Reit Magazine - March/April 2021 - 24

" The key to understanding the relative
risk to each asset is
climate change
scenario modeling
that is grounded in
science. "
-Will Teichman, vice president,
business operations, Kimco Realty Corp.

For example, Kimco leverages a third-party firm to
provide information around scenario modeling for
flooding and windstorms. The science-based assessment of climate risk scenarios allows REITs to better
understand the potential financial and physical
impacts and take necessary steps to mitigate risks.
One of the biggest financial risks associated with a
severe storm is downtime to a property. For example,
Kimco owns a portfolio of retail properties in Puerto
Rico. In 2017, Hurricane Maria had a devastating
impact on the island. Kimco was one of the first commercial property owners to have its properties back
up and running within a matter of days.
" Part of the reason for that was advanced planning
and knowing how to respond to and mitigate risks, "
Teichman says. The company had pre-staged generators, fuel, and roofing materials for repairs. Longer
term, there are permanent capital improvements that
can be made to sites to mitigate against climate risks
to make them more resilient, he adds.

LOOKING AT THE LARGER PICTURE
Meanwhile, climate impacts on regional transport, electric, water, communications, and other
infrastructure can also determine whether an asset

24 |

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remains operational during and after an extreme
event, Kim at Four Twenty Seven says.
" Such impacts underscore the necessity of REITs
to consider risk and resilience beyond the borders of
their site and understand how the local communities in
which they're embedded are assessing risk and implementing measures to address these risks, " she adds.  
Indeed, leadership at AvalonBay believes it is
important not to overlook the opportunity side
of climate risk. Some cities are making significant
investments in infrastructure to manage climate
risk, and there is real opportunity to invest in those
markets, Delisi says. It is not just opportunity for
AvalonBay and its stakeholders, he notes, but there is
also an opportunity to help make cities more resilient
and support investments in infrastructure.
" Our residents live in these communities. So, as
climate change becomes more real, we want to be
part of the solution-not just for AvalonBay in a
vacuum, but for the wider community as well, "
Delisi says.



Reit Magazine - March/April 2021

Table of Contents for the Digital Edition of Reit Magazine - March/April 2021

Contents
Reit Magazine - March/April 2021 - Cover1
Reit Magazine - March/April 2021 - Contents
Reit Magazine - March/April 2021 - 1
Reit Magazine - March/April 2021 - 2
Reit Magazine - March/April 2021 - 3
Reit Magazine - March/April 2021 - 4
Reit Magazine - March/April 2021 - 5
Reit Magazine - March/April 2021 - 6
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