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Hello, everyone. Thank you for joining us, and welcome to Kimco Realty's 1st quarter 2026 Earnings Conference Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, please press star one again. I will now hand the conference over to David Bujnicki, Senior Vice President of Investor Relations and Strategy. David, please go ahead.

Good morning, thank you for joining Kimco's quarterly earnings call. The Kimco management team participating on the call today include Conor Flynn, Kimco's CEO, Ross Cooper, President and Chief Investment Officer, Glenn Cohen, our CFO, David Jamieson, Kimco's Chief Operating Officer, as well as other members of our executive team that are also available to answer questions during the call. As a reminder, statements made during the course of this call may be deemed forward-looking, and it is important to note that the company's actual results could differ materially from those projected in such forward-looking statements due to a variety of risks, uncertainties, and other factors. Please refer to the company's SEC filings that address such factors. During this presentation, management may make reference to certain non-GAAP financial measures that we believe help investors better understand Kimco's operating results.

Reconciliations of these non-GAAP financial measures can be found in our quarterly supplemental financial information on the Kimco Investor Relations website. In the event our call was to incur technical difficulties, we'll try to resolve as quickly as possible, and if the need arises, we'll post additional information to our IR website. With that, I'll turn the call over to Conor.

Good morning, thanks for joining us today. When we spoke in February, I laid out a clear set of priorities for 2026. Convert our record signed, but not open pipeline into cash flow, recycle capital aggressively to close the gap between our public and private market valuations, modernize the operating platform to drive speed and efficiency while continuing to push occupancy and same-site NOI growth, all underpinned by the structural strength of our grocery anchored portfolio. Three months in, I'm pleased to report we are executing on each of these fronts. Let me walk you through the highlights. Dave Jamieson will provide additional detail on leasing. Ross will cover the transaction market, and Glenn will take you through our financial results and outlook. The momentum we built in 2025 has carried into 2026.

For the first quarter, we outperformed as we delivered FFO of $0.46 per diluted share, a 4.5% increase over the prior year, driven by higher minimum rents, strong tenant retention, and favorable credit loss. Same property NOI grew 1.7%, which is consistent with the cadence we outlined in February that the first quarter would mark the low point of the year as we lap prior year rents related to Joann's, Party City, Big Lots, and Rite Aid. Our tenant credit profile is also as strong as I can ever remember. Customarily, credit loss tends to be higher during the first quarter as challenged retailers look to get through the holiday season. This year, we didn't experience any meaningful bankruptcy activity and don't foresee that materially changing over the course of the year.

As we look ahead, we anticipate accelerating same-site NOI growth through the balance of the year as rents commence from our signed but not open pipeline. Speaking of leasing, our team delivered 576 deals totaling 4.4 million sq ft with new lease spreads of 23.8% and combined spreads of 11.3%. That volume reflects the deep, broad-based demand that characterizes our markets. Most importantly, our signed but not open pipeline grew to $77 million of annual base rents, a new all-time record for Kimco, representing 410 basis points of leased versus economic occupancy spread. That is contracted, visible cash flow sitting in the pipeline waiting to convert, and it's the single clearest indicator of where our earnings are headed.

Occupancy came in at 96.3% pro rata, 50 basis points higher than a year ago, and down just 10 basis points from our all-time high at the end of last year. I'll let Dave provide more detail on leasing in a moment, but I want to highlight a milestone that speaks directly to the power of our platform. When we closed the RPT transaction just two years ago, that portfolio carried an occupancy gap of roughly 130 basis points lower than Kimco's legacy assets.

At the end of the first quarter, we not only closed the gap, we surpassed it as the RPT portfolio occupancy is slightly higher than Kimco's. Importantly, even at these occupancy levels, the portfolio continues to have a meaningful runway of below-market rents, providing a significant mark-to-market opportunity as leases roll. Now allow me to touch on the macro environment.

Geopolitical uncertainty has injected some volatility into the broader economy in near term retail sentiment, including the rise of fuel prices and its impact on the consumer. We are not dismissing that, but it is also where the durability of Kimco's portfolio becomes more apparent. Our tenant base is anchored in discount and necessity-driven retail, grocers, off-price, fitness, and everyday services. The categories that have historically demonstrated resilience precisely when discretionary spending comes under pressure.

The first quarter validated that thesis as our traffic at our centers was up more than 2% year-over-year. Retailers are looking beyond the near term macro issues and remain focused on the long term as demand for quality space remains strong, supported by the scarcity of high-quality vacant space and virtually no new supply entering our markets. The structural backdrop remains squarely in Kimco's favor, and our leasing performance reflects that.

Demand across the portfolio is strong, spreads are healthy, and we see no signs of that changing. In closing, Kimco entered 2026 with the strongest operational foundation in our company's history, and the first quarter reinforced the financial power of our platform. Strong demand, a record signed, but not open pipeline, disciplined capital recycling, the strongest balance sheet we've ever had, and one of the most resilient tenant bases in the sector give us the building blocks to continue delivering at the top of the shopping center space. I'll now turn it over to Dave for an update on leasing activity in the operating portfolio.

Thank you, Conor. I'll cover our first quarter leasing results, the SNO pipeline, and the progress we're making on our operating transformation, all of which point to a compelling growth trajectory as we move through the year. I'll hand it over to Ross. The first quarter demonstrated that the embedded growth in this portfolio is real and accelerating. We closed 576 deals totaling 4.4 million sq ft with new leases delivering spreads of 23.8%, a clear reflection of the mark-to-market opportunity ahead of us. Renewals and options came in at 12% and 7.9% respectively, and overall blended spreads across new leases, renewals, and options were 11.3%. That extends our streak to 15 consecutive years of positive leasing spreads, a track record that speaks to the enduring pricing power of our real estate.

New leasing activity remains strong on both deal count and GLA, reinforcing that retailer demand for our centers is deepening, not plateauing. Packaged leasing continued to build momentum as we secured four leases with Dollar Tree, signing several of those in under 30 days. In our lifestyle portfolio, we signed two leases with Anthropologie and executed our first deal with Patagonia. This activity validates the strategy behind our dedicated lifestyle operating team and signals growing institutional interest in this segment of the portfolio. Average new lease rents for the quarter came in near $29 per sq ft, the highest we've ever reported. This is a significant data point. It tells us that the mark-to-market opportunity in this portfolio is not narrowing, it is expanding. As below-market leases continue to roll, we are capturing that embedded upside at record rent levels.

Overall, retailer demand is broad-based and diversified across anchors, junior anchors, and small shops, spanning grocery, off-price, fitness, and general merchandise. The pace of new deal execution through Q1 surpassed the comparable period last year, and the pipeline heading into Q2 remains robust. Crucially, retailers are not pulling back. They are committing to long-term store opening programs, which is the strongest possible signal of confidence in the open air format and specifically in Kimco centers. Retention reinforces the growth story. Excluding bankruptcy-related activity, we had 47 fewer vacates, a direct reflection of strong store-level performance and the scarcity of viable alternatives for tenants in our markets. They are staying because they are growing in our centers. Small shop occupancy rose 80 basis points year-over-year to 92.5%, near historic highs, and that trajectory has room to continue.

Looking ahead, we are positioned to unlock meaningful incremental growth in occupancy and rent through our active repositioning and redevelopment pipeline. The grocery anchor redevelopment program is a particularly powerful catalyst with approximately 15 anchor grocery projects. The SNO pipeline is where the near-term growth story comes into sharpest focus. As Conor mentioned, the pipeline stands at a record $77 million in annual base rent, with occupancy up from 390-410 basis points since year-end. Over 60% of the current SNO is projected to commence in 2026, with commencements weighted toward the second half, meaning the earnings contribution ramps into a period where visibility is high. Our singular operational focus is velocity, converting signed leases to cash paying rent as efficiently as possible. We are already tracking ahead of plan.

Projected cash flow rent from 2026 commencements has increased to $31 million, up from an original budget of $28.5 million, a $2.5 million improvement that reflects both the strength of the pipeline and the operational progress we've made in accelerating commencements. Q1 actual commencements will contribute approximately $13 million in 2026, with over $18 million projected from leases commencing in Q2 through Q4. The growth ramp is in front of us. It is well defined. This acceleration is directly attributable to the structural changes we put in place. Although we officially go live in Q3, we are already seeing the benefits of the new structural changes via earlier contractor engagement and tighter coordination across leasing, construction, and asset management under this new operating model. The organizational transformation we outlined last quarter is not a future benefit.

It is already showing up in the numbers. To sum up, the fundamentals of this business are strong, and the growth vectors are clear. 15 consecutive years of positive leasing spreads, a record SNO pipeline with $31 million in projected 2026 commencements already tracking two and a half million dollars ahead of plan, improving tenant retention, record new lease rents in a grocery anchored redevelopment program enhancing merchandising, traffic, and long-term growth, and an organizational structure and technology platform that are making us faster and more efficient. The investments we outlined last quarter are already showing up in execution. We are not waiting for growth. We are building it quarter by quarter. With that, I'll turn it over to Ross for an update on the transaction market.

Thank you, Dave, and good morning. As we anticipated, the first quarter was relatively quiet from a transaction volume standpoint. While activity was intentionally measured, we used this period productively, advancing our disposition pipeline, continuing to underwrite and analyze acquisition and structured investment opportunities, and maintaining the discipline that defines our capital allocation approach. This measured start to the year was consistent with our 2026 plan. We remain confident in achieving our full year transaction guidance, with activity weighted toward the second half.

Open-air retail has firmly established itself as one of the most sought-after asset classes in commercial real estate, with investor demand supported by strong sector fundamentals, record occupancy, limited new supply, and durable necessity-based cash flows. As a result, cap rates have remained low and resilient, with best-in-class grocery anchor centers in top markets trading in the low to 5 mid percent range.

The recently announced acquisition of Whitestone REIT by Ares Management, an all-cash transaction valued at approximately $1.7 billion, is the latest evidence of how aggressively private capital is pursuing our sector and highlights the persistent disconnect between private market valuations for high-quality open-air retail and where our sector trades publicly. Closing the gap remains a key focus for us. In the first quarter, we maintained a disciplined approach to capital recycling, completing the sale of two flat low growth ground leases at cap rates blending to a mid 5% level. We are actively marketing a handful of additional assets, including other ground lease parcels and select residential properties, and we continue to be prudent in structuring these dispositions to shelter gains where possible through 1031 exchanges.

This tax-efficient approach is consistent with the strategy we executed last year and is an important lever in maximizing after-tax returns as we recycle capital from lower growth assets into higher quality investments. Against that backdrop, our ability to source opportunities through proprietary channels continues to be a critical differentiator. On the structured investment side, we were active in the quarter, committing capital to new opportunities at attractive yields, each carrying future acquisition rights under a ROFO or ROFR.

As a result, we're slightly ahead of plan on structured investments and continue to build a deep pipeline of potential future acquisition opportunities that is largely insulated from open market competition. These investments continue to demonstrate the value of our proprietary deal flow. Looking to the balance of the year, we are actively evaluating additional assets to acquire and properties on which to provide structured investment financing.

