AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 31/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Metropolitan locations and strong comparable new-lease rent spreads suggest differentiated assets. However, management's barrier-to-entry description supplies no local supply, substitutability or competitor-return evidence. The passages cannot establish a protected structural advantage, and current operating success alone does not resolve that uncertainty.
durability · — · High occupancy and rising rents demonstrate current conditions. The supplied evidence does not establish persistent supply restrictions, long-term customer dependence or another mechanism protecting excess returns through a cycle. Management's limited-supply claim is insufficient to assign a durability grade.
customer dependency · — · Nearly 2,000 leases signed during 2025 and high occupancy demonstrate demand for space. They do not identify renewals, tenant relocation costs, alternative-site availability or dependence on Kimco locations. Customer dependency therefore remains unassessable rather than presumed weak or strong.
erosion resilience · 2/4 · Growing same-property NOI, positive comparable leasing spreads and high occupancy show current operating resilience. Actual cost increases and the gap between leased and economic occupancy temper the assessment. Retail-channel and tenant risks remain prospective; these results do not demonstrate structural protection through a severe downturn.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · 3/4 · Second-quarter 2026 comparable new leases achieved 40.4% pro-rata cash rent spreads, directly demonstrating substantial contractual pricing gains for that leasing cohort. First-quarter minimum rents also increased. The comparable spread excludes pure space-volume growth, but does not establish portfolio-wide renewal pricing or net economics after allowances and commissions.
retention · 2/4 · Actual leasing activity and pro-rata leased occupancy of 96.3% in March and 96.4% in June support sustained demand indirectly. The catalog does not separate repeat commitments from new tenants or provide renewal rates. Signed space awaiting rent commencement also limits conclusions about realized tenant continuity.
margin resilience · 3/4 · Same-property NOI increased from $784.245 million to $804.297 million in first-half 2026 despite disclosed operating-cost pressures. Its calculation includes property expenses, credit losses and proportionate joint-venture results while excluding specified noncash rent adjustments. This demonstrates current property-income resilience, not consolidated margin expansion or durable competitive protection.
contractual freedom · — · Achieved new-lease rent spreads show successful negotiations, but the supplied passages do not disclose landlord repricing rights, escalation provisions, renewal options or tenant expense obligations. Contractual freedom during existing leases cannot be inferred from new leasing outcomes.
Predictability74
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 9.26
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 18.31
- observedAnnualPeriods
- 5.00
Financial strength63
Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · June 2026 indebtedness/GAV of 36% against a 60% ceiling and priority indebtedness/GAV of 2% against 35% demonstrate substantial covenant headroom. Interest and fixed-charge ratios also exceed contractual minima. Approximately 91% of portfolio centers were unencumbered at year-end 2025. These indicate financing capacity without implying regulatory capital requirements.
liquidity funding · 2/4 · June 2026 full availability under the $2.0 billion revolving facility and $588.3 million of first-half operating cash flow support funding flexibility. Scheduled debt maturities, dividends and remaining redevelopment commitments create substantial demands. The reported $700 million cash figure includes restricted cash, and the maturity schedule predates subsequent financing.
asset liability risk · 2/4 · Low priority-debt ratios and substantial unencumbered property coverage mitigate financing risk. Offsetting exposures include scheduled refinancing, retail tenant and property risks, and $412.730 million of mortgage and other financing receivables at June 2026. Complete current interest-rate exposure, tenant lease-expiry concentrations and receivable credit detail are unavailable.
earnings resilience · 3/4 · First-half 2026 same-property NOI grew approximately 2.6%, while GAAP operating cash flow rose to $588.3 million from $529.2 million. High leased occupancy and achieved rent spreads add operating support. These demonstrate current retail-property resilience; signed occupancy is not economic occupancy, and property NOI excludes corporate financing and other costs.
