"In Brazil, we plan on acquiring and developing small retail properties, rather than developing large high-end enclosed malls," says David Henry, Kimco's vice chairman and chief investment officer. The company is also trying to make inroads into Peru and has four centers in Chile.

Overall, management has about $1 billion on investment activity planned for next year that will include shopping-center acquisitions and contributions to various funds in which the firm is involved. The company is not looking at as many purchases as it has in the past, says Michael Flynn, Kimco's vice chairman and president. "Conditions do change and you saw it over the last three months in how dramatic the credit markets were impacted," he says.

Kimco has $2 billion in developments and redevelopments under way. About 20 of its 55 projects are located in Mexico. The company owns a total of 948 properties in the US, Canada, Mexico and Chile.