Kimco Realty Corporation (Kim): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'investissement immobilier, Kimco Realty Corporation (KIM) se distingue comme une puissance stratégique, transformant des paysages du centre commercial à travers les États-Unis. En fabriquant méticuleusement un modèle commercial complet qui plie les détaillants nationaux, les communautés locales et la gestion immobilière innovante, Kimco s'est imposé comme un acteur charnière dans l'immobilier commercial. Leur approche unique combine l'acquisition de propriétés stratégiques, le développement durable et les services centrés sur les locataires, créant un écosystème robuste qui stimule la valeur des entreprises et des investisseurs.

Kimco Realty Corporation (KIM) - Modèle d'entreprise: partenariats clés

Locataires nationaux de vente au détail

Kimco Realty maintient des partenariats stratégiques avec les principaux détaillants nationaux, notamment:

Détaillant	Nombre d'emplacements	Détails de location
Cible	52 emplacements	Terme de location moyenne: 10,2 ans
Walmart	38 emplacements	Terme de location moyenne: 9,7 ans
Kroger	27 emplacements	Terme de location moyenne: 8,5 ans

Entreprises de développement immobilier et de construction

KIMCO collabore avec les principaux partenaires de développement:

• Groupe de propriétés Brixmor
• Site Centers Corp.
• Federal Realty Investment Trust

Sociétés d'investissement et de gestion immobilières

Les partenariats d'investissement stratégiques comprennent:

Partenaire	Type d'investissement	Valeur de partenariat
Blackstone Real Estate Partners	Coentreprise	500 millions de dollars
Goldman Sachs Investissement immobilier	Investissement en capital	350 millions de dollars

Gouvernements municipaux locaux et planificateurs urbains

Kimco s'engage avec les partenaires municipaux dans:

• Région métropolitaine de New York
• Centres urbains de Californie
• Zones de développement du Texas

Institutions financières et partenaires d'investissement en capital

Partenariats financiers clés:

Institution financière	Facilité de crédit	Termes
JPMorgan Chase	Crédit renouvelable	1,2 milliard de dollars
Banque d'Amérique	Prêt à terme	750 millions de dollars

Kimco Realty Corporation (Kim) - Modèle d'entreprise: activités clés

Acquérir et gérer les propriétés du centre commercial

Au quatrième trimestre 2023, Kimco Realty Corporation possède 536 centres commerciaux totalisant 85,1 millions de pieds carrés dans 33 États et Porto Rico. La valeur totale de l'actif brut du portefeuille est d'environ 8,4 milliards de dollars.

Métrique immobilière	Valeur actuelle
Centres commerciaux totaux	536
Total en pieds carrés	85,1 millions de pieds carrés
Présence géographique	33 États + Porto Rico

Louer des espaces de vente au détail aux locataires commerciaux

Le taux d'occupation de Kimco au T4 2023 est de 95,7%. Le mélange de locataires de l'entreprise comprend:

• Centres ancrés d'épicerie
• Retail basé sur la nécessité
• Entreprises axées sur le service

Métrique de location	Performance actuelle
Taux d'occupation	95.7%
Taux de rétention des locataires	88.5%

Développement et réaménagement immobiliers

En 2023, Kimco a investi 255 millions de dollars dans les projets de développement et de réaménagement. La société a réalisé environ 12 projets de réaménagement majeurs au cours de l'année.

Métrique de développement	Valeur 2023
Investissement total	255 millions de dollars
Projets de réaménagement terminés	12

Optimisation du portefeuille d'actifs et investissement stratégique

KIMCO a complété 631 millions de dollars d'acquisitions de biens et 392 millions de dollars de dispositions immobilières au cours de 2023.

Activité d'investissement	2023 Montant
Acquisitions de biens	631 millions de dollars
Disposition des biens	392 millions de dollars

Initiatives d'amélioration de la durabilité et des biens

KIMCO s'est engagé à 100% d'approvisionnement en énergies renouvelables d'ici 2030 et a déjà mis en œuvre des installations solaires sur 30 propriétés.

