Core Insights - Kimco Realty will present at the BofA Securities 2025 Global Real Estate Conference on September 10, 2025, from 3:45 PM to 4:20 PM ET [1] - The company is a leading real estate investment trust (REIT) focused on high-quality, grocery-anchored shopping centers and mixed-use properties in the U.S. [2] - As of June 30, 2025, Kimco Realty owned interests in 566 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [2] Company Overview - Kimco Realty has been publicly traded on the NYSE since 1991 and is included in the S&P 500 Index [2] - The company's portfolio is concentrated in first-ring suburbs of major metropolitan markets, including high-barrier coastal markets and Sun Belt cities [2] - The tenant mix focuses on essential goods and services that encourage multiple shopping trips per week [2] - Kimco Realty has over 65 years of experience in shopping center ownership, management, acquisitions, and redevelopment [2] - The company is recognized as an industry leader in corporate responsibility [2] Communication Strategy - Kimco Realty announces material information through its investor relations website, SEC filings, press releases, public conference calls, and webcasts [3] - The company also utilizes social media to communicate with investors and the public, encouraging stakeholders to review posted information [3]

Core Viewpoint - Kimco Realty will present at the BofA Securities 2025 Global Real Estate Conference on September 10, 2025, highlighting its strategic focus and portfolio [1] Company Overview - Kimco Realty is a leading real estate investment trust (REIT) specializing in high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S. [2] - The company's portfolio is concentrated in first-ring suburbs of major metropolitan markets, including high-barrier coastal markets and Sun Belt cities [2] - As of June 30, 2025, Kimco Realty owned interests in 566 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [2] - The company has been publicly traded on the NYSE since 1991 and is included in the S&P 500 Index, with over 65 years of experience in shopping center ownership and management [2] - Kimco Realty is recognized for its commitment to corporate responsibility and is considered an industry leader in this area [2] Communication Strategy - The company announces material information through its investor relations website, SEC filings, press releases, public conference calls, and webcasts [3] - Kimco Realty also utilizes social media to communicate with investors and the public, encouraging stakeholders to review information posted on platforms like Facebook and LinkedIn [3]

Group 1 - Some REITs are considered overrated while smaller, lesser-known REITs are often underrated and deserve more attention [1] - The company has released its latest top investment picks for August 2025, providing immediate access to exciting opportunities [1] Group 2 - The company invests thousands of hours and over $100,000 annually into researching profitable investment opportunities [2] - The approach has garnered over 500 five-star reviews from satisfied members who are experiencing benefits [2] - The company encourages potential investors to join now to maximize their returns [2]

[Explanatory Note](index=2&type=section&id=Explanatory%20Note) This section provides context for the combined reporting structure of Kimco Realty Corporation and Kimco OP [Combined Reporting Structure](index=2&type=section&id=Combined%20Reporting%20Structure) This report combines the Form 10-Q for Kimco Realty Corporation and Kimco OP, managed as a single business with primary differences in equity sections - This is a combined quarterly report for Kimco Realty Corporation (Parent Company) and its operating partnership, Kimco Realty OP, LLC (Kimco OP)[7](index=7&type=chunk) - The Parent Company is a REIT and serves as the managing member of Kimco OP, holding a **99.79%** ownership interest as of June 30, 2025[8](index=8&type=chunk) - Substantially all operations are conducted through Kimco OP. The primary financial statement differences between the two entities are in the equity sections (Stockholders' Equity vs. Members' Capital)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Kimco Realty Corporation and Kimco OP, including key financial statements and notes [Condensed Consolidated Financial Statements of Kimco Realty Corporation](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20Corporation) Kimco Realty Corporation reported **$19.8 billion** in total assets, with revenues increasing to **$1.06 billion** and net income rising to **$280.6 million** Kimco Realty Corporation - Condensed Consolidated Balance Sheet (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$19,796,555** | **$20,309,896** | | Total liabilities | $9,078,579 | $9,464,107 | | **Total equity** | **$10,671,410** | **$10,797,912** | Kimco Realty Corporation - Condensed Consolidated Statement of Income (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $1,061,799 | $1,003,985 | | Operating income | $386,296 | $291,405 | | Net income attributable to the Company | $295,803 | $108,764 | | **Net income available to common shareholders** | **$280,564** | **$92,861** | | Diluted EPS | $0.41 | $0.14 | - Net cash flow from operating activities for the six months ended June 30, 2025, was **$529.2 million**, compared to **$470.2 million** in the same period of 2024[34](index=34&type=chunk) [Condensed Consolidated Financial Statements of Kimco Realty OP, LLC](index=10&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20of%20Kimco%20Realty%20OP%2C%20LLC) Kimco Realty OP, LLC's financial statements mirror the Parent Company's, with net income available to common unitholders at **$281.1 million** (**$0.41** per diluted unit), up from **$93.0 million** (**$0.14** per diluted unit) in the prior year period, differing primarily in the capital section Kimco Realty OP, LLC - Condensed Consolidated Balance Sheet (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$19,796,555** | **$20,309,896** | | Total liabilities | $9,078,579 | $9,464,107 | | **Total capital** | **$10,671,410** | **$10,797,912** | Kimco Realty OP, LLC - Condensed Consolidated Statement of Income (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $1,061,799 | $1,003,985 | | Operating income | $386,296 | $291,405 | | Net income attributable to Kimco OP | $296,361 | $108,940 | | **Net income available to common unitholders** | **$281,122** | **$93,037** | | Diluted EPU | $0.41 | $0.14 | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business, accounting policies, and financial items, covering the RPT Merger, real estate, debt, and NOI - The company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S., with a portfolio concentrated in top major metropolitan markets[56](index=56&type=chunk) - On January 2, 2024, the company completed its merger with RPT Realty ("RPT Merger"), acquiring 56 shopping centers. Merger-related expenses of **$25.2 million** were incurred in the first six months of 2024[58](index=58&type=chunk)[68](index=68&type=chunk) - During the six months ended June 30, 2025, the company acquired operating properties for a total purchase price of **$134.6 million** and disposed of properties for an aggregate sales price of **$51.9 million**, generating a gain of **$39.8 million**[74](index=74&type=chunk)[77](index=77&type=chunk) - The company has a **$2.0 billion** unsecured revolving credit facility, which had no outstanding balance as of June 30, 2025. In June 2025, the company issued **$500.0 million** in senior unsecured notes due 2036[104](index=104&type=chunk)[108](index=108&type=chunk) - The company repurchased **3.0 million** shares of common stock for **$58.8 million** and 58,342 depositary shares of Class N Preferred Stock for **$3.5 million** during the first six months of 2025[153](index=153&type=chunk)[157](index=157&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, highlighting the company's leading position, RPT Merger impact, and growth in net income, FFO, and Same Property NOI [Executive Overview](index=40&type=section&id=Executive%20Overview) Kimco is a self-administered REIT specializing in open-air, grocery-anchored shopping centers, with interests in 566 U.S. properties totaling **100.9 million** square feet of GLA, significantly expanded by the RPT Merger - As of June 30, 2025, Kimco had interests in 566 U.S. shopping center properties, totaling **100.9 million** square feet of gross leasable area (GLA) across 30 states[183](index=183&type=chunk) - 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[184](index=184&type=chunk) - The RPT Merger on January 2, 2024, added 56 open-air shopping centers (**13.3 million** sq. ft. of GLA) to the company's portfolio[184](index=184&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Net income available to common shareholders increased to **$280.6 million** from **$92.9 million**, driven by higher rental revenues, property sale gains, and lower income taxes Comparison of Results (Six Months Ended June 30) | (in thousands) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues from rental properties, net | $1,052,216 | $995,126 | $57,090 | | Gain on sale of properties | $39,809 | $393 | $39,416 | | Interest expense | ($161,581) | ($147,906) | ($13,675) | | Provision for income taxes, net | ($830) | ($72,227) | $71,397 | | **Net income available to common shareholders** | **$280,564** | **$92,861** | **$187,703** | - The **$57.1 million** YTD increase in rental revenue was primarily due to a **$29.4 million** increase from leasing and portfolio growth, and a **$22.1 million** increase from properties acquired in 2025 and 2024[196](index=196&type=chunk) - The significant decrease in income tax provision was due to the 2024 sale of