Three-fourths of Kimco’s top 50 tenants paid rent in April

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Three-fourths of Kimco’s top 50 tenants paid rent in April

By Al Urbanski - 05/08/2020
Kimco CEO Conor Flynn
Kimco CEO Conor Flynn

One of the top nation’s top owners of necessity-based centers claims to have fared well through the pandemic-afflicted first quarter.

Kimco, which operates more than 400 grocery-anchored center, reported a 98.6% occupancy rate portfolio-wide in Q1, a jump of 80 base points from the same quarter last year.

The Melville, NY-based company reported collection of 78% of rents from its top 50 tenants, as well as 40% of rents from tenants closed during the COVID-19 shutdown.

“Given the significant transformation successfully executed over the last several years, we now own a predominantly grocery-anchored portfolio clustered in the nation’s top markets,” said CEO Conor Flynn in a press release. “I have been moved and humbled by our associates’ focus on tenant and community support during this time of crisis.”

In dealing with the COVID-19 crisis, Kimco secured a new $590 million unsecured loan. It also established a tenant assistance program that engages law firms nationwide to help tenants apply for government-sponsored assistance and launched the Kimco Curbside Pickup program at all its centers.

Flynn’s outlook for the near future was positive. “We have the strongest liquidity position and one of longest debt maturity profiles in our sector, to not only overcome the current challenges, but to potentially capitalize on emerging opportunities as we move ahead,” he said.

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