Is Kimco Realty Corporation overvalued?

In our latest published analysis dated 2026-10-12, KIM trades close to fair value. The price recorded at analysis is USD 22.3 versus our fair value of USD 21.7; the high endpoint is presented separately as potential value of USD 27.0. That implies roughly 2.7% downside to fair value at that date.

What is KIM's fair value?

Our latest published report, analyzed 2026-10-12, gives KIM a fair value of USD 21.7 and a potential value of USD 27.0. The conclusion is triangulated across multiple valuation models and weighted by reliability for Kimco Realty Corporation's archetype; it is a dated research output, not a live price.

Should I buy KIM now?

Our latest published rating for KIM, analyzed 2026-10-12, is Hold. Kimco Realty Corporation trades close to fair value at the analysis-date price of USD 22.3 versus fair value of USD 21.7; potential value is USD 27.0. This is research for educational purposes, not personalized investment advice.

What are the biggest risks for KIM?

The dedicated bear-case section in our report analyzed 2026-10-12 documents Kimco Realty Corporation's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.

What is KIM's rating?

Our latest published rating for KIM, analyzed 2026-10-12, is Hold, with a published moat assessment of 6.5/10 (Narrow). It reflects our fair value of USD 21.7, the potential value of USD 27.0, and the price recorded at analysis (USD 22.3).

What archetype is KIM?

In the latest published report analyzed 2026-10-12, Kimco Realty Corporation is classified as a REIT stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for KIM.

KIM stock analysis | StockMarketAgent.AI

StockMarketAgent researchAnalyzed 2026-10-12

Kimco Realty Corporation

KIM

Hold

Fairly valued · 2.7% from fair value

Report-date price

$22.29

Recorded 2026-10-12

Fair value

$21.68

Potential value

$27.01

Upper valuation endpoint

Economic moat

Narrow6.5 / 10

§1 Executive summary

30-second answerHold

Price versus value

Price: $22.29
Fair value: $21.68
Potential value: $27.01
As of: 2026-10-12

Main upside reason

Accelerated leasing spread expansion above 15% and rapid conversion of the signed-not-open pipeline into cash-generating base rent, coupled with accretive capital recycling yielding a 300 to 350 basis point IRR spread on grocery-anchored acquisitions, driving FFO growth toward our Potential value of USD 27.01.

Main risk

Macroeconomic interest rate shock and credit spread widening drive weighted debt refinancing rates above 10.0%, pushing the pre-tax cost of debt significantly above 8.79%.

We maintain a Hold rating on Kimco Realty Corporation. At the report date price of USD 22.29 on October 12, 2026, shares trade at a 2.81% premium to our Fair value of USD 21.68, offering an implied return of -2.74%, which warrants patience rather than new capital commitment.²

A Hold rating indicates that Kimco is fairly valued and that existing investors should maintain their positions while prospective buyers wait for a wider margin of safety. Kimco operates high-quality grocery-anchored shopping centers with strong fundamentals, but the risk-reward balance is presently neutral.

On the analysis date of October 12, 2026, Kimco traded at USD 22.29. This stands slightly above our house Fair value midpoint of USD 21.68, representing a 2.81% price premium and an implied return of -2.74%. While our Potential value reaches USD 27.01 in an optimistic operating scenario, the stock does not presently offer the discount required to justify an aggressive buying stance.

§2 Bear case

Under a severe compounding stress scenario where tenant insolvencies accelerate—marked by Painted Tree lease rejections and Big Lots store rationalizations —credit losses would surpass 120 bps and small-shop occupancy would slide below 88.0%. Concurrently, refinancing Kimco's USD 8,858,840,064 debt load at interest rates exceeding 10.0% would push the pre-tax cost of debt above its baseline 8.79% and lift the cost of equity from 8.806% to 10.806%. Under this joint shock, NAV/AFFO falls to USD 21.10, DDM drops to USD 14.45, and Forward Earnings contracts to USD 10.55, representing an estimated 21.6% downside impact.

Bear scenario

Bear

Probability

25%

Return

-29.4%

Path target

$15.73

Retail tenant insolvencies trigger lease cancellations and higher tenant credit losses.
Small-shop occupancy declines from peak levels as discretionary retailers vacate space.
Refinancing maturing debt at higher prevailing rates increases interest expense and limits dividend expansion.

