Kimco Realty (KIM) 47th Annual Raymond James Institutional Investor Conference summary

Portfolio strategy and resilience

• Focus on grocery-anchored, open-air shopping centers in dense suburban and infill U.S. markets, emphasizing necessity-based tenants for recurring consumer traffic and stable occupancy.

• Limited new supply due to land scarcity, zoning challenges, and high construction costs supports high occupancy and durable rent growth.

• Ended 2025 with 96.4% portfolio occupancy and record 92.7% small shop occupancy.

• Maintains over $2.2 billion in liquidity and an A-rated balance sheet, providing flexibility in various market conditions.

Growth drivers and capital allocation

• Achieved 6.7% year-over-year FFO growth in 2025, with same property NOI up 3%, driven mainly by internal leasing and disciplined capital allocation.

• $73 million in annual base rent from signed-not-opened leases to come online through 2026–2027, providing embedded contractual growth.

• Strong leasing demand with 1.2 million sq ft of new leases signed in Q4 2025 and historically low anchor vacates.

• Plans $300–$500 million in dispositions for 2026, redeploying capital into higher-yielding assets and leveraging structured investments for 9% yields.

• Selective redevelopment and share repurchases are used to enhance long-term growth and asset quality.

Tenant mix and leasing trends

• High retention rates with 90% of tenants renewing or exercising options; stable environment with limited new supply.

• Growth across all grocery categories, including traditional, discount, organic, and ethnic grocers, as well as fitness, health, beauty, sporting goods, off-price, and service-oriented retailers.

• Over 70% of new small shop leases are with service-oriented retailers; most small shop tenants are now national brands rather than traditional mom-and-pop operators.

• Achieving double-digit positive leasing spreads on new leases and renewals, with strong pricing power due to supply-demand dynamics.