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Kimco Realty (NYSE: KIM) | Company Profile, History, Competitors

 

Kimco Realty (NYSE: KIM) is an owner of 508 shopping centers throughout the United States, Puerto Rico and Canada. Kimco regenerates over 80% of its rental income from its core markets, which are among the top 40 MSAs in the country. 

Kimco was founded in 1968 by Milton Cooper and Marty Kimmel in Florida. Kimco completed its IPO in 1991 and grew its portfolio through ground-up development and acquisitions. Over the past six years, Kimco has shrunk its footprint by almost 50%. Kimco will continue to dispose of slower growth properties in their portfolio.

Geographic Exposure

Kimco is an owner of 508 open-air shopping centers that comprise of 84.2 million square feet of real estate.[1] Below are the key demographic markets as a % of ABR (9/30/17):

 Rental Income by Market (9/30/17) % of Total Rent
 NYC Metro/NJ12.5%
 Baltimore 6.0%
 Washington DC 5.3%
 Philadelphia 5.1%
 Miami 4.9%
 Los Angeles/Orange Country4.7%
 San Francisco Bay Area 3.8%
 Other Markets 54%

Roughly 73% of Kimco's annual rental income is from grocery-anchored centers. These tend to be more defensive than retailers.

Tenants

Top 10 tenant exposure as a % of ABR (9/30/17):

 Rental Income by Tenant (9/30/17) % of Total Rent
 TJX Companies3.7%
 Home Depot 2.5%
 Ahold Delahaize 2.1%
 Bed, Bath Beyond 1.9%
 Albertson's 1.7%
 Ross Stores1.7%
 Walmart1.7%
 Petsmart1.6%
 Kohl's 1.6%
 Whole Foods 1.4%

Risks

Kimco is exposed to the returns from their development pipeline. In general, REITs are exposed to refinancing risk with higher interest rates.

Management

Conor Flynn (CEO): Conor Flynn serves as CEO since 2016. Prior, he served in various roles at Kimco, including Chief Investment Officer, President of Northwest/Western regions, and Director of Real Estate.

Glenn Cohen (CFO): Glenn Cohen serves as CFO since 2010. Prior, he served in various roles at Kimco, including Chief Accounting Officer, Treasurer and Director of Accounting & Taxation.

Ross Cooper (CIO): Ross Cooper serves as Chief Investment Officer since 2015. Prior, he served in various roles at Kimco, including VP of Acquisitions and VP of Investments.

Financials

 $ USD in millions     2013     2014  2015  2016  2017
 Revenues  $862  $994  $1,167  $1,171  $1,201 
 Rental Income  $825  $959   $1,145   $1,152   $1,184 
 Net Income  $178  $366   $831   $333   $373 
 FFO $510  $553  $643   $556   $656 
 FFO Per Share $1.26   $1.36  $1.46   $1.56   $1.33