Kimco Realty Corp
) recently announced the appointment of Conor C. Flynn as its
Executive Vice President and Chief Operating Officer (COO), with
effect from May 20. The current COO Michael Pappagallo has
decided to step down from his post.
Michael V. Pappagallo, who served Kimco Realty as COO since
Apr 2010, has opted to give up his present position to fulfill
his next carrier move. Pappagallo is parting with Kimco Realty to
join Brixmor Property Group as the President and Chief Financial
Officer (CFO). Brixmor Property Group is a private retail firm,
which is one of the leading owners of community and neighborhood
shopping centers in the U.S.
The new COO, Conor C. Flynn, has exhibited his coherent and
strategic proficiency at Kimco Realty for 10 years. He is
currently serving the company as the President of the Western
Region. Prior to that, Flynn has held various executive positions
at Kimco Realty, including President of the Northwest Region,
Vice President of the Northwest Region, Asset Manager for the
Western Region and Director of Real Estate Redevelopment.
Earlier this month, this retail real estate investment trust
(REIT) reported decent first-quarter 2013 results with adjusted
FFO (funds from operations) per share of 32 cents, in line with
the Zacks Consensus Estimate and rising by a cent from the
prior-year quarter. The results were aided by
better-than-expected growth in revenues and net operating income,
which reflected the highest quarterly increase since 2007.
Currently, Kimco carries a Zacks Rank #3 (Hold). However, a
number of other better performing REITs that deserve a look
The Macerich Co.
CBL & Associates Properties, Inc.
Equity One, Inc.
), all of which carry a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of
REITs, are obtained after adding depreciation and amortization
and other non-cash expenses to net income.
CBL&ASSOC PPTYS (CBL): Free Stock Analysis
EQUITY ONE INC (EQY): Free Stock Analysis
KIMCO REALTY CO (KIM): Free Stock Analysis
MACERICH CO (MAC): Free Stock Analysis Report
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