• Objectif à 100% d'énergie renouvelable d'ici 2030
• 30 propriétés avec installations solaires
• Certification LEED pour plusieurs propriétés

Métrique de la durabilité	État actuel
Objectif d'énergie renouvelable	100% d'ici 2030
Propriétés avec solaire	30

Kimco Realty Corporation (Kim) - Modèle d'entreprise: Ressources clés

Portfolio vaste de centres commerciaux de vente au détail

Au quatrième trimestre 2023, Kimco Realty Corporation possède 560 centres commerciaux totalisant 94,4 millions de pieds carrés de superficie de location brute. Le portefeuille est évalué à environ 6,8 milliards de dollars d'actifs immobiliers totaux.

Métrique de portefeuille	Quantité
Centres commerciaux totaux	560
Zone de levage brute totale	94,4 millions de pieds carrés
Valeur de portefeuille	6,8 milliards de dollars

Relations solides avec les détaillants nationaux et régionaux

La base de locataires de Kimco comprend les principaux détaillants avec des taux d'occupation élevés.

• Taux d'occupation: 95,2% au quatrième trimestre 2023
• Top locataires: Épicerie, pharmacie et entreprises axées sur le service

Équipe de gestion immobilière expérimentée

L'équipe de direction se compose de 474 employés à temps plein ayant une vaste expertise immobilière.

Infrastructure financière de capital et d'investissement

Métrique financière	Montant
Capitalisation boursière totale	5,2 milliards de dollars
Dette totale	3,1 milliards de dollars
Facilité de crédit disponible	1,5 milliard de dollars

Plateformes de technologie de gestion immobilière avancée

Kimco utilise infrastructure numérique propriétaire pour:

• Gestion des locataires en temps réel
• Systèmes de suivi des baux
• Plateformes d'information financière

Kimco Realty Corporation (Kim) - Modèle d'entreprise: propositions de valeur

Prime des possibilités de localisation pour les entreprises

Au quatrième trimestre 2023, Kimco Realty Corporation possède 560 centres commerciaux totalisant 89,3 millions de pieds carrés dans 27 États et Porto Rico. Le portefeuille comprend 475 centres ancrés d'épicerie représentant 86% des actifs bruts totaux.

Métrique de l'emplacement	Valeur
Centres commerciaux totaux	560
Total en pieds carrés	89,3 millions de pieds carrés
Centres ancrés d'épicerie	475 centres

Immobilier commercial bien entretenu de haute qualité

La qualité de la propriété de Kimco se reflète dans ses taux d'occupation et son mélange de locataires.

• Taux d'occupation: 94,5% au quatrième trimestre 2023
• Loyer de base moyen: 22,50 $ par pied carré
• Taux de rétention des locataires: 72,3%

Structures de location flexibles pour divers besoins de locataires

Dépression de composition de location:

Type de location	Pourcentage
Locataires de détail	68%
Entreprises de services	22%
Nourriture & Restaurant	10%

Emplacements de propriétés stratégiques sur les marchés de la croissance

KIMCO se concentre sur les marchés urbains et suburbains de haute densité avec de solides fondamentaux économiques.

• Top Marchés: Californie, Texas, New York, Floride
• Couverture de la zone métropolitaine: 22 régions métropolitaines majeures
• Cible de densité de population: marchés avec plus de 500 000 résidents

Environnements d'espace de vente au détail durable et moderne

Investissements environnementaux et de durabilité:

Métrique de la durabilité	État actuel
Propriétés certifiées LEED	37 propriétés
Couverture d'installation solaire	22 centres commerciaux
Investissements d'efficacité énergétique	14,6 millions de dollars en 2023

Kimco Realty Corporation (KIM) - Modèle d'entreprise: relations avec les clients

Stratégies de partenariat à long terme aux locataires

Au quatrième trimestre 2023, Kimco Realty gère environ 559 centres commerciaux totalisant 93,4 millions de pieds carrés dans 27 États et Porto Rico. La durée du bail moyen des locataires nationaux et régionaux est de 6,4 ans.

