REIT news, redevelopment, and a roller coaster – yes, Kimco had a lot going on in the third quarter of 2015. We continue to make significant progress in the redevelopment of our sites throughout the country, while many of our programs are adding value to our brand, and enhancing our reputation with customers and Wall Street analysts.

Here’s a snapshot of the coverage we received in Q3.

What’s happening with REITs?

While investors saw a great deal of volatility in the stock and bond market, REITs are grabbing headlines. Kimco saw an increase in both its coverage and its share price when the Federal Reserve left interest rates unchanged in September. And, Kimco’s Chief Financial Officer Glenn Cohen spoke to the Wall Street Journal about how the company is affected by the Fed’s decision to keep the interest rate steady (long story short, Kimco benefits).

Citi also upgraded Kimco to a “buy” rating, and appears to be optimistic about REITs, with one analyst saying they’re likely to rebound after some tough months.

Will Teichman, senior director of strategic operations, spoke to about sustainability reports and disclosure, adding that Kimco believes that detailed information about corporate responsibility does drive “tangible property and enterprise value for Kimco’s stakeholders.”

Property upgrades and redevelopment

Some of the biggest news Kimco received this quarter was approval of some site plan changes for Pentagon Centre, which is our mixed-use redevelopment project in Arlington, Va. The amended plan will feature approximately 700 residential units and 9,000 square feet of public space in Phase 1. This is a major project for Kimco, and these approvals are another step in making this project a reality.

On the other end of the spectrum there is Owings Mills Mall, in Owings Mills, Md. in which we acquired a 50 percent interest a few years ago. We are committed to “de-malling” the site and revitalizing it into an open-air shopping center. Kimco also received approval to build additional parking in our Suburban Square shopping center in Ardmore, Pa. The four-story parking garage will offer 3,000 square feet of retail space and an entry plaza.

Kimco is planning to commence work on the Forest Avenue Shopping Center on Staten Island in the third quarter; the $10 million project will include an upgrade to the center with updated colors and façade, the addition of LA Fitness as an anchor tenant, and modern signage, which should be completed by spring.

Other Kimco news

Also in the third quarter, we were named to the world-renowned Dow Jones Sustainability North America Index (DJSI). This was our first year applying for the assessment, which tracks financial performance of companies with substantial corporate responsibility initiatives. We were the only open-air shopping center REIT to be recognized.

Kimco and Canada's RioCan REIT announced an agreement to unwind our RioKim joint venture including the sale of our share in a 22-property Canadian shopping center portfolio from the joint venture to RioCan for $715 million. Selling our ownership share in these properties will give Kimco an infusion of cash to help fund our growing redevelopment pipeline and further strengthen the company’s balance sheet. In addition, this will allow us to focus on our core operations here in the United States.

And last but certainly not least: as part of our Dania Pointe development, we will be tearing down the famous Dania Beach Hurricane roller coaster. The wooden coaster is a bit of an eyesore, and we will be demolishing it early next year as we make way to redevelop the 102-acre site for retail, hotel, office and live entertainment space.

Check back in January for coverage from the fourth quarter.