Kimco Realty Corp.
New Hyde Park, NY
Specializing in the acquisition, development, and management of neighborhood and community shopping centers, Kimco Realty Corp. was first formed in 1960 with a handshake between friends and partners Milton Cooper (current chairman and CEO) and Martin Kimmel (chairman emeritus). Together, they opened their first shopping center in southern Florida and established the organization as a ground-up developer. Today, the nation’s largest publicly traded owner and operator of neighborhood and community shopping centers oversees more than 1,100 retail locations totaling 143.2 million square feet.
It doesn’t stop there. The year 2005 was a busy one when Kimco made more than $1 billion in acquisitions (adding 200 properties to its portfolio) with a $4-billion purchase of Pan Pacific Retail Properties.
As its marketing message claims, Kimco’s track record proves it is always ready to leverage opportunities, grow its portfolio, and provide value to its shareholders. Since going public in 1991, Kimco has become well-known for acquiring properties with below-market-rate leases, maintaining a strong balance sheet to always have access to capital to allow for continued growth, and leveraging opportunities. With the REIT Modernization Act in effect as of Jan. 1, 2001, Kimco has the ability - and the interest - to explore new areas of its business and provide opportunities for growth. Kimco Realty is a member of an investment group led by Cerberus Capital Management, which acquired several hundred Albertsons grocery stores, among other facility types. In other acquisition news, it purchased Atlantic Realty Trust in early 2006.
To the point, as always, the company’s acquisitions team for its Kimco Core Portfolio, Kimco Income REIT (KIR), and Kimco Retail Opportunity Portfolio (KROP) makes it known - loud and clear - that it is actively seeking to acquire new properties with strong growth potential to add to its fast-growing portfolio. Translation: Kimco’s opportunities are wide open.