UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 1-10899 (Kimco Realty Corporation)
Commission file number 333-269102-01 (Kimco Realty OP, LLC)
KIMCO REALTY CORPORATION
KIMCO REALTY OP, LLC
(Exact name of registrant as specified in its charter)
Maryland (Kimco Realty Corporation)
Delaware (Kimco Realty OP, LLC)
13-2744380
92-1489725
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
500 North Broadway, Suite 201, Jericho, NY 11753
(Address of principal executive offices) (Zip Code)
(516) 869-9000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Kimco Realty Corporation
Title of each class
Trading Symbol(s)
Name of each exchange on
which registered
Common Stock, par value $.01 per share.
KIM
New York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 5.125% Class L Cumulative Redeemable Preferred Stock, $1.00 par value per share.
KIMprL
Depositary Shares, each representing one one-thousandth of a share of 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share.
KIMprM
Depositary Shares, each representing one one-thousandth of a share of 7.250% Class N Cumulative Convertible Preferred Stock, $1.00 par value per share.
KIMprN
Kimco Realty OP, LLC
None
N/A
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Kimco Realty Corporation Yes ☑ No ☐
Kimco Realty OP, LLC Yes ☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Kimco Realty Corporation Yes ☐ No ☑
Kimco Realty OP, LLC Yes ☐ No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Kimco Realty Corporation:
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
Kimco Realty OP, LLC:
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Kimco Realty Corporation ☐
Kimco Realty OP, LLC ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Kimco Realty Corporation ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
The aggregate market value of the voting and non-voting common equity held by non-affiliates of Kimco Realty Corporation was approximately $14.2 billion based upon the closing price on the New York Stock Exchange for such equity on June 30, 2025.
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
As of February 10, 2026, Kimco Realty Corporation had 674,066,654 shares of common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference to the Kimco Realty Corporation's definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 21, 2026.
Index to Exhibits begins on page 51.
ANNUAL REPORT ON FORM 10-K
FISCAL YEAR ENDED DECEMBER 31, 2025
EXPLANATORY NOTE
This report combines the Annual Reports on Form 10-K for the year ended December 31, 2025, of Kimco Realty Corporation (the "Parent Company") and Kimco Realty OP, LLC ("Kimco OP"). Unless stated otherwise or the context requires, references to "Kimco Realty Corporation" or the "Parent Company" mean Kimco Realty Corporation and its subsidiaries, and references to "Kimco Realty OP, LLC" or "Kimco OP" mean Kimco Realty OP, LLC and its subsidiaries. The terms the "Company", "we", "our" or "us" refer to the Parent Company and its business and operations conducted through its directly or indirectly owned subsidiaries, including Kimco OP; and in statements regarding qualification as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes, such terms refer solely to the Parent Company. References to "shares" and "shareholders" refer to the shares and shareholders of the Parent Company and not the limited liability company interest of Kimco OP.
The Parent Company is a REIT and is the managing member of Kimco OP. As of December 31, 2025, the Parent Company owned 99.79% of the outstanding limited liability company interests (the "OP Units") in Kimco OP. Noncontrolling OP Unit interests are owned by third parties and certain officers and directors of the Company.
Substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco OP (either directly or through its subsidiaries), as the Parent Company’s operating company, and the Parent Company is the managing member of Kimco OP. Management operates the Parent Company and Kimco OP as one business. The management of the Parent Company consists of the same individuals as the management of Kimco OP. These individuals are officers of the Parent Company and employees of Kimco OP.
Stockholders' equity and Members’ capital are the primary areas of difference between the Consolidated Financial Statements of the Parent Company and those of Kimco OP. Kimco OP’s Members' capital currently includes OP Units owned by the Parent Company and noncontrolling OP Units owned by third parties and certain officers and directors of the Company. OP Units owned by outside members are accounted for within members' capital on Kimco OP’s financial statements and in noncontrolling interests in the Parent Company’s financial statements.
The Parent Company consolidates Kimco OP for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in Kimco OP. Therefore, while stockholders’ equity, members’ capital and noncontrolling interests differ as discussed above, the assets and liabilities of the Parent Company and Kimco OP are the same on their respective financial statements.
The Company believes combining the Annual Reports on Form 10-K of the Parent Company and Kimco OP into this single report provides the following benefits:
In order to highlight the differences between the Parent Company and Kimco OP, there are sections in this Annual Report that separately discuss the Parent Company and Kimco OP, including separate financial statements (but combined footnotes), separate controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and Kimco OP, unless context otherwise requires, this Annual Report refers to actions or holdings of Parent Company and/or Kimco OP as being the actions or holdings of the Company (either directly or through its subsidiaries, including Kimco OP).
TABLE OF CONTENTS
Item No.
Form 10-KReport Page
PART I
4
Item 1. Business
Item 1A. Risk Factors
10
Item 1B. Unresolved Staff Comments
22
Item 1C. Cybersecurity
Item 2. Properties
23
Item 3. Legal Proceedings
26
Item 4. Mine Safety Disclosures
PART II
27
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. Reserved
29
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
30
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
46
Item 8. Financial Statements and Supplementary Data
47
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
48
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
PART III
49
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accountant Fees and Services
PART IV
50
Item 15. Exhibits and Financial Statement Schedules
Item 16. Form 10-K Summary
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FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K (“Form 10-K”), together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. 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, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xii) collectability of mortgage and other financing receivables, (xiii) impairment charges, (xiv) criminal cybersecurity attack disruptions, data loss or other security incidents and breaches, (xv) risks related to artificial intelligence, (xvi) impact of natural disasters and weather and climate-related events, (xvii) pandemics or other health crises, (xviii) our ability to attract, retain and motivate key personnel, (xix) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xx) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or maintain certain debt until maturity, (xxiii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxiv) other risks and uncertainties identified under Item 1A, “Risk Factors” and elsewhere in this Form 10-K and in the Company’s other filings with the Securities and Exchange Commission (“SEC”). Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K that the Company files with the SEC. Certain forward-looking and other statements in this Annual Report on Form 10-K, or other locations, such as our corporate website, contain various corporate responsibility standards and frameworks (including standards for the measurement of underlying data) and the interests of various stakeholders. As such, such information may not be, and should not be interpreted as necessarily being, “material” under the federal securities laws for SEC reporting purposes, even if we use the word “material” or “materiality” in this document. Corporate Responsibility information is also often reliant on third-party information or methodologies that are subject to evolving expectations and best practices, and our approach to and discussion of these matters may continue to evolve as well. For example, our disclosures may change due to revisions in framework requirements, availability of information, changes in our business or applicable governmental policies, or other factors, some of which may be beyond our control.
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Overview
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 executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company. 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. In 1973, these principals formed the Company as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. 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”). To qualify as a REIT, the Company must meet several organizational and operational requirements and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. The Company reorganized into an UPREIT structure in January 2023. If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under the Code, the Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain subsidiaries that made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”). This permits the Company to engage in certain business activities that a REIT may not conduct directly, by conducting such business activities through such TRSs. A TRS is subject to federal and state taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements. In 1994, the Company's predecessor reorganized as a Maryland corporation. In March 2006, the Company was added to the S&P 500 Index, an index containing the stock of 500 Large Cap companies, most of which are U.S. corporations. The Company's common stock, Class L Depositary Shares, Class M Depositary Shares, and Class N Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols “KIM”, “KIMprL”, “KIMprM” and “KIMprN”, respectively.
The Company is a self-administered REIT and has owned and operated open-air shopping centers for over 65 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.
The Company began to expand its operations through the development of real estate and the construction of shopping centers but revised its growth strategy to focus on the acquisition and redevelopment of existing shopping centers that include a grocery component. Additionally, the Company has developed, and continues to develop, various residential and mixed-use operating properties, as well as obtain entitlements to embark on additional projects of this nature through re-development opportunities.
On January 2, 2024, RPT Realty (“RPT”) merged with and into the Company, with the Company continuing as the surviving public company (the “RPT Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and RPT, entered into on August 28, 2023. The RPT Merger added 56 open-air shopping centers, 43 of which were wholly-owned and 13 of which were owned through a joint venture, comprising 13.3 million square feet of gross leasable area ("GLA"). In addition, as a result of the RPT Merger, the Company obtained RPT’s 6% stake in a 49-property net lease joint venture. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the RPT Merger.
The Company has implemented its investment real estate management format through the establishment of various institutional joint venture programs, in which the Company has noncontrolling interests. The Company earns management fees, acquisition fees, disposition fees as well as promoted interests based on achieving certain performance metrics.
