Kimco Realty Corporation (KIM): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine behind one of the biggest names in open-air retail, Kimco Realty Corporation, and honestly, their Business Model Canvas tells a very clear story for late 2025. This isn't about chasing fads; it's about owning necessity, which is why their portfolio boasts a 95.7% occupancy and saw new comparable lease spreads climb 21.1% in Q3 alone. With a development pipeline exceeding $600 million and liquidity over $2.1 billion as of Q3 2025, their focus on high-quality, grocery-anchored centers and value-add redevelopment is the core driver. Dive below to see the precise nine building blocks that make this strategy work, from their key partnerships with national grocers to how they manage that massive 100 million square feet of space.

Kimco Realty Corporation (KIM) - Canvas Business Model: Key Partnerships

National grocery and necessity-based anchor tenants (e.g., Sprouts Farmers Market)

• Pro-rata leased occupancy ended Q3 2025 at 95.7%.
• Pro-rata anchor occupancy was 97.0% as of September 30, 2025.
• Kimco Realty Corporation achieved its target of 85% of Annual Base Rent (ABR) derived from grocery-anchored centers in Q1 2025.
• Kimco completed a five-site package agreement with Sprouts Farmers Market in Q1 2025.
• In Q3 2025, Kimco invested $97.0 million for the Shops at Waldorf, a 500,000-square-foot center in the Washington, D.C. metro anchored by a Sprouts Farmers Market.
• The acquisition of The Markets at Town Center, anchored by Sprouts Farmers Market, was completed for $108 million in Q1 2025.

As of September 30, 2025, Kimco owned interests in 564 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space.

Institutional investors for joint venture property ownership

Kimco Realty Corporation utilizes an investment real estate management format through various institutional joint venture programs.

• Investments in and advances to real estate joint ventures totaled $1,454,358 thousand as of September 30, 2025.
• Equity in income of joint ventures increased by $6.0 million in Q3 2025, driven by a gain on a change in control of Tanasbourne Village.
• Kimco acquired the remaining 85% ownership interest in Tanasbourne Village for a pro-rata purchase price of $65.9 million in Q3 2025.
• The first joint venture with Bozzuto, Coulter Place, features 131 apartments alongside retail uses.
• Milton Cooper has investments in certain real estate joint ventures and limited partnerships where the Company has an interest.

Financial institutions for debt financing and Green Bond allocation

The balance sheet strength supports financing activities, evidenced by credit ratings and sustainable financing milestones.

J.P. Morgan is providing construction financing for The Chester project.

Development and construction firms for mixed-use projects like The Chester

Kimco actively partners to transform retail centers into mixed-use destinations.

• Bozzuto is the lead developer partnering with Kimco on The Chester at Westlake, a 214-unit multi-family project.
• The Chester is scheduled for completion in winter 2027.
• The Chester building is a 250,000-square-foot structure with nearly 10,000 square feet of ground floor retail space.
• Kimco's pipeline of active and near-term development and redevelopment projects was over $600 million as of Q3 2025.
• This pipeline represented a sequential increase of approximately $250 million from the second quarter of 2025.
• Kimco actively seeks opportunities to expand its multifamily footprint to approximately 10,000 units by 2025.

Retailers for multi-pack leasing deals to fill vacancies

Leasing activity remains strong, evidenced by high occupancy and rent spreads.

• Pro-rata small shop occupancy reached an all-time high of 92.5% as of Q3 2025.
• Kimco signed 427 leases totaling 2.3 million square feet in the third quarter of 2025.
• For the nine months ended September 30, 2025, the company leased 9.4 million square feet.
• Blended pro-rata cash rent spreads on comparable spaces were 11.1% in Q3 2025.
• New leases in Q3 2025 were up 21.1%.
• The leased-to-economic occupancy spread expanded to 360 basis points, representing $71 million of Annual Base Rent (ABR) from signed leases not yet commenced as of Q3 2025.

Kimco Realty Corporation (KIM) - Canvas Business Model: Key Activities

You're looking at the core engine of Kimco Realty Corporation, the activities that directly drive the value of its real estate portfolio. This isn't just about collecting rent; it's about active stewardship, strategic growth, and maintaining financial discipline. Here's the quick math on what they are actively doing as of late 2025.

Active management and leasing of 564 U.S. shopping centers

Kimco Realty Corporation is focused on operating its high-quality, open-air, grocery-anchored shopping centers. As of September 30, 2025, the company owned interests in 564 U.S. shopping centers and mixed-use assets, totaling 100 million square feet of gross leasable space. The operational performance reflects strong tenant demand, with pro-rata portfolio occupancy reaching 95.7% as of September 30, 2025. Furthermore, the pro-rata small shop occupancy hit an all-time high of 92.5% by that same date. The leasing activity shows significant embedded growth potential, as the leased-to-economic occupancy spread expanded to 360 basis points, which translates to $71 million of Annual Base Rent (ABR) from leases already signed but not yet commenced.

