KIMCO REALTY CORP — Call Transcript 2026

Good afternoon, everybody. As we get settled in here, I'm Rich Hightower, a senior REIT analyst on the Barclays team. I'm very delighted to have the Kimco management team here with me. I'll do some quick introductions, get into some questions, and then maybe we can open it up to audience participation after that. Immediately to my right, Conor Flynn, the CEO. We've got Glenn Cohen, Chief Financial Officer. We've got Ross Cooper, President and CIO, and then all the way at the end, Kathleen Thayer, Chief Accounting Officer. Thank you again for being here, everybody. Conor and I were sort of chatting a little bit about the state of the industry and really frankly how good the business is right now. I think maybe it's a little bit underappreciated what's going on in shopping centers and retail generally. We'll just start there. I think if I look at recent history, you're posting record new lease rents, blended leasing spreads. You're at near peak occupancy. At this stage in the cycle, what really drives NOI from here? Yeah, thanks for having me today. Look, at Kimco, we're really well-positioned, I think, to take advantage of the supply and demand dynamics that are playing out today. When you look at the lack of new supply coming online, that's really sort of unique, I think, to the shopping center sector, where there's only 0.2% of stock under construction, which is the lowest of any commercial real estate sector. That's unique just in a point in time, but that's been the point for the last 13 years. When you compound that year after year, it's pretty unique to be in a position where occupancies are at all-time high, and yet rents have not escalated to a point where new construction and new development makes sense economically. We've done a market-by-market analysis to see when new supply might come back online, and you'll see some new development come out of the ground. Rents, in our estimates, need to rise between 30%-60% in certain markets to justify putting a shovel in the ground. Kimco's strategy is uniquely focused on first-ring suburbs in major metro markets. Where you're starting to see a little bit of new development is in the third-ring type of scenarios in Phoenix and Vegas and in parts of Texas, where you've seen sprawl, you've seen new household formations, and there's really a retail desert there. Even in those situations, the only way the economics work is if tax incentives or unique situations with public-private partnerships justify the development returns. That's a unique situation that we really are excited to continue to have a pricing power advantage when spaces come available for rent. There's no better economic deal that a retailer has than the ones that they've signed over the past five, 10, 15, 20 years. Our mark-to-markets are significant across our portfolio, and we look at the anchor spaces of anywhere between 30%-40%+ mark-to-market. As we recapture spaces, we're able to really show that rent growth. We have unique ability as well to continue the occupancy push higher, even though we're sitting near all-time highs right now. I really circled the small shop occupancy lift opportunity that we have- which is, I think, going to be the next leg of growth for us. The last two years, we've produced 5% and 6% FFO growth rates. That's really on top of the sector. The balance sheet's in the best shape it's ever been. We're A-, A3 across all the three rating agencies. I still think we're actually in the very early innings of this new retail. Coming back and being an institutional-quality category has taken a long time. What was once capital curious, whether it's from large sovereign wealth, large PE funds, has now become capital deployment. There has been very large privatizations, there has been very large transactions to showcase the value proposition that shopping centers present relative to other sectors, and the growth profile is real. Yet, Kimco is trading at a very compelling valuation when you look at it from a discount to NAV or net asset value. When you look at it at a multiple relative to the peer group, we produce some of the best FFO growth with one of the best balance sheets in all of the REIT world, yet our multiple is near the bottom. We see this unique point in time as a pretty compelling opportunity for Kimco to be part of people's investment thesis because we have the largest signed but not open pipeline in history at $77 million. That's just annual base rent. That's leases that are signed that are not cash flowing yet. If you want a crystal-clear ball of where our earnings growth is coming from, it's that sitting right there, as Milton Cooper likes to say, frozen custard. It's nice to look at, but we have to get those tenants open and operating to get that rent to commence, and that $77 million is really what's going to drive the earnings growth going forward. It's a unique time where we are feeling good about the fundamentals. We are feeling good about the balance sheet. We are feeling good about the future, and yet the valuation does not reflect where the private market sits today. We're closing the gap, obviously, and have been off to a good start this year. Thanks. There's a lot of potential offshoots to that answer. ICSC was, I think, last week. One of the common themes is there's tremendous retailer demand for space. It cuts across categories, and there's just not enough supply. Can you talk about some takeaways from that conference and how does that translate into what actually happens in Kimco's portfolio? Yeah, you're spot on. The retail demand is extremely robust across all different square footage categories. When you go into a conference like ICSC, you're really trying to continue to maintain and enhance those relationships with decision-makers on the retailer side. Kimco is uniquely positioned to take advantage of gaining market share specifically in the retailers that are doing very large new opening store plans. That's where we've really focused on using the relationship and the platform and the technology tools that we have to take more and more of those new store opening plans and make them Kimco opening plans. When you look across the spectrum of retailers that we do business with, it's healthy across the board. Even some of the watchlist tenants that we've been talking about for a number of years have seemed to turn the corner. You look at Michaels, you look at some of the recent results of Kohl's. They seem to have really been able to turn the corner, even in a higher interest rate environment, because the customer is really focused on essential goods and services and value. That's where we think Kimco is the unique intersection point. Retailers are super aggressive in terms of openings because they know if they don't sign the deal today, it's likely that the space is going to be even higher rent tomorrow. They know that there's no new supply. If the space is available, they have to jump over each other to get it. You're even seeing it in some of the bankruptcy process, where if a defunct retailer goes away, the retailers are actually buying those leases and putting their own capital to work to build out the space because they can't find those types of deals today. That conference is really sort of a microcosm of what's going on across the sector, is a lot of capital being formed for the asset base, a lot of retailers expanding. I think one of the biggest tools that we have is to help re-educate people that it's not e-commerce versus brick-and-mortar. It is an omni-channel approach that's the winning strategy, full stop. There is no debate what's the winning strategy in retail. You look at Walmart, you look at Amazon, you look at Costco. It is a combination of the two. Now that the working capital of these retailers is being focused on reinvesting in stores and opening new stores, you're seeing that flywheel continue to have earnings growth be a meaningful driver for these retailers because the e-commerce on top of a physical store, whether it's distributed from the store, whether it's a pick-up in store, whether they're doing return from the store, that flywheel just continues to add the highest margin, which is in the store. That's the beauty of where we sit today, is what was once sort of a winner-take-all scenario where it was going to be all e-commerce, all of a sudden now it's become very clear that the winning strategy is the combination of the two. You're seeing that we're able to push rents because that halo from the e-commerce actually has more sales coming through the door of the store. I was having another conversation just before we started here, and Truth Social is now part of my daily news feed, as it has to be. This is in the context of oil prices, consumer health. I know we touched on this a little bit just a second ago, but maybe help us understand the kind of natural defensiveness of the portfolio and maybe what Kimco owns. How does it sort of screen from a relative risk and return perspective? How does consumer health factor into tenant sales and the ability to push rents and grow rents and grow NOI? Maybe take us a little deeper into that. Yeah. The nice part about Kimco's portfolio is it's based in essential goods and services. We're 86% grocery anchored. Really when you look at the combination of what we deliver to the consumer, it has changed over time. There are more uses coming into shopping centers today than ever before. Medical retail or medtail, medi spas, all of these new categories of services have actually been the driving force of some of the small shop occupancy gains that we've seen. Actually, 80% of our new deal flow on the small shop side has been service-based. If you still are in the e-commerce resistant camp, that is obviously something that you can't do online. The consumer is actually healthy when you look at our customer. Kimco is focused on really that first-ring suburb of major metro markets. That's an affluent customer. What we deliver is really essential goods and services. Typically it's the grocery shop combined with maybe a treasure hunt at TJ Maxx. Then you have all the small shops that surround those two anchors, and that's really where that flywheel continues to show the growth, where you layer in different merchandising mix that drives traffic at all times of the day. What you're trying to do is take the data and understand who your customer is and prioritize what the customer needs, wants, and is missing. Void analysis of really what's missing in a market. Because if you can add what's missing in a market, all of a sudden you expand your market and draw from a much wider trade area. That's where the sales go up all across the board of your shopping center, and you get to charge more rent. The NOI growth that we're experiencing today is really tied to a combination of demand from anchors, junior boxes, and small shops. Individual categories are really deep in terms of the demand pool. It's a nice combination of seeing both the goods and services all work at the same time. That's great. You mentioned this earlier about where Kimco is trading relative to net asset value. Earlier before we got started here, we talked about just the volume of private capital that obviously is very interested in retail real estate. Maybe we can loop Ross in on this one. How do you close that gap? You guys have a lot of tools at your disposal. You've got asset sales, you've got structured investments, obviously, regular acquisitions, dispositions. Help us understand how all that fits together and what are you working on? Thanks, Rich. As Conor articulated before, all the reasons why that retail capital curiosity has converted into conversion and execution in terms of new deal flow, and capital being put to work. It's extremely competitive. It's a frothy environment for retail for all the reasons described. We are trading at a discount, which makes it challenging to do new deals that are accretive to our cost of capital. We're fortunate that we have a strategy in place where we could utilize what we already own and deploy that and recycle that capital accretively. What I mean by that is if you look at the composition of our portfolio, first and foremost, we have 9% of our annual rents that are coming from long-term, relatively flat in nature, long-term ground leases with some of the best credit tenants in the industry. Think Home Depot, Lowe's, Costcos, Walmart, et cetera. Those are bond-like instruments that are highly coveted in the private market today at extremely aggressive cap rates, but have a relatively low growth profile, ± a 1% compound annual growth rate, which is serving, pun intended, as a bit of an anchor to our growth profile. As we continue to look at ways to redeploy capital accretively and also enhance the growth profile of the organization, that is a great opportunity for us to divest some of those locations and those leases, and then redeploy that capital into multi-tenant shopping centers that not only have a nice spread, call it 50-75 basis points in terms of the going in year one cap rate and yield, but arguably more importantly, have a compound annual growth rate that's anywhere from 2-300 basis points higher than what we're selling. It's a really nice way for us to continue to enhance the growth profile of the organization. On top of that, we do have our structured investment program, so when you think about where we're recycling capital into, there's going to be 1031 exchanges in the multi-tenant shopping center acquisitions as I talked about, as we're very mindful of being tax efficient with some of the gains from these sales. We also have our structured investment program where we're putting out capital in the form typically of preferred equity or mezzanine financing, where we're able to generate very attractive yields in the near term, but also getting right of first offers and right of first refusals to acquire those assets and hopefully bring them into our long-term hold portfolio if given that opportunity. You've seen us exercise that right a bit in the past. In an environment where you have a significant amount of competition like we talked about, having the inside track or our foot in the door on high-quality real estate that we like, where we can exercise that ROFO or that ROFR is a real differentiator for us. In addition to looking at some of the joint venture opportunities where some of our partners might be looking for an exit. We've been successful in the past in terms of buying out their interests in deals that we like