Capital allocation50
Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · Reported common-shareholder net income per diluted share rose from $0.18 to $0.23 in first-quarter 2026, then fell from $0.23 to $0.22 in the second quarter. Rental revenue improved, while lower property-sale gains affected the second-quarter comparison. These mixed per-share outcomes support a bounded assessment, not portfolio ROIC or proven reinvestment returns.
distributions and buffers · 2/4 · First-half operating cash flow of $588.3 million exceeded $365.8 million of dividends. Including $173.6 million of property improvements and $105.2 million of common repurchases exhausted that simple buffer before other uses. Remaining redevelopment commitments and a declared dividend increase retain funding demands; this is not an AFFO payout calculation.
dilution and cost · 2/4 · Common shares outstanding declined from 674.094 million at December 2025 to 670.246 million in June 2026. Most first-half repurchases used exchangeable-note proceeds, creating financing obligations and potential future dilution. The 3.50% coupon does not capture all financing economics; actual financing costs and outstanding equity awards remain relevant burdens.
investment discipline · 2/4 · Actual property improvements, receivable investments and collections, dispositions and acquisitions demonstrate active deployment and recycling. Disclosed transaction cap rates provide context, but do not establish realized total returns, credit outcomes or project completion economics. The evidence supports mixed, bounded discipline rather than the previous unsupported completed-redevelopment yield argument.
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Growing GAAP operating cash flow and substantial covenant headroom support financial discipline. However, first-half dividends, property improvements and common repurchases exceeded operating cash flow in aggregate, and most common repurchases used exchangeable debt. Remaining redevelopment commitments preserve funding needs; comprehensive value creation from these choices is unestablished.
incentive alignment · 2/4 · Actual outstanding awards under stockholder-approved plans include three-year relative-total-stockholder-return conditions, and ownership multiples and retention requirements support alignment. Reported award quantities assume maximum performance, not earned or vested shares. These disclosures establish alignment mechanisms but do not demonstrate exceptional pay outcomes or complete individual compliance.
execution · 3/4 · High occupancy, substantial leasing activity, achieved comparable rent increases and growing same-property NOI and GAAP operating cash flow demonstrate strong current execution. Management contribution is assessed indirectly from operating results. The evidence does not isolate market tailwinds or establish competitor outperformance and future project returns.
governance · 3/4 · Independent key committees, a majority-independent nominee slate, annual elections, majority voting, proxy access and clawback arrangements support strong governance structures. May 2026 disclosures confirm completed director elections and an advisory compensation vote. These are actual arrangements and processes, but do not establish exceptional oversight effectiveness.
Evidence
The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities.
2025 results release, filed 2026-02-12; portfolio location description · Filed 12/02/2026
"The combination of limited new shopping center supply, continued consumer demand for the everyday essentials, and strong shopper traffic across our open-air portfolio supported robust leasing activity.
Second-quarter 2026 results release, filed 2026-08-04; CEO statement on supply and demand · Filed 04/08/2026
•
Achieved pro-rata cash rent spreads of 40.4% on comparable new leases.
Second-quarter 2026 results release, filed 2026-08-04; comparable new-lease pro-rata cash rent spreads · Filed 04/08/2026
•
Matched all-time high portfolio occupancy of 96.4% and achieved a record small-shop occupancy level of 92.9%.
Second-quarter 2026 results release, filed 2026-08-04; portfolio and small-shop occupancy · Filed 04/08/2026
•
Generated 1.7% growth in same property net operating income* (“NOI”) year-over-year, driven by a 2.2% increase in minimum rents.
First-quarter 2026 results release, filed 2026-04-30; same-property NOI and minimum-rent growth · Filed 30/04/2026
Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties,
iv
500 North Broadway, Suite 201 | Jericho, NY 11753 | (833) 800-4343 kimcorealty.com
Second-quarter 2026 results release, filed 2026-08-04; competition, tenant, retail-channel and operating-cost risks · Filed 04/08/2026
•
Expanded leased-to-economic occupancy spread to 390 basis points, representing $73 million of Annual Base Rent (“ABR”) for near-term rent commencements from signed leases, each representing new highs.
2025 results release, filed 2026-02-12; leased-to-economic occupancy gap and signed rent pipeline · Filed 12/02/2026
– Increases Common Dividend 12% Year-over-Year –
– Raises 2026 Outlook –
JERICHO, New York, August 4, 2026 - Kimco Realty® (NYSE: KIM), a real estate investment trust (“REIT”) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the second quarter ended June 30, 2026.
