Summary
Kimco is a last-mile real estate investment trust specializing in the acquisition, development, and management of open-air shopping centers. The company’s portfolio consists of 567 U.S. shopping centers and mixed-use assets. About 53% of portfolio ABR is from anchor stores and 27% of anchor ABR is from grocery stores. National and regional chain tenants provided about 80% of ABR. In addition to grocery anchors, other anchors include clothing retailers, such as T.J Maxx, the company’s top tenant. The REIT’s largest grocery tenant is Amazon/Whole Foods with 32 locations.
The company recognizes the value of multi-use retail destinations that include smaller tenants, and has maintained relationships with fast-food and coffee retailers. It has shopping centers in 39 states, with a focus on the last-mile suburbs of major metro coastal markets, as well as Sunbelt locations. In August 2021, it purchased Weingarten Realty for approximately $3.9 billion, becoming the largest grocery-anchored shopping REIT by market capitalization. The acquisition also gave the company a presence in Texas. In the first quarter of 2024, Kimco completed the acquisition RPT Realty in an all-stock transaction.
