Kimco Realty Corporation (hc) · NYSE:KIM
Kimco Realty Corporation (hc) — Q1 2025 Earnings Presentation
26 slides from Kimco Realty Corporation (hc)'s earnings presentation, May 1, 2025
Slide 1: Investor Presentation First Quarter 2025
The Markets at Town Center Jacksonville, Florida Investor Presentation First Quarter 25
Slide 2: Safe Harbor and Non-GAAP Disclosures
Safe Harbor and Non-GAAP Disclosures Forward-Looking Statement and Risk Factors This communication contains , 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
Slide 3: Strategy Overview
Strategy Overview Stonebridge at Potomac Town Center Woodbridge, Virginia 1958 / 1991 KIM A- / BBB+ / Baa1 • Providing essential, necessity-based goods and Founded / IPO NYSE Listed Fitch / S&P / Moody’s Credit Ratings services to local communities. 567 / 101M $23.2B S&P500 Properties/Total GLA1 Tot
Slide 4: Multiple Cashflow Growth Drivers
Kimco Realty® at a Glance Multiple Cashflow Growth Drivers Organic Growth (Contractual Rent Bumps) Leasing and Mark-To-Market Opportunities (Re)development Cashflow and Repositioning Pipeline Accretive Capital Allocation • Acquisitions & Structured Investments • Monetization of low-growth Ground Lea
Slide 5: Location, Location, Location
Kimco Realty® at a Glance Location, Location, Location Where Demographic Trends 82% of Annual Base Rent (ABR) from Top Major Support Rent Growth Metro Markets4 • 13 of the 15 fastest-growing cities in the U.S. are Broad national presence with specialized local insight in the Sun Belt1 Denver • Top K
Slide 6: Solid Fundamentals
Solid Fundamentals Shopping Center New Development Expected To Remain Low Rent Increase Needed to Make Development Economically Feasible1 Minimal New Supply2 100% 90% ~65% ~$450/SF New Supply (MSF) % of Total Inventory (RHS) 80% market rent increase avg cost of ground-up 70% needed in the Top 50 dev
Slide 7: Constrained Supply Boosts Leasing
Solid Fundamentals Constrained Supply Boosts Leasing Retail Market Rent Spreads Soar1 Retail Space Leasing at Record Pace2 Average Time For Retail Space to Lease Rolling Change in Market Rents “This is the most rapid pace on record and is more than double the average from the past decade”2 Period 1.
Slide 8: Landlord of Choice for Retailers' Growth Plans
Solid Fundamentals Landlord of Choice for Retailers’ Growth Plans Anchor (10K+ SQFT) Advantages of Scale Signed 5-package deal with Sprouts Farmers Market in 1Q25 Small Shop (<10K SQFT) International Retailers & Grocers Source: Company releases, media reports 8 | kimcorealty.com Investor Presentatio
Slide 9: Visible Future Cash Flow Growth
High Quality, Diversified Portfolio Visible Future Cash Flow Growth Signed Not Open (SNO) Spread = Embedded Rent Growth • All incremental to revenue 98% • Represents ~$60M of ABR at 3/31/2025 96.2% 96.3% 96% 95.7% 95.8% • ~$30M cash flow impact of SNO on 2025: • $16M from 1Q rent commencements* 94.4
Slide 10: Strong and Highly Diversified Tenant Base
High Quality, Diversified Portfolio Strong and Highly Diversified Tenant Base Limited Exposure: No Tenant >4% of ABR Upside through Mark to Market Opportunities S&P/MOODY’S • 63.5% Anchor Leasing Spreads trailing 12 months A/A2 ❖ 3.7% (“TTM”) BBB+/A2 ❖ 1.8% • 57 consecutive quarters of positive leas
Slide 11: Backfill Strategies Capturing Upside
High Quality, Diversified Portfolio Backfill Strategies Capturing Upside Recapturing Below Market Rents and Upgrading Tenant Mix to Drive Traffic 49 Leases 14 Leases ✓ 12 assigned: no downtime/lost rent ✓ 4 assigned: no downtime/lost rent ✓ 13 released at +41% spread ✓ 3 At Lease at +45% spread Two
Slide 12: Value Creation: Grocery Expansion
Accretive Capital Allocation Value Creation: Grocery Expansion Benefits: Highly Scale Achieved Goal of 85% ABR from • Lower Cap rates, ~125-150 BPS vs. Productive: Advantage: Grocery Anchored Portfolio non-grocery ~$850/SF AVG KIM Grocer Sales2 5 Leases signed • High Foot Traffic, U.S. households Ab
Slide 13: Value Creation: Redevelopment
Accretive Capital Allocation Value Creation: Redevelopment Retail Mixed-Use 7.0% to 9.0% WAVG Blended Stabilized Yield1 2 Recently Completed Project Spotlight Pavilions Centre - Federal Way, WA Pembroke Commons – Pembroke Pines, FL Outparcel development on a ground lease with Outparcel development f
