KIM

Real Estate

Kimco Realty

Price Chart

Market Data

Financials

XBRL · SEC EDGAR

2010–2025(16yr)

Revenue

Net Income

Free CF

Metric	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025Latest	YoY
Revenue	$826.8M	$861.1M	$922.3M	$946.7M	$993.9M	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B	$1.1B	$1.4B	$1.7B	$1.8B	$2.0B	$2.1B	+5.1%
Net Income	$142.9M	$169.1M	$266.1M	$236.3M	$424.0M	$894.1M	$378.9M	$426.1M	$497.8M	$410.6M	$1.0B	$844.1M	$126.0M	$654.3M	$410.8M	$584.7M	+42.3%
FFO	$390.5M	$420.2M	$528.8M	$494.1M	$697.1M	$1.2B	$734.2M	$786.9M	$808.2M	$688.5M	$1.3B	$1.2B	$631.0M	$1.2B	$1.0B	$1.2B	+19.5%
FFO Margin	47.2%	48.8%	57.3%	52.2%	70.1%	106.2%	62.7%	65.5%	69.4%	59.4%	121.9%	90.8%	36.5%	65.1%	49.8%	56.6%	+6.8pp
Operating Income	$229.8M	$252.9M	$257.5M	$225.5M	$310.3M	$343.6M	$300.8M	$337.5M	$582.4M	$477.6M	$332.6M	$424.3M	$565.5M	$638.8M	$629.1M	$770.8M	+22.5%
Operating Margin	27.8%	29.4%	27.9%	23.8%	31.2%	29.4%	25.7%	28.1%	50.0%	41.2%	31.4%	31.1%	32.7%	35.8%	30.9%	36.0%	+5.1pp
Net Margin	17.3%	19.6%	28.8%	25.0%	42.7%	76.6%	32.4%	35.5%	42.7%	35.4%	94.6%	61.9%	7.3%	36.7%	20.2%	27.3%	+7.2pp
EPS (Diluted)	$0.22	$0.27	$0.42	$0.43	$0.89	$2.00	$0.79	$0.87	$1.02	$0.95	$2.31	$1.37	$0.20	$1.06	$0.60	$0.87	+43.5%

Total Debt$7.7B

Cash & Equiv.$211.6M

Net Debt$7.5B

3 min read

1. THE BIG PICTURE

Kimco Realty is no longer just a collector of suburban rent; it is an urban densification play. By leveraging its "Lifestyle Collection" and an aggressive entitlement program, Kimco Realty is attempting to manufacture its own growth by layering residential units onto its existing "last-mile" retail real estate. This strategy aims to insulate the portfolio from e-commerce shifts by creating captive audiences for its grocery anchors.

2. WHERE THE RISKS HIT HARDEST

Kimco Realty’s "Portfolio Quality" is threatened by "Economic and Retail Market Conditions" because even high-barrier suburbs are vulnerable to tenant bankruptcies that can suddenly hollow out anchor spaces (10-K Item 1A). Furthermore, the "Entitlement Program"—a core growth pillar—is threatened by "Development and Construction Risks" (10-K Item 1A). Supply chain disruptions or labor shortages can delay the stabilization of multi-family projects, turning a strategy meant to unlock value into a persistent capital drain. Finally, the "Balance Sheet Strength" cited by management is tested by $8.1 billion in net debt; any failure to maintain REIT status would eliminate the dividends-paid deduction, severely restricting the cash available to service this leverage (10-K Item 1A).

3. WHAT THE NUMBERS SAY TOGETHER

Kimco Realty’s 5.1% revenue growth trails peers like Realty Income (+9.1%), yet it leads its peer group in Free Cash Flow (FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders) margin at 54.1% (XBRL). This suggests that while Kimco Realty is growing more slowly than some rivals, it is highly efficient at converting its $2.1 billion revenue base into cash. However, the fourth quarter of 2025 revealed a divergence: net income fell to $0.21 per share from $0.23 a year earlier, even as Funds From Operations (FFO) rose to $0.44 (8-K). This discrepancy highlights the heavy impact of non-cash depreciation on GAAPGAAPGenerally Accepted Accounting Principles — the standard U.S. accounting rules all public companies must follow earnings, which can mask the underlying cash-generative strength of the property portfolio. Short interest stands at 4.5% of the float, indicating that a segment of the market remains skeptical of the retail recovery or the pace of residential conversions.

4. IS IT WORTH IT AT THIS PRICE?

At 13.2x P/FFO, Kimco Realty trades at a modest discount to the peer median of 14.1x. At this multiple, the market is pricing in approximately 2.7% long-term growth (CAPM analysis). This expectation appears grounded in reality, as it sits at the midpoint of management’s 2026 guidance for same-property Net Operating Income (NOI) growth of 2.5% to 3.5% (8-K). The current price is "at fair value" relative to peers, but this valuation assumes Kimco Realty can navigate its 7.1x net leverage. If interest expenses exceed the guided range of $370 million to $377 million, the justified multiple could contract toward 12.8x (CAPM analysis). Investors are essentially paying for a stable, grocery-anchored utility with a free "call option" on residential development.

