Kimco Realty: Hold Rating Amidst Strong Performance and Strategic Risks3Q25 beat with continued strong leasing momentum, but as previously foreshadowed SSNOI slowed (+1.9% y/y) - below peers. However, as expected, occupancy started to recover post anchor turnover, propelling SNO pipeline (360bps) to a new record. KIM meaningfully expanded its (re)development pipeline (+$250M) to >$600M with increased resi and structured investments. Guidance was nudged above Street with SSNOI unchanged, despite better expected credit losses. Results were solid, with increased investment activity noteworthy.