Kimco Realty

Kimco Realty investor on tropical cruise

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Kimco Realty Corporation (ticker symbol KIM) is the U.S.'s largest retail REIT specializing in neighborhood and community shopping centers.

Kimco started in 1960 with a partnership between Milton Cooper, Chairman and CEO, and Martin Kimmel, Chairman Emeritus. They opened their first shopping center in southern Florida. They incorporated in 1966, and went public in 1991. In 1998 they merged with Price REIT, a developer and owner of highly valued shopping centers on the West Coast.

Kimco is One of the Best Known Real Estate Investment Trusts

Milton Cooper is a well-known and respected leader in the real estate industry

They operate the kind of small strip shopping that's anchored by a supermarket, discount department store or drugstore. Where you go to buy a quick loaf of bread or tube of toothpaste.

Kimco now owns about 2,000 properties in 45 U.S. states, Puerto Rico, Canada, Mexico and Chile. It operates 183 million square feet of leasable space.

Kimco Realty manages to keep management up with local geographic conditions (one strength of REITs) by maintaining offices throughout the U.S. This helps them stay in touch with local neighborhood conditions despite the national reach of their properties.

They are currently partnered with Kimco Developers, Inc (KDI) to develop new neighborhood stopping centers. They have the The Kimco Redevelopment Group working on expanding and adapting properties, especially first ring suburban assets.

They are constantly buying new property -- spending $1 billion last year. They'll even offer to pay cash up front. Kimco Core Portfolio Acquisition.

For their tenants, they provide property management services.

Kimco Realty Now Has a New Head

In 2008, Milton Cooper and Kimco's board decided to begin transitioning to a new head of the company. The board appointed David B. Henry as president, and Cooper remained CEO and executive chairman.

Henry began with Kimco in 2001, as vice chairman and chief investment officer.

In 2009 Henry was promoted to CEO.

David Henry says that as CEO of Kimco Realty his first goal is to deleverage (get it out of or reduce debt) in a disciplined way.

His second goal is to get rid of their non-retail assets, which make up about $1 billion of their assets. After that, they will own and operate only retail properties.

He also plans to increase their investment management business, so they're the operating partner for more institutional real estate investors.

Plus he wants to complete Kimco's Mexican development projects.

In September 2006, Kimco bought up the Pan Pacific Retail Properties REIT and merged it with their subsidiary, KRC Acquisition, Inc.

Next: Regency Centers -- neighborhood shopping centers.

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