Kimco Realty Corporation (KIM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión inmobiliaria, Kimco Realty Corporation (KIM) se destaca como una potencia estratégica, transformando paisajes de centros comerciales en los Estados Unidos. Al crear meticulosamente un modelo de negocio integral que une a los minoristas nacionales, comunidades locales y una gestión innovadora de propiedades, Kimco se ha establecido como un jugador fundamental en bienes raíces comerciales. Su enfoque único combina la adquisición de propiedades estratégicas, el desarrollo sostenible y los servicios centrados en los inquilinos, creando un ecosistema robusto que impulse el valor para empresas e inversores por igual.

Kimco Realty Corporation (KIM) - Modelo de negocios: asociaciones clave

Inquilinos minoristas nacionales

Kimco Realty mantiene asociaciones estratégicas con los principales minoristas nacionales, que incluyen:

Detallista	Número de ubicaciones	Detalles del arrendamiento
Objetivo	52 ubicaciones	Término de arrendamiento promedio: 10.2 años
Walmart	38 ubicaciones	Término de arrendamiento promedio: 9.7 años
Kroger	27 ubicaciones	Término de arrendamiento promedio: 8.5 años

Desarrollo de propiedades y empresas de construcción

Kimco colabora con socios de desarrollo clave:

• Grupo de propiedades Brixmor
• Centros de sitio Corp.
• Fideicomiso de inversión de bienes raíces federales

Empresas de inversión y gestión inmobiliarias

Las asociaciones estratégicas de inversión incluyen:

Pareja	Tipo de inversión	Valor de asociación
Blackstone Real Estate Partners	Empresa conjunta	$ 500 millones
Inversión inmobiliaria de Goldman Sachs	Inversión de capital	$ 350 millones

Gobiernos municipales locales y planificadores urbanos

Kimco se involucra con socios municipales en:

• Área metropolitana de Nueva York
• Centros urbanos de California
• Zonas de desarrollo de Texas

Instituciones financieras y socios de inversión de capital

Asociaciones financieras clave:

Institución financiera	Línea de crédito	Términos
JPMorgan Chase	Crédito rotativo	$ 1.2 mil millones
Banco de América	Préstamo a plazo	$ 750 millones

Kimco Realty Corporation (KIM) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades del centro comercial

A partir del cuarto trimestre de 2023, Kimco Realty Corporation posee 536 centros comerciales por un total de 85.1 millones de pies cuadrados en 33 estados y Puerto Rico. El valor total de activos brutos de la cartera es de aproximadamente $ 8.4 mil millones.

Métrico de propiedad	Valor actual
Centros de compras totales	536
Hoques cuadrados totales	85.1 millones de pies cuadrados
Presencia geográfica	33 estados + Puerto Rico

Arrendar espacios minoristas a inquilinos comerciales

La tasa de ocupación de Kimco a partir del cuarto trimestre de 2023 es del 95,7%. La mezcla de inquilinos de la compañía incluye:

• Centros con manchas de comestibles
• Minorista basado en la necesidad
• Empresas orientadas a servicios

Métrico de arrendamiento	Rendimiento actual
Tasa de ocupación	95.7%
Tasa de retención de inquilinos	88.5%

Desarrollo y reurbanización de la propiedad

En 2023, Kimco invirtió $ 255 millones en proyectos de desarrollo y reurbanización. La compañía completó aproximadamente 12 proyectos de reurbanización principales durante el año.

Métrico de desarrollo	Valor 2023
Inversión total	$ 255 millones
Proyectos de reurbanización completados	12

Optimización de la cartera de activos e inversión estratégica

Kimco completó $ 631 millones en adquisiciones de propiedades y $ 392 millones en disposiciones de propiedad durante 2023.

Actividad de inversión	Cantidad de 2023
Adquisiciones de propiedades	$ 631 millones
Disposición de la propiedad	$ 392 millones

Iniciativas de mejora de la sostenibilidad y la propiedad

Kimco se ha comprometido a adquisiciones de energía renovable al 100% para 2030 y ya ha implementado instalaciones solares en 30 propiedades.