The downside scenario accounts for potential deterioration in tenant credit quality and broad macro headwinds. If cascading retail bankruptcies force lease rejections and vacant boxes cannot be promptly backfilled, small-shop occupancy would decline while credit losses rise. Concurrently, elevated interest rates on debt refinancings would increase cash interest charges, compressing funds available for distribution and lowering cash flow margins. Downside risks are monitored through operational checkpoints without asserting a competing public valuation target beside Fair value $21.68.

Ways this thesis can break

Macro interest rate shock and credit spread widening drive weighted debt refinancing rates above 10%, causing cost of equity to increase by 200 bps and severely impairing property dividend yields.

Kimco carries $8,858,840,064 in total debt with a pre-tax cost of debt of 8.79%. In the cost of capital model, computed Ke moderate is 8.806%. A 200 bps increase in discount rate reduces DDM fair value by 24.2% and raises required AFFO yields to 8.0%.^1,2

FV impact

Early-warning signals to monitor

The five developments that would weaken our investment case.

Leasing spread percentage

Indicates loss of pricing power across open-air centers, forcing rent concessions and lowering organic revenue growth.

Current:Solidly double digits as of Q2 2026

Alert ifAt or below 5.0% across two consecutive quarters

§3 Competitive moat

Narrow

Kimco Realty Corporation possesses a Narrow economic moat grounded in structural platform scale and efficient scale across premier open-air, grocery-anchored suburban shopping centers. In dense, high-barrier coastal and Sunbelt metropolitan submarkets, entitlement constraints, land scarcity, and prohibitive construction replacement costs severely restrict new retail center development, establishing an effective supply ceiling that protects Kimco's established assets.

The core structural moat source is efficient scale and tenant network density. Essential grocery anchors generate frequent, nondiscretionary weekly consumer visits that insulate centers from e-commerce disintermediation. This resilient foot traffic creates an ecosystem where adjacent small-shop retailers actively compete for space, driving small-shop occupancy to record highs and yielding double-digit renewal rent spreads. Kimco leverages national retailer relationships to execute package leases across multiple metropolitan areas, a capability unavailable to single-asset operators.

Furthermore, Kimco's scale allows it to execute structured investment partnerships and preferred equity arrangements. This program provides off-market proprietary access to premier grocery-anchored properties while avoiding earnings drag during development. Together, these structural advantages enable Kimco to generate returns in excess of its weighted average cost of capital of 8.608%.

Economic profit

Kimco generates returns on capital exceeding its weighted average cost of capital of 8.608%. In FY2025, operating income of USD 770,823,000 and operating cash flow of USD 1,120,015,000 supported high free cash flow conversion against modest maintenance capital expenditures, supporting a 5-year competitive advantage horizon.^1,6

6.5/ 10

Narrow

Sources of advantage

Efficient Scale and Real Estate Platform BreadthKimco's extensive nationwide network of grocery-anchored open-air centers creates leasing efficiencies with national retail chains, package leasing execution, and tenant retention that small regional operators cannot match.Moderate
Cost Advantage and Capital Recycling ExecutionProprietary structured investment programs enable Kimco to recycle capital out of sub-6% ground leases and into grocery-anchored centers yielding high-8% to low-9% IRRs, capturing a 300 to 350 basis point IRR reinvestment spread.Moderate

Known threats to the moat
Threat	Severity	Timeline	Mitigation
Intense Institutional Capital Competition for Grocery Assets	medium	12 to 24 months	Kimco utilizes its proprietary structured investment program and off-market developer relationships to originate transactions rather than competing solely in open brokered auctions.⁴

§5 Sensitivity

Discount rate

Terminal growth

	1.5%	2.0%	2.5%	3.0%	3.5%
7.8%	$25.36	$25.77	$26.26	$26.85	$27.59
8.3%	$23.49	$23.84	$24.24	$24.72	$25.31
8.8%	$21.04	$21.34	$21.68	$22.07	$22.55
9.3%	$20.52	$20.77	$21.06	$21.39	$21.78
9.8%	$19.31	$19.53	$19.77	$20.06	$20.38

Rows: discount rate (Ke for earnings; WACC for cash flow). Columns: terminal growth.

Duration change (years)

None of the valuation methods used to calculate Fair value relies on a separate assumption about how long the competitive advantage lasts.

