An Interview With Kimco Realty CEO Dave Henry
Founded more than 50 years ago by Milton Cooper and Marty Kimmel, Kimco Realty (KIM) is the largest shopping center REIT in the United States. With a current market capitalization of $7.9 billion, Kimco operates 926 properties in 44 states, Canada, Mexico, Brazil, Chile and Puerto Rico.
Last November Kimco celebrated its 20th anniversary as a public company and since its founding in 1958, the retail REIT has evolved into a diversely risk-aligned investment platform. Kimco has a well-balanced tenant portfolio that includes many leading retailers such as Home Depot, TJ Maxx, Wal-Mart, Kohl's, PetSmart and Costco.
Kimco's second quarter results were punctuated by impressive mid-year metrics including company gross occupancy (in the combined portfolio) of 93.5 percent and revised full-year guidance of $138.0 million, or 34 cents per share, up from $126.0 million, or 31 cents per share, earned in the year-ago period.
Kimco's occupancy levels are at the best the company has seen since 2008 and these improvements are driven, in part, by higher net absorption and its trade-up to higher-quality, better-occupied properties.
Kimco's recent stock price was $20.07 per share and the company hit its 52-week high today. The current dividend yield is 3.79 percent and the company's year-to-date total return is 21.24 percent.