Core Viewpoint - Kimco Realty achieved an 'A-' credit rating with a stable outlook from S&P Global Ratings, positioning it among only 13 publicly-listed U.S. REITs with such a rating [1][2]. Company Performance - The upgrade was driven by Kimco's solid operating performance and well-positioned balance sheet, with nearly doubled portfolio scale through all-stock acquisitions [2]. - Kimco's focus on grocery-anchored centers, which now account for 86% of average base rent, generates consistent cash flow [2]. - The company maintains leverage-neutral growth and benefits from resilient tenant demand, with debt to EBITDA expected to be in the mid- to high-5x range [2]. Company Overview - Kimco Realty is a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S., with a portfolio concentrated in major metropolitan markets [3]. - As of June 30, 2025, the company owned interests in 566 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [3].

Core Insights - Kimco is the largest owner and operator of open-air grocery-anchored shopping centers, focusing on high barrier first-ring suburban markets across the Sunbelt and coastal states [3] - 86% of Kimco's annual base rent (ABR) comes from grocery-anchored shopping centers, with over 91% of its portfolio located in strong demographic corridors with high barriers to entry [3] - The company's strategy emphasizes necessity-based retail, maintaining a disciplined balance sheet, leveraging national scale, deep retailer relationships, and creative capital allocation to achieve outperformance [3] Leasing and Demand - There has been no slowdown in leasing velocity or tenant demand since the last earnings call; retailers are actively pursuing space and accelerating deals [4] - The current tight supply environment means that delaying new store openings could result in losing market share to competitors, which is reflected in Kimco's pipeline [4]

Company Overview - Kimco is the largest owner and operator of open-air grocery-anchored shopping centers, focusing on high barrier first-ring suburban markets across the Sunbelt and coastal states [3] - 86% of Kimco's ABR (Annual Base Rent) comes from grocery-anchored shopping centers, with over 91% of its portfolio located in strong demographic corridors with high barriers to entry [3] Business Strategy - The company's strategy emphasizes necessity-based retail, maintaining a disciplined balance sheet, and leveraging national scale, deep retailer relationships, and redevelopment platforms [3] - Creative capital allocation, including structured investments and strategic use of entitlements, is aimed at delivering outperformance through economic cycles [3] Market Demand - There has been no slowdown in leasing velocity or tenant demand since the last earnings call; retailers are actively pursuing space and accelerating deals [4] - In a tight supply environment, delaying new store openings risks losing market share to competitors, which reflects positively on Kimco's pipeline [4]

Kimco Realty (NYSE: KIM) 2025 Conference Summary Company Overview - Kimco Realty is the largest owner and operator of open-air grocery-anchored shopping centers, focusing on high-barrier, first-ring suburban markets across the Sun Belt and coastal states [2][6] - 86% of annual base rent (ABR) comes from grocery-anchored shopping centers, with over 91% of the portfolio in strong demographic corridors [2][6] Core Strategies and Performance - The company emphasizes necessity-based retail, disciplined balance sheet management, and leveraging national scale and retailer relationships for growth [3][6] - Leasing velocity and tenant demand remain strong, with retailers actively pursuing space in well-located centers [3][4] - Recent leasing highlights include rapid deals with Sprouts Farmers Market and TJ Maxx, showcasing the effectiveness of their platform and technology [4][5] Occupancy and Demand - Small shop occupancy reached a record high of 92.2%, with potential for further growth driven by broad-based demand [5][22] - The company is well-positioned to capitalize on the evolving retail landscape, focusing on services and convenience [5][24] - There is significant upside potential in small shop occupancy, with peers achieving up to 98% occupancy [22] Technology and Innovation - Technology is viewed as a key differentiator, with investments in systems and data insights to enhance operational efficiency [12][14] - Generative AI is being utilized for lead generation and marketing, contributing to improved leasing outcomes [12][20] Financial Highlights - The sign-but-not-open pipeline is valued at $66 million, with $45 million expected to flow in 2026 [29] - The company achieved 5% FFO growth last year and aims to replicate this performance [10][66] - Capital recycling initiatives include selling long-term flat ground leases, with plans to monetize $100 million to $150 million annually [51][52] Risks and Market Conditions - The watchlist for potential tenant bankruptcies is at its lowest, with no major bankruptcies anticipated [30][66] - The company is monitoring credit loss reserves, which are expected to remain stable [66] - Refinancing of $800 million in debt maturing next year poses a potential headwind, but overall financial health is strong [67][70] Future Outlook - The company expects same-store NOI growth to remain stable or slightly increase [72] - Continued focus on capital recycling and strategic acquisitions is anticipated to enhance growth [53][56] - The balance sheet is in excellent shape, with an A-rating from Fitch and positive outlooks from Moody's and S&P [65][66] Conclusion - Kimco Realty is strategically positioned for growth in the retail sector, leveraging technology, strong tenant relationships, and a focus on grocery-anchored centers to drive performance and occupancy levels [2][3][5]

