Kimco Realty CEO Says REIT Positioned to Benefit From Potential Market Dislocation
05/22/2020 | by Sarah Borchersen-Keto

Conor Flynn, CEO of Kimco Realty Corp. (NYSE: KIM), participated in a video interview in conjunction with Nareit’s REITweek: Virtual Investor Conference (being held June 2-4).

Flynn described Kimco’s recently introduced Curbside Pickup Program as a natural extension of the buy online, pickup in-store trend. “Curbside is a way to get the consumer really feeling safe in the environment, and for the retailers it’s a big benefit because it allows them to ramp sales back up quickly,” he said.

Flynn explained that Kimco wanted to expand the best practices of larger retailers that have been utilizing curbside pickup to smaller retailers and shops that haven’t been deemed essential.

Meanwhile, Flynn said Kimco is “well-positioned” to take advantage of market dislocation, noting that the REIT has prepared for a downturn by transforming its portfolio and prioritizing liquidity.

“This time around we’re in a position to be opportunistic, recognizing that we do think there’s going to be some dislocation both from the private side and from potentially the public side,” Flynn said.

Flynn also said the REIT’s surface parking areas at its shopping centers “will be a real asset for us longer term” as the company looks to add mixed uses, such as apartments.