Financial Data and Key Metrics Changes - Core FFO per share increased by 5.4% year over year, reaching $0.26 for the quarter and $0.51 for the six months [9][25] - Same store NOI growth was 2.5% for the quarter and 3.9% for the six months, with a target range of 3% to 4.5% for the year [9][10][25] - Occupancy rose by 100 basis points sequentially from Q1 to 93.9% [4][5] Business Line Data and Key Metrics Changes - The company signed $33.2 million in total lease value, slightly up from Q1, with leasing spreads of 41.4% for new leases and 15.2% for renewals, resulting in a combined leasing spread of 17.9% for the quarter [13][25] - The addition of new tenants, such as Ace Hardware and the Pickler, is expected to enhance same store NOI growth in the future [5][14] Market Data and Key Metrics Changes - The company is focusing on high-growth Sunbelt markets, which are experiencing strong leasing environments [4][5] - Significant urban developments are occurring around the company's properties, such as the $1 billion Park 8 Place redevelopment in Houston and TSMC's $165 billion investment in Phoenix [9][20][19] Company Strategy and Development Direction - The company aims to leverage its leadership position in the high-value shop space to achieve core FFO growth of 5% to 7% and same store NOI growth of 3% to 5% [4][9] - Strategic acquisitions, such as San Clemente in Austin and South Hewlett in Fort Worth, align with the company's criteria for growth and neighborhood dynamics [6][8][21] - The company is committed to capital recycling, with an estimated $40 million in acquisitions and dispositions planned for the remainder of the year [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving future same store NOI growth due to strong leasing activity and tenant mix improvements [32][33] - The company is actively managing expenses, reducing G&A and interest expenses by about 6% from the previous year [11][28] - Management reiterated guidance for core FFO per share and year-end occupancy, indicating strong momentum heading into the second half of the year [25][26] Other Important Information - The company has a strong liquidity position with $5.3 million in cash and $69 million available under the credit facility [28] - The company is focused on maintaining a dividend payout of approximately 50% of FFO, with plans to grow the dividend in line with earnings growth [28] Q&A Session Summary Question: Concerns about same store comps in upcoming quarters - Management expressed confidence in meeting forecasts due to improved occupancy and leasing activity contributing to future same store NOI growth [30][32] Question: Impact of new tenants on same store NOI - Management indicated that new tenants like the Pickler will commence in the second half of the year, contributing minimally to same store NOI this year but expected to enhance future growth [34] Question: Details on acquisitions and dispositions - Management confirmed ongoing activities related to $40 million in acquisitions and dispositions, emphasizing the importance of capital recycling [35][36] Question: Interest expense forecast changes - Management clarified that the increase in interest expense is due to timing related to acquisitions and is expected to be offset by increased non-same store NOI [39] Question: Insights on recent acquisitions - Management highlighted the quality of neighborhoods and potential for rent increases in the recent acquisitions, indicating strong upside opportunities [42][43] Question: Cap rates and market pricing trends - Management noted stability in cap rates for recent acquisitions, with a focus on asset-specific evaluations rather than broad market trends [52][53] Question: Same store growth guidance and leasing activity - Management confirmed that the guidance is based on normal leasing activity, with a mix of routine leasing and larger spaces that will contribute to future growth [60][62]

Company Overview - Kimco Realty's total capitalization is $23.1 billion [7] - The company has 567 properties with 101 million square feet of gross leasable area (GLA) [7] - Kimco's strategy focuses on necessity-based goods and services, strong balance sheet, and expansion in high barrier-to-entry markets [8] Financial Performance - The company experienced 7.3% growth in FFO/diluted share compared to Q2 2024 [13] - Kimco has $2.2 billion in immediate liquidity [13] - The company's net debt to EBITDA is 5.6x on a look-through basis [13] Portfolio & Leasing - The company achieved a record high 86% ABR from grocery-anchored centers [13, 37] - Small shop occupancy reached a record high of 92.2% [13] - The blended pro-rata rent spread on comparable leases was 15.2% [13] - The signed not opened (SNO) pipeline is valued at $66 million [10, 13, 59] Capital Allocation - The company anticipates $100 million to $125 million in net acquisitions in 2025 [10, 79] - Kimco plans to sell $100 million to $150 million of low-growth assets [10, 79] - Redevelopment projects are expected to yield 17% and anchor space repositioning projects are expected to yield 11% [10]

