Kimco Realty Corporation (KIM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do investimento imobiliário, a Kimco Realty Corporation (KIM) se destaca como uma potência estratégica, transformando paisagens de shopping centers nos Estados Unidos. Ao criar meticulosamente um modelo de negócios abrangente que preenche os varejistas nacionais, comunidades locais e gerenciamento inovador de propriedades, a Kimco se estabeleceu como um participante fundamental em imóveis comerciais. Sua abordagem única combina aquisição estratégica de propriedades, desenvolvimento sustentável e serviços centrados no inquilino, criando um ecossistema robusto que gera valor para empresas e investidores.

Kimco Realty Corporation (KIM) - Modelo de negócios: Parcerias -chave

Inquilinos nacionais de varejo

A Kimco Realty mantém parcerias estratégicas com os principais varejistas nacionais, incluindo:

Varejista	Número de locais	Detalhes do arrendamento
Alvo	52 locais	Termo médio de arrendamento: 10,2 anos
Walmart	38 locais	Termo médio de arrendamento: 9,7 anos
Kroger	27 locais	Termo médio de arrendamento: 8,5 anos

Empresas de Desenvolvimento e Construção Propriedade

A Kimco colabora com os principais parceiros de desenvolvimento:

• Grupo de Propriedades do Brixmor
• Site Centers Corp.
• Federal Realty Investment Trust

Empresas de investimento imobiliário e gestão

Parcerias de investimento estratégico incluem:

Parceiro	Tipo de investimento	Valor da parceria
Parceiros imobiliários de Blackstone	Consórcio	US $ 500 milhões
Investimento imobiliário de Goldman Sachs	Investimento de capital	US $ 350 milhões

Governos municipais locais e planejadores urbanos

A Kimco se envolve com parceiros municipais em:

• Área metropolitana de Nova York
• Centros Urbanos da Califórnia
• Zonas de desenvolvimento do Texas

Instituições financeiras e parceiros de investimento de capital

Principais parcerias financeiras:

Instituição financeira	Linha de crédito	Termos
JPMorgan Chase	Crédito rotativo	US $ 1,2 bilhão
Bank of America	Empréstimo a prazo	US $ 750 milhões

Kimco Realty Corporation (KIM) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar propriedades do shopping center

A partir do quarto trimestre de 2023, a Kimco Realty Corporation possui 536 shopping centers, totalizando 85,1 milhões de pés quadrados em 33 estados e Porto Rico. O valor total do ativo bruto do portfólio é de aproximadamente US $ 8,4 bilhões.

Métrica de propriedade	Valor atual
Total de shopping centers	536
Mágua quadrada total	85,1 milhões de pés quadrados
Presença geográfica	33 estados + Porto Rico

Arrendamento de espaços de varejo para inquilinos comerciais

A taxa de ocupação da Kimco a partir do quarto trimestre 2023 é de 95,7%. O mix de inquilinos da empresa inclui:

• Centros ancorados em supermercados
• Varejo baseado em necessidade
• Negócios orientados a serviços

Métrica de leasing	Desempenho atual
Taxa de ocupação	95.7%
Taxa de retenção de inquilinos	88.5%

Desenvolvimento de propriedades e reconstrução

Em 2023, a Kimco investiu US $ 255 milhões em projetos de desenvolvimento e reconstrução. A empresa concluiu aproximadamente 12 grandes projetos de reconstrução durante o ano.

Métrica de Desenvolvimento	2023 valor
Investimento total	US $ 255 milhões
Projetos de reconstrução concluídos	12

Otimização de portfólio de ativos e investimento estratégico

A Kimco completou US $ 631 milhões em aquisições de propriedades e US $ 392 milhões em disposições de propriedades durante 2023.

Atividade de investimento	2023 quantidade
Aquisições de propriedades	US $ 631 milhões
Disposições de propriedade	US $ 392 milhões

Iniciativas de sustentabilidade e aprimoramento de propriedades

A Kimco se comprometeu com 100% de compras de energia renovável até 2030 e já implementou instalações solares em 30 propriedades.