Sensitivity reference

The highlighted cell is Fair value when every assumption sits at its base level ($21.68). Each row and column shows what Fair value becomes when one assumption moves.

FCF cliff

A free-cash-flow drop test is not available in this run; use the discount-rate and terminal-growth grid as the primary valuation pressure test.

§7 Earnings decision tree

Beat

Upgrade the rating; Consider allocating additional capital if organic revenue acceleration is confirmed across consecutive quarters, while reviewing small-shop occupancy gains and signed-not-open conversion rates.

Trigger: Same-property net operating income growth and leasing spreads significantly exceeding the upper bound of management guidance alongside faster signed-not-open rent commencement.

An upside operational beat demonstrates accelerating pricing power in open-air centers, expanding funds available for distribution and justifying an upward revision toward Potential value $27.01.

In-line

Maintain Hold; Maintain the existing position weighting and collect distributions while monitoring debt refinancing announcements and anchor tenant retention.

Trigger: Financial and operational results aligning with full-year guidance ranges for same-property net operating income growth and credit loss provisions.

In-line performance confirms that the business is executing to plan, keeping shares trading near Fair value $21.68 relative to $22.29 and supporting the ongoing dividend yield.

Miss

Downgrade the rating; Reduce position exposure and review tenant credit loss provisions alongside portfolio occupancy trends across consecutive reporting periods.

Trigger: Credit losses rising above guidance provisions coupled with deceleration in renewal rent spreads and anchor tenant vacancies.

An operational miss would indicate that retailer bankruptcy pressures are eroding pricing power, impairing cash flow available for debt service and driving fair value lower.

Earnings quality

Quality of earnings is supported by strong cash conversion, where operating cash flow regularly exceeds reported net income due to substantial non-cash real estate depreciation. Receivables and unbilled lease income remain stable, while uncollectible tenant lease allowances are tightly controlled within management guidance. Because cash collections closely mirror recognized rental revenue, operating earnings accurately reflect underlying portfolio cash generation without reliance on aggressive accruals or non-operating gains.

Estimate momentum

Consensus earnings estimates for Kimco have experienced positive momentum following second-quarter earnings, with FY2026 and FY2027 earnings per share expectations revising upward alongside raised management guidance. Revenue revisions have also trended upward as signed-not-open leases commence rent payments.

Metrics to watch into the print

Metric:
Same-Property Net Operating Income Growth
CurrentTracking within management full-year guidance range and expected to accelerate in the second half of the fiscal year.
Why it matters
Measures organic rental revenue expansion from existing shopping centers after property operating expenses. Acceleration reflects retailer pricing power and contractual escalators, directly expanding operating profit and cash flow per share.

§8 Financial history

Income statement — last six periods
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$1.36B	$1.73B	$1.78B	$2.04B	$2.14B	+11.9%
Gross profit	$946.7M	$1.20B	$1.23B	$1.40B	$1.17B	+5.4%
Operating income	$424.3M	$565.5M	$638.8M	$629.1M	$770.8M	+16.1%
Net income	$844.1M	$126.0M	$654.3M	$410.8M	$584.7M	-8.8%
EPS (diluted)	$0.81	$0.70	$0.90	$0.65	$0.74	-2.2%
EBITDA	$1.34B	$1.08B	$1.40B	$1.26B	$1.60B	+4.4%
R&D	$3.1M	$3.5M	$4.5M	—	—	+20.5%
SG&A	$104.1M	$118.2M	$136.8M	$138.1M	$170.2M	+13.1%

Accepted annual forecast
Metric	2026	2027	2028	2029	2030
Revenue	$2.20B	$2.28B

Cash flow

In FY2025, Kimco generated USD 1,120,015,000 in operating cash flow against reported routine capital expenditures of USD 18,400,000, yielding USD 1,101,615,000 in free cash flow. However, capital intensity fluctuates with acquisition and redevelopment cycles; in FY2024, capex was USD 324,465,000. For the trailing quarter ended June 30, 2026, Kimco posted USD 196,144,000 in operating income and USD 153,963,000 in net income on revenue of USD 550,801,000, demonstrating continued cash flow stability across its shopping center base.

