Investor Presentation Fourth Quarter 2024 First U.S. Location The Marketplace at Factoria Bellevue, Washington Safe Harbor This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained ...

Core Viewpoint - Kimco Realty Corporation held its Q4 2024 earnings conference call on February 7, 2025, with key executives participating to discuss the company's performance and outlook [1][2]. Group 1: Company Overview - The management team present during the call included Conor Flynn (CEO), Ross Cooper (President & CIO), Glenn Cohen (CFO), and David Jamieson (EVP & COO), among others [3]. Group 2: Conference Call Structure - The call was structured to allow participants to listen only initially, with a Q&A session following the presentation [2]. - The event was recorded for future reference [2]. Group 3: Forward-Looking Statements - The company reminded participants that statements made during the call may be forward-looking, and actual results could differ materially from those projected [4].

Financial Data and Key Metrics Changes - FFO for Q4 2024 was $286.9 million or $0.42 per diluted share, up from $239.4 million or $0.39 per diluted share in Q4 2023, representing a per-share increase of 7.7% [35] - Total pro-rata NOI increased by $60.8 million or 17.8% to $403.4 million compared to the same period last year [35] - Year-end portfolio occupancy stood at 96.3%, reflecting a year-over-year increase of 10 basis points [37] Business Line Data and Key Metrics Changes - Same-site NOI growth for Q4 was 4.5%, driven primarily by higher minimum rent contributing 3.8% [38] - RPT same-site NOI growth reached 6.2%, with occupancy increasing by 120 basis points [23] - Internet-resistant retailers now account for over 50% of new lease volume, with a surge in leasing to medical and wellness tenants [19] Market Data and Key Metrics Changes - National vacancy rate remains near record lows, facilitating strong leasing momentum [13] - The lack of new supply is measured at just 0.3% of existing retail stock, contributing to favorable supply and demand dynamics [13] - The average unemployment rate across the portfolio is 20 basis points lower than the national average, supporting increased sales at retailers [16] Company Strategy and Development Direction - The company is focused on repositioning its portfolio into first-ring suburbs to leverage natural barriers to entry and pricing power advantages [14] - Kimco Realty Corporation aims to transform its portfolio into a grocery-anchored and mixed-use portfolio, capitalizing on demographic trends [15] - The company plans to selectively dispose of long-term flat ground leases and monetize select development entitlements to enhance growth [32] Management's Comments on Operating Environment and Future Outlook - Management remains confident about growth prospects despite economic uncertainties and recent tenant bankruptcies [43] - The initial 2025 FFO per share outlook range is $1.70 to $1.72, representing a growth range of 3% to 4.2% [43] - The company anticipates same property NOI growth of 2% plus, factoring in potential credit loss from bankruptcies [44] Other Important Information - The company achieved its goal of entitling 12,000 apartment units a year ahead of schedule, expanding its mixed-use portfolio [15] - The liquidity position remains strong with $690 million in cash and full availability of a $2 billion revolving credit facility [41] - Moody's affirmed the company's Baa1 unsecured debt rating with a positive outlook [42] Q&A Session Summary Question: Can you talk about the credit loss reserve and exposure to potential trouble tenants? - Management indicated a credit loss reserve of 75 to 100 basis points, with a 130 basis point impact from tenants in bankruptcy [51][60] - The company has already absorbed a 10 basis point impact from Big Lots in 2024, with ongoing efforts to backfill spaces [52][56] Question: What does the opportunity set look like for acquisitions? - Management stated that they have already identified and closed on net acquisition activity, with plans to recycle capital from dispositions into new opportunities [67][69] Question: Can you provide more color on the assumptions for credit loss reserves? - Management expressed comfort with the credit loss range, considering the ongoing bankruptcy processes for Party City and Joanne's [111][112] Question: What is the focus on development and redevelopment spending? - Management emphasized a retail-driven focus for redevelopment, with opportunities to backfill existing spaces rather than extensive new development [96][99] Question: How are you planning to market spaces from bankrupt tenants? - The company markets spaces well in advance of any bankruptcy filings, with ongoing efforts to upgrade tenancy and secure new leases [125][126]