• Medira de energia renovável 100% até 2030
• 30 propriedades com instalações solares
• Certificação LEED para várias propriedades

Métrica de sustentabilidade	Status atual
Objetivo energético renovável	100% até 2030
Propriedades com energia solar	30

Kimco Realty Corporation (KIM) - Modelo de negócios: Recursos -chave

Extenso portfólio de shopping centers de varejo

A partir do quarto trimestre de 2023, a Kimco Realty Corporation possui 560 shopping centers, totalizando 94,4 milhões de pés quadrados de área arrebatada. O portfólio é avaliado em aproximadamente US $ 6,8 bilhões em ativos imobiliários totais.

Métrica do portfólio	Quantidade
Total de shopping centers	560
Área Lasível Bruta Total	94,4 milhões de pés quadrados
Valor do portfólio	US $ 6,8 bilhões

Relacionamentos fortes com varejistas nacionais e regionais

A base de inquilinos da Kimco inclui grandes varejistas com altas taxas de ocupação.

• Taxa de ocupação: 95,2% a partir do quarto trimestre 2023
• Principais inquilinos: supermercado, farmácia e empresas orientadas a serviços

Equipe de gestão imobiliária experiente

A equipe de gerenciamento é composta por 474 funcionários em período integral com ampla experiência em imóveis.

Capital financeiro e infraestrutura de investimento

Métrica financeira	Quantia
Capitalização total de mercado	US $ 5,2 bilhões
Dívida total	US $ 3,1 bilhões
Linha de crédito disponível	US $ 1,5 bilhão

Plataformas avançadas de tecnologia de gerenciamento de propriedades

A Kimco utiliza Infraestrutura digital proprietária para:

• Gerenciamento de inquilinos em tempo real
• Sistemas de rastreamento de arrendamento
• Plataformas de relatórios financeiros

Kimco Realty Corporation (KIM) - Modelo de negócios: proposições de valor

Oportunidades de localização de varejo primordiais para empresas

A partir do quarto trimestre de 2023, a Kimco Realty Corporation possui 560 shopping centers, totalizando 89,3 milhões de pés quadrados em 27 estados e Porto Rico. O portfólio inclui 475 centros ancorados em supermercado, representando 86% do total de ativos brutos.

Métrica de localização	Valor
Total de shopping centers	560
Mágua quadrada total	89,3 milhões de pés quadrados
Centros ancorados em supermercados	475 centros

Imóveis comerciais de alta qualidade e bem mantidos

A qualidade da propriedade da Kimco é refletida em suas taxas de ocupação e mix de inquilinos.

• Taxa de ocupação: 94,5% a partir do quarto trimestre 2023
• Aluguel médio da base: US $ 22,50 por pé quadrado
• Taxa de retenção de inquilinos: 72,3%

Estruturas de locação flexíveis para diversas necessidades de inquilinos

Recuação de composição do arrendamento:

Tipo de arrendamento	Percentagem
Inquilinos de varejo	68%
Negócios de serviço	22%
Comida & Restaurante	10%

Locais de propriedades estratégicas nos mercados em crescimento

A Kimco se concentra em mercados urbanos e suburbanos de alta densidade, com fortes fundamentos econômicos.

• Principais mercados: Califórnia, Texas, Nova York, Flórida
• Cobertura da área metropolitana: 22 principais regiões metropolitanas
• Alvo de densidade populacional: mercados com mais de 500.000 residentes

Ambientes de espaço de varejo sustentáveis ​​e modernos

Investimentos ambientais e de sustentabilidade:

Métrica de sustentabilidade	Status atual
Propriedades certificadas LEED	37 propriedades
Cobertura de instalação solar	22 shopping centers
Investimentos de eficiência energética	US $ 14,6 milhões em 2023

Kimco Realty Corporation (KIM) - Modelo de Negócios: Relacionamentos do Cliente

Estratégias de parceria de inquilino de longo prazo

A partir do quarto trimestre de 2023, a Kimco Realty gerencia aproximadamente 559 shopping centers, totalizando 93,4 milhões de pés quadrados em 27 estados e Porto Rico. O prazo médio de arrendamento para inquilinos nacionais e regionais é de 6,4 anos.