Albertsons Companies Inc. (ACI) common stock, which generated a large taxable gain in that period[210](index=210&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity via operating cash flow, a **$2.0 billion** credit facility, and capital markets, with cash used for property improvements, acquisitions, and debt repayments Summary of Cash Flow Activities (Six Months Ended June 30, in thousands) | | 2025 | 2024 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $529,216 | $470,150 | | Net cash flow used for investing activities | ($233,135) | ($10,532) | | Net cash flow used for financing activities | ($757,986) | ($1,115,820) | | **Net change in cash** | **($461,905)** | **($656,202)** | - Key investing activities in the first half of 2025 included **$138.2 million** for property improvements and **$106.2 million** for an property acquisition[219](index=219&type=chunk)[220](index=220&type=chunk) - Key financing activities in the first half of 2025 included issuing **$500.0 million** of unsecured notes, repaying **$740.5 million** of unsecured notes, and paying **$354.3 million** in dividends[223](index=223&type=chunk)[224](index=224&type=chunk) - The company is in compliance with all senior note covenants, including maintaining Consolidated Indebtedness to Total Assets below **60%** (actual **37%**)[237](index=237&type=chunk) [Funds From Operations (FFO)](index=50&type=section&id=Funds%20From%20Operations%20%28FFO%29) FFO, a non-GAAP measure, increased for the six months ended June 30, 2025, with FFO available to common shareholders at **$599.5 million** (**$0.88** per diluted share), reflecting higher net income FFO Reconciliation (in thousands, except per share data) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income available to common shareholders | $280,564 | $92,861 | | Adjustments (Depreciation, Gains, etc.) | $318,887 | $444,926 | | **FFO available to common shareholders** | **$599,451** | **$537,787** | | **FFO per common share – diluted** | **$0.88** | **$0.80** | [Same Property Net Operating Income (Same property NOI)](index=51&type=section&id=Same%20Property%20Net%20Operating%20Income%20%28Same%20property%20NOI%29) Same Property NOI, a non-GAAP measure, showed positive growth, increasing by **3.1%** for three months and **3.5%** for six months ended June 30, 2025, driven by minimum rent increases - Same property NOI increased by **3.1%** for the three months ended June 30, 2025, compared to the prior year period[268](index=268&type=chunk) - Same property NOI increased by **3.5%** for the six months ended June 30, 2025, compared to the prior year period, mainly due to a **$22.8 million** increase in minimum rent[269](index=269&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed through interest rate swaps totaling **$860.0 million**, with most debt being fixed-rate, limiting the impact of rate increases - The company's primary market risk exposure is from interest rate changes[272](index=272&type=chunk) - As of June 30, 2025, the company had 26 interest rate swaps with a total notional amount of **$860.0 million** to hedge variable rate debt[272](index=272&type=chunk) Debt Obligations by Rate Type as of June 30, 2025 (in millions) | Debt Type | Fixed Rate | Variable Rate | Total | | :--- | :--- | :--- | :--- | | Secured Debt | $425.0 | $16.5 | $441.5 | | Unsecured Debt | $7,717.2 | $0.0 | $7,717.2 | | **Total** | **$8,142.2** | **$16.5** | **$8,158.7** | [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of quarter-end, with no material changes to internal control over financial reporting during the period - Management for both Kimco Realty Corporation and Kimco Realty OP, LLC concluded that disclosure controls and procedures were effective as of the end of the reporting period[276](index=276&type=chunk)[278](index=278&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[277](index=277&type=chunk)[279](index=279&type=chunk) [PART II - OTHER INFORMATION](index=55&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and other significant information [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation that management believes would materially adversely affect its financial condition or operations - The Company is not presently involved in any material litigation[282](index=282&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) There are no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - There are no material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[283](index=283&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company repurchased **3.0 million** shares of common stock for **$58.8 million** and 11,307 depositary shares of Class N preferred stock, also satisfying tax withholding obligations - During the six months ended June 30, 2025, the Company repurchased **3.0 million** shares of common stock for **$58.8 million**. As of June 30, 2025, **$166.0 