In addition, the Company has capitalized on its established expertise in retail real estate by establishing other ventures in which the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The Company has also provided preferred equity capital to real estate professionals and, from time to time, provides real estate capital, retail real estate financing and management services to both healthy and distressed retailers. The Company has also made selective investments in
secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying assets, however, these investments are subject to volatility within the equity and debt markets.
At December 31, 2025, the Parent Company is the managing member of Kimco OP and owns 99.79% of the limited liability company interests of, and exercises exclusive control over, Kimco OP as described in detail in the Explanatory Note to this Form 10-K.
As of December 31, 2025, the Company had interests in 565 shopping center properties, aggregating 100.2 million square feet of GLA, located in 29 states. In addition, the Company had 66 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.4 million square feet of GLA.
Economic Uncertainty
The economy continues to face challenges, which could adversely impact the Company and its tenants, including elevated inflation and interest rates, tenant bankruptcies, tariffs or other trade restrictions, geopolitical uncertainties and government shutdowns. These factors could slow economic growth and materially increase the cost of goods and services offered by the Company’s tenants, leading to lower profits. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which could result in tenant bankruptcies, amongst other things, and could weaken demand by those tenants for our real estate and adversely impact the Company. In addition, these challenges could negatively affect the overall demand for retail space, including the demand for leasable space in the Company’s properties. Any of these factors could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.
Business Objective and Strategies
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’s focus on high-quality locations has led to significant opportunities for value creation through the reinvestment in its assets to add density, replace outdated shopping center concepts, and better meet changing consumer demands. 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. The Company continues to place strategic emphasis on live/work/play environments and in reinvesting in its existing assets, while building shareholder value.
The Company's focus on open-air shopping centers designed to deliver elevated retail experiences and drive superior tenant performance is demonstrated by the Company's Lifestyle CollectionTM. Each upscale property in this curated portfolio features thoughtfully designed common areas, experiential programming, premium fashion and lifestyle brands, and elevated food and beverage offerings alongside everyday essentials - resulting in increased foot traffic, longer dwell times, and stronger tenant sales. Every center in the Lifestyle Collection is intentionally crafted to reflect the unique identity and aspirations of our brand partners, catering to a sophisticated consumer base through a thoughtfully composed tenant mix and a strong sense of place. Beyond the individual assets, the Lifestyle Collection serves as a gateway to the Company's broader national footprint, offering growth-minded brands a seamless path to scale within the open-air retail space. This integrated approach strengthens long-term partnerships and maximizes visibility, impact, and success for our tenants across the evolving retail landscape.
The strength and security of the Company’s balance sheet remains central to its strategy. The Company’s strong balance sheet and liquidity position are evidenced by its investment grade unsecured debt ratings (A-/A-/A3) by three major ratings agencies. The Company maintains one of the longest weighted average debt maturity profiles in the REIT industry, now at 7.9 years. The Company expects to continue to operate in a manner that fosters strong debt and fixed charge coverage metrics.
Business Objective
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. The Company believes it can achieve this objective by:
5
Business Strategies
The Company believes it is well positioned to achieve sustainable growth, with its strong core portfolio and its recent acquisitions allowing the Company to achieve higher occupancy levels, increased rental rates and rental growth in the future. To further achieve the Company's business objectives it has identified the following strategic goals:
The Company has identified the following four strategic pillars, which the Company believes positions it for sustainable growth in the future.
High Quality, Diversified Portfolio
• Well positioned, grocery anchored portfolio in major Sun Belt and coastal markets, with 91% of the portfolio within the Sun Belt and/or coastal markets• Highly diversified tenant base led by healthy mix of essential, necessity-based tenants and omni channel retailers
• Provide critical last-mile solution to its diverse pool of tenants
Accretive Capital Allocation
• Generate additional internal and external growth through accretive acquisitions and (re)development
• Growth through a curated collection of mixed-use projects and redevelopments
• Opportunistic acquisition and structured investment platform (“Plus”) business focused on accretive unique opportunities
Significant Financial Strength
• Maintain a strong balance sheet and liquidity position with an emphasis on reduced leverage and a sustainable and growing dividend
• Over $2.2 billion of immediate liquidity, including the Company's $2.0 billion unsecured revolving credit facility
• 7.9-year consolidated weighted average debt maturity profile
• 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
• Corporate Responsibility approach is aligned with core business strategy
• Proactive approach to assessing, disclosing and managing climate, reputational and other risks
The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2025, no single open-air shopping center accounted for more than 1.2% 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, or more than 1.3% of the Company’s total shopping center GLA. Furthermore, 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.
6
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. Management is associated with and/or actively participates in many shopping center and REIT industry organizations. Notwithstanding these relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.
The Company’s executive and senior management teams are seasoned real estate operators with extensive retail and public company leadership experience. The Company’s management has a deep industry knowledge and well-established relationships with retailers, brokers, and vendors through many years of operational and transactional experience, as well as significant capital markets capabilities. The Company believes that management’s expertise, experience, reputation, and key relationships in the retail real estate industry provides it with a significant competitive advantage in attracting new business opportunities.
Government Regulation
Compliance with various governmental regulations has an impact on our business, including our capital expenditures, earnings and competitive position, which can be material. We incur costs to monitor and take actions to comply with governmental regulations that are applicable to our business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, international tariffs and other trade restrictions, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property and the Americans with Disabilities Act of 1990.
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law, which included certain modifications to U.S. tax law, including certain provisions that affect the taxation of REITs and their investors. The OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017 and were generally set to expire for taxable years beginning after December 31, 2025. Such extensions included the permanent extension of the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers. The OBBBA also increased the percentage limit under the REIT asset test applicable to TRSs (the permissible value of TRS securities that a REIT may hold) from 20% to 25% of the value of the REIT’s total assets for taxable years beginning after December 31, 2025. The OBBBA did not have a material impact on the Company’s financial condition and/or results of operations.
In addition, see Item 1A. Risk Factors for a discussion of material risks to us, including, to the extent material, to our competitive position, relating to governmental regulations, and see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” together with our audited consolidated financial statements and the related notes thereto for a discussion of material information relevant to an assessment of our financial condition and results of operations, including, to the extent material, the effects that compliance with governmental regulations may have upon our capital expenditures and earnings.
Human Capital Resources
The Company believes that its associates are one of its strongest resources. The Company is committed to best practices in all phases of the associate life cycle, including recruitment, training, development and promotion. By cultivating high levels of associate satisfaction, management’s goal is to ensure the Company remains a significant driving force in commercial real estate well into the future.
The Company is an equal opportunity employer committed to hiring, developing, and supporting a collaborative workforce. The Company takes steps to support its commitment that employment decisions (including how persons are recruited, hired, assigned and promoted) are not made on the basis of any legally protected characteristic. All of our employees must adhere to a Code of Business Conduct and Ethics that sets standards for appropriate behavior and includes required, regular internal training on preventing, identifying, reporting and stopping any type of discrimination and/or retaliation.
To attract and retain high performing individuals, we are committed to partnering with our associates to provide opportunities for their professional development and promote their health and well-being. We offer a broad range of benefits, and we believe our compensation package and benefits are competitive with others in our industry. In addition to base salary, many of our associates participate in an annual bonus plan and receive annual equity awards. Our benefits programs include a robust offering of medical, dental, vision, life, disability and a number of exciting ancillary benefits, all of which require modest associate contributions or are offered at no cost to associates. The Company also provides a Safe Harbor 401(k) program with both pretax and Roth offerings including a robust, fully vested matching contribution.
The Company has earned Great Place to Work certification for eight consecutive years and has been recognized as a recipient of Best Workplaces in Real Estate, Best Workplaces in New York, and Best Workplaces for Millennials.
7
The Company operates under a hybrid work model, which balances valuable face-to-face interactions with individual preferences for ideal work conditions. By focusing on communication, collaboration, and innovation, and by encouraging associates to be deliberate in where and how they choose to work, the model results in an engaged, satisfied and efficient workforce.
The Company’s executive and management team promotes a true “open door” environment in which all feedback and suggestions are welcome. Whether it be through regular face-to-face discussion, all employee calls, department meetings, frequent training sessions, Coffee Connections with the executive team, use of our BRAVO recognition program, participation in our leadership development programs, or suggestions through the Company's internet portal, associates are encouraged to be inquisitive and share ideas. Those ideas have resulted in a number of programs and benefit enhancements.
