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 research已分析 2026-10-12

Kimco Realty Corporation

KIM

持有

估值合理 · 距公允价值 2.7%

Report-date price

US$22.29

Recorded 2026-10-12

公允价值

US$21.68

潜在价值

US$27.01

估值上限

经济护城河

Narrow6.5 / 10

英文原文ZH

翻译期间显示英文原文

此报告尚未翻译。翻译队列赶上后请在几分钟内刷新。

§1 执行摘要EN

30 秒读懂Hold

价格与价值对比

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

投资逻辑为何可能成立

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.

哪些因素会改变我们的看法

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 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 看空情景EN

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.

该论点可能失败的方式

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

-7.5%

需关注的早期预警信号

可能削弱我们投资逻辑的五项变化。

Leasing spread percentage

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

当前：Solidly double digits as of Q2 2026

触发警报：At or below 5.0% across two consecutive quarters

§3 竞争护城河EN

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%.

经济利润

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

对护城河的已知威胁
威胁	严重程度	时间线	缓解措施
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
Retailer Bankruptcies and Box Lease Rejections

§5 敏感性

折现率

终值增长

	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

行：折现率（盈利模型用 Ke，现金流模型用 WACC）。列：终值增长。

持续期变化（年）

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 悬崖

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 业绩决策树EN

超出

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.

触发: 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.

符合预期

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

触发: 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.

未达

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

触发: 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.

盈利质量

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.

预期变化

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.

业绩公布前需关注的指标

指标:
Same-Property Net Operating Income Growth
当前Tracking within management full-year guidance range and expected to accelerate in the second half of the fiscal year.
为何重要
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 财务历史

损益表 — 最近六期
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%

采用的年度预测
指标	2026	2027	2028	2029	2030
Revenue	$2.20B	$2.28B

现金流

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.²

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.

最新营收US$21.4亿营收复合年增长率 +6.9%

营业利润率36.0%10个财务期间

最新自由现金流US$11亿FY2025

净债务US$75.1亿FY2025

利润表明细业务规模如何转化为报告利润。

StockMarketAgent.AI

财务历史数据
营业收入	US$2,140,116,000
营业成本	US$970,424,000
毛利	US$1,169,692,000
营业费用	US$398,869,000
营业利润	US$770,823,000
营业外项目及税项	-US$186,082,000
净利润	US$584,741,000

资产负债表概览所选期间已报告资产的持有结构与融资来源。

StockMarketAgent.AI

资产负债表明细数据
总资产	US$19,688,250,000
现金	US$211,648,000
流动资产	US$965,693,000
总负债	US$9,120,372,000
流动负债	US$893,748,000
股东权益	US$10,543,372,000

现金流桥FY2025经营现金流转化为自由现金流的过程。

StockMarketAgent.AI

US$11.2亿 − US$1840万自由现金流 US$11亿

现金流桥数据
净利润	US$584,741,000
经营现金流入	US$1,245,056,000
折旧与摊销	US$627,090,000
股份支付	US$33,225,000
经营现金流	US$1,120,015,000
经营现金流出	US$125,041,000
可用现金	US$1,809,746,000
期初现金	US$689,731,000
投资现金流出	US$376,815,000
资本支出	US$18,400,000
其他投资活动	US$358,415,000
融资现金流出	US$1,220,137,000
股份回购	US$120,329,000
已付股息	US$711,745,000
净债务偿还	US$325,934,000
其他融资活动	US$62,129,000
期末现金	US$212,794,000
投资现金流	-US$376,815,000
融资现金流	-US$1,220,137,000