million** remained available under the repurchase program[284](index=284&type=chunk) - During the three months ended June 30, 2025, the company repurchased 11,307 Class N depositary shares[284](index=284&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) The One Big Beautiful Bill Act (OBBBA) was enacted, permanently extending the **20%** deduction for qualified REIT dividends and increasing the TRS asset test limit, with no expected material impact - On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which permanently extended the **20%** deduction for "qualified REIT dividends" and increased the permissible value of TRS securities a REIT may hold from **20%** to **25%** of total assets[292](index=292&type=chunk) - The company is evaluating the OBBBA but does not expect it to have a material impact on its financial position or results of operations[292](index=292&type=chunk)

Core Insights - Kimco Realty Corp. (KIM) reported Q2 2025 FFO per share of 44 cents, exceeding the Zacks Consensus Estimate of 43 cents, reflecting a 7.3% year-over-year growth [1][8] - The results were driven by higher same-property NOI due to increased minimum rents, although lower occupancy from tenant bankruptcies and rising interest expenses posed challenges [1][8] Financial Performance - Revenues for the quarter were $525.2 million, slightly below the consensus estimate of $526.9 million, but represented a 5% year-over-year increase [2] - Same-property NOI increased by 3.1% year over year, supported by a 2.7% rise in minimum rents [4][8] - Interest expenses rose by 10.7% year over year to $81.2 million [5] Occupancy Rates - Pro-rata leased occupancy at the end of Q2 was 95.4%, down 80 basis points year over year, impacted by tenant bankruptcies [3] - Pro-rata small shop occupancy reached a record 92.2%, marking a 50 basis point increase year over year [4] Leasing Activity - Kimco executed 506 leases totaling 2.7 million square feet during the quarter, with blended pro-rata cash rent spreads on comparable spaces at 15.2% [4] - New leases increased by 33.8%, while renewals and options grew by 9.6% [4] Portfolio Activity - The company sold a Home Depot-anchored property for $49.5 million, realizing a gain of $38.4 million [6] Balance Sheet Position - Kimco ended Q2 2025 with over $2.2 billion in immediate liquidity, including full availability on a $2.0 billion unsecured revolving credit facility [7] - The net-debt-to-EBITDA ratio was 5.6X, consistent with the prior year [7] Dividend and Guidance - The board declared a quarterly cash dividend of 25 cents per share, payable on September 19, 2025 [9] - For 2025, Kimco raised its FFO per share guidance to a range of $1.73-$1.75, up from $1.71-$1.74, with same-property NOI growth expected to exceed 3.0% [10]

Financial Data and Key Metrics Changes - Funds from operations (FFO) for Q2 was $297.6 million, representing a 7.3% increase year-over-year to $0.44 per diluted share compared to $0.41 in the same quarter last year [23][24] - Same site net operating income (NOI) increased by 3.1%, driven by contractual rent growth and contributions from ancillary income [25][28] - The company ended the quarter with over $2 billion in available liquidity and a consolidated net debt to EBITDA ratio of 5.4 times [27] Business Line Data and Key Metrics Changes - Executed 174 new leases for 916,000 square feet at an average spread of 34% and completed 332 renewals covering 1.8 million square feet at a 9.6% spread, contributing to a blended spread of 15.2% [9][10] - Small shop occupancy reached a record high of 92.2%, with the RPT portfolio's small shop occupancy climbing to 90.3% [8][10] - The company reported a slight dip in overall pro rata occupancy to 95.4%, primarily due to anticipated lease rejections from Joanne and Party City [9] Market Data and Key Metrics Changes - The company noted strong tenant demand translating into robust leasing spreads, with a blended pro rata leasing spread of 15%, the highest in nearly eight years [8] - The market for grocery-anchored shopping centers remains strong, with 86% of annual base rent now coming from these centers, an all-time high [10] Company Strategy and Development Direction - The company is focused on enhancing execution through innovation, including deploying AI to improve leasing processes and reduce costs [11] - Capital allocation remains disciplined, with a strategy to recycle capital from low-growth assets into higher-yielding investments [12][22] - The company aims to maintain a strong balance sheet while pursuing growth opportunities in well-located markets [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving FFO growth of over 5% for the second consecutive year, supported by strong leasing momentum and a robust pipeline of rent commencements [14][28] - The management team acknowledged the current market volatility but highlighted the opportunities