Financial Data and Key Metrics Changes - Gross rental income increased by 11% and net rental income rose by 10% [2][3] - Portfolio valuation grew by 11%, marking the first valuation gain since H1 2017 [3][21] - Earnings per share remained flat at 9.9p, with EPRA earnings reported at £48 million [3][21] - The interim dividend was increased by 5%, reflecting the Board's confidence in future earnings growth [4][29] Business Line Data and Key Metrics Changes - Like-for-like gross rental income increased by 54%, with like-for-like net rental income up 54% as well [4] - Like-for-like leasing volume rose by 13%, with leasing value up by 3% [5][37] - Strong leasing performance in Ireland was noted, with expectations for further growth in the second half [37] Market Data and Key Metrics Changes - The company welcomed 79 million visitors in the first half, an increase of 1 million from the previous year [6] - Group like-for-like sales were up 1%, with Q2 showing a 2% increase [7][11] - Footfall in Birmingham increased by 5% in H1, strengthening to 8% in Q2 [11] Company Strategy and Development Direction - The company is focused on active asset management and repositioning, with a strategy termed "lease up to rent up" [5][36] - Recent acquisitions, including Bullring and Grand Central, are expected to enhance income streams and support growth [8][17] - The company has a clear capital allocation strategy aimed at maximizing opportunities to unlock value [8][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong earnings growth, supported by high demand for retail space [4][19] - The outlook for 2026 and 2027 remains positive, with expected GRI growth of around 15% in 2026 [17][30] - The company is leveraging AI analytics to enhance customer and occupier understanding, which is expected to drive future growth [35] Other Important Information - The company reported a net debt to EBITDA ratio of 7.8 times, with a loan-to-value ratio of 35% [22][28] - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive [14] - The company has significant potential for future developments, with a GDV potential of around £5.2 billion from various projects [43] Q&A Session Summary Question: What is the impact of the recent acquisitions on earnings? - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive, with a minimal dilution effect [14] Question: How does the company plan to manage its capital allocation? - The company has a disciplined approach to capital allocation, focusing on high-yielding assets and strategic land monetization [8][40] Question: What are the expectations for future growth in GRI and NRI? - The company has raised its guidance for GRI growth to around 17% for the year, up from a previous estimate of 10% [30]

Financial Performance - Gross rental income (GRI) increased by 11% to £105 million, compared to £94 million in the previous year[38] - Net rental income (NRI) increased by 10% to £80 million, compared to £73 million in the previous year[38] - The company's property valuation increased by 11% to £2,956 million, compared to £2,659 million at the end of the previous year[38] - Like-for-like (LfL) GRI increased by 5% and LfL NRI increased by 4%[13] - EPRA earnings per share were flat at 9.9p, but the dividend per share increased by 5% to 7.94p[38] Acquisition and Redeployment - The company acquired Bullring and Grand Central for a net cash consideration of £319 million, expecting an additional annualised NRI of £22 million[15] - The acquisition is expected to result in a 4% EPS accretion[15] - £321 million was deployed at an average destination yield of 8.5%[13] Portfolio and Leasing - The company has a development portfolio of £293 million, with a gross development value (GDV) of approximately £5.5 billion[13] - Leasing activity shows positive spreads, with deals signed 45% higher than previous passing rent and 13% higher than estimated rental value (ERV)[13] - Occupancy increased from 94% to 95% year-over-year[13] Outlook and Strategy - The company upgraded its full-year 2025 guidance, expecting total GRI growth of approximately 17% and EPRA earnings of approximately £102 million[27] - The company is focused on a clear capital allocation strategy, including redevelopment, repositioning, and capital recycling[13] - The company aims for GRI growth of 4-6% CAGR, EPRA EPS growth of 6-8% CAGR, and DPS growth of 6-8% CAGR[87]

