UBS-Kimco Realty Corp Gold On The Road：Memorial Plaza-20250915

Property tour highlights KIM's ongoing opportunities

The key takeaway from our tour of Memorial Plaza is that redevelopment opportunitiesare pervasive through the KIM portfolio. While large mixed-use centers receive a lot ofattention, this property highlights that more modest shopping centers with great realestate can also drive mixed-use upside. The unassuming property sits in Cambridge, MAalong Memorial Drive, the main throughfare in Cambridge. Further, it's well-locatedwith a sub-20 minute walk to the Harvard, MIT, and BU campuses. KIM acquired theproperty in 2014 for its high-quality real estate and mixed-use optionality. Since then,KIM has added to its exposure in Boston through the RPT acquisition in 2024. Residentialis attractive at the site given the neighborhood is highly walkable, with access toMagazine Beach and views of the Charles River. We think these factors support theunderlying value of the property as well as future development opportunities.