it presents for Kimco due to its strong balance sheet and industry relationships [16][20] Other Important Information - The company has proactively repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield [27][90] - The company anticipates selling between $100 million to $150 million in low cap rate properties annually to reinvest in higher growth opportunities [18][22] Q&A Session Summary Question: Can you help us understand the outlook for the back half of the year regarding same property NOI growth? - Management increased the annual guidance to 3% or better, accounting for the impact of bankruptcies and positive operating performance [33][34] Question: What is the outlook for the structured finance book and its sustainability? - Guidance incorporates expectations of repayments, and management believes the structured finance business has viability through all parts of the cycle [39][40] Question: Is there a desire to expand the joint venture platform for acquisitions? - Management indicated ongoing conversations with partners about potential co-investments while focusing on internal recycling of capital [46][47] Question: Can you provide an update on the backfills of the Joann's and Party City boxes? - Management reported strong interest in backfill opportunities, with over 90% of spaces either leased or in advanced stages of negotiation [76] Question: What types of private buyers are competing for new deals? - Competition includes pension funds and sovereign wealth funds, with aggressive pricing observed across both single assets and portfolios [96][100]

Financial Data and Key Metrics Changes - Funds from operations (FFO) for Q2 reached $297.6 million, translating to $0.44 per diluted share, a 7.3% increase year-over-year from $0.41 per diluted share [22][6][24] - Same site net operating income (NOI) increased by 3.1% driven by contractual rent growth and improved credit loss metrics [24][27] - The company ended the quarter with over $2 billion in available liquidity and a consolidated net debt to EBITDA ratio of 5.4 times [26][22] Business Line Data and Key Metrics Changes - The company executed 174 new leases covering 916,000 square feet at an average spread of 34%, and completed 332 renewals covering 1.8 million square feet at a 9.6% spread, resulting in a blended leasing spread of 15.2% [7][6] - Small shop occupancy reached a record high of 92.2%, with significant leasing activity contributing to this increase [6][24] - The RPT portfolio saw small shop occupancy rise to 90.3%, up 190 basis points since acquisition [6] Market Data and Key Metrics Changes - The company reported a blended pro rata leasing spread of 15%, the highest in nearly eight years, indicating strong tenant demand [6] - 86% of annual base rent now comes from grocery-anchored shopping centers, highlighting the resilience of the portfolio [9] Company Strategy and Development Direction - The company is focused on driving leasing velocity, backfilling spaces with higher credit operators, and maintaining a disciplined capital allocation strategy [13][14] - The use of AI is being deployed to enhance leasing processes and operational efficiency, indicating a commitment to innovation [10][81] - The company aims to recycle capital from low-growth assets into higher-yielding investments, particularly in grocery-anchored properties [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a full-year same site NOI growth of 3% or better, despite anticipated impacts from bankruptcies [27][32] - The management team noted that the current operating environment presents opportunities for growth, particularly in the structured investment space [15][19] - The company anticipates a robust pipeline of rent commencements, reinforcing confidence in future earnings [11][25] Other Important Information - The company has proactively repurchased 3 million shares at an average price of $19.61, reflecting a strategic approach to capital management [26] - The company completed a $500 million bond issuance at a favorable rate, enhancing financial flexibility [26] Q&A Session Summary Question: Guidance on same property NOI growth - Management acknowledged the strong same property NOI growth but indicated a deceleration in the second half due to bankruptcies impacting occupancy [30][32] Question: Structured finance book and repayments - Management confirmed that guidance includes expectations of repayments and emphasized the sustainability of the structured finance business across market cycles [36][38] Question: Interest in expanding the JV platform - Management indicated ongoing discussions with partners about potential expansions while focusing on capital recycling into higher growth opportunities [43][45] Question: Update on backfilling Party City and Joann's spaces - Management reported strong interest in backfilling opportunities, with significant progress made in executing leases [72][74] Question: Demand from small businesses amid tariff concerns - Management noted healthy demand across all tenant categories, including national, regional, and local businesses, with a significant uptick in service-related deals [66][68]