where the price is right. We're in a fortunate position that we don't necessarily have to win a bidding war, which in many cases is getting extremely aggressive, and we have opportunities to deploy capital accretively without the need for any issuance of equity or additional debt. That's great. We're about halfway through. I'm happy to take any audience questions if there are any. Otherwise, we just keep rolling. There has been some consolidation in shopping centers and in retail. Kimco historically has been a consolidator at times. Tell us about the benefits of scale, what it means for spreading out investment efficiencies, things like that. What are you working on now? What KPI should we be looking at from the outside as far as that goes? Yeah, I think the key at Kimco is to always focus on enhancing the growth profile as well as the quality spectrum. You never want to just get big to be bigger because then it's harder to grow. What we're focused on is understanding that the platform has to continue to evolve, and it has to continue to enhance the margins that we're delivering to our investors. I think the AI tools that are now injected into all of our workflows is something that we're seeing in the very early innings, a lot of productivity increasing. The nice part I think about platforms like Kimco is I think margin enhancement is still going to occur because of all these technology investments that we've been making. I think when you look at the M&A landscape, as I mentioned earlier, our multiple is nowhere near where it needs to be or where it should be reflected in our opinion. It doesn't make any sense for us to be a consolidator today. We need to focus on organic growth as well as continuing to execute on the strategy to enhance the earnings growth, to really have a meaningful cost of capital to allow us to go and do things accretively with our equity. That doesn't occur today. As Ross articulated, we've really focused on enhancing the growth profile, reinvesting accretively, taking costs out of the business. As you've seen, we're taking $3 million of costs out of the business this year. We're taking assets to market, showcasing the disconnect between public and private pricing, and continuing to put up really strong earnings growth. You've seen a number of privatizations, which again, I think will probably continue because of the amount of capital that's been raised for our product. You've seen ROIC, Alexander & Baldwin, Whitestone all privatized. That again is probably going to continue, in my opinion, as long as there's a big disconnect between public and private pricing. I do think that platforms of scale will continue to have advantages going forward in the future. Not just from technology, but also from the ability to manage more without having to have any additional G&A. That's where we've seen our mergers continue to shine for us. When you look at the amount of assets we've been able to acquire and drop onto our platform without having any incremental G&A. really allows us to extract a lot of value, both on the synergy side, but also on the revenue side. You're starting to see the leasing take hold and the occupancy lift take hold, and that's what we really were able to execute on RPT. That occupancy gap has actually been completely closed, and we're actually now a little bit higher on the RPT legacy portfolio than we are at Kimco. We were able to do that in a relatively expedited fashion. There's still more juice to squeeze there. There's a lot of assets there that we're adding grocery anchors to. We're repositioning some of the assets as well. There's a lot of leasing momentum that continues there. That's great. Maybe one for Glenn. I think you mentioned this in another comment, but obviously the balance sheet is in as strong a position as it's ever been. As you think about your sort of menu of the highest and best use of available funds for different purposes, how does it rank order today? How do we think about that? Yeah. We're really happy to sit here as an A-, A-, A3-rated company. We're the only retail REIT that has an A-minus rating across the board. We spent a lot of time and a lot of effort to really de-lever the company. We're sitting today with net debt to EBITDA on a consolidated basis at 5.2x and 5.5x on a look-through basis. It gives us lots of capacity to do things. Best use of capital, we're always looking to see what that is. You saw us last year as the stock price was really trading at a very heavy discount. We bought back 6.1 million shares of stock last year. The buyback is clearly part of the menu. Redevelopments are always really top of mind as well. The yields on our redevelopment activity that we do run in the 10%-12% range, that's another avenue for us. We do have some interest expense headwind that we'll need to deal with. We have about $800 million of debt that matures this year. The weighted average rate on that debt is about 2.6%. Looking at the current rate environment, that puts a little bit of a challenge, but we've put a lot of things in place that we think can help mitigate some of that interest rate expense. We recently renewed our $2 billion revolver, which we borrow at SOFR plus 63.5, which puts us at around 4.2% for that. We put together a $750 million commercial paper program, which has nothing drawn on it as well, as another avenue of capital that we haven't tapped previously. There, we would probably borrow somewhere in the low 4% range. We have access to the term loan market, the traditional bond market. A new five year for us would probably be around 4.8%. A new 10-year would probably be around 5.25% with some of the lowest spreads that we've ever had. We'd probably have a new 10-year deal done really in the low 70s today. Then, we are exploring the convert market. That's another avenue where coupons are lower there, obviously, to start. Depending on where stock price is and volatility, that's another option for us. We have the full gamut available to us to, one, address maturities, and to really deploy capital in a very, very accretive manner. That's great. Thank you. I'm going to try to bring it all together for a second here. Every security that I cover, I try to think about an earnings growth algorithm and a total return algorithm. Maybe just for the sake of everyone in the room, what are the building blocks to FFO growth? What are the building blocks to total return as we think about a dividend yield plus the earnings growth? Obviously, you'd like to see the multiple rerate on top of that. How do we think about that? The earnings growth profile is something that obviously we're building to continue to enhance. When you look at the growth profile that's coming from the portfolio, the new leases that are being signed are getting better economics, better annual escalators, better economics in terms of bumps. That's really leading us to continue to enhance the profile growth. Glenn mentioned some of the refinancing headwinds. One of the things that we do point to is the dividend growth at Kimco. We've been touting our 5% and 6% FFO growth the last two years as being top of the charts in the sector. The dividend growth for us will be meaningful going forward. Our taxable income is pretty much right on top of our dividends. Everything the portfolio's producing, we're going to distribute out. That growth profile plus the earnings growth is really sort of the combination that we've been pointing to as a total shareholder return that will make Kimco a unique investment. When you think about some of the building blocks, so just straight out, simple contractual rent growth in the portfolio averages about 1.5% a year. Right out of the box, that's a lot better than it was probably four or five years ago, where it was more in the 1%-1.25% range. The redevelopment activity, as I mentioned, is another additive feature that we continue to really drive towards. We'll invest somewhere between $100 million-$150 million a year in redevelopments that are earning in that 10%-12% range. You have our SNO pipeline. The SNO pipeline today, our signed but not open pipeline, is $77 million just from the base rents. On top of that does not include the net, so the recoveries of CAM and tax and insurance, which generate about another $20 million. Behind that, we have a shadow pipeline of leases that are signed where a tenant's already in the space, and that amounts to about another $20 million. As that SNO pipeline comes online, that is going to fuel both FFO and same-site NOI growth. Those are some of the really key things. As well as we do have a structured investment program. Ross can probably talk about that a little bit more, but that's another driver of some of the growth that we have. Maybe you want to- Yeah, I mentioned we're. Issuing preferred equity, as well as mezz financing, in some cases, stretch senior subordinate mortgages. It's really a capital solutions program where we've had the opportunity to invest in a more passive structure in real estate that we like with operators that are high quality on good real estate. Having, again, as I mentioned, that right of first offer and that right of first refusal is a situation where we're earning a very attractive yield while sort of waiting to see if we get the opportunity to acquire the asset. That has led to a couple of acquisitions that we've put into the pipeline over the last couple of years, and part of what we anticipate being in the pipeline going forward. Just to reiterate, the other part is, again, as we're selling these ground leases that we've talked about with the very low CAGR that Ross mentioned, as we redeploy that capital, that's just another piece of the flywheel of investing accretively for us. Having an accretive disposition program is another piece to the puzzle. When you put it all together, we think we can achieve the growth levels that we've talked about, and at the same time, the dividend rate itself is going to increase as that FFO continues to grow. We're generating today about $160 million of free cash flow after TIs leasing commissions, CapEx, and our dividend payments. Cheapest form of capital to redeploy in the best way possible. That's great. Thank you. As we think about that sort of risk return longer term profile, at some level, a generalist investor base should become interested in that return stream. Talk about some of those conversations you might be having at this point. I feel like conference attendance this week is pretty good. Not a record, but still pretty good. What are those conversations, and what's the pitch to someone who's not sort of involved in REITs every day of their professional lives? I think we have seen the generalists start to be curious and start to do some digging. We've had more reverse inbounds from the generalist community than we've seen in a while. I think a lot of it has to do with the Blackstone's second highest conviction is shopping centers. When you look at GIC, like putting a lot of capital out and these big sovereigns that are coming into the space, it indicates sort of where the generalist is starting to see that and starting to take notice. We've been trying to expand the tent to make sure that we go to more generalist conferences. Nareit is great, but it also is a consistent Rolodex of very similar faces and names that we love. We're trying to make sure that we go to conferences like Raymond James, conferences like Bernstein, and others where it's more of a generalist population. We continue to see even some of our larger shareholders are now generalists as well. We continue to think that the shopping center is one that resonates with the generalists because in essence, everyone goes shopping. Everyone sort of can connect with their local grocery store. I think it's surprising if you haven't followed retail in a while to see that occupancies are at all-time highs, to see what's happening at the shopping center, to see how it's evolving. They're all full. People like to talk about the grocery store that they shop at. People like to talk about the retailer that's coming in or who's missing from their community. I think that all bodes well to have these tissues of connectivity to the investor to understand that, hey, this is something that's a living, breathing entity that's continuing to evolve and always getting stronger because it's, in essence, evolving with the tastes of the community and bringing in something new and fresh that people are excited to go and experience. That's great. Last 90 seconds. What is maybe one or two things that are just simply underappreciated about what Kimco is and what it can be? I think when you think about Kimco's growth profile as being a very consistent earnings driver, there's going to be years where I think certain names outperform if they have a certain event to have one year be an outsized growth year. Kimco is going to be a consistent growth vehicle, I think that's going to be our calling card that differentiates us, is to make sure that we are in that top piece of the pie where we have earnings growth plus dividend, that total shareholder return be a very compelling opportunity, all at a compelling valuation right now. We don't see anything on the horizon in terms of credit tenant risk or pullback from demand on the retailer side. Our shopping center traffic is up 3% year to date. I think everyone likes to try and find a crack in retail. There always seems to be sort of like a gravitational pull towards a bankruptcy name or a watchlist tenant. Right now, if you look at our growth the last three years and you look at the shopping center industry as a whole, it's hard-pressed to find a better sector in terms of demand and supply setup. Kimco being the largest in our sector, if given the ability to actually go and acquire accretively using our equity, we would have an enhanced growth profile because all that earnings growth we did was when we were trading at a discount. All of that was done organically. Imagine if we got a cost of capital advantage to go on offense. That's really a unique situation that we have today at Kimco, is we're doing everything we can to enhance the growth profile going forward. We feel really good about the runway, but also, we're super excited to hopefully have the sector come back into the sweet spot of the REIT flywheel of being able to actually issue accretively, acquire, and go on offense and have that external growth layered on top of all this organic growth we've been talking about. That's great. We'll leave it there. Thank you, guys. Thanks, everybody.

