Kimco (KIM-P-M) — Tenant relationships that anchor value and inform risk

Kimco Realty operates and monetizes a national portfolio of open-air shopping centers by leasing space to national and regional retail anchors and service tenants, collecting steady base rents while extracting upside through redevelopment and tenant re-leasing. Revenue is rental yield plus value creation from active asset management and repositioning, driven by a repeatable playbook: secure grocery and discount anchors, fill peripheral space with service and specialty tenants, and redevelop underperforming malls into mixed-use or walkable retail hubs.

For a closer look at tenant-level exposures and how they shape Kimco’s cashflow profile, visit the firm summary at https://nullexposure.com/.

Why tenants matter: the business logic behind Kimco’s income streams

Kimco’s operating model is lease-first and redevelopment-forward. Long-term triple-net and percentage leases with national grocery and discount chains provide stable base rents and low operating expense volatility, while redevelopment projects (mall-to-open-air conversions or mixed-use densification) create episodic value uplift. The tenant roster shown in recent coverage signals broad diversification across essential retail (grocery, discount), discretionary anchors (home improvement, apparel), and experiential tenants (theatres) — a mix that supports foot traffic and resilience.

Key operating-model signals:

• Contracting posture: Predominantly long-term anchor leases that reduce turnover risk and stabilize cash flows.
• Concentration: National chains (grocery and TJX family stores) repeat across sites, limiting landlord-specific credit risk but concentrating exposure to sector-wide retail cycles.
• Criticality: Grocery and discount anchors are critical drivers of center performance — they generate foot traffic that sustains specialty tenant economics.
• Maturity: Active redevelopment programs indicate a mid-to-late-cycle portfolio management posture, shifting from passive rent roll to value-add repositioning.

Learn more about how these relationships map to portfolio risk and opportunity at https://nullexposure.com/.

What the coverage lists — tenant-by-tenant readout

Below are the relationships surfaced in the coverage set; each entry is a concise, plain-English summary with the original source cited.

T.J. Maxx (TJX) — FY2023

T.J. Maxx is listed as a tenant at Airport Plaza, reinforcing Kimco’s use of off-price apparel as a traffic-driving anchor for neighborhood centers. (Newsday, FY2023: https://www.newsday.com/business/old-navy-opening-2-more-stores-on-long-island-iw3jz7rf)

Burlington (BURL) — FY2025

Burlington is reported among current tenants at a redeveloping center, indicating Kimco’s alignment with value apparel chains in repositioned retail properties. (KTAR, FY2025: https://ktar.com/arizona-business/home-depot-christown-phoenix/5706592/)

Party City (PRTY) — FY2025

Kimco management disclosed that vacancies from Party City’s bankruptcy were backfilled, with replacement rents roughly 40% higher than Party City’s prior lease, demonstrating effective lease-up execution. (NBC Connecticut, FY2025: https://www.nbcconnecticut.com/news/business/money-report/kimco-realty-ceo-details-how-shopping-centers-are-changing-its-all-about-services/3563875/?os=io..&ref=app)

Sprouts (SFM) — FY2025

Sprouts is cited as a representative grocery anchor type that Kimco targets to hit “the sweet spot” in center composition and to stabilize customer draw. (NBC Connecticut, FY2025: https://www.nbcconnecticut.com/news/business/money-report/kimco-realty-ceo-details-how-shopping-centers-are-changing-its-all-about-services/3563875/?os=io..&ref=app)

TJX — FY2025

Management again referenced TJX-format stores as part of the anchor mix that complements grocery and strengthens center performance across the portfolio. (NBC Connecticut, FY2025: https://www.nbcconnecticut.com/news/business/money-report/kimco-realty-ceo-details-how-shopping-centers-are-changing-its-all-about-services/3563875/?os=io..&ref=app)

Trader Joe’s — FY2025

Trader Joe’s was identified among grocery anchors that deliver consistent shopper frequency and resilient sales profiles for Kimco centers. (NBC Connecticut, FY2025: https://www.nbcconnecticut.com/news/business/money-report/kimco-realty-ceo-details-how-shopping-centers-are-changing-its-all-about-services/3563875/?os=io..&ref=app)

Whole Foods (AMZN) — FY2025

Whole Foods appears as an example of an upscale grocery anchor that supports higher-margin peripheral tenancy and stable lease covenants. (NBC Connecticut, FY2025: https://www.nbcconnecticut.com/news/business/money-report/kimco-realty-ceo-details-how-shopping-centers-are-changing-its-all-about-services/3563875/?os=io..&ref=app)

Old Navy (GPS) — FY2023

Old Navy committed to a 12,916-square-foot location at Airport Plaza, replacing a smaller tenant and signifying successful re-anchoring of space. (Newsday, FY2023: https://www.newsday.com/business/old-navy-opening-2-more-stores-on-long-island-iw3jz7rf)