Core Insights - Kimco Realty will present at the BofA Securities 2025 Global Real Estate Conference on September 10, 2025, from 3:45 PM to 4:20 PM ET [1] - The company is a leading real estate investment trust (REIT) focused on high-quality, grocery-anchored shopping centers and mixed-use properties in the U.S. [2] - As of June 30, 2025, Kimco Realty owned interests in 566 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [2] Company Overview - Kimco Realty has been publicly traded on the NYSE since 1991 and is included in the S&P 500 Index [2] - The company's portfolio is concentrated in first-ring suburbs of major metropolitan markets, including high-barrier coastal markets and Sun Belt cities [2] - The tenant mix focuses on essential goods and services that encourage multiple shopping trips per week [2] - Kimco Realty has over 65 years of experience in shopping center ownership, management, acquisitions, and redevelopment [2] - The company is recognized as an industry leader in corporate responsibility [2] Communication Strategy - Kimco Realty announces material information through its investor relations website, SEC filings, press releases, public conference calls, and webcasts [3] - The company also utilizes social media to communicate with investors and the public, encouraging stakeholders to review posted information [3]

Core Viewpoint - Kimco Realty will present at the BofA Securities 2025 Global Real Estate Conference on September 10, 2025, highlighting its strategic focus and portfolio [1] Company Overview - Kimco Realty is a leading real estate investment trust (REIT) specializing in high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S. [2] - The company's portfolio is concentrated in first-ring suburbs of major metropolitan markets, including high-barrier coastal markets and Sun Belt cities [2] - As of June 30, 2025, Kimco Realty owned interests in 566 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [2] - The company has been publicly traded on the NYSE since 1991 and is included in the S&P 500 Index, with over 65 years of experience in shopping center ownership and management [2] - Kimco Realty is recognized for its commitment to corporate responsibility and is considered an industry leader in this area [2] Communication Strategy - The company announces material information through its investor relations website, SEC filings, press releases, public conference calls, and webcasts [3] - Kimco Realty also utilizes social media to communicate with investors and the public, encouraging stakeholders to review information posted on platforms like Facebook and LinkedIn [3]

Group 1 - Some REITs are considered overrated while smaller, lesser-known REITs are often underrated and deserve more attention [1] - The company has released its latest top investment picks for August 2025, providing immediate access to exciting opportunities [1] Group 2 - The company invests thousands of hours and over $100,000 annually into researching profitable investment opportunities [2] - The approach has garnered over 500 five-star reviews from satisfied members who are experiencing benefits [2] - The company encourages potential investors to join now to maximize their returns [2]