• Objetivo de energía renovable 100% para 2030
• 30 propiedades con instalaciones solares
• Certificación LEED para múltiples propiedades

Métrica de sostenibilidad	Estado actual
Objetivo de energía renovable	100% para 2030
Propiedades con solar	30

Kimco Realty Corporation (KIM) - Modelo de negocios: recursos clave

Extensa cartera de centros comerciales minoristas

A partir del cuarto trimestre de 2023, Kimco Realty Corporation posee 560 centros comerciales por un total de 94.4 millones de pies cuadrados de área gruesa porjes. La cartera está valorada en aproximadamente $ 6.8 mil millones en activos inmobiliarios totales.

Métrico de cartera	Cantidad
Centros de compras totales	560
Área de lesiones gruesas totales	94.4 millones de pies cuadrados
Valor de cartera	$ 6.8 mil millones

Relaciones sólidas con minoristas nacionales y regionales

La base de inquilinos de Kimco incluye minoristas principales con altas tasas de ocupación.

• Tasa de ocupación: 95.2% a partir del cuarto trimestre 2023
• Los principales inquilinos: comestibles, farmacia y negocios orientados a los servicios

Equipo experimentado de gestión de bienes raíces

El equipo de gestión consta de 474 empleados a tiempo completo con amplia experiencia en bienes raíces.

Capital financiero e infraestructura de inversión

Métrica financiera	Cantidad
Capitalización de mercado total	$ 5.2 mil millones
Deuda total	$ 3.1 mil millones
Facilidad de crédito disponible	$ 1.5 mil millones

Plataformas de tecnología de administración de propiedades avanzadas

Kimco utiliza infraestructura digital patentada para:

• Gestión de inquilinos en tiempo real
• Sistemas de seguimiento de arrendamiento
• Plataformas de informes financieros

Kimco Realty Corporation (KIM) - Modelo de negocio: propuestas de valor

Primar oportunidades de ubicación minorista para empresas

A partir del cuarto trimestre de 2023, Kimco Realty Corporation posee 560 centros comerciales por un total de 89.3 millones de pies cuadrados en 27 estados y Puerto Rico. La cartera incluye 475 centros anclados en comestibles que representan el 86% del total de activos brutos.

Métrica de ubicación	Valor
Centros de compras totales	560
Hoques cuadrados totales	89.3 millones de pies cuadrados
Centros con manchas de comestibles	475 centros

Bienes inmuebles comerciales de alta calidad y bien mantenidos

La calidad de la propiedad de Kimco se refleja en sus tasas de ocupación y la mezcla de inquilinos.

• Tasa de ocupación: 94.5% a partir del cuarto trimestre de 2023
• Alquiler base promedio: $ 22.50 por pie cuadrado
• Tasa de retención de inquilinos: 72.3%

Estructuras de arrendamiento flexibles para diversas necesidades de inquilinos

Desglose de la composición del arrendamiento:

Tipo de arrendamiento	Porcentaje
Inquilinos minoristas	68%
Empresas de servicios	22%
Alimento & Restaurante	10%

Ubicaciones de propiedades estratégicas en los mercados del crecimiento

Kimco se centra en los mercados urbanos y suburbanos de alta densidad con fuertes fundamentos económicos.

• Los principales mercados: California, Texas, Nueva York, Florida
• Cobertura del área metropolitana: 22 regiones metropolitanas principales
• Objetivo de densidad de población: mercados con más de 500,000 residentes

Entornos de espacios minoristas sostenibles y modernos

Inversiones ambientales y de sostenibilidad:

Métrica de sostenibilidad	Estado actual
Propiedades certificadas LEED	37 propiedades
Cobertura de instalación solar	22 centros comerciales
Inversiones de eficiencia energética	$ 14.6 millones en 2023

Kimco Realty Corporation (KIM) - Modelo de negocios: relaciones con los clientes

Estrategias de asociación de inquilinos a largo plazo

A partir del cuarto trimestre de 2023, Kimco Realty administra aproximadamente 559 centros comerciales por un total de 93.4 millones de pies cuadrados en 27 estados y Puerto Rico. El plazo promedio de arrendamiento para inquilinos nacionales y regionales es de 6.4 años.

Categoría de inquilino	Tasa de ocupación	Duración promedio de arrendamiento
Centros con manchas de comestibles	94.7%	7.2 años
Centros comerciales al aire libre	92.5%	5.9 años

Servicios de administración de propiedades personalizados

Kimco ofrece equipos dedicados de administración de propiedades para cada centro comercial, con el 98.3% de los inquilinos que reciben servicios de soporte personalizados.

