Kimco Realty Corporation
Kimco Realty is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company's portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 65 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of June 30, 2026, the company owned interests in 564 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space. Kimco Realty Corporation was incorporated in 1958 in Maryland and is based in Jericho, New York.
What does it do?
Kimco Realty owns and manages open-air shopping centers across the United States — think strip malls anchored by a Kroger or Publix supermarket, with a nail salon, a T.J. Maxx, and a dentist office next door. They own over 500 of these properties, mostly in dense suburban areas near major cities like New York, Miami, and Los Angeles. The key word is 'grocery-anchored' — because people have to buy food every week, the supermarket keeps foot traffic high, which helps every other store in the center survive. Kimco doesn't run the stores; it owns the land and buildings and collects rent from the businesses inside.
Grocery-anchored retail has proven surprisingly resilient against the 'Amazon killed retail' narrative — you can't order a haircut online or pick up fresh produce as conveniently as walking into your neighborhood Publix. With interest rates potentially peaking and expected to decline, REITs like Kimco — which borrow money to buy properties — become more attractive to investors looking for steady income again. Kimco is also one of the largest players in its niche, which means it has the scale to acquire new properties and negotiate better lease terms than smaller competitors.
How does it make money?
Kimco makes money almost entirely by collecting rent from the tenants in its shopping centers — that $2.1 billion in annual revenue is essentially thousands of monthly rent checks from grocery chains, retailers, and service businesses. Rent is typically structured on long-term leases of 5 to 10 years, giving Kimco predictable income, and many leases include annual rent increases built in. As a REIT (a company legally required to pay out at least 90% of its taxable income as dividends to shareholders), Kimco converts that rental income into regular dividend payments — the main reason most investors own the stock. Net income came in at $0.6 billion last year, and revenue grew from $2.0B to $2.1B, showing steady if modest growth.
Why do investors care?
The growth story here has two parts: rent growth and acquisitions. Kimco can grow income by raising rents when leases expire — and right now, market rents in many of their coastal and Sun Belt markets are significantly higher than what existing tenants are paying, meaning there's a built-in 'catch-up' opportunity as old leases roll over. Kimco also completed a major merger with Weingarten Realty in 2021, which significantly expanded its Sun Belt presence in fast-growing cities like Houston and Phoenix. For the thesis to work, consumer spending needs to stay healthy, grocery chains need to keep expanding, and interest rates need to come down enough to reduce Kimco's borrowing costs and make its dividend yield more attractive relative to bonds.
Deep Dive
MemberA full investor briefing on Kimco Realty Corporation — history, leadership, risks, and outlook.