NYSE: KIM
KIMCO REALTY CORPCIK 0000879101 · SIC 6798 · Real Estate Investment Trusts
The Company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all… About this business →
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Latest financial statements
From 10-Q filed Aug 4, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Revenues from rental properties, net | 546,423 | 520,930 | 1,099,235 | 1,052,216 |
| Management and other fee income | 4,378 | 4,245 | 9,582 | 9,583 |
| Total revenues | 550,801 | 525,175 | 1,108,817 | 1,061,799 |
| Operating expenses | ||||
| Rent | (4,082) | (4,242) | (8,229) | (8,426) |
| Real estate taxes | (71,232) | (66,559) | (144,074) | (136,470) |
| Operating and maintenance | (95,131) | (91,069) | (190,360) | (180,622) |
| General and administrative | (29,949) | (32,447) | (67,136) | (66,839) |
| Impairment charges | (6,616) | (7,645) | (6,666) | (8,179) |
| Depreciation and amortization | (149,009) | (156,323) | (305,505) | (314,776) |
| Total operating expenses | (356,019) | (358,285) | (721,970) | (715,312) |
| Gain on sale of properties | 1,362 | 38,922 | 17,069 | 39,809 |
| Operating income | 196,144 | 205,812 | 403,916 | 386,296 |
| Other income/(expense) | ||||
| Other (expense)/income, net | (1,630) | 2,901 | (3,249) | 3,108 |
| Mortgage and other financing income, net | 11,444 | 12,062 | 23,919 | 23,331 |
| Interest expense | (83,905) | (81,204) | (167,030) | (161,581) |
| Income before income taxes, net, equity in income of joint ventures, net, and equity in (loss)/income from other investments, net | 122,053 | 139,571 | 257,556 | 251,154 |
| (Provision)/benefit for income taxes, net | (4) | (366) | 235 | (830) |
| Equity in income of joint ventures, net | 32,446 | 23,990 | 57,257 | 46,673 |
| Equity in (loss)/income of other investments, net | (532) | 1,747 | 5,262 | 2,448 |
| Net income | 153,963 | 164,942 | 320,310 | 299,445 |
| Net income attributable to noncontrolling interests | (669) | (1,956) | (2,118) | (3,642) |
| Net income attributable to the Company | 153,294 | 162,986 | 318,192 | 295,803 |
| Preferred dividends, net | (7,536) | (7,556) | (15,072) | (15,239) |
| Net income available to the Company's common shareholders | 145,758 | 155,430 | 303,120 | 280,564 |
| Per common share: | ||||
| Net income available to the Company's common shareholders: | ||||
| -Basic | 0.22 | 0.23 | 0.45 | 0.41 |
| -Diluted | 0.22 | 0.23 | 0.45 | 0.41 |
| Weighted average shares: | ||||
| -Basic | 671,216 | 674,613 | 671,519 | 675,837 |
| -Diluted | 671,961 | 675,079 | 672,282 | 676,244 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share information)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets: | ||
| Real estate, net of accumulated depreciation and amortization of $4,927,791 and $4,849,564, respectively | 16,616,377 | 16,769,292 |
| Investments in and advances to real estate joint ventures | 1,413,914 | 1,454,051 |
| Other investments | 100,139 | 99,936 |
| Cash, cash equivalents and restricted cash | 700,383 | 212,794 |
| Mortgage and other financing receivables, net | 412,730 | 383,935 |
| Accounts and other receivables, net | 371,293 | 368,964 |
| Operating lease right-of-use assets, net | 126,047 | 127,596 |
| Other assets | 290,069 | 271,682 |
| Total assets (1) | 20,030,952 | 19,688,250 |
| Liabilities: | ||
| Notes payable, net | 8,308,033 | 7,718,730 |
| Mortgages payable, net | 431,616 | 467,203 |
| Accounts payable and accrued expenses | 283,669 | 291,537 |
| Intangible liabilities, net | 309,888 | 334,527 |
| Operating lease liabilities | 119,173 | 120,078 |
| Other liabilities | 155,532 | 188,297 |
| Total liabilities (1) | 9,607,911 | 9,120,372 |
| Redeemable noncontrolling interests | - | 24,506 |
| Commitments and Contingencies (Footnote 17) | ||
| Stockholders' equity: | ||
| Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 20,748 shares; Aggregate liquidation preference $553,196 | 21 | 21 |
| Common stock, $.01 par value, authorized 1,500,000,000 shares; Issued and outstanding 670,245,777 and 674,093,047 shares, respectively | 6,702 | 6,741 |
| Paid-in capital | 10,830,383 | 10,922,596 |
| Cumulative distributions in excess of net income | (576,295) | (528,730) |
| Accumulated other comprehensive income/(loss) | 4,790 | (8,792) |
