Kimco Realty Corporation (HC) (KIM)

Kimco owns open-air shopping centres anchored by a grocery store.

The format differs fundamentally from an enclosed mall: people come here for a specific purchase — groceries, pharmacy — rather than to stroll. Footfall is therefore steady, and online retail hits such a centre noticeably less hard than it hits department stores.

The grocery anchor brings people weekly, and the small tenants alongside live off that traffic and pay a higher rent per square foot. Some sites are suitable for residential redevelopment, which gives hidden land value. Risks: tenant bankruptcies, interest rates and the cost of fitting out units. The trust form obliges distributing profit; the dividend is high.