Kimco Realty : Q1 2024 Kimco Realty Corp Earnings Conference Call Transcript

May 02, 2024

Corrected Transcript

02-May-2024

Kimco Realty Corp. (KIM)

Q1 2024 Earnings Call

	Total Pages: 23
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

CORPORATE PARTICIPANTS

David F. Bujnicki	Glenn Gary Cohen
Senior Vice President-Investor Relations & Strategy, Kimco Realty Corp.	Chief Financial Officer & Executive Vice President, Kimco Realty Corp.
Conor C. Flynn	Will Teichman
Chief Executive Officer & Director, Kimco Realty Corp.	Senior Vice President-Strategic Operations, Kimco Realty Corp.
Ross Cooper	David Jamieson
President & Chief Investment Officer, Kimco Realty Corp.	Chief Operating Officer & Executive Vice President, Kimco Realty Corp.

......................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Dori Kesten	Greg McGinniss
Analyst, Wells Fargo Securities LLC	Analyst, Scotia Capital (USA), Inc.
Michael Goldsmith	Michael W. Mueller
Analyst, UBS Securities LLC	Analyst, JPMorgan Securities LLC
Alexander Goldfarb	Anthony F. Powell
Analyst, Piper Sandler & Co.	Analyst, Barclays Capital, Inc.
Floris van Dijkum	Wes Golladay
Analyst, Compass Point Research & Trading LLC	Analyst, Robert W. Baird & Co., Inc.
Juan C. Sanabria	Linda Tsai
Analyst, BMO Capital Markets Corp.	Analyst, Jefferies LLC
Samir Khanal	Ronald Kamdem
Analyst, Evercore ISI	Analyst, Morgan Stanley & Co. LLC
Haendel St. Juste	Omotayo Okusanya
Analyst, Mizuho Securities USA LLC	Analyst, Deutsche Bank Securities, Inc.
Craig Mailman	Paulina Alejandra Rojas Schmidt
Analyst, Citigroup Global Markets, Inc.	Analyst, Green Street Advisors LLC
Caitlin Burrows	Jeffrey Spector
Analyst, Goldman Sachs & Co. LLC	Analyst, BofA Securities, Inc.

	2
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

MANAGEMENT DISCUSSION SECTION

Operator: Good day, and welcome to the Kimco Realty First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would like now to turn the conference over to David Bujnicki, Senior Vice President of Investor Relations. Please go ahead.

David F. Bujnicki

Senior Vice President-Investor Relations & Strategy, Kimco Realty Corp.

Good morning, and thank you for joining Kimco's quarterly earnings call. The Kimco management team participating on the call today include, Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; Dave Jamieson, Kimco's Chief Operating Officer, as well as other members of our executive team that are also available to answer questions during the call.

As a reminder, statements made during the course of this call may be deemed forward-looking and it is important to note that the company's actual results could differ materially from those projected in such forward-looking statements, due to a variety of risks, uncertainties and other factors. Please refer to the company's SEC filings that address such factors.

During this presentation, management may make reference to certain non-GAAP financial measures that we believe help investors better understand Kimco's operating results. Reconciliations of these non-GAAP financial measures can be found in our quarterly supplemental financial information on the Kimco Investor Relations website. Also, in the event our call was to incur technical difficulties, we'll try to resolve as quickly as possible. And if the need arises, we'll post additional information to our IR website.

And with that, I'll turn the call over to Conor.

Conor C. Flynn

Chief Executive Officer & Director, Kimco Realty Corp.

Good morning, and thanks for joining us. I will lead off today with an update on the RPT integration, a summary of our significant first quarter leasing accomplishments, and a brief review of our strategic directions and goals. Ross will follow with an update on the transaction market, and Glenn will close with a summary of our financial results, major metrics, and the specifics behind our increase to guidance.

After a seamless close [ph] on our (00:02:26) acquisition of RPT on the first business day of the year, the integration is now complete. Most important is that in almost all aspects as it relates to RPT, we are ahead of our underwriting expectations in terms of timing, performance, and the select monetization of their assets.

