Kimco Realty Corporation (NYSE: KIM), a real estate investment trust (REIT) founded in 1966, is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2018, the company owned interests in 437 U.S. shopping centers, comprising 76 million square feet of leasable space primarily concentrated in the top major metropolitan markets.
Since 2010, the company has transformed itself from owning 816 properties in primary and secondary markets with 63% of its rent derived from properties in top core markets to 437 properties with 81% of its rent derived from top core markets, such as Boston, New York, San Francisco, Los Angeles and Chicago. The remaining properties in the portfolio are primarily leased to service and experiential tenants, complimented by grocery anchors.
Kimco’s largest investments have been in its “Signature Series” developments. These developments offer a mix of hospitality, office, residential, shopping, dining, and entertainment venues, all in a densely populated area that is walk-able. An example of a Kimco Signature Series project is Pentagon Center, located across the street from Amazon’s planned National Landing headquarters and in close proximity to The Pentagon, in Downtown Washington, D.C. This project is expected to cost $165 million and be completed later in 2019. For additional information on Kimco’s “Signature Series” projects, click here.