Kimco CEO Henry to Step Down at Year's End

NEW HYDE PARK, NY—David Henry will end a 14-year stint at Kimco Realty Corp., the last six as its CEO, at the end of 2015, the shopping center REIT said Wednesday. Henry, who turns 66 this year, will retire as vice chairman and CEO on Jan. 1, 2016, at which time Conor Flynn will succeed him as CEO.

“This announced transition comes at a time of strength for Kimco given our well-positioned portfolio, deep management team and strong balance sheet,” says KIM's cofounder and executive chairman, Milton Cooper. He calls Henry's contribution to the company's success “enormous” and says the selection of Flynn to succeed Henry “reflects our excellent talent base and internal succession planning process.”

Henry has been the REIT's CEO since November 2009. He will serve as a senior advisor to KIM upon his retirement, and will provide the company with consulting and advisory services as requested from time to time.

Flynn has been president of the company since this past August, having previously been named COO in May 2013 and CIO last May. He will continue in all three roles until becoming CEO next January.

Earlier this month, KIM reported its fourth-quarter and full-year 2014 operating results. Its adjusted funds from operations increased year over year by 15.2% to $156.7 million for Q4 and by 7.4% to $576.9 million for the year.

The quarter also saw its US and combined portfolio occupancy increase to 95.7% and 95.8%, respectively, representing the highest levels since Q1 2008. It exited the Latin American market with sales totaling $205.2 million during Q4. Subsequent to the quarter's end, it closed on its $925-million buyout of Blackstone Real Estate Partners VII's 66.667% interest in the Kimstone portfolio, totaling 39 properties and 5.6 million square feet. GlobeSt.com first reported on the Kimstone deal this past December.