The Company promotes physical and mental health, including access to a national gym membership program and no cost access to numerous health and wellness applications for associates and their family members. It supports an internal Wellness Council and hosts regular wellness and nutrition seminars and health screenings.
Engaging in the community is important to the Company and its associates. Across the Company's numerous offices, associates host volunteer and social activities. The Company promotes and supports associate volunteerism with two volunteer days off per year and a Company matching program in support of each associate's charitable endeavors. Employees may participate in KIMunity Councils focused in the areas of culture, charitable and in-kind giving, wellness, sustainability, and tenant engagement.
The Company's executive offices are located at 500 North Broadway, Suite 201, Jericho, NY 11753, a mixed-use property that is wholly-owned by the Company, and its telephone number is 516-869-9000 or 1-800-764-7114. Nearly all corporate functions, including legal, data processing, finance and accounting are administered by the Company from its executive offices in Jericho, New York and supported by the Company’s regional offices. As of December 31, 2025, a total of 710 persons were employed by the Company, of which 32% were located in our corporate office with the remainder located in 30 offices throughout the United States or working remotely. The average tenure of our employees was 10.1 years.
Corporate Responsibility Programs
The Company strives to build a thriving and viable business, one that succeeds by delivering long-term value for its stakeholders. We believe that the Company’s Corporate Responsibility programs are aligned with its core business strategy of creating destinations for everyday living that inspire a sense of community and deliver value to its many stakeholders.
The Company’s Board of Directors sets the objectives for Company’s overall Corporate Responsibility programs and oversees enterprise risk management. The Nominating and Corporate Governance Committee of the Board of Directors is responsible for overseeing the Company’s efforts with regard to the Company’s Corporate Responsibility matters.
As a real estate portfolio owner, the Company works to monitor physical and transition risks as well as opportunities posed to its business by climate change and quantifies and discloses the climate information regarding its activities. Climate risks and opportunities are generally evaluated at both the corporate and individual asset level. The following table summarizes relevant climate risks identified as a part of the Company’s ongoing risk assessment process. The Company may be subject to other climate risks not included below.
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Climate Risk
Description
Physical Risk
Acute Hazards - Windstorms
Increased frequency and intensity of windstorms, such as hurricanes, could lead to property damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
Acute Hazards - Flooding
Change in rainfall conditions leading to increased frequency and severity of flooding could lead to property damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
Acute Hazards and Chronic Stressors - Wildfires
Change in fire potential could lead to permanent loss of property, stress on human health (air quality) and stress on ecosystem services.
Chronic Stressors - Sea Level Rise
Rising sea levels could lead to storm surge and other potential impacts for low-lying coastal properties leading to damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
Chronic Stressors - Heat and Water Stress
Increases in temperature could lead to droughts and decreased available water supply could lead to higher utility usage and supply interruptions.
Transition Risk
Policy and Legal
Regulations at the federal, state and local levels, in addition to stakeholder adherence to international regulations, could impose additional operating and capital costs associated with utilities, energy efficiency, building materials and building design.
Reputation and Market
Increased interest among retail tenants in building efficiency, sustainable design criteria and "green leases," which incorporate provisions intended to promote sustainability at the property, could result in decreased demand for outdated space. Potential for fluctuating costs for carbon intensive raw materials used to construct and renovate properties.
Technology
Increasing market and regulatory expectations may result in increased investment in upgrading technology and assets, including training and startup costs.
The Company’s approach in mitigating these risks includes, but is not limited to (i) carrying additional insurance coverage relating to flooding and windstorms, (ii) maintaining a geographically diversified portfolio, which limits exposure to event driven risks, (iii) creating a form “green lease” for its tenants, which incorporates varied criteria that align landlord and tenant sustainability priorities as well as establishing green construction criteria and (iv) implementing emergency preparedness and operational energy and water efficiency programs.
In 2020, the Company issued $500.0 million in 2.70% notes due 2030 in its first green bond offering. The net proceeds were allocated to finance or refinance eligible green projects, aligned with the Green Bond Principles, 2018 as administered by the International Capital Market Association. As of June 30, 2024, the Company reached full allocation of the $500.0 million green bond. Additionally, the Company’s $2.0 billion Credit Facility is a green credit facility, which incorporates rate adjustments associated with attainment (or non-attainment) of Scope 1 and 2 greenhouse gas ("GHG") emissions reductions. The Company, at December 31, 2025, also has a credit agreement in which $310.0 million in term loans have rate adjustments that are also tied to the attainment (or non-attainment) of Scope 1 and 2 GHG emissions. During 2025, the Company attained the Scope 1 and 2 GHG emissions targets and achieved the maximum interest rate adjustment to its Credit Facility and certain of its term loans.
Additional information about our approach to corporate responsibility, including our corporate responsibility targets, is available in our Corporate Responsibility Report, which can be found on the Company’s website. Such information is not incorporated by reference into, and is not part of, this annual report on Form 10-K.
Information About Our Executive Officers
The following table sets forth information with respect to the executive officers of the Company as of December 31, 2025:
Name
Age
Position
Joined Kimco
Conor C. Flynn
45
Chief Executive Officer and Director
2003
Ross Cooper
43
President, Chief Investment Officer and Director
2006
Glenn G. Cohen
61
Executive Vice President, Chief Financial Officer
1995
David Jamieson
Executive Vice President, Chief Operating Officer
2007
Available Information
The Company’s website is located at http://www.kimcorealty.com. The information contained on our website does not constitute part of this Form 10-K. On the Company’s website you can obtain, free of charge, a copy of this Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable, after we file such material electronically with, or furnish it to, the SEC. The public may read and obtain a copy of any materials we file electronically with the SEC at http://www.sec.gov.
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We are subject to certain business and legal risks, including, but not limited to, the following:
Risks Related to Our Business and Operations
Adverse global market and economic conditions may impede our ability to generate sufficient income and maintain our properties.
Our properties consist primarily of open-air shopping centers, including mixed-use assets, and other retail properties. Our performance, therefore, is generally linked to economic conditions in the market for retail space. The economic performance and value of our properties is subject to all of the risks associated with owning and operating real estate, including, but not limited to:
Competition may limit our ability to purchase new properties or generate sufficient income from tenants and may decrease the occupancy and rental rates for our properties.
Numerous commercial developers and real estate companies compete with us in seeking tenants for our existing properties and properties for acquisition. 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. 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. We may fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general downturn in our tenants’ businesses, which may cause tenants to close stores or default in payment of rent.
We face competition in the acquisition or development of real property from others engaged in real estate investment that could increase our costs associated with purchasing and maintaining assets. Some of these competitors may have greater financial resources than we do. This could result in competition for the acquisition of properties for tenants who lease or consider leasing space in our existing and subsequently acquired properties and for other investment or development opportunities.
Our performance depends on our ability to collect rent from tenants, our tenants’ financial condition and our tenants maintaining leases for our properties.
At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions, which have impacted us and will continue to impact us from time
to time, could result in the termination of tenants’ leases and the loss of rental income attributable to these tenants’ leases. In the event of a default by a tenant, we may experience delays and costs in enforcing our rights as landlord under the terms of the leases.
In addition, multiple lease terminations by tenants, or a failure by multiple tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping centers under the terms of some leases. In that event, we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease. The occurrence of any of the situations described above, particularly involving a substantial tenant with leases in multiple locations, could have a material adverse effect on our financial condition, results of operations and cash flows.
A tenant that files for bankruptcy protection may not continue to pay us rent. A bankruptcy filing by, or relating to, one of our tenants or a lease guarantor would bar all efforts by us to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their property, unless the bankruptcy court permits us to do so. A tenant bankruptcy could delay our efforts to collect past due balances under the relevant leases and could ultimately preclude collection of these sums. If a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold, if at all.
Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and financial condition. The success of our business, and the success of our tenants in operating their businesses and their corresponding ability to pay us rent continue to be significantly impacted by many current economic challenges, which impact the performance of their businesses, including, but not limited to, inflation, labor shortages, including as a result of changes in immigration laws or their enforcement, tariffs or other trade restrictions, supply chain constraints, decreasing consumer confidence and discretionary spending, and elevated energy prices and interest rates.
E-commerce and other changes in consumer buying practices present challenges for many of our tenants and may require us to modify our properties, diversify our tenant composition and adapt our leasing practices to remain competitive.
