Kimco Realty Corporation (hc) · NYSE:KIM
Kimco Realty Corporation (hc) — Q2 2025 Earnings Presentation
29 slides from Kimco Realty Corporation (hc)'s earnings presentation, Jul 31, 2025
Slide 1: Investor Presentation Second Quarter 2025
Whittwood Town Center Whittier, California Investor Presentation Second 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
Burke Town Plaza Strategy Overview Burke, Virginia 1958 / 1991 KIM A- / BBB+ / Baa1 Founded / IPO NYSE Listed Fitch / S&P / Moody’s Credit Ratings • Providing essential, necessity-based goods and services to local communities. 567 / 101M $23.1B S&P500 Properties/Total GLA1 Total Capitalization As of
Slide 4: Kimco Realty at a Glance: Multiple Cashflow Growth Drivers
Kimco Realty® at a Glance Multiple Cashflow Growth Drivers Est. Portfolio Avg: 1.25 to 1.5% per year: Organic Growth • Small shop: 3 to 5% per year (Contractual Rent Bumps) • Anchors: 10 to 12% (every 5 Years) ~$66M ABR1 in Signed Not Opened (“SNO”) pipeline Leasing and Mark-To-Market ~$30M cash flo
Slide 5: 2Q Snapshot
1. Incl. preferred stock & pro-rata JV net debt As of 6/30/2025 Kimco Realty® at a Glance 2Q Snapshot Operations Balance Sheet 7.3% 86% $66M 5.6x 8.5YR 99.8% Record high ABR 2.7M Signed Not WAVG debt Growth in Net debt to EBITDA Consolidated debt from grocery- Square feet maturity profile FFO/dilute
Slide 6: Strong Shopping Center Fundamentals
Quail Corners Charlotte, NC Strong Shopping Center Fundamentals
Slide 7: New Development at Historic Lows
Strong Shopping Center Fundamentals New Development at Historic Lows Strip Center Supply Growth vs. Rent Increase Needed to Make Leased Rates Development Economically Feasible2 100% 3.5% 97% ~65% ~$450/SF 90% 3.0% 96% 80% market rent increase avg cost of ground-up 2.5% 95% 70% needed in the Top 50 d
Slide 8: Ecommerce Boosts Demand for Physical Stores
Strong Shopping Center Fundamentals Ecommerce Boosts Demand for Physical Stores Stores Fulfill Omni-Channel Shoppers Physical Store Openings Reverse Logistics5 Online Orders are More Valuable Boost Trade Area Sales8 >96% of sales Buy Online/Return In Store (BORIS) “Our best customers +6.8% Establish
Slide 9: Retailer Expansion Drives Growth
Strong Shopping Center Fundamentals Retailer Expansion Drives Growth Grocers Anchor (10K+ SQFT) Small Shop (<10K SQFT) Source: Company releases, media reports 9 | kimcorealty.com Investor Presentation: Second Quarter 2025
Slide 10: High Quality, Necessity-based Operating Portfolio
San Marcos Plaza San Marcos, CA High Quality, Necessity-based Operating Portfolio
Slide 11: National Presence with Specialized Local Insight
High-Quality, Necessity-Based Operating Platform National Presence with Specialized Local Insight 82% of Annual Base Rent (ABR) from Top Major Metro Markets1 Portfolio Statistics Denver • 566 Properties Seattle • 101M GLA • $20.99 ABR/SF 1 Boston • 86% of ABR from grocery-anchored portfolio New York
Slide 12: Strong and Highly Diversified Tenant Base
High-Quality, Necessity-Based Operating Platform Strong and Highly Diversified Tenant Base Limited Exposure: No Tenant >4% of ABR ❖ 4.0% 3.8% • 7 of 10❖ Top tenants are grocery or off-price • Contractual rent bumps: • Small shop: 3-5% per year 3.5% • 86% of ABR generated from grocery-anchored portfo
Slide 13: Value Creation: Grocery Expansion
High-Quality, Necessity-Based Operating Platform Value Creation: Grocery Expansion Expanded ABR contribution from grocery-anchored Benefits: shopping centers to a new record level of 86% • Lower Cap rates, ~125-150 BPS vs. non-grocery • High Foot Traffic, U.S. households make on avg. approx. two gro
Slide 14: Portfolio Breakdown: Anchor & Small Shop Tenancy
High-Quality, Necessity-Based Operating Platform 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
Slide 15: Backfill Strategies Capturing Upside