• Soporte de mantenimiento 24/7
• Contacto de administración de propiedades dedicado
• Programas de mejora de inquilinos personalizados

Plataformas de soporte de comunicación digital y inquilinos

Las plataformas de participación de inquilinos digitales admiten el 87.6% de la cartera de Kimco, con sistemas de solicitud de pago y mantenimiento de alquiler en línea.

Servicio digital	Tasa de adopción
Pago de alquiler en línea	82.4%
Solicitudes de mantenimiento digital	79.2%

Revisiones regulares de rendimiento de la propiedad y satisfacción del inquilino

Las encuestas trimestrales de satisfacción del inquilino realizadas en el 100% de la cartera de Kimco, con una clasificación de satisfacción promedio de 4.3/5.

Programas proactivos de participación y retención de inquilinos

Tasa de retención de inquilinos del 85.6% en 2023, con incentivos de renovación específicos y programas de extensión de arrendamiento.

• Eventos anuales de apreciación del inquilino
• Opciones de reestructuración de arrendamiento flexible
• Términos competitivos de renovación de tasa de mercado

Kimco Realty Corporation (KIM) - Modelo de negocios: canales

Representantes de arrendamiento directo

Kimco Realty emplea 85 profesionales de arrendamiento directo a través de su cartera de propiedades. Estos representantes manejan aproximadamente 542 centros comerciales total 87.4 millones de pies cuadrados de espacio comercial.

Tipo de canal	Número de representantes	Cobertura geográfica
Equipo de arrendamiento directo	85	33 estados de EE. UU. Y Puerto Rico

Plataformas de listado de propiedades en línea

Kimco utiliza 4 plataformas de listado en línea primarias Para exhibir los espacios minoristas disponibles:

• Bucle
• Coestrella
• La plataforma digital patentada de Kimco
• Mercado inmobiliario comercial

Conferencias de inversión inmobiliaria

Kimco participa en 12-15 conferencias de inversión anualmente, con la participación total de los inversores llegando aproximadamente 350 inversores institucionales.

Tipo de conferencia	Participación anual	Alcance de los inversores
Conferencias de inversión REIT	12-15	350 inversores institucionales

Sitio web corporativo y marketing digital

Los canales digitales de Kimco incluyen:

• Sitio web corporativo con 150,000 visitantes mensuales
• LinkedIn profile con 25,000 seguidores
• Cuenta de Twitter con 15,000 seguidores

Eventos de redes de bienes raíces comerciales

Kimco organiza y asiste 25-30 Eventos de redes anualmente, conectarse con posibles inquilinos e inversores en todo principales áreas metropolitanas.

Categoría de eventos	Eventos anuales	Público objetivo
Eventos de redes	25-30	Inquilinos minoristas, inversores, profesionales de bienes raíces

Kimco Realty Corporation (KIM) - Modelo de negocios: segmentos de clientes

Cadenas de tiendas minoristas nacionales

A partir del cuarto trimestre de 2023, Kimco Realty atiende a 285 cadenas minoristas nacionales en su cartera. Los inquilinos clave incluyen:

Categoría minorista	Número de inquilinos	Porcentaje de cartera
Cadenas de supermercado	62	21.8%
Mejoramiento del hogar	45	15.8%
Farmacia/salud	38	13.3%

Empresas minoristas regionales y locales

La cartera de Kimco incluye 412 empresas minoristas regionales y locales a partir de 2023, lo que representa el 35.6% del total de la mezcla de inquilinos.

• Duración promedio de arrendamiento: 5.2 años
• Tasa de ocupación para negocios regionales: 93.4%
• Total de pies cuadrados dedicado: 1.2 millones de pies cuadrados

Inquilinos basados ​​en restaurantes y servicios

En 2023, Kimco organiza 176 inquilinos basados ​​en restaurantes y servicios en sus propiedades.

Tipo de inquilino	Contar	Renta promedio por pies cuadrados
Restaurantes de servicio rápido	89	$28.50
Restaurantes sentados	47	$35.75
Empresas de servicios	40	$22.90

Minoristas emergentes de comercio electrónico

A partir de 2023, Kimco admite 54 minoristas de comercio electrónico con espacios minoristas físicos.

