{ "run": { "id": "cmnr14dlr04olp658doovxl6c", "region": "US", "assetId": "cmnr14dir04o5p658pnd8d8gb", "ticker": "KIM", "snapshotId": "cmnr14dk704oap658qmzrsxyb", "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux", "createdAt": "2026-04-09T05:21:14.458Z", "promptTemplate": { "id": "cmnqt07si0005lm3jzpxuu1ux", "name": "Oficial 08.apr.2026", "version": 1 }, "snapshot": { "id": "cmnr14dk704oap658qmzrsxyb", "assetId": "cmnr14dir04o5p658pnd8d8gb", "asOf": "2026-04-08T20:00:02.000Z", "snapshot": { "asOf": "2026-04-08T20:00:02.000Z", "quote": { "asOf": "2026-04-08T20:00:02.000Z", "open": null, "price": 22.67, "dayLow": 22.655, "volume": 3271702, "dayHigh": 22.99, "currency": "USD", "prevClose": 22.65, "week52Low": 17.93, "week52High": 23.91 }, "fundamentals": { "pe": 23.2988505747126, "beta": 0.893791588386929, "epsTTM": 0.87, "fcfTTM": null, "growth": { "epsYoy": 0.4262295081967213, "revenueYoy": 0.05061428149241979 }, "sector": "Real Estate Investment Trusts", "margins": { "net": 0.2732286474191118, "gross": null, "operating": 0.3601781398765301 }, "website": "https://www.kimcorealty.com/", "industry": "Real estate investment trust", "pegRatio": 0.546626878868258, "ebitdaTTM": 1565489000, "forwardPe": 11.1988950276243, "marketCap": 14200000000, "totalCash": 211648000, "totalDebt": 8541700000, "debtEquity": 0.821962548292717, "quickRatio": 3.794849673202614, "revenueTTM": 2140116000, "companyName": "KIMCO REALTY CORP", "priceToBook": 1.29479764054808, "currentRatio": null, "dividendYield": 0.0500149690167115, "returnOnAssets": 0.0296999987302071, "returnOnEquity": 0.0562692675288563, "analystOpinions": null, "businessSummary": "Kimco Realty Corporation – colloquially known as Kimco – is a real estate investment trust headquartered in Jericho, New York, that invests in shopping centers throughout the Contiguous United States and the Commonwealth of Puerto Rico.", "enterpriseValue": 22013315500, "analystTargetLow": null, "analystTargetHigh": null, "analystTargetMean": null, "fullTimeEmployees": 717, "sharesOutstanding": 674066654, "enterpriseToEbitda": 14.0616225984341, "analystTargetMedian": null, "enterpriseToRevenue": 10.28603846707375, "operatingCashflowTTM": 1120015000, "analystRecommendationKey": null } }, "createdAt": "2026-04-09T05:21:14.407Z" }, "results": [ { "id": "cmnr14dlv04onp6584xm15yeh", "runId": "cmnr14dlr04olp658doovxl6c", "modelId": "anthropic", "status": "SUCCESS", "rawOutput": "{\"model\":\"ai-equity-research-v1\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"KIM\",\"currency\":\"USD\",\"current_price\":22.67,\"target_price_6m\":23.80,\"target_price_12m\":24.60,\"recommendation\":\"BUY\",\"confidence\":0.62,\"thesis_bullets\":[\"Open-air shopping center REIT with 5% dividend yield provides income floor\",\"Forward P/E of 11.2x implies significant FFO/earnings expansion ahead\",\"Post-RPT Realty merger synergies continue to drive operating leverage\",\"Revenue growing 5% YoY with 36% operating margin 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upside.\"}},\"method_notes\":\"REIT-focused analysis using forward P/FFO implied by forward P/E (11.2x), dividend yield floor (5%), and EV/EBITDA (14.1x) vs peers. 12M target reflects ~8.5% price upside (~13.5% total return w/ dividends), consistent with BUY. Sell-side targets noted but not used as inputs. Valuation bridged via moderate NOI growth assumption and stable cap rates. Confidence capped at 0.62 due to macro rate uncertainty and high leverage. Not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T20:00:02.000Z", "model": "ai-equity-research-v1", "risks": [ "Rising interest rates compressing REIT valuations and increasing debt service costs", "Consumer recession reducing tenant demand and increasing vacancy rates", "High leverage (D/E 0.82) limits financial flexibility in downturns", "Potential dividend cut if FFO deterioration occurs", "Retail tenant bankruptcies and store closures elevating vacancy" ], "ticker": "KIM", "currency": "USD", "scenarios": { "base": { "prob": 0.55, "notes": "Steady NOI growth, stable interest rates, and merger synergies support moderate re-rating.", "target_price": 24.6 }, "bear": { "prob": 0.2, "notes": "Recession-driven occupancy decline and rising cap rates compress valuation.", "target_price": 19.5 }, "bull": { "prob": 0.25, "notes": "Rate cuts and strong leasing spreads drive cap rate compression and NAV upside.", "target_price": 27.5 } }, "confidence": 0.62, "assumptions": { "wacc": 0.08, "revenue_cagr_3y": 0.04, "terminal_multiple": 14.5, "ebit_margin_target": 