分组1 - Kimco Realty reported quarterly funds from operations (FFO) of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.43 per share, and up from $0.41 per share a year ago, representing an FFO surprise of +2.33% [1] - The company posted revenues of $525.18 million for the quarter ended June 2025, which was slightly below the Zacks Consensus Estimate by 0.32%, but an increase from $500.23 million year-over-year [2] - Over the last four quarters, Kimco Realty has surpassed consensus FFO estimates three times and topped consensus revenue estimates three times as well [2] 分组2 - The stock has underperformed, losing about 6.5% since the beginning of the year, while the S&P 500 has gained 8.2% [3] - The current consensus FFO estimate for the upcoming quarter is $0.43 on revenues of $529.06 million, and for the current fiscal year, it is $1.73 on revenues of $2.13 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Retail is in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Company Overview - Kimco Realty's total capitalization is $23.1 billion [7] - The company has 567 properties with 101 million square feet of gross leasable area (GLA) [7] - Kimco's strategy focuses on necessity-based goods and services, strong balance sheet, and expansion in high barrier-to-entry markets [8] Financial Performance - The company experienced 7.3% growth in FFO/diluted share compared to Q2 2024 [13] - Kimco has $2.2 billion in immediate liquidity [13] - The company's net debt to EBITDA is 5.6x on a look-through basis [13] Portfolio & Leasing - The company achieved a record high 86% ABR from grocery-anchored centers [13, 37] - Small shop occupancy reached a record high of 92.2% [13] - The blended pro-rata rent spread on comparable leases was 15.2% [13] - The signed not opened (SNO) pipeline is valued at $66 million [10, 13, 59] Capital Allocation - The company anticipates $100 million to $125 million in net acquisitions in 2025 [10, 79] - Kimco plans to sell $100 million to $150 million of low-growth assets [10, 79] - Redevelopment projects are expected to yield 17% and anchor space repositioning projects are expected to yield 11% [10]

[Kimco Realty Q2 2025 Earnings Release](index=1&type=section&id=Kimco%20Realty%C2%AE%20Announces%20Second%20Quarter%202025%20Results) [Financial & Operating Highlights](index=1&type=section&id=Highlights) Kimco Realty reported strong Q2 2025 results with FFO per share up 7.3%, record small shop occupancy, and robust rent spreads - CEO Conor Flynn highlighted the portfolio's strength and leasing team's effectiveness, noting less impact from JOANN and Party City bankruptcies due to strong tenant demand, positioning the company for FFO per share growth exceeding **5%** for the second consecutive year[3](index=3&type=chunk) Q2 2025 Key Performance Indicators | Metric | Value | Note | | :--- | :--- | :--- | | FFO per Diluted Share Growth (YoY) | 7.3% | Reached $0.44 | | Same Property NOI Growth (YoY) | 3.1% | - | | Blended Pro-rata Cash Rent Spreads | 15.2% | Highest in over seven years | | Small Shop Occupancy | 92.2% | All-time company record | | Pipeline of Signed Leases (ABR) | $66 million | Future rent commencements | | Grocery-Anchored ABR Contribution | 86% | New record level | [Financial Results](index=1&type=section&id=Financial%20Results) Net income increased 35% to $155.4 million, and FFO grew 7.3% to $297.6 million, driven by revenue and property sales gains Q2 2025 vs. Q2 2024 Financial Comparison (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Income | $155.4 | $111.8 | +39.0% | | Net Income per Diluted Share | $0.23 | $0.17 | +35.3% | | FFO | $297.6 | $276.0 | +7.8% | | FFO per Diluted Share | $0.44 | $0.41 | +7.3% | - Key drivers for the increase in Net Income include **$24.7 million** growth in consolidated revenues from rental properties, **$31.4 million** higher gains on sales of properties, and a **$7.3 million** increase in mortgage and other financing income, partially offset by increased depreciation and interest expenses[6](index=6&type=chunk) [Operating Performance](index=2&type=section&id=Operating%20Results) Operating performance was robust with 506 new leases, 15.2% rent spreads, record small shop occupancy, and 3.1% Same Property NOI growth - Leasing Activity: Signed **506** leases for **2.7 million** square feet - Rent Spreads: Achieved blended pro-rata cash rent spreads of **15.2%**, with new leases at **+33.8%** and renewals/options at **+9.6%** - Occupancy: Pro-rata leased occupancy ended at **95.4%**, a **40 bps** sequential decline primarily due to tenant bankruptcies, while small shop occupancy hit a record **92.2%** - Future Rent Pipeline: The spread between leased and economic occupancy increased to **310 basis points**, representing **$66 million** in future Annual Base Rent (ABR)[11](index=11&type=chunk) - Same Property NOI increased by **3.1%** year-over-year, primarily driven by a **2.7%** increase in minimum rents[11](index=11&type=chunk) [Capital & Transactional Activities](index=2&type=section&id=Transactional%20Activities) Kimco executed strategic capital activities, including property sales, debt issuance, and share repurchases, maintaining over $2.2 billion liquidity - Dispositions: Sold a freestanding, Home Depot-anchored property in Santa Ana, CA for **$49.5 million**, generating a gain of **$38.4 million** - Investments: Invested **$46.2 million** in new capital through its Structured Investment Program - Debt Management: Issued **$500.0 million** of **5.30%** senior unsecured notes due 2036 and repaid a **$240.5 million** note, with no consolidated debt maturing until July 2026 - Share Repurchases: Repurchased **3.0 million** shares of common stock at an average price of **$19.61** per share - Liquidity: Maintained over **$2.2 billion** of immediate liquidity[11](index=11&type=chunk) [Dividend Declarations](index=2&type=section&id=Dividend%20Declarations) The Board declared a quarterly cash dividend of $0.25 per common share and dividends for preferred shares Q2 2025 Common Stock Dividend | Metric | Value | | :--- | :--- | | Dividend per Share | $0.25 | | Annualized Dividend | $1.00 | | Record Date | September 5, 2025 | | Payment Date | September 19, 2025 | - Quarterly dividends were also declared for Class L, Class M, and Class N series of preferred shares, payable on October 15, 2025[11](index=11&type=chunk) [2025 Full Year Outlook](index=2&type=section&id=2025%20Full%20Year%20Outlook) Kimco raised its full-year 2025 guidance for Net Income and FFO per diluted share, reflecting a strong 3.0% Same Property NOI outlook Updated 2025 Full Year Guidance (per diluted share) | Metric | Current Outlook | Previous Outlook | | :--- | :--- | :--- | | Net Income | $0.74 to $0.76 | $0.70 to $0.73 | | FFO | $1.73 to $1.75 | $1.71 to $1.74 | Key 2025 Outlook Assumptions | Assumption | Current Outlook | | :--- | :--- | | Same Property NOI growth | +3.0% or better | | Total acquisitions, net of dispositions | $100M to $125M (Unchanged) | | Redevelopment spending | $100M to $125M (Unchanged) | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $19.8 billion and liabilities to $9.1 billion as of June 30, 2025, with equity remaining stable Balance Sheet Summary (in billions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $19.80 | $20.31 | | Total Liabilities | $9.08 | $9.46 | | Total Equity | $10.67 | $10.80 | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenues increased to $525.2 million, and net income grew to $155.4 million in Q2 2025, driven by revenues and property sales gains Q2 Income Statement Highlights (in thousands) | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $525,175 | $500,231 | | Operating Income | $205,812 | $160,710 | | Net Income Available to Common Shareholders | $155,430 | $111,777 | | Diluted EPS | $0.23 | $0.17 | [Reconciliation of Net Income to FFO](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20to%20FFO) Net Income of $155.4 million was reconciled to FFO of $297.6 million for Q2 2025, adjusting for depreciation and property sale gains Q2 2025 FFO Reconciliation (in thousands) | Item | Amount | | :--- | :--- | | Net income available to common shareholders | $155,430 | | Add: Depreciation and amortization - real estate related | $155,145 | | Less: Gain on sale of properties | ($38,922) | | Other Adjustments | $25,902 | | **FFO available to common shareholders** | **$297,555** | [Reconciliation of Net Income to Same Property NOI](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Same%20Property%20NOI) Net Income was reconciled to Same Property NOI of $388.5 million for Q2 2025, representing a 3.1% increase year-over-year Q2 Same Property NOI Reconciliation (in thousands) | Period | Same Property NOI | | :--- | :--- | | Three Months Ended June 30, 2025 | $388,534 | | Three Months Ended June 30, 2024 | $376,794 | [Reconciliation of Projected Net Income to FFO](index=9&type=section&id=Reconciliation%20of%20Projected%20Net%20Income%20to%20FFO) The company provides a reconciliation of its full-year 2025 projected Net Income per share to FFO per share guidance Projected Full Year 2025 Reconciliation (per diluted share) | Item | Low End | High End | | :--- | :--- | :--- | | Net income available to common shareholders | $0.74 | $0.76 | | Depreciation & amortization (real estate related) | $0.92 | $0.94 | | Depreciation & amortization (real estate JVs) | $0.12 | $0.13 | | Other Adjustments | ($0.05) | ($0.08) | | **FFO available to common shareholders** | **$1.73** | **$1.75** |