Speaker 3: Good afternoon, everybody. As we get settled in here, I'm Rich Hightower, a senior REIT analyst on the Barclays team. I'm very delighted to have the Kimco management team here with me. I'll do some quick introductions, get into some questions, and then maybe we can open it up to audience participation after that. Immediately to my right, Conor Flynn, the CEO. We've got Glenn Cohen, Chief Financial Officer. We've got Ross Cooper, President and CIO, and then all the way at the end, Kathleen Thayer, Chief Accounting Officer. Thank you again for being here, everybody. Conor and I were sort of chatting a little bit about the state of the industry and really frankly how good the business is right now. I think maybe it's a little bit underappreciated what's going on in shopping centers and retail generally. We'll just start there. Good afternoon, everybody. good afternoon everybody As we get settled in here, I'm Rich Hightower, a senior REIT analyst on the Barclays team. as we get settled in here i'm rich hightower a senior reit analyst on the barclays team I'm very delighted to have the Kimco management team here with me. i'm very delighted to have the kimco management team here with me I'll do some quick introductions, get into some questions, and then maybe we can open it up to audience participation after that. i'll do some quick introductions get into some questions and then maybe we can open it up to audience participation after that Immediately to my right, Conor Flynn, the CEO. immediately to my right conor flynn the ceo We've got Glenn Cohen, Chief Financial Officer. we've got glenn cohen chief financial officer We've got Ross Cooper, President and CIO, and then all the way at the end, Kathleen Thayer, Chief Accounting Officer. we've got ross cooper president and cio and then all the way at the end kathleen thayer chief accounting officer Thank you again for being here, everybody. thank you again for being here everybody Conor and I were sort of chatting a little bit about the state of the industry and really frankly how good the business is right now. conor and i were sort of chatting a little bit about the state of the industry and really frankly how good the business is right now I think maybe it's a little bit underappreciated what's going on in shopping centers and retail generally. i think maybe it's a little bit underappreciated what's going on in shopping centers and retail generally We'll just start there. we'll just start there I think if I look at recent history, you're posting record new lease rents, blended leasing spreads. You're at near peak occupancy. At this stage in the cycle, what really drives NOI from here? I think if I look at recent history, you're posting record new lease rents, blended leasing spreads. i think if i look at recent history you're posting record new lease rents blended leasing spreads You're at near peak occupancy. you're at near peak occupancy At this stage in the cycle, what really drives NOI from here? at this stage in the cycle what really drives noi from here

Speaker 1: Yeah, thanks for having me today. Look, at Kimco, we're really well-positioned, I think, to take advantage of the supply and demand dynamics that are playing out today. When you look at the lack of new supply coming online, that's really sort of unique, I think, to the shopping center sector, where there's only 0.2% of stock under construction, which is the lowest of any commercial real estate sector. That's unique just in a point in time, but that's been the point for the last 13 years. When you compound that year after year, it's pretty unique to be in a position where occupancies are at all-time high, and yet rents have not escalated to a point where new construction and new development makes sense economically. Yeah, thanks for having me today. yeah thanks for having me today Look, at Kimco, we're really well-positioned, I think, to take advantage of the supply and demand dynamics that are playing out today. look at kimco we're really well-positioned i think to take advantage of the supply and demand dynamics that are playing out today When you look at the lack of new supply coming online, that's really sort of unique, I think, to the shopping center sector, where there's only 0.2% of stock under construction, which is the lowest of any commercial real estate sector. when you look at the lack of new supply coming online that's really sort of unique i think to the shopping center sector where there's only 0.2% of stock under construction which is the lowest of any commercial real estate sector That's unique just in a point in time, but that's been the point for the last 13 years. that's unique just in a point in time but that's been the point for the last 13 years When you compound that year after year, it's pretty unique to be in a position where occupancies are at all-time high, and yet rents have not escalated to a point where new construction and new development makes sense economically. when you compound that year after year it's pretty unique to be in a position where occupancies are at all-time high and yet rents have not escalated to a point where new construction and new development makes sense economically We've done a market-by-market analysis to see when new supply might come back online, and you'll see some new development come out of the ground. Rents, in our estimates, need to rise between 30%-60% in certain markets to justify putting a shovel in the ground. Kimco's strategy is uniquely focused on first-ring suburbs in major metro markets. Where you're starting to see a little bit of new development is in the third-ring type of scenarios in Phoenix and Vegas and in parts of Texas, where you've seen sprawl, you've seen new household formations, and there's really a retail desert there. Even in those situations, the only way the economics work is if tax incentives or unique situations with public-private partnerships justify the development returns. We've done a market-by-market analysis to see when new supply might come back online, and you'll see some new development come out of the ground. we've done a market-by-market analysis to see when new supply might come back online and you'll see some new development come out of the ground Rents, in our estimates, need to rise between 30%-60% in certain markets to justify putting a shovel in the ground. rents in our estimates need to rise between 30%-60% in certain markets to justify putting a shovel in the ground Kimco's strategy is uniquely focused on first-ring suburbs in major metro markets. kimco's strategy is uniquely focused on first-ring suburbs in major metro markets Where you're starting to see a little bit of new development is in the third-ring type of scenarios in Phoenix and Vegas and in parts of Texas, where you've seen sprawl, you've seen new household formations, and there's really a retail desert there. where you're starting to see a little bit of new development is in the third-ring type of scenarios in phoenix and vegas and in parts of texas where you've seen sprawl you've seen new household formations and there's really a retail desert there Even in those situations, the only way the economics work is if tax incentives or unique situations with public-private partnerships justify the development returns. even in those situations the only way the economics work is if tax incentives or unique situations with public-private partnerships justify the development returns That's a unique situation that we really are excited to continue to have a pricing power advantage when spaces come available for rent. There's no better economic deal that a retailer has than the ones that they've signed over the past five, 10, 15, 20 years. Our mark-to-markets are significant across our portfolio, and we look at the anchor spaces of anywhere between 30%-40%+ mark-to-market. As we recapture spaces, we're able to really show that rent growth. We have unique ability as well to continue the occupancy push higher, even though we're sitting near all-time highs right now. I really circled the small shop occupancy lift opportunity that we have- That's a unique situation that we really are excited to continue to have a pricing power advantage when spaces come available for rent. that's a unique situation that we really are excited to continue to have a pricing power advantage when spaces come available for rent There's no better economic deal that a retailer has than the ones that they've signed over the past five, 10, 15, 20 years. there's no better economic deal that a retailer has than the ones that they've signed over the past five 10 15 20 years Our mark-to-markets are significant across our portfolio, and we look at the anchor spaces of anywhere between 30%-40%+ mark-to-market. our mark-to-markets are significant across our portfolio and we look at the anchor spaces of anywhere between 30%-40%+ mark-to-market As we recapture spaces, we're able to really show that rent growth. as we recapture spaces we're able to really show that rent growth We have unique ability as well to continue the occupancy push higher, even though we're sitting near all-time highs right now. we have unique ability as well to continue the occupancy push higher even though we're sitting near all-time highs right now I really circled the small shop occupancy lift opportunity that we have- i really circled the small shop occupancy lift opportunity that we have- which is, I think, going to be the next leg of growth for us. The last two years, we've produced 5% and 6% FFO growth rates. That's really on top of the sector. The balance sheet's in the best shape it's ever been. We're A-, A3 across all the three rating agencies. I still think we're actually in the very early innings of this new retail. Coming back and being an institutional-quality category has taken a long time. What was once capital curious, whether it's from large sovereign wealth, large PE funds, has now become capital deployment. There has been very large privatizations, there has been very large transactions to showcase the value proposition that shopping centers present relative to other sectors, and the growth profile is real. which is, I think, going to be the next leg of growth for us. which is i think going to be the next leg of growth for us The last two years, we've produced 5% and 6% FFO growth rates. the last two years we've produced 5% and 6% ffo growth rates That's really on top of the sector. that's really on top of the sector The balance sheet's in the best shape it's ever been. the balance sheet's in the best shape it's ever been We're A-, A3 across all the three rating agencies. we're a- a3 across all the three rating agencies I still think we're actually in the very early innings of this new retail. i still think we're actually in the very early innings of this new retail Coming back and being an institutional-quality category has taken a long time. coming back and being an institutional-quality category has taken a long time What was once capital curious, whether it's from large sovereign wealth, large PE funds, has now become capital deployment. what was once capital curious whether it's from large sovereign wealth large pe funds has now become capital deployment There has been very large privatizations, there has been very large transactions to showcase the value proposition that shopping centers present relative to other sectors, and the growth profile is real. there has been very large privatizations there has been very large transactions to showcase the value proposition that shopping centers present relative to other sectors and the growth profile is real Yet, Kimco is trading at a very compelling valuation when you look at it from a discount to NAV or net asset value. When you look at it at a multiple relative to the peer group, we produce some of the best FFO growth with one of the best balance sheets in all of the REIT world, yet our multiple is near the bottom. We see this unique point in time as a pretty compelling opportunity for Kimco to be part of people's investment thesis because we have the largest signed but not open pipeline in history at $77 million. That's just annual base rent. That's leases that are signed that are not cash flowing yet. If you want a crystal-clear ball of where our earnings growth is coming from, it's that sitting right there, as Milton Cooper likes to say, frozen custard. Yet, Kimco is trading at a very compelling valuation when you look at it from a discount to NAV or net asset value. yet kimco is trading at a very compelling valuation when you look at it from a discount to nav or net asset value When you look at it at a multiple relative to the peer group, we produce some of the best FFO growth with one of the best balance sheets in all of the REIT world, yet our multiple is near the bottom. when you look at it at a multiple relative to the peer group we produce some of the best ffo growth with one of the best balance sheets in all of the reit world yet our multiple is near the bottom We see this unique point in time as a pretty compelling opportunity for Kimco to be part of people's investment thesis because we have the largest signed but not open pipeline in history at $77 million. we see this unique point in time as a pretty compelling opportunity for kimco to be part of people's investment thesis because we have the largest signed but not open pipeline in history at $77 million That's just annual base rent. that's just annual base rent That's leases that are signed that are not cash flowing yet. that's leases that are signed that are not cash flowing yet If you want a crystal-clear ball of where our earnings growth is coming from, it's that sitting right there, as Milton Cooper likes to say, frozen custard. if you want a crystal-clear ball of where our earnings growth is coming from it's that sitting right there as milton cooper likes to say frozen custard It's nice to look at, but we have to get those tenants open and operating to get that rent to commence, and that $77 million is really what's going to drive the earnings growth going forward. It's a unique time where we are feeling good about the fundamentals. We are feeling good about the balance sheet. We are feeling good about the future, and yet the valuation does not reflect where the private market sits today. We're closing the gap, obviously, and have been off to a good start this year. It's nice to look at, but we have to get those tenants open and operating to get that rent to commence, and that $77 million is really what's going to drive the earnings growth going forward. it's nice to look at but we have to get those tenants open and operating to get that rent to commence and that $77 million is really what's going to drive the earnings growth going forward It's a unique time where we are feeling good about the fundamentals. it's a unique time where we are feeling good about the fundamentals We are feeling good about the balance sheet. we are feeling good about the balance sheet We are feeling good about the future, and yet the valuation does not reflect where the private market sits today. we are feeling good about the future and yet the valuation does not reflect where the private market sits today We're closing the gap, obviously, and have been off to a good start this year. we're closing the gap obviously and have been off to a good start this year