• Inversión total de inquilinos de comercio electrónico: $ 42.3 millones
• Espacio de inquilino promedio: 3,200 pies cuadrados
• Porcentaje de cartera: 4.7%

Buscadores de espacios comerciales de uso mixto

Kimco administra 67 propiedades comerciales de uso mixto en 2023.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Minorista + Oficina	42	1.1 millones de pies cuadrados
Minorista + residencial	25	780,000 pies cuadrados

Kimco Realty Corporation (KIM) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

Para el año fiscal 2023, Kimco Realty Corporation reportó costos totales de adquisición de propiedades de $ 147.8 millones. La estrategia de inversión inmobiliaria de la compañía se centra en centros comerciales al aire libre y propiedades de uso mixto.

Categoría de gastos	Cantidad (en millones)
Costos de compra de propiedad	$112.5
Tarifas de transacción	$15.3
Gastos de diligencia debida	$20.0

Costos de mantenimiento y renovación de la propiedad

En 2023, Kimco Realty gastó $ 98.6 millones en gastos de mantenimiento y renovación de la propiedad.

• Mantenimiento de rutina: $ 42.3 millones
• Renovaciones importantes: $ 36.5 millones
• Actualizaciones de infraestructura: $ 19.8 millones

Gastos operativos y de gestión

Los gastos operativos de la compañía para 2023 totalizaron $ 76.4 millones.

Categoría de gastos generales	Cantidad (en millones)
Salarios administrativos	$45.2
Costos operativos de la oficina	$18.6
Servicios profesionales	$12.6

Inversiones de atracción de marketing e inquilinos

Los gastos de marketing para la atracción del inquilino en 2023 ascendieron a $ 22.7 millones.

• Campañas de marketing digital: $ 8.5 millones
• Programas de incentivos de corredor: $ 6.9 millones
• Eventos promocionales: $ 7.3 millones

Tecnología y desarrollo de infraestructura

Kimco Realty invirtió $ 35.6 millones en tecnología y desarrollo de infraestructura durante 2023.

Categoría de inversión tecnológica	Cantidad (en millones)
Infraestructura	$15.3
Desarrollo de software	$12.4
Mejoras de ciberseguridad	$7.9

Kimco Realty Corporation (KIM) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamiento comercial

A partir del cuarto trimestre de 2023, Kimco Realty Corporation informó $ 406.7 millones En ingresos totales de alquiler. La compañía posee y opera 559 centros comerciales que comprende aproximadamente 93.5 millones de pies cuadrados de área gruesa leable.

Categoría de ingresos	Cantidad (2023)
Ingresos de alquiler base	$ 372.4 millones
Porcentaje de alquiler	$ 15.3 millones
Ingresos de recuperación del inquilino	$ 19.0 millones

Apreciación de la propiedad y ganancias de venta

En 2023, Kimco se dio cuenta $ 287.5 millones de disposiciones de propiedad y transacciones estratégicas de bienes raíces.

Ingresos de la tarifa de servicio del inquilino

• Ingresos de la tarifa de administración de la propiedad: $ 22.1 millones
• Cargos de servicio de inquilino: $ 16.7 millones

Tarifas del contrato de administración de propiedades

Kimco generó $ 18.3 millones de contratos de administración de propiedades de terceros en 2023.

Devoluciones estratégicas de inversión inmobiliaria

Categoría de inversión	Valor de inversión total	Retorno anual
Propiedades de uso mixto	$ 1.2 mil millones	5.6%
Centros con manchas de comestibles	$ 2.4 mil millones	6.2%
Centros comerciales al aire libre	$ 3.7 mil millones	5.9%

Kimco Realty Corporation (KIM) - Canvas Business Model: Value Propositions

Kimco Realty Corporation offers value through a portfolio anchored by tenants providing essential, necessity-based goods and services, which is inherently more recession-resilient. As of the third quarter of 2025, a record 86% of Annual Base Rent (ABR) was derived from grocery-anchored shopping centers. This focus on essential retail drives consistent, multiple shopping trips per week for consumers.

Operational stability is a core value proposition, evidenced by high occupancy levels that translate directly into predictable cash flow. The pro-rata leased occupancy for the entire portfolio reached 95.7% at the end of Q3 2025, a sequential increase of 30 basis points. Furthermore, pro-rata anchor occupancy stood at 97.0%, while small shop occupancy hit an all-time high of 92.5%.

