The owner has had two very different conversations with its landlords. "We were nervous about time. Understanding our success is driven by the performance of our tenants. That suggests better days could be ahead for Tanger Factory Outlet Centers and Kimco Realty. That's why we've established The Kimco Advantage. We want to hear from you. Kimco Realty, which owns and operates roughly 400 strip centers typically anchored by grocery stores across the country, has started piloting a tenant assistance program, or TAP. © 1999-2021 Kimco Realty Corporation. Kimco's responses in this disclosure pertain to its entire US portfolio of properties, which are primarily open-air neighborhood grocery-anchored and power retail shopping centers. For example, 74% of Kimco’s revenue comes from grocery-anchored centers. "You contemplate, but you can not predict. If you have any questions or need assistance, please call your Property Manager or call 1-800-645-6292 and ask for Property Management assistance. The Little Neck Plaza in Little Neck, NY owned by Kimco Realty. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America's largest publicly traded owner and operator of open-air shopping centers. For Kimco the average was 56% across its properties. We don't want them to think because we are closed we don't care about them.". At Kimco, corporate responsibility is a key priority and a core focus of our business strategy. The government's $350 billion loan program is aimed at assisting small businesses hurt by the measures that have been taken to stem the spread of COVID-19. —CNBC's Kate Rogers contributed to this reporting. One is a larger, corporate entity. "They have the balance sheets and the cash positions to weather this storm. Retailers play an integral role in our communities. Get this delivered to your inbox, and more info about our products and services. Your customers and competitors are shopping around for discounts to get the most value for their money. "We were nervous about time. Business at the two daycare locations is now down 85% to 90%, he said. “Perhaps hit the hardest are small-shop tenants who often simply do not have the resources to hang on,” Flynn said. Currently, the TAP pilot is in California and Florida. Kimco is designating curbside pickup parking spots at its centers for use by all tenants and their customers. You think about the longer impact. Marmins is working with one particular daycare owner with two shopping center locations in Virginia. by example in our operations, Positively influence tenants & partners, Enhance our communities, and Build & retain a quality team. We encourage you to read our Privacy Policy (last updated on January 2, 2020) and Terms of Use (last updated on December 18, 2019) before using our website. Kimco offers its tenants the opportunity to electronically submit updates to their emergency contact information. Got a confidential news tip? "The clients we are dealing with are trying to work out short-term deals with landlords until we know more information.". We are not ones to wait for the government. © 2021 CNBC LLC. Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, announced today that the company is rolling out a Curbside Pickup™ program at its Texas shopping centers, with plans for a nationwide expansion in the coming days. I borrowed money. The company is designating curbside pickup parking spots … Click the link below to get the information you need to enroll. American Dream co-CEO Don Ghermezian told CNBC in an interview: Kimco Realty has started piloting a tenant assistance program to help its tenants find and apply for federal and state loans to aid their businesses during the coronavirus pandemic. We both understand that we are helpless right now. We also use cookies to enhance your experience on our websites, to better understand how our website is used, and to help provide security. Kimco allows tenants to electronically report sales. ", "The small mom-and-pops are the ones in the trenches," the CEO said. "They are demanding [and] being very assertive. "That is the most difficult decision we will have to make sooner or later.". We figured we had to act quickly," Kimco CEO Conor Flynn told CNBC in an interview. Kimco Realty is a bit more mundane, as the REIT owns shopping centers. Any influx of revenue hardly covers payroll, and the business has been deferring on everything else — credit card payments, utilities and other expenses, he added. That said, the coronavirus hasn't been easy on the company or its shareholders. Biggest threat to brick and mortar is current version of themselves: Rick Caruso, The government's $350 billion loan program. "We recognized early on, that the big national retailers ... they need to pay their rents," Flynn explained, mentioning names like Target, Home Depot and Costco. Kimco has collected approximately 60% of the total pro-rata base rents billed for the month of April, including 78% from the company’s top 50 tenants and 40% from those tenants that are closed. Internet Explorer is not a supported browser. Kimco Realty, owner of more than 400 shopping centers across the U.S. and represented in Oregon by Dunn Carney, has created a novel Tenant Assistance Program to pay for legal assistance for its tenants who apply for relief under the CARES Act. Kimco also will offer a rent deferral program to smaller tenants that cannot pay April rent, so long as they are checking all the boxes and applying to the government programs that are available to them, the CEO explained. According to Kimco Realty CEO Conor Flynn. Kimco Realty Corp. (NYSE: KIM) will announce its fourth quarter 2020 earnings on Thursday, February 11, 2021 before market open. While a growing number of consumers and supermarkets are adopting online grocery services, physical stores still offer last-minute convenien… Distributed by Public, unedited and unaltered, on 15 September 2020 20:39:02 UTC I have got to pay back my lenders.". And some are still seeking assistance. American Dream co-CEO Don Ghermezian told CNBC in an interview: "The difficulty we are going though now ... if tenants don't want to pay rent, my response is: I have got to pay a mortgage. And the other is a small business operator itself. Submit Contact Information. Other landlords including U.S. mall owners Triple Five Group and Taubman have said they have their own obligations to meet, and therefore need to collect rent checks from their tenants. Save time, save money and make the most of your budget and busy schedule by using fewer vendors to increase your purchasing power, and streamlining your ordering and invoicing process. All Rights Reserved. We figured we had to act quickly," Kimco CEO Conor Flynn said. In fact, management estimates that 95% of the REIT’s rent is from e-commerce resistant tenants. "If nothing comes through with this one landlord ... [our] last, but not favorable resort, is just let it go and shutter," the owner said. Kimco Realty Corporation ESG Policy Version 3.1 Page 3 1.0 ESG Program Overview Introduction As one of North America’s largest publicly traded owners and operators of open-air shopping centers, Kimco is committed to being a leader on environmental, social and governance issues. He said Kimco is looking for additional ways to get capital to the businesses that need it most. Kimco's Curbside Pickup™ Program is designed to help businesses adapt to these new shopping habits, and to allow customers to ease back into a daily shopping routine while feeling safe and comfortable at their neighborhood shopping centers. Got to pay back my lenders. `` fact, Management estimates that %. The REIT owns shopping centers spots at its centers for use by all tenants and their customers hit hardest... Triple net leases in which they have the balance sheets and the other a... To electronically submit updates to their emergency contact information. `` an interview electronically submit updates their! 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