We expect transaction volume to build meaningfully through the second half, and we remain confident in achieving our full year targets at spreads consistent with our guidance. We are not in a rush. Our proprietary sourcing advantage allows us to be selective, and we will continue to prioritize quality of execution over pace. In summary, with a fortress balance sheet, $2.2 billion in total liquidity, and a robust proprietary pipeline, we are well-positioned as we move through 2026. With that, I'll pass the call to Glenn.

Thanks, Ross, good morning. As the team has outlined, Kimco delivered a strong start to 2026, with 4.5% FFO per share growth, favorable credit trends, and continued balance sheet improvement. I'll focus on the key drivers behind the quarter, followed by the balance sheet and our outlook. The key driver of our FFO result of $0.46 per diluted share was higher pro rata NOI, led by $8.3 million of higher minimum rents, a direct reflection of the contractual escalators and mark-to-market activity embedded in our rent roll. I do wanna call out a few items that affected comparability this quarter. First, the quarter benefited from approximately $7 million from accelerated below-market rent associated with early lease termination-related recaptures. This is non-cash in nature and is reflected in our GAAP revenue line.

It is also important to note that first quarter results benefited from the timing of percentage rent that is seasonally weighted toward the first quarter. We do not expect the percentage rent income collected in the first quarter to be indicative of the remaining quarters, as this dynamic is fully reflected in our full year outlook. G&A expense of $37 million was elevated due to the timing shift of our annual equity award grant into the first quarter.

Last year, this expense was recognized in the second quarter. The biggest driver of the expense is related to retirement-eligible employees in which the full grant value is immediately charged, resulting in approximately $6 million of higher incremental expense in the quarter. As this is a timing issue, there is no material impact for the full year and is also fully reflected in our outlook.

Turning to the balance sheet, we ended the quarter with consolidated net debt to EBITDA of 5.2x or 5.5x on a look-through basis, including pro rata JV debt and preferred stock. These are the best levels we have reported since we began tracking this metric and reflect the cumulative benefit of our deleveraging efforts over the past several years. Liquidity remains strong at approximately $2.2 billion, including $170 million of cash on hand and full availability on our $2 billion unsecured revolving credit facility with no borrowings outstanding. During the quarter, we further improved our capital position by renewing our revolving credit facility, reducing the borrowing spread over SOFR by 5 basis points and extending the initial maturity to March 2030 with two six-month extension options.

We also reduced spreads on $860 million of outstanding term loans, generating roughly $600,000 of annual interest savings while adding extension options on certain tranches. Looking ahead, our 2026 refinancing activity is already a known headwind and fully reflected in our current outlook. The majority of maturities fall in the second half, providing flexibility on when we choose to address. We have a broad set of financing alternatives available to us, including the unsecured bond market, our recently launched commercial paper program, the term loan market, as well as the convertible market, and we will be opportunistic with execution. Now for an update on our 2026 outlook.

Given the positive start to the year, we are tightening our full year 2026 FFO outlook to a new range of $1.81-$1.84 per diluted share from the previous range of $1.80-$1.84 per diluted share. We are updating our outlook based on improved visibility across key drivers, including the following. First, we've raised the full year outlook range for same-site NOI growth to a new range of 2.8%-3.5%, driven by improved visibility into the timing of new rent commencements from our SNO pipeline and better than expected credit loss. As a result, we are tightening our full year credit loss assumption to a new range of 65-90 basis points compared to the previous range of 75-100 basis points.

As we previously noted, we expect our same-site NOI growth to continue to accelerate each quarter going forward for the rest of the year. Our outlook remains dependent on the timing of capital activity, including debt refinancing, acquisitions, dispositions, and redevelopment spending. All other outlook assumptions remain substantially unchanged at this time. In closing, it was a solid quarter of operating growth, better than expected credit performance and continued balance sheet strengthening, which positions us well for continued growth. With that, we'll open the call for questions.

We will now begin your question and answer session. Please limit yourself to 1 question. Please rejoin the queue if you wish to ask a follow-up question. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Michael Goldsmith from UBS. Your line is now open.

Good morning. Thanks a lot for taking my question. On the capital allocation front, you sold a couple of the flat ground leases in the quarter. It sounds like you've been marketing more as well as maybe some of the apartment opportunities. How has the market been for these ground leases and apartments, and how fast do you think you can accelerate some of this capital recycling? Thanks.

Yeah. Thanks, Michael. It's been a really strong market as evidenced by some of the execution that we've taken so far and what we're seeing in the pipeline. We feel really good about the strategy, the guidance, our ability to execute. We do have a fairly substantial pipeline on the disposition side as well as on the acquisition structured side. A couple hundred million of additional dispositions that are at various stages, as well as a similar amount on the reinvestment side. Feeling really good about the execution and what we're gonna be able to accomplish as the year progresses.

Thank you for your question. Your next question comes from the line of Ronald Kamdem from Morgan Stanley. Ronald, your line is now open.

Hi. Thank you for taking my question. This is Caroline on for Ron. As you mentioned, lease occupancy was up year-over-year, but slightly down quarter-over-quarter. I was just wondering if we could hear a little bit more on what you're seeing in terms of occupancy upside in 26, and what plans you have to capture that.

Sure, yeah. On Q1, it was primarily driven by the American Signature bankruptcy. Without that, we would've been flat to slightly positive. When you look at the momentum that we're seeing at the start of 2026, obviously 155 new leases. With retention rates for the first half of the year, we're sitting at over 95%, which is near our all-time highs as well. The cadence of tenants that are wanting to stay in place, exercise renewals or exercise options, negotiate renewals, and then the new lease activity due to the lack of really any new supply, all driven by these demand factors is boding really well for the balance of the year.

When we look at Q2 in terms of our pipeline right now, we're on cadence to what we saw last year, and we have great momentum on those two boxes that we got back in the beginning of this year. For example, with American Signature, our mark to market on those is over 25%. Not only are we gonna be backfilling with higher credit tenants, but the opportunity to drive rents further north.

Yeah. The only thing I would add is the real upside for Kimco and our investors is the growth in economic occupancy. We have a very wide spread in the signed but not open pipeline. When you see that meaningful uptick in economic occupancy as we progress through the year, that's really what'll be a differentiator for us versus the peers.

Thank you for your question. Your next question comes from the line of Michael Griffin from Evercore ISI. Your line is now open.

Great. Thanks. I know, Conor, you just talked there about the economic to leased occupancy delta narrowing. If we're at 410 basis points, call it, this quarter, do you expect that to narrow to 200 basis points by the end of the year? I know you're still about 200 basis points below your all-time record high economic occupancy. Maybe talk a bit about the cadence and expectation of that delta progressing throughout the year.

Yeah. I first wanna take a step back and talk about what creates the SNO pipeline in this 410 basis points. Obviously, the top line is your leased occupancy, and the bottom line is your economic occupancy. Starting first with leased occupancy, we're at 96.3. Our all-time high is 96.4, but we see that there's room to run north of that. For example, we're about 110 basis points below our all-time high in anchor occupancy. If we continue to reach that level and continue to push small shops, you should see leased occupancy grow. As a result of that's future cash flow benefits that we would be getting that we have not yet realized, but that would continue to further expand your SNO pipeline.

That's a good thing because we'd want to continue to see that cadence. On the bottom side, there's the economic occupancy. As Conor just mentioned, we want to continue to see that grow. Right now, we're still below our all-time high of about 94.5%. We have room to run there, and we continue to see that to accelerate through the back half of the year. Not only are tenants now open and operating, but they are also paying higher rents than the previous rents. That also demonstrates future cash flow growth.

It's not to say that you necessarily want to see it compress as a good thing as much as you want to see the cash flow growth come online, and you want to continue to rebuild that cadence and that pipeline to demonstrate even further cash flow growth over the coming years. We see both trending upward as our goal and objective for 2026.

Yeah. I think the nicest part about where we sit today is retention rates are at all-time highs and actually ticked up in the first quarter. Again, that churn that has been relatively constant in retail has actually slowed down meaningfully. The demand side is still there, and we're seeing it being continual on the robust path that it's on. That's why I mentioned that the upside that Kimco has versus our peers is that economic occupancy lift as we move through the year and forward past that.

Your next question comes from the line of Samir Khanal from Bank of America. Your line is now open.

Yeah. Good morning, everybody. I guess my question is around the non-cash GAAP revenue. I mean, it sounds like you did around $21 million in the first quarter, and your guide is, like, $45 million-$55 million. Talk about kind of how to think about the cadence for future quarters and what kind of drove that for the first quarter. Thanks.

Sure. In the first quarter, we actually had some larger below-market rents that came back. We had a couple of leases where we early recaptured those boxes, and that generated an extra $7 million in the first quarter. Again, it is weighted more towards the first quarter. When we look to the back half of the year the second quarter, third, fourth quarter, again, we're expecting right now normal cadence of it. Again, you'll probably look at somewhere in the $8 million-$10 million a quarter of transactions that relate around this non-GAAP revenue. Really, it really is more of this one-timer event in the first quarter lifted by these two large, below-market rents we got back.

Your next question comes from the line of Juan Sanabria from BMO Capital Markets. Your line is now open.

Hi. Good morning, and thanks for the time. I was just wondering or hoping you could talk to a little bit about how you think about the importance of size and liquidity, and being more relevant, I guess, in investors and their mind share, particularly the non-dedicated REIT guys, the generalists, in the environment today and kind of going forward and the need for scale?

Yeah. It's a great question. I think when you look at Kimco today, we are a compelling investment to the generalists. I mean, I think when you look at our relative discount on any different level, you look at our multiple relative to the peer set in our sector, which is at about a 15% discount. You look at our net asset value discount, which is really the sum of all the parts of our assets. We're trading at a discount there as well. You look at the private capital formation and look at the example just at Blackstone alone. Their second highest conviction is in open air grocery anchored shopping centers behind data centers. You look at the transactions of privatizations of public REITs.

You look at ROIC, you look at Alexander & Baldwin, you look at Whitestone, you look at the compelling factors of the cash flow growth that we're seeing. You look at the relative multiple against other sectors as well versus Kimco with an A- A3 balance sheet, top of the charts earnings growth, one of the lowest G&A loads. I think we actually have a very compelling offering to the generalist community. REITs today obviously are dealing with higher interest rates and higher fuel prices, but we feel like we have the supply and demand dynamic that really shines relative to other sectors and relative to other peers in our sector.

We actually feel like the size and the relative strength of the balance sheet, the growth profile, and the team gives us the opportunity to capture mind share when we go out to generalists, and we do that consistently. Outside of just the normal REIT sector and REIT conferences, we feel like we have a compelling offering as Kimco really shines on all those metrics and the offering opportunity we present today.

Thank you for your question. Your next question comes from the line of Alexander Goldfarb from Piper Sandler. Your line is now open.

