Kimco Realty® Achieves ‘A-’ Credit Rating from S&P Global

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].