Kimco Realty is Helping Small Retail Tenants Survive the Financial Impact of Coronavirus
Kimco Realty Corp. CEO Conor Flynn said the REIT’s large national retail tenants need to pay their rent so that financial assistance can get to where it is needed most—small shop retailers.
In an April 15 REIT Report interview, Flynn—who was recently diagnosed with COVID-19 and suffered mild symptoms—outlined the REIT’s efforts to help its ‘mom and pop’ tenants, including rent deferral and its new Tenant Assistance Program (TAP).
Flynn said TAP’s aim is to help its smaller tenants “bridge to the other side of this” by offering free legal services to help them navigate federal and statewide assistance programs. So far, over 1,700 tenants have taken advantage of TAP and Kimco continues to try and get more tenants to actively use it. “Time is not on the side of our small shop retailers,” he said.