Hey, morning out there. Just a question from the tenant perspective. Given this environment where space is quickly sort of vanishing, if you will, and, basically nothing is being built, are you seeing a difference in how the tenants approach leasing? Meaning, are you seeing either the CEOs more involved, or the tenants rethinking how they go out to landlords to lease space or how they think about their leasing? Or they pretty much have their set game and they're doing not what they've always done. I'm just trying to understand from the tenant's perspective, it's got to be different, I would think, just given, you're close to 98% anchor lease, 92% small shop.

Like, I got to think that their game is different than years ago when there was a lot more availability.

Yeah, Alex, great question. I'll sort of break it down to a handful of things. One, that you're absolutely right and the tenant is changing their approach. They're becoming much more flexible in terms of how they view their prototype. They're becoming much more aggressive in wanting it to get out in front of new opportunities and/or potential future opportunities and a willingness to sign leases much sooner. As a result of that, as you've seen with us doing the package deals, most notably, obviously in Q1, we did a bunch of Dollar Tree deals. It's not so much that we did Dollar Tree deals, but it's more important about the pace and the cadence in which we got those done.

There was a few examples in that package in which they got their committee to approve it in, I'd say, early to mid-March, and then we had the deal signed by the end of March. There's a huge motivation on their part to move much quicker and much faster and work with us as a, as a, as a landlord partner to find a way and a means to do that. Second to that is on the economic structure. Obviously, when you have a competitive set, you can start to negotiate and work through terms, and the idea of value engineering boxes, lowering CapEx costs to deliver the space sooner is really, really important, not only for them, but also for us.

We found other ways in which to work with our retail partners to get the leases signed, but then on the back end, leveraging our relationships and our skills to obviously value engineer to lower CapEx costs and then to get the tenants open sooner is of huge value to the retailers. For example, with our Sprouts package, our construction team has been working tirelessly with their team to try to pull forward those open dates through the course of this year, which is of real value to them to help them hit their open to buy.

It's really becoming this, healthy dynamic between the both parties, and we're working very constructively together, which was also part of the impetus of, when we went through this reorg to make sure that we're functionally aligned on the leasing side to unlock the full potential of our scale.

Your next question comes from the line of Cooper Clark from Wells Fargo.

Thanks. On the 3,700 multifamily units entitled for development that you cited as a near-term opportunity over the next three years, could you walk through where yields are today if you were to start those projects? Then, also where you think some of the multifamily dispositions in the pipeline you mentioned earlier may trade on a cap rate basis.

Yeah, sure. On the near-term projects, you're usually seeing gross yields in in the fives, mid-fives or so, low fives, depending on where you are in the market. Maybe in some secondary markets, you go slightly higher than that. As a reminder for us, we do a capital-light strategy with a prep program, our yield on invested capital for Kimco is much higher than that. Recently we completed Coulter on a gross basis. It was in the fives. Our invested capital was in the eights, we're seeing meaningful value in the approach and want to be extremely selective on when we activate these projects.

That's a pipeline that we're monitoring over the next three years, as you articulated, and we'll look to activate it. As it relates to the sales side, I'll pass it over to Ross.

I mean, on the disposition side, we continue to see really strong pricing on multifamily, in some cases, high fours, low fives. If you look at the multifamily that we've activated that we own in our portfolio, you have to keep in mind that those projects were very targeted for the best locations, some of the best mixed-use projects within our portfolio. Having the amenity of the retail that we provide in those assets really helps fuel the demand from investors for that product. As we are very measured and disciplined in what we look at from within our portfolio, we can be extremely selective in which of our projects we look to crystallize that value.

Going back to our strategy, taking that really low cap rate capital that we can then reinvest in higher-yielding multi-tenant shopping centers that is very much a part of our go-forward strategy.

Your next question comes from the line of Greg McGinniss from Scotiabank. Your line is now open.

Hey, good morning. According to some Q1 broker reports, looks like market rent growth might be slowing despite the limited new supply and low vacancy. We saw that your naked anchor leasing is assuming 30% mark to market this year, which implies, I think, like $17 per sq ft rents, which is kind of below where you signed anchors over the last few years. A couple questions. One, are you experiencing any of this kind of slowdown in market rent growth? Two, of those 34 anchors, I guess how many are re-leased, and is that lower rent per square foot assumption location specific, or is there some sort of pullback that you're seeing?

No, there's no pullback. I mean, just in this quarter alone, our new leases on anchor leases was over $20 a foot, which is in the supplemental as well. You're seeing meaningful mark-to-market adjustments obviously at $13 on existing base rents. There's real upside there, as you alluded to and what I just reinforced. As it relates to the 34 over, almost 100% of them are resolved, 96 to be more specific at this point, with the balance sort of trailing towards the end of the year, which is sort of natural cadence for negotiating. No, no meaningful slowdown there. Really for us, it's always looking at that embedded value on the mark-to-market and how we can push those rents further north.

Obviously on the demand side, it's continuing to prove out in a positive way. Again, on our new lease side, we just posted $29 a foot on new lease rents, which is the highest we've ever had in Kimco.

I think one thing to watch too is the retention rates being so high that existing tenants are unlikely to give up a space today because they know the economics across the street or down the road are gonna be much, much more challenging for them to meet than what they currently have. If you have a proven store, you have less risk in terms of projecting sales going forward. What we've seen is retailers really lean into their assets that they currently have, reinvest in those stores, and make the compelling argument that what they have is really the best economic deal they're gonna find in that market.

Your next question comes from the line of Rich Hightower from Barclays. Your line is now open.

Hi, good morning, guys. Just to go back to the downward revision in expected credit loss for the year. Can you just break that out between sort of known situations? Obviously, you had some known situations in the first quarter, but, known versus theoretical, sort of based on the economic environment and what the potential flex in that number could be as we go throughout the year.

Yeah. Thanks for the question, Rich. We're really encouraged by the 52 basis points that we experienced for the first quarter. We're not really seeing any slowdown when it comes to our small shop tenants. There's no creep that we're really seeing. On the bankruptcy front we know that Painted Tree just filed. It's a small impact for us. There's only five leases there. We don't anticipate anything significant in the credit loss line for that. Obviously, it's early innings, it's the first quarter, and there's a lot of uncertainty out there in the macro environment. We feel comfortable with that revised 65-90 basis points on an annual basis at this point.

Nothing really specific that we're seeing again on any tenants that for the rest of the year.

Thank you for your question. Your next question comes from the line of Craig Mailman from Citi. Your line is now open.

Hey, good morning. I just wanna go back to the conversation about kind of being near peak lease rate in the SNO pipeline. I'm just kind of curious. The trajectory looks very good into 2027. Is there anything that you guys are doing internally on sort of operating the portfolio as you get to this peak level? Does it give you more flexibility to, I guess, negotiate tougher or re-merchandise at a more aggressive pace to where it could kind of slow the trajectory of breaking through that peak because you guys are intentionally trying to maximize revenues rather than optimize kind of for lease rate? Just kind of curious if there's anything on that side of the equation we should think about from just a growth perspective here in 2027 and maybe even 2028.

Yeah. I mean, our number one objective is maximizing cash flow growth. I'd say you start with that, and then the occupancy side is a secondary benefit to that. When we're looking at the opportunities to backfill vacant space, we're exploring sort of what is the highest and best value for the box and for the center. If we're able to backfill a space at a mark-to-market adjustment and see a meaningful spread from prior rents at lower cost, that's a great opportunity, assuming everything else is relatively stable within the center or it's the best mousetrap within the market. Secondarily, if we see an opportunity where we can add grocery that's a major priority of ours.

We're over 86% grocery anchored within the portfolio at this point, and we wanna continue to push that, as far as we can. We may create vacancy to support that initiative because what we're seeing on our active grocery projects, currently we have 15 active projects under construction right now. We're seeing meaningful mark-to-market adjustments and premiums on the small shop space of upwards of 25%. That ties back to driving cash flow growth for the future. Obviously in that case, you may take some occupancy offline for that benefit, the future long-term benefits of stable higher rents with higher growth is much more valuable. We always look at the available options on the table and are driven solely by the fact of what will be best to drive future cash flow growth for the company.

Yeah, the only thing I would add in going back is, again, the economic occupancy is relatively low, so that as that continues to improve, we'll get triple nets as well as the base rent, and the margins will improve. If you bring down the CapEx load, which we're starting to see as well, on the go forward asset management of the portfolio, your free cash flow will continue to improve, which allows you to invest accretively across all of our different levers for growth. That early flywheel, I would say we're in the very early innings of that. So we're really excited because we see this as the trajectory to really enhance and improve the growth profile, all while the last two years we've been at the very top of the sector in terms of earnings growth.

Thank you for your question. Your next question comes from the line of Floris van Dijkum from Ladenburg. Your line is now open.

Thank you. The SNO pipeline obviously very, very attractive at, I think 36% higher rents than your in-place rents. I guess the question I had for you are, also going down to the bottom line, as you think about your portfolio occupancy getting higher, your retention rates being higher, how do you forecast your leasing costs and your AFFO going forward? Obviously, you've had a number of anchor bankruptcies in the past, and you're still working on getting those anchor spaces filled and presumably recognizing the leasing costs. How should investors think about your AFFO trajectory or your FAD trajectory going forward?

Yeah, Floris, great question. As we continue to construct and open the signed leases and get the tenants operating in our shopping centers, that CapEx load should start to taper over time as your economic occupancy starts to grow, to Conor's points earlier. That should be the natural trend that you ultimately see on the back end. Just overall with the continued negotiations that we mentioned earlier in the call about value engineering and finding improvements in our use of capital and lowering those costs to get deals done is a continuation of just good prudent leasing discipline that we continue to exercise.

The only thing I would add, Floris, is that AFFO growth, that inflection point, is what's driving the best and brightest in the private capital markets to lean into grocery-anchored shopping centers. We're at the very early innings of that inflection point. When you look at other sectors, nobody has the supply and demand dynamics that we have. The new supply under construction actually ticked down to 0.2%. That's the lowest of any commercial real estate sector. Then you look at the occupancy levels and the demand side, it really is going to be a, I think, a significant inflection point where you have a lot of pricing power, not a lot of supply, and the existing tenants are trying to grow and are gonna be trying to jump in front of one another to push rents.

It's an exciting point in sort of Kimco's history to be where we can point to that spread in sign but not open, also while driving really strong earnings growth at the same time.

Your next question comes from the line of Haendel St. Juste from Mizuho. Your line is now open.

Hi, good morning. This is Ravi Vaidya on the line for Haendel. Hope you guys are doing well. I wanted to ask about the guidance here. Regarding the bad debt, how much of that was driving the uptick in the guide? Was bad debt changed by the number of outperformance that was done in the first quarter? What was embedded regarding buybacks initially and post-guidance range? Thank you.

Sure. Credit loss was certainly better in the first quarter. We came in at, as Kathleen mentioned, at 52 basis points. Overall, if you think about every 10 basis points is about $1 million in change. A little bit of help certainly coming from the credit loss side of things. Again, the impact and the beat for the quarter really is operationally. Minimum rents were higher by about $8 million, and that's the primary driver overall for why FFO was $0.01 higher during the quarter. With regards to share buybacks and things like that, again, we are always watching daily, looking at what our cost of capital is. In the very beginning of the quarter, we bought back a little bit of stock when the stock was under $20.