Financial Data and Key Metrics Changes - Gross rental income increased by 11% and net rental income rose by 10% [3][4] - Portfolio valuation grew by 11%, marking the first valuation gain since H1 2017 [3][20] - Earnings per share remained flat, but the acquisition of Bullring and Grand Central is expected to replace the loss from the disposal of Value Retail [3][4] - EPRA earnings were GBP 48 million, with earnings per share at 9.9p, consistent with the previous year [20][21] - The total property return was 4%, with an income return of 3% and a capital return of 1% [20] Business Line Data and Key Metrics Changes - Like-for-like gross rental income and net rental income increased by 54% respectively [4] - UK gross rental income rose by 9% and net rental income by 8% [4] - Like-for-like leasing volume was up 13% and leasing value increased by 3% [5][36] - Like-for-like net rental income in Cabot Circus grew by 24% in the first half [36] Market Data and Key Metrics Changes - Footfall increased to 79 million visitors in the first half, up by 1 million from last year [6] - Group like-for-like sales were up 1%, with Q2 showing a 2% increase [7] - UK like-for-like values increased by 1%, while Ireland saw a 2% increase [25] Company Strategy and Development Direction - The company is focused on active asset management and leasing, shifting from merely filling space to driving rents up [5][33] - A clear capital allocation strategy is in place to maximize opportunities and unlock value [8][40] - The company is investing in AI analytics to enhance customer and occupier understanding, which strengthens its negotiating position [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong earnings growth, with demand for space at an all-time high [4][15] - The guidance for 2025 has been raised, expecting total gross rental income growth of around 17% [15][28] - The outlook for 2026 and 2027 remains positive, with expected GRI and NRI growth in line with the medium-term financial framework [16][28] Other Important Information - The acquisition of Bullring and Grand Central is expected to be immediately 4% earnings accretive [12][13] - The company has a strong balance sheet with net debt to EBITDA at 7.8 times and LTV at 35% [21][26] - The company has realized €26 million from Leeds Eastgate land at a 23% premium to book value [9] Q&A Session Summary Question: What is the impact of the acquisition of Bullring and Grand Central on earnings? - The acquisition is expected to be immediately 4% earnings accretive with minimal dilution [12][13] Question: How does the company plan to drive future growth? - The company plans to drive growth through active asset management, targeting leasing, repositioning, and asset enhancement [44]

Financial Data and Key Metrics Changes - The company reported NAREIT FFO of $0.27 per share, representing an 8% increase over the $0.25 reported in 2024, with projected year-over-year NAREIT FFO growth of about 10% at the midpoint of guidance [43][39] - Same store NOI growth is expected to be between 5% to 6% for the year, with total core occupancy increasing by 50 basis points to 92.2% [44][39] - The company has over $600 million of available liquidity, with net debt to EBITDA at 5.5 times [52] Business Line Data and Key Metrics Changes - The company completed nearly $160 million in acquisitions during the quarter, focusing on core pillars of external growth [30] - The leasing activity in the street retail portfolio has shown strong momentum, with approximately $7.5 million of new leases executed in 2025, nearly 100% increase over the $3.8 million executed during the comparable period in 2024 [41][39] - The active leasing pipeline now stands at over $7 million in leases in advanced negotiation, with a significant portion coming from high-growth streets [21][39] Market Data and Key Metrics Changes - The company noted that reported comp sales have increased double digits both quarter over quarter and year over year, with year-over-year growth on the majority of their streets well north of 20% [20] - The company is seeing strong demand from affluent consumers, which is reflected in the performance of their street retail portfolio [11][12] Company Strategy and Development Direction - The company aims to build Acadia into the premier owner-operator of street retail in the U.S., focusing on strong contractual growth and frequent accretive mark-to-market opportunities [12][13] - The strategy includes maintaining a solid balance sheet with liquidity and flexibility to drive both internal and external growth [17][16] - The company is focused on acquiring properties in key markets where they can derive benefits of scale [30][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about avoiding serious economic headwinds despite concerns about tariffs and consumer spending [56] - The company is confident in its ability to continue delivering NOI growth in excess of 5% for the next several years, supported by a strong pipeline of external growth opportunities [39][52] - Management highlighted the resilience of the consumer and the ongoing demand for street retail, which is expected to drive future growth [9][11] Other Important Information - The company raised over $800 million prior to the last quarter, providing flexibility for growth [17] - The debt markets remain strong, with the company executing a new five-year $250 million term loan to reduce borrowing costs [52] Q&A Session Summary Question: Disconnect between stock performance and portfolio health - Management noted that leasing is holding up well and that the market may be underestimating the secular tailwinds in street retail [55][56] Question: Comparison of landlord scale in suburban vs. street retail - Management highlighted significant benefits of scale in street retail, allowing for higher rents and better tenant relationships compared to suburban shopping centers [58][59] Question: Mark-to-market opportunities in Williamsburg - Management indicated that there are 20% plus mark-to-market opportunities in Williamsburg and other key markets, with a focus on controlling a meaningful portion of a given street [62][66] Question: Changes in the transaction market for street retail assets - Management observed an increase in seller interest in the market, with more sellers willing to engage due to strong fundamentals [70] Question: Pipeline for investment management deals - Management confirmed that large deals are available in the market, and they are actively underwriting several of those opportunities [72] Question: Performance of suburban assets - Management stated that high-quality suburban retail is holding up well, with strong tenant demand filling watch list items [76] Question: Future occupancy expectations - Management expects street and urban retail occupancy to trend towards 92% by the end of the year [80] Question: Incremental NOI growth expectations - Management projected total incremental NOI of $8.5 million in 2026, with a significant portion coming from the same store pool [82]