The new portfolio is performing well, producing over 3% same-site NOI for the quarter and revealing exciting growth opportunities that were either not previously underwritten or had overly conservative assumptions. This includes greater ancillary income, better-than-expected credit loss, and the lease up of shop space. We are very excited about the prospects for the new combination going forward, and many thanks to our talented team, including our newest associates on this smooth integration.

	3
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

From a cost synergies perspective, at this early point in the year, we're ahead of expectations and anticipate reaching the high-end of the stated range of $34 million in 2024. The better-than-expected results are attributable to our execution of planned dispositions ahead of schedule, as well as the implementation of lessons learned from Weingarten, including accurate underwriting of hiring needs and a more rapid approach to decommissioning office space and eliminating duplicative services.

Kimco's operating platform is delivering efficiencies due to the clustering of additional assets in our core trade areas, as well as, the strategic investments we've made over the past five years in technology, talent, and other areas.

Turning to our first quarter leasing results. The portfolio generated same-site NOI growth of 3.9%. The increase includes 2.8% growth from higher minimum rents and a combination of lower landlord expenses, lower credit loss, and higher net recoveries.

Pro rata occupancy came in at 96%, which represents a decrease of 20 basis points from last quarter, but also an improvement of 20 basis points from a year ago. The change from last quarter was primarily due to the RPT merger and the vacating of four Rite Aid locations. Pro rata occupancy (sic) [pro rata anchor occupancy] was also up 20 basis points to 97.8% and flat from a year ago. Small shop occupancy was down 20 basis points from last quarter to 91.5% as a result of the RPT merger, while still up 80 basis points from a year ago. Excluding the impact of RPT, small shop occupancy actually would have increased 20 basis points sequentially and represents future upside.

During the first quarter, we leased over 4 million square feet, including 143 new leases signed with positive leasing spreads of 35.5%. We continued our strong trend with over 400 renewals and options completed at an overall positive spread of 7.8%. Overall, combined spreads were 10.2% on 583 deals.

Our lease to economic occupancy spread now stands at 330 basis points, representing a 20 basis point compression from last quarter at leases commenced and represents $63.4 million of annual base rent, with about $18 million expected to come online during the remainder of 2024.

Our strong quarterly results give us confidence to raise our full year guidance for both FFO and same-site NOI, which Glenn will provide further color on. Recognizing the importance of growing in a high inflation environment, we remain focused on trimming non-critical expenses. Further, and we have strategically positioned our open-air grocery and mixed use portfolio in first-ring suburbs of select vibrant major metropolitan areas. These high barrier- to-entry markets continue to represent the sweet spot of the retail landscape, as new supply remains constrained and demand from our best-in-class tenants remain strong. Ross?

Ross Cooper

President & Chief Investment Officer, Kimco Realty Corp.

Thank you, and good morning. It was a busy quarter of execution for Kimco and we're pleased with our current positioning and what we've accomplished year-to-date. Just three short months ago on the fourth quarter earnings call, I mentioned the optimism in the transactions environment coming off of a dip in the treasury rate and expectations for the Fed rate cuts in 2024. The optimism was short-lived as inflation has remained sticky, dampening the prospect of interest rate cuts and transaction activity.

Notwithstanding the macro challenges, we were able to successfully complete the RPT sales consistent with our underwriting expectations as Conor shared. We sold 10 former RPT centers in the first quarter with the level of

	4
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

sales and cap rates in line with the previously provided guidance ranges, as well as, a similar cap rate on the overall RPT company acquisition that was completed this January. In addition, we negotiated to retain a slice of the capital stack on eight of the sold assets in the form of mezzanine financing, which allows us to continue to earn a double-digit yield on a secure income stream.

With these sales completed ahead of schedule, we have executed on the majority of our disposition targets for 2024. We can now focus our efforts on new investment activity throughout the balance of the year. Glenn will soon provide more details on this.

Speaking of investment activity, we've also closed on a pair of structured investments, one during the first quarter and the second, subsequent to quarter-end. Both properties align with our strategy of investing in high-quality real estate, supported by strong tenancy and demographics with seasoned operators. We also have a right of first offer or refusal embedded in our position.

