Kimco Realty Corporation (KIM) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Kimco Realty Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to David Bujnicki, Senior Vice President of Investor Relations and Strategy. Please go ahead.

David Bujnicki

Good morning, and thank you for joining Kimco's quarterly earnings call. The Kimco management team participating on the call today include Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; Dave Jamieson, Kimco's Chief Operating Officer, as well as other members of our executive team that are also available to answer questions during the call.

As a reminder, statements made during the course of this call may be deemed forward-looking, and it is important to note that the company's actual results could differ materially from those projected in such forward-looking statements due to a variety of risks, uncertainties and other factors. Please refer to the company's SEC filings that address such factors.

During this presentation management may make reference to certain non-GAAP financial measures that we believe help investors better understand Kimco's operating results. Reconciliations of these non-GAAP financial measures can be found in our quarterly supplemental financial information on the Kimco Investor Relations website. Also, in the event our call was to incur technical difficulties, we'll try to resolve as quickly as possible, and if the need arises, we'll post additional information to our IR website.

And with that, I'll turn the call over to Conor.

Conor Flynn

Good morning and thanks for joining us today. I will begin with an overview of the leasing environment, highlight a few of notable accomplishments during the quarter, and provide an updated on our longer term strategy. Ross will then cover the transaction market and Glenn will close with our financial metrics and updated guidance.

Easing inflation and robust labor market have bolstered consumer sentiment. Demand for space remains strong, as retailers continue to peruse their expansion plan, resulting in a favorable leasing environment for the Kimco portfolio.

We closed the second quarter with 153 new leases, totaling over 650,000 square feet. With strong demand from our high quality, first-ring suburban locations and limited new supply, rents are up across all of our regions.