nd tracts and parcels of land adjacent to certain of its existing shopping centers that are held for possible expansion. Acquisitions During 2006, the company acquired interests in seven shopping center properties, included in the table above, located in Caguas, Carolina, Mayaguez, Trujillo Alto, Ponce, Manati, and Bayamon, Puerto Rico. During April 2006, the company acquired interests in two shopping center properties located in Bay Shore and Centereach, NY. During June 2006, the company acquired an interest in an office property located in Albany, NY. Redevelopments The company has an ongoing program to reformat and re-tenant its properties to maintain or improve its competitive position in the marketplace. The company is involved in redeveloping various other shopping centers in the existing portfolio. Ground-Up Development The company engages in ground-up development projects which consist of merchant building through the company’s wholly-owned taxable REIT subsidiary, KDI, which develops neighborhood and community shopping centers and the subsequent sale thereof upon completion, U.S. ground-up development projects which would be held as long-term investments by the company and various ground-up development projects located in Mexico and Canada for long-term investment. As of December 31, 2006, the Company had in progress a total of 45 ground-up development projects including 23 merchant building projects, six domestic ground-up development projects, and 16 ground-up development projects located throughout Mexico. KDI As of December 31, 2006, KDI had in progress 23 ground-up development projects located in ten states. In addition, KDI manages the construction of five domestic projects for the company. Strategic Alliances Kimco Realty Corporation and Valad Property Group announced a strategic alliance focused on creating funds management and joint venture opportunities. Pursuant to the alliance, Kimco and Valad intend to work together to develop their respective real estate businesses. The alliance would focus on the marketing and introduction of funds management products to major pension funds and other institutional investors. Taxation The company elected to qualify as a real estate investment trust (REIT). As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. History Kimco Realty Corp. was founded in 1960.
kimco realty corp (KIM:New York)
3333 New Hyde Park Road
New Hyde Park, NY 11042
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