Many of our tenants face strong competition from e-commerce and other sources that could cause them to reduce their size, limit the number of locations and/or suffer a general downturn in their businesses and ability to pay rent. We may also fail to anticipate the effects of changes in consumer buying practices, particularly of online sales and the resulting change in retailing practices and space needs of our tenants, which could have an adverse effect on our results of operations and cash flows. We are focused on anchoring and diversifying our properties with tenants that are more resistant to competition from e-commerce (e.g., groceries, essential retailers, restaurants and service providers), but there can be no assurance that we will be successful in modifying our properties, diversifying our tenant composition and/or adapting our leasing practices.
Our expenses may remain constant or increase, even if income from our real estate portfolio decreases, which could adversely affect our financial condition, results of operations and cash flows.
Costs associated with our business, such as common area expenses, utilities, insurance, real estate taxes, mortgage payments, and corporate expenses are relatively inflexible and generally do not decrease in the event that a property is not fully occupied, rental rates decrease, a tenant fails to pay rent or other circumstances cause our revenues to decrease. In addition, elevated or increased inflation could result in higher operating costs. If we are unable to lower our operating costs when revenues decline and/or are unable to pass along cost increases to our tenants, our financial condition, results of operations and cash flows could be adversely impacted.
We may be unable to sell our real estate property investments when appropriate or on terms favorable to us.
Real estate property investments are illiquid and generally cannot be disposed of quickly. The capitalization rates at which properties may be sold could be higher than historic rates, thereby reducing our potential proceeds from sale. In addition, the Code includes certain restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on terms favorable to us within a time frame that we would need. All of these factors reduce our ability to respond to changes in the performance of our investments and could adversely affect our business, financial condition and results of operations.
Certain properties we own have a low tax basis, which may result in a taxable gain on sale. We may utilize like-kind exchanges qualifying under Section 1031 of the Code (“1031 Exchanges”) to mitigate taxable income; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions. In the event that we do not utilize 1031 Exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments.
From time to time, we acquire or develop properties or acquire other real estate related companies, and this creates risks.
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We acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or development is consistent with our business strategies. We may not succeed in consummating desired acquisitions or in completing developments on time or within budget. When we do pursue a project or acquisition, we may not succeed in leasing newly developed or acquired properties at rents sufficient to cover the costs of acquisition or development and operations. Difficulties in integrating acquisitions may prove costly or time-consuming and could divert management’s attention from other activities. Acquisitions or developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated performance. We may also abandon acquisition or development opportunities that management has begun pursuing and consequently fail to recover expenses already incurred and will have devoted management’s time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some of which we may not be aware of at the time of the acquisition. In addition, development of our existing properties presents similar risks.
Newly acquired or re-developed properties may have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management. As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate our new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties, particularly in secondary markets. Also, newly acquired properties may not perform as expected.
We face risks associated with the development of mixed-use commercial properties.
We operate, are currently developing, and may in the future develop, properties either alone or through joint ventures and preferred equity investments with other persons that are known as “mixed-use” developments. This means that, in addition to the development of retail space, the project may also include space for residential, office, hotel or other commercial purposes. We have less experience in developing and managing non-retail real estate than we do with retail real estate. As a result, if a development project includes a non-retail use, we may seek to develop that component ourselves, sell the rights to that component to a third-party developer with experience developing properties for such use or partner with such a developer. If we do not sell the rights or partner with such a developer, or if we choose to develop the other component ourselves, we would be exposed not only to those risks typically associated with the development of commercial real estate generally, but also to specific risks associated with the development and ownership of non-retail real estate. In addition, even if we sell the rights to develop the other component or elect to participate in the development through a joint venture and preferred equity investments, we may be exposed to the risks associated with the failure of the other party to complete the development as expected. These include the risk that the other party would default on its obligations necessitating that we complete the other component ourselves, including providing any necessary financing. In the case of residential properties, these risks include competition for prospective residents from other operators whose properties may be perceived to offer a better location or better amenities or whose rent may be perceived as a better value given the quality, location and amenities that the resident seeks. We will also compete against condominiums and single-family homes that are for sale or rent. In the case of office properties, the risks also include changes in space utilization by tenants due to technology, economic conditions and business culture, declines in financial condition of these tenants and competition for credit worthy office tenants. In the case of hotel properties, the risks also include elevated or increased inflation and utilities that may not be offset by increases in room rates. We are also dependent on business and commercial travelers and tourism. Because we have less experience with residential, office and hotel properties than with retail properties, we expect to retain third parties to manage our residential and other non-retail components as deemed warranted. If we decide to not sell or participate in a joint venture or preferred equity investment and instead hire a third-party manager, we would be dependent on them and their key personnel who provide services to us, and we may not find a suitable replacement if the management agreement is terminated, or if key personnel leave or otherwise become unavailable to us.
Construction projects are subject to risks that materially increase the costs of completion.
From time to time, we decide to develop a vacant land parcel or redevelop existing properties, which subjects us to risks and uncertainties associated with construction and development. These risks include, but are not limited to, risks related to obtaining all necessary zoning, land-use, building occupancy and other governmental permits and authorizations, risks related to the environmental concerns of government entities or community groups, risks related to changes in economic and market conditions, especially in an inflationary environment, between development commencement and stabilization, risks related to construction labor disruptions, adverse weather, natural disasters, acts of God or shortages of materials and labor, which could cause construction delays and risks related to increases in the cost of labor and materials, which could cause construction costs to be greater than projected and adversely impact the amount of our development fees or our financial condition, results of operations and cash flows.
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Supply chain disruptions and unexpected construction expenses and delays could impact our ability to timely deliver spaces to tenants and/or our ability to achieve the expected value of a construction project or lease, thereby adversely affecting our profitability.
The construction and building industry, similar to many other industries, is experiencing worldwide supply chain disruptions due to a multitude of factors that are beyond our control. Materials, parts and labor have also increased in cost over the past year or more, sometimes significantly and over a short period of time. We may incur costs for a property renovation or tenant buildout that exceeds our original estimates due to increased costs for materials or labor or other costs that are unexpected. We also may be unable to complete renovation of a property or tenant space on schedule due to supply chain disruptions or labor shortages, including as a result of changes in immigration laws or their enforcement, which could result in increased debt service expense or construction costs. Additionally, some tenants may have the right to terminate their leases if a renovation project is not completed on time. The time frame required to recoup our renovation and construction costs and to realize a return on such costs can often be significant and materially adversely affect our profitability.
International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.
International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, have adversely impacted and in the future could adversely impact our business. Many of our tenants sell imported goods, and tariffs or other trade restrictions have materially increased costs for these tenants and could continue to materially increase costs in the future. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations have been, and in the future could be, adversely impacted, which among other things, could weaken demand by those tenants for our real estate. If the operations of potential future tenants are similarly adversely impacted, overall demand for our real estate may also weaken. In addition, international trade disputes, including those related to tariffs, have resulted and in the future could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our redevelopment projects. Trade disputes have adversely impacted global supply chains which could further increase costs for us and our tenants or delay delivery of key inventories and supplies.
The Americans with Disabilities Act of 1990 could require us to take remedial steps with respect to existing or newly acquired properties.
Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 (the “ADA”). Investigation of a property may reveal non-compliance with the ADA. The requirements of the ADA, or of other federal, state or local laws or regulations, also may change in the future and restrict further renovations of our properties with respect to access for disabled persons. From time to time, we have made changes to properties to comply with the ADA, and future compliance with the ADA may require expensive changes to our properties.
We do not have exclusive control over our joint venture and preferred equity investments, such that we are unable to ensure that our objectives will be pursued.
We have invested in some properties as a co-venturer or a partner, instead of owning directly. In these investments, we do not have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result, the co-venturer or partner might have interests or goals that are inconsistent with ours, take action contrary to our interests or otherwise impede our objectives. These investments involve risks and uncertainties. The co-venturer or partner may fail to provide capital or fulfill its obligations, which may result in certain liabilities to us for guarantees and other commitments. Conflicts arising between us and our partners may be difficult to manage and/or resolve, and it could be difficult to manage or otherwise monitor the existing business arrangements. The co-venturer or partner also might become insolvent or bankrupt, which may result in significant losses to us.
In addition, joint venture arrangements may decrease our ability to manage risk and implicate additional risks, such as:
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Our joint venture and preferred equity investments generally own real estate properties for which the economic performance and value are subject to all the risks associated with owning and operating real estate as described above.
We may not be able to recover our investments in mortgage and other financing receivables or other investments, which may result in significant losses to us.
