Kimco Realty is the real deal. The self-managed and self-administered real estate investment trust (REIT) owns or has interests in about 895 community shopping centers. Its holdings consist of about 130 million sq. ft. of leasable space in metropolitan areas in 44 states, as well as in Canada, Mexico, Puerto Rico, and South America. Kimco properties are usually anchored by a supermarket or a big-box store that sells day-to-day necessities rather than big-ticket items. Home Depot, Kohl's, TJX, Sears, and Wal-Mart are its largest tenants. Through subsidiaries, the company also develops shopping centers and provides real estate management and disposition services to retailers.
Kimco's 2011 revenues increased some 2% compared to the previous year, but its net income rose nearly 20% from more than $91 million to almost $110 million. Its results were boosted by acquisitions (it made nearly 20 during the year), the completion of development projects, and the divestiture of non-strategic assets.
In addition to its nearly 900 shopping centers, Kimco has interests in about 850 other properties, including office and mixed-use space, through preferred equity investments or other real estate investments.
The company is divesting its non-retail holdings to focus on its core shopping center properties. To that end, in late 2014, Kimco purchased the remaining stake in 39 U.S. shopping centers from its joint-venture partner Blackstone Group for $925 million (including debt), which nearly doubled Kimco's equity investment in the properties. The deal involved 5.6 million-square-feet of 97% occupied, grocery-anchored, shopping center property (that Kimco had an existing stake in for some time) located in target demographic areas of New York, Virginia, Texas, Florida, California, and Maryland.
In 2013, it acquired the remaining phase of the 283,000-sq. ft. Wilton River Park shopping center in Fairfield County, Connecticut. Kimco also sold its industrial portfolio to leading Mexican industrial real estate investment trust Terrafina in late 2013.
Kimco also participates in institutional joint venture partnerships to build its portfolio and expand its geographic reach. The REIT has acquired retail properties and development projects in Canada through a partnership with Canadian REIT RioCan. It has established similar arrangements in Mexico, Puerto Rico, and Chile.
In the US, Kimco has a joint venture with Canada Pension Plan Investment Board to buy shopping centers around the nation. The REIT also joined forces with Israel's BIG Shopping Centers to acquire neighborhood and community shopping centers throughout the US.