ROIC

Return on invested capital in commercial real estate is characterized by stable asset yields combined with incremental capital recycling gains. Kimco's strategy of recycling low-yielding assets into shopping centers generating 300 to 350 basis points of IRR spread preserves economic profits above its cost of capital.

Kimco generates returns on capital that comfortably cover its weighted average cost of capital of 8.608% and moderate cost of equity of 8.806%, supported by FY2025 operating income of USD 770,823,000.

Operating Margins Have Recovered to Historical Norms

Kimco's operating margin expanded from 30.88% in FY2024 to 36.02% in FY2025 with operating income reaching USD 770,823,000.

Demonstrates operating leverage from positive leasing spreads, though further margin expansion faces limits against Regency Centers' 39.64% peer benchmark.

Latest revenue$2.1BRevenue CAGR +6.9%

Operating margin36.0%10 fiscal periods

Latest free cash flow$1.1BFY2025

Net debt$7.5BFY2025

Income statement breakdownHow business scale converts into reported profit.

StockMarketAgent.AI

Financial history data
Revenue	$2,140,116,000
Cost of revenue	$970,424,000
Gross profit	$1,169,692,000
Operating expenses	$398,869,000
Operating income	$770,823,000
Non-operating items and tax	-$186,082,000
Net income	$584,741,000

Balance sheet snapshotHow reported assets are held and financed at the selected period.

StockMarketAgent.AI

Balance sheet breakdown data
Total assets	$19,688,250,000
Cash	$211,648,000
Current assets	$965,693,000
Total liabilities	$9,120,372,000
Current liabilities	$893,748,000
Shareholders’ equity	$10,543,372,000

Cash-flow statement breakdownHow cash moved through operating, investing, and financing activities in FY2025.

StockMarketAgent.AI

$1.1B − $18.4MFree cash flow $1.1B

Cash-flow statement breakdown data
Net income	$584,741,000
Operating inflow	$1,245,056,000
Depreciation and amortization	$627,090,000
Stock-based compensation	$33,225,000
Operating cash flow	$1,120,015,000
Operating outflow	$125,041,000
Cash available	$1,809,746,000
Beginning cash	$689,731,000
Investing outflow	$376,815,000
Capex	$18,400,000
Other investing activities	$358,415,000
Financing outflow	$1,220,137,000
Share repurchases	$120,329,000
Dividends paid	$711,745,000
Net debt repayment	$325,934,000
Other financing activities	$62,129,000
Ending cash	$212,794,000
Investing cash flow	-$376,815,000
Financing cash flow	-$1,220,137,000

Revenue and earningsHow business scale converts into reported profit.

Cash and debtLiquidity available against total borrowing.

Cash generationOperating cash flow compared with free cash flow.

ProfitabilityGross, operating, and net margin progression.

Point-in-time financial data used in the 2026-10-12 analysis.

