives
-
- Environment
Entity & Reporting Characteristics - Entity Characteristics
-
- Social
- Governance
- Issue-specificobjectives
-
- Diversity, Equity, and Inclusion (DEI)
- Health and well-being
The objectives are
- Publicly available
Provide applicable hyperlink
Provide hyperlink https://kimcorealty.widen.net/s/bp2vvhfhzt/2023-corporate-responsiblity-report
https://kimcorealty.widen.net/s/bp2vvhfhzt/2023-corporate-responsiblity-report
Indicate where the relevant information can be found
Page 6 - Kimco ESG Pillars
Page 7 - ESG Goals: 2023 Progress
Pages 8-9- Stakeholder Engagement Process (Social and Governance)
Pages 10-13 - Environment and Climate (Environment and Governance)
Pages 19-25 -Tenants and Community (Social)
Pages 26- 30 - Green Bond, SBT, Water, Waste, Supply Chain (General Sustainability/Environment)
Pages 31-36: Employees, DEI, Health and Wellness
Provide hyperlink https://www.kimcorealty.com/corporate-responsibility/esg-goals
https://www.kimcorealty.com/corporate-responsibility/esg-goals
Indicate where the relevant information can be found
Public Disclosure of ESG Goals on
- Not publicly available
Communicate the objectives and explain how they are integrated into the overall business strategy (maximum 250 words)
- No
LEADERSHIP
ESG Decision Making
|
LE3 |
◎ Max. score 2 |
Individual responsible for ESG, climate-related, and/or DEI objectives
Does the entity have one or more persons responsible for implementing ESG, climate-related, and/or DEI objectives?
- Yes
-
- ESG
Select the persons responsible (multiple answers possible)
- Dedicated employee(s) for whom ESG is the core responsibility Provide the details for the most senior of these employees
Name Tamara Chernomordik Job title
Vice President, ESG
Entity & Reporting Characteristics - Entity Characteristics
- Employee(s) for whom ESG is among their responsibilities Provide the details for the most senior of these employees
Name Conor C. Flynn Job title
CEO and Board Member
-
- External consultants/manager
- Investment partners (co-investors/JV partners)
- Climate-relatedrisks and opportunities
Select the persons responsible (multiple answers possible)
- Dedicated employee(s) for whom climate-related issues are core responsibilities Provide the details for the most senior of these employees
Name Tamara Chernomordik Job title
Vice President, ESG - Employee(s) for whom climate-related issues are among their responsibilities Provide the details for the most senior of these employees
Name Conor C. Flynn Job title
CEO and Board Member
-
- External consultants/manager
- Investment partners (co-investors/JV partners)
- Diversity, Equity, and Inclusion (DEI)
Select the persons responsible (multiple answers possible)
- Dedicated employee for whom DEI is the core responsibility Provide the details for the most senior of these employees:
Name Leah Landro Job title
EVP, Chief Human Resources Officer - Employee for whom DEI is among their responsibilities Provide the details for the most senior of these employees:
Name Conor C. Flynn Job title
CEO and Board Member
- External consultant/manager
- Investment partners (co-investors/JV partners)
Entity & Reporting Characteristics - Entity Characteristics
- No
|
LE4 |
◎ Max. score 1 |
ESG taskforce/committee
Does the entity have an ESG taskforce or committee?
- Yes
Select the members of this taskforce or committee (multiple answers possible)
- Board of Directors
- C-suitelevel staff/Senior management
- Investment Committee
- Fund/portfolio managers
- Asset managers
- ESG portfolio manager
- Investment analysts
- Dedicated staff on ESG issues
- External managers or service providers
- Investor relations
- Other
Other selected. Please describe
General Counsel, Chief Information Officer, Head of HR, Head of Property Management, Head of Development, Head of
- No
|
LE5 |
◎ Max. score 1 |
ESG, climate-related and/or DEI senior decision maker
Does the entity have a senior decision-maker accountable for ESG, climate-related, and/or DEI issues?
- Yes
ESG
Provide the details for the most senior decision-maker on ESG issues
Job title
CEO and Board Member
The individual's most senior role is as part of
- Board of Directors
- C-suitelevel staff/Senior management
- Investment Committee
- Other
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