Second-quarter 2026 results release, filed 2026-08-04; reporting period and operating scope · Filed 04/08/2026
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”).
2025 Form 10-K, filed 2026-02-20; parent company REIT election beginning taxable year 1992 · Filed 20/02/2026
Covenant
Must Be
As of June 30, 2026
Total Indebtedness to Gross Asset Value (“GAV”)
< 60%
36%
Total Priority Indebtedness to GAV
< 35%
2%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense
> 1.75x
4.5x
Fixed Charge Total Adjusted EBITDA to Total Debt Service
> 1.50x
4.2x
June 2026 Form 10-Q, filed 2026-08-04; credit-facility covenant ratios and thresholds · Filed 04/08/2026
• 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
2025 Form 10-K, filed 2026-02-20; unencumbered properties and portfolio denominator · Filed 20/02/2026
The following table summarizes the Company’s consolidated debt maturities (excluding extension options, unamortized debt issuance costs of $63.3 million and fair market value of debt adjustments aggregating $3.8 million) and obligations under non-cancelable operating leases as of December 31, 2025:
Payments due by period (in millions)
2026
2027
2028
2029
2030
Thereafter
Total
Long-Term Debt:
Principal (1)
$
881.7
$
1,176.5
$
636.8
$
238.6
$
500.3
$
4,811.5
$
8,245.4
Interest (2)
$
321.3
$
258.7
$
237.1
$
225.7
$
217.8
$
1,468.9
$
2,729.5
Non-cancelable Leases (3)
2025 Form 10-K, filed 2026-02-20; consolidated scheduled debt principal and interest obligations in millions · Filed 20/02/2026
Ended the quarter with $2.7 billion of immediate liquidity, including $700 million of cash, cash equivalents and restricted cash, and full availability under the company's $2.0 billion unsecured revolving credit facility.
Second-quarter 2026 results release, filed 2026-08-04; liquidity composition and revolving-facility availability · Filed 04/08/2026
The Credit Facility is scheduled to expire in March 2030 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2031.
March 2026 Form 10-Q, filed 2026-04-30; revolving-facility maturity and extension options · Filed 30/04/2026
The Company’s cash flow activities are summarized as follows (in thousands):
Six Months Ended June 30,
2026
2025
Cash, cash equivalents and restricted cash, beginning of the period
$
212,794
$
689,731
Net cash flow provided by operating activities
588,307
529,216
Net cash flow used for investing activities
(126,876
)
(233,135
)
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, end of the period
$
700,383
$
227,826
44
Operating Activities
Net cash flow provided by operating activities for the six months ended June 30, 2026 was $588.3 million, as compared to $529.2 million for the comparable period in 2025.
June 2026 Form 10-Q, filed 2026-08-04; GAAP operating cash flow and combined cash balances, in thousands · Filed 04/08/2026
Six Months Ended June 30,
2026
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
)
June 2026 Form 10-Q, filed 2026-08-04; six-month operating and investing cash flows · Filed 04/08/2026
Cash outflows:
•
$365.8 million of dividends paid;
•
$105.2 million for repurchase of common stock;
•
$53.2 million in principal payments on debt (related to the repayment of debt on two encumbered properties), including normal amortization on rental property debt;
•
$43.2 million for distribution and redemption of noncontrolling interests;
•
$18.8 million in financing origination costs; and
•
$6.4 million in shares repurchased for employee tax withholding on equity awards.
June 2026 Form 10-Q, filed 2026-08-04; actual financing cash outflows in millions · Filed 04/08/2026
The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for the remainder of 2026 will be approximately $125.0 million to $175.0 million.
June 2026 Form 10-Q, filed 2026-08-04; anticipated remaining-2026 redevelopment and re-tenanting commitments · Filed 04/08/2026
In addition to repurchases under the common share repurchase program, in June 2026, separate from the repurchase program described above, the Company repurchased 4.1 million shares of common stock for a total purchase price of $104.7 million (at a price of $25.38 per share) using a portion of the proceeds from the Exchangeable Senior Notes offering.
