The company's pipeline is being fueled, in part, by demand from expanding retail chains, says Milton Cooper, Kimco's chief executive officer. "The demand for space continues," he said during the company's first-quarter earnings call. "The aggressive retailers are expanding."
Kimco has 41 centers under development in the US, Mexico and Canada that are planned to total 15.1 million sf. Management is also considering the construction of 16 additional developments totaling about $1 billion in value.
Most of Kimco's acquisitions were in the US; however, the company did purchase 30 shopping centers in Canada. The company also entered Puerto Rico during the quarter, buying two centers there.
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