Speaker 3: Thanks. There's a lot of potential offshoots to that answer. ICSC was, I think, last week. One of the common themes is there's tremendous retailer demand for space. It cuts across categories, and there's just not enough supply. Can you talk about some takeaways from that conference and how does that translate into what actually happens in Kimco's portfolio? Thanks. thanks There's a lot of potential offshoots to that answer. there's a lot of potential offshoots to that answer ICSC was, I think, last week. icsc was i think last week One of the common themes is there's tremendous retailer demand for space. one of the common themes is there's tremendous retailer demand for space It cuts across categories, and there's just not enough supply. it cuts across categories and there's just not enough supply Can you talk about some takeaways from that conference and how does that translate into what actually happens in Kimco's portfolio? can you talk about some takeaways from that conference and how does that translate into what actually happens in kimco's portfolio

Speaker 1: Yeah, you're spot on. The retail demand is extremely robust across all different square footage categories. When you go into a conference like ICSC, you're really trying to continue to maintain and enhance those relationships with decision-makers on the retailer side. Kimco is uniquely positioned to take advantage of gaining market share specifically in the retailers that are doing very large new opening store plans. That's where we've really focused on using the relationship and the platform and the technology tools that we have to take more and more of those new store opening plans and make them Kimco opening plans. When you look across the spectrum of retailers that we do business with, it's healthy across the board. Even some of the watchlist tenants that we've been talking about for a number of years have seemed to turn the corner. Yeah, you're spot on. yeah you're spot on The retail demand is extremely robust across all different square footage categories. the retail demand is extremely robust across all different square footage categories When you go into a conference like ICSC, you're really trying to continue to maintain and enhance those relationships with decision-makers on the retailer side. when you go into a conference like icsc you're really trying to continue to maintain and enhance those relationships with decision-makers on the retailer side Kimco is uniquely positioned to take advantage of gaining market share specifically in the retailers that are doing very large new opening store plans. kimco is uniquely positioned to take advantage of gaining market share specifically in the retailers that are doing very large new opening store plans That's where we've really focused on using the relationship and the platform and the technology tools that we have to take more and more of those new store opening plans and make them Kimco opening plans. that's where we've really focused on using the relationship and the platform and the technology tools that we have to take more and more of those new store opening plans and make them kimco opening plans When you look across the spectrum of retailers that we do business with, it's healthy across the board. when you look across the spectrum of retailers that we do business with it's healthy across the board Even some of the watchlist tenants that we've been talking about for a number of years have seemed to turn the corner. even some of the watchlist tenants that we've been talking about for a number of years have seemed to turn the corner You look at Michaels, you look at some of the recent results of Kohl's. They seem to have really been able to turn the corner, even in a higher interest rate environment, because the customer is really focused on essential goods and services and value. That's where we think Kimco is the unique intersection point. Retailers are super aggressive in terms of openings because they know if they don't sign the deal today, it's likely that the space is going to be even higher rent tomorrow. They know that there's no new supply. If the space is available, they have to jump over each other to get it. You look at Michaels, you look at some of the recent results of Kohl's. you look at michaels you look at some of the recent results of kohl's They seem to have really been able to turn the corner, even in a higher interest rate environment, because the customer is really focused on essential goods and services and value. they seem to have really been able to turn the corner even in a higher interest rate environment because the customer is really focused on essential goods and services and value That's where we think Kimco is the unique intersection point. that's where we think kimco is the unique intersection point Retailers are super aggressive in terms of openings because they know if they don't sign the deal today, it's likely that the space is going to be even higher rent tomorrow. retailers are super aggressive in terms of openings because they know if they don't sign the deal today it's likely that the space is going to be even higher rent tomorrow They know that there's no new supply. they know that there's no new supply If the space is available, they have to jump over each other to get it. if the space is available they have to jump over each other to get it You're even seeing it in some of the bankruptcy process, where if a defunct retailer goes away, the retailers are actually buying those leases and putting their own capital to work to build out the space because they can't find those types of deals today. That conference is really sort of a microcosm of what's going on across the sector, is a lot of capital being formed for the asset base, a lot of retailers expanding. I think one of the biggest tools that we have is to help re-educate people that it's not e-commerce versus brick-and-mortar. It is an omni-channel approach that's the winning strategy, full stop. There is no debate what's the winning strategy in retail. You look at Walmart, you look at Amazon, you look at Costco. It is a combination of the two. You're even seeing it in some of the bankruptcy process, where if a defunct retailer goes away, the retailers are actually buying those leases and putting their own capital to work to build out the space because they can't find those types of deals today. you're even seeing it in some of the bankruptcy process where if a defunct retailer goes away the retailers are actually buying those leases and putting their own capital to work to build out the space because they can't find those types of deals today That conference is really sort of a microcosm of what's going on across the sector, is a lot of capital being formed for the asset base, a lot of retailers expanding. that conference is really sort of a microcosm of what's going on across the sector is a lot of capital being formed for the asset base a lot of retailers expanding I think one of the biggest tools that we have is to help re-educate people that it's not e-commerce versus brick-and-mortar. i think one of the biggest tools that we have is to help re-educate people that it's not e-commerce versus brick-and-mortar It is an omni-channel approach that's the winning strategy, full stop. it is an omni-channel approach that's the winning strategy full stop There is no debate what's the winning strategy in retail. there is no debate what's the winning strategy in retail You look at Walmart, you look at Amazon, you look at Costco. you look at walmart you look at amazon you look at costco It is a combination of the two. it is a combination of the two Now that the working capital of these retailers is being focused on reinvesting in stores and opening new stores, you're seeing that flywheel continue to have earnings growth be a meaningful driver for these retailers because the e-commerce on top of a physical store, whether it's distributed from the store, whether it's a pick-up in store, whether they're doing return from the store, that flywheel just continues to add the highest margin, which is in the store. Now that the working capital of these retailers is being focused on reinvesting in stores and opening new stores, you're seeing that flywheel continue to have earnings growth be a meaningful driver for these retailers because the e-commerce on top of a physical store, whether it's distributed from the store, whether it's a pick-up in store, whether they're doing return from the store, that flywheel just continues to add the highest margin, which is in the store. now that the working capital of these retailers is being focused on reinvesting in stores and opening new stores you're seeing that flywheel continue to have earnings growth be a meaningful driver for these retailers because the e-commerce on top of a physical store whether it's distributed from the store whether it's a pick-up in store whether they're doing return from the store that flywheel just continues to add the highest margin which is in the store That's the beauty of where we sit today, is what was once sort of a winner-take-all scenario where it was going to be all e-commerce, all of a sudden now it's become very clear that the winning strategy is the combination of the two. You're seeing that we're able to push rents because that halo from the e-commerce actually has more sales coming through the door of the store. That's the beauty of where we sit today, is what was once sort of a winner-take-all scenario where it was going to be all e-commerce, all of a sudden now it's become very clear that the winning strategy is the combination of the two. that's the beauty of where we sit today is what was once sort of a winner-take-all scenario where it was going to be all e-commerce all of a sudden now it's become very clear that the winning strategy is the combination of the two You're seeing that we're able to push rents because that halo from the e-commerce actually has more sales coming through the door of the store. you're seeing that we're able to push rents because that halo from the e-commerce actually has more sales coming through the door of the store

Speaker 3: I was having another conversation just before we started here, and Truth Social is now part of my daily news feed, as it has to be. This is in the context of oil prices, consumer health. I know we touched on this a little bit just a second ago, but maybe help us understand the kind of natural defensiveness of the portfolio and maybe what Kimco owns. How does it sort of screen from a relative risk and return perspective? How does consumer health factor into tenant sales and the ability to push rents and grow rents and grow NOI? Maybe take us a little deeper into that. I was having another conversation just before we started here, and Truth Social is now part of my daily news feed, as it has to be. i was having another conversation just before we started here and truth social is now part of my daily news feed as it has to be This is in the context of oil prices, consumer health. this is in the context of oil prices consumer health I know we touched on this a little bit just a second ago, but maybe help us understand the kind of natural defensiveness of the portfolio and maybe what Kimco owns. i know we touched on this a little bit just a second ago but maybe help us understand the kind of natural defensiveness of the portfolio and maybe what kimco owns How does it sort of screen from a relative risk and return perspective? how does it sort of screen from a relative risk and return perspective How does consumer health factor into tenant sales and the ability to push rents and grow rents and grow NOI? how does consumer health factor into tenant sales and the ability to push rents and grow rents and grow noi Maybe take us a little deeper into that. maybe take us a little deeper into that