Total Kimco investment in the two properties was modest at $17 million, but the value of the two centers combined is upwards of $175 million, allowing us to get our foot in the door on a potential future acquisition opportunity. We expect there will be additional, unique, and attractive structured investment opportunities as our capital remains in high demand.

On the core acquisition front, we have maintained our disciplined approach to investing at a spread to our cost of capital. Asset pricing remained strong as we have seen major market, infill grocery, and high-quality convenient centers, still trading at plus or minus 6% cap rates and in some cases, even below that. While this is a testament to the fundamental strength of the open-air retail platform, it has not been easy to find accretive opportunities through the first four months of the year.

We remain confident in our ability to source and secure properties that align with our return thresholds and given our selective approach, it will likely push more of our acquisition activity towards the late second half of the year.

Now, off to Glenn for the financial results and updates to our outlook.

Glenn Gary Cohen

Chief Financial Officer & Executive Vice President, Kimco Realty Corp.

Thanks, Ross, and good morning. 2024 is off to a strong and active start. As Conor mentioned, our first quarter results are highlighted by solid leasing activity, double-digit leasing spreads, and robust same-site NOI growth. These positive operating metrics drove our strong FFO per share growth, excluding merger costs.

All our metrics are inclusive of the $2.3 billion RPT acquisition, which we completed on the first business day of 2024. While we are providing insight on the RPT contribution for the first quarter, we do not plan to continue breaking out that performance as operations are fully integrated.

Now, for some details on our first quarter results. FFO was $261.8 million or $0.39 per diluted share, which includes merger charges of $25.2 million or $0.04 per diluted share. Our strategic and timely acquisition of RPT resulted in several significant contributors to our improved performance, primarily our higher pro-rata NOI. Importantly, RPT is running ahead of all our underwriting expectations, as Conor highlighted.

Excluding the merger charges, FFO would have been $0.43 per diluted share for the first quarter, as compared to $238.1 million or $0.39 per diluted share for the first quarter last year, representing a 10.3% per share increase. The primary driver of our improved performance was our higher pro-rata NOI of $53.7 million, of which $38 million

	5
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

was generated by the RPT sites. Pro-rata NOI also benefited from higher minimum rents coming from commencements from the sign not occupied pipeline and lower credit loss.

Credit loss for the first quarter 2024 was 62 basis points as compared to 92 basis points for the first quarter last year. In addition, included in the NOI increase is GAAP income of $1.1 million from the RPT acquisition related to straight line and above and below market rent amortization.

FFO also benefited from higher interest income of $7.4 million attributable to the higher cash balances during the quarter. We view this as a non-recurring item and do not expect this to continue for the remainder of the year as we have significantly utilized most of our cash in the first quarter towards the closing of the RPT acquisition and debt reduction. These increases were offset by greater pro-rata interest expense of $14.6 million, resulting from the higher interest rate on the $646 million of bonds that were recently refinanced, lower fair market value amortization related to the former Weingarten bonds, and higher rates on the floating rate debt in our joint ventures.

Our FFO for the first quarter also includes about a $0.01 per share of other non-recurring income items, with a one-time benefit of $2.4 million and below market rents from two tenants that vacated early and $2.5 million of other income. It was a very active quarter from the balance sheet perspective, primarily resulting from the RPT acquisition, much of which was already addressed on our last earnings call.

Just to briefly summarize, we issued 53 million common shares and 953,000 OP units and replaced RPT 7.25% convertible preferred stock with a liquidation value of $92.5 million with a new Kimco convertible preferred issuance with similar terms. We also repaid RPT's $130 million revolving credit facility and their $514 million of private placement notes from cash on our balance sheet, amended and assumed $310 million of RPT term loans, which have staggered maturities from 2026 to 2028 at a blended weighted average rate of 4.77%, and issued a new $200 million term loan with a final maturity in 2029 at a fixed rate of 4.57%.