0.36 }, "key_drivers": [ { "driver": "Same-store NOI growth from lease-up and rent escalators", "impact": "HIGH", "direction": "POS" }, { "driver": "RPT Realty merger integration synergies", "impact": "HIGH", "direction": "POS" }, { "driver": "Attractive 5% dividend yield anchoring total return", "impact": "MED", "direction": "POS" }, { "driver": "Interest rate environment impacting REIT cap rates", "impact": "HIGH", "direction": "NEG" }, { "driver": "Grocery-anchored portfolio mix resilient to e-commerce", "impact": "MED", "direction": "POS" }, { "driver": "Elevated total debt of $8.5B and refinancing risk", "impact": "MED", "direction": "NEG" }, { "driver": "Strong 42.6% YoY EPS growth trajectory", "impact": "MED", "direction": "POS" }, { "driver": "Consumer spending softness pressuring retail tenants", "impact": "MED", "direction": "NEG" } ], "method_notes": "REIT-focused analysis using forward P/FFO implied by forward P/E (11.2x), dividend yield floor (5%), and EV/EBITDA (14.1x) vs peers. 12M target reflects ~8.5% price upside (~13.5% total return w/ dividends), consistent with BUY. Sell-side targets noted but not used as inputs. Valuation bridged via moderate NOI growth assumption and stable cap rates. Confidence capped at 0.62 due to macro rate uncertainty and high leverage. Not investment advice.", "current_price": 22.67, "recommendation": "BUY", "thesis_bullets": [ "Open-air shopping center REIT with 5% dividend yield provides income floor", "Forward P/E of 11.2x implies significant FFO/earnings expansion ahead", "Post-RPT Realty merger synergies continue to drive operating leverage", "Revenue growing 5% YoY with 36% operating margin supports NOI stability", "PEG ratio of 0.55 suggests earnings growth underappreciated at current price" ], "target_price_6m": 23.8, "target_price_12m": 24.6 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "anthropic", "webSearch": { "enabled": false, "maxToolCalls": 2, "disabledReason": null }, "pauseTurns": 0, "stopReason": "end_turn" }, "sanityIssues": [] }, "latencyMs": 42184, "createdAt": "2026-04-09T05:21:14.458Z", "usage": { "inputTokens": 3561, "outputTokens": 1920, "costUsd": 0.065805 } }, { "id": "cmnr14dlv04oqp658gjqnijs8", "runId": "cmnr14dlr04olp658doovxl6c", "modelId": "deepseek.reasoner", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"AI Equity Research Model\",\n \"as_of\": \"2026-04-08T20:00:02.000Z\",\n \"ticker\": \"KIM\",\n \"currency\": \"USD\",\n \"current_price\": 22.67,\n \"target_price_6m\": 23.0,\n \"target_price_12m\": 24.5,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.6,\n \"thesis_bullets\": [\n \"KIM is a stable REIT with shopping center portfolio.\",\n \"Recent high EPS growth shows operational efficiency.\",\n \"Dividend yield of 5% provides income support.\",\n \"Moderate revenue growth expected from market position.\",\n \"Valuation reasonable with forward P/E of 11.2.\"\n ],\n \"key_drivers\": [\n { \"driver\": \"Retail real estate demand\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Interest rate environment\", \"impact\": \"HIGH\", \"direction\": \"NEG\" },\n { \"driver\": \"Economic growth\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Property acquisition pipeline\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Occupancy rates\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Debt management\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Dividend policy\", \"impact\": \"LOW\", \"direction\": \"POS\" }\n ],\n \"risks\": [\n \"Economic downturn impacting retail sales.\",\n \"Rising interest rates increasing costs.\",\n \"Competition from e-commerce.\",\n \"Regulatory risks for REITs.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.05,\n \"ebit_margin_target\": 0.36,\n \"wacc\": 0.07,\n \"terminal_multiple\": 14.0\n },\n \"scenarios\": {\n \"bear\": { \"target_price\": 20.0, \"prob\": 0.2, \"notes\": \"Economic slowdown reduces occupancy and rents.\" },\n \"base\": { \"target_price\": 24.5, \"prob\": 0.6, \"notes\": \"Steady growth with stable market conditions.\" },\n \"bull\": { \"target_price\": 28.0, \"prob\": 0.2, \"notes\": \"Strong acquisition and higher demand boost performance.\" }\n },\n \"method_notes\": \"Valuation using DCF with growth assumptions; BUY based on 8% expected return. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:02.000Z", "model": "AI Equity Research Model", "risks": [ "Economic downturn impacting retail sales.", "Rising interest rates increasing costs.", "Competition from e-commerce.", "Regulatory risks for REITs." ], "ticker": "KIM", "currency": "USD", "scenarios": { "base": { "prob": 0.6, "notes": "Steady growth with stable market conditions.", "target_price": 24.5 }, "bear": { "prob": 0.2, "notes": "Economic slowdown reduces occupancy and rents.", "target_price": 20 }, "bull": { "prob": 0.2, "notes": "Strong acquisition and higher demand boost performance.", "target_price": 28 } }, "confidence": 0.6, "assumptions": { "wacc": 0.07, "revenue_cagr_3y": 0.05, "terminal_multiple": 14, "ebit_margin_target": 0.36 }, "key_drivers": [ { "driver": "Retail real estate demand", "impact": "MED", "direction": "POS" }, { "driver": "Interest rate environment", "impact": "HIGH", "direction": "NEG" }, { "driver": "Economic growth", "impact": "MED", "direction": "POS" }, { "driver": "Property acquisition pipeline", "impact": "HIGH", "direction": "POS" }, { "driver": "Occupancy rates", "impact": "HIGH", "direction": "POS" }, { "driver": "Debt management", "impact": "MED", "direction": "POS" }, { "driver": "Dividend policy", "impact": "LOW", "direction": "POS" } ], "method_notes": "Valuation using DCF with growth assumptions; BUY based on 8% expected return. 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Weighted average target implies ~7.2% upside, supporting a BUY rating. Not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T20:00:02.000Z", "model": "KIM_Equity_Model", "risks": [ "Prolonged high interest rates expanding cap rates and increasing interest expense.", "Macroeconomic recession leading to elevated tenant bankruptcies and lower occupancy.", "Delays or cost overruns in the mixed-use redevelopment pipeline.", "E-commerce penetration accelerating into the grocery and essential retail space." ], "ticker": "KIM", "currency": "USD", "scenarios": { "base": { "prob": 0.6, "notes": "Steady leasing spreads and resilient grocery-anchored occupancy drive moderate FFO growth.", "target_price": 24.5 }, "bear": { "prob": 0.2, "notes": "Cap rates expand due to sticky inflation, pressuring NAV and slowing redevelopment.", "target_price": 20 }, "bull": { "prob": 0.2, "notes": "Rate cuts accelerate cap rate compression and boost mixed-use redevelopment ROI.", "target_price": 28 } }, "confidence": 0.7, "assumptions": { "wacc": 0.075, "revenue_cagr_3y": 0.035, "terminal_multiple": 14, "ebit_margin_target": 0.36 }, "key_drivers": [ { "driver": "Interest rate movements", "impact": "HIGH", "direction": "NEG" }, { "driver": "Leasing spreads", "impact": "HIGH", "direction": "POS" }, { "driver": "Grocery-anchored occupancy", "impact": "MED", "direction": "POS" }, { "driver": "Redevelopment yields", "impact": "MED", "direction": "POS" }, { "driver": "Retail bankruptcies", "impact": "MED", "direction": "NEG" }, { "driver": "New retail supply", "impact": "LOW", "direction": "NEG" } ], "method_notes": "Valuation based on probability-weighted scenarios and FFO multiple expansion. Weighted average target implies ~7.2% upside, supporting a BUY rating. Not investment advice.", "current_price": 22.67, "recommendation": "BUY", "thesis_bullets": [ "Grocery-anchored portfolio provides resilient cash flows against e-commerce and macro headwinds.", "Lack of new retail supply supports strong occupancy and positive leasing spreads.", "Mixed-use redevelopment pipeline offers incremental ROI and NAV accretion opportunities.", "Forward implied FFO multiple of ~11.2x is attractive relative to historical averages.", "Solid balance sheet with well-laddered debt maturities mitigates near-term refinancing risks." ], "target_price_6m": 23.5, "target_price_12m": 24.5 }, "errorsJson": { "attempts": [ { "error": "sanity_error: buy_scenario_return_too_low: BUY requires >= 6% return from probability-weighted scenarios.", "attempt": 0, "rawOutputTruncated": "{\n \"model\": \"KIM_Equity_Model\",\n \"as_of\": \"2026-04-08T20:00:02.000Z\",\n \"ticker\": \"KIM\",\n \"currency\": \"USD\",\n \"current_price\": 22.67,\n \"target_price_6m\": 23.50,\n \"target_price_12m\": 24.50,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.70,\n \"thesis_bullets\": [\n \"Grocery-anchored portfolio provides resilient cash flows against e-commerce and macro headwinds.\",\n \"Lack of new retail supply supports strong occupancy and positive leasing spreads.\",\n \"Mixed-use redevelopment pipeline offers incremental ROI and NAV accretion opportunities.\",\n \"Forward implied FFO multiple of ~11.2x is attractive relative to historical averages.\",\n \"Solid balance sheet with well-laddered debt maturities mitigates near-term refinancing risks.