Profile: Kimco Realty Corp (KIM)
23 Jul 2014
Kimco Realty Corp., incorporated on March 25, 1994, is a real estate investment trust (REIT) that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of December 31, 2012, the Company owned interests in 896 shopping centers comprising 131 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. The Company is specialized in shopping center acquisitions, development and management. In April 2014, Kimco Realty Corp closed the sale of nine-property retail portfolio in Mexico. In April 2014, Kimco Realty Corp acquired the remaining 60.9% interest, in New Hyde Park-based Kimco Income Fund I REIT. In April 2014, the Company purchase of 24-property retail portfolio in New England. In June 2014, it sold four retail properties from its Mexico portfolio. In July 2014, Kimco Realty Corp acquired portfolio of 10 shopping centers from its joint venture with SEB Asset Management.
In August 2012, the Company announced the acquisition of Wilton Campus Shops, a 97,000-square-foot grocery-anchored retail center in Wilton, Connecticut. The Company's neighborhood and community shopping center properties, which are owned and operated through subsidiaries or joint ventures, had an average size of approximately 138,518 square feet as of December 31, 2012. In January 2012, the Company acquired two properties in the Southwest to its portfolio of neighborhood and community shopping centers. In March 2012, the Company purchased a 50% interest in Orleans Gardens Shopping Centre in Ottawa, Ontario. In May 2012, Kimco and Anthem Properties Group Ltd announced the addition of the Millwoods Mainstreet shopping center in Edmonton, to their existing Canadian retail joint venture.
During the year ended December 31, 2012, the Company disposed of 59 operating properties. During 2012, the Company Acquired 24 shopping center properties, five outparcels and 69 net leased parcels comprising an aggregate 3.1 million square feet of Gross Leasable Area (GLA). During 2012, the Company acquired an additional 13.62% interest in FNC Realty Corporation (FNC). During 2012, the Company disposed of 62 operating properties and two outparcels. During 2012, the Company sold a land parcel in San Juan del Rio, Mexico.
The Company retains its shopping centers for long-term investment and consequently pursues a program of physical maintenance together with renovations and refurbishing to its properties. This includes renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. The Company's neighborhood and community shopping centers are national or regional discount department store, supermarket or drugstore. Some of the national and regional companies that are tenants in the Company's shopping center properties include The Home Depot, TJX Companies, Wal-Mart, Sears Holdings, Kohl’s, Best Buy, Royal Ahold, Costco and Bed Bath & Beyond. As of December 31, 2012, the Company had interests in 47 consolidated shopping center properties and interests in 20 shopping center properties in unconsolidated joint ventures that were subject to long-term ground leases where a third party owns and had leased the underlying land to the Company to construct and/or operate a shopping center
Kimco Realty Corp
3333 NEW HYDE PARK RD,
PO Box 5020
NEW HYDE PARK NY 11042