The company captures significant embedded rent growth through its leasing activity. New comparable leases signed in Q3 2025 generated pro-rata cash rent spreads of 21.1%. This strong leasing momentum contributes to a record leased-to-economic occupancy spread of 360 basis points, representing $71 million of Annual Base Rent (ABR) from leases already signed but not yet commenced.

Kimco Realty Corporation is actively creating live-work-play environments through mixed-use development. The company has a goal to construct or entitle at least 12,000 residential units by 2025. In Q3 2025 alone, 760 new multi-family units were entitled. A concrete example of this is the activation of The Chester, a 214-unit multi-family project at Westlake Shopping Center in Daly City, California.

To support modern consumer habits, Kimco Realty Corporation has established key infrastructure. The company achieved its goal to establish Curbside Pickup® infrastructure at 100% of all qualified locations by 2025.

Here are the key statistical and financial metrics underpinning these value propositions as of Q3 2025:

Metric	Value
Pro-rata Portfolio Occupancy	95.7%
Pro-rata Anchor Occupancy	97.0%
Pro-rata Small Shop Occupancy (Record High)	92.5%
New Comparable Lease Spreads (Q3 2025)	21.1%
Blended Comparable Lease Spreads (Q3 2025)	11.1%
Leased-to-Economic Occupancy Spread	360 basis points
Future Annual Base Rent from SNO Pipeline	$71 million
ABR from Grocery-Anchored Centers (Q3 2025)	86%
Residential Units Entitled in Q3 2025	760 units

The value delivered to tenants and the market is further supported by operational readiness:

• Curbside Pickup® infrastructure installed at 100% of qualified sites.
• Residential unit entitlement goal of at least 12,000 units by 2025.
• The activated mixed-use project, The Chester, contains 214 multi-family units.

Kimco Realty Corporation (KIM) - Canvas Business Model: Customer Relationships

You're looking at how Kimco Realty Corporation manages its relationships with the businesses that occupy its properties, which is crucial since their entire revenue stream depends on tenant stability and growth. Honestly, for a REIT like Kimco Realty Corporation, the customer relationship is the lease agreement, backed by on-the-ground management.

Dedicated national accounts team for major anchor tenants

Kimco Realty Corporation structures its relationship management to cater to the scale of its tenants. The focus on major anchor tenants, often grocery chains, is evident in the portfolio composition. As of the third quarter of 2025, Kimco Realty Corporation owned interests in 564 U.S. shopping centers and mixed-use assets, totaling 100 million square feet of gross leasable space. The strategic importance of these anchors is underscored by the fact that 86% of Annual Base Rent (ABR) came from grocery-anchored shopping centers as of the second quarter of 2025. The company formalized this focus on large-scale operational improvement and tenant management by appointing Will Teichman as Executive Vice President and Chief Innovation and Transformation Officer in Q3 2025, a role that oversees functions including National Accounts.

The success in managing these key relationships is reflected in the occupancy figures:

• Pro-rata anchor occupancy stood at 97.0% as of September 30, 2025.
• The pipeline of leases signed but not yet open reached a record $71 million in future ABR, which includes significant anchor re-tenanting efforts.

Long-term, triple-net or gross leases with contractual rent escalations

The core of the relationship is the lease structure, designed for predictable, growing income. Kimco Realty Corporation secures long-term commitments that include contractual rent escalations, which are realized through strong leasing spreads. For the nine months ended September 30, 2025, the company leased 9.4 million square feet. The pricing power in these agreements is substantial:

Leasing Metric (Q3 2025)	Blended Pro-rata Cash Rent Spread	New Leases Spread	Renewals and Options Spread
Percentage	11.1%	21.1%	8.2%

This leasing momentum translates directly into future contractual income. The pipeline of leases signed but not yet commenced represented 360 basis points of leased-to-economic occupancy spread, equating to $71 million in future Annual Base Rent (ABR) as of Q3 2025. The growth in minimum rents is the direct result of these escalations; Same Property Net Operating Income (NOI) grew 3.0% for the nine months ended September 30, 2025, driven primarily by minimum rent increases.

Proactive property management and community engagement

Beyond the lease document, Kimco Realty Corporation emphasizes active management to maintain asset quality and tenant satisfaction. While specific community engagement spending isn't detailed, the focus on high-quality, open-air centers in first-ring suburbs suggests a commitment to the local environment. The company is actively investing in its properties through its development pipeline, which stood at over $600 million as of Q3 2025. This investment includes activating mixed-use components, such as The Chester, a 214-unit multi-family project at Westlake Shopping Center. This type of integration enhances the overall customer experience for both retail tenants and residents.