| Total stockholders' equity | 10,265,601 | 10,391,836 |
| Noncontrolling interests | 157,440 | 151,536 |
| Total equity | 10,423,041 | 10,543,372 |
| Total liabilities and equity | 20,030,952 | 19,688,250 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flow from operating activities: | ||
| Net income | 320,310 | 299,445 |
| Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
| Depreciation and amortization | 305,505 | 314,776 |
| Impairment charges | 6,666 | 8,179 |
| Straight-line rental income adjustments, net | (13,979) | (10,564) |
| Amortization of above-market and below-market leases, net | (20,125) | (12,644) |
| Amortization of deferred financing costs and fair value debt adjustments, net | 3,365 | 667 |
| Equity award expense | 18,856 | 18,349 |
| Gain on sale of properties | (17,069) | (39,809) |
| Loss/(gain) on marketable securities/derivative, net | 24 | (2,448) |
| Equity in income of joint ventures, net | (57,257) | (46,673) |
| Equity in income of other investments, net | (5,262) | (2,448) |
| Distributions from joint ventures and other investments | 64,022 | 44,661 |
| Change in accounts and other receivables, net | 11,138 | 11,599 |
| Change in accounts payable and accrued expenses | 753 | (25,741) |
| Change in other operating assets | (9,161) | (19,279) |
| Change in other operating liabilities | (19,479) | (8,854) |
| Net cash flow provided by operating activities | 588,307 | 529,216 |
| Cash flow from investing activities: | ||
| Acquisition of operating real estate and other related net assets | (2,063) | (106,244) |
| Improvements to operating real estate | (173,625) | (138,210) |
| Investment in marketable securities | (1,025) | (1,003) |
| Proceeds from sale of marketable securities | 1,179 | 500 |
| Investments in preferred stock and cost method investments | (38) | (5,361) |
| Investments in and advances to real estate joint ventures | (1,432) | (2,909) |
| Distributions from real estate joint ventures in excess of equity in earnings | 38,297 | 14,186 |
| Investments in and advances to other investments | (3,318) | (3,012) |
| Distributions from other investments in excess of equity in earnings | 855 | 1,195 |
| Investment in mortgage and other financing receivables | (80,746) | (46,170) |
| Collection of mortgage and other financing receivables | 49,951 | 50,144 |
| Proceeds from sale of properties | 43,856 | 2,119 |
| Proceeds from insurance casualty claims | 1,233 | 1,630 |
| Net cash flow used for investing activities | (126,876) | (233,135) |
| Cash flow from financing activities: | ||
| Principal payments on debt, excluding normal amortization of rental property debt | (47,135) | (48,844) |
| Principal payments on rental property debt | (6,040) | (6,200) |
| Proceeds from mortgage loan financings | 17,350 | - |
| Proceeds from issuance of exchangeable senior notes | 600,000 | - |
| Proceeds from issuance of unsecured notes | - | 500,000 |
| Repayments of unsecured notes | - | (740,505) |
| Financing origination costs | (18,826) | (6,619) |
| Contributions from noncontrolling interests | 426 | - |
| Distributions to noncontrolling interests | (3,469) | (4,289) |
| Redemptions of noncontrolling interests | (39,746) | (1,045) |
| Dividends paid | (365,757) | (354,311) |
| Repurchase of preferred stock | - | (3,480) |
| Repurchase of common stock | (105,177) | (58,844) |
| Shares repurchased for employee tax withholding on equity awards | (6,371) | (11,644) |
| Principal payments under finance lease obligations | - | (24,362) |
| Change in tenants' security deposits | 903 | 2,157 |
| Net cash flow provided by/(used for) financing activities | 26,158 | (757,986) |
| Net change in cash, cash equivalents and restricted cash | 487,589 | (461,905) |
| Cash, cash equivalents and restricted cash, beginning of the period | 212,794 | 689,731 |
| Cash, cash equivalents and restricted cash, end of the period | 700,383 | 227,826 |
| Interest paid (net of capitalized interest of $3,172 and $1,166, respectively) | 165,078 | 167,401 |
| Income taxes paid, net of refunds | 522 | 25,773 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands, except share information); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About KIMCO REALTY CORP
Source: Item 1 (Business) from the 10-K filed February 20, 2026. Description as filed by the company with the SEC.
