Core Viewpoint - Kimco Realty achieved an 'A-' credit rating with a stable outlook from S&P Global Ratings, positioning it among only 13 publicly-listed U.S. REITs with such a rating [1][2]. Company Performance - The upgrade was driven by Kimco's solid operating performance and well-positioned balance sheet, with nearly doubled portfolio scale through all-stock acquisitions [2]. - The company focuses on grocery-anchored centers, which now account for 86% of average base rent, generating consistent cash flow [2]. Financial Metrics - Kimco's strong embedded EBITDA growth and robust liquidity were highlighted, with expectations of maintaining leverage-neutral growth and operating with debt to EBITDA in the mid- to high-5x range [2]. - As of June 30, 2025, Kimco owned interests in 566 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [3]. Market Position - The company is strategically concentrated in first-ring suburbs of major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities [3]. - Kimco's tenant mix is focused on essential goods and services, driving multiple shopping trips per week [3].

Core Viewpoint - Kimco Realty achieved an 'A-' credit rating with a stable outlook from S&P Global Ratings, positioning it among only 13 publicly-listed U.S. REITs with such a rating [1][2]. Company Performance - The upgrade was driven by Kimco's solid operating performance and well-positioned balance sheet, with nearly doubled portfolio scale through all-stock acquisitions [2]. - Kimco's focus on grocery-anchored centers, which now account for 86% of average base rent, generates consistent cash flow [2]. - The company maintains leverage-neutral growth and benefits from resilient tenant demand, with debt to EBITDA expected to be in the mid- to high-5x range [2]. Company Overview - Kimco Realty is a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S., with a portfolio concentrated in major metropolitan markets [3]. - As of June 30, 2025, the company owned interests in 566 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [3].

Core Insights - Kimco is the largest owner and operator of open-air grocery-anchored shopping centers, focusing on high barrier first-ring suburban markets across the Sunbelt and coastal states [3] - 86% of Kimco's annual base rent (ABR) comes from grocery-anchored shopping centers, with over 91% of its portfolio located in strong demographic corridors with high barriers to entry [3] - The company's strategy emphasizes necessity-based retail, maintaining a disciplined balance sheet, leveraging national scale, deep retailer relationships, and creative capital allocation to achieve outperformance [3] Leasing and Demand - There has been no slowdown in leasing velocity or tenant demand since the last earnings call; retailers are actively pursuing space and accelerating deals [4] - The current tight supply environment means that delaying new store openings could result in losing market share to competitors, which is reflected in Kimco's pipeline [4]

PresentationSo welcome to the Kimco roundtable. Joining me is Conor Flynn, who is the CEO of the company. And Conor, I'll turn it over to you to introduce the team and provide some opening remarks.Conor FlynnCEO & Director Thanks very much, and thanks for having us today. With me today are my partners here, Ross Cooper, our President and Chief Investment Officer; Glenn Cohen, our CFO; and Dave Bujnicki, our Head of IR. We're really happy to be here today. For those of you less familiar with Kimco, we are th ...

Kimco Realty (NYSE:KIM) 2025 Conference September 10, 2025 03:45 PM ET Company ParticipantsConor Flynn - CEOGlenn Cohen - CFORoss Cooper - President and CIOConference Call ParticipantsSamir Khanal - Research AnalystSamir KhanalWelcome to the Kimco Roundtable. Joining me is Conor Flynn, who's the CEO of the company. Conor, I'll turn it over to you to introduce the team and provide some opening remarks.Conor FlynnThanks very much, and thanks for having us today. With me today are my partners here, Ross Cooper ...

® JERICHO, New York, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM) announced today that members of its management team will present at the BofA Securities 2025 Global Real Estate Conference on Wednesday, September 10, 2025. The webcast information is as follows: When: Wednesday, September 10, 2025 from 3:45 PM – 4:20 PM, ET Live Webcast: Kimco Realty Presentation Link Audio from the conference will be available on Kimco Realty’s investor relations website until December 10, 2025. About Kimco ...

® JERICHO, New York, Sept. 04, 2025 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM) announced today that members of its management team will present at the BofA Securities 2025 Global Real Estate Conference on Wednesday, September 10, 2025. The webcast information is as follows: When: Wednesday, September 10, 2025 from 3:45 PM – 4:20 PM, ET Live Webcast: Kimco Realty Presentation Link Audio from the conference will be available on Kimco Realty’s investor relations website until December 10, 2025.   About Kimc ...

