AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 2/6 · 19/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Locations and obtained entitlements are plausible sources of differentiation, but the supplied outcomes do not isolate durable asset scarcity from favorable market demand. Structural superiority remains unestablished.
durability · — · Long tenant leases and current demand provide revenue visibility, but do not establish how long a competitive advantage would survive. Limited supply is a CEO assessment without quantified local competitive evidence.
customer dependency · — · Renewals and options demonstrate repeat demand, but tenant dependence on Kimco, material relocation barriers and inability to substitute competing space are not established.
erosion resilience · — · Occupancy and property-income growth show current operating resilience. They do not establish resistance of a structural advantage to competing supply, retail disruption and recurring reinvestment needs.
Pricing power69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Comparable-space blended cash rent spreads of 11.3% in first-quarter 2026 and 13.1% in the second quarter directly demonstrate positive pricing outcomes. Both quarters include positive renewal and option spreads. This is stronger than aggregate rental growth, although recent lease cohorts and unquantified net concessions limit durability conclusions.
retention · 3/4 · The 573 first-half renewals and options directly demonstrate substantial repeat commitments, with positive comparable-space renewal spreads in both quarters. Pro-rata occupancy of 96.4% supports demand indirectly. No retention percentage or structural switching cost is inferred.
margin resilience · 3/4 · Expense-sharing contracts, 3.0% same-property NOI growth in 2025 and 2.6% first-half 2026 growth demonstrate property-income resilience. Higher non-recoverable costs and first-quarter lower net recovery income show incomplete protection. This assesses operating-income resilience rather than proving margin expansion or a moat.
contractual freedom · 2/4 · A majority of leases require contractual rent increases, and expense reimbursements permit cost recovery. Fixed base rents and generally five-to-25-year terms restrict discretionary repricing during leases, while alternative locations constrain renewal negotiations.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength—
Missing required inputs: currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 14.19
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 12.13
- Debt / FCF (x)
- 7.01
- Net debt / operating income (x)
- 9.74
- Interest coverage (x)
- 2.33
Capital allocation—
Missing required inputs: cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 3.96
- 3-year average dilution (%)
- 3.20
- 3-year average SBC / revenue (%)
- 1.71
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half operating cash flow increased to $588.3 million against $173.6 million of property improvements, with substantial disclosed covenant headroom. However, $104.7 million of repurchases used exchangeable-note proceeds, and net redevelopment returns are not supplied. Actual financing, spending and cash generation support a mixed assessment.
incentive alignment · 3/4 · The disclosed 2025 target mix assigned approximately 67% to relative-TSR awards, subject to exclusions; subsequent actual performance-based LTIP grants support implementation. Ownership and retention policies and hedging and pledging prohibitions support alignment. The time-only exception and actual 20% bonus-to-equity premium temper the assessment. Ownership compliance and future vesting are not assumed.
execution · 3/4 · Positive comparable-space leasing spreads, 826 first-half consolidated lease executions, higher occupancy, growing same-property NOI and operating cash flow, and diluted FFO growth from $1.65 to $1.76 in 2025 demonstrate execution. These operating results are indirect evidence of management contribution, without establishing competitor outperformance.
governance · 3/4 · Actual appointment of an independent non-executive chairman and disclosed independent key committees, annual director elections, majority voting, proxy access, clawback policy and absence of a poison pill support strong governance arrangements. Change-of-control restrictions temper shareholder protections. Proposed director elections are not treated as completed outcomes.
Evidence
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.
Business objective and strategies: portfolio locations and perceived entry barriers · Filed 20/02/2026
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.
Business strategies: obtained multifamily entitlements and constructed units · Filed 20/02/2026
i
500 North Broadway, Suite 201 | Jericho, NY 11753 | (833) 800-4343 kimcorealty.com
Operating Results
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Signed 4.4 million square feet during the first quarter comprising 576 leases, generating blended pro-rata cash rent spreads on comparable spaces of 11.3%, with new leases up 23.8% and renewals and options growing 12.0% and 7.9%, respectively.
First-quarter 2026 operating results: comparable-space cash rent spreads · Filed 30/04/2026
Operating Results
•
Executed 461 leases totaling 2.5 million square feet during the second quarter, generating blended pro-rata cash rent spreads of 13.1% on comparable spaces, including 40.4% on new leases, 6.1% on renewals and 8.0% on options.
Second-quarter 2026 operating results: comparable-space cash rent spreads · Filed 04/08/2026
•
Pro-rata leased occupancy increased 10 basis points sequentially and 100 basis points year-over-year to 96.4%.
Second-quarter 2026 operating results: pro-rata leased occupancy · Filed 04/08/2026
"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.
CEO commentary: limited new supply and tenant demand · Filed 04/08/2026
Open-air shopping centers, including mixed-use assets, or other retail shopping centers with more convenient locations or better rents may attract tenants or cause them to seek more favorable lease terms at or prior to renewal.
