Kimco Realty malls in PR sustain damage, under repair
Mall operator Kimco Realty Corp. said Tuesday recovery efforts are underway at its seven Puerto Rico assets in the wake of Hurricane María. All personnel are safe and accounted for, the company confirmed.
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, the company said.
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 malls in Bayamón (Rexville Town Center), Carolina (Los Colobos), Manatí (Villa María Shopping Court), Mayagüez (Western Plaza), Ponce (Ponce Towne Center) and Trujillo Alto (Trujillo Alto Plaza).
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 CEO.
“In the face of significant challenges, our team is making remarkable progress in a very short time,” he said. “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.