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12:30
Aug 04 ◎

KIM FY2026 Q2 Watch

Kimco Realty Corporation (HC) (KIM) FY2026 Q2 Earnings Call

CPP FIVE TJX GAP RADCQ ▾

Ross Cooper

CPPIB is a joint venture partner on Kimco's Pentagon Center mixed-use development, indicating a capital-light structure that has now been successfully monetized.

"part of our Pentagon Center mixed-use project that we developed in a partnership with CPPIB"

CPP WATCH

Ross Cooper

Five Below is leasing space in a Kimco property, indicating growth in value-oriented retail footprint.

"There were leases that were being negotiated with Marshalls and Five Below to replace that Steinmart."

FIVE WATCH

Ross Cooper

Marshalls, owned by TJX Companies, is taking leased space in a newly acquired Kimco property, indicating TJX's physical expansion strategy.

"There were leases that were being negotiated with Marshalls and Five Below to replace that Steinmart."

TJX WATCH

Dave Jamieson

Lowe's Food, a regional grocery chain, is adding a grocery component to a Kimco center, showcasing the continued demand for grocery-anchored retail.

"at our Woodlawn Center in Charlotte, North Carolina, we added Lowe's Food"

GAP WATCH

Dave Jamieson

Kimco was able to backfill a former Rite Aid location, showcasing the strength of its assets despite Rite Aid's bankruptcy.

"we replaced a former Rite Aid with Taste of Life, a Japanese-inspired homewares retailer at Marketplace of Victoria"

RADCQ WATCH

Ross Cooper

Kimco sold a portfolio of Costco-anchored properties at sub-6% unlevered IRRs because the leases have CAGRs under 1% and tenant control for decades, using proceeds to acquire higher-growth grocery assets in Florida with 3.5%+ CAGRs, resulting in a 9%+ unlevered IRR. — This highlights the peak pricing for low-growth, single-tenant assets and shows landlords like Kimco are monetizing them to fund higher-growth opportunities.

"The Costco leases that were sold had a compound annual growth rate or CAGR of under 1%"

COST WATCH

HIGH

12:30
Apr 30 ◎

KIM FY2026 Q1 Watch

Kimco Realty Corporation (HC) (KIM) FY2026 Q1 Earnings Call

WSR ANF KIM DLTR ▾

Ross Cooper

Private capital is aggressively pursuing open-air retail assets at premium valuations (acquisition of Whitestone at ~$1.7B), confirming the disconnect between public and private market values and a sector-wide tailwind for asset values.

"The recently announced acquisition of Whitestone REIT by Aries Management, an all-cash transaction valued at approximately $1.7 billion, is the latest evidence of how aggressively private capital is pursuing our sector"

WSR WATCH

Dave Jameson

Anthropologie (Urban Outfitters) is expanding its physical store footprint in Kimco's lifestyle centers, showing continued investment in physical retail.

"And in our lifestyle portfolio, we signed two leases with Anthropologie and executed our first deal with Patagonia."

ANF WATCH

Connor Flynn

Management tone is highly positive, with an expectation of accelerating same-site NOI growth and a reiterated full-year FFO guidance raised at the low end, driven by a record signed-not-open pipeline.

"As we look ahead, we anticipate accelerating same-site NOI growth through the balance of the year as rents commence from our signed but not open pipeline."

KIM WATCH

Dave Jameson

Dollar Tree is aggressively expanding its footprint and accelerating its leasing process (multiple deals signed in under 30 days), indicating strong growth appetite.

"Packaged leasing continued to build momentum as we secured four leases with Dollar Tree, signing several of those in under 30 days."

DLTR WATCH

HIGH

13:30
Feb 12 ◎

KIM FY2025 Q4 Watch

Kimco Realty Corporation (HC) (KIM) FY2025 Q4 Earnings Call

LOW MCO TGT SBUX SFM ▾

Connor Flynn

Lowe's is utilizing ground lease structures to optimize its real estate, indicating a strategic focus on capital allocation.

"we're actually still doing deals with Walmart, with Home Depot, with Lowe's, with Target across the portfolio in similar structures where we set it up as a long-term ground lease"

LOW WATCH

Connor Flynn

Kimco's A3 rating from Moody's signals a strong balance sheet and lower credit risk, which is a positive but expected development for the rating agency's business.

"We also earned a credit rating upgrade to A- for Moody's during the fourth quarter."

MCO WATCH

Ross Cooper

Target being a key tenant in this newly acquired asset highlights its stable presence in high-quality shopping centers, reinforcing its reliance on physical stores.

"Shops at 82nd is located in an exceptionally dense infill market and is a grocery anchored center with a strong tenant roster, including Target, Chick-fil-A, Chipotle, Starbucks, and Northwell Medical."

TGT WATCH

Ross Cooper

Starbucks' presence in this top-tier asset underscores its focus on high-quality, dense locations to drive foot traffic.

SBUX WATCH

Dave Jamison

Kimco plans to aggressively sell assets (including ground leases) at cap rates of 5-6% and redeploy into higher-growth properties, explicitly closing the gap between its implied public cap rate (low-to-mid 7%) and the private market. — This signals potential large-scale capital recycling, which could accelerate tenant rotation and lead to significant new leases for expanding retailers.

"In one example, we're actually replacing one of the boxes with Sprout's."

SFM WATCH MIK WATCH ROST WATCH

Connor Flynn

Walmart continues to engage in sale-leaseback or ground lease structures with Kimco, indicating an active strategy to monetize its real estate assets.

"we're actually still doing deals with Walmart, with Home Depot, with Lowe's, with Target across the portfolio in similar structures where we set it up as a long-term ground lease"

WMT WATCH

Connor Flynn

Home Depot is actively managing its real estate portfolio through ground lease structures, highlighting a capital-efficient approach to store operations.

"we're actually still doing deals with Walmart, with Home Depot, with Lowe's, with Target across the portfolio in similar structures where we set it up as a long-term ground lease"

HD WATCH

Connor Flynn

Management is bullish, citing record occupancy, a strong leasing pipeline, limited new supply, and a plan to close the gap between public valuation and private market prices. Guidance calls for continued FFO growth and acceleration in same-property NOI through 2026.

"we're encouraged by the continued fundamental strength of the shopping center sector. Importantly, there is almost no supply coming online, which combined with a resilient consumer and a robust pipeline of deals driven by healthy tenant"

KIM WATCH

HIGH

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