Kimco Realty(US:KIM)2025-02-07 18:12Financial Performance & Growth Drivers - Kimco's total capitalization reached $25.1 billion[4] - The company estimates portfolio average organic growth (rent bumps) of 1.25% to 1.5% per year[7] - Kimco realized $36 million in G&A synergies from the RPT acquisition in 2024[7] - Kimco achieved a 7.7% growth in FFO/diluted share over 4Q23[73] - Kimco projects 2025 capital expenditures to be less than 20% of NOI[58] Portfolio & Occupancy - Portfolio occupancy reached 96.3%[75] - Small shop occupancy is at 91.7%, nearing an all-time high[75] - Approximately 82% of Kimco's Annual Base Rent (ABR) comes from top major metro markets[9] - Approximately 90% of 2024 GLA was overall retention[24] - Anchor leasing spreads trailing 12 months ("TTM") were 59.2%[33] Capital Allocation & Investments - Kimco anticipates $100 million to $125 million in total net acquisitions in 2025, including Structured Investments, with a 7.0% to 8.0% blended cap rate[7, 60] - Kimco has deployed approximately $400 million in structured investments[61] - The company completed the $2.2 billion acquisition of 56 properties from RPT in January 2024 at an ~8.50% implied cap rate[64] Debt & Financial Strength - Kimco's look-through net debt to EBITDA was 5.6x in 4Q24[65] - Approximately 99.8% of Kimco's consolidated debt is fixed rate[79] - Kimco has $2.7 billion in immediate liquidity[80]