Core Viewpoint - Kimco Realty Corp. reported strong fourth-quarter 2024 results, with funds from operations (FFO) per share meeting expectations and showing year-over-year growth, despite increased interest expenses [1][2][4]. Financial Performance - FFO per share for Q4 2024 was 42 cents, a 7.7% increase from the previous year [1] - Total revenues reached $525.4 million, exceeding the consensus estimate of $513.1 million, and reflecting a 16.3% year-over-year improvement [2] - For the full year 2024, FFO per share was $1.65, up 5.1% from $1.57, surpassing the Zacks Consensus Estimate of $1.64 [2] - Annual revenues increased 14.2% year over year to $2.04 billion [2] Operational Highlights - Pro-rata portfolio occupancy at the end of Q4 was 96.3%, up 10 basis points year over year [3] - Pro-rata anchor occupancy was 98.2%, reflecting a 20 basis point increase year over year [3] - Pro-rata small shop occupancy remained flat at 91.7% year over year [3] - Kimco executed 429 leases totaling 2.4 million square feet in the quarter, with blended pro-rata cash rent spreads on comparable spaces at 11.4% [4] Cost and Expenses - Interest expenses rose 23.4% year over year to $83.7 million [4] - Same-property net operating income (NOI) grew 4.5% year over year, supported by a 3.8% increase in minimum rent [4] Acquisition Activity - Kimco acquired Waterford Lakes Town Center for $322 million and Markets at Town Center for $108 million [5] Balance Sheet and Liquidity - The company ended Q4 2024 with $2.7 billion in immediate liquidity, including $689.7 million in cash [6] - Net-debt-to-EBITDA ratio was 5.6x, unchanged from the prior year [6] Equity Offering - Kimco raised $136.3 million from the sale of 5.4 million shares at an average price of $25.07 per share [7] Dividend Declaration - A quarterly cash dividend of 25 cents per share was declared, payable on March 21, 2025 [9] 2025 Guidance - For 2025, Kimco expects FFO per share in the range of $1.70 to $1.72, above the Zacks Consensus Estimate of $1.69 [10] - The outlook is based on same-property NOI growth of over 2.0% and total acquisitions expected between $100 million and $125 million [10]

Core Insights - Kimco Realty reported $525.4 million in revenue for Q4 2024, a 16.3% year-over-year increase, with an EPS of $0.42 compared to $0.22 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $513.1 million by 2.40%, while the EPS met the consensus estimate [1] Financial Performance Metrics - Pro-rata portfolio occupancy was reported at 96.3%, slightly below the estimated 96.8% [4] - Management and other fee income was $4.33 million, below the average estimate of $4.57 million, but showed a year-over-year increase of 16.9% [4] - Revenues from rental properties, net, were $521.06 million, surpassing the average estimate of $511.41 million, reflecting a year-over-year change of 16.3% [4] - Diluted net EPS was reported at $0.23, exceeding the average estimate of $0.17 [4] Stock Performance - Kimco Realty shares returned +1.7% over the past month, compared to the Zacks S&P 500 composite's +1.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Insights - Kimco Realty reported quarterly funds from operations (FFO) of $0.42 per share, matching the Zacks Consensus Estimate and showing an increase from $0.39 per share a year ago [1] - The company achieved revenues of $525.4 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 2.40% and up from $451.6 million year-over-year [2] - Kimco Realty has surpassed consensus FFO estimates three times in the last four quarters and topped revenue estimates four times in the same period [1][2] Financial Performance - The FFO for the previous quarter was initially expected to be $0.41 per share, but the actual result was $0.43, resulting in a surprise of 4.88% [1] - The current consensus FFO estimate for the upcoming quarter is $0.42, with projected revenues of $517.88 million, and for the current fiscal year, the estimate is $1.69 on $2.09 billion in revenues [7] Market Position - Kimco Realty shares have underperformed the market, losing about 4.4% since the beginning of the year, while the S&P 500 has gained 3.4% [3] - The Zacks Industry Rank places the REIT and Equity Trust - Retail sector in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] Future Outlook - The sustainability of Kimco Realty's stock price movement will largely depend on management's commentary during the earnings call and the trends in estimate revisions [3][4] - The estimate revisions trend for Kimco Realty is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Performance - Fourth quarter 2024 net income was $154.8 million, or $0.23 per diluted share, a 4.5% increase from $133.4 million, or $0.22 per diluted share in Q4 2023[4] - Full year 2024 net income was $375.7 million, or $0.55 per diluted share, down from $629.3 million, or $1.02 per diluted share in 2023, primarily due to a special cash dividend received in 2023[8] - Net income attributable to the company for the year ended December 31, 2024, was $410.8 million, compared to $654.3 million in 2023, reflecting a decrease of 37.2%[24] - The company reported a basic net income per common share of $0.23 for Q4 2024, compared to $0.22 for Q4 2023, marking a 4.5% increase[24] - Net income available to the company's common shareholders for Q4 2024 was $154.835 million, an increase of 16% from $133.360 million in Q4 2023[27] Funds From Operations (FFO) - Funds From Operations (FFO) grew 7.7% year-over-year to $286.9 million, or $0.42 per diluted share, compared to $239.4 million, or $0.39 per diluted share in Q4 2023[7] - FFO for the full year 2024 was $1.1 billion, or $1.65 per diluted share, representing a 5.1% increase from $970.0 million, or $1.57 per diluted share in 2023[9] - Funds from Operations (FFO) available to the company's common shareholders for Q4 2024 was $286.901 million, up 20% from $239.443 million in Q4 2023[27] - FFO per common share - diluted for the year ended December 31, 2024, was $1.65, compared to $1.57 for the year ended December 31, 2023, reflecting a 5% increase[27] - The projected range for FFO available to the company's common shareholders for the full year 2025 is between $1.70 and $1.72 per diluted share[33] Revenue and Income Growth - Total revenues for Q4 2024 reached $525.4 million, a 16.3% increase from $451.6 million in Q4 2023[24] - Rental property revenues for the year were $2.02 billion, a 14.3% increase from $1.77 billion in 2023[24] - Same Property Net Operating Income (NOI) increased by 4.5% in Q4 2024, driven by a 3.8% rise in minimum rents[13] - Same Property Net Operating Income (NOI) for the year ended December 31, 2024, was $1.526 billion, a 3.5% increase from $1.475 billion in 2023[30] Portfolio and Acquisitions - The company acquired Waterford Lakes Town Center for $322 million and Markets at Town Center for $108 million, expanding its portfolio significantly[5][11] - Pro-rata portfolio occupancy reached 96.3%, up 10 basis points year-over-year, with pro-rata anchor occupancy at 98.2%, an increase of 20 basis points[5] Assets and Liabilities - The company's total assets increased to $20.3 billion in 2024, up from $18.3 billion in 2023, representing an 11.1% growth[22] - Total liabilities rose to $9.46 billion in 2024, compared to $8.55 billion in 2023, an increase of 10.7%[22] - The company’s cash and cash equivalents decreased to $689.7 million in 2024 from $783.8 million in 2023, a decline of 12.0%[22] - The company ended 2024 with approximately $2.7 billion of immediate liquidity, including $689.7 million in cash and cash equivalents[15] Expenses and Charges - Operating income for Q4 2024 was $166.4 million, slightly down from $168.6 million in Q4 2023[24] - Interest expense and other income, net for Q4 2024 was $66.032 million, compared to $46.917 million in Q4 2023, showing an increase of 41%[30] - The company incurred impairment charges of $4.5 million for the year, down from $14.0 million in 2023[24] - The company reported impairment charges of $9.985 million for the year ended December 31, 2024, down from $15.060 million in 2023[27] - The company incurred merger-related charges of $25.246 million for the year ended December 31, 2024, compared to $4.766 million in 2023[28] Lease Activity - Kimco signed 429 leases totaling 2.4 million square feet in Q4 2024, with new leases generating blended pro-rata cash rent spreads of 11.4%[13] Depreciation and Amortization - Depreciation and amortization related to real estate for the year ended December 31, 2024, was $603.685 million, compared to $507.265 million in 2023, indicating a significant increase[30] Shareholder Returns - Preferred dividends increased to $31.8 million for the year ended December 31, 2024, compared to $25.0 million in 2023, reflecting a 27.2% increase[24] Share Count - The weighted average shares outstanding for FFO calculations increased to 681.726 million in Q4 2024 from 620.356 million in Q4 2023[27]