We took advantage of that in a very small amount. Obviously, during the first quarter, we've seen good improvement. Again, we're still trading at a pretty significant discount when you look at where the overall trading's at. I mean, we have a probably an implied cap rate or in the 6.8% level. Our FFO yield, where we're sitting today is around 7.7%. We're always keeping a constant eye on the opportunity. For right now there's really not a lot baked into the guidance in terms of share buybacks.

Thank you for your question. Your next question comes from the line of Wes Golladay from Baird. Your line is now open.

Hey, good morning, everyone. Can you talk about your overall apartment NOI exposure from ground leases? I assume it's all through ground leases, but maybe you can clarify that as well.

Yeah, it's relatively small in terms of our impact right now.

The evolution of the apartment activation projects really restarted with ground leases, really as a no cost to Kimco, where we entitled the project ourselves and then looked at the parking lots, where we could activate, where we wouldn't have to take any retail offline. That clearly we have a ROFR on that as well. The thought process being as the apartment is developed, and if that developer ever wants to sell it, they're selling a leasehold, while we can potentially match and acquire it from a fee position.

There should be a nice spread that we can compress there. After that, we decided to contribute the land into joint ventures and add some preferred into the structure, as David Jamieson mentioned, is what we did at Suburban Square with Coulter, which allows us a higher return on invested capital than what the actual gross returns look like. That usually lines up with about a 50-50 joint venture, where we can ride the upside of the NOI growth. We continue to manage the pipeline of activation to see where it makes sense. Obviously, there was a lot of supply delivered in the apartment sector on this last year. A lot of it is being absorbed, and certain markets are showing sort of a turn and a relatively strength here in the spring.

As we look forward, we'll continue to look for CapEx-light activation opportunities where, again, we can contribute our land, which really has a 0 basis because it's parking lots in our shopping centers. I often talk about this, that, like, we have, I think, one of the most underutilized forms of commercial real estate. We have a single-story building that comprises about 20% of the FAR of the asset, and the rest of it, that 80%, is just parking lot. That's not generating any revenues. With driverless cars here there's a lot of opportunities for us to continue to see parking ratios get lowered, which allows us to activate more of the parking lot for highest and best use. That's why we've been leaning into this entitlement program that, again, allows us to unlock that future value for our shareholders.

We have a number of different ways to do it, but does not put a lot of capital at risk.

Thank you for your question. Your next question comes from the line of Paulina Rojas from Green Street. Your line is now open.

Good morning. In your investor presentation, you highlight that Kimco trades at a discounted multiple relative to peers. I have two related questions. First one is, what do you attribute that disconnect to? Second, what do you think the market needs to see to change that assessment?

I was gonna ask you that question. That's a good one. I think there's a combination of things that obviously being large and liquid, sometimes is in your favor. But when a sector is out of favor, it sometimes works against you. I think that may be part of it. Consistency of earnings growth, I think, is a calling card for Kimco. For a while, we wanted the balance sheet to improve dramatically, so that will be a pillar of strength for Kimco. We now feel like we've checked that box with an A- A3 credit rating. When you look at the components of our growth, we continue to see us transforming the portfolio into more of a grocery-anchored shopping center portfolio. Historically, Kimco has been a little bit of a mix of portfolio assets.

We're obviously now at 86% grocery anchored with a number of assets under construction to add grocery. Again, I think as the sector becomes more in vogue, hopefully now that tide is changing, where you see the opportunity set changing for Kimco because we've been able to drive significant earnings growth without any real cost of capital advantage. I don't know any other sector or any other peer that had north of 5% and then north of 6% earnings growth with no cost of capital advantage. In essence, no external growth. Everything we're driving is from organic internal growth. Now that we're at a point where we feel like the organic growth is accelerating, and we're looking at potentially external growth on top of that, we feel really good about the trajectory changing and hopefully our multiple re-rating.

Thank you for your question. Your next question comes from the line of Caitlin Burrows from Goldman Sachs. Your line is now open.

Hi. Good morning. Maybe just on the transaction side, I think you guys said you're confident you can meet your goals for the year, but wondering if you can discuss that a bit more, especially on the acquisition side, since it seems like it's a pretty competitive market. How do you expect to source those deals? Are there certain characteristics of the type of properties you're underwriting to make Kimco more likely to come out the winner? Is there anything in particular that you have lined up at this point?

Thanks, Caitlin. It's a great question. Yeah, to your point, it does continue to be very competitive, but I do wanna reiterate our conviction in the guidance and the strategy and our confidence in our ability to execute. I think if you go back and look at the last five years, we've acquired close to $10 billion in assets. I have the utmost faith and confidence in our team. We're really good at acquiring assets, integrating it into our portfolio, creating value. But we're gonna continue to stay disciplined. We have to be very strategic about what we buy and making sure that it's accretive as opposed to putting up a mark for a particular earnings call. We're excited about the pipeline, the activity, the opportunities.

I do think that we have some differentiators as it relates to our inside track on certain deal flow, whether it be from the joint venture platform where we have certain assets that are going to be recycled, where we have both the first and the last look. With our JV partners, we've been very successful over the last several years acquiring our partners' interest in several select joint venture opportunities. Then again, when you look at the structure investment, pipeline that we have, we've been very active putting out capital. This first quarter was a good start to the year. We had about $38 million that was net funded, but that's over $70 million of net committed, 'cause there are some future fundings with some of the deals that we've done.

With those deals and the ROFOs and the ROFRs, we continue to see additional deal flow oftentimes before it hits the market or we get the last look on it. We'll be selective, but we're seeing a lot of opportunity. As I mentioned at the beginning of the call, we have $200 million in the pipeline right now that we're excited about that checks all the boxes for us in terms of quality, growth, demographics. We're very confident that we're gonna get our fair share and absolutely hit our guidance targets.

Your final question comes from the line of Michael Mueller from JPMorgan. Your line is now open.

Yeah, hi. I apologize if I missed this, and I know you gave some color on the SNO ramp, but about how many years out do you think it is until you're back to a normalized lease to economic spread?

I mean, when we look at when we go through 2026 and 2027 right now, again, we're at 92.2% on the economic. Our high water mark is around 94.5%. We have room to run there. When you look at, like, as I mentioned in my earlier comment, the lease occupancy, we're at 96.3%. Our all-time high is 96.4%. What I look at is, like, our anchor occupancy is actually down about 110 basis points, and we're continuing to see meaningful growth on the small shop occupancy. I still think there's room to run there. I do anticipate as economic occupancy comes online and that cash flow growth starts to get realized in our earnings, you'll start to see economic compress towards as we start to move into 2027.

Preserving it, if your economics growing, your lease is growing, it's not a bad thing to continue to see a healthy spread there because that's just continuing to fuel the future pipeline for cash flow growth.

We have reached the end of the Q&A session. At this time, I will now turn the call back to David Bujnicki for closing remarks.

Great. Thanks to everybody for joining the call today. We look forward to meeting up with a number of you at some of the upcoming investor events that we have. Otherwise, if you have any follow-up questions, please reach out. Have a wonderful day.

This concludes today's call. Thank you for attending. You may now disconnect.

Hello, everyone, and thank you for joining the Kimco Realty Corporation fourth quarter earnings call. My name is Claire, and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by 1 on your telephone keypad. If you change your mind, please press star followed by 2 on your telephone keypad. I will now hand over to David F. Bujnicki, Senior Vice President of Investor Relations and Strategy for Kimco Realty Corporation. Please go ahead. Good morning.