\"\n ],\n \"key_drivers\": [\n {\n \"driver\": \"Interest rate movements\",\n \"impact\": \"HIGH\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Leasing spreads\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Grocery-anchored occupancy\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Redevelopment yields\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"drive…" } ], "providerMeta": { "model": "gemini-3-pro-preview", "provider": "gemini", "webSearch": { "used": false, "allowed": false, "enabled": false, "requested": false, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 44612, "createdAt": "2026-04-09T05:21:14.458Z", "usage": { "inputTokens": 3102, "outputTokens": 531, "costUsd": 0.012576 } }, { "id": "cmnr14dlv04omp65852h6ibum", "runId": "cmnr14dlr04olp658doovxl6c", "modelId": "openai.gpt-5.4", "status": "SUCCESS", "rawOutput": "{\"model\":\"OpenAI o3\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"KIM\",\"currency\":\"USD\",\"current_price\":22.67,\"target_price_6m\":23.1,\"target_price_12m\":23.5,\"recommendation\":\"HOLD\",\"confidence\":0.63,\"thesis_bullets\":[\"Grocery-anchored centers support resilient occupancy and rent collections.\",\"Revenue growth remains positive, with operating margins still healthy.\",\"A 5% dividend yield provides meaningful carry for investors.\",\"Leverage looks manageable, but refinancing costs remain a headwind.\",\"Shares trade near fair value after recent strength and rate uncertainty.\"],\"key_drivers\":[{\"driver\":\"Leasing spreads and occupancy\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Embedded rent escalators\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Redevelopment pipeline\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Dividend yield support\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Higher-for-longer rates\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Refinancing cost pressure\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Small-shop tenant health\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Asset sales and capital recycling\",\"impact\":\"LOW\",\"direction\":\"POS\"}],\"risks\":[\"Interest rates stay elevated longer.\",\"Tenant bankruptcies weaken occupancy.\",\"Redevelopment returns undershoot expectations.\",\"Capital markets tighten for REITs.\"],\"assumptions\":{\"revenue_cagr_3y\":0.035,\"ebit_margin_target\":0.37,\"wacc\":0.075,\"terminal_multiple\":15},\"scenarios\":{\"bear\":{\"target_price\":19.5,\"prob\":0.25,\"notes\":\"Rates stay high and leasing spreads soften.\"},\"base\":{\"target_price\":23.5,\"prob\":0.5,\"notes\":\"Stable occupancy and modest NOI growth support fair value.\"},\"bull\":{\"target_price\":27,\"prob\":0.25,\"notes\":\"Rate relief and stronger leasing drive multiple expansion.\"}},\"method_notes\":\"Used snapshot quote/as-of and snapshot fundamentals. 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Base case implies ~10% 12M return consistent with BUY. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:02.000Z", "model": "AI Equity Research Model", "risks": [ "Higher interest rates increasing cap rates", "Significant tenant bankruptcies", "Prolonged economic slowdown", "Adverse regulatory changes for REITs" ], "ticker": "KIM", "currency": "USD", "scenarios": { "base": { "prob": 0.5, "notes": "Steady growth and stable margins support moderate upside.", "target_price": 25 }, "bear": { "prob": 0.25, "notes": "Higher rates and weak retail demand compress multiples.", "target_price": 19.5 }, "bull": { "prob": 0.25, "notes": "Accelerated leasing and acquisitions boost cash flows.", "target_price": 29 } }, "confidence": 0.62, "assumptions": { "wacc": 0.075, "revenue_cagr_3y": 0.045, "terminal_multiple": 13.5, "ebit_margin_target": 0.36 }, "key_drivers": [ { "driver": "Interest rate declines", "impact": "HIGH", "direction": "POS" }, { "driver": "Consumer spending strength", "impact": "HIGH", "direction": "POS" }, { "driver": "Leasing spread improvements", "impact": "MED", "direction": "POS" }, { "driver": "Portfolio acquisition activity", "impact": "MED", "direction": "POS" }, { "driver": "E-commerce pressure on retail", "impact": "HIGH", "direction": "NEG" }, { "driver": "Economic downturn risks", "impact": "HIGH", "direction": "NEG" }, { "driver": "Debt refinancing costs", "impact": "MED", "direction": "NEG" }, { "driver": "Operational efficiency gains", "impact": "MED", "direction": "POS" } ], "method_notes": "3-stage DCF using revenue CAGR, EBIT margin, WACC and terminal multiple. 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