Categoria de inquilino	Taxa de ocupação	Duração média do arrendamento
Centros ancorados em supermercados	94.7%	7,2 anos
Centers comerciais ao ar livre	92.5%	5,9 anos

Serviços personalizados de gerenciamento de propriedades

A Kimco fornece equipes de gerenciamento de propriedades dedicadas para cada shopping, com 98,3% dos inquilinos recebendo serviços de suporte personalizados.

• Suporte de manutenção 24/7
• Contato de gerenciamento de propriedades dedicado
• Programas de melhoria de inquilinos personalizados

Comunicação digital e plataformas de suporte de inquilinos

As plataformas de engajamento de inquilinos digitais suportam 87,6% do portfólio da Kimco, com sistemas de solicitação de pagamento e manutenção de aluguel on -line.

Serviço digital	Taxa de adoção
Pagamento de aluguel on -line	82.4%
Solicitações de manutenção digital	79.2%

Revisões regulares de desempenho da propriedade e satisfação do inquilino

As pesquisas trimestrais de satisfação do inquilino foram realizadas em 100% do portfólio da Kimco, com uma classificação média de satisfação de 4,3/5.

Programas proativos de engajamento e retenção de inquilinos

Taxa de retenção de inquilinos de 85,6% em 2023, com incentivos de renovação direcionados e programas de extensão de arrendamento.

• Eventos anuais de apreciação de inquilinos
• Opções flexíveis de reestruturação de arrendamento
• Termos de renovação da taxa de mercado competitivos

Kimco Realty Corporation (KIM) - Modelo de Negócios: Canais

Representantes de leasing direto

A Kimco Realty emprega 85 profissionais de leasing direto em seu portfólio de propriedades. Esses representantes gerenciam aproximadamente 542 shopping centers totalizando 87,4 milhões de pés quadrados de espaço de varejo.

Tipo de canal	Número de representantes	Cobertura geográfica
Equipe direta de leasing	85	33 Estados dos EUA e Porto Rico

Plataformas de listagem de propriedades online

A Kimco utiliza 4 plataformas primárias de listagem online Para mostrar espaços de varejo disponíveis:

• Loopnet
• Costar
• Plataforma digital proprietária da Kimco
• Mercado imobiliário comercial

Conferências de investimento imobiliário

Kimco participa 12-15 Conferências de investimento anualmente, com o engajamento total dos investidores atingindo aproximadamente 350 investidores institucionais.

Tipo de conferência	Participação anual	Alcance do investidor
Reit Conferências de investimento	12-15	350 investidores institucionais

Site corporativo e marketing digital

Os canais digitais da Kimco incluem:

• Site corporativo com 150.000 visitantes mensais
• LinkedIn profile com 25.000 seguidores
• Conta do Twitter com 15.000 seguidores

Eventos de redes imobiliárias comerciais

Kimco hospeda e frequenta 25-30 eventos de rede anualmente, conectando -se a possíveis inquilinos e investidores em todo Principais áreas metropolitanas.

Categoria de evento	Eventos anuais	Público -alvo
Eventos de rede	25-30	Inquilinos de varejo, investidores, profissionais do setor imobiliário

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

Lojas nacionais de varejo

A partir do quarto trimestre de 2023, a Kimco Realty atende 285 lojas nacionais de varejo em todo o seu portfólio. Os principais inquilinos incluem:

Categoria de varejo	Número de inquilinos	Porcentagem de portfólio
Correntes de supermercado	62	21.8%
Melhoria da casa	45	15.8%
Farmácia/Saúde	38	13.3%

Negócios de varejo regional e local

O portfólio da Kimco inclui 412 empresas de varejo regionais e locais em 2023, representando 35,6% do total de inquilinos.

• Duração média do arrendamento: 5,2 anos
• Taxa de ocupação para empresas regionais: 93,4%
• Total de metragem quadrada dedicada: 1,2 milhão de pés quadrados

Restaurantes e inquilinos baseados em serviços

Em 2023, a Kimco hospeda 176 inquilinos e inquilinos baseados em serviços em suas propriedades.

