Companies · KIM
Kimco Realty
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 29, 2026
Kimco raises FFO and same-property NOI guidance after Q3 record occupancy, 4.9% SP-NOI growth, and $150M buyback at implied 8% FFO yield
Kimco delivered its strongest same-property NOI quarter of 2026 at 4.9% growth, pushed lease occupancy to an all-time high of 96.6%, and raised full-year FFO guidance to $1.84-$1.86 per diluted share — the third consecutive year tracking above 5% FFO-per-share growth. The capital recycling flywheel is operating as designed: dispositions at ~5% cap rates fund grocery-anchored acquisitions at ~6% with 250-300 basis points of incremental annual growth, while $150 million in share repurchases at an ~8% FFO yield consumed the spread between private market and public market pricing. With $76 million of signed-but-not-open ABR, modest 2027 debt maturities of $466 million, and a net debt-to-EBITDA at a record-low 5x, Kimco enters 2027 with embedded growth already contracted and balance sheet capacity to press the advantage.
Tone: bullishRevenue
$2.1B
KIM 10-K · FY 2025
Employees
710
Revenue FY2024
$2B
Founded
1958
Profile
KIM 10-K Item 1 · Feb 20, 2026Kimco Realty is the largest U.S. owner and operator of open-air, grocery-anchored shopping centers and mixed-use properties, with 565 shopping centers totaling 100.2 million square feet across 29 states as of December 31, 2025. The company operates as a self-administered REIT, generating revenues primarily through long-term leases structured with fixed base rent plus tenant reimbursements for operating expenses. Kimco focuses its portfolio in high-barrier first-ring suburbs within major Sun Belt and coastal metropolitan markets, supplemented by a mixed-use residential densification strategy.
Read filing description ↓ Collapse description ↑
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 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. The Company completed its initial public stock offering in November 1991 and elected to qualify as a REIT commencing January 1, 1992. The Company reorganized into an UPREIT structure in January 2023. 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 has obtained multi-family entitlements for 14,196 units, of which 3,505 units have been constructed as of December 31, 2025. The Company also maintains institutional joint venture programs and structured investment activities, and has implemented a Lifestyle Collection of upscale open-air properties targeting sophisticated consumers through premium tenant mixes.
Primary products
- Open-air shopping center leasing
- Mixed-use property leasing
- Net leased properties
- Management and other fee income
- Institutional joint venture programs
- Structured investment portfolio (Plus business)
Business segments
End markets
Geographies
Named customers
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.
Named competitors
“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.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $2.037 billion in 2024 to $2.140 billion in 2025, driven primarily by growth in revenues from rental properties.
The rest of KIM is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.