Portfolio and Market Position - Kimco Realty is well-positioned with a portfolio of premium shopping centers, predominantly grocery-anchored, located in top major metropolitan Sunbelt and coastal markets [1] - The company's top major metro markets contribute 82% of the annual base rent, with superior trade area demographics exceeding the U.S. average by 21% for median household income [4][5] - Kimco's focus on mixed-use assets in strong economic metropolitan statistical areas supports portfolio diversification and higher CAGR compared to retail-only sites [9] Financial Performance and Growth - Kimco's shares gained 9.4% over the past six months, outperforming the industry's growth of 6.6% [3] - The company's 2024 funds from operations (FFO) were revised upward to $1.64 over the past two months [3] - Rent per square foot witnessed a CAGR of 3.8% from 2020 to Q3 2024 [5] Tenant and Asset Strategy - Kimco has a highly diversified tenant base, including essential, necessity-based tenants and omni-channel retailers such as TJX Companies, The Home Depot, Ross Stores, Burlington Stores, and Amazon/Whole Foods Market [6] - 84% of the company's annual base rent (ABR) in Q3 2024 came from grocery-anchored centers, with a target to achieve 85% by 2025 [7] Acquisitions and Expansion - In January, Kimco acquired The Markets at Town Center in Jacksonville, FL, spanning 254,000 square feet for $108 million, strengthening its footprint in the Jacksonville market [2] - The Jacksonville market includes six properties encompassing 1.5 million square feet with a 98.6% occupancy rate as of Dec. 31, 2024 [2] Balance Sheet and Liquidity - Kimco exited Q3 2024 with over $2.8 billion of immediate liquidity and a consolidated weighted average debt maturity profile of 8.3 years [10] - More than 90% of the company's properties are unencumbered, enabling favorable borrowing rates [10]

Core Points - Kimco Realty Corporation announced leadership changes, with Milton Cooper transitioning to Chairman Emeritus and Richard Saltzman becoming Independent Chairman of the Board [1][3] - Nancy Lashine and Ross Cooper have been appointed to the Board of Directors, with Lashine serving on the Audit and Executive Compensation Committees [2][10] Leadership Transition - Milton Cooper, the founder and long-time leader of Kimco, will retire as Executive Chairman at the 2025 Annual Meeting after over 60 years of service [1][4] - Richard Saltzman, who has been a director since 2003 and currently chairs the Audit Committee, will take over as Independent Chairman [6][7] - Milton Cooper expressed pride in the company's achievements and confidence in the future leadership under Saltzman and the refreshed Board [3][5] New Board Members - Nancy Lashine is the managing partner and founder of Park Madison Partners, with prior experience on the board of The Davis Companies [8][10] - Ross Cooper has been with Kimco since 2006 and has served as President and Chief Investment Officer since 2017 [9][10] Company Overview - Kimco Realty is a leading real estate investment trust (REIT) focused on high-quality, grocery-anchored shopping centers and mixed-use properties in the U.S. [10] - As of December 31, 2024, the company owned interests in 568 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [10]