As previously mentioned, we monetized our remaining shares in Albertsons earlier in the quarter, receiving nearly $300 million in proceeds and recorded a $72 million tax provision on the gain. At the end of the first quarter, our liquidity position remains very strong, with over $2 billion of immediate availability and no remaining debt maturities for the balance of the year.

Our balance sheet further strengthened as the company's leverage metrics improved once again. We ended the first quarter with a consolidated net debt to EBITDA ratio of 5.3 times and on a look through basis, including pro- rata share of joint venture debt and perpetual preferred stock outstanding of 5.6 times. The look through metric of 5.6 times is the best level Kimco has ever achieved and an improvement from the 6.2 times reported a year ago.

Turning to our outlook. Based on our strong first quarter results, the successful integration of the RPT acquisition and our expectations for the balance of the year, we are raising our FFO per diluted share range from $1.54 to $1.58 to a new range of $1.56 to $1.60, inclusive of $0.04 per share for RPT merger costs. Excluding the merger costs, this represents a 3.2% annual FFO per share growth at the midpoint of the increased guidance range over last year's results.

Our increased FFO per share guidance range incorporates the following updates to our full year assumptions. Higher same-site NOI growth of 2.25% to 3% from the previous level of 1.5% to 2.5%, and is inclusive of the RPT assets and a credit loss assumption of 75 basis points to 100 basis points.

	6
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

Interest income of $10 million to $12 million based on the interest income earned during the first quarter and RPT related non-cash GAAP accounting income comprised of straight line rents and above and below fair market value rent amortization of $4 million to $5 million.

Our other full year FFO guidance assumptions remain intact, including our disposition range of $350 million to $450 million, inclusive of the $250 million completed during the first quarter and investment range of $300 million to $350 million weighted toward the late second half of the year.

I want to thank all of our associates whose incredible effort efficiently completed the integration of the RPT transactions and contributed to our strong first quarter results.

And with that, we are ready to take your questions.

QUESTION AND ANSWER SECTION

Operator: We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Dori Kesten of Wells Fargo. Please go ahead.

Dori Kesten

Analyst, Wells Fargo Securities LLC

Thanks. Good morning. You left your credit loss guide unchanged, but had a relatively low Q1. Can you just remind us of your tenant exposures that have built up to the annual assumption?

Glenn Gary Cohen

Chief Financial Officer & Executive Vice President, Kimco Realty Corp.

Overall, we look at just the entire portfolio when we're doing the assumptions. And again, the 75 to 100 basis point credit assumption is really back to more historic levels. And the first quarter is clearly lower at 62 basis points. But there are some potential bankruptcies potentially during the year that could impact it. And we think it's more prudent to just leave the current guidance assumption, even though we still have been able to increase the same-site NOI guidance pretty significantly.

Dori Kesten

Analyst, Wells Fargo Securities LLC

Okay. Thank you.

Operator: The next question comes from Michael Goldsmith of UBS. Please go ahead.

Michael Goldsmith

Analyst, UBS Securities LLC

Good morning. Thanks a lot for taking my question. On the integration of RPT, you said initial G&A synergies of $30 million to $34 million, you took it up to $34 million to $35 million. So in terms of realizing these synergies, what's driving them, what's driving these upside to your initial guidance and where have there been positive surprises as you've started to put the plan into action? Thanks.

......................................................................................................................................................................................................................................................
	7
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

Conor C. Flynn	A
Chief Executive Officer & Director, Kimco Realty Corp.

Sure. Thanks, Michael. Obviously, we're off to a great start with the integration. Clearly, we have a great blueprint. And the muscle memory from Weingarten certainly helps. I'll have Will Teichman comment a little bit about the G&A synergies and what's out there. But on the revenue synergy side, we're obviously seeing a lot of deal flow earlier than anticipated. Just for the quarter 10 deals were signed in the RPT portfolio at rents of $31 a foot, 36% new leasing spreads, 10.8% renewals, so for a combined 14.1%. So when you look at those numbers, it's obviously enhancing to the Kimco portfolio.

