Kimco Realty Appoints Flynn President
- Aug 07, 2014
Conor C. Flynn has been named president of Kimco Realty Corp. in a move that sets the 11-year company veteran up to eventually take over the reins at the New Hyde Park, N.Y.-based retail REIT.
Flynn, who has served as executive vice president, Chief Operating Officer and Chief Investment Officer, takes over the president position from David Henry, Kimco’s CEO and the vice chairman of the Board of Directors. Flynn will continue in the roles of COO and CIO.
“It helps draw a line that Conor is the future of Kimco,” a Kimco spokesman told Commercial Property Executive, adding that Henry wasn’t stepping down any time soon as CEO.
“Conor has demonstrated extraordinary leadership in directing the strategic and operational activities of the company, highlighted by an entrepreneurial vision and passion for the company that will continue Kimco’s organizational success well into the future,” Henry said in a news release. “In recognizing Conor’s many talents, the company’s board of directors unanimously approved his appointment as president.”
Flynn, who joined the REIT in 2003 as an asset manager, was named COO, CIO and executive vice president in May 2013. His duties, which will continue with the new title, call for him to oversee the company’s shopping center business including supervision of all regional personnel that handle leasing, property management, construction, asset management and value creation. He also guides new investment decisions for the firm. Before relocating to the New York headquarters after his 2013 promotion, Flynn served as president of the Western Region, the company’s largest region. In that role, he led a team of 110 professionals and oversaw a portfolio of 191 properties and 31.6 million square feet.
He holds a BS in economics from Yale University and a master’s in real estate development from Columbia University.
“I am honored by the confidence the company’s board of directors and management have shown in naming me president of Kimco,” Flynn said in the release. “Together with our talented associates, I’m very excited to continue positioning this best-in-class organization to achieve strong financial results and maximize shareholder value.”
Kimco owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of June 30, the company owned interests in 840 shopping centers comprising 121 million square feet in 41 states, Canada, Mexico, Puerto Rico and South America.
The REIT’s most recent acquisition was announced last month, when Kimco said it bought a portfolio of 10 high-quality shopping centers from its joint venture partner SEB Asset Management for $275.8 million, including assumption of $193.6 million in mortgage debt. Kimco paid approximately $69.8 million for the remaining 85 percent equity interest in the 1.4 million-square-portfolio in the Mid-Atlantic region.
Kimco said the acquisition was part of its strategy to transform its portfolio with high-quality assets and reduce the number of joint ventures. The SEB Asset Management buyout was the third JV acquisition by Kimco this year.