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Performance was driven by a record 'signed but not open' (SNO) pipeline of $77 million in annual base rent, representing a 410 basis point spread between leased and economic occupancy.

Management attributed the 4.5% FFO growth to higher minimum rents, strong tenant retention, and a credit environment that saw no meaningful bankruptcy activity during the first quarter.

The RPT portfolio integration reached a milestone, with occupancy now surpassing Kimco's legacy assets just two years after the transaction closed.

Strategic positioning remains focused on necessity-driven retail, with 86% of the portfolio now grocery-anchored to provide resilience against macro volatility and fuel price impacts.

Operational outperformance was supported by record-high new lease rents of approximately $29 per square foot, indicating an expanding mark-to-market opportunity as below-market leases roll.

The company is utilizing a capital-light strategy for residential development, prioritizing preferred equity and joint ventures to achieve higher yields on invested capital versus gross project yields.

Full-year 2026 same-site NOI growth guidance was raised to 2.8% to 3.5%, with management expecting acceleration each quarter as the SNO pipeline commences.

The credit loss assumption was tightened to 65 to 90 basis points, reflecting improved visibility and a lack of anticipated major retailer failures for the remainder of the year.

Approximately 60% of the current SNO pipeline is projected to commence in 2026, with the earnings contribution heavily weighted toward the second half of the year.

Transaction activity is expected to build meaningfully in the second half of 2026, targeting a mix of dispositions of low-growth ground leases and acquisitions of high-quality grocery-anchored centers.

Management assumes a continued scarcity of new retail supply, which currently stands at 0.2% under construction, will maintain landlord pricing power and high retention rates.

First quarter results included a $7 million non-cash benefit from accelerated below-market rent associated with early lease termination-related recaptures.

G&A expenses were seasonally elevated by $6 million due to the timing of annual equity award grants for retirement-eligible employees, a shift from the prior year's second-quarter timing.

The American Signature bankruptcy caused a 10 basis point dip in occupancy, though management expects a 25% mark-to-market rent increase upon re-leasing those boxes.

Geopolitical uncertainty and rising fuel prices are noted as potential headwinds for discretionary spending, though management believes their discount and necessity-based tenant mix mitigates this risk.

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Management expects economic occupancy to grow toward the 94.5% historical high-water mark, anticipating that economic occupancy will move toward that level as they enter 2027.

They noted that while compression is the goal for cash flow, maintaining a healthy spread is positive as it indicates a continuous pipeline of future revenue growth.

Retailers are becoming more flexible with prototypes and are willing to sign leases much faster to secure limited high-quality space.

Tenants are increasingly focused on 'value engineering' boxes to lower CapEx and accelerate opening dates rather than just negotiating on rent.

Kimco is actively marketing several hundred million dollars in flat, low-growth ground leases and select residential properties to recycle capital into higher-yielding multi-tenant centers.

Management highlighted the ability to sell multifamily assets at low cap rates (high 4s to low 5s) and reinvest in retail assets with implied cap rates near 6.8%.

Management acknowledged a 15% valuation discount relative to peers but argued that their A-/A3 balance sheet and organic growth profile make them a compelling 'generalist' investment.

They emphasized that Kimco has achieved top-tier earnings growth without a cost-of-capital advantage, relying entirely on internal operations and the SNO pipeline.

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