Value-enhancing redevelopment of existing properties, pipeline over $600 million

The company actively redevelops its best-located centers to create live-work-play environments, answering the market demand since virtually no new centers are being built. As of September 30, 2025, the pipeline for active and near-term development and redevelopment projects, including active mixed-use projects, stood at over $600 million. This pipeline saw a sequential increase of approximately $250 million from the second quarter of 2025. A concrete example of this activity is the activation of The Chester, a 214-unit multi-family project at Westlake Shopping Center in Daly City, California, with a gross cost of $153 million (Kimco having a 75% ownership interest). The company also reported having 13,539 total entitled multi-family units at the end of September 2025.

Strategic acquisitions and dispositions of retail assets

Kimco Realty Corporation is constantly pruning the portfolio to enhance asset quality, redeploying capital from properties with limited growth potential. In the third quarter of 2025, the company acquired the remaining 85% ownership interest in Tanasbourne Village, a dual-grocery-anchored shopping center, for a pro-rata purchase price of $65.9 million. This activity is part of a broader strategy to maintain alignment with its focus on grocery-anchored centers, which comprised 86% of average base rent as of Q2 2025.

Managing the Structured Investment Program for external growth

The Structured Investment Program (SIP) is used to deploy capital strategically, often securing rights to future equity ownership. During the third quarter of 2025, Kimco Realty Corporation invested $201.9 million of new capital under the SIP. This included $97.0 million for the Shops at Waldorf and $25.6 million for the Shoppes at Knollwood. Subsequent to the quarter end, the company received $229.4 million, net, in senior and mezzanine loan repayments under the SIP, including $202.4 million related to The Rim in San Antonio, Texas. The year-to-date new capital invested through the SIP as of September 30, 2025, reached $260 million, targeting a yield between 9.0% and 10.0%.

Maintaining a strong balance sheet and investment-grade credit rating (A- from S&P)

Financial strength is a deliberate key activity, validated by external ratings. Kimco Realty Corporation achieved an 'A-' credit rating with a stable outlook from S&P Global Ratings on September 15, 2025, making it one of just 13 publicly-listed U.S. REITs with an 'A-' or better rating from either S&P or Fitch Ratings. The company ended the third quarter of 2025 with over $2.1 billion of immediate liquidity, which included $2.0 billion available on its unsecured revolving credit facility. As of June 30, 2025, the S&P Global Ratings-adjusted trailing-12-month debt to EBITDA was 5.9x, with expectations to operate in the mid- to high-5x area over the next two years. Furthermore, 99.8% of total debt is fixed-rate debt at a weighted average effective interest rate of 4.01%.

Here is a snapshot of the key operational and financial metrics supporting these activities:

The core activities involve maximizing the yield from the existing 564 centers while deploying capital into the over $600 million redevelopment pipeline and the Structured Investment Program. The ability to execute these growth activities is underpinned by the A- credit rating and liquidity exceeding $2.1 billion.

• Active management includes achieving 95.7% pro-rata leased occupancy.
• Value-enhancement is evidenced by a $71 million signed-not-open pipeline.
• External growth saw $201.9 million in new SIP capital in Q3 alone.
• Balance sheet strength is reflected in the A- rating and 5.9x debt to EBITDA as of mid-2025.

Finance: review the impact of the $229.4 million SIP repayment on Q4 liquidity by Monday.

Kimco Realty Corporation (KIM) - Canvas Business Model: Key Resources

You're looking at the core assets that power Kimco Realty Corporation's operations as of late 2025. These aren't just buildings; they represent control over prime real estate locations, which is the bedrock of any successful REIT. The sheer scale of their holdings is a major advantage, giving them negotiating power and diversification across key U.S. markets. Honestly, having this much high-quality, essential retail space under management is a massive barrier to entry for competitors.

Here's a quick look at the hard numbers defining their physical footprint and financial cushion as of the third quarter ended September 30, 2025:

Beyond the existing centers, Kimco Realty Corporation is actively building future value through its mixed-use entitlement program. They've been busy securing rights for residential development on their properties, which diversifies income potential and increases the value of their underlying land. They obtained 760 additional multi-family entitlements at Pike Center during the quarter, pushing their total entitled units to a significant number.

The company's in-house teams are a critical, though less tangible, resource. Their expertise is reflected in the consistent operational success and the high regard from credit agencies. Kimco Realty achieved an 'A3' credit rating from Moody's Ratings and an 'A-' rating from S&P Global Ratings, defintely placing them in an elite group of REITs with A-level ratings from the three largest agencies. This operational capability allows them to maximize the value of their high-quality, open-air, grocery-anchored shopping centers.

The strength of the portfolio itself is a key resource, anchored by necessity-based tenants:

• 86% of Annualized Base Rent (ABR) derived from grocery-anchored centers.
• 91% of ABR concentrated in high-barrier-to-entry Sunbelt and Coastal markets.
• Total entitled multi-family units reached 13,539 as of September 30, 2025.
• Pro-rata portfolio occupancy stood at 95.7%.
• Small shop occupancy reached a record-high of 92.5%.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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.

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.

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:

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.