Kimco Realty Corporation is a leading retail REIT specializing in the acquisitions, development, and management of neighborhood and community shopping centers. Kimco was formed in 1960 with a handshake between two friends and partners - Milton Cooper, our current Chairman and CEO, and Martin Kimmel, Chairman Emeritus. Together, they opened their first shopping center in southern Florida and established Kimco Realty as a ground-up developer. Kimmel reminisces, "Milton was like a spark plug. He's the type of person that can make one and one equal four." The rest is history. Today, Kimco Realty is the nation's largest publicly traded owner and operator of neighborhood and community shopping centers.
December 31, 2008, the company owned interests in 1,950 properties comprising 182 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico and South America.
Our track record proves that we are always ready to leverage opportunities, grow our portfolio, and provide value to our shareholders. Since going public in 1991, Kimco has become known for acquiring properties with below market rate leases, maintaining a strong balance sheet to always have access to capital to allow for continued growth, and perfecting an eye for leveraging opportunities. The proof is in our actions: In 1998, we merged with Price REIT, an experienced developer and owner of highly-valued shopping centers with locations throughout the West Coast. In 1999, we formed Kimco Income REIT (KIR), a joint venture with nationally recognized institutional investors.
With the REIT Modernization Act in effect as of January 1, 2001, Kimco has the ability to explore new areas of our business and provide opportunities for growth. With a solid history and an experienced management team, we are optimistic about exploring the many avenues for opportunity that lay ahead of us. We Are Ready!