And the business plan was always set up where we would execute on a strategy where we could buy the portfolio at a - we believe an attractive cap rate at an 8.5% cap rate. And then selling off the lowest tranche at similar cap rates, we felt like would allow us to really retain a very high quality, high growth profile portfolio that with our platform could be enhanced over time. And so, Will, I'd love for you to comment quickly on the G&A synergies as well.

Will Teichman

Senior Vice President-Strategic Operations, Kimco Realty Corp.

Sure. Thanks, Conor. And good morning, Michael. As Conor said, we concluded integration of portfolio operations, systems, and human capital. We did it within a matter of weeks, saving about two months off the timeline versus our prior transaction with Weingarten. And as Conor mentioned, the playbook that we established post-Weingarten has really been key to that developing and integration, governance model tools and processes that are repeatable for future transactions.

On the expense side, as with any M&A transaction in our sector, human capital is always the most significant driver of G&A. And so, speeding up the pace of integration activities avoids carrying unnecessary expenses during the transition period. A few drivers of note that I would call out. First, the quick execution of the 10 asset sales that Ross mentioned in his comments, allows us to hold to a more conservative staffing plan, as we don't need to staff positions necessary to operate these assets. And secondly, a more rapid pace of integration allowed us to minimize the need for transitional employees over the first few months of the year.

Overall, our underwriting assumptions for permanent associates were on target and we filled all of the incremental positions, solidifying our go-forward G&A expense levels to operate the portfolio. And finally, beyond staffing, one of the other noteworthy areas where we've exceeded underwriting is around professional services and subscriptions. Our IT and legal teams led an effort to quickly exit over 100 service agreements. And as a result, we're seeing faster accretion in this important area.

Conor C. Flynn

Chief Executive Officer & Director, Kimco Realty Corp.

Thanks, Will.

Michael Goldsmith

Analyst, UBS Securities LLC

[ph] Thank you, guys (00:21:12).

Conor C. Flynn

Chief Executive Officer & Director, Kimco Realty Corp.

	8
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

I'll just comment that with the execution of the 10 dispositions, the grocery percentage of the RPT portfolio is up to 85.5%. So it's obviously enhancing to the Kimco portfolio as well. We even have activity on a few of the nine remaining sites that don't have grocery anchors to potentially convert those to grocery anchors as well. So, Will, do you want to comment a little bit on ancillary income as well?

Will Teichman

Senior Vice President-Strategic Operations, Kimco Realty Corp.

Sure. With respect to ancillary income, it's one of the areas where as a company, we've been working to build out a national specialty leasing team that's exclusively dedicated to this important area. That's not the case with all of our peers. And it wasn't the case with RPT, where they had only recently established a focus around ancillary revenues. We have a 10-year track record in this area, and as Conor referenced in his remarks, we started off the year with double-digit growth relative to first quarter of 2023 in terms of RPT's performance in this area.

And it really comes through a variety of different strategies. We track probably over a dozen different ancillary revenue income streams, and it's a combination of strategies that we have employed across our portfolio to monetize common areas as well as tactics to monetize and lease up on a temporary basis, vacant in-line space. And knowing that the vacancy is a little bit higher in the RPT portfolio, it provides some near-term upside for us in terms of temporary leasing.

Michael Goldsmith

Analyst, UBS Securities LLC

Thank you very much. Very helpful.

Operator: The next question comes from Alexander Goldfarb of Piper Sandler. Please go ahead.

Alexander Goldfarb

Analyst, Piper Sandler & Co.

Hey, good morning out there. So, Conor, clearly, you know, RPT it sounds like, whether very conservative or sandbagging, you guys were pretty cautious on how you underwrote it. It sounds like there's a lot of operational synergies on the cost side, but maybe you could just outline a bit more on the NOI side, what the upside is. And it sounds like there's, you know, I don't know if it's 50 basis points or 100 basis points better on the yield, but just sort of a magnitude of the sort of NOI performance that you're seeing out of it, in addition to what you're seeing on the cost savings and synergy side?

