Kimco Realty Corporation (KIM) is an equity based Real estate investment trust that owns and operates retail properties across the United States. KIM is the largest owner and manager of shopping centers in the Western Hemisphere, as measured by number of properties. The company has interests in 1,959 properties, totaling 183 million square feet of leasable space, across 45 states, Puerto Rico, Canada, Mexico and Chile.^[1] Kimco focuses on markets where land is expensive and in short supply, which means there are high barriers to entry for competitors.^[2] Retailers in its properties focus on consumer staples, such as groceries and drugstores.^[3]

In 2007, Kimco increased its line of credit from $850M to $1.5B and completed a $460M preferred stock offering.^[4] This helps to secure the company's financing at a time that a credit crisis originating in subprime mortgages has dried up other sources of credit for many REITs. Kimco needs the financing to acquire new properties - in 2007 the company bought over 200 properties and sold only 6.^[5]

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