1/27/2024 0 Comments Kite realty waterford lakesThe laws also may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers. Environmental laws require that ACBM be properly managed and maintained, and fines and penalties may be imposed on building owners or operators for failure to comply with these requirements. Also, certain of our properties have contained asbestos-containing building materials (“ACBM”), and other properties may have contained such materials based on the date of its construction. However, these lease provisions may not fully protect us in the event that a tenant becomes insolvent. In general, these tenants have covenanted in their lease agreements with us to use these substances, if any, in compliance with all environmental laws and agreed to indemnify us for any damages we may suffer as a result of their use of such substances. In addition, some of our properties have tenants that may use hazardous or toxic substances in the routine course of their businesses. In addition, our properties are subject to fire and safety regulations, building codes and other land use regulations. The obligation to make readily accessible accommodations is an ongoing one, and we will continue to assess our properties and make alterations as appropriate in this respect. However, noncompliance with the ADA could result in orders requiring us to spend substantial sums to cure violations, pay attorneys’ fees or other amounts. We believe our properties are in substantial compliance with the ADA and that we will not be required to make substantial capital expenditures to address the requirements of the ADA. The ADA may require removal of structural barriers to access by persons with disabilities in certain public areas of our properties where such removal is readily achievable. Our properties must comply with Title III of the Americans with Disabilities Act (the “ADA”) to the extent that such properties are public accommodations as defined by the ADA. These uncertainties make it difficult to predict operating results for our business therefore, there can be no assurances that we will not experience further declines in revenues, net income, FFO or other operating metrics, which could be material.Īmericans with Disabilities Act and Other Regulations. We expect the ongoing effects of COVID-19 to be dictated by, among other things, the severity of the ongoing outbreak of COVID-19, including possible resurgences and mutations, the success of efforts to contain it, the efficacy of vaccines, including against variants of COVID-19, public adoption rates of vaccines, and the impact of other actions taken in response to the pandemic. As the domestic economy recovered from many of the effects of COVID-19, retailers improved their operations to account for the pandemic, including using open-air centers as convenient shopping destinations and last-mile fulfillment through the use of in-store pickup, curbside pickup, and shipping from stores. In 20, the COVID-19 pandemic had a significant adverse impact on many of our tenants and on our business. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for General Partner Units, the Operating Partnership generates the capital required by the business through its operations, its incurrence of indebtedness and the issuance of Limited Partner Units to third parties. The Operating Partnership is structured as a partnership with no publicly traded equity. These subsidiaries and joint ventures own and operate retail shopping centers and other real estate assets. The Operating Partnership has numerous wholly owned subsidiaries, and it also owns interests in certain joint ventures. In addition, the Parent Company currently does not nor does it intend to guarantee any debt of the Operating Partnership. The Parent Company issues public equity from time to time but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Parent Company has no material assets or liabilities other than its investment in the Operating Partnership. We believe it is important to understand the few differences between the Parent Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company.
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