Speaker 1: Yeah. The nice part about Kimco's portfolio is it's based in essential goods and services. We're 86% grocery anchored. Really when you look at the combination of what we deliver to the consumer, it has changed over time. There are more uses coming into shopping centers today than ever before. Medical retail or medtail, medi spas, all of these new categories of services have actually been the driving force of some of the small shop occupancy gains that we've seen. Actually, 80% of our new deal flow on the small shop side has been service-based. If you still are in the e-commerce resistant camp, that is obviously something that you can't do online. The consumer is actually healthy when you look at our customer. Kimco is focused on really that first-ring suburb of major metro markets. That's an affluent customer. Yeah. yeah The nice part about Kimco's portfolio is it's based in essential goods and services. the nice part about kimco's portfolio is it's based in essential goods and services We're 86% grocery anchored. we're 86% grocery anchored Really when you look at the combination of what we deliver to the consumer, it has changed over time. really when you look at the combination of what we deliver to the consumer it has changed over time There are more uses coming into shopping centers today than ever before. there are more uses coming into shopping centers today than ever before Medical retail or medtail, medi spas, all of these new categories of services have actually been the driving force of some of the small shop occupancy gains that we've seen. medical retail or medtail medi spas all of these new categories of services have actually been the driving force of some of the small shop occupancy gains that we've seen Actually, 80% of our new deal flow on the small shop side has been service-based. actually 80% of our new deal flow on the small shop side has been service-based If you still are in the e-commerce resistant camp, that is obviously something that you can't do online. if you still are in the e-commerce resistant camp that is obviously something that you can't do online The consumer is actually healthy when you look at our customer. the consumer is actually healthy when you look at our customer Kimco is focused on really that first-ring suburb of major metro markets. kimco is focused on really that first-ring suburb of major metro markets That's an affluent customer. that's an affluent customer What we deliver is really essential goods and services. Typically it's the grocery shop combined with maybe a treasure hunt at TJ Maxx. Then you have all the small shops that surround those two anchors, and that's really where that flywheel continues to show the growth, where you layer in different merchandising mix that drives traffic at all times of the day. What you're trying to do is take the data and understand who your customer is and prioritize what the customer needs, wants, and is missing. Void analysis of really what's missing in a market. Because if you can add what's missing in a market, all of a sudden you expand your market and draw from a much wider trade area. That's where the sales go up all across the board of your shopping center, and you get to charge more rent. What we deliver is really essential goods and services. what we deliver is really essential goods and services Typically it's the grocery shop combined with maybe a treasure hunt at TJ Maxx. typically it's the grocery shop combined with maybe a treasure hunt at tj maxx Then you have all the small shops that surround those two anchors, and that's really where that flywheel continues to show the growth, where you layer in different merchandising mix that drives traffic at all times of the day. then you have all the small shops that surround those two anchors and that's really where that flywheel continues to show the growth where you layer in different merchandising mix that drives traffic at all times of the day What you're trying to do is take the data and understand who your customer is and prioritize what the customer needs, wants, and is missing. what you're trying to do is take the data and understand who your customer is and prioritize what the customer needs wants and is missing Void analysis of really what's missing in a market. void analysis of really what's missing in a market Because if you can add what's missing in a market, all of a sudden you expand your market and draw from a much wider trade area. because if you can add what's missing in a market all of a sudden you expand your market and draw from a much wider trade area That's where the sales go up all across the board of your shopping center, and you get to charge more rent. that's where the sales go up all across the board of your shopping center and you get to charge more rent The NOI growth that we're experiencing today is really tied to a combination of demand from anchors, junior boxes, and small shops. Individual categories are really deep in terms of the demand pool. It's a nice combination of seeing both the goods and services all work at the same time. The NOI growth that we're experiencing today is really tied to a combination of demand from anchors, junior boxes, and small shops. the noi growth that we're experiencing today is really tied to a combination of demand from anchors junior boxes and small shops Individual categories are really deep in terms of the demand pool. individual categories are really deep in terms of the demand pool It's a nice combination of seeing both the goods and services all work at the same time. it's a nice combination of seeing both the goods and services all work at the same time

Speaker 3: That's great. You mentioned this earlier about where Kimco is trading relative to net asset value. Earlier before we got started here, we talked about just the volume of private capital that obviously is very interested in retail real estate. Maybe we can loop Ross in on this one. How do you close that gap? You guys have a lot of tools at your disposal. You've got asset sales, you've got structured investments, obviously, regular acquisitions, dispositions. Help us understand how all that fits together and what are you working on? That's great. that's great You mentioned this earlier about where Kimco is trading relative to net asset value. you mentioned this earlier about where kimco is trading relative to net asset value Earlier before we got started here, we talked about just the volume of private capital that obviously is very interested in retail real estate. earlier before we got started here we talked about just the volume of private capital that obviously is very interested in retail real estate Maybe we can loop Ross in on this one. How do you close that gap? maybe we can loop ross in on this one. how do you close that gap You guys have a lot of tools at your disposal. you guys have a lot of tools at your disposal You've got asset sales, you've got structured investments, obviously, regular acquisitions, dispositions. you've got asset sales you've got structured investments obviously regular acquisitions dispositions Help us understand how all that fits together and what are you working on? help us understand how all that fits together and what are you working on

Speaker 4: Thanks, Rich. As Conor articulated before, all the reasons why that retail capital curiosity has converted into conversion and execution in terms of new deal flow, and capital being put to work. It's extremely competitive. It's a frothy environment for retail for all the reasons described. We are trading at a discount, which makes it challenging to do new deals that are accretive to our cost of capital. We're fortunate that we have a strategy in place where we could utilize what we already own and deploy that and recycle that capital accretively. What I mean by that is if you look at the composition of our portfolio, first and foremost, we have 9% of our annual rents that are coming from long-term, relatively flat in nature, long-term ground leases with some of the best credit tenants in the industry. Thanks, Rich. thanks rich As Conor articulated before, all the reasons why that retail capital curiosity has converted into conversion and execution in terms of new deal flow, and capital being put to work. as conor articulated before all the reasons why that retail capital curiosity has converted into conversion and execution in terms of new deal flow and capital being put to work It's extremely competitive. it's extremely competitive It's a frothy environment for retail for all the reasons described. it's a frothy environment for retail for all the reasons described We are trading at a discount, which makes it challenging to do new deals that are accretive to our cost of capital. we are trading at a discount which makes it challenging to do new deals that are accretive to our cost of capital We're fortunate that we have a strategy in place where we could utilize what we already own and deploy that and recycle that capital accretively. we're fortunate that we have a strategy in place where we could utilize what we already own and deploy that and recycle that capital accretively What I mean by that is if you look at the composition of our portfolio, first and foremost, we have 9% of our annual rents that are coming from long-term, relatively flat in nature, long-term ground leases with some of the best credit tenants in the industry. what i mean by that is if you look at the composition of our portfolio first and foremost we have 9% of our annual rents that are coming from long-term relatively flat in nature long-term ground leases with some of the best credit tenants in the industry Think Home Depot, Lowe's, Costcos, Walmart, et cetera. Those are bond-like instruments that are highly coveted in the private market today at extremely aggressive cap rates, but have a relatively low growth profile, ± a 1% compound annual growth rate, which is serving, pun intended, as a bit of an anchor to our growth profile. Think Home Depot, Lowe's, Costcos, Walmart, et cetera. think home depot lowe's costcos walmart et cetera Those are bond-like instruments that are highly coveted in the private market today at extremely aggressive cap rates, but have a relatively low growth profile, ± a 1% compound annual growth rate, which is serving, pun intended, as a bit of an anchor to our growth profile. those are bond-like instruments that are highly coveted in the private market today at extremely aggressive cap rates but have a relatively low growth profile ± a 1% compound annual growth rate which is serving pun intended as a bit of an anchor to our growth profile As we continue to look at ways to redeploy capital accretively and also enhance the growth profile of the organization, that is a great opportunity for us to divest some of those locations and those leases, and then redeploy that capital into multi-tenant shopping centers that not only have a nice spread, call it 50-75 basis points in terms of the going in year one cap rate and yield, but arguably more importantly, have a compound annual growth rate that's anywhere from 2-300 basis points higher than what we're selling. It's a really nice way for us to continue to enhance the growth profile of the organization. As we continue to look at ways to redeploy capital accretively and also enhance the growth profile of the organization, that is a great opportunity for us to divest some of those locations and those leases, and then redeploy that capital into multi-tenant shopping centers that not only have a nice spread, call it 50- 75 basis points in terms of the going in year one cap rate and yield, but arguably more importantly, have a compound annual growth rate that's anywhere from 2- 300 basis points higher than what we're selling. as we continue to look at ways to redeploy capital accretively and also enhance the growth profile of the organization that is a great opportunity for us to divest some of those locations and those leases and then redeploy that capital into multi-tenant shopping centers that not only have a nice spread call it 50- 75 basis points in terms of the going in year one cap rate and yield but arguably more importantly have a compound annual growth rate that's anywhere from 2- 300 basis points higher than what we're selling It's a really nice way for us to continue to enhance the growth profile of the organization. it's a really nice way for us to continue to enhance the growth profile of the organization On top of that, we do have our structured investment program, so when you think about where we're recycling capital into, there's going to be 1031 exchanges in the multi-tenant shopping center acquisitions as I talked about, as we're very mindful of being tax efficient with some of the gains from these sales. We also have our structured investment program where we're putting out capital in the form typically of preferred equity or mezzanine financing, where we're able to generate very attractive yields in the near term, but also getting right of first offers and right of first refusals to acquire those assets and hopefully bring them into our long-term hold portfolio if given that opportunity. You've seen us exercise that right a bit in the past. On top of that, we do have our structured investment program, so when you think about where we're recycling capital into, there's going to be 1031 exchanges in the multi-tenant shopping center acquisitions as I talked about, as we're very mindful of being tax efficient with some of the gains from these sales. on top of that we do have our structured investment program so when you think about where we're recycling capital into there's going to be 1031 exchanges in the multi-tenant shopping center acquisitions as i talked about as we're very mindful of being tax efficient with some of the gains from these sales We also have our structured investment program where we're putting out capital in the form typically of preferred equity or mezzanine financing, where we're able to generate very attractive yields in the near term, but also getting right of first offers and right of first refusals to acquire those assets and hopefully bring them into our long-term hold portfolio if given that opportunity. we also have our structured investment program where we're putting out capital in the form typically of preferred equity or mezzanine financing where we're able to generate very attractive yields in the near term but also getting right of first offers and right of first refusals to acquire those assets and hopefully bring them into our long-term hold portfolio if given that opportunity You've seen us exercise that right a bit in the past. you've seen us exercise that right a bit in the past In an environment where you have a significant amount of competition like we talked about, having the inside track or our foot in the door on high-quality real estate that we like, where we can exercise that ROFO or that ROFR is a real differentiator for us. In addition to looking at some of the joint venture opportunities where some of our partners might be looking for an exit. We've been successful in the past in terms of buying out their interests in deals that we like where the price is right. We're in a fortunate position that we don't necessarily have to win a bidding war, which in many cases is getting extremely aggressive, and we have opportunities to deploy capital accretively without the need for any issuance of equity or additional debt. In an environment where you have a significant amount of competition like we talked about, having the inside track or our foot in the door on high-quality real estate that we like, where we can exercise that ROFO or that ROFR is a real differentiator for us. in an environment where you have a significant amount of competition like we talked about having the inside track or our foot in the door on high-quality real estate that we like where we can exercise that rofo or that rofr is a real differentiator for us In addition to looking at some of the joint venture opportunities where some of our partners might be looking for an exit. in addition to looking at some of the joint venture opportunities where some of our partners might be looking for an exit We've been successful in the past in terms of buying out their interests in deals that we like where the price is right. we've been successful in the past in terms of buying out their interests in deals that we like where the price is right We're in a fortunate position that we don't necessarily have to win a bidding war, which in many cases is getting extremely aggressive, and we have opportunities to deploy capital accretively without the need for any issuance of equity or additional debt. we're in a fortunate position that we don't necessarily have to win a bidding war which in many cases is getting extremely aggressive and we have opportunities to deploy capital accretively without the need for any issuance of equity or additional debt