– Achieves High End of Full Year Outlook with Strong Fourth Quarter Growth in Net Income and FFO – – Leased Over 11 Million Square Feet in 2024 – – Company Provides Initial 2025 Outlook – JERICHO, N.Y., Feb. 07, 2025 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the fourth quarter and full year ended Decem ...

Core Viewpoint - Kimco Realty Corporation is expected to report fourth-quarter and full-year 2024 results on February 7, with anticipated year-over-year growth in revenues and funds from operations (FFO) per share [1][11]. Company Performance - In the last reported quarter, Kimco outperformed the Zacks Consensus Estimate by 4.9% in FFO per share, with year-over-year revenue growth, although rising interest expenses negatively impacted performance [2][9]. - Over the past four quarters, Kimco's FFO per share exceeded the Zacks Consensus Estimate three times, with an average beat of 2.5% [3]. Industry Insights - The U.S. retail availability rate remained stable at 4.7%, despite store closures and a decrease in net absorption, indicating stability in retail market fundamentals [3]. - Net absorption in the fourth quarter declined by 14% sequentially to 5.7 million square feet, significantly below the 10-year quarterly average of 17 million square feet [4]. - New retail development was low, with construction completions down 52% from the prior quarter, attributed to rising construction costs, labor shortages, and tight lending conditions [5]. Rental Market Dynamics - Average asking rent increased by 0.4% quarter-over-quarter and 2.5% year-over-year to $23.80 per square foot, driven by strong competition for limited space and high demand for prime locations [6]. Growth Factors - Kimco's properties are located in economically strong metropolitan areas, which are expected to support demand and boost quarterly performance [7]. - The company benefits from a diverse tenant base, including essential and necessity-based retailers, aiding stable revenue generation [8]. - A solid balance sheet is likely to support growth, although high interest expenses may have affected performance [9]. Projections - The Zacks Consensus Estimate for Kimco's quarterly revenues is $516.7 million, reflecting a 14.4% year-over-year growth, with net revenues from rental properties expected to reach $505.5 million, a 12.9% increase [11]. - Interest expenses are projected to rise by 17.7% year-over-year in the fourth quarter, while FFO per share is expected to increase by 7.7% to 42 cents [12]. - For full-year 2024, Kimco projects FFO per share between $1.64 and $1.65, supported by a same-property net operating income growth of over 3.25% and total acquisitions of $565-$625 million [13].

Wall Street analysts expect Kimco Realty (KIM) to post quarterly earnings of $0.42 per share in its upcoming report, which indicates a year-over-year increase of 7.7%. Revenues are expected to be $516.67 million, up 14.4% from the year-ago quarter.The consensus EPS estimate for the quarter has undergone an upward revision of 0.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Before a ...