Group 1 - Some REITs are considered overrated while smaller, lesser-known REITs are often underrated and deserve more attention [1] - The company has released its latest top investment picks for August 2025, providing immediate access to exciting opportunities [1] Group 2 - The company invests thousands of hours and over $100,000 annually into researching profitable investment opportunities [2] - The approach has garnered over 500 five-star reviews from satisfied members who are experiencing benefits [2] - The company encourages potential investors to join now to maximize their returns [2]

[Explanatory Note](index=2&type=section&id=Explanatory%20Note) This section provides context for the combined reporting structure of Kimco Realty Corporation and Kimco OP [Combined Reporting Structure](index=2&type=section&id=Combined%20Reporting%20Structure) This report combines the Form 10-Q for Kimco Realty Corporation and Kimco OP, managed as a single business with primary differences in equity sections - This is a combined quarterly report for Kimco Realty Corporation (Parent Company) and its operating partnership, Kimco Realty OP, LLC (Kimco OP)[7](index=7&type=chunk) - The Parent Company is a REIT and serves as the managing member of Kimco OP, holding a **99.79%** ownership interest as of June 30, 2025[8](index=8&type=chunk) - Substantially all operations are conducted through Kimco OP. The primary financial statement differences between the two entities are in the equity sections (Stockholders' Equity vs. Members' Capital)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Kimco Realty Corporation and Kimco OP, including key financial statements and notes [Condensed Consolidated Financial Statements of Kimco Realty Corporation](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20Corporation) Kimco Realty Corporation reported **$19.8 billion** in total assets, with revenues increasing to **$1.06 billion** and net income rising to **$280.6 million** Kimco Realty Corporation - Condensed Consolidated Balance Sheet (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$19,796,555** | **$20,309,896** | | Total liabilities | $9,078,579 | $9,464,107 | | **Total equity** | **$10,671,410** | **$10,797,912** | Kimco Realty Corporation - Condensed Consolidated Statement of Income (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $1,061,799 | $1,003,985 | | Operating income | $386,296 | $291,405 | | Net income attributable to the Company | $295,803 | $108,764 | | **Net income available to common shareholders** | **$280,564** | **$92,861** | | Diluted EPS | $0.41 | $0.14 | - Net cash flow from operating activities for the six months ended June 30, 2025, was **$529.2 million**, compared to **$470.2 million** in the same period of 2024[34](index=34&type=chunk) [Condensed Consolidated Financial Statements of Kimco Realty OP, LLC](index=10&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20OP%2C%20LLC) Kimco Realty OP, LLC's financial statements mirror the Parent Company's, with net income available to common unitholders at **$281.1 million** (**$0.41** per diluted unit), up from **$93.0 million** (**$0.14** per diluted unit) in the prior year period, differing primarily in the capital section Kimco Realty OP, LLC - Condensed Consolidated Balance Sheet (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$19,796,555** | **$20,309,896** | | Total liabilities | $9,078,579 | $9,464,107 | | **Total capital** | **$10,671,410** | **$10,797,912** | Kimco Realty OP, LLC - Condensed Consolidated Statement of Income (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $1,061,799 | $1,003,985 | | Operating income | $386,296 | $291,405 | | Net income attributable to Kimco OP | $296,361 | $108,940 | | **Net income available to common unitholders** | **$281,122** | **$93,037** | | Diluted EPU | $0.41 | $0.14 | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business, accounting policies, and financial items, covering the RPT Merger, real estate, debt, and NOI - The company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S., with a portfolio concentrated in top major metropolitan markets[56](index=56&type=chunk) - On January 2, 2024, the company completed its merger with RPT Realty ("RPT Merger"), acquiring 56 shopping centers. Merger-related expenses of **$25.2 million** were incurred in the first six months of 2024[58](index=58&type=chunk)[68](index=68&type=chunk) - During the six months ended June 30, 2025, the company acquired operating properties for a total purchase price of **$134.6 million** and disposed of properties for an aggregate sales price of **$51.9 million**, generating a gain of **$39.8 million**[74](index=74&type=chunk)[77](index=77&type=chunk) - The company has a **$2.0 billion** unsecured revolving credit facility, which had no outstanding balance as of June 30, 2025. In June 2025, the company issued **$500.0 million** in senior unsecured notes due 2036[104](index=104&type=chunk)[108](index=108&type=chunk) - The company repurchased **3.0 million** shares of common stock for **$58.8 million** and 58,342 depositary shares of Class N Preferred Stock for **$3.5 million** during the first six months of 2025[153](index=153&type=chunk)[157](index=157&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, highlighting the company's leading position, RPT Merger impact, and growth in net income, FFO, and Same Property NOI [Executive Overview](index=40&type=section&id=Executive%20Overview) Kimco is a self-administered REIT specializing in open-air, grocery-anchored shopping centers, with interests in 566 U.S. properties totaling **100.9 million** square feet of GLA, significantly expanded by the RPT Merger - As of June 30, 2025, Kimco had interests in 566 U.S. shopping center properties, totaling **100.9 million** square feet of gross leasable area (GLA) across 30 states[183](index=183&type=chunk) - The company's primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets in the U.S[184](index=184&type=chunk) - The RPT Merger on January 2, 2024, added 56 open-air shopping centers (**13.3 million** sq. ft. of GLA) to the company's portfolio[184](index=184&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Net income available to common shareholders increased to **$280.6 million** from **$92.9 million**, driven by higher rental revenues, property sale gains, and lower income taxes Comparison of Results (Six Months Ended June 30) | (in thousands) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues from rental properties, net | $1,052,216 | $995,126 | $57,090 | | Gain on sale of properties | $39,809 | $393 | $39,416 | | Interest expense | ($161,581) | ($147,906) | ($13,675) | | Provision for income taxes, net | ($830) | ($72,227) | $71,397 | | **Net income available to common shareholders** | **$280,564** | **$92,861** | **$187,703** | - The **$57.1 million** YTD increase in rental revenue was primarily due to a **$29.4 million** increase from leasing and portfolio growth, and a **$22.1 million** increase from properties acquired in 2025 and 2024[196](index=196&type=chunk) - The significant decrease in income tax provision was due to the 2024 sale of Albertsons Companies Inc. (ACI) common stock, which generated a large taxable gain in that period[210](index=210&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity via operating cash flow, a **$2.0 billion** credit facility, and capital markets, with cash used for property improvements, acquisitions, and debt repayments Summary of Cash Flow Activities (Six Months Ended June 30, in thousands) | | 2025 | 2024 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $529,216 | $470,150 | | Net cash flow used for investing activities | ($233,135) | ($10,532) | | Net cash flow used for financing activities | ($757,986) | ($1,115,820) | | **Net change in cash** | **($461,905)** | **($656,202)** | - Key investing activities in the first half of 2025 included **$138.2 million** for property improvements and **$106.2 million** for an property acquisition[219](index=219&type=chunk)[220](index=220&type=chunk) - Key financing activities in the first half of 2025 included issuing **$500.0 million** of unsecured notes, repaying **$740.5 million** of unsecured notes, and paying **$354.3 million** in dividends[223](index=223&type=chunk)[224](index=224&type=chunk) - The company is in compliance with all senior note covenants, including maintaining Consolidated Indebtedness to Total Assets below **60%** (actual **37%**)[237](index=237&type=chunk) [Funds From Operations (FFO)](index=50&type=section&id=Funds%20From%20Operations%20%28FFO%29) FFO, a non-GAAP measure, increased for the six months ended June 30, 2025, with FFO available to common shareholders at **$599.5 million** (**$0.88** per diluted share), reflecting higher net income FFO Reconciliation (in thousands, except per share data) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income available to common shareholders | $280,564 | $92,861 | | Adjustments (Depreciation, Gains, etc.) | $318,887 | $444,926 | | **FFO available to common shareholders** | **$599,451** | **$537,787** | | **FFO per common share – diluted** | **$0.88** | **$0.80** | [Same Property Net Operating Income (Same property NOI)](index=51&type=section&id=Same%20Property%20Net%20Operating%20Income%20%28Same%20property%20NOI%29) Same Property NOI, a non-GAAP measure, showed positive growth, increasing by **3.1%** for three months and **3.5%** for six months ended June 30, 2025, driven by minimum rent increases - Same property NOI increased by **3.1%** for the three months ended June 30, 2025, compared to the prior year period[268](index=268&type=chunk) - Same property NOI increased by **3.5%** for the six months ended June 30, 2025, compared to the prior year period, mainly due to a **$22.8 million** increase in minimum rent[269](index=269&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed through interest rate swaps totaling **$860.0 million**, with most debt being fixed-rate, limiting the impact of rate increases - The company's primary market risk exposure is from interest rate changes[272](index=272&type=chunk) - As of June 30, 2025, the company had 26 interest rate swaps with a total notional amount of **$860.0 million** to hedge variable rate debt[272](index=272&type=chunk) Debt Obligations by Rate Type as of June 30, 2025 (in millions) | Debt Type | Fixed Rate | Variable Rate | Total | | :--- | :--- | :--- | :--- | | Secured Debt | $425.0 | $16.5 | $441.5 | | Unsecured Debt | $7,717.2 | $0.0 | $7,717.2 | | **Total** | **$8,142.2** | **$16.5** | **$8,158.7** | [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of quarter-end, with no material changes to internal control over financial reporting during the period - Management for both Kimco Realty Corporation and Kimco Realty OP, LLC concluded that disclosure controls and procedures were effective as of the end of the reporting period[276](index=276&type=chunk)[278](index=278&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[277](index=277&type=chunk)[279](index=279&type=chunk) [PART II - OTHER INFORMATION](index=55&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and other significant information [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation that management believes would materially adversely affect its financial condition or operations - The Company is not presently involved in any material litigation[282](index=282&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) There are no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - There are no material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[283](index=283&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company repurchased **3.0 million** shares of common stock for **$58.8 million** and 11,307 depositary shares of Class N preferred stock, also satisfying tax withholding obligations - During the six months ended June 30, 2025, the Company repurchased **3.0 million** shares of common stock for **$58.8 million**. As of June 30, 2025, **$166.0 million** remained available under the repurchase program[284](index=284&type=chunk) - During the three months ended June 30, 2025, the company repurchased 11,307 Class N depositary shares[284](index=284&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) The One Big Beautiful Bill Act (OBBBA) was enacted, permanently extending the **20%** deduction for qualified REIT dividends and increasing the TRS asset test limit, with no expected material impact - On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which permanently extended the **20%** deduction for "qualified REIT dividends" and increased the permissible value of TRS securities a REIT may hold from **20%** to **25%** of total assets[292](index=292&type=chunk) - The company is evaluating the OBBBA but does not expect it to have a material impact on its financial position or results of operations[292](index=292&type=chunk)

