Kimco's improving portfolio should pay dividends, but there's more work to be done.
Though we’ve been outspokenly bearish on Kimco, it has come crashing through our fair value estimate after a tumultuous first quarter of trading that saw the stock fall almost 25%. At these levels, the owner/operator of open-air shopping centers looks mildly attractive. The company is trimming the fat, aiming for 2018 net dispositions of between $700 million and $900 million with cap rate estimates of between 7.5% and 8.0%, clearly shedding lower quality assets in the portfolio. Our previous est...Kimco Realty is a self-administered real estate investment trust. The company and its subsidiaries are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by grocery stores, off-price retailers, discounters or service-oriented tenants. Additionally, the company provides complementary services on its retail real estate capabilities. The company's ownership interests in real estate consist of its consolidated portfolio and portfolios where the company owns an economic interest, such as properties in the company's investment real estate management programs, where the company partners with institutional investors and also retains management.
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