Kimco Realty

Kimco Realty Corporation (NYSE: KIM) stands as North America's largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use properties, representing a cornerstone of essential retail real estate in the United States. Headquartered in Jericho, New York, Kimco has built an industry-leading portfolio of 568 properties comprising 101.1 million square feet of gross leasable space as of December 31, 2024, with a strategic focus on high-barrier-to-entry coastal markets and rapidly growing Sun Belt cities.

Founded in 1958 by real estate pioneers Martin Kimmel and Milton Cooper, Kimco revolutionized the shopping center industry by pioneering the neighborhood shopping center model focused on essential, necessity-based retail. The company made history in November 1991 by completing the first successful equity REIT IPO in many years, an achievement credited with launching the modern REIT era and setting the stage for the industry's resurgence. This groundbreaking public offering raised $120 million and established Kimco as a publicly traded leader on the New York Stock Exchange, where it has traded continuously for over three decades.

Kimco's business model centers on owning and operating grocery-anchored shopping centers that serve as essential community hubs, with 82% of its annual base rent (ABR) derived from grocery-anchored properties. The company's tenant mix strategically emphasizes necessity-based goods and services that drive multiple weekly shopping trips, featuring top national retailers including Amazon/Whole Foods, Kroger, Albertsons, Ahold Delhaize USA, TJX Companies, Home Depot, Ross Stores, and Walmart. This focus on essential retail has proven remarkably resilient through economic cycles, providing stable cash flows and consistent dividend distributions to shareholders.

In 2024, Kimco generated $2.04 billion in revenue, representing a 14.22% increase over the previous year, and achieved a portfolio occupancy rate of 96.3% while leasing over 11 million square feet. The company's January 2024 acquisition of RPT Realty for approximately $2 billion, including assumed debt, solidified Kimco's position as the largest shopping center REIT in the United States, adding 56 open-air shopping centers and 13.3 million square feet to its portfolio. With a market capitalization of approximately $14 billion and investment-grade credit ratings from all major agencies (Moody's: Baa1, S&P: A-, Fitch: BBB+), Kimco demonstrates strong financial stability and operational excellence.

Kimco's commitment to environmental, social, and governance (ESG) principles distinguishes it as an industry leader, having been the sole retail real estate owner listed on the DJSI North America Index for six consecutive years and earning Nareit's 2024 Leader in the Light Award. The company has set ambitious sustainability targets including science-based emissions reduction goals and has fully allocated its $500 million green bond to renewable energy, green building, and water efficiency projects. As consumer shopping behaviors evolve and retail real estate adapts to e-commerce integration, Kimco's strategic focus on essential retail, prime suburban locations, and mixed-use development positions it to capitalize on the enduring value of community-oriented shopping centers.