Kimco Realty Provides Update on Puerto Rico Assets After Hurricane Maria
October 03 2017 - 4:01PM
Business Wire
Kimco Realty Corp. (NYSE:KIM) today reported that recovery
efforts are underway at the company’s seven Puerto Rico assets in
the wake of Hurricane Maria. All personnel are safe and accounted
for. Two assets in the southern part of the island were less
impacted and most tenants have resumed operations, while five
properties in the northern region sustained more significant
damage.
Initial repairs are already in progress, however, a complete
assessment and recovery plan will require more time, as the
island’s challenged infrastructure and a scarcity of labor and
materials have slowed efforts.
Kimco has deployed additional equipment and construction
personnel to expedite the reopening of tenant locations.
“Our hearts go out to the people of Puerto Rico effected by
Hurricane Maria,” said Conor Flynn, Kimco’s Chief Executive
Officer. “In the face of significant challenges, our team is making
remarkable progress in a very short time. Our focus remains on
providing our employees with the assistance they need, and getting
our tenants open as soon as possible to provide residents with
access to critical goods and services during the recovery
process.”
Kimco maintains comprehensive property and business interruption
insurance on its Puerto Rico assets, and the company expects that
all damage will be insured under existing policies, with building
coverage subject to a collective deductible of $1.2 million.
The company continues to encourage its employees to donate to
the American Red Cross through the International Council of
Shopping Centers’ portal, where Kimco is matching donations to
hurricane relief efforts.
About Kimco
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust
(REIT) headquartered in New Hyde Park, N.Y., that is one of North
America’s largest publicly traded owners and operators of open-air
shopping centers. As of June 30, 2017, the company owned interests
in 510 U.S. shopping centers comprising 84 million square feet of
leasable space primarily concentrated in the top major metropolitan
markets. Publicly traded on the NYSE since 1991, and included in
the S&P 500 Index, the company has specialized in shopping
center acquisitions, development and management for more than 50
years. For further information, please visit
www.kimcorealty.com, the company’s
blog at blog.kimcorealty.com, or follow Kimco on Twitter at
www.twitter.com/kimcorealty.
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version on businesswire.com: http://www.businesswire.com/news/home/20171003006469/en/
Kimco Realty Corp.David F. Bujnicki, 1-866-831-4297Senior Vice
President, Investor Relations and
Strategydbujnicki@kimcorealty.com
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