Conor Flynn, CEO of Kimco Realty (NYSE: KIM) and Nareit 2025 Chair, sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas, Nevada on Nov. 18-21.
Flynn said that with a new administration next year, it will be important to ensure that REITs are understood by Congress. Other priorities for the industry include a continued focus on sustainability, diversity, and financial literacy. In addition, he highlighted the need to promote the benefits of REITs to global investors and communities.
Meanwhile, Flynn noted that Kimco’s integration of RPT Realty assets has been successful and has exceeded expectations.
Regarding the open-air retail space, Flynn noted a favorable supply-demand balance. With minimal new supply in the last 13 years, demand is high and vacancy rates are at historic lows. This has driven high leasing spreads and retention rates, suggesting strong growth potential moving forward.
Flynn also addressed the cost of capital, which has improved for Kimco. The company has made strategic acquisitions, such as the Waterford Lakes center in Orlando, a high-traffic retail location. The center offers opportunities to increase rents as original leases expire, with a mix of strong tenants like Target, Nike, and Shake Shack. In 2025, Kimco plans modest acquisitions and will monitor the cost of capital for further growth opportunities.