Kimco Realty Corp.: Risk Reward Update

研报英文原文证据摘录

Kimco Realty Corp.: Risk Reward Update

UpdateM

Risk Reward – Kimco Realty Corp. (KIM.N)

KEY EARNINGS INPUTS

Drivers 2025 2026e 2027e 2028e

FFO Growth (%) 7.0 4.4 3.8 2.8

Dividend Payout Ratio (%) 81.2 76.9 77.9 77.7

Same Store NOI Growth (%) 3.0 2.6 3.7 3.0

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Increased demand for need-based retail real RISKS TO UPSIDE FY Dec 2026e

estate in terms of grocery and pharmacy tenants Idiosyncratic growth opportunities from WRI &

Redevelopment projects and select ground-up RPT. FFO per 1.83

development Reacceleration of same-store NOI through share 1.81 1.86

Dilution from disposition, dividend coverage and success backfilling bankruptcies. ($) 1.83

liquidity Strategic actions such as spinning off lower

quality assets.

1.05

GLOBAL REVENUE EXPOSURE RISKS TO DOWNSIDE DPS 1.00 1.13

($)

Less upside from idiosyncratic growth 1.05

opportunities from WRI/RPT assets.

100% North America Higher-than-expected tenant bankruptcies and Mean Morgan Stanley Estimates

concerns over future rent growth.

Source: Refinitiv, Morgan Stanley Research

Execution missteps and delays in major ground

up developments.

Source: Morgan Stanley Research Estimate

View explanation of regional hierarchies here

OWNERSHIP POSITIONING

MS ALPHA MODELS Inst. Owners, % Active 46.2%

HF Sector Long/Short Ratio 1.4x

4/5 24 Month 4/5 3 Month

BEST Horizon MOST Horizon HF Sector Net Exposure 1.9%

Source: Refinitiv, FactSet, Morgan Stanley Research; 1 is Refinitiv; MSPB Content. Includes certain hedge fund

the highest favored Quintile and 5 is the least favored exposures held with MSPB. Information may be

Quintile inconsistent with or may not reflect broader market

trends. Long/Short Ratio = Long Exposure / Short

exposure. Sector % of Total Net Exposure = (For a