Conor C. Flynn

Chief Executive Officer & Director, Kimco Realty Corp.

Sure. Happy to, Alex. And again, I gave you some stats there on the RPT portfolio, but we gave ourselves, I think, a nice runway to execute and we've obviously been ahead of that assumption. So, for the first year, we had it, we thought [ph] whether there would be a (00:23:57) ramp up in terms of, leasing and they thought there might be, again, a transition period where we wouldn't have similar Kimco velocity on the RPT portfolio. And that just hasn't been the case. We've been able to transition very quickly. We've been able to lease up a lot of space relatively quickly and retain tenants at higher rents as well.

So, the original underwriting had a 6 to 12 month period of ramp to transition to Kimco and we've been able to exceed the leasing velocity on that. And there's some hidden gems as well that we didn't originally anticipated uncovering. So, a lot of those deals that we're working on, like I mentioned on [indiscernible] (00:24:38)

	9
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Kimco Realty Corp. (KIM)	Corrected Transcript
Q1 2024 Earnings Call	02-May-2024

transitioning some of these assets to grocery anchored assets take time. But we were ahead of anticipation on that as well.

Alexander Goldfarb

Analyst, Piper Sandler & Co.

Thank you.

David Jamieson

Chief Operating Officer & Executive Vice President, Kimco Realty Corp.

Yeah. I'd also mentioned when we took over the portfolio, there is always a risk in transition, especially on the construction side when you hand off projects from one company to the other and despite the hand-off period, these projects still need to get done. There's still target that need to meet. There's still lease obligations to fulfill. And as a result of that, from day one and really prior to the transaction, we're preparing for that. And that enabled us to meet and exceed some of the SNO pipeline compression as well that we saw this quarter with RPT enabled to get some key tenants open very early in the year that will now benefit from through the balance of the year.

So obviously in our SNO, we saw some good [ph] driver for first quarter crossing about (00:25:32) 20 basis points, but we saw more compression on the RPT side just because a few big anchors actually opened in the beginning and part of the year. So, again, hats off to everyone. It's not easy sometimes, you know, we never want to take it for granted on the integration side. But really, the team is laser focused, not only doing that, but then also executing just fundamentals on the core business with Kimco to make sure we had an outstanding quarter.

Alexander Goldfarb

Analyst, Piper Sandler & Co.

Thank you.

Operator: The next question comes from Floris van Dijkum of Compass Point. Please go ahead.

Floris van Dijkum

Analyst, Compass Point Research & Trading LLC

Good morning, guys. Thanks. Nice positive result, I guess. Couple of questions, but I guess I'm going to focus my question to Ross. I know you mentioned, Ross, that the cap rates for grocery anchored are pretty tight, in particular. As you think about deploying capital going forward, can you maybe talk a little bit on your views on lifestyle centers and why wouldn't you pivot more -- why would not -- why wouldn't Kimco pivot more towards lifestyle acquisitions? Or are you wedded to acquiring and increasing your percentage of grocery anchored in your holdings?

Ross Cooper

President & Chief Investment Officer, Kimco Realty Corp.

Yeah, thanks, Floris. It's a good question. I think one of the benefits when you look at Kimco is that, we do own and have operational expertise in sort of all formats of open-air retail. We do love the grocery anchored and with lifestyle as well many of those assets have a grocery component that you get the benefit of. When you look at the acquisition that we made last year with Stonebridge, that's a prime example of a dominant Wegmans anchored center that had a lifestyle component.

	10
1-877-FACTSET www.callstreet.com	Copyright © 2001-2024 FactSet CallStreet, LLC

Attachments

Original Link
Original Document
Permalink

Disclaimer

Kimco Realty Corporation published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2024 17:47:07 UTC.

