Conor Flynn, CEO of Kimco Realty Corp. (NYSE: KIM), participated in a video interview in conjunction with Nareit’s REITworld: 2021 Annual Conference.
Flynn talked about how Kimco partners with tenants to help them be more successful, noting that the REIT was able to solidify many retailer partnerships over the course of the pandemic through its Tenant Assistance Program (TAP).
“We [added to the program] information that we thought was really important to the retailer’s point of view so that they understood what was available to them—not just from Kimco, but from the government as well,” he said.
Flynn said that Kimco takes ESG matters very seriously and that while the REIT’s goals for 2025 and beyond are aspirational, it also looks to solutions it has control over, like irrigation, solar panels, the amount of power produced, construction materials used, and recycling issues.
“We’re a large landlord of shopping centers and we feel responsible for making sure [our properties are] a sustainable type of environment for the next generation,” Flynn said. “Climate tech and proptech is a really interesting opportunity for a shopping center owner like us.”
Turning to transactions, Flynn talked about a recent deal with Blackstone Real Estate Income Trust to jointly own six Publix-anchored Sunbelt shopping centers, noting that Kimco and Blackstone have a good relationship fueled by mutual respect, and the companies have seen mutual opportunity in deals.