KIM - Kimco Is Benefitting From Favorable Shopping Center Supply/Demand

2024-02-16 15:41:57 ET

Summary

• Shopping center fundamentals have improved, setting Kimco up for net operating income growth.
• Long-term undersupply of shopping centers and strong leasing fundamentals support Kimco's value.
• The market is underestimating the pace and duration of Kimco's growth, offering a potential 20% upside to the stock price.

Shopping center fundamentals have improved materially, setting Kimco ( KIM ) up for secular net operating income growth. As expenses normalize, it should translate into accelerating AFFO/share growth. Current valuation does not price in long-term growth which makes KIM opportunistic. I believe three aspects make KIM significantly more valuable than its price:...

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