Our investments in mortgage and other financing receivables are subject to specific risks relating to the borrower and the underlying collateral. In the event of a default by a borrower, it may be necessary for us to foreclose our mortgage or engage in costly negotiations. Delays in liquidating defaulted mortgage loans and repossessing and selling the underlying properties could reduce our investment returns. Furthermore, in the event of default, the actual value of the property collateralizing the mortgage may decrease. A decline in real estate values will adversely affect the value of our loans and the value of the properties collateralizing our loans.
Our mortgage receivables may be or become subordinated to mechanics' or materialmen's liens or property tax liens. In these instances, we may need to protect a particular investment by making payments to maintain the current status of a prior lien or discharge it entirely. Where that occurs, the total amount we recover may be less than our total investment, resulting in a loss. In the event of a major loan default or several loan defaults resulting in losses, our investments in mortgage receivables would be materially and adversely affected.
The economic performance and value of our other investments, which we do not control, are subject to risks associated with owning and operating retail businesses, including:
The Company is required under generally accepted accounting principles in the United States of America (“GAAP”) to provide allowances for credit losses, under the current expected credit loss model (“CECL”), on certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity debt securities, including related future funding commitments and accrued interest receivable. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement takes place at the time the financial asset is first added to the balance sheet and updated quarterly thereafter. This differs significantly from the “incurred loss” model previously required under GAAP, which delayed recognition until it was probable a loss had been incurred. The CECL model has affected, and will continue to affect, how we determine our credit loss provision and has required us, and could continue to require us, to significantly increase our allowance for credit losses and recognize provisions for credit losses earlier in the lending cycle. Moreover, the CECL model creates more volatility in the level of our credit loss provisions. If we are required to materially increase our future level of credit loss allowances for any reason, such increase could adversely affect our business, results of operations and financial condition.
Our real estate assets may be subject to impairment charges.
We periodically assess whether there are any indicators that the value of our real estate assets may be impaired. A property’s value is considered to be impaired only if the estimated aggregate future undiscounted property cash flows are less than the carrying value of the property. In our estimate of cash flows, we consider factors such as trends and prospects and the effects of demand and competition on expected future operating income. If we are evaluating the potential sale of an asset or redevelopment alternatives, the undiscounted future cash flows consider the most likely course of action as of the balance sheet date based on current plans, intended holding periods and available market information. We are required to make subjective assessments as to whether there are impairments in the value of our real estate assets. There can be no assurance that we will not take additional charges in the future related to the impairment of our assets. Impairment charges upon recognition could have a material adverse effect on our results of operations in the period in which the charge is taken.
We may not be able to recover our investments, which may result in significant losses to us.
There can be no assurance that we will be able to recover the current carrying amount of all of our properties and investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize impairment charges for the period in which we reached that conclusion, which could materially and adversely affect our financial condition, results of operations and cash flows.
We have completed our efforts to exit Mexico and Canada, however, we cannot predict the impact of laws and regulations affecting these international operations, including the United States Foreign Corrupt Practices Act, or the potential that we may face regulatory sanctions.
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Our international operations had included properties in Mexico and Canada and are subject to a variety of United States and foreign laws and regulations, including the United States Foreign Corrupt Practices Act and foreign tax laws and regulations. Although we have completed our efforts to exit our investments in Mexico and Canada, we cannot assure you that our past practices will continue to be found to be in compliance with such laws or regulations. In addition, we cannot predict the manner in which such laws or regulations might be administered or interpreted, or when, or the potential that we may face regulatory sanctions or tax audits as a result of our former international operations.
Cybersecurity attacks and incidents could materially impact our business, financial condition and results of operations.
Our information technology (“IT”) networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations and, in some cases, may be critical to the operations of certain of our tenants. While we maintain some of our own critical IT networks and related systems, we also depend on third parties to provide important software, technologies, tools and a broad array of services and operational functions, including payroll, human resources, electronic communications and finance functions. In the ordinary course of our business, we and our third-party service providers collect, process, transmit and store sensitive information and data, including intellectual property, our proprietary business information and that of our customers, suppliers and business partners, as well as personally identifiable information.
We, and our third-party service providers, like all businesses, are subject to cyberattacks and security incidents that threaten the confidentiality, integrity, and availability of our IT systems and information resources. Cyberattacks and security incidents include intentional or unintentional acts by employees, customers, contractors or third parties, who seek to gain unauthorized access to our or our service providers’ systems to disrupt operations, corrupt data, or steal confidential or personal information through malware, computer viruses, ransomware, software or hardware vulnerabilities, social engineering (e.g., phishing attachments to e-mails) or other vectors.
Cyberattacks are becoming more challenging to identify, investigate and remediate, because attackers increasingly use techniques and tools, including artificial intelligence, that circumvent controls, avoid detection, and remove or obscure forensic evidence, including as a result of the intensification of state-sponsored cybersecurity attacks during periods of geopolitical conflict. There can be no assurance that our cybersecurity risk management program, security controls and security processes, or those of our third-party service providers will be fully implemented, complied with, or effective or that security breaches or disruptions will not materially impact our business. For example, scanning tools deployed in our IT environment allows us to identify and track certain known security vulnerabilities, but we cannot guarantee that patches or mitigating measures will be applied before vulnerabilities can be exploited by a threat actor.
We have experienced cybersecurity incidents that to date have not resulted in, and are not expected to result in, a material impact on the Company’s business operations or financial results. For example, we are regularly subject to phishing attempts, certain of our third-party service providers have experienced incidents, and in February 2023, the Company experienced a criminal ransomware attack affecting data contained on legacy servers of Weingarten Realty Investors (“WRI”), which the Company acquired in August 2021. Although none of these incidents materially impacted the Company, we cannot guarantee that material incidents will not occur in the future. Moreover, we have acquired in the past and may acquire in the future companies with cybersecurity vulnerabilities or unsophisticated security measures, which could expose us to significant cybersecurity, operational, and financial risks.
A cyber incident could materially affect our operations and financial condition by:
In addition, federal and state governments and agencies have enacted, and continue to develop, broad data protection legislation, regulations, and guidance that require companies to increasingly implement, monitor and enforce reasonable cybersecurity measures.
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These governmental entities and agencies are aggressively investigating and enforcing such legislation, regulations and guidance across industry sectors and companies. We may be required to expend significant capital and other resources to address an attack or incident and our insurance may not cover some or all of our losses resulting from an attack or incident. These losses may include payments for investigations, forensic analyses, legal advice, public relations advice, system repair or replacement, or other services, in addition to any remedies or relief that may result from legal proceedings. The incurrence of these losses, costs or business interruptions may adversely affect our reputation as well as our financial condition, results of operations and cash flows.
Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information, and personal data.
Issues in the development and use of artificial intelligence, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations. As with many technological innovations, artificial intelligence presents risks and challenges that could impact our business. We have adopted generative artificial intelligence tools into our systems for specific use cases, subject to the artificial intelligence use policies that have been established by our legal and information security teams, and we are continuing to evaluate additional uses for generative artificial intelligence. Moreover, artificial intelligence or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, some of which may appear correct. Due to these issues, these models could lead us to make flawed decisions that could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, and legal liability. Our vendors or other third-party partners may incorporate generative artificial intelligence tools into their services and deliverables without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors’ ability to maintain an adequate level of service and experience. If we, our vendors, or our third-party partners experience an actual or perceived breach or a privacy or security incident because of the use of generative artificial intelligence, we may lose valuable intellectual property and confidential information, and our reputation and the public perception of the effectiveness of our security measures could be harmed. Additionally, the incorporation of artificial intelligence by our clients, vendors, contractors and other third parties into their products or services, with or without our knowledge, could give rise to issues pertaining to ethical, data privacy, information security and intellectual property considerations.
Further, bad actors around the world use increasingly sophisticated methods, including the use of artificial intelligence, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property. In addition, uncertainty in the legal regulatory regime relating to artificial intelligence may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be determined at this time. Legal and regulatory obligations related to artificial intelligence may prevent or limit our ability to use artificial intelligence in our business, lead to regulatory fines or penalties, require implementation of costly compliance measures, or require us to change our business practices. If we cannot use artificial intelligence, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business.
We may be subject to liability under environmental laws, ordinances and regulations.
