Despite Store Closings, Solid 3Q Growth for Kimco Realty
We are maintaining our $17.70 fair value estimate for no-moat Kimco Realty as the company reported an in-line third quarter. While anchor occupancy was down 50 basis points to 97.6% due to the previously announced closure of Toys 'R' Us stores, small-shop occupancy set another all-time high for the company at 90.8%, besting the prior high set last quarter by 60 basis points. Total re-leasing spreads of 8.9% in the quarter lead to same-store revenue growth of 3.3%, though same-store expense growt...Kimco Realty is a self-administered real estate investment trust. The company and its subsidiaries are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by grocery stores, off-price retailers, discounters or service-oriented tenants. Additionally, the company provides complementary services on its retail real estate capabilities. The company's ownership interests in real estate consist of its consolidated portfolio and portfolios where the company owns an economic interest, such as properties in the company's investment real estate management programs, where the company partners with institutional investors and also retains management.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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