Item 1. Business
Overview
The Company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company. The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.
The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the contribution of several shopping center properties owned by its principal stockholders. In 1973, these principals formed the Company as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. The Company completed its initial public stock offering (the “IPO”) in November 1991, and, commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet several organizational and operational requirements and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. The Company reorganized into an UPREIT structure in January 2023. If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under the Code, the Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain subsidiaries that made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”). This permits the Company to engage in certain business activities that a REIT may not conduct directly, by conducting such business activities through such TRSs. A TRS is subject to federal and state taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements. In 1994, the Company's predecessor reorganized as a Maryland corporation. In March 2006, the Company was added to the S&P 500 Index, an index containing the stock of 500 Large Cap companies, most of which are U.S. corporations. The Company's common stock, Class L Depositary Shares, Class M Depositary Shares, and Class N Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols “KIM”, “KIMprL”, “KIMprM” and “KIMprN”, respectively.
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The Company is a self-administered REIT and has owned and operated open-air shopping centers for over 65 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.
The Company began to expand its operations through the development of real estate and the construction of shopping centers but revised its growth strategy to focus on the acquisition and redevelopment of existing shopping centers that include a grocery component. Additionally, the Company has developed, and continues to develop, various residential and mixed-use operating properties, as well as obtain entitlements to embark on additional projects of this nature through re-development opportunities.
On January 2, 2024, RPT Realty (“RPT”) merged with and into the Company, with the Company continuing as the surviving public company (the “RPT Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and RPT, entered into on August 28, 2023. The RPT Merger added 56 open-air shopping centers, 43 of which were wholly-owned and 13 of which were owned through a joint venture, comprising 13.3 million square feet of gross leasable area ("GLA"). In addition, as a result of the RPT Merger, the Company obtained RPT’s 6% stake in a 49-property net lease joint venture. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the RPT Merger.
The Company has implemented its investment real estate management format through the establishment of various institutional joint venture programs, in which the Company has noncontrolling interests. The Company earns management fees, acquisition fees, disposition fees as well as promoted interests based on achieving certain performance metrics.
In addition, the Company has capitalized on its established expertise in retail real estate by establishing other ventures in which the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The Company has also provided preferred equity capital to real estate professionals and, from time to time, provides real estate capital, retail real estate financing and management services to both healthy and distressed retailers. The Company has also made selective investments in
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secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying assets, however, these investments are subject to volatility within the equity and debt markets.
At December 31, 2025, the Parent Company is the managing member of Kimco OP and owns 99.79% of the limited liability company interests of, and exercises exclusive control over, Kimco OP as described in detail in the Explanatory Note to this Form 10-K.