[Explanatory Note](index=2&type=section&id=Explanatory%20Note) This section provides context for the combined reporting structure of Kimco Realty Corporation and Kimco OP [Combined Reporting Structure](index=2&type=section&id=Combined%20Reporting%20Structure) This report combines the Form 10-Q for Kimco Realty Corporation and Kimco OP, managed as a single business with primary differences in equity sections - This is a combined quarterly report for Kimco Realty Corporation (Parent Company) and its operating partnership, Kimco Realty OP, LLC (Kimco OP)[7](index=7&type=chunk) - The Parent Company is a REIT and serves as the managing member of Kimco OP, holding a **99.79%** ownership interest as of June 30, 2025[8](index=8&type=chunk) - Substantially all operations are conducted through Kimco OP. The primary financial statement differences between the two entities are in the equity sections (Stockholders' Equity vs. Members' Capital)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Kimco Realty Corporation and Kimco OP, including key financial statements and notes [Condensed Consolidated Financial Statements of Kimco Realty Corporation](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20Corporation) Kimco Realty Corporation reported **$19.8 billion** in total assets, with revenues increasing to **$1.06 billion** and net income rising to **$280.6 million** Kimco Realty Corporation - Condensed Consolidated Balance Sheet (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$19,796,555** | **$20,309,896** | | Total liabilities | $9,078,579 | $9,464,107 | | **Total equity** | **$10,671,410** | **$10,797,912** | Kimco Realty Corporation - Condensed Consolidated Statement of Income (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $1,061,799 | $1,003,985 | | Operating income | $386,296 | $291,405 | | Net income attributable to the Company | $295,803 | $108,764 | | **Net income available to common shareholders** | **$280,564** | **$92,861** | | Diluted EPS | $0.41 | $0.14 | - Net cash flow from operating activities for the six months ended June 30, 2025, was **$529.2 million**, compared to **$470.2 million** in the same period of 2024[34](index=34&type=chunk) [Condensed Consolidated Financial Statements of Kimco Realty OP, LLC](index=10&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20OP%2C%20LLC) Kimco Realty OP, LLC's financial statements mirror the Parent Company's, with net income available to common unitholders at **$281.1 million** (**$0.41** per diluted unit), up from **$93.0 million** (**$0.14** per diluted unit) in the prior year period, differing primarily in the capital section Kimco Realty OP, LLC - Condensed Consolidated Balance Sheet (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$19,796,555** | **$20,309,896** | | Total liabilities | $9,078,579 | $9,464,107 | | **Total capital** | **$10,671,410** | **$10,797,912** | Kimco Realty OP, LLC - Condensed Consolidated Statement of Income (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $1,061,799 | $1,003,985 | | Operating income | $386,296 | $291,405 | | Net income attributable to Kimco OP | $296,361 | $108,940 | | **Net income available to common unitholders** | **$281,122** | **$93,037** | | Diluted EPU | $0.41 | $0.14 | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business, accounting policies, and financial items, covering the RPT Merger, real estate, debt, and NOI - The company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S., with a portfolio concentrated in top major metropolitan markets[56](index=56&type=chunk) - On January 2, 2024, the company completed its merger with RPT Realty ("RPT Merger"), acquiring 56 shopping centers. Merger-related expenses of **$25.2 million** were incurred in the first six months of 2024[58](index=58&type=chunk)[68](index=68&type=chunk) - During the six months ended June 30, 2025, the company acquired operating properties for a total purchase price of **$134.6 million** and disposed of properties for an aggregate sales price of **$51.9 million**, generating a gain of **$39.8 million**[74](index=74&type=chunk)[77](index=77&type=chunk) - The company has a **$2.0 billion** unsecured revolving credit facility, which had no outstanding balance as of June 30, 2025. In June 2025, the company issued **$500.0 million** in senior unsecured notes due 2036[104](index=104&type=chunk)[108](index=108&type=chunk) - The company repurchased **3.0 million** shares of common stock for **$58.8 million** and 58,342 depositary shares of Class N Preferred Stock for **$3.5 million** during the first six months of 2025[153](index=153&type=chunk)[157](index=157&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, highlighting the company's leading position, RPT Merger impact, and growth in net income, FFO, and Same Property NOI [Executive Overview](index=40&type=section&id=Executive%20Overview) Kimco is a self-administered REIT specializing in open-air, grocery-anchored shopping centers, with interests in 566 U.S. properties totaling **100.9 million** square feet of GLA, significantly expanded by the RPT Merger - As of June 30, 2025, Kimco had interests in 566 U.S. shopping center properties, totaling **100.9 million** square feet of gross leasable area (GLA) across 30 states[183](index=183&type=chunk) - The company's primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets in the U.S[184](index=184&type=chunk) - The RPT Merger on January 2, 2024, added 56 open-air shopping centers (**13.3 million** sq. ft. of GLA) to the company's portfolio[184](index=184&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Net income available to common shareholders increased to **$280.6 million** from **$92.9 million**, driven by higher rental revenues, property sale gains, and lower income taxes Comparison of Results (Six Months Ended June 30) | (in thousands) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues from rental properties, net | $1,052,216 | $995,126 | $57,090 | | Gain on sale of properties | $39,809 | $393 | $39,416 | | Interest expense | ($161,581) | ($147,906) | ($13,675) | | Provision for income taxes, net | ($830) | ($72,227) | $71,397 | | **Net income available to common shareholders** | **$280,564** | **$92,861** | **$187,703** | - The **$57.1 million** YTD increase in rental revenue was primarily due to a **$29.4 million** increase from leasing and portfolio growth, and a **$22.1 million** increase from properties acquired in 2025 and 2024[196](index=196&type=chunk) - The significant decrease in income tax provision was due to the 2024 sale of Albertsons Companies Inc. (ACI) common stock, which generated a large taxable gain in that period[210](index=210&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity via operating cash flow, a **$2.0 billion** credit facility, and capital markets, with cash used for property improvements, acquisitions, and debt repayments Summary of Cash Flow Activities (Six Months Ended June 30, in thousands) | | 2025 | 2024 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $529,216 | $470,150 | | Net cash flow used for investing activities | ($233,135) | ($10,532) | | Net cash flow used for financing activities | ($757,986) | ($1,115,820) | | **Net change in cash** | **($461,905)** | **($656,202)** | - Key investing activities in the first half of 2025 included **$138.2 million** for property improvements and **$106.2 million** for an property acquisition[219](index=219&type=chunk)[220](index=220&type=chunk) - Key financing activities in the first half of 2025 included issuing **$500.0 million** of unsecured notes, repaying **$740.5 million** of unsecured notes, and paying **$354.3 million** in dividends[223](index=223&type=chunk)[224](index=224&type=chunk) - The company is in compliance with all senior note covenants, including maintaining Consolidated Indebtedness to Total Assets below **60%** (actual **37%**)[237](index=237&type=chunk) [Funds From Operations (FFO)](index=50&type=section&id=Funds%20From%20Operations%20%28FFO%29) FFO, a non-GAAP measure, increased for the six months ended June 30, 2025, with FFO available to common shareholders at **$599.5 million** (**$0.88** per diluted share), reflecting higher net income FFO Reconciliation (in thousands, except per share data) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income available to common shareholders | $280,564 | $92,861 | | Adjustments (Depreciation, Gains, etc.) | $318,887 | $444,926 | | **FFO available to common shareholders** | **$599,451** | **$537,787** | | **FFO per common share – diluted** | **$0.88** | **$0.80** | [Same Property Net Operating Income (Same property NOI)](index=51&type=section&id=Same%20Property%20Net%20Operating%20Income%20%28Same%20property%20NOI%29) Same Property NOI, a non-GAAP measure, showed positive growth, increasing by **3.1%** for three months and **3.5%** for six months ended June 30, 2025, driven by minimum rent increases - Same property NOI increased by **3.1%** for the three months ended June 30, 2025, compared to the prior year period[268](index=268&type=chunk) - Same property NOI increased by **3.5%** for the six months ended June 30, 2025, compared to the prior year period, mainly due to a **$22.8 million** increase in minimum rent[269](index=269&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed through interest rate swaps totaling **$860.0 million**, with most debt being fixed-rate, limiting the impact of rate increases - The company's primary market risk exposure is from interest rate changes[272](index=272&type=chunk) - As of June 30, 2025, the company had 26 interest rate swaps with a total notional amount of **$860.0 million** to hedge variable rate debt[272](index=272&type=chunk) Debt Obligations by Rate Type as of June 30, 2025 (in millions) | Debt Type | Fixed Rate | Variable Rate | Total | | :--- | :--- | :--- | :--- | | Secured Debt | $425.0 | $16.5 | $441.5 | | Unsecured Debt | $7,717.2 | $0.0 | $7,717.2 | | **Total** | **$8,142.2** | **$16.5** | **$8,158.7** | [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of quarter-end, with no material changes to internal control over financial reporting during the period - Management for both Kimco Realty Corporation and Kimco Realty OP, LLC concluded that disclosure controls and procedures were effective as of the end of the reporting period[276](index=276&type=chunk)[278](index=278&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[277](index=277&type=chunk)[279](index=279&type=chunk) [PART II - OTHER INFORMATION](index=55&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and other significant information [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation that management believes would materially adversely affect its financial condition or operations - The Company is not presently involved in any material litigation[282](index=282&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) There are no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - There are no material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[283](index=283&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company repurchased **3.0 million** shares of common stock for **$58.8 million** and 11,307 depositary shares of Class N preferred stock, also satisfying tax withholding obligations - During the six months ended June 30, 2025, the Company repurchased **3.0 million** shares of common stock for **$58.8 million**. As of June 30, 2025, **$166.0 million** remained available under the repurchase program[284](index=284&type=chunk) - During the three months ended June 30, 2025, the company repurchased 11,307 Class N depositary shares[284](index=284&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) The One Big Beautiful Bill Act (OBBBA) was enacted, permanently extending the **20%** deduction for qualified REIT dividends and increasing the TRS asset test limit, with no expected material impact - On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which permanently extended the **20%** deduction for "qualified REIT dividends" and increased the permissible value of TRS securities a REIT may hold from **20%** to **25%** of total assets[292](index=292&type=chunk) - The company is evaluating the OBBBA but does not expect it to have a material impact on its financial position or results of operations[292](index=292&type=chunk)