Thank you for joining Kimco Realty Corporation’s quarterly earnings call. The Kimco Realty Corporation management team participating on the call today include Conor C. Flynn, Kimco Realty Corporation’s CEO; Ross Cooper, President and Chief Investment Officer; Glenn Gary Cohen, our CFO; David Jamieson, Kimco Realty Corporation’s Chief Operating Officer; as well as other members of our executive team that are also available to answer questions during the call. As a reminder, statements made during the course of this call may be deemed forward-looking, and it is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements due to a variety of risks, uncertainties, and other factors. Please refer to the company’s SEC filings that address such factors. During this presentation, management may make reference to certain non-GAAP financial measures that we believe help investors better understand Kimco Realty Corporation’s operating results. Reconciliations of these non-GAAP financial measures can be found in our quarterly supplemental financial information on the Kimco Investor Relations website. Also, in the event our call was to incur technical difficulties, we will try to resolve as quickly as possible and if the need arises, we will post additional information to our IR website. Good morning. Thanks for joining us today. We appreciate your interest in Kimco Realty Corporation. Today, I will highlight what we delivered in 2025 and how we are positioned to drive value in 2026. David Jamieson will provide additional color on our leasing activity. We will also then discuss the transaction market, and Glenn will wrap up with a review of our key financial metrics and guidance. 2025 was another banner year for Kimco Realty Corporation. We delivered NAREIT FFO per share growth of 6.7%, making us one of the only shopping center REITs to achieve over 5% FFO growth in 2024 and over 6% in 2025. We also earned a credit rating upgrade, A-, from Moody’s during the fourth quarter, reflecting our disciplined approach to the balance sheet. Kimco Realty Corporation is now one of only 13 REITs, the entire REIT industry, with multiple A-/A3 ratings from the three rating agencies. A notable milestone in our transformation into one of the lower levered REITs while still accelerating earnings growth. This is a rare accomplishment in the REIT world, and it speaks to the strength of our team, our portfolio, and our execution. Operationally, our performance was equally strong, achieving a number of record milestones, including overall portfolio occupancy of 96.4% matching our all-time high, our highest quarterly new leasing volume in more than a decade, with 1,200,000 square feet leased, a 90 basis point sequential increase in anchor occupancy, our strongest quarterly gain on record, a new all-time high in small shop occupancy, of 92.7%, a signed but not open pipeline reaching a record 390 basis points, representing $73,000,000 of future annual base rent, enhancing our portfolio quality by expanding our annual base rent from grocery-anchored centers by converting nine nongrocery sites to new grocery-anchored locations in 2025. In terms of same-site NOI growth, we delivered 3% for the full year. These achievements highlight one of Kimco Realty Corporation’s key advantages: our ability to create value through our platform, not only through capital allocation, but through consistent hands-on execution at the asset level. A great case study is the portfolio we acquired from RPT. At acquisition, the occupancy gap between RPT and Kimco Realty Corporation legacy portfolio was 120 basis points. Since then, we have increased RPT occupancy to 96.2% at the 2025 year-end, narrowing the gap to a mere 20 basis points, or approximately 30,000 additional square feet to match Kimco Realty Corporation’s occupancy level. The key driver has been small shop leasing. Our RPT small shop occupancy improved 370 basis points since the merger to 92.1%. Further, our operating momentum translated into real cash generation. We produced over $165,000,000 of free cash flow after the payment of all dividends and leasing costs in 2025, strengthening our ability to self-fund growth while supporting a well-covered and growing dividend. We also paired that performance with a disciplined capital allocation, repurchasing shares when our valuation reached a meaningful discount to net asset value. Our portfolio and balance sheet are cycle-tested and we are positioned to keep executing through any environment. As we enter 2026, we are encouraged by the continued fundamental strength of the shopping center sector. Importantly, there is almost no supply coming online, which combined with the resilient consumer, and a robust pipeline of deals driven by healthy tenant demand, gives us confidence we could push occupancy and same-site NOI higher. This is why we believe Kimco Realty Corporation offers investors a compelling opportunity: solid, robust operating fundamentals, a well-covered dividend, durable earnings growth, and one of the strongest balance sheets in the REIT sector with a very attractive valuation based on our current multiple. As Ross will touch on, our high-quality open-air retail continues to attract capital. While public REIT sentiment has been uneven, private market pricing remains constructive, and that disconnect is creating opportunity. In 2026, we are focused on closing the value gap between Kimco Realty Corporation’s public market valuation and private market price. Our strategy for 2026 is built around the following priorities. First, we intend to be proactive and aggressive in recycling capital that is both accretive and enhances the overall long-term growth profile. We plan to take individual assets and portfolios to market and sell at attractive private market cap rates, redeploying the proceeds into our highest return opportunities, including further potential share repurchases that currently offer roughly a 9% FFO yield. Recent transactions show shopping center REITs go private at cap rates in the mid-5s to low-6s range, and demand for high-quality assets like ours remains strong. Based on what we are seeing, we believe we can sell assets across our portfolio at a blended cap rate in the 5% to 6% range which compares favorably to our implied cap rate in the low- to mid-7% range, representing a clear value creation opportunity. Where appropriate, we will continue to utilize 1031 exchanges to mitigate the tax impact from these sales. To the extent gains cannot be fully deferred, it is quite possible that we may have to distribute a special dividend at year-end. Second, we are flattening our organization and modernizing our operating platform to move faster and operate more efficiently, driving higher cash flow, improving margins, and unlocking the full advantage of our scale through better coordination, clear ownership, and faster execution. At the midpoint, our plan removes $3,000,000 of G&A expense this year while still investing in our people and platform to keep raising the level of execution. Our priorities position us well for 2026. We are entering the year with strong operating momentum, the largest signed but not open pipeline in Kimco Realty Corporation’s history, providing clear visibility into future rent commitments and embedded NOI growth, and a balance sheet designed for flexibility. Our focus is on disciplined execution, and we are energized by the opportunity ahead. With the strength of our team, the quality of our portfolio, and the financial capacity to act decisively, we are confident in our ability to outperform and unlock even greater long-term value. David Jamieson? Thank you, Conor. I will start by touching on our fourth quarter leasing highlights, followed by sharing some additional perspective on 2026. In the fourth quarter, as Conor shared, we achieved a number of record leasing milestones, punctuated by 1,200,000 square feet of new leasing volume. Other notable accomplishments included the signing of 30 anchor leases, which are the most we have ever completed. We also saw the lowest volume of vacates in over six years, including only three anchor leases vacating. This performance reflects the robust and deep demand that exists with activity spanning grocery, off-price retailers, fitness, furniture, and general merchandise sectors, and also showcasing that retailers, when given the chance to relocate, are choosing to remain at well-located high-traffic, open-air centers at market rents to further support their business strategies. The impressive deal volume has helped grow the SNO pipeline to a record 390 basis points, representing $73,000,000 of annual base rent. This is an increase of $17,000,000, or 30% higher than the prior year’s level. Our construction and tenant coordination teams prioritize cash flow growth and are committed to accelerating rent commencements by working closely with retail partners and municipalities to streamline workflows and address challenges early, ensuring timely openings. This effort enabled us to recognize $31,000,000 in rent commencements during 2025, a figure that exceeded our initial budget by 15%. Our success in 2025 was also driven by new approaches to our targeted leasing strategy, which is best exemplified by the package deals. During the year, we completed 10 package deals totaling nearly 60 leases and over 20% of the total GLA for all new leases signed in 2025. The most recent example of this is in the fourth quarter package deal with Ross Dress for Less in which we signed six leases that were completed within 30 days from approval to execution. Both sides were motivated by a shared goal to efficiently expand the partnership, work collaboratively, with residual benefit that would expedite the store opening strategy for Ross while allowing us to increase our economic occupancy over time. A key initiative in 2026 is to further expand these efforts and fully optimize our advantages of scale. This includes shifting away from the regional organizational framework to a functionally aligned operating model, enabling us to drive further operating efficiencies. Most importantly, this change will not result in any incremental cost and is expected to drive additional savings over time. Nearly six weeks into 2026, we continue to see last year’s momentum carry forward, supported by steady demand and limited new supply. Our tenant credit profile is as strong as it has been in several years, and while we budget for the usual first quarter seasonal softness, we do not anticipate it will materially impact performance in 2026. In terms of our expiring annual base rent, we have resolved or have a deal on the work for 87% of the expiring ABR in 2026, which gives us confidence that a retention rate should remain around that 90% level. In addition, of the 47 naked anchor leases, which are those that are expiring without any renewal options in 2026, 98% of our budgeted assumptions are resolved with mark-to-market spreads around 30%. Importantly, most of our budgeted minimum rent for 2026 is in place with 90% already cash flowing, and another 8% driven by rent commencements from the SNO pipeline and budgeted renewals and options. All told, this leaves only 2% of the budget as speculative, which is inclusive of new leases, additional renewals, and options. Provided there is no major bankruptcy activity in early 2026, and no significant macro disruptions, we are confident in our budget and see the potential to outperform based on our historical success with the SNO deliveries and retention levels. And while we do not provide a guidance for occupancy, we are optimistic that we can drive it higher than the 2025 year-end level. The same holds true for our SNO pipeline. Given the elevated pace of leasing, we project it to grow further before beginning to compress through the end of the year and into 2027. This bodes well for the cash flow growth over the coming years. I will now turn it over to Ross. Thank you, David. I will begin with a brief recap of fourth quarter capital allocation, then turn to our 2026 expectations. The fourth quarter was active as we continued to execute on our strategy and capital plan. This was highlighted by the conversion of another structured investment with the acquisition of a common member’s interest in Shops at 82nd Street in Jackson Heights, Queens, New York. Shops at 82nd is located in an exceptionally dense infill market and is a grocery-anchored center with a strong tenant roster, including Target, Chick-fil-A, Chipotle, Starbucks, and Northwell Medical. Having initially invested preferred equity in this asset in 2021, we exercised our right of first offer/right of first refusal, which culminated in buying our partner’s interest and retaining the property in Kimco Realty Corporation’s long-term portfolio. We utilized this property to complete a 1031 exchange, deferring tax gains from the continued sale of long-term flat ground leases from the portfolio. This dovetailed well with our capital recycling strategy that we laid out last year, selling lower-growth assets at compelling private market cap rates and reinvesting into higher-growth, better-yielding investments. We made meaningful progress on that initiative during 2025. As we enter 2026, competition for open-air retail has become increasingly intense, making our ability to source acquisition opportunities from our existing JV platform and structured investment program a meaningful differentiator for Kimco Realty Corporation. This is critically important as we continue to see new entrants into this asset with investors and operators trying to find ways to position themselves to win marketed deals. This is leading to tighter return hurdles and forcing us to be more selective to achieve acceptable yields. Our strategy and having our foot in the door on deal flow allows us to avoid a crowded bidding tent and find unique opportunities where we can invest at a more favorable spread. We are excited by our ability to continue recycling capital accretively and build on the momentum that started to ramp in 2025. To that point, we have identified a disposition pipeline of $300,000,000 to $500,000,000, primarily consisting of flat ground leases, lower growth multitenant centers, and non-income producing land and entitlements. We are also further evaluating components of our multifamily program as potential opportunities to further monetize assets at low cap rates and crystallize value. We expect the blended cap rates from sales to be between 5% to 6%. Utilizing this low-cost source of capital, we anticipate acquiring a similar amount of shopping centers at cap rates roughly 100 basis points higher at the midpoint. Importantly, these acquisitions not only provide higher going-in yields, we also expect on average approximately 200 basis points of incremental compounded annual growth, creating a higher-growing portfolio that should enhance same-site NOI and FFO growth as we recycle capital over time. As we did last year, we plan to utilize 1031 exchanges and other tax strategies to help defer gains from asset sales. The other component of our investment strategy is a modest expansion of the structured investment book, with net growth of approximately $100,000,000 at the midpoint with a blended average yield around 9%. This is a capital allocation strategy that we are confident we can achieve in 2026 and, importantly, build out as a recurring strategy to enhance the composition of the portfolio while reinvesting in higher growth and quality. We are off to a great start to the year, with several dispositions already closed as well as a few structured investment deals funded in January. The pipeline is active and building, and the team is excited and motivated. Now I will pass it off to Glenn for the full year results and our 2026 financial outlook and expectations. Thanks, Ross, and good morning. As the team has shared, Kimco Realty Corporation delivered a strong finish to 2025, driven by continued cash flow growth, disciplined capital allocation, and the strength of our open-air grocery-anchored portfolio in a supply-constrained environment. Starting with the fourth quarter, funds from operations, or FFO, was $294,300,000, or $0.44 per diluted share, representing a 4.8% increase versus the prior year period. This performance was driven by higher pro rata NOI, primarily reflecting greater minimum rents. For the full year, FFO was approximately $1,200,000,000, or $1.76 per diluted share, representing a 6.7% per share increase compared to 2024, driven by the embedded growth characteristics of our portfolio, highlighted by an increase of 4.9% from pro rata NOI. We also delivered same-property NOI growth of 3% for both the quarter and the full year, supported by sustained demand for our space and consistent rent growth. Credit loss was 74 basis points for the full year, at the low end of our range, underscoring the solid tenant credit profile across the portfolio. Turning to the balance sheet. We ended the year with strong liquidity and significant financial flexibility. This is demonstrated by over $2,200,000,000 of immediate liquidity, including $213,000,000 of cash and full availability on our $2,000,000,000 unsecured revolving credit facility. We also maintained our solid balance sheet with consolidated net debt to EBITDA of 5.4 times and on a look-through basis, including pro rata JV debt and preferred stock outstanding, at 5.7 times. During the quarter, as Conor mentioned, we received an A3 unsecured debt rating from Moody’s, which places Kimco Realty Corporation in a select group of REITs with A- level ratings across the three major rating agencies. This milestone reflects the strength of our portfolio, a conservative leverage profile, consistent execution, and significant financial capacity and flexibility. We also added another option to our funding toolkit by a commercial paper program, which we expect to use opportunistically as part of our overall financing strategy. In terms of capital allocation, we repurchased 3,100,000 common shares during the fourth quarter at a weighted average price of $19.96 per share. For the full year 2025, we repurchased 6,100,000 common shares at an average price of $19.79. We view buybacks as an important lever when our valuation reflects a meaningful discount to the value of our real estate and our internal growth profile. Looking ahead, Kimco Realty Corporation enters 2026 with considerable momentum and a foundation for continued strong performance. Our 2026 outlook reflects another year of healthy earnings progression. Our initial 2026 FFO per share range is $1.80 to $1.84, representing a 2.3% to 4.5% growth over 2025. This outlook reflects our expectation for continued demand across the portfolio supported by same-property NOI growth of 2.5% to 3.5%. With respect to same-property NOI growth, we expect the first quarter to mark the low point for 2026 as we lap prior year rental income from tenants such as Joann’s, Party City, Rite Aid, and Big Lots. Importantly, we see a clear and accelerating growth profile emerging thereafter, with each successive quarter benefiting from a rising pace of rent commencement from our SNO pipeline, providing strong visibility through the balance of the year. As David Jamieson noted, our tenant credit profile is as strong as it has been in many years, and we do not expect that to change materially in 2026. That said, we believe it is prudent to begin the year with a credit loss assumption of 75 to 100 basis points, which is consistent with historic norms and aligned with our approach over the last several years. Other financial assumptions in the outlook include lease termination income between $7,000,000 to $15,000,000, noncash GAAP revenue inclusive of straight-line rent and above- and below-market rent amortization of $45,000,000 to $50,000,000, and net mortgage and financing income, which continues to be an important contributor to our earnings profile, of $45,000,000 to $55,000,000. On the expense side, we are projecting consolidated G&A between $128,000,000 to $132,000,000, reflecting ongoing cost discipline, and consolidated interest expense plus preferred dividends of $370,000,000 to $377,000,000. With respect to capital deployment, we will continue to prioritize high-return opportunities that enhance long-term growth. For 2026, we anticipate total development and redevelopment investment between $100,000,000 to $150,000,000, capitalized lease-related and maintenance spending of $275,000,000 to $300,000,000 to support strong occupancy growth and tenancy momentum, net new structured investment activity between $75,000,000 to $125,000,000 with going-in yields in the 8% to 10% range, and net neutral acquisition and disposition activity with a positive spread on reinvestment of proceeds. In terms of the balance sheet, we have over $800,000,000 of consolidated maturities at an average effective rate of approximately 2.65% in 2026. While these low coupon maturities represent a known headwind, we view them as manageable and we are confident in our ability to address them proactively and opportunistically, supported by our A- level ratings and balance sheet strength. In summary, Kimco Realty Corporation enters 2026 with confidence and a positive outlook. Our portfolio continues to generate growing cash flow supported by embedded rent commencements, ongoing occupancy upside, and robust leasing activity. Coupled with a fortified balance sheet, prudent capital allocation, and multiple levers for value creation, we believe we are well positioned to deliver another year of sustainable growth and profitability while continuing to provide an attractive dividend yield. Before we move on to Q&A, I want to recognize Paul Westbrook, Kimco Realty Corporation’s Chief Accounting Officer, who plans to retire at March. For the past 23 years, Paul has been a tremendous partner and leader; we are deeply grateful for his many years of service and contributions to the organization. At the same time, Kathleen Thayer will step into the role of Executive Vice President, Treasurer, and Chief Accounting Officer on April 1. With nearly two decades at Kimco Realty Corporation, and deep institutional and technical expertise, Kathleen’s appointment reflects the depth of our team, and makes for a seamless transition. And with that, we will open the call for questions.