June 2026 Form 10-Q, filed 2026-08-04; common-stock repurchase financed with exchangeable-note proceeds · Filed 04/08/2026
Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
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
$
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
9,607,911
9,120,372
Redeemable noncontrolling interests
-
24,506
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
Second-quarter 2026 results release, filed 2026-08-04; consolidated balance sheet in thousands, except share data · Filed 04/08/2026
Additionally, there were potentially issuable shares related to the Exchangeable Senior Notes that were not dilutive as of June 30, 2026.
Second-quarter 2026 results release, filed 2026-08-04; potentially issuable exchangeable-note shares · Filed 04/08/2026
•
Issued $600.0 million 3.50% exchangeable senior notes due 2031.
Second-quarter 2026 results release, filed 2026-08-04; exchangeable-note principal, coupon and maturity · Filed 04/08/2026
Reconciliation of Net Income Available to the Company's Common Shareholders
to Same Property NOI (1)(2)
(in thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income available to the company's common shareholders
$
145,758
$
155,430
$
303,120
$
280,564
Adjustments:
Management and other fee income
(4,378
)
(4,245
)
(9,582
)
(9,583
)
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
Gain on sale of properties
(1,362
)
(38,922
)
(17,069
)
(39,809
)
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
Provision/(benefit) for income taxes, net
4
366
(235
)
830
Equity in loss/(income) of other investments, net
532
(1,747
)
(5,262
)
(2,448
)
Net income attributable to noncontrolling interests
669
1,956
2,118
3,642
Preferred dividends, net
7,536
7,556
15,072
15,239
Non same property net operating income
(23,044
)
(19,057
)
(53,555
)
(43,038
)
Non-operational expense from joint ventures, net
17,780
25,596
44,023
53,912
Same property NOI
$
403,160
$
389,589
$
804,297
$
784,245
Second-quarter 2026 results release, filed 2026-08-04; GAAP common-shareholder income reconciliation to same-property NOI, in thousands · Filed 04/08/2026
(1)
Same property Net Operating Income (“NOI”) is a supplemental non-GAAP financial measure of real estate companies' operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity.
Second-quarter 2026 results release, filed 2026-08-04; supplemental same-property NOI limitations · Filed 04/08/2026
Same property NOI is considered by management to be an important operating performance measure frequently used by analysts and investors because it includes only the NOI of operating properties that have been owned and stabilized for the entire current and prior year reporting periods.
Second-quarter 2026 results release, filed 2026-08-04; same-property reporting population · Filed 04/08/2026
Same property NOI is calculated using rental property revenues (excluding straight-line rent adjustments, lease termination income, net, and amortization of above/below market rents), less charges for credit losses, operating and maintenance expenses, real estate taxes, and rent expenses, plus the Company's proportionate share of same property NOI from unconsolidated real estate joint ventures, calculated on the same basis.
Second-quarter 2026 results release, filed 2026-08-04; same-property NOI calculation and joint-venture scope · Filed 04/08/2026
•
This growth was partially offset by a $5.7 million increase in total operating and maintenance expenses mainly attributable to higher snow removal and landscaping-related services, a $2.9 million increase in real estate tax expense, and $2.5 million in lower lease termination income compared to the prior year period.
First-quarter 2026 results release, filed 2026-04-30; realized operating-cost, tax and termination-income offsets · Filed 30/04/2026
• Leased over 12 million square feet across the nearly 2,000 leases signed during the year.
2026 proxy, filed 2026-04-08; actual 2025 leasing activity · Filed 08/04/2026
Increased pro-rata leased occupancy by 50 basis points year-over-year to 96.3% at quarter end.
First-quarter 2026 results release, filed 2026-04-30; pro-rata leased occupancy and year-over-year change · Filed 30/04/2026
Covered Person
Multiple Of Salary / Retainer
Independent Chairman
5x
Non-Employee Director
5x
Chief Executive Officer
5x
President
3x
Chief Operating Officer
3x
Chief Financial Officer
2x
The
Company also maintains a stock retention requirement for directors and NEOs.
