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Kimco Realty

KIM is a registered REIT with an operating portfolio of commercial real estate properties focused on the retail space, mainly comprised of open-air shopping centers. The company's open-air shopping centers are usually anchored by a national/regional discount department store, drugstore, or supermarket tenant. KIM has simplified its business by reducing the number of JVs and exiting international operations. KIM's stated strategy is to be the "premier owner and operator of open-air shopping centers through investments primarily in the U.S. ". As of 3Q18, KIM has completed a reduction in the number of JVs to 110 as compared to 181 at YE15. Geographically diverse in the U.S., KIM's top metropolitan area by revenue is New York-Newark-Jersey City. The region accounts for 13.2% of annualized base rent and consists of 64 properties that are 98.7% leased. KIM's top tenant is TJX Companies, accounting for 3.7% of annualized base rent and 4.5% of leased GLA at 3Q18. (21 Nov 2018)

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Kimco: 3Q18 Earnings Quick Cuts

Worth Watching: 26 Oct 2018, 4:55 PM ET - Kimco (KIM) continued its trend of solid prints in 3Q18, hiking FY18 FFO guidance by ~1% and same store NOI growth guidance by 25 bp at the midpoints. For the quarter, same store NOI growth was solid at 2.3% (including 10 bp positive impact from a ..
Focused

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.
Focused

Kimco: Albertsons/Rite Aid Merger Called Off

Worth Watching: 09 Aug 2018, 7:30 PM ET - Kimco (Baa1/BBB+/BBB+) may have to wait a bit longer to monetize its Albertsons sake, with the Rite Aid merger called off after shareholders voiced opposition to the deal. As a reminder, Kimco has a 9.7% stake in Albertsons currently held on the b ..

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Kimco: 2Q18 Earnings Quick Cuts

Worth Watching: 27 Jul 2018, 12:00 AM ET - Kimco (KIM) reported a solid 2Q18 as FFO came in ahead of consensus estimates. Same store NOI growth accelerated 130 bp from the prior quarter to 3.9%, while pro rata occupancy remains strong at 96% (+50 bp YoY), including a record 90.2% on sma ..
Focused

KIM: Redeeming 6.875s of '19, Clear Thru Mid-2021

Worth Watching: 24 Jul 2018, 10:17 PM ET - KIM (Baa1/BBB+/BBB+) announced the redemption of all $300 mn outstanding of 6.875% ntoes due in October 2019, effective August 23, 2019. The notes will be redeemed via make-whole (+50 bp), in line with our prior expectations. After the redemption, ..

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

Five Contrarian Investment Grade Trades

Strategy Analysis: 13 Jun 2018, 10:51 AM ET - We present five contrarian trade ideas across IG sectors where we have a strong view against the consensus.
Focused

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

Kimco: 1Q18 Earnings Quick Cuts

Worth Watching: 29 Apr 2018, 10:02 PM ET - Kimco (KIM) reported a strong 1Q18 as both FFO and revenue came in ahead of consensus estimates. Same store NOI growth was solid at 2.6% and accelerated 50 bp YoY, while occupancy increased 10 bp from the prior quarter and remains historically s ..

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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