Under various federal, state, and local laws, ordinances and regulations, we may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our property, as well as certain other potential costs relating to hazardous or toxic substances (including governmental fines and injuries to persons and property). This liability may be imposed whether or not we knew about, or were responsible for, the presence of hazardous or toxic substances. The Company has environmental insurance coverage on certain of its properties, however, this coverage may not be sufficient to cover any or all expenses associated with the aforementioned risks.
Natural disasters, severe weather conditions and the effects of climate change could have an adverse impact on our financial condition, results of operations and cash flows.
Our operations are located in areas that are subject to natural disasters and severe weather conditions such as hurricanes, tornados, earthquakes, snowstorms, floods and fires, and the frequency of these natural disasters and severe weather conditions may increase due to climate change. The occurrence of natural disasters, severe weather conditions and the effects of climate change, including extreme temperatures or changes to meteorological or hydrological patterns, can delay new development or redevelopment projects, decrease the attractiveness of locations, increase investment costs to repair or replace damaged properties (or make repair or replacement impossible), increase operation costs, including the cost of energy at our properties, increase costs for future property insurance, negatively impact the tenant demand for lease space and cause substantial damages or losses to our properties, which could exceed any applicable insurance coverage. The incurrence of any of these losses, costs or business interruptions may adversely affect our financial condition, results of operations and cash flows.
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We anticipate the potential effects of climate change will increasingly impact the decisions and analysis we make with respect to our properties, since climate change considerations can impact the relative desirability of locations and the cost of operating and insuring real estate properties. In addition, changes in government legislation and regulation on climate change could result in increased capital expenditures to improve the energy efficiency of our existing properties and could also require us to spend more on our development or redevelopment projects without a corresponding increase in revenues, which may adversely affect our financial condition, results of operations and cash flows. Transition impacts of climate change may subject us to increased regulations, reporting requirements (such as California’s climate disclosure rules), standards, or expectations regarding the environmental impacts of our or our tenants’ business. Failure to disclose accurate information in a timely manner may also adversely affect our reputation, business, or financial performance. For more information on potential climate-related risks, please refer to our disclosures titled “Corporate Responsibility Programs” above.
Pandemics or other health crises may adversely affect our tenants’ financial condition and the profitability of our properties.
Our business and the businesses of our tenants could be materially and adversely affected by the risks, or the public perception of the risks, related to a pandemic or other health crisis, such as the COVID-19 pandemic.
Such events could result in the complete or partial closure of one or more of our tenants’ manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants’ supply chains from local and international suppliers, and/or delays in the delivery of our tenants’ inventory.
The profitability of our properties depends, in part, on the willingness of customers to visit our tenants’ businesses. The risk, or public perception of the risk, of a pandemic or media coverage of infectious diseases could cause employees or customers to avoid our properties, which could adversely affect foot traffic to our tenants’ businesses and our tenants’ ability to adequately staff their businesses. Such events could adversely impact tenants’ sales and/or cause the temporary closure of our tenants’ businesses, which could severely disrupt their operations and have a material adverse effect on our business, financial condition, results of operations and cash flows.
Financial disruption, geopolitical challenges, or economic downturn could materially and adversely affect the Company’s business.
Worldwide financial markets have experienced periods of extraordinary disruption and volatility, resulting in heightened credit risk, reduced valuation of investments and decreased economic activity. Moreover, many companies have experienced reduced liquidity and uncertainty as to their ability to raise capital during such periods of market disruption and volatility. In the event that these conditions recur or result in a prolonged economic downturn, our results of operations, financial condition or liquidity could be materially and adversely affected. These market conditions may affect the Company's ability to access debt and equity capital markets. In addition, as a result of recent financial events, we may face increased regulation.
Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
From time to time, we use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk. These and similar hedging arrangements involve risks, including the risks that counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that the amount of income we earn from hedging transactions may be limited by federal tax provisions governing REITs, and that these arrangements may reduce the benefits to us if interest rates decline. Developing and implementing an interest rate risk strategy is complex, and there can be no assurance that our hedging activities will be completely effective at insulating us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial effect on our results of operations or financial condition. Further, should we choose to terminate a hedging agreement, there could be significant costs and cash requirements involved to fulfill our obligations under such agreement.
We are subject to risks and costs arising from disclosures, commitments, evaluations and other items related to sustainability or corporate responsibility.
Scrutiny from investors and other stakeholders on how companies address a variety of sustainability-related matters, such as climate and human capital management, has increased in recent years. We engage in certain initiatives, including disclosures, to address such matters and related stakeholder expectations; however, such initiatives can be costly and may not have the desired effect. For example, as part of our sustainability efforts, we have adopted certain corporate responsibility goals, including GHG emissions reduction targets and other initiatives. If we cannot meet these goals fully or on time, we may face reputational damage. Moreover, many corporate responsibility initiatives leverage methodologies and data that are complex, and in some cases subjective or prone to error or misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many corporate responsibility matters. For example, various relevant third-party standards continue to evolve, including those regarding the monitoring and accounting of GHG emissions and reductions, including the standards and/or targets issued by the GHG
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Protocol. Our approach to corporate responsibility matters evolves, and we cannot guarantee that our approach will align with any particular stakeholder’s expectations or preferences or will meet the expectations or requirements of the various third-party standards. We continue to evaluate our strategy and goals and may choose to update our targets and goals. We may face reputational damage, including impacts to any related ratings, or additional costs in the event our sustainability procedures, goals or standards do not meet the standards set by various constituencies, and any failure to successfully navigate competing stakeholder interests may also result in adverse impacts to our business. Both advocates and opponents to certain corporate responsibility matters are increasingly resorting to a range of activism forms, including media campaigns and litigation, to advance their perspectives, and corporate responsibility matters have attracted negative commentary and regulatory attention in the broader business sector. To the extent we are subject to such activism, it may require us to incur costs or otherwise adversely impact our business.
In addition, we expect there will likely be increasing levels of regulation, disclosure-related and otherwise, with respect to corporate responsibility matters. For example, while some policymakers (such as the State of California) have adopted or are considering adopting requirements for various disclosures or actions on climate or other sustainability matters, policymakers in other jurisdictions have adopted laws to constrain consideration of such matters in certain circumstances. Increased regulation will likely lead to increased compliance costs as well as scrutiny that could heighten all of the risks identified in this risk factor. Such corporate responsibility matters may also impact our suppliers or customers, which may adversely impact our business, financial condition, or results of operations.
Our success depends largely on the continued service and availability of key personnel.
We depend on the deep industry knowledge and efforts of key personnel, including our executive officers, to manage our day-to-day operations and strategic business direction. Our ability to attract, retain and motivate key personnel may significantly impact our future performance, and if any of our executive officers or other key personnel depart the Company, for any reason, we may not be able to easily replace such individual. The loss of the services of our executive officers and other key personnel could have a material adverse effect on our financial condition, results of operations and cash flows.
Retail operating conditions may adversely affect our results of operations.
A retail property’s revenues and value may be adversely affected by a number of factors, many of which apply to real estate investment generally, but which also include trends in the retail industry and perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property. Our retail properties are public locations, and any incidents of crime or violence, including acts of terrorism, could result in a reduction of business traffic to tenant stores in our properties. Any such incidents may also expose us to civil liability or harm our reputation. In addition, to the extent that the investing public has a negative perception of the retail sector, the value of our retail properties may be negatively impacted.
Our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure may result in potential conflicts of interest with members of Kimco OP, whose interests may not be aligned with those of our stockholders.
Our directors and officers have duties to our corporation and our stockholders under Maryland law in connection with their management of the corporation. At the same time, we, as managing member of Kimco OP, our operating company, have fiduciary duties under Delaware law to our operating company and to its members in connection with the management of our operating company. Our duties as managing member of our operating company and to its members may come into conflict with the duties of our directors and officers to the corporation and our stockholders. While the operating agreement contains provisions limiting the fiduciary duties of the managing member to the operating company and its members, the provisions of Delaware law that allow for such limitations have not been fully tested in a court of law.
Risks Related to Our Debt and Equity Securities
We may be unable to obtain financing through the debt and equity markets, which could have a material adverse effect on our growth strategy, our financial condition and our results of operations.
From time to time, we have accessed the credit and/or equity markets to obtain additional debt or equity financing. We cannot assure you that we will be able to obtain additional debt or equity financing in the future or that we will be able to obtain financing on terms favorable to us. The inability to obtain financing on a timely basis could have negative effects on our business, such as:
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Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on terms favorable to us, if at all, and could significantly reduce the market price of our publicly traded securities.
We are subject to financial covenants that may restrict our operating and acquisition activities.
