Kimco_Realty_Corporation

Kimco Realty

Kimco Realty

Real estate investment trust

Kimco Realty Corporation is a real estate investment trust that invests in shopping centers. 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]

Quick Facts Company type, Traded as ...

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.

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

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, thus the company's name of Kim-co.

In 1991, the company became a public company via an initial public offering, raising $120 million.[3]

In 1998, the company acquired Price REIT for $535 million in stock.[4]

In October 2003, the company acquired Mid-Atlantic Realty Trust for $441 million.[5][6]

In 2007, the company acquired Birchwood Development Company for $92 million.[7]

In August 2021, the company acquired Weingarten Realty.[8]

References

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