Speaker 3: That's great. We're about halfway through. I'm happy to take any audience questions if there are any. Otherwise, we just keep rolling. There has been some consolidation in shopping centers and in retail. Kimco historically has been a consolidator at times. Tell us about the benefits of scale, what it means for spreading out investment efficiencies, things like that. What are you working on now? What KPI should we be looking at from the outside as far as that goes? That's great. that's great We're about halfway through. we're about halfway through I'm happy to take any audience questions if there are any. i'm happy to take any audience questions if there are any Otherwise, we just keep rolling. otherwise we just keep rolling There has been some consolidation in shopping centers and in retail. there has been some consolidation in shopping centers and in retail Kimco historically has been a consolidator at times. kimco historically has been a consolidator at times Tell us about the benefits of scale, what it means for spreading out investment efficiencies, things like that. tell us about the benefits of scale what it means for spreading out investment efficiencies things like that What are you working on now? what are you working on now What KPI should we be looking at from the outside as far as that goes? what kpi should we be looking at from the outside as far as that goes

Speaker 1: Yeah, I think the key at Kimco is to always focus on enhancing the growth profile as well as the quality spectrum. You never want to just get big to be bigger because then it's harder to grow. What we're focused on is understanding that the platform has to continue to evolve, and it has to continue to enhance the margins that we're delivering to our investors. I think the AI tools that are now injected into all of our workflows is something that we're seeing in the very early innings, a lot of productivity increasing. The nice part I think about platforms like Kimco is I think margin enhancement is still going to occur because of all these technology investments that we've been making. Yeah, I think the key at Kimco is to always focus on enhancing the growth profile as well as the quality spectrum. yeah i think the key at kimco is to always focus on enhancing the growth profile as well as the quality spectrum You never want to just get big to be bigger because then it's harder to grow. you never want to just get big to be bigger because then it's harder to grow What we're focused on is understanding that the platform has to continue to evolve, and it has to continue to enhance the margins that we're delivering to our investors. what we're focused on is understanding that the platform has to continue to evolve and it has to continue to enhance the margins that we're delivering to our investors I think the AI tools that are now injected into all of our workflows is something that we're seeing in the very early innings, a lot of productivity increasing. i think the ai tools that are now injected into all of our workflows is something that we're seeing in the very early innings a lot of productivity increasing The nice part I think about platforms like Kimco is I think margin enhancement is still going to occur because of all these technology investments that we've been making. the nice part i think about platforms like kimco is i think margin enhancement is still going to occur because of all these technology investments that we've been making I think when you look at the M&A landscape, as I mentioned earlier, our multiple is nowhere near where it needs to be or where it should be reflected in our opinion. It doesn't make any sense for us to be a consolidator today. We need to focus on organic growth as well as continuing to execute on the strategy to enhance the earnings growth, to really have a meaningful cost of capital to allow us to go and do things accretively with our equity. That doesn't occur today. As Ross articulated, we've really focused on enhancing the growth profile, reinvesting accretively, taking costs out of the business. As you've seen, we're taking $3 million of costs out of the business this year. We're taking assets to market, showcasing the disconnect between public and private pricing, and continuing to put up really strong earnings growth. I think when you look at the M&A landscape, as I mentioned earlier, our multiple is nowhere near where it needs to be or where it should be reflected in our opinion. i think when you look at the m&a landscape as i mentioned earlier our multiple is nowhere near where it needs to be or where it should be reflected in our opinion It doesn't make any sense for us to be a consolidator today. it doesn't make any sense for us to be a consolidator today We need to focus on organic growth as well as continuing to execute on the strategy to enhance the earnings growth, to really have a meaningful cost of capital to allow us to go and do things accretively with our equity. we need to focus on organic growth as well as continuing to execute on the strategy to enhance the earnings growth to really have a meaningful cost of capital to allow us to go and do things accretively with our equity That doesn't occur today. that doesn't occur today As Ross articulated, we've really focused on enhancing the growth profile, reinvesting accretively, taking costs out of the business. as ross articulated we've really focused on enhancing the growth profile reinvesting accretively taking costs out of the business As you've seen, we're taking $3 million of costs out of the business this year. as you've seen we're taking $3 million of costs out of the business this year We're taking assets to market, showcasing the disconnect between public and private pricing, and continuing to put up really strong earnings growth. we're taking assets to market showcasing the disconnect between public and private pricing and continuing to put up really strong earnings growth You've seen a number of privatizations, which again, I think will probably continue because of the amount of capital that's been raised for our product. You've seen ROIC, Alexander & Baldwin, Whitestone all privatized. That again is probably going to continue, in my opinion, as long as there's a big disconnect between public and private pricing. I do think that platforms of scale will continue to have advantages going forward in the future. Not just from technology, but also from the ability to manage more without having to have any additional G&A. That's where we've seen our mergers continue to shine for us. When you look at the amount of assets we've been able to acquire and drop onto our platform without having any incremental G&A. You've seen a number of privatizations, which again, I think will probably continue because of the amount of capital that's been raised for our product. you've seen a number of privatizations which again i think will probably continue because of the amount of capital that's been raised for our product You've seen ROIC, Alexander & Baldwin, Whitestone all privatized. you've seen roic alexander & baldwin whitestone all privatized That again is probably going to continue, in my opinion, as long as there's a big disconnect between public and private pricing. that again is probably going to continue in my opinion as long as there's a big disconnect between public and private pricing I do think that platforms of scale will continue to have advantages going forward in the future. Not just from technology, but also from the ability to manage more without having to have any additional G&A. i do think that platforms of scale will continue to have advantages going forward in the future. not just from technology but also from the ability to manage more without having to have any additional g&a That's where we've seen our mergers continue to shine for us. that's where we've seen our mergers continue to shine for us When you look at the amount of assets we've been able to acquire and drop onto our platform without having any incremental G&A. when you look at the amount of assets we've been able to acquire and drop onto our platform without having any incremental g&a really allows us to extract a lot of value, both on the synergy side, but also on the revenue side. You're starting to see the leasing take hold and the occupancy lift take hold, and that's what we really were able to execute on RPT. That occupancy gap has actually been completely closed, and we're actually now a little bit higher on the RPT legacy portfolio than we are at Kimco. We were able to do that in a relatively expedited fashion. There's still more juice to squeeze there. There's a lot of assets there that we're adding grocery anchors to. We're repositioning some of the assets as well. There's a lot of leasing momentum that continues there. really allows us to extract a lot of value, both on the synergy side, but also on the revenue side. really allows us to extract a lot of value both on the synergy side but also on the revenue side You're starting to see the leasing take hold and the occupancy lift take hold, and that's what we really were able to execute on RPT. you're starting to see the leasing take hold and the occupancy lift take hold and that's what we really were able to execute on rpt That occupancy gap has actually been completely closed, and we're actually now a little bit higher on the RPT legacy portfolio than we are at Kimco. that occupancy gap has actually been completely closed and we're actually now a little bit higher on the rpt legacy portfolio than we are at kimco We were able to do that in a relatively expedited fashion. we were able to do that in a relatively expedited fashion There's still more juice to squeeze there. there's still more juice to squeeze there There's a lot of assets there that we're adding grocery anchors to. there's a lot of assets there that we're adding grocery anchors to We're repositioning some of the assets as well. we're repositioning some of the assets as well There's a lot of leasing momentum that continues there. there's a lot of leasing momentum that continues there

Speaker 3: That's great. Maybe one for Glenn. I think you mentioned this in another comment, but obviously the balance sheet is in as strong a position as it's ever been. As you think about your sort of menu of the highest and best use of available funds for different purposes, how does it rank order today? How do we think about that? That's great. that's great Maybe one for Glenn. maybe one for glenn I think you mentioned this in another comment, but obviously the balance sheet is in as strong a position as it's ever been. i think you mentioned this in another comment but obviously the balance sheet is in as strong a position as it's ever been As you think about your sort of menu of the highest and best use of available funds for different purposes, how does it rank order today? as you think about your sort of menu of the highest and best use of available funds for different purposes how does it rank order today How do we think about that? how do we think about that