Tipo de inquilino	Contar	Aluguel médio por metro quadrado
Restaurantes de serviço rápido	89	$28.50
Sit-Down Restaurants	47	$35.75
Negócios de serviço	40	$22.90

Varejistas emergentes de comércio eletrônico

A partir de 2023, a Kimco suporta 54 varejistas de comércio eletrônico com espaços físicos de varejo.

• Investimento total do inquilino do comércio eletrônico: US $ 42,3 milhões
• Espaço de inquilino médio: 3.200 pés quadrados
• Porcentagem de portfólio: 4,7%

Buscadores de espaço comercial de uso misto

A Kimco gerencia 67 propriedades comerciais de uso misto em 2023.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Varejo + escritório	42	1,1 milhão de pés quadrados
Varejo + residencial	25	780.000 pés quadrados

Kimco Realty Corporation (KIM) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Para o ano fiscal de 2023, a Kimco Realty Corporation registrou custos totais de aquisição de propriedades de US $ 147,8 milhões. A estratégia de investimento imobiliário da empresa se concentra em shopping centers ao ar livre e propriedades de uso misto.

Categoria de despesa	Quantidade (em milhões)
Custos de compra de propriedades	$112.5
Taxas de transação	$15.3
Despesas de due diligence	$20.0

Custos de manutenção e renovação de propriedades

Em 2023, a Kimco Realty gastou US $ 98,6 milhões em despesas de manutenção e renovação de propriedades.

• Manutenção de rotina: US $ 42,3 milhões
• Principais reformas: US $ 36,5 milhões
• Atualizações de infraestrutura: US $ 19,8 milhões

Opeuta operacional e de gerenciamento

As despesas operacionais da empresa em 2023 totalizaram US $ 76,4 milhões.

Categoria de sobrecarga	Quantidade (em milhões)
Salários administrativos	$45.2
Custos operacionais do escritório	$18.6
Serviços profissionais	$12.6

Investimentos de marketing e atração de inquilinos

As despesas de marketing para atração de inquilinos em 2023 totalizaram US $ 22,7 milhões.

• Campanhas de marketing digital: US $ 8,5 milhões
• Programas de incentivo ao corretor: US $ 6,9 milhões
• Eventos promocionais: US $ 7,3 milhões

Desenvolvimento de tecnologia e infraestrutura

A Kimco Realty investiu US $ 35,6 milhões em desenvolvimento de tecnologia e infraestrutura durante 2023.

Categoria de investimento em tecnologia	Quantidade (em milhões)
Infraestrutura de TI	$15.3
Desenvolvimento de software	$12.4
Aprimoramentos de segurança cibernética	$7.9

Kimco Realty Corporation (KIM) - Modelo de negócios: fluxos de receita

Renda de aluguel de arrendamento comercial

A partir do quarto trimestre 2023, a Kimco Realty Corporation relatou US $ 406,7 milhões na receita total de aluguel. A empresa possui e opera 559 shopping centers compreendendo aproximadamente 93,5 milhões de pés quadrados de área arrebatada bruta.

Categoria de receita	Valor (2023)
Receita de aluguel base	US $ 372,4 milhões
Aluguel percentual	US $ 15,3 milhões
Receita de recuperação de inquilinos	US $ 19,0 milhões

Apreciação de propriedades e lucros de venda

Em 2023, Kimco percebeu US $ 287,5 milhões de disposições imobiliárias e transações imobiliárias estratégicas.

Receitas de taxa de serviço de inquilino

• Receita da taxa de gerenciamento de propriedades: US $ 22,1 milhões
• Encargos de serviço de inquilino: US $ 16,7 milhões

Taxas de contrato de gerenciamento de propriedades

Kimco gerado US $ 18,3 milhões de contratos de gerenciamento de propriedades de terceiros em 2023.

Retornos estratégicos de investimento imobiliário

Categoria de investimento	Valor total de investimento	Retorno anual
Propriedades de uso misto	US $ 1,2 bilhão	5.6%
Centros ancorados em supermercados	US $ 2,4 bilhões	6.2%
Centers comerciais ao ar livre	US $ 3,7 bilhões	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.