Today, the concept of an equity “Real Estate Investment Trust (REIT)” is a tried-and-true option for investors seeking a stake in commercial real estate—but back in 1991, it was a radical idea. And it all originated with Milton Cooper (’49, LHD-Hon. ’15).
Back in 1958, alongside commercial-construction craftsman Martin Kimmel, he co-founded Kimco Realty, the largest publicly traded owner and operator of neighborhood and community shopping centers in the nation. And after leading that company for more than 60 years, Cooper retired in early 2025, transitioning to the role of Chairman Emeritus.
For Cooper, creating the REIT IPO for Kimco was “about the democratization of the ownership of real estate,” he says. “No small investor could own a portfolio of shopping centers otherwise. This allowed ownership of real estate on a level not before seen.”
In other real estate matters, Cooper successfully bucked trends. Instead of going all in on mall development, as many of his peers were doing, he focused Kimco on open-air shopping centers and mixed-use properties anchored by grocery stores, which are more resistant to economic downturns. That formula still holds today. Starting with a first center in Miami, Cooper and Kimmel targeted markets for growth across the country. Today, Kimco owns and operates 568 properties.
Growing up on New York’s Lower East Side, Cooper followed his graduation from Baruch with a law degree from Brooklyn Law School. It was a smart move, Cooper says, but for him, real estate—not a law practice—was far more entertaining and entrepreneurial. For 64 years, Cooper helped Kimco thrive by always looking for ways to improve, diversify, and be ever nimble in an industry that can sometimes be turbulent.
While Cooper may be known to some as the “godfather of the REIT” and received accolades for his leadership, he says that the key to his success is building relationships, trust, and community. That started with that original handshake deal with his friend Kimmel when they agreed to do business together, and it extends to valuing the priorities and well-being of his employees, the company’s tenants, and the communities they serve.
“[Some say] that whoever has the gold makes the rules,” Cooper says. “But it’s really about having an interest in people and treating them the way you want to be treated. That’s the real golden rule.”
— Nanette Maxim