Financial Data and Key Metrics Changes - The company reported NAREIT FFO of $0.27 per share, representing an 8% increase over the $0.25 reported in 2024, with projected year-over-year NAREIT FFO growth of about 10% at the midpoint of guidance [40][37] - The total core occupancy increased by 50 basis points to 92.2%, with expectations to further increase occupancy to 94% to 95% by year-end [41][37] - The company anticipates same store NOI growth of 5% to 6% for the year, with a potential acceleration of 200 to 300 basis points as below-market spaces are reclaimed [41][37] Business Line Data and Key Metrics Changes - The company completed nearly $160 million in acquisitions during the quarter, focusing on core pillars of external growth, including FFO and NAV accretion [29][30] - The leasing activity in the street retail portfolio has shown significant momentum, with approximately $7.5 million of new leases executed in 2025, nearly 100% higher than the $3.8 million executed during the same period in 2024 [39][37] - The active leasing pipeline now stands at over $7 million, with a significant portion coming from high-growth streets [21][39] Market Data and Key Metrics Changes - The company noted that reported comp sales have increased double digits both quarter-over-quarter and year-over-year, with year-over-year growth on the majority of its streets well north of 20% [20][18] - The company is seeing strong demand from affluent consumers, which is reflected in the performance of its street retail portfolio [11][12] - The competitive landscape for street retail assets remains favorable, with institutional investor interest strong, but the market for street retail is less crowded compared to other segments [67][66] Company Strategy and Development Direction - The company aims to build Acadia into the premier owner-operator of street retail in the U.S., focusing on strong contractual growth and frequent accretive mark-to-market opportunities [12][13] - The strategy includes maintaining a solid balance sheet with liquidity and flexibility to drive both internal and external growth [16][15] - The company is focused on acquiring properties in key markets where it can achieve economies of scale and drive higher rents [30][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about avoiding serious economic headwinds despite concerns about tariffs and consumer spending [54][53] - The company is confident in its leasing fundamentals and the secular tailwinds in street retail, including the migration from wholesale to direct-to-consumer models [54][53] - The management highlighted the strength of the balance sheet and the ability to fund growth opportunities, projecting continued NOI growth in excess of 5% for the next several years [37][16] Other Important Information - The company raised over $800 million prior to the last quarter, providing flexibility for growth [16] - The debt markets remain strong, with a new five-year $250 million term loan executed to reduce borrowing costs [49][50] - The company has approximately $600 million of available liquidity, with net debt to EBITDA at 5.5 times [49][50] Q&A Session Summary Question: Disconnect between stock performance and portfolio health - Management noted that leasing activities are holding up well and that the market may be underestimating the secular tailwinds in street retail [53][54] Question: Comparison of landlord scale in suburban vs. street retail - Management highlighted significant benefits of scale in street retail, allowing for higher rents and better tenant relationships compared to suburban shopping centers [56][58] Question: Mark-to-market opportunities in Williamsburg - Management indicated that there are 20% plus mark-to-market opportunities in Williamsburg and other key markets, driven by strong tenant demand [63][64] Question: Changes in the transaction market for street retail assets - Management observed an increase in seller interest in the market, with more sellers willing to engage due to improved fundamentals [66][67] Question: Pipeline for investment management deals - Management confirmed that large-scale investment management deals are being underwritten, with a focus on disciplined execution [69][70] Question: Performance of suburban assets - Management noted that high-quality suburban retail is holding up well, although growth is not as strong as in street retail [73][74]