Core Viewpoint - Kimco Realty (KIM) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system tracks the Zacks Consensus Estimate for EPS, reflecting the earnings outlook from sell-side analysts [1][2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, with institutional investors playing a role in this relationship [4][6]. Recent Developments for Kimco Realty - For the fiscal year ending December 2024, Kimco Realty is expected to earn $1.64 per share, representing a 4.5% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Kimco Realty has increased by 1%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% receiving a 'Strong Buy' or 'Buy' rating [9][10]. - Kimco Realty's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - Kimco Realty is strategically positioned to benefit from its premium retail property portfolio, focusing on grocery-anchored centers and a diversified tenant base, despite facing challenges from e-commerce growth and high-interest expenses [1][9][11]. Group 1: Company Strengths - Kimco recently acquired The Markets at Town Center in Jacksonville, FL, for $108 million, enhancing its portfolio with a prime asset of 254,000 square feet in a high-demand shopping area [2]. - The company is benefiting from a strong rental growth momentum, with a compound annual growth rate (CAGR) of 3.8% in rent per square foot from 2020 to Q3 2024, and a projected 14.1% year-over-year increase in same-property net operating income for 2024 [3]. - Kimco executed 1,205 leases totaling 8 million square feet in the first nine months of 2024, achieving 55 consecutive quarters of positive leasing spreads, indicating strong pricing power [4]. - The tenant base is well-diversified, featuring essential and necessity-based retailers, which is expected to lead to stable cash flows, with a projected 13.4% year-over-year increase in net revenues from rental properties for 2024 [5]. - The company has a robust financial position, exiting Q3 2024 with $2.8 billion in liquidity and a weighted average debt maturity profile of 8.3 years, with over 90% of properties unencumbered [6]. - Kimco has consistently increased its dividend, with a 4.2% rise announced alongside its Q3 2024 earnings, reflecting a commitment to shareholder returns [7]. Group 2: Company Challenges - The shift from brick-and-mortar retail to online sales poses a significant challenge, particularly as online retailers expand into the grocery sector [9]. - Kimco faces competition from various real estate companies and developers, which may impact its ability to raise rental rates and fill vacancies [10]. - High-interest expenses are a concern, with the company carrying approximately $8.3 billion in debt as of September 30, 2024, and a projected 21.5% year-over-year increase in interest expenses for 2024 [11].

Acquisition Details - Kimco Realty acquired The Markets at Town Center in Jacksonville, FL, for $108 million, a premier asset with 254,000 square feet of space located in a highly sought-after shopping district [1] - The acquisition strengthens Kimco's presence in the Jacksonville market, where it now owns six properties totaling approximately 1.5 million square feet with a 98.6% occupancy rate as of Dec 31, 2024 [1] Property Demographics and Performance - The property benefits from an affluent customer base, with an estimated 192,000 population and an average household income of $95,000 within a five-mile radius [2] - The center attracts over four million visitors annually, with several national tenants ranking among the top traffic generators for their respective chains in Florida [2] - The Markets at Town Center is 97% occupied and features a diverse mix of top tenants offering lifestyle, grocery, dining, and essential goods and services [3] - The property, built in 2008, presents mark-to-market opportunities due to below-market in-place leases, with several leases set to expire in the coming years [3] Strategic Investment Program - The acquisition represents Kimco's first property purchase through its Structured Investment Program, which aims to deploy mezzanine financing and secure rights of first refusal or first offer on assets that enhance the portfolio [4] - Kimco previously provided $15 million in mezzanine financing for the property, which was repaid at the time of closing [4] - The program is seen as a differentiator for the company, enabling above-average returns and the potential to transition into equity ownership of high-quality properties [5] Portfolio and Market Position - Kimco's portfolio of high-quality, open-air shopping centers, predominantly grocery-anchored, is well-positioned in drivable first-ring suburbs within top major metropolitan Sunbelt and coastal markets [6] - The company's focus on developing mixed-use assets supports long-term growth [6] - The acquisition aligns with Kimco's strategy to expand its premium shopping center portfolio, which offers essential goods and services and demonstrates resilience during economic downturns [7] Stock Performance and Industry Comparison - Kimco's shares have rallied 11.8% in the past six months, outperforming the industry's growth of 10% [7] - Better-ranked stocks in the retail REIT sector include Regency Centers (REG) and Tanger, Inc. (SKT), each carrying a Zacks Rank 2 (Buy) [8] - The Zacks Consensus Estimate for Regency's 2024 FFO per share is $4.28, suggesting year-over-year growth of 3.1% [8] - The Zacks Consensus Estimate for Tanger's 2024 FFO per share is $2.11, indicating a 7.7% increase from the year-ago figure [9]