Core Insights - Kimco Realty Corp. (KIM) reported Q2 2025 FFO per share of 44 cents, exceeding the Zacks Consensus Estimate of 43 cents, reflecting a 7.3% year-over-year growth [1][8] - The results were driven by higher same-property NOI due to increased minimum rents, although lower occupancy from tenant bankruptcies and rising interest expenses posed challenges [1][8] Financial Performance - Revenues for the quarter were $525.2 million, slightly below the consensus estimate of $526.9 million, but represented a 5% year-over-year increase [2] - Same-property NOI increased by 3.1% year over year, supported by a 2.7% rise in minimum rents [4][8] - Interest expenses rose by 10.7% year over year to $81.2 million [5] Occupancy Rates - Pro-rata leased occupancy at the end of Q2 was 95.4%, down 80 basis points year over year, impacted by tenant bankruptcies [3] - Pro-rata small shop occupancy reached a record 92.2%, marking a 50 basis point increase year over year [4] Leasing Activity - Kimco executed 506 leases totaling 2.7 million square feet during the quarter, with blended pro-rata cash rent spreads on comparable spaces at 15.2% [4] - New leases increased by 33.8%, while renewals and options grew by 9.6% [4] Portfolio Activity - The company sold a Home Depot-anchored property for $49.5 million, realizing a gain of $38.4 million [6] Balance Sheet Position - Kimco ended Q2 2025 with over $2.2 billion in immediate liquidity, including full availability on a $2.0 billion unsecured revolving credit facility [7] - The net-debt-to-EBITDA ratio was 5.6X, consistent with the prior year [7] Dividend and Guidance - The board declared a quarterly cash dividend of 25 cents per share, payable on September 19, 2025 [9] - For 2025, Kimco raised its FFO per share guidance to a range of $1.73-$1.75, up from $1.71-$1.74, with same-property NOI growth expected to exceed 3.0% [10]

