Conor Flynn, CEO of Kimco Realty Corp. (NYSE: KIM), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
Flynn said that Kimco has concentrated its portfolio in the top 20 metro markets because they exhibit “a balance of supply and demand” and offer real estate greater room for growth.
“The retail evolution is dramatic,” Flynn said. “We want to embrace that evolution, and so [we’ve positioned] our portfolio for what we believe is the future of retail.”
Flynn discussed Kimco’s Signature Series, the REIT’s platform for development and redevelopment, something that has been a “game-changer” for the top assets in its portfolio. He said Kimco looks at the highest and best use of the real estate that it owns in the top metro markets and often will mix uses between apartments, hotels, and retail.
He also said that Kimco is in a balanced position right now after a period of heavy disposition over the past few years.
“We believe the best way forward is to invest our capital within the portfolio and really unlock the embedded value,” he said.
Flynn added that environmental, social, and governance (ESG) concerns have become a critical piece of Kimco’s current strategy and that he believes that to be a differentiator for the REIT.