Shopping Center REIT Kimco Progressing on Light Retrofitting

Will Teichman, senior director of strategic operations at Kimco Realty Corp. (NYSE: KIM), joined REIT.com for a video interview at NAREIT’s 2017 Leader in the Light Working Forum at the Hilton Austin in Austin, Texas.

Teichman said that REITs have been working diligently for many years on issues of corporate governance. At this point, he added, the social aspect of sustainability has become the “final frontier.”

Turning to green leasing, Teichman said the concept is still a relatively new one within the industry. “We’re still establishing a common definition and language so we can understand what this concept means,” he said.

Teichman also commented on the second phase of the company’s Illumi-Nation lighting retrofit program. The goal of Illumi-Nation is to retrofit all the common areas of Kimco’s top-tier sites with LED lights by 2020. Kimco has already reached the 50 percent threshold, and Teichman said he definitely expects to retrofit 100 percent of the portfolio by the target date.

In addition to a 30 to 40 percent reduction in same-site energy consumption, the Illumi-Nation program has increased the quality of lighting at shopping centers, improved curb appeal, and enhanced safety and security, Teichman said.