Kimco Realty

Last updated
Kimco Realty Corporation
Company type Public company
NYSE:  KIM
S&P 500 component
Industry Real estate investment trust
Founded1958;66 years ago (1958)
FoundersMilton Cooper
Martin Kimmel
Headquarters Jericho, New York
Area served
 Contiguous United States and Puerto Rico
Key people
Milton Cooper, Chairman
Conor C. Flynn, CEO
Glenn G. Cohen, CFO
RevenueDecrease2.svg $1.044 billion (2020)
Increase2.svg $975 million (2020)
Total assets Increase2.svg $11.614 billion (2020)
Total equity Increase2.svg $5.608 billion (2020)
Number of employees
484 (2020)
Website www.kimcorealty.com
Footnotes /references
[1]

Kimco Realty Corporation is a Jericho, New York-based real estate investment trust that invests in shopping centers.

Contents

Description

Kimco Realty was the first public, vertically integrated REIT designed to be internally managed and advised, providing its own property and asset management. [2]

As of March 31, 2022, the company owned interests in 537 U.S. shopping centers and mixed-use assets comprising 93 million square feet of gross leasable space. [1]

The company also specializes in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2022, the company owned interests in 526 U.S. shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space. By May 2024, the number of shopping centers which the company owned interest in rose to 502. [3]

History

Kimco Realty Corporation was founded in 1966 by a group of real estate investors, including Martin Kimmel and Milton Cooper, who merged their retail assets. This asset merger led to the new company being named Kim-co.

In 1991, the company became a public company via an initial public offering, raising $120 million. [4]

In 1998, the company acquired Price REIT for $535 million in stock. [5]

In October 2003, the company acquired Mid-Atlantic Realty Trust for $441 million. [6] [7]

In 2007, the company acquired Birchwood Development Company – another Long Island-based real estate corporation – for $92 million. [8]

In August 2021, the company acquired Weingarten Realty. [9]

In January 2024, Kimco acquired RPT Realty, making the company the largest REIT for shopping centers.

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References

  1. 1 2 "Kimco Realty Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ Brueggeman, William (2016). Real estate finance and investments. New York, NY: McGraw-Hill Education. ISBN   978-0-07-337735-3. OCLC   908192655.
  3. ↑ "Kimco Properties". Kimco Realty. Retrieved 2024-05-13.
  4. ↑ Pomerantz, Dorothy (March 10, 2008). "Beyond The Big Box". Forbes .
  5. ↑ Kirkpatrick, David D. (January 14, 1998). "Kimco to Announce Pact to Acquire Price REIT for $535 Million in Stock" . The Wall Street Journal .
  6. ↑ "Kimco Realty Corporation Completes Acquisition of Mid-Atlantic Realty Trust" (Press release). Business Wire. October 1, 2003.
  7. ↑ "Kimco to Buy Mid-Atlantic Realty Trust for $444 Million" . The New York Times . Bloomberg news. June 19, 2003.
  8. ↑ "Kimco Realty Corporation announces third quarter transaction activity" (Press release). Business Wire. October 8, 2007.
  9. ↑ "Kimco Realty and Weingarten Realty Investors Announce Closing of Merger" (Press release). Business Wire. August 4, 2021.
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