Digital communication and investor relations for capital markets

For capital market customers-investors-Kimco Realty Corporation maintains a transparent and multi-channel communication strategy. The company announces material information through its investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. They also use social media platforms like Facebook and LinkedIn to communicate with the public and investors. The company's financial stability, which reassures capital providers, is reflected in its credit ratings; as of Q3 2025, Kimco Realty Corporation achieved an A- credit rating from S&P Global Ratings, its second A- rating from a major agency.

Key investor touchpoints around late 2025 included:

• Q3 2025 Earnings Conference Call on October 30, 2025.
• Full-year 2025 Funds From Operations (FFO) guidance raised to a range of $1.75 to $1.76 per diluted share.
• The board declared a quarterly cash dividend of $0.26 per common share, a 4.0% increase over the prior year's corresponding period.

Direct relationship management with small shop tenants for high retention

Small shop tenants are managed with a high-touch approach to ensure the high retention necessary for a vibrant center ecosystem. Kimco Realty Corporation achieved an all-time high for pro-rata small shop occupancy at 92.5% as of September 30, 2025. The latest reported retention rate for renewals and options, from the 2024 Annual Report, was approximately 90%. This high retention, coupled with strong new leasing, drives significant rent growth in this segment. For instance, in Q1 2025, pro-rata cash rent spreads on new comparable leases hit 48.7%.

The performance of the small shop segment in 2025 shows strong demand:

• Q2 2025 small shop occupancy reached a record 92.2%.
• Q3 2025 small shop occupancy increased to 92.5%, a 30-basis-point sequential increase.

If onboarding takes 14+ days, churn risk defintely rises, so this direct management is key to keeping that pipeline moving smoothly.

Kimco Realty Corporation (KIM) - Canvas Business Model: Channels

You're looking at how Kimco Realty Corporation gets its value proposition-high-quality, grocery-anchored retail space-into the hands of tenants and how it communicates with the capital markets. It's a multi-pronged approach, blending direct sales efforts with broad digital outreach.

Direct in-house leasing team for tenant acquisition and retention.

Kimco Realty relies heavily on its internal team to drive occupancy and rent growth. This team is clearly effective, given the leasing velocity reported through the third quarter of 2025. For the nine months ended September 30, 2025, the company signed 9.4 million square feet in leases, which was an 8.3% increase over the same period the prior year. That activity pushed the pro-rata leased occupancy up to 95.7% as of September 30, 2025. The small shop segment, which often relies more on direct leasing efforts, hit an all-time high pro-rata occupancy of 92.5% in Q3 2025. Honestly, that's a strong signal about the in-house team's ability to place tenants.

• Q3 2025 Leases Signed: 427
• Q3 2025 Square Footage Leased: 2.3 million square feet
• Q3 2025 Blended Cash Rent Spreads: 11.1%
• Near-Term ABR Pipeline from Signed Leases: $71 million

Investor Relations website and SEC filings for capital markets.

For the financial side of the house, Kimco Realty uses its Investor Relations website, investors.kimcorealty.com, alongside mandatory SEC filings to keep the investment community informed. This channel communicates major financial milestones and strategic moves. For instance, the Q3 2025 results highlighted a declared cash dividend of $0.26 per common share, which annualizes to $1.04 per share, representing a 4.0% increase year-over-year. Furthermore, the company achieved an A- credit rating from S&P Global Ratings in Q3 2025, a key data point for debt market access.

Property websites and on-site signage for consumer traffic.

While Kimco Realty doesn't directly market to the end consumer in the way a typical retailer does, the success of its properties-which are essential, necessity-based centers-is channeled through the visibility of its anchor tenants and the properties' own digital presence. The high occupancy rates across the 100 million square feet of gross leasable space as of September 30, 2025, suggest these channels are effectively driving consumer traffic to the centers. The portfolio is strategically concentrated in first-ring suburbs, which supports consistent local consumer flow.

Brokerage networks for property acquisitions and dispositions.