Our Credit Facility, bank term loans and the indentures under which our senior unsecured debt is issued contain certain financial and operating covenants, including, among other things, certain coverage ratios and limitations on our ability to incur debt, make dividend payments, sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions. These covenants may restrict our ability to pursue certain business initiatives or certain acquisition transactions that might otherwise be advantageous. In addition, failure to meet any of the financial covenants could cause an event of default under our Credit Facility, bank term loans and the indentures and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.
We have a substantial amount of indebtedness and may need to incur more indebtedness in the future.
We have substantial indebtedness. The level of indebtedness could have adverse consequences on our business, such as:
The impact of any of these potential adverse consequences could have a material adverse effect on our results of operations, financial condition, and liquidity.
We are exposed to interest rate risk, and there can be no assurance that we will manage or mitigate this risk effectively.
We are exposed to interest rate risk, primarily through our unsecured revolving credit facility. Borrowings under our unsecured revolving credit facility and commercial paper program bear interest at a floating rate, and as a result, elevated or increased interest rates will increase the amount of interest we must pay. Our interest rate risk may materially change in the future if we increase our borrowings under this facility. A significant increase in interest rates could also make it more difficult to find alternative financing on desirable terms. Increases in interest rates on any of our variable-rate debt would result in an increase in interest expense, which could have an adverse effect on our results of operations, financial condition, and liquidity. For additional information with respect to interest rate risk, see “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in this Form 10-K.
Changes in market conditions could adversely affect the market price of our publicly traded securities.
The market price of our publicly traded securities depends on various market conditions, which may change from time-to-time. Among the market conditions that may affect the market price of our publicly traded securities are the following:
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We may change the dividend policy for our common stock in the future.
The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our Board of Directors and will depend on our earnings, operating cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness, including preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our Board of Directors deems relevant or are requirements under the Code or state or federal laws. Any negative change in our dividend policy could have a material adverse effect on the market price of our common stock.
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.
Our charter contains certain ownership limits. Our charter contains various provisions that are intended to preserve our qualification as a REIT and, subject to certain exceptions, authorize our directors to take such actions as are necessary or appropriate to preserve our qualification as a REIT. For example, our charter prohibits the actual, beneficial or constructive ownership by any person of more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock, and more than 9.8% in value of the aggregate outstanding shares of all classes and series of our stock. Our Board of Directors, in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from these ownership limits if certain conditions are satisfied. The restrictions on ownership and transfer of our stock may:
Risks Related to Our Status as a REIT and Related U.S. Federal Income Tax Matters
Loss of our tax status as a REIT or changes in U.S. federal income tax laws, regulations, administrative interpretations or court decisions relating to REITs could have significant adverse consequences to us and the value of our securities.
We have elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. We believe that we are organized and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT under the Code. However, there can be no assurance that we have qualified or will continue to qualify as a REIT for U.S. federal income tax purposes.
Qualification as a REIT involves the application of highly technical and complex Code provisions, for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the U.S. Internal Revenue Service (the “IRS”) and U.S. Department of the Treasury. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, regulations, administrative interpretations or court decisions could significantly and negatively change the tax laws with respect to qualification as a REIT, the U.S. federal income tax consequences of such qualification or the desirability of an investment in a REIT relative to other investments.
In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock, the composition of our assets and the sources of our gross income. Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. Furthermore, we own a direct or indirect interest in certain subsidiary REITs which have elected to be taxed as REITs for U.S. federal income tax purposes under the Code. Provided that each subsidiary REIT qualifies as a REIT, our interest in such subsidiary REIT will be treated as a qualifying real estate asset for purposes of the REIT asset tests. To qualify as a REIT, the subsidiary REIT must independently satisfy all of the REIT qualification requirements. The failure of a subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT.
If we were to lose our REIT status, we would face serious tax consequences that would substantially reduce the funds available to pay distributions to stockholders for each of the years involved because:
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Our failure to qualify as a REIT or new legislation or changes in U.S. federal income tax laws, including with respect to qualification as a REIT or the tax consequences of such qualification, could also impair our ability to expand our business or raise capital and have a materially adverse effect on the value of our securities.
To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, which could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.
To qualify as a REIT, we generally must distribute annually to our stockholders at least 90% of our REIT taxable income determined without regard to the dividends paid deduction and, excluding any net capital gain, and we will be subject to regular U.S. federal corporate income taxes to the extent we distribute for any year less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. While we have historically satisfied these distribution requirements by making cash distributions to our stockholders, a REIT is permitted to satisfy these requirements by making distributions of cash or other property, including, in limited circumstances, its own stock. Assuming we continue to satisfy these distribution requirements with cash, we may need to borrow funds to meet the REIT distribution requirements and avoid the payment of income and excise taxes even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from differences in timing between the actual receipt of cash and inclusion of income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of cash reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market's perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.
If Kimco OP were to fail to qualify as a partnership for federal income tax purposes, the Parent Company would fail to qualify as a REIT and suffer other adverse consequences.
We believe that Kimco OP is treated as a partnership, and not an association or publicly traded partnership taxable as a corporation, for federal income tax purposes. As an entity treated as a partnership for federal income tax purposes, Kimco OP is not subject to federal income tax on its income. Instead, each of its partners, including the Parent Company, is allocated, and may be required to pay tax with respect to, that partner’s share of Kimco OP’s income. No assurance can be provided, however, that the IRS will not challenge Kimco OP’s status as a partnership for federal income tax purposes or that a court would not sustain such a challenge. If the IRS were successful in treating Kimco OP as an association or publicly traded partnership taxable as a corporation for federal income tax purposes, the Parent Company would fail to meet certain of the gross income tests and asset tests applicable to REITs and, accordingly, would cease to qualify as a REIT. Such REIT qualification failure could impair our ability to expand our business and raise capital, and would materially adversely affect the value of the Parent Company’s stock and the OP Units. Also, the failure of Kimco OP to qualify as a partnership would cause it to become subject to federal corporate income tax, which could reduce significantly the amount of its cash available for debt service and for distribution to its partners, including the Parent Company.
Tax liabilities and attributes inherited in connection with acquisitions may adversely impact our business.
From time to time, we may acquire other corporations or entities and, in connection with such acquisitions, we may succeed to the tax attributes and liabilities of such entities. For example, if we acquire a C corporation and subsequently dispose of its assets within five years of the acquisition, we could be required to pay tax on any built-in gain attributable to such assets determined as of the date on which we acquired the assets. In addition, in order to qualify as a REIT, at the end of any taxable year, we must not have any earnings and profits accumulated in a non-REIT year. As a result, if we acquire a C corporation, we must distribute the corporation’s earnings and profits accumulated prior to the acquisition before the end of the taxable year in which we acquire the corporation. We also could be required to pay the acquired entity’s unpaid taxes even though such liabilities arose prior to the time we acquired the entity.
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The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes.
A REIT's net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business, which under prior applicable law was set to expire for taxable years beginning after December 31, 2025. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, or is held through a taxable REIT subsidiary, such characterization is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.
Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
The maximum tax rate applicable to “qualified dividend income” payable to U.S. stockholders that are individuals, trusts and estates is 20%. Dividends payable by REITs, however, generally are not eligible for these reduced rates. U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (i.e., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT. The OBBBA, enacted on July 4, 2025, permanently extends the 20% deduction. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends treated as qualified dividend income, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our common stock.
None.
Cybersecurity Risk Management and Strategy
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.
Our cybersecurity risk management program leverages the National Institute of Standards and Technology (“NIST”) cybersecurity framework, which organizes cybersecurity risks into six categories: govern, identify, protect, detect, respond and recover. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Key elements of our cybersecurity risk management program include, but are not limited to, the following:
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We have in the past experienced adverse events that have not resulted, and are not expected to result, in a material impact on the Company’s business
operations or financial results. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors – We have experienced cybersecurity attacks and could in the future be subject to significant disruption, data loss or other security incidents or breaches”.