Competition risk: alternative locations and renewal terms · Filed 20/02/2026
Retailers at our properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, and other forms of marketing goods, such as direct mail and internet marketing, all of which could (i) reduce rents payable to us, (ii) reduce our ability to attract and retain tenants at our properties; or (iii) lead to increased vacancy rates at our properties.
Competition risk: retail alternatives and potential landlord effects · Filed 20/02/2026
45 Improvements to Operating Real Estate – During the six months ended June 30, 2026 and 2025, the Company expended the following amounts for improvements to operating real estate (in thousands): Six Months Ended June 30, 2026 2025 Redevelopment and renovations $ 109,669 $ 60,073 Tenant improvements and tenant allowances 63,956 78,137 Total improvements $ 173,625 $ 138,210 The Company, on a selective basis, will redevelop projects or re-tenant its properties to maintain or enhance its competitive position in the marketplace.
Liquidity and capital resources: actual property improvements and competitive reinvestment · Filed 04/08/2026
The leasing costs associated with these new leases are estimated to aggregate $30.9 million, or $52.04 per square foot.
First-quarter 2026 leasing activity: estimated new-lease costs · Filed 30/04/2026
Leasing Activity During the six months ended June 30, 2026, the Company executed 826 leases totaling 6.2 million square feet in the Company’s consolidated operating portfolio, comprised of 253 new leases and 573 renewals and options.
First-half 2026 leasing activity: new leases, renewals and options · Filed 04/08/2026
Additionally, a majority of the Company’s leases have provisions requiring contractual rent increases.
Properties: contractual rent increases · Filed 20/02/2026
Most of the leases provide for the payment of fixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes, insurance,
Properties: fixed base rent and tenant expense-sharing provisions · Filed 20/02/2026
utilities and common area maintenance expenses incurred in operating the shopping centers (certain of the leases provide for the payment of a fixed-rate reimbursement of these such expenses).
Properties: reimbursable expenses and fixed-rate reimbursement exceptions · Filed 20/02/2026
The Company, in turn, leases premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from five to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants’ sales volumes.
Lease note: tenant lease terms and rental provisions · Filed 20/02/2026
Same property NOI increased by $20.1 million, or 2.6%, for the six months ended June 30, 2026, as compared to the corresponding period in 2025.
Same-property NOI: first-half 2026 growth · Filed 04/08/2026
This increase is primarily the result of (i) an increase of $18.6 million in minimum rent, primarily related to strong leasing activity and (ii) a decrease in credit losses of $2.6 million, partially offset by (iii) an increase in non-recoverable expenses of $1.9 million.
Same-property NOI: minimum rent, credit losses and non-recoverable expenses · Filed 04/08/2026
This increase is primarily the result of (i) an increase of $8.7 million in minimum rent, primarily related to strong leasing activity, partially offset by (ii) a decrease in net recovery income of $2.7 million.
First-quarter 2026 same-property NOI: rent growth and lower net recovery income · Filed 30/04/2026
Cash, cash equivalents and restricted cash, beginning of the period
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
227,826
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.
Operating activities: first-half operating cash flow comparison · 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.
Stockholders' equity: repurchases funded with exchangeable-note proceeds · Filed 04/08/2026
47 Senior Notes – The Company’s supplemental indenture governing its senior notes contains the following covenants, all of which the Company is compliant with: Covenant Must Be As of June 30, 2026 Consolidated Indebtedness to Total Assets < 60% 38% Consolidated Secured Indebtedness to Total Assets < 40% 2% Consolidated Income Available for Debt Service to Maximum Annual Service Charge > 1.50x 4.6x Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness > 1.50x 2.4x For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993; the First Supplemental Indenture dated August 4, 1994; the Second Supplemental Indenture dated April 7, 1995; the Third Supplemental Indenture dated June 2, 2006; the Fourth Supplemental Indenture dated April 26, 2007; the Fifth Supplemental Indenture dated as of September 24, 2009; the Sixth Supplemental Indenture dated as of May 23, 2013; the Seventh Supplemental Indenture dated as of April 24, 2014; and the Eighth Supplemental Indenture dated as of January 3, 2023, each as filed with the SEC.
Financing: actual senior-note covenant compliance and headroom · Filed 04/08/2026
2025 Long-Term Incentive Weighting at Target* Long-Term Incentive Component NEOs’ Weight at Target Time-Based Equity Award 33% Performance-Based Equity Award: 2025-2027 Relative TSR 67% * Represents approximate weightings based on grant date value and excludes shares of restricted stock granted in 2025 to Mr.
Compensation discussion: 2025 long-term incentive target weighting and exclusions · Filed 08/04/2026
Unlike the other NEOs, Mr. Milton Cooper only received time-vesting awards for 2025.