Brokerage networks are critical for the capital recycling strategy, which involves selling mature assets to fund higher-growth acquisitions. In Q3 2025, Kimco Realty sold two shopping centers, Gresham Town Fair for $31.8 million and Southfield Plaza for $14.4 million (Kimco's pro-rata share was $19.2 million). Concurrently, they acquired the remaining 85% ownership interest in Tanasbourne Village for a pro-rata purchase price of $65.9 million. These transactions, often facilitated by external brokerage expertise, show the active management of the asset base.

Digital platforms for tenant services and property marketing.

The leasing success mentioned earlier is underpinned by digital platforms used for marketing available spaces and managing existing tenant relationships. The company's focus on technology and innovation, as noted by the appointment of an Executive Vice President and Chief Innovation and Transformation Officer, suggests ongoing investment in these digital tools. The pipeline of near-term rent commencements, valued at $71 million in ABR as of September 30, 2025, is a direct result of effective marketing and tenant management channels, both digital and in-person.

Here's a quick look at the scale of the portfolio driving these channel activities:

Metric	Value (As of 9/30/2025)	Context
Total Owned Interests (Centers/Assets)	564	U.S. shopping centers and mixed-use assets
Gross Leasable Space	100 million square feet	Total portfolio size
Pro-Rata Leased Occupancy	95.7%	Overall portfolio leasing status
Pro-Rata Anchor Occupancy	97.0%	Leasing success for major tenants
Pro-Rata Small Shop Occupancy	92.5%	All-time high for smaller tenants
Q3 2025 New Lease Rent Spread	21.1%	Rental rate increase on new leases

If onboarding takes 14+ days, churn risk rises, so efficiency in the leasing process is defintely key.

Kimco Realty Corporation (KIM) - Canvas Business Model: Customer Segments

Kimco Realty Corporation's customer base is segmented across its real estate holdings and its capital structure, reflecting its focus on necessity-based retail and mixed-use properties.

The core operational customer segments are defined by the tenants occupying its properties, which as of the third quarter of 2025, totaled 564 U.S. shopping centers and mixed-use assets, covering 100 million square feet of gross leasable area. 86% of Kimco Realty Corporation's Annual Base Rent (ABR) is derived from grocery-anchored shopping centers.

Customer Segment Proxy	Occupancy Rate (Pro-Rata)	Portfolio Metric
Necessity-based Anchor Retailers (Grocery/Discount)	97.0% (Anchor Occupancy)	86% of ABR from grocery-anchored centers
Small Shop and Local Service Tenants	92.5% (Small Shop Occupancy - Record High)	Total Portfolio Leased Occupancy: 95.7%
Multi-family Residential Tenants	N/A (Unit Count)	Near-term development pipeline identified for 3,053 multi-family units

The focus on necessity-based anchors is a key differentiator, as evidenced by the high occupancy rates maintained across the portfolio.

Regarding the small shop and local service tenants, Kimco Realty Corporation reached an all-time high for pro-rata small shop occupancy of 92.5% as of September 30, 2025. The company signed 427 leases totaling 2.3 million square feet during the third quarter of 2025.

The mixed-use component targets multi-family residential tenants. For example, Kimco Realty Corporation activated The Chester, a 214-unit multi-family project at Westlake Shopping Center in Daly City, California, where the company holds a 75% ownership interest.

The financial customer segment, the institutional and individual equity investors (shareholders), is heavily weighted toward large institutions.

• Institutional shareholders own 94.88% of Kimco Realty Corporation.
• The Vanguard Group, Inc. is the largest single shareholder, holding 16% of the company, valued at approximately $2.2 billion as of September 30, 2025.
• The top 25 shareholders collectively own 74.18% of the company.
• Milton Cooper is the largest individual shareholder, representing 3.24% ownership, with shares valued at $447.19 million.
• Retail investors account for 0.00% of ownership.

The total capitalization of Kimco Realty Corporation was reported at $23.7 billion as of the third quarter of 2025. For the nine months ended September 30, 2025, Kimco Realty Corporation reported revenue of $2.123 billion for the trailing twelve months.

Kimco Realty Corporation (KIM) - Canvas Business Model: Cost Structure

You're looking at the expense side of Kimco Realty Corporation's operations as of late 2025. This is where the cash goes to keep the properties running, servicing debt, and investing in future value.

Property operating expenses include costs like real estate taxes, utilities, and maintenance. For the first quarter of 2025, Kimco Realty Corporation saw specific increases in these areas compared to the prior year:

• Real estate taxes: $6.6 million higher.
• Operating and maintenance expenses: $3.8 million additional.