Core Insights - Kimco Realty has acquired The Markets at Town Center, a 254,000-square-foot shopping center in Jacksonville, Florida, for $108 million, marking the first acquisition through its Structured Investment Program [1][2] - The acquisition is expected to enhance Kimco's portfolio and leverage its operating platform to unlock the full potential of the property [2] Acquisition Details - The Markets at Town Center is located in a prime shopping district with an affluent customer base, featuring a population of 192,000 and an average household income of $95,000 within a five-mile radius [3] - The property is 97% occupied and includes a diverse mix of tenants such as Sprouts Farmers Market, Costco Wholesale, Ulta Beauty, and Chipotle Mexican Grill, among others [4] - The center has significant mark-to-market opportunities due to below-market in-place leases, with several tenant leases set to expire in the coming years [4] Market Presence - With this acquisition, Kimco expands its presence in the Jacksonville market, which as of December 31, 2024, includes 6 properties totaling approximately 1.5 million square feet with an occupancy rate of 98.6% [5]

Core Viewpoint - Kimco Realty has acquired The Markets at Town Center in Jacksonville, Florida for $108 million, marking the first acquisition through its Structured Investment Program, which aims to strategically deploy mezzanine financing while securing rights on portfolio-enhancing assets [1][2] Acquisition Details - The Markets at Town Center is a 254,000-square-foot property located in a prime shopping district, adjacent to St. Johns Town Center, with an affluent customer base of approximately 192,000 people and an average household income of $95,000 within a five-mile radius [3] - The property is 97% occupied and features a diverse tenant mix, including Sprouts Farmers Market and Costco Wholesale, along with other national brands such as Ulta Beauty, Chipotle, and Nordstrom Rack [4] - The acquisition expands Kimco's presence in Jacksonville, which already includes six properties totaling about 1.5 million square feet with an occupancy rate of 98.6% as of December 31, 2024 [5] Strategic Program Insights - The Structured Investment Program is highlighted as a differentiator for Kimco, enabling above-average returns and the potential transition into equity ownership of high-quality properties [2] - The company previously provided $15 million in mezzanine financing for The Markets at Town Center, which was repaid at closing, showcasing the program's strategic deployment of capital [1]

Company Overview - Kimco Realty is a real estate investment trust (REIT) specializing in high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the US [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] - Kimco Realty focuses on essential, necessity-based goods and services that drive frequent shopping trips [2] - As of September 30, 2024, the company owned interests in 567 US shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space [2] Dividend Information - Kimco Realty announced the 2024 tax treatment of RPT Realty Series D Cumulative Convertible Preferred investor's dividend distributions [1] - The total distribution per share for the dividend record date of December 19, 2023, was $0.765280, with 100% classified as ordinary income [1] Investor Communication - The company communicates material information through its investor relations website, SEC filings, press releases, public conference calls, and webcasts [3] - Kimco Realty also uses social media platforms like Facebook, Twitter, and LinkedIn to engage with investors and the public [3] Contact Information - David F Bujnicki serves as the Senior Vice President of Investor Relations and Strategy at Kimco Realty Corporation [5][6] - Contact information includes phone number (833) 800-4343 and email dbujnicki@kimcorealtycom [6]

Dividend Distribution Details - Kimco Realty announced the 2024 tax treatment of RPT Realty Series D Cumulative Convertible Preferred investor's dividend distributions, with allocations reported on Form 1099-DIV [1] - The total distribution per share for the period ending December 19, 2023, was $0.76528, with 100% classified as ordinary income and 0% as capital gains [1] Company Overview - Kimco Realty is a leading REIT specializing in high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the US [2] - The company's portfolio is concentrated in first-ring suburbs of top metropolitan markets, including high-barrier coastal markets and Sun Belt cities [2] - As of September 30, 2024, Kimco Realty owned interests in 567 US shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [2] Investor Communication Channels - Kimco Realty communicates material information to investors through its investor relations website, SEC filings, press releases, conference calls, and webcasts [3] - The company also uses social media platforms, including Facebook, Twitter, and LinkedIn, to share updates with investors and the public [3]

Group 1 - The focus has shifted towards higher-yielding investment options this year, indicating a trend in the market towards seeking better returns [3] - The article emphasizes the importance of dividend growth stocks while also highlighting the increasing interest in alternative income sources such as REITs, mREITs, and BDCs [3] Group 2 - The research platform offers in-depth analysis on various income alternatives, which includes a wide range of investment vehicles [1] - The platform has received 438 testimonials, with a majority rated 5 stars, suggesting a strong reputation among users [1]