The Qualities of Kimco
The Power of Site:
Location, Location, Location
The old real estate adage is especially true in the shopping center business. To succeed in retail, you need to be located in densely populated, well-trafficked areas, with growing populations and rising disposable incomes.
Kimco certainly fits the profile. Of our nearly 700 strategic properties in the U.S., two-thirds are located in the top 30 Metropolitan Statistical Areas (MSAs), those with the greatest population density and fastest income and population growth. That percentage is expected to rise as we continue to rebalance our portfolio for greater quality and value.
The top 30 MSAs, in total, account for 43 percent of the U.S. population, and are growing at an annual rate of more than 1 percent. They also represent the greatest purchasing power in the nation: their median household income is 15 percent higher than the national average.
Our strategic properties, which account for 92 percent of our annual base rent, are even more strongly situated in these top markets. The median household income in the trade areas around our centers (that is, within a three-mile radius) is, on average, 14 percent higher than for the MSA as a whole.
LOOKING AHEAD
Continuing to seek the opportunities to strengthen our presence in top 30 MSAs… Seeking growth opportunities in Canada, Mexico and other Latin American markets.