Article Excerpt:
TWST: We would like to begin with a brief historical sketch of Kimco Realty and a picture of things as they are now.Mr. Henry: Kimco is a shopping center real estate investment trust that was formed almost 50 years ago as a private company by Martin Kimmel and Milton Cooper. The company has grown over the years largely through both acquisition and development and went public in 1991. Today we have a total market cap of just under $10 billion. We own and operate in excess of 800 shopping center properties in 43 states and the two countries of Mexico and Canada as well. We have a core portfolio of shopping centers that we manage for our own shareholders, and we also have shopping centers that we manage on behalf of other institutions, pension funds, life insurance companies, banks and others. The assets under management for others now total roughly $5 billion. In many respects, we are two companies. We have a core portfolio of shopping centers that we own and operate, and secondly, we have a series of operating businesses all geared around our knowledge of retail properties. As an example, we develop shopping centers (a merchant building business), we lend on shopping centers through our preferred equity business, we have an opportunity fund business we have called Kimco Select, and then we also provide leaseback financing as well as other types of financing directly to retailers on their fee-owned properties and their leaseholds, which we call Retailer Property Solutions. Those are our operating businesses. We manage both our core portfolio and our operating businesses, which together constitutes the operations of Kimco.
TWST: Are you are the largest publicly traded owner and operator of
shopping centers in the country?
Mr. Henry: Of neighborhood and community shopping centers. It is
important to differentiate us from enclosed malls. Our shopping centers
are open air neighborhood and community centers or big box centers.
That's our portfolio and it's mostly suburban properties. We are not an
urban retail company or an outlet retail company. We're the properties
you drive by every day in terms of the grocery store, the drug store,
the pizza parlor and the real estate office.
Tickers included in this excerpt: KIM
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