Kimco Realty CEO Says ESG Focus Embedded Across Entire Organization

In the latest edition of the Nareit REIT Report podcast, Kimco Realty Corp. CEO Conor Flynn discussed the shopping center REIT’s unique approach to ESG matters.Flynn reflected on the evolution of Kimco’s ESG program since its inauguration 8 years ago. “Today we’re in a very different place,” he said. As the program has matured, Kimco has found ways to embed various ESG activities and responsibilities into existing teams across the entire organization. Now, instead of having one individual directing all its ESG efforts, Kimco has shifted to managing through a cross-functional steering committee comprised of various department leaders.From an environmental perspective, moving the needle requires a sustained multiyear commitment, Flynn observed. He noted that the scale with which Kimco has adopted energy efficiency measures has been “transformative.” For example, the REIT recently concluded a first-of-its-kind installation of over 4,500 submeters across every tenant space in its portfolio. Because tenants are now billed on their actual consumption, they have a direct financial incentive to conserve, he said.