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Shopping Center Focused REIT

Kimco Realty Corporation is an American real estate investment trust (REIT) The company specializes in the ownership, management, and development of open-air shopping centers anchored by grocery stores. These properties are strategically located in areas with high consumer traffic and communities with strong economic fundamentals. The company is headquartered in Jericho, New York, and its shares are listed on the NYSE.

Cooper and Kimmel

Kimco was founded in 1960 by Milton Cooper and Martin Kimmel. It started as a small real estate enterprise focusing on developing neighborhood shopping centers, typically anchored by a well-known supermarket. The company capitalized on suburban expansion across the U.S. and the subsequent growing demand for conveniently located retail spaces. While the retail industry has had to adapt to the rise of E-commerce, Kimco responded by adapting its strategy, focusing on high-quality shopping centers in key markets and divesting from non-core properties. It also focused on the development of shopping centers that were e-commerce resistant, focusing on businesses that provided experiences or services not easily replicated online, like restaurants or fitness centers.

The Retail Locations

The company specializes in the ownership, management, and development of shopping centers. Its portfolio primarily consists of open-air, neighborhood, and community shopping centers, often anchored by supermarkets, discount department stores, or drugstores. Some examples of tenants that lease locations from the company include national chains such as Planet Fitness, Kroger, and Walmart. These centers are strategically located in high-traffic areas, frequently at major intersections or close to residential neighborhoods, to ensure visibility and accessibility to consumers.

Kimco is a REIT

Kimco operates as a Real Estate Investment Trust (REIT), a structure that entails specific financial and operational practices. As a REIT, Kimco primarily earns income through leasing space in its properties to tenants. The REIT structure mandates that the company distribute at least 90% of its taxable income to shareholders in the form of dividends, which makes it attractive to investors seeking regular income.

This model offers tax advantages; REITs are generally exempt from corporate income tax on earnings distributed as dividends, avoiding double taxation. To qualify as a REIT, Kimco must adhere to certain requirements, including investing at least 75% of its total assets in real estate and deriving at least 75% of its gross income from rents or mortgage interest.