Core Insights - Kimco Realty Corp. (KIM) reported Q2 2025 FFO per share of 44 cents, exceeding the Zacks Consensus Estimate of 43 cents, reflecting a 7.3% year-over-year growth [1][8] - The results were driven by higher same-property NOI due to increased minimum rents, although lower occupancy from tenant bankruptcies and rising interest expenses posed challenges [1][8] Financial Performance - Revenues for the quarter were $525.2 million, slightly below the consensus estimate of $526.9 million, but represented a 5% year-over-year increase [2] - Same-property NOI increased by 3.1% year over year, supported by a 2.7% rise in minimum rents [4][8] - Interest expenses rose by 10.7% year over year to $81.2 million [5] Occupancy Rates - Pro-rata leased occupancy at the end of Q2 was 95.4%, down 80 basis points year over year, impacted by tenant bankruptcies [3] - Pro-rata small shop occupancy reached a record 92.2%, marking a 50 basis point increase year over year [4] Leasing Activity - Kimco executed 506 leases totaling 2.7 million square feet during the quarter, with blended pro-rata cash rent spreads on comparable spaces at 15.2% [4] - New leases increased by 33.8%, while renewals and options grew by 9.6% [4] Portfolio Activity - The company sold a Home Depot-anchored property for $49.5 million, realizing a gain of $38.4 million [6] Balance Sheet Position - Kimco ended Q2 2025 with over $2.2 billion in immediate liquidity, including full availability on a $2.0 billion unsecured revolving credit facility [7] - The net-debt-to-EBITDA ratio was 5.6X, consistent with the prior year [7] Dividend and Guidance - The board declared a quarterly cash dividend of 25 cents per share, payable on September 19, 2025 [9] - For 2025, Kimco raised its FFO per share guidance to a range of $1.73-$1.75, up from $1.71-$1.74, with same-property NOI growth expected to exceed 3.0% [10]