营收与利润业务规模如何转化为报告利润。

现金与债务可用流动性与总借款的对比。

现金创造能力经营现金流与自由现金流的对比。

盈利能力毛利率、营业利润率和净利率的变化。

2026-10-12分析所采用的时点财务数据。

财务历史数据
期间	营业收入	EBITDA	净利润	经营现金流	自由现金流	资本支出	折旧与摊销	股份支付	股份回购	已付股息	净债务发行	投资现金流	融资现金流	期初现金	期末现金	现金与投资	总债务	营业利润率	ROIC	WACC	ROIC−WACC利差
2016-12-31	US$11.7亿	US$7.1亿	US$3.8亿	US$5.9亿	US$5.8亿	US$1261.4万	US$3.6亿	US$1907.1万	—	US$4.7亿	—	US$1.7亿	-US$8亿	—	US$1.4亿	US$1.5亿	US$39.3亿	33.6%	—	5.6%	—
2017-12-31	US$12亿	US$7.9亿	US$4.3亿	US$6.1亿	US$3亿	US$3.1亿	US$3.6亿	US$2156.3万	US$0	US$5.1亿	—	-US$2.9亿	-US$2.2亿	US$1.4亿	US$2.4亿	US$2.5亿	US$46亿	35.9%	—	5.4%	—
2018-12-31	US$11.6亿	US$8.9亿	US$5亿	US$6.4亿	US$4.1亿	US$2.3亿	US$3.1亿	US$1822.1万	US$7512.6万	US$5.3亿	—	US$2.5亿	-US$9.9亿	US$2.4亿	US$1.4亿	US$1.5亿	US$43.8亿	50.0%	—	4.6%	—
2019-12-31	US$11.6亿	US$7.7亿	US$4.1亿	US$5.8亿	US$4.6亿	US$1.3亿	US$2.8亿	US$2020万	US$0	US$5.3亿	—	-US$1.2亿	-US$4.8亿	US$1.4亿	US$1.2亿	US$1.3亿	US$48.3亿	41.2%	—	4.2%	—
2020-12-31	US$10.6亿	US$6亿	US$10亿	US$5.9亿	US$3.6亿	US$2.3亿	US$2.9亿	US$2368.5万	US$0	US$3.8亿	—	-US$3327.3万	-US$3.9亿	US$1.2亿	US$2.9亿	US$10亿	US$50.4亿	31.4%	—	5.8%	—
2021-12-31	US$13.6亿	US$13.4亿	US$8.4亿	US$6.2亿	US$4亿	US$2.2亿	US$4亿	US$2315万	—	US$3.8亿	—	-US$4.8亿	-US$1亿	US$2.9亿	US$3.3亿	US$15.4亿	US$70.3亿	31.1%	—	6.4%	—
2022-12-31	US$17.3亿	US$10.8亿	US$1.3亿	US$8.6亿	US$8.4亿	US$1743.2万	US$5.1亿	US$2663.9万	US$344.1万	US$5.4亿	-US$3.5亿	-US$6321.7万	-US$9.8亿	US$3.3亿	US$1.5亿	US$7.4亿	US$67.8亿	32.7%	—	7.6%	—
2023-12-31	US$17.8亿	US$14亿	US$6.5亿	US$10.7亿	US$8.1亿	US$2.6亿	US$5.1亿	US$3305.4万	US$0	US$6.6亿	US$4.4亿	-US$1.4亿	-US$3亿	US$1.5亿	US$7.8亿	US$11.1亿	US$72.6亿	35.8%	—	8.0%	—
2024-12-31	US$20.4亿	US$12.6亿	US$4.1亿	US$10.1亿	US$6.8亿	US$3.2亿	US$6亿	US$3490万	US$0	US$6.8亿	-US$1.3亿	-US$3.2亿	-US$7.8亿	US$7.8亿	US$6.9亿	US$6.9亿	US$79.6亿	30.9%	—	9.2%	—
2025-12-31	US$21.4亿	US$16亿	US$5.8亿	US$11.2亿	US$11亿	US$1840万	US$6.3亿	US$3322.5万	US$1.2亿	US$7.1亿	-US$3.3亿	-US$3.8亿	-US$12.2亿	US$6.9亿	US$2.1亿	US$2.1亿	US$77.2亿	36.0%	—	7.5%	—

§9 同业估值比较

Kimco Realty CorporationKIM

股价 / 公允价值

公允价值US$21.68Report-date priceUS$22.29

评估日期2026年10月12日

经济护城河Narrow

投资评分卡52 / 100

Regency Centers CorporationREG

股价 / 公允价值

公允价值US$66.75Report-date priceUS$72.95

评估日期2026年9月20日

经济护城河Narrow

投资评分卡56 / 100

Realty Income CorporationO

股价 / 公允价值

公允价值US$44.94Report-date priceUS$54.13

评估日期2026年10月03日

经济护城河Narrow

投资评分卡58 / 100

Kimco Realty CorporationKIM

股价 / 公允价值

公允价值US$21.68Report-date priceUS$22.29

评估日期2026年10月12日

经济护城河Narrow

投资评分卡52 / 100

同业倍数和盈利能力
代码	名称	市值	P/E	P/S	EV/EBITDA	ROE

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 行业与周期EN

周期阶段

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

牛市周期

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.

熊市周期

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.

长期趋势
趋势	影响	备注
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

定位

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 仓位管理EN

仓位规模

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

风险

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.

建仓批次
水平	操作	原因
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.

减仓批次
水平	操作
USD 24.50	Trim position by one-third
USD 27.00	Harvest remaining gains and exit

季度检查点
指标	阈值	操作
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 最终建议EN

操作

持有

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%

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Kimco Realty Corporation

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公司概览

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