The Home Depot (HD) — FY2023

Home Depot is listed among traditional anchors at Airport Plaza, showing Kimco’s continued reliance on big-box home improvement for base occupancy. (Newsday, FY2023: https://www.newsday.com/business/old-navy-opening-2-more-stores-on-long-island-iw3jz7rf)

Five Below (FIVE) — FY2025

Five Below’s presence at a redeveloped center emphasizes Kimco’s use of value-priced specialty retailers to fill smaller in-line spaces. (KTAR, FY2025: https://ktar.com/arizona-business/home-depot-christown-phoenix/5706592/)

Harkins Theatres — FY2025

Harkins Theatres is cited as an experiential tenant in a center composition, underlining Kimco’s strategy to integrate leisure offerings to boost dwell time. (KTAR, FY2025: https://ktar.com/arizona-business/home-depot-christown-phoenix/5706592/)

Hobby Lobby — FY2025

Hobby Lobby is included among anchors at a Phoenix center, reflecting demand from destination arts-and-crafts retail for large-format space. (KTAR, FY2025: https://ktar.com/arizona-business/home-depot-christown-phoenix/5706592/)

Walmart (WMT) — FY2025

Walmart is listed as a tenant, illustrating Kimco’s mix of mass-market anchors that provide reliable traffic and long-term lease profiles. (KTAR, FY2025: https://ktar.com/arizona-business/home-depot-christown-phoenix/5706592/)

Costco (COST) — FY2025

Coverage notes that Costco closed a store at one center in 2020, signaling past anchor turnover and the need for active re-tenanting or repositioning. (KTAR, FY2025: https://ktar.com/arizona-business/home-depot-christown-phoenix/5706592/)

Stew Leonard’s — FY2023

Stew Leonard’s is named as a supermarket tenant at Airport Plaza, confirming Kimco’s strategy to secure regional grocery draws alongside national anchors. (Newsday, FY2023: https://www.newsday.com/business/old-navy-opening-2-more-stores-on-long-island-iw3jz7rf)

American Furniture Warehouse — FY2025

City records show American Furniture Warehouse as the incumbent that may be replaced by a new Home Depot in a long-term redevelopment plan, highlighting asset-level conversion activity. (KTAR, FY2025: https://ktar.com/arizona-business/home-depot-christown-phoenix/5706592/)

PetSmart — FY2023

PetSmart appears among tenants at Airport Plaza, adding to the pet/necessities cohort that supports repeat visitation. (Newsday, FY2023: https://www.newsday.com/business/old-navy-opening-2-more-stores-on-long-island-iw3jz7rf)

Home Depot (HD) — FY2025

A separate report describes Home Depot’s redevelopment application to replace an existing large-format tenant at Christown Spectrum, underscoring multi-year transformation projects in Kimco’s portfolio. (KTAR, FY2025: https://ktar.com/arizona-business/home-depot-christown-phoenix/5706592/)

Staples (SPLS) — FY2023

Staples is referenced as an in-center tenant at Airport Plaza, representing office-supply and service categories that round out daily-need retail. (Newsday, FY2023: https://www.newsday.com/business/old-navy-opening-2-more-stores-on-long-island-iw3jz7rf)

Kings (KSKGF) — FY2025

Kings supermarket is cited as another grocery-anchor type included in management’s description of the ideal tenant mix for center stability. (NBC Connecticut, FY2025: https://www.nbcconnecticut.com/news/business/money-report/kimco-realty-ceo-details-how-shopping-centers-are-changing-its-all-about-services/3563875/?os=io..&ref=app)

What this roster implies for investors

The tenant set documents a deliberate emphasis on grocery and value anchors plus experiential overlays, which together reduce volatility in occupancy and support higher per-square-foot re-leasing outcomes. Redevelopment activity—illustrated by anchor swaps and demolition/repurposing plans—signals a value-add posture that can compress cap rates and increase NOI when executed. Key risk vectors are tenant secular trends (big-box closures like Costco historically) and localized redevelopment execution risk that can be capital-intensive and multi-year.

For a portfolio-level assessment and tenant-exposure modeling, see more at https://nullexposure.com/.

Bottom line — clarity for underwriting and surveillance

Kimco’s tenant coverage confirms a portfolio strategy centered on essential anchors, diversified national tenants, and active redevelopment to lift rents. Investors should underwrite stable base cash flow from grocery and discount anchors while modeling episodic capital deployments for conversions. Monitor re-leasing spreads (the Party City call-out where replacement rents were 40% higher) and redevelopment timelines as the primary drivers of valuation upside.

If you want a deeper tenant-level exposure report or monitoring feed, go to https://nullexposure.com/ for more investor resources and updates.