Financial Data and Key Metrics Changes - For the first half of 2025, same property NOI grew approximately 6% and NAREIT FFO per share rose nearly 5% year over year [4] - Same property NOI for the second quarter was $42.6 million, representing a 4.8% increase compared to the same period last year [8] - NAREIT FFO for the second quarter was $35.5 million or $0.45 per diluted share, reflecting a 2.3% increase year over year [9] - Year to date, same property NOI totaled $85.1 million, a 5.6% increase over 2024 [9] - The company declared an annualized dividend of $0.95 per share, representing a 5% increase over the prior year [11] Business Line Data and Key Metrics Changes - Leased occupancy stood at 97.3%, with small shop occupancy reaching a new high of 93.8% [4][14] - The company executed 73 leases for approximately 304,000 square feet in the second quarter, with new leases signed at a 44.1% spread and renewals at 9.2%, resulting in a blended leasing spread of 16.4% [13] - The retention rate remained robust at 91%, with over 90% of renewal leases embedding annual rent escalators of 3% or higher [13] Market Data and Key Metrics Changes - The company is actively targeting investment opportunities in markets such as Asheville, Charleston, Charlotte, Nashville, Phoenix, and Savannah, which exhibit healthy population and job growth [5] - The company has successfully closed on six properties totaling approximately $230 million and has secured or is under contract for another two properties valued at nearly $126 million [5] Company Strategy and Development Direction - The company is raising its same property NOI growth expectations for the year to 4% to 5% [5] - The sale of the California portfolio was described as a tactical reallocation of capital to enhance focus on core markets expected to deliver long-term value [5] - The company aims to leverage its well-capitalized balance sheet to support sustained expansion and is focused on growing sustainable cash flow and delivering superior total returns for shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of retailers within the portfolio despite a less confident consumer and inflationary pressures [4] - The company noted that the transaction market was slower than anticipated in the spring but is seeing a speed-up in activity, which provides optimism for the second half of the year [22] - Management indicated that the 4% to 5% same store growth expectation appears sustainable based on current occupancy levels and embedded rent escalations [26] Other Important Information - The company has a total liquidity of $787 million, including $500 million in borrowing capacity under its revolving line of credit [10] - The net leverage ratio stood at 17%, and net debt to adjusted EBITDA was 2.8 times on a trailing twelve-month basis [10] Q&A Session Summary Question: Given acquisition activity is more back end loaded than initially expected, would guidance have been raised if acquisition activity had occurred as planned? - Management indicated that similar movements in expectations would have been seen relative to internal operations, especially given the significant proceeds from the California portfolio [21] Question: What was the same store growth profile of the California assets sold? - Management noted that the growth profile for the California assets was not as favorable as that experienced in the Southeast, influenced by demographic trends and business-friendly environments [24][25] Question: Is there a decline in the number of accretive core grocery opportunities available? - Management acknowledged strong institutional interest in grocery-anchored centers, leading to increased competition, but emphasized their ability to redeploy proceeds effectively [30][31] Question: What is the current acquisition pipeline in terms of size and pricing? - Management stated that the acquisition pipeline typically has about $1 billion in opportunities and expressed confidence in reaching the $100 million net acquisition guidance [37][38]

Financial Performance and Guidance - The company forecasts approximately 7% year-over-year growth in Nareit FFO (Funds From Operations) per share at the midpoint of guidance, driven by same-property NOI (Net Operating Income) growth of +4.5% to +5.0%[29] - Nareit FFO guidance was raised by +6 cents at the midpoint from the previous quarter[30] - The company expects non-cash revenues of approximately $49 million[26] - The company anticipates general and administrative expenses between $93 million and $96 million[26] - The company projects interest expense, net, and preferred stock dividends between $235 million and $237 million[26] Portfolio and Occupancy - The company's signed-not-occupied (SNO) pipeline reflects a 260 basis point leased-to-occupied spread, representing approximately $38 million of base rent[39] - Of the $38 million in base rent represented by leases signed within the current SNO pipeline, 64% is expected to commence by year-end 2025, and 100% by year-end 2026[43] Acquisition and Capital Structure - The company acquired a five-property portfolio of premier shopping centers in Rancho Mission Viejo for $357 million[50] - The company assumed $150 million of debt at a 4.2% weighted average interest rate with the RMV acquisition[56] - The company's net debt and preferred stock to trailing 12-month EBITDAre is 5.3x, with approximately $1.5 billion revolver availability as of June 30, 2025[20]

Portfolio & Strategy - InvenTrust owns 67 retail properties[11], with a focus on the Sun Belt region, where 97% of their properties are located[11] - 85% of InvenTrust's annualized base rent (ABR) is derived from grocery-anchored centers[11] - The company is actively tracking over $1 billion in acquisition opportunities exclusively in current and target Sun Belt markets[29] - InvenTrust is moving towards 100% Sun Belt concentration[20] Financial Performance & Guidance - Q2 2025 Core Funds From Operations (FFO) per diluted share was $0.44[22] - The tenant retention rate was 91%[22], and leased occupancy reached 97.3%[22] - Comparable leasing spreads for new and renewals were 16.4%[22] - Net Debt-to-Adjusted EBITDA stood at 2.8x[22] - The company maintains total liquidity of $787 million[22] - Full year 2025 Core FFO per diluted share is projected to be between $1.79 and $1.83, representing a growth of 3.5% to 5.8%[12] - Same Property Net Operating Income (SPNOI) growth for 2025 is guided at 4.0% to 5.0%[12]