Financial history data
Period	Revenue	EBITDA	Net income	Operating cash flow	Free cash flow	Capex	Depreciation and amortization	Stock-based compensation	Share repurchases	Dividends paid	Net debt issuance	Investing cash flow	Financing cash flow	Beginning cash	Ending cash	Cash and investments	Total debt	Operating margin	ROIC	WACC	ROIC − WACC spread
2016-12-31	$1.2B	$708.7M	$378.9M	$592.1M	$579.5M	$12.6M	$355.3M	$19.1M	—	$474M	—	$165.4M	-$804.5M	—	$142.5M	$150.6M	$3.9B	33.6%	—	5.6%	—
2017-12-31	$1.2B	$792.6M	$426.1M	$614.2M	$304.6M	$309.6M	$360.8M	$21.6M	$0	$506.2M	—	-$294.3M	-$223.9M	$142.5M	$238.5M	$251.8M	$4.6B	35.9%	—	5.4%	—
2018-12-31	$1.2B	$893.1M	$497.8M	$637.9M	$407.7M	$230.2M	$310.4M	$18.2M	$75.1M	$529.8M	—	$253.6M	-$986.5M	$238.5M	$143.6M	$153.9M	$4.4B	50.0%	—	4.6%	—
2019-12-31	$1.2B	$767.3M	$410.6M	$583.6M	$455.4M	$128.2M	$277.9M	$20.2M	$0	$531.6M	—	-$120.4M	-$482.8M	$143.6M	$123.9M	$133.3M	$4.8B	41.2%	—	4.2%	—
2020-12-31	$1.1B	$596M	$1B	$589.9M	$362.7M	$227.2M	$289M	$23.7M	$0	$379.9M	—	-$33.3M	-$387.4M	$123.9M	$293.2M	$999.9M	$5B	31.4%	—	5.8%	—
2021-12-31	$1.4B	$1.3B	$844.1M	$618.9M	$402.1M	$216.8M	$395.3M	$23.2M	—	$382.1M	—	-$476.3M	-$101.1M	$293.2M	$334.7M	$1.5B	$7B	31.1%	—	6.4%	—
2022-12-31	$1.7B	$1.1B	$126M	$861.1M	$843.7M	$17.4M	$505M	$26.6M	$3.4M	$544.7M	-$347.8M	-$63.2M	-$982.7M	$334.7M	$149.8M	$744.7M	$6.8B	32.7%	—	7.6%	—
2023-12-31	$1.8B	$1.4B	$654.3M	$1.1B	$807.2M	$264.4M	$507.3M	$33.1M	$0	$657.5M	$439.2M	-$137M	-$300.7M	$149.8M	$783.8M	$1.1B	$7.3B	35.8%	—	8.0%	—
2024-12-31	$2B	$1.3B	$410.8M	$1B	$681.2M	$324.5M	$603.7M	$34.9M	$0	$682.8M	-$130.1M	-$318.5M	-$781.1M	$783.8M	$689.7M	$690.9M	$8B	30.9%	—	9.2%	—
2025-12-31	$2.1B	$1.6B	$584.7M	$1.1B	$1.1B	$18.4M	$627.1M	$33.2M	$120.3M	$711.7M	-$325.9M	-$376.8M	-$1.2B	$689.7M	$212.8M	$211.6M	$7.7B	36.0%	—	7.5%	—

§9 Peer valuation comparison

Kimco Realty CorporationKIM

Price / fair value

Fair value$21.68Report-date price$22.29

AssessedOct 12, 2026

Economic moatNarrow

Investment scorecard52 / 100

Regency Centers CorporationREG

Price / fair value

Fair value$66.75Report-date price$72.95

AssessedSep 20, 2026

Economic moatNarrow

Investment scorecard

Realty Income CorporationO

Price / fair value

Fair value$44.94Report-date price$54.13

AssessedOct 03, 2026

Economic moatNarrow

Investment scorecard

Kimco Realty CorporationKIM

Price / fair value

Fair value$21.68Report-date price$22.29

AssessedOct 12, 2026

Economic moatNarrow

Investment scorecard

Peer multiples and profitability
Ticker	Name	Mcap	P/E	P/S	EV/EBITDA

Kimco Realty Corporation (KIM) trades at 27.5x forward earnings against a peer median of 29.2x. Its EV/EBITDA of 17.4x compares with a peer median of 16.6x. The comparison uses 4 peers: Regency Centers Corporation, Realty Income Corporation, Simon Property Group Inc. and Host Hotels & Resorts Inc., as of 2026-10-11 to 2026-10-12.

§10 Industry & cycle

Cycle phase

Contraction

Industry benchmark capex to depreciation stands at 0.16 while industry capex to revenue is -0.229. Management confirms that new retail construction supply remains virtually non-existent, with demand outstripping available space across open-air centers.⁴

Bull cycle

In an expansionary upcycle, robust consumer spending bolsters retail tenant sales, driving store expansion programs and aggressive bidding for prime suburban footprints. This pushes Kimco's small-shop occupancy above 93%, accelerates same-property NOI growth above the upper bound of 3.5% guidance, and widens capital recycling spreads above 350 basis points.

Bear cycle

In a contractionary retail downcycle, sustained inflation and consumer softness trigger waves of discretionary tenant insolvencies and store rationalizations. Vacancy spikes, credit losses exceed the guided 55 to 75 basis points, leasing spreads compress to low single digits, and elevated refinancing rates across Kimco's USD 8,858,840,064 debt load erode cash distributions.

