KIMCO IN THE NEWS: Q2 2012 RECAP
Kimco’s business initiatives, projects, and people have caught the attention of several industry, local, and national media outlets. We’ve been posting quarterly round-ups of our press coverage on our blog, so with the second quarter at a close, I wanted to highlight some articles that featured Kimco over the past three months.
Nordstrom Rack opens in grand fashion
Kimco tenant Nordstrom Rack hit NBC Connecticut’s radar when the retailer held its grand opening celebration at our West Farms shopping center in Farmington, Conn. Nearly 1,000 patrons lined up to grab the day’s deals and get a chance to win a $2,000 shopping spree at the store. You can also flip back to our blog post covering the Nordstrom Rack grand opening for more information on the event.
Kimco’s Director of Sustainability weighs in
Will Teichman, Kimco’s Director of Sustainability, participated in the 2012 NAREIT Leader in the Light Forum in Dallas, where he weighed in on how collaborative sustainability programs have improved the commercial real estate industry’s efforts to go green. If you missed it, I encourage you to watch the interview featured on REIT.com.
Business incubator programs heat up
Retail Traffic’s Elaine Misonzhnik covered the growth of tenant incubator programs, citing Kimco’s new KEYS program as part of the trend. As we discussed in our previous blog post about KEYS, our business incubator program helps encourage entrepreneurial success by giving participants one free year of retail space, while also providing guidance to accelerate business growth. Click over to Elaine’s article for more details on why real estate companies are turning to tenant incubator programs to fill small retail space.
Retail footprints are taking new shapes
Many large-format retailers have shrunk their footprints amid the economic downturn and online retail surge. Northeast Real Estate Business spoke to several property owners, developers, brokers, and retailers about this trend, including Tom Simmons, Kimco’s President of the Mid-Atlantic and Northeast Regions. The publication featured Tom’s thoughts on which retailers have successfully trimmed down their business, and how “rightsizing” large retail stores can help both tenants and property managers. Read the article, “The Changing Footprint of the Large-Format Retailer,” for more insights.
Lag in retail development is lifting sector recovery
Major retail development continues to lag with the slow housing market. Several media turned to Kimco executives for their thoughts on this trend. Commercial Property Executive’s Dees Stribling tapped Kimco CFO Glenn Cohen, and featured his insight on how the lack of retail development has aided the sector’s recovery (flip to page 26). In addition, Paul Bubny of Real Estate Forum pulled thoughts penned by COO Mike Pappagallo in a previous post Mike wrote on our blog. Click over to page 46 of Paul’s article, “How Shoppers got their Groove Back.”
Quarterly grades are in
Several media have been highlighting Kimco’s business performance as a result of issuing our Q1 earnings. Brad Thomas reported on our “strong first quarter report card” for Seeking Alpha. He also included Kimco in his Forbes article “Three REIT Innovators With Strong Yields,” citing Kimco as a successful leader in the REIT field.
Retail real estate is making history
Kimco was also featured in Commercial Property Executive’s “Milestone Moments,” a timeline of important events in commercial real estate history. The publication included Kimco for launching the modern REIT era with its 1991 IPO. Flip to page 29 for more historic moments in the real estate and REIT industries.
Retail REITs groom their portfolios
Many U.S. REITS are selling their non-core assets and using the proceeds to improve their portfolios through acquisitions and redevelopment. Kimco started its portfolio-enhancement program in September 2010. We’ve since sold 53 non-strategic properties for $289.3 million, with an average occupancy rate of 82 percent, well below our current U.S. portfolio occupancy level of 93 percent. Several industry media have been following our efforts, including Real Estate Forum, National Real Estate Investor, and Retail Traffic.
That sums up some of the major news we’ve made over the past quarter. Thanks to all media points and journalists for covering our company and using our people as sources.
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