Catégorie des locataires	Taux d'occupation	Durée de location moyenne
Centres ancrés d'épicerie	94.7%	7,2 ans
Centres commerciaux en plein air	92.5%	5,9 ans

Services de gestion immobilière personnalisés

KIMCO fournit des équipes de gestion immobilière dédiées à chaque centre commercial, avec 98,3% des locataires recevant des services de support personnalisés.

• Support de maintenance 24/7
• Contact de gestion de la propriété dédiée
• Programmes d'amélioration des locataires personnalisés

Plateformes de communication numérique et de support des locataires

Les plateformes d'engagement des locataires numériques prennent en charge 87,6% du portefeuille de KIMCO, avec des systèmes de demande de paiement et de maintenance en ligne.

Service numérique	Taux d'adoption
Paiement de loyer en ligne	82.4%
Demandes de maintenance numérique	79.2%

Revues régulières de performance immobilière et de satisfaction des locataires

Les enquêtes de satisfaction trimestrielle des locataires ont effectué 100% du portefeuille de KIMCO, avec une note de satisfaction moyenne de 4,3 / 5.

Programmes d'engagement et de rétention proactifs des locataires

Taux de rétention des locataires de 85,6% en 2023, avec des incitations de renouvellement ciblées et des programmes d'extension de location.

• Événements annuels d'appréciation des locataires
• Options de restructuration de location flexible
• Conditions de renouvellement de taux de marché concurrentiel

Kimco Realty Corporation (Kim) - Modèle d'entreprise: canaux

Représentants de location directe

Kimco Realty utilise 85 professionnels de la location directe à travers son portefeuille de propriétés. Ces représentants gèrent approximativement 542 centres commerciaux totalisation 87,4 millions de pieds carrés de l'espace de vente au détail.

Type de canal	Nombre de représentants	Couverture géographique
Équipe de location directe	85	33 États américains et Porto Rico

Plateformes d'inscription de propriétés en ligne

Kimco utilise 4 plateformes d'inscription en ligne principales Pour présenter les espaces de vente au détail disponibles:

• LOOPTNET
• Costar
• Plate-forme numérique propriétaire de Kimco
• Market immobilier commercial

Conférences d'investissement immobilier

Kimco participe à 12-15 conférences d'investissement par an, avec un engagement total des investisseurs atteignant approximativement 350 investisseurs institutionnels.

Type de conférence	Participation annuelle	Investisseur Reach
Conférences d'investissement de REIT	12-15	350 investisseurs institutionnels

Site Web d'entreprise et marketing numérique

Les canaux numériques de Kimco incluent:

• Site Web d'entreprise avec 150 000 visiteurs mensuels
• Liendin profile avec 25 000 abonnés
• Compte Twitter avec 15 000 abonnés

Événements de réseautage immobilier commercial

Kimco héberge et assiste 25-30 événements de réseautage par an, se connecter avec des locataires et des investisseurs potentiels principales zones métropolitaines.

Catégorie d'événements	Événements annuels	Public cible
Événements de réseautage	25-30	Locataires de détail, investisseurs, professionnels de l'immobilier

Kimco Realty Corporation (Kim) - Modèle d'entreprise: segments de clientèle

Magasins nationaux de chaîne de détail

Au quatrième trimestre 2023, Kimco Realty dessert 285 magasins de chaîne de détail nationaux à travers son portefeuille. Les locataires clés comprennent:

Catégorie de vente au détail	Nombre de locataires	Pourcentage de portefeuille
Chaînes d'épicerie	62	21.8%
Amélioration de la maison	45	15.8%
Pharmacie / santé	38	13.3%

Commerces de détail régionaux et locaux

Le portefeuille de KIMCO comprend 412 activités de vente au détail régionales et locales à partir de 2023, ce qui représente 35,6% du mélange total de locataires.

• Durée du bail moyenne: 5,2 ans
• Taux d'occupation pour les entreprises régionales: 93,4%
• Total en pieds carrés dédiés: 1,2 million de pieds carrés

Locataires basés sur les restaurants et les services

En 2023, Kimco accueille 176 locataires basés sur les restaurants et les services à travers ses propriétés.

