KIMCO REALTY CORP (KIM)

Kimco Realty is a self-administered real estate investment trust (REIT) that describes itself as the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. It has owned and operated open-air shopping centers for over 65 years, and its mission is to create destinations for everyday living that foster a sense of community. Nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, are handled internally, and the company does not use any REIT advisors. It began through its predecessor, The Kimco Corporation, organized in 1966, and completed its IPO in November 1991. It has elected REIT status since 1992 and reorganized into an UPREIT structure in January 2023.

The company's ownership interests consist of its consolidated portfolio and portfolios in which it holds an economic interest, such as its investment real estate management programs. In these programs it partners with institutional investors through joint ventures in which it holds noncontrolling interests, retains management, and earns management, acquisition and disposition fees as well as promoted interests tied to performance. It has also set up other ventures in which it owns a smaller equity interest and provides management, leasing and operational support. It has provided preferred equity capital to real estate professionals and, from time to time, real estate capital, retail real estate financing and management services to healthy and distressed retailers. It also develops residential and mixed-use operating properties and pursues entitlements for further projects through redevelopment. Certain subsidiaries are taxable REIT subsidiaries, which allows the company to conduct activities a REIT cannot undertake directly.

Its growth strategy shifted from developing and constructing shopping centers to acquiring and redeveloping existing centers that include a grocery component. On January 2, 2024, RPT Realty merged into the company, adding 56 open-air shopping centers (43 wholly owned and 13 held through a joint venture) with 13.3 million square feet of gross leasable area, plus RPT's 6% stake in a 49-property net lease joint venture.

The company is a Maryland corporation and was added to the S&P 500 Index in March 2006. Its common stock and its Class L, Class M and Class N Depositary Shares trade on the NYSE under the symbols KIM, KIMprL, KIMprM and KIMprN. To maintain its REIT status, it must distribute at least 90% of its REIT taxable income annually.