Market Closed - Nyse Other stock markets 01:30:02 22/06/2024 am IST			5-day change	1st Jan Change
18.98 ^USD	+0.48%		+1.23%	-10.93%

04/06	Transcript : Kimco Realty Corporation Presents at Nareit REIT Week: 2024 Investor Conference, Jun-04-2024 11:00 AM
28/05	North American Morning Briefing : PCE Inflation Report Awaited as Kashkari Cautions on Rate Cuts	DJ

Transcript : Kimco Realty Corporation Presents at Nareit REIT Week: 2024 Investor Conference, Jun-04-2024 11:00 AM	04/06
North American Morning Briefing : PCE Inflation Report Awaited as Kashkari Cautions on Rate Cuts	28/05	DJ
Deutsche Bank Adjusts Price Target on Kimco Realty to $20 From $23	24/05	MT
Mizuho Securities Trims Price Target on Kimco Realty to $20 From $21	23/05	MT
Truist Lowers Price Target on Kimco Realty to $22 From $23, Maintains Hold Rating	20/05	MT
BMO Capital Adjusts Price Target on Kimco Realty to $22 From $23, Keeps Market Perform Rating	16/05	MT
Simon Property reports upbeat Q1 results, raises annual FFO forecast	07/05	RE
Regency Centers beats quarterly FFO estimates, raises annual forecast	03/05	RE
Federal Realty Investment beats Q1 revenue estimates, raises FFO forecast	03/05	RE
Kimco Realty Q1 FFO Flat, Revenue Climbs; Raises 2024 Outlook	02/05	MT
Transcript : Kimco Realty Corporation, Q1 2024 Earnings Call, May 02, 2024	02/05
Kimco raises annual FFO forecast on strong leasing demand	02/05	RE
Earnings Flash (KIM) KIMCO REALTY CORPORATION Posts Q1 Revenue $503.8M	02/05	MT
Kimco Realty Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	02/05	CI
Kimco Realty Corporation Declares Quarterly Cash Dividend on Common Shares, Payable on June 20, 2024	02/05	CI
North American Morning Briefing : Stock Futures -2-	02/05	DJ
A unknown buyer acquired ten former RPT properties from Kimco Realty Corporation for approximately $250 million.	02/05	CI
North American Morning Briefing : Inflation Data, -2-	08/04	DJ
Baird Adjusts Price Target on Kimco Realty to $21 From $23, Maintains Outperform Rating	04/04	MT
Kimco Realty Sells Former RPT Properties for $248 Million	27/03	MT
North American Morning Briefing : Tech in Focus on -2-	25/03	DJ
Citigroup Downgrades Kimco Realty to Neutral From Buy, Adjusts Price Target to $20 From $26	22/03	MT
Transcript : Kimco Realty Corporation Presents at Citi's 2024 Global Property CEO Conference, Mar-05-2024 07:30 AM	05/03
Mizuho Trims Price Target on Kimco Realty to $21 From $22, Keeps Buy Rating	23/02	MT
Kimco Realty's Q4 Funds From Operations, Revenue Rise; Full-Year 2024 FFO Outlook Issued	08/02	MT

	1st Jan change	Capi.
KIMCO REALTY CORPORATION	-10.93%	1.28TCr
SIMON PROPERTY GROUP, INC.	+2.47%	4.76TCr
REGENCY CENTERS CORPORATION	-7.25%	1.15TCr
THE LINK REAL ESTATE INVESTMENT TRUST	-27.37%	1.04TCr
NNN REIT, INC.	-2.04%	774.1Cr
BRIXMOR PROPERTY GROUP INC.	-3.09%	679.43Cr
AGREE REALTY CORPORATION	-2.30%	617.43Cr
VICINITY CENTRES	-7.60%	569.11Cr
KITE REALTY GROUP TRUST	-4.11%	481.48Cr
PHILLIPS EDISON & COMPANY, INC.	-11.07%	397.07Cr

Kimco Realty Corporation

Equities

KIM

US49446R1095

Commercial REITs

Kimco Realty : Q1 2024 Kimco Realty Corp Earnings Conference Call Transcript

Latest news about Kimco Realty Corporation

Chart Kimco Realty Corporation

Company Profile

Income Statement Evolution

Ratings for Kimco Realty Corporation

Analysts' Consensus

EPS Revisions

Quarterly earnings - Rate of surprise

Sector Retail REITs