Speaker 2: Yeah. We're really happy to sit here as an A-, A-, A3-rated company. We're the only retail REIT that has an A-minus rating across the board. We spent a lot of time and a lot of effort to really de-lever the company. We're sitting today with net debt to EBITDA on a consolidated basis at 5.2x and 5.5x on a look-through basis. It gives us lots of capacity to do things. Best use of capital, we're always looking to see what that is. You saw us last year as the stock price was really trading at a very heavy discount. We bought back 6.1 million shares of stock last year. The buyback is clearly part of the menu. Redevelopments are always really top of mind as well. Yeah. yeah We're really happy to sit here as an A-, A-, A3-rated company. we're really happy to sit here as an a- a- a3-rated company We're the only retail REIT that has an A-minus rating across the board. we're the only retail reit that has an a-minus rating across the board We spent a lot of time and a lot of effort to really de-lever the company. we spent a lot of time and a lot of effort to really de-lever the company We're sitting today with net debt to EBITDA on a consolidated basis at 5.2x and 5.5x on a look-through basis. we're sitting today with net debt to ebitda on a consolidated basis at 5.2x and 5.5x on a look-through basis It gives us lots of capacity to do things. it gives us lots of capacity to do things Best use of capital, we're always looking to see what that is. best use of capital we're always looking to see what that is You saw us last year as the stock price was really trading at a very heavy discount. you saw us last year as the stock price was really trading at a very heavy discount We bought back 6.1 million shares of stock last year. we bought back 6.1 million shares of stock last year The buyback is clearly part of the menu. the buyback is clearly part of the menu Redevelopments are always really top of mind as well. redevelopments are always really top of mind as well The yields on our redevelopment activity that we do run in the 10%-12% range, that's another avenue for us. We do have some interest expense headwind that we'll need to deal with. We have about $800 million of debt that matures this year. The weighted average rate on that debt is about 2.6%. Looking at the current rate environment, that puts a little bit of a challenge, but we've put a lot of things in place that we think can help mitigate some of that interest rate expense. We recently renewed our $2 billion revolver, which we borrow at SOFR plus 63.5, which puts us at around 4.2% for that. We put together a $750 million commercial paper program, which has nothing drawn on it as well, as another avenue of capital that we haven't tapped previously. The yields on our redevelopment activity that we do run in the 10%-12% range, that's another avenue for us. the yields on our redevelopment activity that we do run in the 10%-12% range that's another avenue for us We do have some interest expense headwind that we'll need to deal with. we do have some interest expense headwind that we'll need to deal with We have about $800 million of debt that matures this year. we have about $800 million of debt that matures this year The weighted average rate on that debt is about 2.6%. the weighted average rate on that debt is about 2.6% Looking at the current rate environment, that puts a little bit of a challenge, but we've put a lot of things in place that we think can help mitigate some of that interest rate expense. looking at the current rate environment that puts a little bit of a challenge but we've put a lot of things in place that we think can help mitigate some of that interest rate expense We recently renewed our $2 billion revolver, which we borrow at SOFR plus 63.5, which puts us at around 4.2% for that. we recently renewed our $2 billion revolver which we borrow at sofr plus 63.5 which puts us at around 4.2% for that We put together a $750 million commercial paper program, which has nothing drawn on it as well, as another avenue of capital that we haven't tapped previously. we put together a $750 million commercial paper program which has nothing drawn on it as well as another avenue of capital that we haven't tapped previously There, we would probably borrow somewhere in the low 4% range. We have access to the term loan market, the traditional bond market. A new five year for us would probably be around 4.8%. A new 10-year would probably be around 5.25% with some of the lowest spreads that we've ever had. We'd probably have a new 10-year deal done really in the low 70s today. Then, we are exploring the convert market. That's another avenue where coupons are lower there, obviously, to start. Depending on where stock price is and volatility, that's another option for us. We have the full gamut available to us to, one, address maturities, and to really deploy capital in a very, very accretive manner. There, we would probably borrow somewhere in the low 4% range. there we would probably borrow somewhere in the low 4% range We have access to the term loan market, the traditional bond market. we have access to the term loan market the traditional bond market A new five year for us would probably be around 4.8%. a new five year for us would probably be around 4.8% A new 10-year would probably be around 5.25% with some of the lowest spreads that we've ever had. a new 10-year would probably be around 5.25% with some of the lowest spreads that we've ever had We'd probably have a new 10-year deal done really in the low 70s today. we'd probably have a new 10-year deal done really in the low 70s today Then, we are exploring the convert market. then we are exploring the convert market That's another avenue where coupons are lower there, obviously, to start. that's another avenue where coupons are lower there obviously to start Depending on where stock price is and volatility, that's another option for us. depending on where stock price is and volatility that's another option for us We have the full gamut available to us to, one, address maturities, and to really deploy capital in a very, very accretive manner. we have the full gamut available to us to one address maturities and to really deploy capital in a very very accretive manner

Speaker 3: That's great. Thank you. I'm going to try to bring it all together for a second here. Every security that I cover, I try to think about an earnings growth algorithm and a total return algorithm. Maybe just for the sake of everyone in the room, what are the building blocks to FFO growth? What are the building blocks to total return as we think about a dividend yield plus the earnings growth? Obviously, you'd like to see the multiple rerate on top of that. How do we think about that? That's great. that's great Thank you. thank you I'm going to try to bring it all together for a second here. i'm going to try to bring it all together for a second here Every security that I cover, I try to think about an earnings growth algorithm and a total return algorithm. every security that i cover i try to think about an earnings growth algorithm and a total return algorithm Maybe just for the sake of everyone in the room, what are the building blocks to FFO growth? maybe just for the sake of everyone in the room what are the building blocks to ffo growth What are the building blocks to total return as we think about a dividend yield plus the earnings growth? what are the building blocks to total return as we think about a dividend yield plus the earnings growth Obviously, you'd like to see the multiple rerate on top of that. obviously you'd like to see the multiple rerate on top of that How do we think about that? how do we think about that

Speaker 1: The earnings growth profile is something that obviously we're building to continue to enhance. When you look at the growth profile that's coming from the portfolio, the new leases that are being signed are getting better economics, better annual escalators, better economics in terms of bumps. That's really leading us to continue to enhance the profile growth. Glenn mentioned some of the refinancing headwinds. One of the things that we do point to is the dividend growth at Kimco. The earnings growth profile is something that obviously we're building to continue to enhance. the earnings growth profile is something that obviously we're building to continue to enhance When you look at the growth profile that's coming from the portfolio, the new leases that are being signed are getting better economics, better annual escalators, better economics in terms of bumps. when you look at the growth profile that's coming from the portfolio the new leases that are being signed are getting better economics better annual escalators better economics in terms of bumps That's really leading us to continue to enhance the profile growth. that's really leading us to continue to enhance the profile growth Glenn mentioned some of the refinancing headwinds. glenn mentioned some of the refinancing headwinds One of the things that we do point to is the dividend growth at Kimco. one of the things that we do point to is the dividend growth at kimco We've been touting our 5% and 6% FFO growth the last two years as being top of the charts in the sector. The dividend growth for us will be meaningful going forward. Our taxable income is pretty much right on top of our dividends. Everything the portfolio's producing, we're going to distribute out. That growth profile plus the earnings growth is really sort of the combination that we've been pointing to as a total shareholder return that will make Kimco a unique investment. We've been touting our 5% and 6% FFO growth the last two years as being top of the charts in the sector. we've been touting our 5% and 6% ffo growth the last two years as being top of the charts in the sector The dividend growth for us will be meaningful going forward. the dividend growth for us will be meaningful going forward Our taxable income is pretty much right on top of our dividends. our taxable income is pretty much right on top of our dividends Everything the portfolio's producing, we're going to distribute out. everything the portfolio's producing we're going to distribute out That growth profile plus the earnings growth is really sort of the combination that we've been pointing to as a total shareholder return that will make Kimco a unique investment. that growth profile plus the earnings growth is really sort of the combination that we've been pointing to as a total shareholder return that will make kimco a unique investment

Speaker 2: When you think about some of the building blocks, so just straight out, simple contractual rent growth in the portfolio averages about 1.5% a year. Right out of the box, that's a lot better than it was probably four or five years ago, where it was more in the 1%-1.25% range. The redevelopment activity, as I mentioned, is another additive feature that we continue to really drive towards. We'll invest somewhere between $100 million-$150 million a year in redevelopments that are earning in that 10%-12% range. You have our SNO pipeline. The SNO pipeline today, our signed but not open pipeline, is $77 million just from the base rents. On top of that does not include the net, so the recoveries of CAM and tax and insurance, which generate about another $20 million. When you think about some of the building blocks, so just straight out, simple contractual rent growth in the portfolio averages about 1.5% a year. when you think about some of the building blocks so just straight out simple contractual rent growth in the portfolio averages about 1.5% a year Right out of the box, that's a lot better than it was probably four or five years ago, where it was more in the 1%-1.25% range. right out of the box that's a lot better than it was probably four or five years ago where it was more in the 1%-1.25% range The redevelopment activity, as I mentioned, is another additive feature that we continue to really drive towards. the redevelopment activity as i mentioned is another additive feature that we continue to really drive towards We'll invest somewhere between $100 million-$150 million a year in redevelopments that are earning in that 10%-12% range. we'll invest somewhere between $100 million-$150 million a year in redevelopments that are earning in that 10%-12% range You have our SNO pipeline. you have our sno pipeline The SNO pipeline today, our signed but not open pipeline, is $77 million just from the base rents. the sno pipeline today our signed but not open pipeline is $77 million just from the base rents On top of that does not include the net, so the recoveries of CAM and tax and insurance, which generate about another $20 million. on top of that does not include the net so the recoveries of cam and tax and insurance which generate about another $20 million Behind that, we have a shadow pipeline of leases that are signed where a tenant's already in the space, and that amounts to about another $20 million. As that SNO pipeline comes online, that is going to fuel both FFO and same-site NOI growth. Those are some of the really key things. As well as we do have a structured investment program. Ross can probably talk about that a little bit more, but that's another driver of some of the growth that we have. Maybe you want to- Behind that, we have a shadow pipeline of leases that are signed where a tenant's already in the space, and that amounts to about another $20 million. behind that we have a shadow pipeline of leases that are signed where a tenant's already in the space and that amounts to about another $20 million As that SNO pipeline comes online, that is going to fuel both FFO and same-site NOI growth. as that sno pipeline comes online that is going to fuel both ffo and same-site noi growth Those are some of the really key things. those are some of the really key things As well as we do have a structured investment program. as well as we do have a structured investment program Ross can probably talk about that a little bit more, but that's another driver of some of the growth that we have. ross can probably talk about that a little bit more but that's another driver of some of the growth that we have Maybe you want to- maybe you want to-

Speaker 4: Yeah, I mentioned we're. Issuing preferred equity, as well as mezz financing, in some cases, stretch senior subordinate mortgages. It's really a capital solutions program where we've had the opportunity to invest in a more passive structure in real estate that we like with operators that are high quality on good real estate. Having, again, as I mentioned, that right of first offer and that right of first refusal is a situation where we're earning a very attractive yield while sort of waiting to see if we get the opportunity to acquire the asset. That has led to a couple of acquisitions that we've put into the pipeline over the last couple of years, and part of what we anticipate being in the pipeline going forward. Yeah, I mentioned we're. yeah i mentioned we're Issuing preferred equity, as well as mezz financing, in some cases, stretch senior subordinate mortgages. issuing preferred equity as well as mezz financing in some cases stretch senior subordinate mortgages It's really a capital solutions program where we've had the opportunity to invest in a more passive structure in real estate that we like with operators that are high quality on good real estate. it's really a capital solutions program where we've had the opportunity to invest in a more passive structure in real estate that we like with operators that are high quality on good real estate Having, again, as I mentioned, that right of first offer and that right of first refusal is a situation where we're earning a very attractive yield while sort of waiting to see if we get the opportunity to acquire the asset. having again as i mentioned that right of first offer and that right of first refusal is a situation where we're earning a very attractive yield while sort of waiting to see if we get the opportunity to acquire the asset That has led to a couple of acquisitions that we've put into the pipeline over the last couple of years, and part of what we anticipate being in the pipeline going forward. that has led to a couple of acquisitions that we've put into the pipeline over the last couple of years and part of what we anticipate being in the pipeline going forward