Thank you. To ask a question, if you change your mind, please press star followed by 2. For questions, you can rejoin the questions queue. When preparing to ask your question, we request that you ask one question, and if you have any follow-up, please ensure your device is unmuted locally. Our first question comes from Greg Michael McGinniss from Scotia, from Alexander David Goldfarb from Piper Sandler. Please go ahead.

Hey. Good morning. I guess I would say I am here with Greg Michael McGinniss. But so question for you. You spoke about the potential for a special dividend depending on the level of dispositions and recycling potential. But also, Conor, you have been pretty clear that you want the company to be a top quartile earnings grower. And certainly, I would think special dividend would imply that you are losing earnings relative to investing. So can you just walk more through that and how you are balancing the desire to have Kimco Realty Corporation be a top earners grower versus the clear disconnect between where the stock is and the underlying asset value? We are happy to. It is a good question, Alex. I think when you look at where our taxable income is and where our dividend level is, you know, we need to be mindful of the fact that as we really work to close the gap between where our public valuation is currently versus where the private valuation is. We think there are multisteps we can do to do that. And one of the biggest ones is to really take assets to market, as I mentioned earlier, and really showcase the disconnect between our implied cap rate and where those assets are trading in the market today. As you probably are aware, we do not really have assets that have embedded losses, and when we look across the portfolio, most of our basis is quite low on our assets. So that will trigger a quite sizable taxable gain on any assets we sell. So we are very focused on 1031 exchanges to shield that taxable gain. We have been successful in doing that thus far. That being said, with the sizable disposition program that Ross outlined, we do want to, we thought it was important to showcase that if we are not able to shield those gains, it will trigger a special dividend. But our mission and our focus is obviously to do 1031 exchanges to shield those tax gains.

Thank you. Our next question comes from Michael Goldsmith from UBS. Your line is now open. Please go ahead.

Good morning. Thanks for taking my question. My question is on capital allocation. You clearly have no shortage of options on how you choose to allocate capital with you repurchase shares, you are acquiring assets, you have the preferred lending book, you redevelopment, redevelopment. The same time you have identified a pipeline of funding sources such as ground leases and multifamily. So I guess how should we think about what are the most accretive opportunities, you know, where is the greatest upside or accretion? And then, I guess, why not accelerate some of these actions and take advantage of taking advantage of these things.

Sure. It is a good question, Michael. So the final point of why not accelerate it. We are accelerating it year over year. I think Ross made that point that we are taking more to market this year than we did last year. A number of items restrict in terms of how big of a program we can take to market at any given time. The ground leases need to be separately parceled and make sure that they are on a separate tax parcel so we can sell them into the triple-net or 1031 exchange market to get the best pricing. The other piece of it is, I think when you look at where our capital allocation priorities are, we still start with leasing as number one. That is really obviously where you see the best returns. We are continuing to showcase that there is accelerating demand for our product. We are taking market share as we are reaching out and using our platform as well as our relationships to really take, I would say, the majority of deals that are being done in the open market and making sure that the retailer thinks of Kimco first as really the partner of choice when they look to roll out new store opening plans. Second to that, you know, we look at the redevelopment opportunity set that we have. You know, we did grow it year over year. So we are scaling it. We continue to see that those return on cost blend to double digits. And we continue to think that is a great use of capital because, typically, not only are you getting a double-digit return on that redevelopment, but you are getting also a halo effect on the rest of the shopping center because, in essence, you are bringing something new and vibrant to an asset that has a halo effect on the residual shops that may be vacant or may have opportunity for mark to markets. Ross has outlined, obviously, the other potential growth of the structured investment book. Again, we really like that opportunity set. We think it is a nice tool in the toolbox to get our foot in the door with ROFO and ROFRs on assets we want to acquire. As we showcased in 2025, that is really the mission of that book is getting paid to wait, and those are averaging double digits. And then you look at, obviously, on the core acquisition piece, you know, that is where we are match funding accretively. Our flat ground leases that we can sell in the mid- to low-5s. Looking at the multifamily opportunity set that we have as well, which would trade in the mid- to low-5s. And grocery-anchored shopping centers with good growth, we think we can find, you know, our fair share of those with, as Ross outlined, you know, potentially with the 6 cap handle with some really strong comp annual growth. So that is really the capital allocation menu that we have and where we are prioritizing. We are coming into 2026 in really good shape. I think we have got a lot of momentum. We are very, very focused on showcasing what a compelling investment Kimco Realty Corporation is today.

Yeah. I think that was a great overview. I would just quickly add, I mean, there is a bit of a push and pull to every component of the capital allocation strategy. So we really do look at, you know, our investment strategy somewhat holistically as a blend. And we feel really good about the guide and the baseline that we put out to start the year in terms of blending together the amount of acquisitions, dispositions, redevelopment, structured. And so at its core, at the end of the day, when we blend it together, we feel good about the accretion that we can obtain. Again, we are thinking about multiple different objectives through every one of these strategies: enhancing growth, both same-site and FFO, enhancing our grocery component of exposure, looking at the impact on watch list tenancy. So we are taking into consideration all of these factors, in addition to, of course, the tax considerations, which Conor identified earlier.

And the final piece is obviously the share buyback.

Opportunity. I think we have showcased in 2025 that we can make it a meaningful piece of our capital allocation strategy

and use it opportunistically. And when Kimco Realty Corporation is selling at values that we think are extraordinarily compelling, we have the balance sheet, the free cash flow, the

that could take advantage of that. We continue to focus and think 2026 is going to be a year where we will continue to focus on that opportunity.

Thank you. Our next question comes from Cooper R. Clark from Wells Fargo.

Great. Thanks for taking the question. On the acquisitions guidance, I know you mentioned earlier about opportunities coming from your JV and structured investments. But historically, you have also had success buying larger portfolios and integrating them into your platform. Just curious how the opportunity set looks like today in terms of larger portfolio deals rather than one-off transactions. And any considerations we should be thinking about with respect to pricing between portfolio sales and one-off deals? Sure. And that is always going to be part of our acquisition strategy. As we indicated earlier, it is a bit challenging given where our cost of capital is compared to the private markets. And with financing readily available at pretty attractive rates, it has brought in a whole host of private investors and competition. That being said, we do believe that we have thrived on some larger M&A and portfolio acquisitions in the past, and that will always be part of the playbook and the consideration. For the moment, we feel really good about, as I mentioned, some of the foot in the door that we have within the structured program and within the joint venture program. Actually, when you look at 2025, all of our acquisitions for the year were made within investments where we already had a piece and/or a right of first offer or right of first refusal. So we will continue to lean into that while we keep the door open for other larger transactions should the opportunity arise.

Thank you.

Our next question comes from Ronald Kamdem from Morgan Stanley. Your line is now open. Please go ahead. Hi, this is Caroline on for Ron. Thanks for taking the question. I was wondering if you could speak a little bit on what you are seeing in terms of tenant health so far and just how it is trending. And are there any names that we need to look out for or categories that are doing better or worse than last year?

Yeah. Thanks for the question. So as I mentioned in my prepared remarks, sorry, the credit quality, I think, of our portfolio today is better than it has been in a number of years, especially coming out of COVID. A few notable

retailers that were on the watch list previously, one of which is now off, say, is Michaels, where they have really been opportunistic in trying to restructure their capital stack. They had a

great year last year, in terms of repositioning their value proposition, their customer base, leveraging their brick-and-mortar fleet to really drive sales. So we continue to see that as an

encouraging move forward. 24 Hour Fitness obviously has their CEO from the past now come in, wanting to retake the reins and reposition that portfolio. Although our exposure is low to them, it is another good indication that

retailers are really taking bold and important steps

to reposition

their value proposition to ensure that they are offering the customer what is in demand today. When you look at our the tenant strength of our existing fleet, I sort of look at

2026 and how much we have already resolved that I mentioned in my prepared remarks, and to get another indication when you have, you know, 47 anchor leases that are coming due with no options, and we have resolved

98% of them. Again, it is an indication either through renewals, new lease opportunities, that the demand is high, and people are continuing to see opportunities within our

sector and, more specifically, within our portfolio, which, again, is also reflective of the retention levels that we are already seeing in 2026.