5. WHAT WOULD CHANGE THIS VIEW?

Cautious if same-property NOI growth falls below the 2.5% floor of 2026 guidance, which would signal that the "Lifestyle Collection" is failing to drive the premium rents and "longer dwell times" management expects (8-K).
Constructive if the "Plus" platform or entitlement program accelerates, leading to a meaningful reduction in the 7.1x net leverage ratio through the successful disposition of stabilized assets.

6. BOTTOM LINE

Structural Advantage: A "last-mile" portfolio in high-barrier suburbs combined with a proprietary entitlement pipeline that allows for residential densification without the cost of new land acquisitions.

Bottom Line: Kimco Realty is a disciplined operator trading at a fair price, but its heavy debt load leaves little margin for error if the retail environment or capital markets tighten.

Source: Synthesis · LLM Analysis

4 min read

1. Top 5 Material Risks

Economic and Retail Market Conditions: Kimco Realty’s performance is tied to the economic climate for retail space. Factors such as e-commerce growth, tenant bankruptcies, and store closures directly impact rental income and occupancy rates.
Indebtedness and Financing: Kimco Realty carries a substantial amount of debt. This leverage limits the cash flow available for capital expenditures and development, restricts operational flexibility through financial covenants, and increases vulnerability to interest rate hikes.
REIT Qualification: Failure to qualify as a REIT would subject Kimco Realty to regular U.S. federal corporate income tax, eliminate the dividends-paid deduction, and significantly reduce funds available for distribution to stockholders.
Competition: Kimco Realty faces competition from other real estate companies and developers for both tenants and acquisition opportunities. This competition can drive down rental rates and increase the costs associated with purchasing and maintaining assets.
Development and Construction Risks: Projects are subject to cost overruns, supply chain disruptions, and labor shortages. These factors can delay stabilization and increase the capital required to complete developments, potentially impacting profitability.

2. Company-Specific Risks

UPREIT Structure Conflicts: As the managing member of Kimco OP, Kimco Realty faces potential conflicts of interest between its fiduciary duties to its stockholders under Maryland law and its duties to the operating company’s members under Delaware law.
Mixed-Use Development Exposure: Kimco Realty has less experience in developing and managing non-retail real estate (residential, office, hotel) than retail properties, exposing Kimco Realty to risks associated with these specific sectors, such as competition for residents and changes in office space utilization.
Legacy Cybersecurity Incidents: Kimco Realty remains exposed to cybersecurity risks, including a February 2023 criminal ransomware attack that affected legacy servers of Weingarten Realty Investors, which Kimco Realty acquired in August 2021.
Joint Venture Control: In joint venture and preferred equity investments, Kimco Realty lacks exclusive control, meaning partners may have diverging goals or inferior financial capacity, which could negatively impact the value of these investments.

3. Regulatory/Legal Risks

Americans with Disabilities Act (ADA): Kimco Realty is required to comply with Title III of the ADA. Non-compliance, whether in existing or newly acquired properties, may necessitate expensive remedial steps.
Environmental Liability: Under federal, state, and local laws, Kimco Realty may be held responsible for the costs of treating or disposing of hazardous substances on its properties, regardless of whether Kimco Realty knew about or caused the contamination.
Prohibited Transactions Tax: Kimco Realty is subject to a 100% penalty tax on net income derived from "prohibited transactions," which generally include the sale of property held primarily for sale to customers in the ordinary course of business.
International Regulatory Exposure: Despite exiting Mexico and Canada, Kimco Realty remains subject to potential regulatory sanctions, tax audits, or investigations related to its former international operations, including compliance with the United States Foreign Corrupt Practices Act.

4. Financial Impact Map

Economic and Retail Market Conditions → Rental Income → Tenant defaults, store closures, and reduced demand for retail space directly lower rental revenue. Indebtedness and Financing → Interest Expense → Elevated interest rates on variable-rate debt and the need to refinance existing debt increase the cost of servicing obligations. REIT Qualification → Corporate Income Tax Expense → Failure to qualify as a REIT would eliminate the dividends-paid deduction and trigger regular federal corporate income tax. Competition → Rental Income → Increased competition for tenants can force lower rental rates and higher vacancy rates, reducing top-line revenue. Development and Construction Risks → Capital Expenditures → Supply chain disruptions and labor cost increases can cause construction projects to exceed original budgets, requiring higher capital outlays.

Source: 10-K Item 1A · LLM Analysis

Recent Filings

Form	Filed	Period
10-K	Feb 2026	Dec 2025
8-K	Feb 2026	—
10-Q	Oct 2025	Sep 2025
14A	Mar 2025	—