As of December 31, 2025, the Company had interests in 565 shopping center properties, aggregating 100.2 million square feet of GLA, located in 29 states. In addition, the Company had 66 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.4 million square feet of GLA.
Economic Uncertainty
The economy continues to face challenges, which could adversely impact the Company and its tenants, including elevated inflation and interest rates, tenant bankruptcies, tariffs or other trade restrictions, geopolitical uncertainties and government shutdowns. These factors could slow economic growth and materially increase the cost of goods and services offered by the Company’s tenants, leading to lower profits. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which could result in tenant bankruptcies, amongst other things, and could weaken demand by those tenants for our real estate and adversely impact the Company. In addition, these challenges could negatively affect the overall demand for retail space, including the demand for leasable space in the Company’s properties. Any of these factors could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.
Business Objective and Strategies
The Company has developed a strong nationally diversified portfolio of open-air, grocery anchored shopping centers located in drivable first-ring suburbs primarily within 19 major metropolitan Sun Belt and coastal markets, which are supported by strong demographics, significant projected population growth, and where the Company perceives significant barriers to entry. As of December 31, 2025, the Company derived 82% of its proportionate share of annualized base rental revenues from these top major metro markets. The Company’s shopping centers provide essential, necessity-based goods and services to the local communities and are primarily anchored by a grocery store, home improvement center, off-price retailer, discounter and/or service-oriented tenant.
The Company’s focus on high-quality locations has led to significant opportunities for value creation through the reinvestment in its assets to add density, replace outdated shopping center concepts, and better meet changing consumer demands. In order to add density to existing properties, the Company has obtained multi-family entitlements for 14,196 units, of which 3,505 units have been constructed as of December 31, 2025. The Company continues to place strategic emphasis on live/work/play environments and in reinvesting in its existing assets, while building shareholder value.
The Company's focus on open-air shopping centers designed to deliver elevated retail experiences and drive superior tenant performance is demonstrated by the Company's Lifestyle CollectionTM. Each upscale property in this curated portfolio features thoughtfully designed common areas, experiential programming, premium fashion and lifestyle brands, and elevated food and beverage offerings alongside everyday essentials - resulting in increased foot traffic, longer dwell times, and stronger tenant sales. Every center in the Lifestyle Collection is intentionally crafted to reflect the unique identity and aspirations of our brand partners, catering to a sophisticated consumer base through a thoughtfully composed tenant mix and a strong sense of place. Beyond the individual assets, the Lifestyle Collection serves as a gateway to the Company's broader national footprint, offering growth-minded brands a seamless path to scale within the open-air retail space. This integrated approach strengthens long-term partnerships and maximizes visibility, impact, and success for our tenants across the evolving retail landscape.
The strength and security of the Company’s balance sheet remains central to its strategy. The Company’s strong balance sheet and liquidity position are evidenced by its investment grade unsecured debt ratings (A-/A-/A3) by three major ratings agencies. The Company maintains one of the longest weighted average debt maturity profiles in the REIT industry, now at 7.9 years. The Company expects to continue to operate in a manner that fosters strong debt and fixed charge coverage metrics.
Business Objective
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. The Company believes it can achieve this objective by:
•
increasing the value of its existing portfolio of properties and generating higher levels of portfolio growth;
•
increasing cash flows for reinvestment and/or for distribution to shareholders while maintaining conservative payout ratios;
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•
maintaining strong debt metrics and its A-/A-/A3 unsecured debt ratings;
•
continuing growth in desirable demographic areas with successful retailers, primarily focused on grocery anchors; and
•
increasing the number of entitlements for residential use.
Business Strategies
The Company believes it is well positioned to achieve sustainable growth, with its strong core portfolio and its recent acquisitions allowing the Company to achieve higher occupancy levels, increased rental rates and rental growth in the future. To further achieve the Company's business objectives it has identified the following strategic goals:
•
Capitalizing on efficiencies and advantages of scale to serve as the best-in-class operator for tenants.
