CNBC's Conor Flynn, CEO of Kimco Realty, stated that foot traffic has returned to pre-pandemic levels at the shopping centers.Flynn stated on "The Exchange" that traffic is back at 2019 levels and that there is a playbook we can use now, thanks to the lessons learned from the pandemic. We launched curbside pickup, and... the last mile shopping center that we typically own is grocery-anchored. This allows the consumer to shop the way they like, which I believe is important for consumers today.Kimco, which owns about 400 American shopping centers, reported strong earnings for its second quarter earlier Thursday. StreetAccount reports that it posted funds from operations at 34 cents per share. This is better than the 31 cents estimates. Revenues of $289million exceeded forecasts of $272million.The real estate investment trust raised its full year guidance for earnings, and said that its operations returned to pre-pandemic levels quicker than expected. Kimco shares closed at $21.23 per share on Thursday, up 2.2% Stock is up 41.44% year-to-date.Flynn stated that e-commerce is gaining popularity but physical retail still has a place in the shopping environment.Flynn stated, "All of the sudden, this last mile retail has become more value to the retailer and the consumer." Anchors were the main reason we saw an increase in occupancy.He said that the shopping center was designed to serve customers in "any way they so desire". Covid-inspired options such as online, curbside, and in-store pickup, along with easy returns, have helped make this a reality.Flynn stated that Jericho, New York-based Kimco also sees strong interest in its commercial space."We are in a good spot in terms supply and demand. Our leasing spreads have made our pricing power quite strong, and there is no new supply. He said that he believes it is a good way to show the future cash flow growth he anticipates.Flynn stated that Kimco anticipates $33 million in future cash flows from new leasing contracts. This gives Kimco "a nice tail into future." The company signed 333 leases totaling 1.8 million square footage during the second quarter.Flynn stated that the owner of the shopping center is experiencing strong business, especially in home improvement, grocery and home goods stores like Ross, T.J. Maxx and Burlington. He said that Kimco has recently acquired new tenants, especially in light of the rise of ecommerce businesses seeking to enter the brick-and mortar world. The company owns the Bellevue shopping center, Washington, where Amazon Fresh opened earlier in the year.Flynn stated that there is a lot of new demand and that retail continues to evolve.