2026 proxy, filed 2026-04-08; ownership multiples and stock-retention requirement · Filed 08/04/2026
Equity compensation plans approved by stockholders(1)
2,853,161
-
16,387,212
Equity compensation plans not approved by stockholders
N/A
N/A
N/A
Total
2,853,161
-
16,387,212
(1)Includes performance share and performance-based LTIP Unit awards that provide for the ability to earn or receive shares or LTIP Units
2026 proxy, filed 2026-04-08; outstanding awards under stockholder-approved compensation plans at December 31, 2025 · Filed 08/04/2026
after the end of a three-year performance period based on the Company’s total stockholder return in the applicable performance
2026 proxy, filed 2026-04-08; outstanding performance-award three-year period · Filed 08/04/2026
period compared to peers listed in the Bloomberg REIT Shopping Center Index.
2026 proxy, filed 2026-04-08; performance-award peer benchmark · Filed 08/04/2026
LTIP Units are shown based on attaining the maximum level of performance.
2026 proxy, filed 2026-04-08; maximum-performance qualification for reported award amounts · Filed 08/04/2026
√ 6 of 9 directors nominees are independent; Audit, Executive Compensation and Nominating and Corporate Governance Committees are each entirely comprised of independent directors
2026 proxy, filed 2026-04-08; director nominee and committee independence · Filed 08/04/2026
√ Limits on other board service to prevent “overboarding”
√ Formal “Clawback” Policy
Stockholder Rights
√ Annual election of all directors
√ Majority voting for directors in
uncontested elections
√ No supermajority vote requirements
√ Annual Say-on-Pay advisory vote
√ Stockholders have the right to amend
the Bylaws
√ Stockholders representing a majority can call special meeting
√ Proxy Access: stockholder (or a
group of 20) owning 3% of our common stock for at least three years may nominate up to 20% of board members
√ No “poison pill” in
effect
√ “Double trigger” change in control arrangement that covers certain of our named executive officers (“NEOs”)
2026 proxy, filed 2026-04-08; shareholder rights, clawback policy and board arrangements · Filed 08/04/2026
Proposal 1: Election of Directors
Elected the following nine nominees to the Board of Directors of the Company to serve as directors until the next annual meeting of stockholders and until their respective successors are duly elected and qualify.
Annual-meeting results Form 8-K, filed 2026-05-22; completed election of nine directors · Filed 22/05/2026
Approved, on an advisory basis, the compensation of the Company’s named executive officers as disclosed in the Compensation Discussion and Analysis and the accompanying tables in the Proxy Statement.
Annual-meeting results Form 8-K, filed 2026-05-22; completed advisory compensation vote · Filed 22/05/2026
Financial Results
Net income for the second quarter of 2026 was $145.8 million, or $0.22 per diluted share, compared to $155.4 million, or $0.23 per diluted share, for the second quarter of 2025.
Second-quarter 2026 results release, filed 2026-08-04; common-shareholder net income and diluted per-share comparison · Filed 04/08/2026
The year-over-year change reflects growth in consolidated revenues from rental properties, net, of $25.5 million and increased equity in income of joint ventures, net, of $8.5 million, offset by lower gains on sales of properties of $37.6 million.
Second-quarter 2026 results release, filed 2026-08-04; rental revenue, joint-venture income and property-sale gain bridge · Filed 04/08/2026
Financial Results
Net income for the first quarter of 2026 was $157.4 million, or $0.23 per diluted share, compared to $125.1 million, or $0.18 per diluted share, for the first quarter of 2025.
First-quarter 2026 results release, filed 2026-04-30; common-shareholder net income and diluted per-share comparison · Filed 30/04/2026
(4)
Year-to-date transactions updated to include material activity through July 31, 2026 would reflect approximately $109 million of acquisitions at a 5.7% weighted average cap rate; $261 million of dispositions at a 5.1% weighted average cap rate; and $8 million of structured investments, net of repayments, at a 9.6% weighted average yield.
Second-quarter 2026 results release, filed 2026-08-04; actual transaction activity through July 31, 2026 and disclosed cap rates · Filed 04/08/2026
Dividend Declarations
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The board of directors declared a cash dividend of $0.28 per common share (equivalent to $1.12 per annum), representing a 12.0% increase over the quarterly dividend in the corresponding period of the prior year.
Second-quarter 2026 results release, filed 2026-08-04; declared common dividend increase · Filed 04/08/2026
