Kimco Realty
{{Short description|Real estate investment trust}}
{{Infobox company
| name = Kimco Realty Corporation
| logo = Kimco_color_widen header-01.jpg
| logo_size =
| type = Public
| traded_as = {{New York Stock Exchange|KIM}}
S&P 500 component
| industry = Real estate investment trust
| foundation = {{Start date and age|1958}}
| founders = Milton Cooper
Martin Kimmel
| location = Jericho, New York
| area_served = Contiguous United States and Puerto Rico
| key_people = Milton Cooper (chairman)
Conor C. Flynn (CEO)
Glenn G. Cohen (CFO)
| revenue = {{decrease}} $1.044 billion (2020)
| net_income = {{increase}} $975 million (2020)
| assets = {{increase}} $11.614 billion (2020)
| equity = {{increase}} $5.608 billion (2020)
| num_employees = 484 (2020)
| homepage = {{URL|https://www.kimcorealty.com/}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/879101/000143774921003766/kim20201231_10k.htm | title=Kimco Realty Corporation 2020 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
}}
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.{{cite book |last=Brueggeman |first=William |title=Real estate finance and investments |publisher=McGraw-Hill Education |year=2016 |isbn=978-0-07-337735-3 |publication-place=New York, NY |page= |oclc=908192655}}
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.{{Cite web |title=Kimco Properties |url=https://www.kimcorealty.com/properties |access-date=2024-05-13 |website=Kimco Realty |language=en}}
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.{{cite news | url=https://www.forbes.com/forbes/2008/0310/062.html | title=Beyond The Big Box | first=Dorothy | last=Pomerantz | work=Forbes | date=March 10, 2008}}
In 1998, the company acquired Price REIT for $535 million in stock.{{cite news | url=https://www.wsj.com/articles/SB884737312320896000 | title=Kimco to Announce Pact to Acquire Price REIT for $535 Million in Stock | first=David D. | last=Kirkpatrick | work=The Wall Street Journal | date=January 14, 1998 | url-access=subscription}}
In October 2003, the company acquired Mid-Atlantic Realty Trust for $441 million.{{cite press release | url=https://www.businesswire.com/news/home/20031001005854/en/Kimco-Realty-Corporation-Completes-Acquisition-Mid-Atlantic-Realty | title=Kimco Realty Corporation Completes Acquisition of Mid-Atlantic Realty Trust | publisher=Business Wire | date=October 1, 2003}}{{cite news | url=https://www.nytimes.com/2003/06/19/business/company-news-kimco-to-buy-mid-atlantic-realty-trust-for-444-million.html | title=Kimco to Buy Mid-Atlantic Realty Trust for $444 Million | agency=Bloomberg news | work=The New York Times | date=June 19, 2003 | url-access=subscription}}
In 2007, the company acquired Birchwood Development Company – another Long Island-based real estate corporation – for $92 million.{{cite press release | url=https://www.businesswire.com/news/home/20071008006086/en/Kimco-Realty-Corporation-announces-quarter-transaction-activity | title=Kimco Realty Corporation announces third quarter transaction activity | publisher=Business Wire | date=October 8, 2007}}
In August 2021, the company acquired Weingarten Realty.{{Cite press release | url=https://www.businesswire.com/news/home/20210804005127/en/Kimco-Realty-and-Weingarten-Realty-Investors-Announce-Closing-of-Merger | title=Kimco Realty and Weingarten Realty Investors Announce Closing of Merger | publisher=Business Wire | date=August 4, 2021}}
In January 2024, Kimco acquired RPT Realty, making the company the largest REIT for shopping centers.
References
{{Reflist}}
External links
{{Finance links
| name = Kimco Realty Corporation
| symbol = KIM
| google = KIM:NYSE
| yahoo = KIM
| bloomberg = KIM:US
| sec_cik = 879101
}}
{{Authority control}}
Category:Companies listed on the New York Stock Exchange
Category:Real estate companies established in 1960
Category:Companies based in Nassau County, New York