Type de locataire	Compter	Loyer moyen par sq ft
Restaurants à service rapide	89	$28.50
Restaurants assis	47	$35.75
Entreprises de services	40	$22.90

Détaillants de commerce électronique émergents

En 2023, KIMCO prend en charge 54 détaillants de commerce électronique avec des espaces de vente au détail physiques.

• Investissement total du locataire du commerce électronique: 42,3 millions de dollars
• Espace des locataires moyen: 3200 pieds carrés
• Pourcentage de portefeuille: 4,7%

Chercheurs d'espace commerciaux à usage mixte

Kimco gère 67 propriétés commerciales à usage mixte en 2023.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Bureau de vente au détail	42	1,1 million de pieds carrés
Commerce de détail + résidentiel	25	780 000 pieds carrés

Kimco Realty Corporation (Kim) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Pour l'exercice 2023, Kimco Realty Corporation a déclaré des coûts d'acquisition totale de propriétés de 147,8 millions de dollars. La stratégie d'investissement immobilier de l'entreprise se concentre sur les centres commerciaux en plein air et les propriétés à usage mixte.

Catégorie de dépenses	Montant (en millions)
Coûts d'achat de propriété	$112.5
Frais de transaction	$15.3
Frais de diligence raisonnable	$20.0

Coûts de maintenance et de rénovation des biens

En 2023, Kimco Realty a dépensé 98,6 millions de dollars en frais de maintenance et de rénovation des biens.

• Entretien de routine: 42,3 millions de dollars
• Rénovations majeures: 36,5 millions de dollars
• Mises à niveau des infrastructures: 19,8 millions de dollars

Opérationnels et sur la gestion des frais généraux

Les dépenses opérationnelles de la société pour 2023 ont totalisé 76,4 millions de dollars.

Catégorie aérienne	Montant (en millions)
Salaires administratifs	$45.2
Frais de fonctionnement de bureau	$18.6
Services professionnels	$12.6

Investissements de marketing et d'attraction des locataires

Les dépenses de marketing pour l'attraction des locataires en 2023 s'élevaient à 22,7 millions de dollars.

• Campagnes de marketing numérique: 8,5 millions de dollars
• Programmes d'incitation au courtier: 6,9 millions de dollars
• Événements promotionnels: 7,3 millions de dollars

Développement de la technologie et des infrastructures

Kimco Realty a investi 35,6 millions de dollars dans le développement de la technologie et des infrastructures en 2023.

Catégorie d'investissement technologique	Montant (en millions)
Infrastructure informatique	$15.3
Développement de logiciels	$12.4
Améliorations de la cybersécurité	$7.9

Kimco Realty Corporation (KIM) - Modèle d'entreprise: Strots de revenus

Revenu de location de location commerciale

Au quatrième trimestre 2023, a rapporté Kimco Realty Corporation 406,7 millions de dollars dans le total des revenus de location. La société possède et exploite 559 centres commerciaux comprenant environ 93,5 millions de pieds carrés de la zone levable brute.

Catégorie de revenus	Montant (2023)
Revenus de location de base	372,4 millions de dollars
Pourcentage de loyer	15,3 millions de dollars
Revenu de recouvrement des locataires	19,0 millions de dollars

Bénéfices d'appréciation et de vente des biens

En 2023, Kimco s'est rendu compte 287,5 millions de dollars à partir des dispositions de propriété et des transactions immobilières stratégiques.

Revenus de frais de service aux locataires

• Revenu des frais de gestion immobilière: 22,1 millions de dollars
• Frais de service des locataires: 16,7 millions de dollars

Frais de contrat de gestion immobilière

Kimco généré 18,3 millions de dollars des contrats de gestion immobilière tiers en 2023.

Rendements stratégiques de l'investissement immobilier

Catégorie d'investissement	Valeur d'investissement totale	Retour annuel
Propriétés à usage mixte	1,2 milliard de dollars	5.6%
Centres ancrés d'épicerie	2,4 milliards de dollars	6.2%
Centres commerciaux en plein air	3,7 milliards de dollars	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.