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

Description

Kimco Realty was the first public, vertically integrated 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 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. 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-based real estate corporation – for $92 million. In August 2021, the company acquired Weingarten Realty.