Secular trends
Trend	Impact	Note
Omnichannel Retail and In-Store Grocery Fulfillment	positive	Physical grocery-anchored centers serve as critical last-mile fulfillment hubs for buy-online-pickup-in-store (BOPIS) orders, reinforcing retailer commitment to physical leases.
Suburban Population Migration and Daytime Traffic Density	positive	Hybrid work patterns keep affluent consumers closer to suburban open-air shopping centers during daytime weekday hours, driving sustained foot traffic for local services and dining.
Higher-for-Longer Interest Rates and Refinancing Pressure	negative

Positioning

Kimco is favorably positioned relative to strip-center and enclosed-mall competitors due to its grocery-dominant tenancy, suburban demographic focus, and diversified credit profile. With FY2025 operating margin at 36.02%, Kimco trails Regency Centers (REG) at 39.64% but significantly outperforms hospitality peer Host Hotels (HST) at 18.22% and operates near the industry average of 38.60%.^3,6

§11 Position management

Sizing

2-3%

Kimco commands a solid portfolio of grocery-anchored retail centers, but with the stock trading at USD 22.29 on October 12, 2026 at a 2.81% premium to our Fair value of USD 21.68, risk-reward is balanced. Existing holders should maintain their allocations, while prospective buyers should defer initiating new positions until a discount to Fair value emerges.²

Risk

Portfolio risk management requires monitoring credit exposure across national retail tenants, tracking debt maturity ladders, and assessing interest rate sensitivity. Kimco's total debt of USD 8,858,840,064 represents a 37.21% debt weight in its capital structure. Investors should ensure position size is calibrated to personal real estate sector limits (typically 2-3% of a diversified portfolio) and hedge against broader commercial real estate multiple compression.

Entry tranches
Level	Action	Why
USD 19.50	Initiate initial tranche for prospective buyers	Represents an approximate 10% discount to our Fair value of USD 21.68, aligning closely with the DDM model valuation of USD 19.42 and providing a 5.7% dividend yield on the USD 1.12 annualized payout.
USD 17.50	Accumulate full position	Provides a nearly 20% margin of safety to our Fair value of USD 21.68, pricing in severe bear-case refinancing and vacancy shocks while offering substantial upside toward Potential value of USD 27.01.

Exit tranches
Level	Action
USD 24.50	Trim position by one-third
USD 27.00	Harvest remaining gains and exit

Quarterly checkpoints
Metric	Threshold	Action
Same-Property NOI Growth	Below 2.5% for two consecutive quarters	Downgrade operating growth assumptions, lower NAV/AFFO estimates, and re-evaluate holding status.
Small-Shop Occupancy Rate	Below 89.0%	Re-assess credit loss reserves and trim position weighting due to declining tenant retention and recovery margins.
Acquisition Reinvestment Spread

§14 Final recommendation

Action

Hold

We recommend a Hold on Kimco Realty Corporation. At USD 22.29 as of October 12, 2026, the stock trades at a 2.81% premium to our Fair value of USD 21.68, offering an implied return of -2.74%.²

While Kimco's grocery-anchored portfolio delivers double-digit renewal leasing spreads and record small-shop occupancy, current valuation fully prices in this operational strength against the headwinds of an USD 8.86B debt load and rising refinancing rates.

KIM	Kimco Realty Corporation	$14.9B	27.5x	6.8x	17.4x	5.8%	—
REG	Regency Centers Corporation	$13.5B	28.7x	8.0x	17.4x	8.2%	39.6%
O	Realty Income Corporation	$51.7B	35.2x	8.5x	15.8x	3.2%	47.0%
SPG	Simon Property Group Inc.	$76.3B	29.7x	11.0x	18.4x	120.5%	46.0%
HST	Host Hotels & Resorts Inc.	$15.7B	21.5x	2.5x	11.4x	15.6%	18.2%

Is Kimco Realty Corporation overvalued?

What is KIM's fair value?

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What archetype is KIM?

Kimco Realty Corporation

Names readers of KIM also follow

Company overview

Leasing spread percentage

Narrow

Sources of advantage

Lenses that set Fair value

Forward Earnings

Same-Property Net Operating Income Growth

Sources

Portfolio small-shop occupancy

Reinvestment cap rate spread

Pre-tax cost of debt

Operating cash flow dividend coverage

Dividend Discount Model

NAV / AFFO

Checks and reference points

Reverse DCF

Renewal and New Lease Spreads

Small-Shop Tenant Occupancy

Acquisition and Disposition Reinvestment Spread

Debt Refinancing Rates and Credit Losses