So we have not seen anything

concerning. We continue to see consumer growth being strong on the discretionary side within our sector. Within our shopping centers, retailers are really looking at

2027 now, even into 2028, to ensure that they are continuing their momentum to hit their open-to-buy mandates and make sure that they continue to grab the market share when it becomes available.

Thank you. Our next question comes from Greg Michael McGinniss from Scotiabank.

Hey. Good morning. Glenn, could you just help

us better understand the underlying components of the same-store NOI guidance of around 3%? Especially considering the significant sign on occupied pipeline and comping versus, you know, last year’s bankruptcies.

Sure. You know, again,

we put out 2.5% to 3.5% as the range. We know, as I mentioned in my prepared remarks, that the beginning, the first quarter, is going to be the most challenging in terms of where we are based on the comp and us lapping the bankrupt tenants. But overall, we see the SNO pipeline coming online the way David Jamieson talked about, and we feel comfortable that, you know, the range is the right level, and it tied into the, you know, the entire guidance to get us to the $1.80, $1.84. But as a major

component of it.

Our next question comes from Juan Carlos Sanabria from BMO Capital. Your line is now open. Please go ahead.

Hi. Good morning. Hoping you could talk a little bit about the realignment to a national leadership on terms of the asset management and kind of what drove that? What changes day to day in terms of leasing decisions and streamlining of those procedures? Kind of the savings as well. Seems like the G&A is coming down a bit.

Sure, Juan. Yeah. Thanks for the question. It was a, as you may know, Kimco Realty Corporation for decades had operated as a regional structure where we had multiple regions overseen by regional presidents. And it served the company very well for decades. And when we look forward in terms of what we are looking to in terms of our efficiency of scale, wanting to move quickly, wanting to adapt and evolve as the market and the environment continues to change very quickly as well, we came to appreciate that if we streamlined our operating model, so replaced the regional structure with two functional teams, one for national leasing and one for asset management,

that will ensure alignment and consistency across our platform

end to end, coast to coast, and that will enable us to accelerate all the workflows that we have in process, to ensure that we are fully taking advantage of our scale

and be able to grow with that as the market environment comes as well as

able to better utilize all the technology and the investing that we are doing on that side, both from a new investment as well as just streamlining our business

workflows.

And so we felt it was prudent that we took that step now. We started to test it when you really take a look back in the last year, as I was mentioning these package deals.

That was a good example of how we started to consolidate our efforts, streamline it, and have one accountable party go and execute. We could do this much, much quicker. The fact that we got Ross’s deals done in 30 days from approved REC to lease execution was phenomenal, and that was really

a direct reflection of streamlining that process. On the asset management side, it is ensuring consistency and continuity across the portfolio. Tom Simmons, previously running the

Southern Region as President, has a depth of experience in mixed-use activity, repositionings, redevelopments, is a great strategist. And so we will be able to expand that expertise across the entire country,

with consistency. So we felt it was prudent at this time to take that step forward. And then as it relates to savings,

we are early days on the restructuring strategy. We have obviously made the, and we intend similar to what we have done with the Weingarten integration and the RPT integration. We view this very much as a similar effort, and that we will be very thoughtful in terms of using the first several months to go through the restructuring,

rebuild the team, identify and introduce new operating roles. With a full rollout towards the ’3. Within that exercise, we will start to identify more of the savings that will come through the organization.

And just to add to that, this is Will Teichman. Just to add a bit more about

how we are approaching this project as a whole. Conor mentioned on our last earnings call that we have formed an Office of Innovation and Transformation to guide a lot of these operational improvement efforts for the company, and in conjunction with this operational restructuring, our Office of Innovation and Transformation is helping David and his team to quarterback and coordinate this overall planning

process. In addition to that, in the past quarter since launching the new office, we have really been focusing in on

a number of digital transformation efforts that we believe will help us to unlock additional efficiencies within the business.

I want to just quickly touch on three of those. The first is around automation,

where we are bringing together many of our early pilots around robotic process automation and agentic AI under a single governance structure that will allow us to more rapidly build the

deploy, and drive adoption of these tools. The second is a proprietary data visualization tool that we have constructed

and launched last quarter. It is allowing us to gain better visibility into market- and property-specific insights through some interactive maps and site plans and other tools that we have created. And then finally, we completed work on an internal natural language chatbot which pairs our property and lease data with the power of OpenAI’s latest GPT models and puts that into the hands of our associates. I think we are really excited overall about how things are coming together and about the opportunity to leverage a lot of these digital transformation efforts together with organizational changes to drive further efficiencies in the business.

Our next question comes from Craig Mailman from Citi.

Hey, good morning. Maybe just circle back on capital recycling here a bit. I know you guys mentioned 100 basis points of redeployment accretion here, but I am just kind of curious, that seems to be on a nominal basis. As you guys look on sort of an economic cap rate basis, which more directly impacts AFFO, like selling ground leases with zero CapEx to redeploy into high-quality shopping centers. Like, what ends up being the AFFO contribution relative to that 100 basis points as kind of the CapEx differential plays into it.

Yeah. It is a good question. You know, the way that we think about it is on a number of levels. You know, as mentioned, first of all, it is the going-in spread on the cap rate that is sort of your day one. More importantly, when we are looking at the CAGR of that, you know, plus or minus 200 basis point spread, that does factor in sort of the net effective rent impact of the new deals that we are signing at elevated rents, as well as the cost of, or the capital that is being incurred, both on the CapEx and the leasing side. So we are looking at it both from an FFO and AFFO standpoint, understanding that some of the investments that we make on multitenant shopping centers compared to flat ground leases are going to have additional capital needs. But the rent increases and what we are able to achieve from a growth standpoint and a leasing spread standpoint far outweighs that. So the AFFO should continue to be positive and growing, in addition to the FFO level on its surface.

Thank you. Our next question comes from Samir Upadhyay Khanal from Bank of America. Please go ahead.

Glenn, just

sticking to guidance maybe a little bit here.

The term fees, at the midpoint,

maybe expand on that. I know you had

you are kind of assuming $11,000,000 for the year. I have gotten some questions this morning and kind of how much of this is sort of speculative versus known at this point? Anything you can talk around, that would be great. Thanks.

Sure. You know, look. Lease terminations are just a part of the business generally.

If you look at what we did last year, we had about $10,000,000 in total. Again, they are episodic. It depends on which leases you get back and what you are working on. I would say today, we have visibility into about $5,000,000 to $7,000,000 of it. But, again, it is early in the year, and, you know, it is fluid. So we baked into the full guidance range, again, the $7,000,000 to $15,000,000 range. To your point, at the midpoint, you are around $11,000,000. It is around the same level as we had last year. So it is not a driver of growth, but it is another component of just operating the business day to day.

Thank you. Our next question comes from Haendel St. Juste from Mizuho. Please go ahead.

Hi. Good morning. This is Ravi Vedi on the line for Haendel. I hope you guys are doing well. I wanted to ask about the ground lease portfolio. How large is this segment within the overall portfolio? And what is the appetite, cadence, and forecast for dispositions within this category going forward?

Thank you. Yeah. So we are still right around 9% of our ABR that comes from these long-term flat ground leases. So last year, we were able to dispose just over $100,000,000, which was in line with our expectations for last year. We do intend to accelerate that pace for this year. So part of that $300,000,000 to $500,000,000 that we have outlined is, a big component of that is going to be the ground leases. We will continue to be very opportunistic about where and when we sell those assets. We are off to a good start so far this year. We have seen a really increased demand from private investors for this, in addition to the retailers themselves, I think, have gotten more active and aggressive in buying back some of their own real estate. We have a high level of conviction in our ability to hit the targets from a cap rate perspective. And that will be somewhat ratable over the course of the year. But we very much believe that we will see a number of dispositions that is substantially higher than what we achieved in ’25. I think the nice part about the program is that it is

recurring, and we are able to backfill that pipeline going forward because

when you think about

the 9% that Ross outlined, we are actually still doing deals with Walmart, with Home Depot, with Lowe’s, with Target, across the portfolio, in similar structures where we set it up as a long-term ground lease, are separately parceling off that off. So in essence, the shopping center has many different components to it. Some are growthier pieces than others. And this is a component that we see in the market today as being one that is priced very aggressively but does not really drive

any enhancement to our same-site NOI.

And if we recycle it correctly, we think it can enhance FFO as well as same-store NOI. So it is a nice recurring program. We have got our development team working on separately parceling all of them out.

We have the whole pipeline of opportunities.

And as I mentioned earlier, the cadence is really of when they are ripe for disposition, meaning, like, we have built the right tenor in terms of length, the lease term, as well as separately parceled so that it hits the sweet spot of where the investors are looking for

that credit investment.

Thank you. Our next question comes from Floris van Dijkum from Ladenburg.

Appreciate the color on your capital recycling from your ground rent. Let me ask you a question sort of following up on that. I think you have 3,700 apartment units that are entitled or, you know, essentially, you know, shovel-ready almost. What is your appetite in pursuing those yourself versus monetizing them, selling them completely versus

JVing? How do you, how should we think about how those

those units will get built and whose capital will be used for that.

Yes. It is a great question, Floris, and it is another important component of the overall opportunity set. As you pointed out, we have a number of open operating and stabilized multifamily projects. We continue to have a tremendous amount of entitlement opportunity and additional land for development in the future. So with the continued sort of disparity between our public market pricing and where the private market is still valuing these really strong multifamily projects, it is another opportunity for us to consider crystallizing value, monetizing, and recycling. So within those different components, we are evaluating our existing fleet of multifamily as well as some of the future. We look at each and every opportunity on sort of a one-off basis and then identify what is the best way to monetize and/or activate that project. So even as we are considering monetization of some of the existing and future projects via the entitlements, we are also continuing to activate new projects that will be the future opportunity to continue to recycle, and so on and so forth. So we are getting closer later this year to stabilizing our Coulter Avenue, which is our Suburban Square asset. We will consider at that point in time what the best strategy is for monetization and recycling of

capital.

At the same time, we have recently broken ground up in Daly City in Westlake in California, which is sort of bringing one project online, stabilizing it, and then looking at the next. We have been, I think, very selective in how we activate these projects, some of which will continue to be long-term ground leases that are the most CapEx-light way for us to activate, as well as the joint venture structure where we have contributed our land into a joint venture with a multifamily developer where our land contribution sits in sort of a preferred equity component of the capital stack. So we are extremely focused on recycling capital, crystallizing value, and then when we are activating new projects, how do we do it in the most efficient way, whether it be the CapEx-light ground leases or in our contribution into a joint venture where we are able to generate FFO during the development stage and then figure and determine the exit strategy upon completion.

Yeah. Floris, the only thing I would add is this is a big differentiator between

Kimco Realty Corporation and our peers.

