Kimco Realty Corporation (HC) (KIM) Stock Forecasts

Summary

Kimco is a last-mile real estate investment trust specializing in the acquisition, development and management of open-air shopping centers. The company’s portfolio consists of 567 U.S. shopping centers and mixed-use assets. Prior to the merger in the first quarter of 2024, New York and California accounted for approximately 28% of all properties. Currently, approximately 80% of annual base rents come from the REIT’s top 18 metro markets. Approximately 87% of the GLA is leased to anchor stores, and current anchor occupancy is 98%. Anchor stores also include discount clothing retailers, and TJ Maxx is the company’s largest tenant, accounting for less than 4% of the GLA. The REIT’s largest grocery tenant is Amazon/Whole Foods with 32 locations. The company recognizes the value of mixed-use retail destinations with smaller tenants and has cultivated relationships with fast food and coffee retailers. It has shopping centers in 39 states, with a focus on the last-mile suburbs of major metro coastal markets, as well as Sunbelt locations. In August 2021, it acquired Weingarten Realty for about $3.9 billion, making it the largest supermarket-anchored shopping REIT by market cap. The acquisition also gave the company a presence in Texas. In January, Kimco acquired RPT Realty in an already