High-Quality, Necessity-Based Operating Platform Backfill Strategies Capturing Upside Tenant # of Assigned Re-leased At Lease Blended LOI Marketing Replacement Tenants Include: Leases Spread Grocery: 49 12 22 2 +25% 7 6 25 1 4 2 +43% 14 4 Retail: 14 4 4 2 +41% 3 1 9 3 1 - +123% 4 1 As of 7/29 • Most
Slide 16: Continued Strength in Leasing
High-Quality, Necessity-Based Operating Platform Continued Strength in Leasing Future Leasing Upside 58 3%+ / 4%+ Consecutive quarters of Annual rent bumps on ▪ 9% of pro-rata ABR from ground leases with mark to positive leasing spreads on 77% / 33% of new small market of ~70% comparable spaces shop
Slide 17: Visible Future Cash Flow Growth
High-Quality, Necessity-Based Operating Portfolio Visible Future Cash Flow Growth Signed Not Open (SNO) Spread = Embedded Rent Growth $66M SNO Pipeline Rent Commencement Timing Expected Cash Flow Receipts from $66M SNO Pipeline 60% ~$30M cash flow impact of SNO in 2025: • $23M from 1H25 rent commenc
Slide 18: Accretive Capital Allocation
Airport Plaza Farmingdale, NY Accretive Capital Allocation
Slide 19: Value Creation: Anchor Repositioning & Redevelopment
Accretive Capital Allocation Value Creation: Anchor Repositioning & Redevelopment Anchor Repositioning Retail Redevelopment Mixed-Use Redevelopment 7.0% to 9.0% WAVG Blended Stabilized Yield2 3 Recently Completed Recently Completed Project Spotlight Poway City Center – Poway, CA Tanasbourne Village
Slide 20: 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 21: Accretive Acquisitions & Investments
Accretive Capital Allocation Accretive Acquisitions & Investments Unique to Kimco: Structured Investment Program External Growth via Capital Recycling Advantage: Building a Strategic Acquisition Pipeline • Sell low-growth, low-cap rate assets Provides capital to third party owners of high-quality re
Slide 22: Capital Expenditures
Accretive Capital Allocation Capital Expenditures Below Sector Average Capex Spend 45% 42% 40% 2024 Capital Expenditures* (% of NOI)1 4% 37% 35% 10% 30% 12% 28% 27% 26% 24% 25% 24% 10% 23% 5% 13% 19% 20% 9% 19% 15% 4% 7% 15% 14% 8% 28% 17% 6% 5% KIM projects 2025 10% 19% 3% 7% 5% Capital Expenditure
Slide 23: Financial Capacity to Support Growth
Accretive Capital Allocation Financial Capacity to Support Growth COMMITTED TO SOURCES USES ▪ Investment grade credit rating of: ▪ ~$150M of annual free cash flow ▪ 2025: No remaining maturities A- Fitch after dividends and leasing capex ▪ Repurchased 3.0 million shares of (tenant improvements, land
Slide 24: Significant Financial Strength
The Summit at Scottsdale Scottsdale, AZ Significant Financial Strength
Slide 25: Well-Staggered Debt Maturity Profile
Significant Financial Strength Well-Staggered Debt Maturity Profile Debt Profile: Consolidated JV1 2Q Highlights 23% 2,000,000 Fixed Rate (99.8% of outstanding Cons. Debt) 4.01%2 4.77%2 • Issued $500 million of 5.30% Floating Rate (0.2% of outstanding Cons. Debt) 5.62%2 5.65%2 senior unsecured notes
Slide 26: Resilient and Ready
Significant Financial Strength Resilient and Ready Cash Flow Visibility Strong Portfolio Diversity Strong Balance Sheet Long–term leases with: Tenant Mix Conservative leverage • Contractual rent bumps Small shop: 3-5% per year • No tenant >4% of ABR • 99.8% fixed-rate* Anchors: 10-12% every five yea
Slide 27: Appendix
Wexford Plaza Pittsburgh, Pennsylvania Appendix
Slide 28: Top 50 Small Shop Tenants by Pro-rata ABR%
Top 50 Small Shop Tenants by Pro-rata ABR% Top 50 100% 2,100+ 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 Yum Brands, Inc. 21 Tailored Brands 31 Focused Brands 41 Five Guys Burgers & F
Slide 29: Portfolio Breakdown: Retailer Categories
Portfolio Breakdown: Retailer Categories 78% of ABR from Discount & Necessity Goods and Services DISCOUNT & NECESSITY GOODS: 40% Beauty / Personal Care Supplies 2% SERVICE: 38% Entertainment / Gathering Place 2% Furniture / Home Furnishings 3% OTHER: 22% Grocery & Other (Electronics/Appliances, Book
Kimco Realty Corporation (HC) — Q2 2025 Earnings Presentation on 6ix