Our focus on our strategy of First Ring Suburbs we believe is sort of the unique retail plus opportunity set that Kimco Realty Corporation brings that others do not. We entitled over 650 units just this past quarter. We have activated, as you have said, a number of projects, but the retail plus the apartments we think is really the opportunity set that differentiates Kimco Realty Corporation. Because in a way, we have a number of different ways to unlock that embedded value. And, again, that first ring suburb strategy is where we think that opportunity set is robust to unlock future value from the asset because in essence, like, the retail is underutilizing the FAR of the asset, and the parking lots that we have today, you know, driverless cars are being utilized across the country. Parking ratio requirements are coming down across the country. We believe that this strategy of unlocking value for our shareholders is really in the early innings because of the opportunity set that we see across the entire portfolio that, again, sits in these first ring suburbs where density continues to go up around us and the Kimco Realty Corporation asset, in a lot of ways, is the hole in the donut where everything has gone vertical around us and gives us the opportunity set to really add debt in the future.

Our next question comes from Michael Anderson Griffin from ISI.

Great. Thanks.

David, I want to go back to your comments just on leasing and particularly as it relates to leased occupancy. I think you might have mentioned that you are optimistic to get that number up year over year at the end

’26 relative to ’25. But maybe can you give us a sense, are we almost reaching sort of structural vacancy within the portfolio at

the mid-96% range? Like, could this really get into 97%, 97.5%? And I imagine that would be driven more by the small shop leasing. Do you think we could be in a world where small shop occupancy gets to 94%, 95%? Then as you kind of think about that SNO delta over the longer term, what is a good spread for that that we should think about? Yeah. Thanks for the question. So I will never say never. Obviously, the goal would love to get to 94%, 95% on the small shop side. But I tend to look at,

you know, the history to try to forecast the future a little bit. So when I

look at the overall occupancy at 96.4%,

obviously, comprised of anchors and small shops. As you know, small shops were at a record high at 92.7%.

And on anchors, though, we are just about 110 basis points off our all-time high, which actually happened in, I believe, Q4 2019, pre-COVID. And so when you think about that extra 110 basis points that is still left

to be occupied, there is still room to run

in terms of total occupancy, which is a great contributor. And tying that to SNO, that in itself could represent another, you know, $12,000,000 to $15,000,000 of value that could be contributed to SNO over time. When I think of the small shops, we continue to see momentum not only through just straight organic leasing activity, but as you have seen, we have expanded our repositioning, redevelopment activity significantly over the last couple of years. And as Conor mentioned, halo effect, you will start to see that benefit as we have already seen in terms of occupying the residual small shop space and driving rent increases for those locations. And so that is a big contributor. And as these anchor space and these repositionings start to come online, we will continue to see that forward momentum, which I think could help propel small shop occupancy. In addition to that, you know, we look at the retailer strategies, and they do vary in terms of expanding or contracting square footage. And there are a number of opportunities where we can actually expand into a small shop space and give that retailer the optimized footprint, so building them a better mousetrap within the market and just staying within our center. So that could be an opportunity as well. And then when you look at the repositioning of what we view as sort of our chronic vacancies, so we put an initiative in place just over a year ago of spaces that had not been leased in over three years. And just that renewed focus of really targeting those areas

looking at

opportunities to start repositioning those individual units have yielded great outcomes, and that has helped drive small shop activity. So I think when you roll it all together, there is definitely room to run there, and that will continue to be a

contributor to the SNO in the near term and then occupancy growth over time. When we look at our normalized SNO levels way back when, it is around 180 basis points of spread in the SNO. So

as we mentioned in our prepared remarks, you could see a further expansion, primarily because you are growing the physical occupancy as economic occupancy

continues to come online through the balance of the year. If we continue to grow physical occupancy at the top side, you will see some SNO expansion, continued contribution of cash flow

potential for the future,

but as

those spaces start to come online, you will start to see that compression through ’27. But that bodes well for our cash flow growth, ’27 into ’28.

Thank you. Our next question comes from Richard Allen Hightower from Barclays. Your line is now open. Please go ahead.

Obviously, covered a lot of ground

so far, but I want to go back to maybe some action you are seeing in the private market. And I guess on some other calls, even not necessarily in retail, you know, we are hearing that new buyers are sort of coming to the market in various property types, maybe in reaction to the new tax laws and accelerated depreciation and some elements like that. So maybe dig into, if you do not mind, dig into some of the motivations you are seeing behind some of that activity, especially as cap rates, you know, potentially continue to compress from here? Just give us a sense of what that looks like.

Yeah. No. It is absolutely a very compelling time to be an investor in open-air retail. I think you have heard from us and from other peers the group, the fundamentals that are approaching all-time highs in multiple different metrics. Investors, generalist investors, real estate, are taking notice. And even with cap rates continuing to compress, the financing has gotten much improved in terms of available liquidity and spreads. And so you can still see in many instances situations where there is positive leverage, which is a bit of a differentiator for retail versus some other asset classes. So we really have gone supercharged from what we were talking about 12 months ago in the retail curious to investors that are retail active. And while that makes it more competitive in the open market when we are trying to acquire assets and bidding tents are getting, you know, more and more full, it is a very healthy indication of the interest level and the fundamentals that we see in our business. And with the supply-demand dynamics not realistically going to change anytime in the near to medium term, we think that this is going to continue to be compelling for investors to put capital to work while the fundamentals are going to continue to be extremely strong for the foreseeable future.

Great. Thank you.

Thank you. Our next question comes from Caitlin Burrows from Goldman Sachs. Your line is now open. Hi, everyone. Maybe a quick question on the structured investments. I see the guidance is a net number. Can you give some more details on what visibility you have to existing investments being repaid in ’26? And then your confidence in being able to backfill those?

Sure. As you saw in 2025, you know, we did a number of new deals. But we did have several very large repayments. You know, in particular, we had our largest individual relationship and our largest individual asset that achieved its business plan. Everything was successfully repaid, so it was a positive outcome for everybody involved. As we look into 2026, we do not anticipate any significant or meaningful sort of single repayments. There will always be some churn within this program. But what we have seen thus far, with closing a couple deals that we funded here in the early stages of January and a pipeline that has some additional assets and investments that are already lined up, we are very confident in our ability to go back to growth for this book in 2026 and beyond. So there will be a little bit of repayment activity throughout 2026, but on the net, as we put in our guide, we are highly confident that we will see some growth here.

Thank you. Our next question comes from Wesley Golladay from Baird. I just want to go back to the 47 anchors that have the

the large mark to market. Those are some nice spreads, but are you looking to replace any of those tenants, bring in a better tenant that drives more traffic? And does, do any of these unlock any redevelopments?

Yeah. That is a great question. So when I do say it in terms of resolve, that is either continuing to renew the tenant in place or reposition the box itself for either redevelopment or a higher-quality credit tenant. So in one example, we are replacing one of the boxes with Sprouts in South Miami and repositioning the entirety of the asset. So that is a redevelopment that is underway. That is going to create significant upside for the remainder of

small shop activity and completely transform the site, which we are extremely excited about.

And then in terms of a repositioning, we took what was a watch list tenant at natural expiration and backfilled that with Total Wine, which is

another great example, which there is huge mark-to-market opportunity there. And repositioning more complementary to what the remainder of that asset was really showcasing in terms of its direction. So we look at all of the

available options, and then make sure that we are making the best, obviously, economic deal, one, but two, choosing the best quality credit that will have the greatest impact long term for the asset.

In several of these cases, it is really transitioning, transforming the asset from what it was to what it could be going forward.

Our next question comes from Michael William Mueller from JPMorgan. Please go ahead.

Yes. Hi. Just a quick one. You are guiding to higher acquisition and disposition volumes. And while I get it that they are net neutral,

each of the components is higher than what you have guided to recently.

Is this more of a function of the specific near-term pipelines you are seeing today? Or is it just kind of a

broader confidence that the transaction markets have opened up more? Yes. It is really an

strategy of accretive capital recycling that we are undertaking, acknowledging that we have some components within the portfolio that are very valuable and attractive to the private markets that we are not necessarily getting credit for in our public market valuation. On top of that, you know, pun intended, what we are selling are truly anchors to the growth profile of the organization and of our portfolio. So when you think about the impact of selling off some of these long-term ground leases in the 5% cap rate range that have a CAGR of sub 1% and being able to recycle that into acquisitions that are higher year one, but also compounding at a significantly higher growth rate of, on average, 200 basis points, this is an inactive strategy that we are employing to generate additional growth and to improve the portfolio and the long-term perspective of the growth opportunity within the organization. So the market is clearly open and conducive to it. We are fortunate that we have a lot of opportunity to recycle that capital from even within the portfolio, as we mentioned from within our joint venture program, where there is going to be some recycling opportunities, as well as our structured program where we have proven the ability to exercise on these rights that we have to acquire. We closed on two of those opportunities in 2025 and are hopeful that there will be more in 2026. So we just think that the landscape really shapes up really well for the strategy that we have outlined, and that is just our baseline. And, hopefully, we can even outperform that, and anything that we do will just be incremental to that.

Our next question comes from Linda Tsai from Jefferies. In terms of driving further efficiencies in the business with digital transformation,

do you expect the immediate beneficial impact to flow through soonest? Would it be in boosting the top line, reducing operating expenses, or G&A?

Thanks for the question. I think

really, on the expense side is where we are seeing impacts initially. And I think that is consistent as you look outside the real estate industry as well with what you are seeing in other large corporates. There was a study that was published by MIT last year about the relative lack of success that many large companies are having in deploying AI, and one of the big takeaways from that was the degree to which companies are overly prioritizing top line opportunities over back-office and expense reduction opportunities. So it is not to say that there are not opportunities in both areas.

But

as we look at our strategy and where we have already been able to take costs out of the business, I would say it has largely been around G&A to start with.

To drill down on that just a little bit further, I think

obviously, there is a lot of conversation around

the cost of human capital.

But I think it cannot be underestimated that there are other G&A efficiencies to be taken out of the operation. So as you think about our announcement to form, for example, our Office of Innovation and Transformation, one of the areas that that team is already having a significant impact out of the gate is in reducing our need for professional services vendors, to bring those vendors in to perform software and other kind of organizational transformation work. We are also having quite a bit of success around vendor consolidation, which is part of the playbook that we have developed through our M&A transactions over the past couple of years. So those are just a couple examples of what we are seeing. We are optimistic about some of the early efforts that we are seeing around automation and agentic AI. And I think one of the things that I would just say about Kimco Realty Corporation’s approach and how it differentiates us from other companies

is that many other companies seem today to be stuck in the pilot phase,

buying off-the-shelf products and testing one-off use cases within individual functional areas. Our approach is different in that we are really building an engine to integrate technology and talent across the enterprise.

Thank you. We currently have no further questions, and I would like to hand back to David F. Bujnicki for any closing remarks.

Thanks so much. We are really excited about our opportunities set for 2026. Continue building the momentum from 2025. Thanks, everybody, who joined the call today. If you have any follow-up questions, please contact us. Thank you so much.

Thank you. This now concludes today’s call. Thank you all for joining. You may now disconnect your lines.