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Haendel Saint Juste

Research Analyst at Mizuho

Haendel St. Juste is Managing Director and Senior Equity Research Analyst at Mizuho Securities, specializing in U.S. real estate investment trusts (REITs), homebuilders, and related sectors. He covers numerous key real estate companies including AMH, Safehold Inc., and top gaming, retail, and residential REITs, and has published over 900 ratings with a 54% success rate and an average return of 3.8% per recommendation over a 1-year holding period. Haendel began his career at Green Street Advisors and Keefe, Bruyette & Woods, then spent two years as Senior Analyst and Co-Head of REITs & Homebuilders at Morgan Stanley before joining Mizuho as Managing Director in 2016. He holds an MBA from NYU’s Stern School of Business, a BA from Adelphi University, and maintains FINRA securities licenses.

Haendel Saint Juste's questions to KIMCO REALTY (KIM) leadership

Question · Q3 2025

Haendel Saint Juste inquired about the significant increase in Kimco's redevelopment pipeline to $600 million, asking about the types of projects added, their yields, and how they plan to fund these initiatives, including the role of apartment entitlements.

Answer

Dave Jamieson, COO, and Conor Flynn, CEO, explained that the current annual spend ($90M-$110M) is covered by free cash flow, with pro rata components for ventures. They highlighted a capital-light multifamily structure where Kimco contributes land and entitlements, partnering for funding. The focus remains on grocery-anchored projects yielding 10-12% unlevered returns.

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Question · Q3 2025

Haendel Saint Juste inquired about the significant increase in Kimco's redevelopment pipeline to $600 million, asking about the types of projects added, their yields, and how they plan to fund these initiatives, including the role of apartment entitlements.

Answer

Dave Jamieson, COO, and Conor Flynn, CEO, explained that the current annual spend ($90M-$110M) is covered by free cash flow, with pro rata components for ventures. They highlighted a capital-light multifamily structure where Kimco contributes land and entitlements, partnering for funding. The focus remains on grocery-anchored projects yielding 10-12% unlevered returns.

Ask follow-up questions

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