Financial Data and Key Metrics Changes - Funds from operations (FFO) for Q2 was $297.6 million, representing a 7.3% increase year-over-year to $0.44 per diluted share compared to $0.41 in the same quarter last year [23][24] - Same site net operating income (NOI) increased by 3.1%, driven by contractual rent growth and contributions from ancillary income [25][28] - The company ended the quarter with over $2 billion in available liquidity and a consolidated net debt to EBITDA ratio of 5.4 times [27] Business Line Data and Key Metrics Changes - Executed 174 new leases for 916,000 square feet at an average spread of 34% and completed 332 renewals covering 1.8 million square feet at a 9.6% spread, contributing to a blended spread of 15.2% [9][10] - Small shop occupancy reached a record high of 92.2%, with the RPT portfolio's small shop occupancy climbing to 90.3% [8][10] - The company reported a slight dip in overall pro rata occupancy to 95.4%, primarily due to anticipated lease rejections from Joanne and Party City [9] Market Data and Key Metrics Changes - The company noted strong tenant demand translating into robust leasing spreads, with a blended pro rata leasing spread of 15%, the highest in nearly eight years [8] - The market for grocery-anchored shopping centers remains strong, with 86% of annual base rent now coming from these centers, an all-time high [10] Company Strategy and Development Direction - The company is focused on enhancing execution through innovation, including deploying AI to improve leasing processes and reduce costs [11] - Capital allocation remains disciplined, with a strategy to recycle capital from low-growth assets into higher-yielding investments [12][22] - The company aims to maintain a strong balance sheet while pursuing growth opportunities in well-located markets [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving FFO growth of over 5% for the second consecutive year, supported by strong leasing momentum and a robust pipeline of rent commencements [14][28] - The management team acknowledged the current market volatility but highlighted the opportunities it presents for Kimco due to its strong balance sheet and industry relationships [16][20] Other Important Information - The company has proactively repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield [27][90] - The company anticipates selling between $100 million to $150 million in low cap rate properties annually to reinvest in higher growth opportunities [18][22] Q&A Session Summary Question: Can you help us understand the outlook for the back half of the year regarding same property NOI growth? - Management increased the annual guidance to 3% or better, accounting for the impact of bankruptcies and positive operating performance [33][34] Question: What is the outlook for the structured finance book and its sustainability? - Guidance incorporates expectations of repayments, and management believes the structured finance business has viability through all parts of the cycle [39][40] Question: Is there a desire to expand the joint venture platform for acquisitions? - Management indicated ongoing conversations with partners about potential co-investments while focusing on internal recycling of capital [46][47] Question: Can you provide an update on the backfills of the Joann's and Party City boxes? - Management reported strong interest in backfill opportunities, with over 90% of spaces either leased or in advanced stages of negotiation [76] Question: What types of private buyers are competing for new deals? - Competition includes pension funds and sovereign wealth funds, with aggressive pricing observed across both single assets and portfolios [96][100]