Kimco Realty Corporation is a

Jericho, New York Jericho is a hamlet and census-designated place (CDP) in the Town of Oyster Bay in Nassau County, on the North Shore of Long Island, in New York, United States, approximately 29 miles (47 km) east of Midtown Manhattan. The population wa ...

-based

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

that invests in

shopping centers A shopping center in American English, shopping centre in Commonwealth English (see spelling differences), shopping complex, shopping arcade, shopping plaza, or galleria, is a group of shops built together, sometimes under one roof. The fir ...

Description

Kimco Realty was the first public,

vertically integrated In microeconomics, management and international political economy, vertical integration, also referred to as vertical consolidation, is an arrangement in which the supply chain of a company is integrated and owned by that company. Usually each ...

REIT designed to be internally managed and advised, providing its own property and asset management. 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. 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.

History

Kimco Realty Corporation was founded in 1966 by a group of real estate investors, including

Martin Kimmel Martin S. Kimmel (April 9, 1916 – April 15, 2008) was an American real estate developer and philanthropist who co-founded Kimco Realty Corporation, the largest builder of strip malls in the United States. Early life and education Kimmel was bo ...

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 A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

, raising $120 million. In 1998, the company acquired Price REIT for $535 million in stock. In October 2003, the company acquired Mid-Atlantic Realty Trust for $441 million. In 2007, the company acquired Birchwood Development Company – another

Long Island Long Island is a densely populated continental island in southeastern New York (state), New York state, extending into the Atlantic Ocean. It constitutes a significant share of the New York metropolitan area in both population and land are ...

-based real estate corporation – for $92 million. In August 2021, the company acquired

Weingarten Realty Weingarten Realty Investors was a real estate investment trust that invested in shopping centers, primarily in the Southern United States The Southern United States (sometimes Dixie, also referred to as the Southern States, the American So ...

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

References

External links

{{Authority control Companies listed on the New York Stock Exchange Real estate companies established in 1960 Companies based in Nassau County, New York Real estate investment trusts of the United States 1960 establishments in New York (state)