Conor Flynn, CEO of Kimco Realty (NYSE: KIM), sat down for a video interview at Nareit’s REITweek: 2026 Investor Conference in New York, June 1-4.
With just 0.2% of existing shopping center inventory under development, Flynn said the sector benefits from a rare supply-demand imbalance that is supporting record occupancy levels and strong leasing momentum.
Retailers continue to expand their physical footprints as stores increasingly serve as critical hubs for fulfillment, customer engagement, and omnichannel operations.
“The supply and demand picture is actually extraordinarily healthy today for shopping centers, specifically grocery-anchored shopping centers,” Flynn said.
Flynn also emphasized Kimco's mixed-use redevelopment strategy as a significant long-term value driver. The REIT is unlocking value from underutilized land within its shopping center portfolio, with 14,000 apartment units entitled and more than 4,000 activated. By integrating multifamily housing into retail centers, Kimco is creating destination-style environments that command premium apartment rents while enhancing retail traffic.
“If you look at our strategy of that first ring suburb, that's where we've seen density really come in and fill around our assets. And so that's why we think the oil that's buried beneath Kimco is the entitlement upside that we have,” Flynn said.
Tenant health remains strong across the portfolio, with minimal signs of financial stress and rising shopper activity. Kimco reported traffic growth of 3% year-over-year, while retailers continue to expand despite broader economic uncertainty.
Looking ahead, Flynn said redevelopment remains Kimco's most attractive capital allocation opportunity, supported by the company's strongest-ever balance sheet and investment-grade ratings.