Speaker 2: Just to reiterate, the other part is, again, as we're selling these ground leases that we've talked about with the very low CAGR that Ross mentioned, as we redeploy that capital, that's just another piece of the flywheel of investing accretively for us. Having an accretive disposition program is another piece to the puzzle. When you put it all together, we think we can achieve the growth levels that we've talked about, and at the same time, the dividend rate itself is going to increase as that FFO continues to grow. We're generating today about $160 million of free cash flow after TIs leasing commissions, CapEx, and our dividend payments. Cheapest form of capital to redeploy in the best way possible. Just to reiterate, the other part is, again, as we're selling these ground leases that we've talked about with the very low CAGR that Ross mentioned, as we redeploy that capital, that's just another piece of the flywheel of investing accretively for us. just to reiterate the other part is again as we're selling these ground leases that we've talked about with the very low cagr that ross mentioned as we redeploy that capital that's just another piece of the flywheel of investing accretively for us Having an accretive disposition program is another piece to the puzzle. having an accretive disposition program is another piece to the puzzle When you put it all together, we think we can achieve the growth levels that we've talked about, and at the same time, the dividend rate itself is going to increase as that FFO continues to grow. when you put it all together we think we can achieve the growth levels that we've talked about and at the same time the dividend rate itself is going to increase as that ffo continues to grow We're generating today about $160 million of free cash flow after TIs leasing commissions, CapEx, and our dividend payments. we're generating today about $160 million of free cash flow after tis leasing commissions capex and our dividend payments Cheapest form of capital to redeploy in the best way possible. cheapest form of capital to redeploy in the best way possible

Speaker 3: That's great. Thank you. As we think about that sort of risk return longer term profile, at some level, a generalist investor base should become interested in that return stream. Talk about some of those conversations you might be having at this point. I feel like conference attendance this week is pretty good. Not a record, but still pretty good. What are those conversations, and what's the pitch to someone who's not sort of involved in REITs every day of their professional lives? That's great. that's great Thank you. thank you As we think about that sort of risk return longer term profile, at some level, a generalist investor base should become interested in that return stream. as we think about that sort of risk return longer term profile at some level a generalist investor base should become interested in that return stream Talk about some of those conversations you might be having at this point. talk about some of those conversations you might be having at this point I feel like conference attendance this week is pretty good. i feel like conference attendance this week is pretty good Not a record, but still pretty good. not a record but still pretty good What are those conversations, and what's the pitch to someone who's not sort of involved in REITs every day of their professional lives? what are those conversations and what's the pitch to someone who's not sort of involved in reits every day of their professional lives

Speaker 1: I think we have seen the generalists start to be curious and start to do some digging. We've had more reverse inbounds from the generalist community than we've seen in a while. I think a lot of it has to do with the Blackstone's second highest conviction is shopping centers. When you look at GIC, like putting a lot of capital out and these big sovereigns that are coming into the space, it indicates sort of where the generalist is starting to see that and starting to take notice. We've been trying to expand the tent to make sure that we go to more generalist conferences. Nareit is great, but it also is a consistent Rolodex of very similar faces and names that we love. I think we have seen the generalists start to be curious and start to do some digging. i think we have seen the generalists start to be curious and start to do some digging We've had more reverse inbounds from the generalist community than we've seen in a while. we've had more reverse inbounds from the generalist community than we've seen in a while I think a lot of it has to do with the Blackstone's second highest conviction is shopping centers. i think a lot of it has to do with the blackstone's second highest conviction is shopping centers When you look at GIC, like putting a lot of capital out and these big sovereigns that are coming into the space, it indicates sort of where the generalist is starting to see that and starting to take notice. when you look at gic like putting a lot of capital out and these big sovereigns that are coming into the space it indicates sort of where the generalist is starting to see that and starting to take notice We've been trying to expand the tent to make sure that we go to more generalist conferences. we've been trying to expand the tent to make sure that we go to more generalist conferences Nareit is great, but it also is a consistent Rolodex of very similar faces and names that we love. nareit is great but it also is a consistent rolodex of very similar faces and names that we love We're trying to make sure that we go to conferences like Raymond James, conferences like Bernstein, and others where it's more of a generalist population. We continue to see even some of our larger shareholders are now generalists as well. We continue to think that the shopping center is one that resonates with the generalists because in essence, everyone goes shopping. Everyone sort of can connect with their local grocery store. I think it's surprising if you haven't followed retail in a while to see that occupancies are at all-time highs, to see what's happening at the shopping center, to see how it's evolving. They're all full. People like to talk about the grocery store that they shop at. People like to talk about the retailer that's coming in or who's missing from their community. We're trying to make sure that we go to conferences like Raymond James, conferences like Bernstein, and others where it's more of a generalist population. we're trying to make sure that we go to conferences like raymond james conferences like bernstein and others where it's more of a generalist population We continue to see even some of our larger shareholders are now generalists as well. we continue to see even some of our larger shareholders are now generalists as well We continue to think that the shopping center is one that resonates with the generalists because in essence, everyone goes shopping. we continue to think that the shopping center is one that resonates with the generalists because in essence everyone goes shopping Everyone sort of can connect with their local grocery store. everyone sort of can connect with their local grocery store I think it's surprising if you haven't followed retail in a while to see that occupancies are at all-time highs, to see what's happening at the shopping center, to see how it's evolving. i think it's surprising if you haven't followed retail in a while to see that occupancies are at all-time highs to see what's happening at the shopping center to see how it's evolving They're all full. they're all full People like to talk about the grocery store that they shop at. people like to talk about the grocery store that they shop at People like to talk about the retailer that's coming in or who's missing from their community. people like to talk about the retailer that's coming in or who's missing from their community I think that all bodes well to have these tissues of connectivity to the investor to understand that, hey, this is something that's a living, breathing entity that's continuing to evolve and always getting stronger because it's, in essence, evolving with the tastes of the community and bringing in something new and fresh that people are excited to go and experience. I think that all bodes well to have these tissues of connectivity to the investor to understand that, hey, this is something that's a living, breathing entity that's continuing to evolve and always getting stronger because it's, in essence, evolving with the tastes of the community and bringing in something new and fresh that people are excited to go and experience. i think that all bodes well to have these tissues of connectivity to the investor to understand that hey this is something that's a living breathing entity that's continuing to evolve and always getting stronger because it's in essence evolving with the tastes of the community and bringing in something new and fresh that people are excited to go and experience

Speaker 3: That's great. Last 90 seconds. What is maybe one or two things that are just simply underappreciated about what Kimco is and what it can be? That's great. that's great Last 90 seconds. last 90 seconds What is maybe one or two things that are just simply underappreciated about what Kimco is and what it can be? what is maybe one or two things that are just simply underappreciated about what kimco is and what it can be

Speaker 1: I think when you think about Kimco's growth profile as being a very consistent earnings driver, there's going to be years where I think certain names outperform if they have a certain event to have one year be an outsized growth year. Kimco is going to be a consistent growth vehicle, I think that's going to be our calling card that differentiates us, is to make sure that we are in that top piece of the pie where we have earnings growth plus dividend, that total shareholder return be a very compelling opportunity, all at a compelling valuation right now. We don't see anything on the horizon in terms of credit tenant risk or pullback from demand on the retailer side. Our shopping center traffic is up 3% year to date. I think everyone likes to try and find a crack in retail. I think when you think about Kimco's growth profile as being a very consistent earnings driver, there's going to be years where I think certain names outperform if they have a certain event to have one year be an outsized growth year. i think when you think about kimco's growth profile as being a very consistent earnings driver there's going to be years where i think certain names outperform if they have a certain event to have one year be an outsized growth year Kimco is going to be a consistent growth vehicle, I think that's going to be our calling card that differentiates us, is to make sure that we are in that top piece of the pie where we have earnings growth plus dividend, that total shareholder return be a very compelling opportunity, all at a compelling valuation right now. kimco is going to be a consistent growth vehicle i think that's going to be our calling card that differentiates us is to make sure that we are in that top piece of the pie where we have earnings growth plus dividend that total shareholder return be a very compelling opportunity all at a compelling valuation right now We don't see anything on the horizon in terms of credit tenant risk or pullback from demand on the retailer side. we don't see anything on the horizon in terms of credit tenant risk or pullback from demand on the retailer side Our shopping center traffic is up 3% year to date. our shopping center traffic is up 3% year to date I think everyone likes to try and find a crack in retail. i think everyone likes to try and find a crack in retail There always seems to be sort of like a gravitational pull towards a bankruptcy name or a watchlist tenant. There always seems to be sort of like a gravitational pull towards a bankruptcy name or a watchlist tenant. there always seems to be sort of like a gravitational pull towards a bankruptcy name or a watchlist tenant Right now, if you look at our growth the last three years and you look at the shopping center industry as a whole, it's hard-pressed to find a better sector in terms of demand and supply setup. Kimco being the largest in our sector, if given the ability to actually go and acquire accretively using our equity, we would have an enhanced growth profile because all that earnings growth we did was when we were trading at a discount. All of that was done organically. Imagine if we got a cost of capital advantage to go on offense. That's really a unique situation that we have today at Kimco, is we're doing everything we can to enhance the growth profile going forward. Right now, if you look at our growth the last three years and you look at the shopping center industry as a whole, it's hard-pressed to find a better sector in terms of demand and supply setup. right now if you look at our growth the last three years and you look at the shopping center industry as a whole it's hard-pressed to find a better sector in terms of demand and supply setup Kimco being the largest in our sector, if given the ability to actually go and acquire accretively using our equity, we would have an enhanced growth profile because all that earnings growth we did was when we were trading at a discount. kimco being the largest in our sector if given the ability to actually go and acquire accretively using our equity we would have an enhanced growth profile because all that earnings growth we did was when we were trading at a discount All of that was done organically. all of that was done organically Imagine if we got a cost of capital advantage to go on offense. imagine if we got a cost of capital advantage to go on offense That's really a unique situation that we have today at Kimco, is we're doing everything we can to enhance the growth profile going forward. that's really a unique situation that we have today at kimco is we're doing everything we can to enhance the growth profile going forward We feel really good about the runway, but also, we're super excited to hopefully have the sector come back into the sweet spot of the REIT flywheel of being able to actually issue accretively, acquire, and go on offense and have that external growth layered on top of all this organic growth we've been talking about. We feel really good about the runway, but also, we're super excited to hopefully have the sector come back into the sweet spot of the REIT flywheel of being able to actually issue accretively, acquire, and go on offense and have that external growth layered on top of all this organic growth we've been talking about. we feel really good about the runway but also we're super excited to hopefully have the sector come back into the sweet spot of the reit flywheel of being able to actually issue accretively acquire and go on offense and have that external growth layered on top of all this organic growth we've been talking about

Speaker 3: That's great. We'll leave it there. Thank you, guys. Thanks, everybody. That's great. that's great We'll leave it there. we'll leave it there Thank you, guys. thank you guys Thanks, everybody. thanks everybody