•
Providing essential, necessity-based goods and services to local communities.
•
Maintaining a strong balance sheet with ample liquidity.
•
Expanding a nationally diversified portfolio located in the high barrier to entry, first-ring suburbs within key major metropolitan Sun Belt and coastal markets.
•
Unlocking the highest and best use of real estate through its entitlement program and redevelopment projects through a disciplined capital allocation strategy.
•
Leading in corporate responsibility, delivering value to investors, tenants, employees and communities.
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Investing in selective transactions through the Company's structured investment portfolio.
•
Utilizing data and technology to enhance operational efficiencies.
The Company has identified the following four strategic pillars, which the Company believes positions it for sustainable growth in the future.
High Quality, Diversified Portfolio
• Well positioned, grocery anchored portfolio in major Sun Belt and coastal markets, with 91% of the portfolio within the Sun Belt and/or coastal markets
• Highly diversified tenant base led by healthy mix of essential, necessity-based tenants and omni channel retailers
• Provide critical last-mile solution to its diverse pool of tenants
Accretive Capital Allocation
• Generate additional internal and external growth through accretive acquisitions and (re)development
• Growth through a curated collection of mixed-use projects and redevelopments
• Opportunistic acquisition and structured investment platform (“Plus”) business focused on accretive unique opportunities
Significant Financial Strength
• Maintain a strong balance sheet and liquidity position with an emphasis on reduced leverage and a sustainable and growing dividend
• Over $2.2 billion of immediate liquidity, including the Company's $2.0 billion unsecured revolving credit facility
• 7.9-year consolidated weighted average debt maturity profile
• Over 525 unencumbered properties, representing approximately 91% of the centers in the Company's portfolio
Corporate Responsibility Leadership
• Over 65 years of delivering value to investors, tenants, employees, and communities
• Corporate Responsibility approach is aligned with core business strategy
• Proactive approach to assessing, disclosing and managing climate, reputational and other risks
The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2025, no single open-air shopping center accounted for more than 1.2% of the Company's annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest, or more than 1.3% of the Company’s total shopping center GLA. Furthermore, at December 31, 2025, the Company’s single largest tenant represented only 3.8%, and the Company’s five largest tenants aggregated to only 10.9%, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.
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As one of the original participants in the growth of the shopping center industry and the nation's largest owner and operator of open-air shopping centers, the Company has established close relationships with major national and regional retailers and maintains a broad network of industry contacts. Management is associated with and/or actively participates in many shopping center and REIT industry organizations. Notwithstanding these relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.
The Company’s executive and senior management teams are seasoned real estate operators with extensive retail and public company leadership experience. The Company’s management has a deep industry knowledge and well-established relationships with retailers, brokers, and vendors through many years of operational and transactional experience, as well as significant capital markets capabilities. The Company believes that management’s expertise, experience, reputation, and key relationships in the retail real estate industry provides it with a significant competitive advantage in attracting new business opportunities.
Government Regulation
Compliance with various governmental regulations has an impact on our business, including our capital expenditures, earnings and competitive position, which can be material. We incur costs to monitor and take actions to comply with governmental regulations that are applicable to our business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, international tariffs and other trade restrictions, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property and the Americans with Disabilities Act of 1990.
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law, which included certain modifications to U.S. tax law, including certain provisions that affect the taxation of REITs and their investors. The OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017 and were generally set to expire for taxable years beginning after December 31, 2025. Such extensions included the permanent extension of the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers. The OBBBA also increased the percentage limit under the REIT asset test applicable to TRSs (the permissible value of TRS securities that a REIT may hold) from 20% to 25% of the value of the REIT’s total assets for taxable years beginning after December 31, 2025. The OBBBA did not have a material impact on the Company’s financial condition and/or results of operations.
In addition, see