Compensation discussion: time-vesting-only exception · Filed 08/04/2026
(4)Messrs. Milton Cooper and Flynn elected to be paid their 2024 annual bonus payment in the form of shares of restricted stock and LTIP Units, respectively, with a grant date fair value equal to 120% of their bonus amount based on the closing price per share of our Common Stock on the date immediately preceding the date of grant and were awarded 101,590 and 215,140 shares, respectively, on April 30, 2025 that vest in a single installment on February 13, 2030 and February 13th of the first five years following the grant date , respectively, subject to continued employment with the Company on the applicable vesting date.
Executive compensation: actual bonus-to-equity awards and premium · Filed 08/04/2026
Performance-Based LTIP Units Information with respect to Performance-Based LTIP Units, including performance dividend equivalent units, under the Plans for the six months ended June 30, 2026 and 2025 is as follows: 2026 2025 Performance-Based LTIP unit awards outstanding as of January 1, 1,076,361 474,611 Granted (1) 480,140 601,750 Performance-Based LTIP unit awards outstanding as of June 30, 1,556,501 1,076,361 (1) The weighted-average grant date fair value for Performance-Based LTIP Units issued, excluding performance dividend equivalent units, during the six months ended June 30, 2026 and 2025 was $20.07 and $9.42, respectively.
Equity compensation: actual performance-based LTIP grants · Filed 04/08/2026
Highlights Board Structure and Independence √ Separate Chairman and Chief Executive Officer (“CEO”) √ 6 of 9 directors nominees are independent; Audit, Executive Compensation and Nominating and Corporate Governance Committees are each entirely comprised of independent directors √ Require any search firm to include in its initial list of board candidates, qualified candidates who reflect a variety of backgrounds, skillsets and perspectives √ Executive sessions of non-management directors are held at all Board and committee meetings √ Annual strategic review by the Board with management √ No familial relationships among director nominees √ 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”) √ Stockholder feedback is solicited and shared with the Board Board Oversight √ Structured oversight of the Company’s corporate strategy and risk management √ Nominating and Corporate Governance Committee oversees Corporate Responsibility strategy and initiatives, as well as corporate governance oversight √ Provide continuing education for our Board √ Cybersecurity, AI, and regulatory compliance oversight by Audit Committee √ Board and senior management succession planning √ Annual self-assessment of Board and Board committee performance Accountability and Best-In-Class Governance Practices √ 2025 engagement reached common stockholders representing approximately 40% of shares held by the Top 50 stockholders as of December 31, 2025 √ Stock ownership policies for directors and NEOs, including stock retention requirements for those who have not achieved the applicable stock ownership levels √ Prohibition of hedging and pledging Company stock by directors and NEOs √ Code of Business Conduct and Ethics for directors, officers and employees √ Corporate Responsibility Steering Committee manages Corporate Responsibility program √ Oversight of political contributions (de minimis amounts in 2025) kimcorealty.com Proxy Statement 2026 3 Table of Contents Governance at Kimco Board Leadership Structure The Board has separated the roles of the Chairman of the Board and the CEO.
Governance: committees, shareholder rights, ownership policies and trading restrictions · Filed 08/04/2026
Board appointed Richard Saltzman as the non-executive, independent Chairman of the Board on April 29, 2025.
Board leadership: independent non-executive chairman appointment · Filed 08/04/2026
Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction, even if such a change in control may be in our best interest, and as a result may depress the market price of our securities.
Governance risk: change-of-control restrictions · Filed 20/02/2026
Reconciliation of Net Income to FFO (In thousands, except share data) (unaudited) Year Ended December 31, 2025 2024 Net income available to the company's common shareholders $ 554,430 $ 375,718 Gain on sale of properties (62,663) (1,274) Gain on sale of joint venture properties (6,587) (1,501) Depreciation and amortization - real estate related 622,530 598,741 Depreciation and amortization - real estate joint ventures 84,472 86,235 Impairment charges (including real estate joint ventures) 9,517 4,485 (Recovery)/provision for loan losses, net (1,448) 5,500 Profit participation from other investments, net (100) (5,059) (Gain)/loss on derivative/marketable securities, net (2,296) 27,549 (Benefit)/provision for income taxes, net (1) (752) 24,832 Noncontrolling interests (1) (3,009) (3,150) FFO available to the company's common shareholders (2) (3) $ 1,194,094 $ 1,112,076 Weighted average shares outstanding for FFO calculations: Basic 675,050 671,561 Units 3,504 3,206 Convertible preferred shares 3,209 4,223 Dilutive effect of equity awards 138 523 Diluted (4) 681,901 679,513 FFO per common share - basic $ 1.77 $ 1.66 FFO per common share - diluted (4) (2) (3) $ 1.76 $ 1.65 (1) Related to gains, impairments, depreciation on properties and gains/(losses) on derivatives and marketable securities, where applicable.
Annex A: actual 2025 and 2024 diluted FFO reconciliation · Filed 08/04/2026
The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth.
Properties: management assessment of below-market existing rents · Filed 20/02/2026
•
Produced a 3.0% year-over-year increase in same property net operating income(1) (“NOI”) for both the fourth quarter and full year.
2025 operating results: full-year and fourth-quarter same-property NOI growth · Filed 12/02/2026
