Kimco Culture

Kimco history: From stepping stones to milestones, a lot can happen in 20 years

Posted by: Dave Henry Dave Henry
on November 2, 2011

It’s been a great 20 years since our company’s IPO in 1991. As part of our 20th anniversary celebration of going public, we looked back on some of our most significant milestones that have shaped our history and the REIT industry.

We’ve put together two timelines to chronicle 20 years of the publicly traded Kimco. First, this graphic of Kimco’s shopping center history.
Kimco shopping center history

We also revisited our annual reports, press releases, and company news to pull out several more historic moments since our company’s founding in 1958. Here’s what we’ve put together to paint a more detailed picture of Kimco’s company milestones and their significance to our retailers, investors, and industry.

Milton Cooper and Martin Kimmel

Milton Cooper and Martin Kimmel founded Kimco with Zayre as their first tenant

1958: Kimco is founded in Miami, Fla., by Milton Cooper and Martin Kimmel. They develop the Coral Way shopping center anchored by a Zayre discount store. Rent is $1 per square foot.

1991: Kimco completes its IPO and raises $128 million, marking the first REIT IPO. Shares are $20. The company is operating 126 shopping centers in 23 states. The Dow Jones industrial average is at 3,168, LIBOR is 7.4 percent, and the Federal Reserve interest rate is 6.5 percent.

1998: Kimco closes its first acquisition, Price REIT, San Diego, Calif.

1998: Kimco forms the Kimco Income REIT (KIR), the company’s first institutional investor fund.

2001: Kimco forms the Kimco Retail Opportunity Portfolio, a joint venture with GE Real Estate.

2001: Kimco enters Canada by forming a joint venture with RioCan, Canada’s largest REIT, and acquiring four shopping centers in British Columbia.

2002: Kimco acquires and liquidates Konover Property Trust in a joint venture with Lazard with a Kimco investment of $35.5 million.

2002: Kimco enters Mexico by acquiring two grocery-anchored properties in northeast Mexico.

2004: Kimco forms Kimco Income Fund (KIF I), a commingled fund format with 12 properties.

2004: PL Retail, a joint venture between Kimco and DRA Advisors, completes the acquisition of Price Legacy Corporation for approximately $1.2 billion.

2005: Kimco and UBS Wealth Management form joint venture to acquire high-quality shopping centers. The portfolio consists of 43 properties, totaling 6.3 million square feet as of Sept. 30, 2011.

2006: Kimco is the 11th REIT to be added to the S&P 500.

2007: Kimco forms the Mexico Retail Land & Development Fund. Equity commitments total approximately $325 million.

2008: Kimco forms the Kimco Income Fund II (KIF II), a commingled fund format with 14 properties totaling two million square feet.

2010: Kimco forms joint ventures with Canada Pension Plan, BIG Shopping Centers, and Cisterra.

That brings us to 2011. Here’s a snapshot of Kimco today.

  • Owner of North America’s largest portfolio of retail real estate, with a market capitalization of $11.1 billion as of Sept. 30, 2011.
  • Owned interests in 940 shopping center properties comprising 138 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico, and South America, as of Sept. 30, 2011.
  • Portfolio includes 15,200 leases to 8,100 tenants totaling approximately $1.6 billion of annual base rent.
  • Kimco has generated a total annualized return for shareholders in excess of 13 percent since our IPO.
  • Our investment grade ratings include S&P BBB+, Fitch BBB+, and Moody’s BBB+.

As I said earlier, a lot can happen in 20 years! What do you remember most about Kimco from the past two decades, or earlier?

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