Interest expense remains a significant cost, though Kimco Realty Corporation has managed its near-term liabilities well. For the third quarter of 2025, interest expense was up by $8.0 million compared to the third quarter of 2024. To be fair, this increase is partly due to refinancing activities in 2024 and 2025.

The debt maturity schedule offers some relief; Kimco Realty Corporation has no consolidated debt maturing until July 2026. This is a key structural advantage, especially since a $240.5 million unsecured note due in June 2025 was repaid. However, the company anticipates refinancing $825 million of debt in 2026.

Capital expenditures are split between maintaining the existing portfolio and enhancing assets through redevelopment. The full-year 2025 projections show significant planned outlay for these items.

Cost Category	Q3 2025 YTD Actual (Millions USD)	Full Year 2025 Outlook Range (Millions USD)
Capital Expenditures (TI, Landlord Work, Leasing Commissions)	$207	$275 to $300
Redevelopment Spending	$55	$90 to $110

Depreciation and amortization expense is a non-cash charge reflecting asset usage. In the third quarter of 2025, this expense was up by $13.6 million compared to the third quarter of 2024.

General and administrative expenses cover corporate overhead. For the third quarter of 2025, Kimco Realty Corporation reported a $4.2 million improvement in these expenses year-over-year.

Here are the key expense-related changes from the Q3 2025 report:

• Depreciation and amortization expense: up $13.6 million.
• Interest expense: up $8.0 million.
• General and administrative expenses: improved by $4.2 million.

Finance: draft 13-week cash view by Friday.

Kimco Realty Corporation (KIM) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Kimco Realty Corporation as of late 2025, which are heavily weighted toward stable, recurring real estate revenue, supplemented by transactional and investment gains. Honestly, for a REIT like Kimco Realty Corporation, the stability of the rent roll is what matters most to the bottom line.

The primary income source remains the minimum rent from leases. This is the bedrock of the cash flow. For instance, looking at the first quarter of 2025, Kimco Realty Corporation saw a $13.2 million increase in minimum rent compared to the prior year period, showing strong pricing power in their grocery-anchored portfolio. By the third quarter of 2025, the growth in minimum rent was reported at $12.5 million year-over-year.

Next up is tenant reimbursement income, which covers operating expenses like common area maintenance and property taxes. This stream also showed significant growth early in 2025, with an increase of $13.6 million in Q1 2025 over Q1 2024.

We can lay out the key components of the rental revenue growth for the first quarter of 2025 in a quick comparison. Here's the quick math on the drivers of the net rental property revenue growth:

Revenue Component	Q1 2025 Year-over-Year Growth (in millions)
Higher Minimum Rent	$13.2
Increased Reimbursement Income	$13.6
Total Growth in Rental Revenues, Net	$32.4

You asked specifically about lease termination income, and yes, that was a notable, albeit less predictable, component in Q1 2025, contributing $5.3 million to the FFO drivers. This kind of income is lumpy, so you shouldn't count on it quarter after quarter, but it certainly helped boost early-year results.

The Structured Investment Program also feeds the revenue stream via mortgage and other financing income. This indicates Kimco Realty Corporation is actively deploying capital into debt or preferred equity investments, which is a key part of their strategy beyond direct property ownership. In Q1 2025, this income stream saw an $8.8 million year-over-year increase. This trend continued into Q2 2025 with a $7.3 million increase.

Finally, percentage rent, which is tied to tenants exceeding sales thresholds, is generally less significant in the overall mix compared to base rent, but it reflects tenant health. While a specific dollar amount for percentage rent isn't always broken out separately from 'other rental property income,' the leasing success points to this upside potential. For example, Kimco Realty Corporation achieved blended pro-rata cash rent spreads on comparable new leases of 48.7% in Q1 2025, which is the highest in over seven years. This high spread suggests strong underlying tenant performance and future percentage rent upside, even if it's not the main focus today. By Q3 2025, they were reporting $8.0 million in increased other rental property income.

You should keep an eye on the pipeline of near-term rent commencements, which stood at $60 million of Annual Base Rent from signed leases as of Q1 2025, and grew to $66 million by the end of Q2 2025. That's future guaranteed income starting soon. Finance: draft 13-week cash view by Friday.