Slide 14: Value Creation: Anchor Repositioning
Accretive Capital Allocation Value Creation: Anchor Repositioning 2024 Repositioning Success Expected Completions through 2025 • 13 Projects • 6 Projects • $54M Gross Investment • $39M Gross Investment • 18.8% WAVG Blended Stabilized Yield1 • 11% WAVG Blended Stabilized Yield1 Recently Completed Mar
Slide 15: Value Creation: Mixed-Use Entitlements & Components
Accretive Capital Allocation Value Creation: Mixed-Use Entitlements & Components Value & Optionality Highly Complementary Near Term Opportunities Entitlement Value: ~$200M to Enhances Property Value with lower • 3,267 Multi-family Units and 111K $365M blended cap rate SQFT of Retail ~$30K to ~$60K u
Slide 16: Capital Expenditures
Accretive Capital Allocation Capital Expenditures Below Sector Average Capex Spend 45% Capital Expenditures (incl. Redev.) by REIT1 40% 38% (% of NOI ’19 – ’23) 35% 33% 10% 3% 29% 30% 26% 25% 25% 7% 9% 23% 13% 20% 20% 20% 20% 10% 14% 19% 17% 17% 10% 7% 6% 15% 9% 6% 4% 5% 3% 9% KIM projects 2025 10%
Slide 17: Accretive Acquisitions & Investments
Accretive Capital Allocation Accretive Acquisitions & Investments Unique to Kimco: Structured Investment Program Building a Strategic Acquisition Pipeline Provides capital to third party owners of high-quality retail real estate earning above average returns. • Yield range: 9.0% to 10.0% • ROFR/ROFO
Slide 18: Financial Capacity to Support Growth
Significant Financial Strength Financial Capacity to Support Growth COMMITTED TO SOURCES USES ▪ Investment grade credit rating of: ▪ Over $140M of annual free cash ▪ 2025: $241M of unsecured debt A- Fitch flow after dividends and leasing remaining in 2025 maturities capex (tenant improvements, BBB+
Slide 19: Well-Staggered Debt Maturity Profile
Significant Financial Strength Well-Staggered Debt Maturity Profile Debt Profile: Consolidated JV1 2,000,000 Fixed Rate (98.4% of outstanding Cons. Debt) 3.92%2 4.84%2 18% Floating Rate (1.6% of outstanding Cons. Debt) 5.18%2 5.66%2 WAVG Term 8.2 Yrs 2.6 Yrs 1,500,000 Secured Debt 5.5% 72.6% In Thou
Slide 20: Resilient and Ready
Solid Fundamentals Resilient and Ready Cash Flow Visibility Strong Portfolio Diversity Strong Balance Sheet Long–term leases with: Tenant Mix Conservative leverage • Contractual rent bumps • No tenant >4% of ABR • 98.4% fixed-rate* Small shop: 3-5% per year Anchors: 10-12% every five years • 7 of to
Slide 21: Appendix
Wexford Plaza Pittsburgh, Pennsylvania Appendix
Slide 22: 1Q Snapshot
As of 3/31/2025 Kimco Realty® at a Glance 1Q Snapshot 1. Incl. preferred stock & pro-rata JV net debt Operations Balance Sheet 12.8% 95.8% 4.4M 5.6x 8.2YR 98.4% Growth in FFO/diluted Portfolio Occupancy Square Feet Net Debt to EBITDA on a WAVG Debt Maturity Consolidated Debt share over 1Q24 (pro-rat
Slide 23: Portfolio Breakdown: Retailer Categories
High Quality, Diversified Portfolio Portfolio Breakdown: Retailer Categories 77% of ABR from Discount & Necessity Goods and Services DISCOUNT & NECESSITY GOODS: 39% Beauty / Personal Care Supplies 2% SERVICE: 38% Entertainment / Gathering Place 2% Other (Electronics/Appliances, Books, Office) 4% OTH
Slide 24: Portfolio Breakdown: Anchor & Small Shop Tenancy
High Quality, Diversified Portfolio Portfolio Breakdown: Anchor & Small Shop Tenancy 47% of Kimco’s ABR is derived from small shop tenants (<10K SF), comprised primarily of: • Restaurants (quick serve, fast casual and full service) • Beauty Supplies and Personal services (salons, beauty merchandiser
Slide 25: Top 50 Small Shop Tenants by Pro-rata ABR%
Top 50 Small Shop Tenants by Pro-rata ABR% Top 50 100% 2,200+ 27% 13% Pro-rata Pro-rata Small Shop Tenants National Stores Portfolio ABR Small Shop ABR Top 50 Small Shop Tenants by Pro-rata ABR % 1 JPMorgan Chase & Co. 11 Massage Envy LLC 21 Verizon Communications 31 Phenix Salon Suites 41 Five Guys
Slide 26: Ecommerce Boosts Demand for Physical Stores
Solid Fundamentals Ecommerce Boosts Demand for Physical Stores Modern Retailer Evolution Stage 3: Physical Stores Increase Online Sales Profitability Stores Fulfill Online Orders >97% of orders 80%+ of online orders Over 50% of online orders fulfilled in stores1 fulfilled in stores2 fulfilled in sto
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