Cybersecurity Governance and Oversight
Our Board of Directors (“Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to its Audit Committee oversight of cybersecurity and other information technology risks. Our Audit Committee oversees management’s implementation of our cybersecurity risk management program. Our Audit Committee receives quarterly briefings from our Chief Information Security Officer regarding the emerging cybersecurity threat and risk landscape as well as our cybersecurity risk management program and related readiness, resiliency, and response efforts. In addition, management will update the Audit Committee, as necessary, regarding significant cybersecurity incidents. Our Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The Board also receives briefings from management on our cybersecurity risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
We have a Cyber Risk Committee (“Cyber Committee”) which reviews and reports on cybersecurity risks and related issues. Chaired by the Chief Information Security Officer ("CISO"). The Cyber Committee is comprised of senior management from various business units within the Company and meets at least quarterly to review the status of the Company’s overall cybersecurity risk management program, as well as controls and procedures and to stay up to date regarding relevant legislative, regulatory, and technical developments. The Cyber Committee is responsible for assessing and managing our material risks from cybersecurity threats. The Cyber Committee oversees our cybersecurity risk management program in conjunction with our CISO. The day-to-day management of cybersecurity is the responsibility of our Vice President, CISO, who reports directly to the Chief Innovation and Transformation Officer. Our CISO has over 25 years of experience in information technology and cybersecurity and holds the following credentials: Certified Information Systems Security Professional (CISSP) and Certified Chief Information Security Officer (CCISO). Our CISO supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
The Cyber Committee is informed about and monitors the prevention, detection, mitigation, and remediation of key cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants.
We utilize a variety of administrative, technical and physical safeguards that take into account the nature of our IT environment, information assets and cybersecurity risks posed by both internal and external threats. We have incorporated cybersecurity coverage in our insurance policies, and our goal is to keep our data and systems, as well as our employees, safe from cybersecurity threats.
The Company conducts mandatory semi-annual employee cybersecurity awareness training and internal phishing exercises for employees, supplemented by regular communications to employees on the escalation process for reporting incidents, vulnerabilities, or suspicious activities to the appropriate information technology stakeholders. When security issues arise, the Company conducts a prompt investigation and initiates response protocols and other measures to protect the Company and its valued employees and key stakeholders.
During the year ended December 31, 2025, the Company did not experience any cybersecurity incidents that had a material impact on the Company’s business strategy, results of operations, or financial condition. Additionally, the Company did not experience any known material third-party information security breaches during the year ended December 31, 2025.
Real Estate Portfolio
As of December 31, 2025, the Company had interests in 565 shopping center properties aggregating 100.2 million square feet of GLA located in 29 states. In addition, the Company had 66 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.4 million square feet of GLA. Open-air shopping centers comprise the primary focus of the Company's current portfolio. As of December 31, 2025, the Company’s proportionate share of its portfolio occupancy was 96.4%.
The Company's open-air shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of 177,308 square feet as of December 31, 2025. The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with redevelopment, major renovations and refurbishing to preserve and increase the value of its properties. This includes renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2025, the Company expended $192.6 million in connection with property redevelopments and renovations and $155.0 million related to tenant improvements and allowances.
The Company's management believes its experience in the real estate industry and its relationships with numerous national and regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners. The Company's open-air shopping centers are usually "anchored" by a grocery store, home improvement center, off-price retailer, discounter or service-oriented tenant. As one of the original participants in the growth of the shopping center industry and the nation's largest owner and operator of shopping centers, the Company has established close relationships with a large number of major national and regional retailers. Some of the major national and regional companies that are tenants in the Company's shopping center properties include The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, Albertsons Companies, Inc., PetSmart, The Home Depot, Ahold Delhaize, Dick's Sporting Goods, and Kroger.
The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2025, no single open-air shopping center accounted for more than 1.2% 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, or more than 1.3% of the Company’s total shopping center GLA. At December 31, 2025, the Company’s five largest tenants were The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, and Albertsons Companies, Inc., which represented 3.8%, 1.9%, 1.8%, 1.8% and 1.7%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of annualized base rental revenues from properties in which the Company has less than a 100% economic interest.
The following table shows the number of properties, total proportionate share of GLA and total proportionate share of annualized base rental revenues (including % of total) for the Company’s top 10 major metropolitan markets by total proportionate share of annualized based rent as of December 31, 2025. Amounts for GLA and annualized base rent in thousands:
Market
Rank
Number ofProperties
TotalProportionateShare of GLA
TotalProportionateShare ofAnnualizedBase Rent
% of Gross Annualized Base Rent
New York
1
72
6,828
$
175,412
10.1
%
Baltimore, Washington D.C.
8,125
169,736
10.0
Los Angeles, Orange County, San Diego
7,391
153,935
9.1
Miami, Ft. Lauderdale
7,198
150,944
8.9
Houston
31
6,073
130,490
7.7
San Francisco, Sacramento, San Jose
24
3,032
81,916
4.8
Phoenix
4,534
66,173
3.9
Philadelphia
3,041
59,299
3.5
Orlando
2,422
59,156
Atlanta
3,231
52,720
3.1
A substantial portion of the Company's income consists of rent received under long-term leases. 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,
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). Although many of the leases require the Company to make roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company may be reimbursed by the tenant for its proportionate share of common area maintenance. Additionally, many of the leases provide for reimbursements by the tenant of capital expenditures.
Minimum base rental revenues, operating expense reimbursements, and percentage rents accounted for 98% of the Company's total revenues from rental properties for the year ended December 31, 2025. 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. Additionally, a majority of the Company’s leases have provisions requiring contractual rent increases. The Company’s leases may also include escalation clauses, which provide for increases based upon changes in the consumer price index or similar inflation indices.
As of December 31, 2025, the Company’s consolidated operating portfolio, comprised of 458 shopping center properties aggregating 79.5 million square feet of GLA, was 96.6% leased. The consolidated operating portfolio consists entirely of properties located in the U.S., inclusive of Puerto Rico. For the period of January 1, 2025 to December 31, 2025, the Company increased the average base rent per leased square foot, which includes the impact of tenant concessions, in its consolidated portfolio of open-air shopping centers from $20.36 to $21.05, an increase of $0.69. This increase primarily consists of (i) a $0.52 increase relating to rent step-ups within the portfolio and new leases signed, net of leases vacated, (ii) a $0.10 increase relating to acquisitions and (iii) a $0.07 increase relating to dispositions.
The Company has a total of 9,444 leases in the consolidated operating portfolio. The following table sets forth the aggregate lease expirations for each of the next ten years, assuming no renewal options are exercised. For purposes of the table, the total annualized base rent expiring represents annualized rental revenue, excluding the impact of straight-line rent, for each lease that expires during the respective year. Amounts in thousands, except for number of leases data:
Year EndingDecember 31,
Number of Leases Expiring
Square Feet Expiring
Total Annualized Base Rent Expiring
% of GrossAnnual Rent
(1)
166
633
13,093
0.9
2026
903
6,629
116,489
7.6
2027
1,370
9,977
191,902
12.5
2028
1,448
11,308
227,247
14.8
2029
1,297
9,697
198,452
12.9
2030
1,164
8,710
189,439
12.3
2031
813
6,461
129,356
8.4
2032
482
3,752
73,006
4.7
2033
475
3,695
73,310
2034
432
3,433
77,069
5.0
2035
404
3,613
76,073
4.9
During 2025, the Company executed 1,557 leases totaling approximately 10.8 million square feet in the Company’s consolidated operating portfolio comprised of 502 new leases and 1,055 renewals and options. The leasing costs associated with these new leases are estimated to aggregate $149.2 million, or $41.65 per square foot. These costs include $115.6 million of tenant improvements and $33.6 million of external leasing commissions. The average rent per square foot for (i) new leases was $22.61 and (ii) renewals and options was $21.50. The Company will seek to obtain rents that are higher than amounts within its expiring leases, however, there are many variables and uncertainties which can significantly affect the leasing market at any time; as such, the Company cannot guarantee that future leases will continue to be signed for rents that are equal to or higher than current amounts.
Ground-Leased Properties
The Company has interests in 36 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company primarily to construct and/or operate a shopping center. The Company pays rent for the use of the land and generally is responsible for all costs and expenses associated with the building and improvements. At the end of these long-term leases, unless extended, the land together with all improvements reverts to the landowner.
More specific information with respect to each of the Company's property interests is set forth in Exhibit 99.1, which is incorporated herein by reference.
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The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries that, in management's opinion, would result in any material effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's insurance.
Not applicable.
Market Information: The Company’s common stock is traded on the NYSE under the trading symbol "KIM".
Holders: The number of holders of record of the Company's common stock, par value $0.01 per share, was 2,567 as of January 30, 2026.
Dividends: Since the IPO, the Company has paid regular quarterly cash dividends to its stockholders. While the Company intends to continue paying regular quarterly cash dividends, future dividend declarations will be paid at the discretion of the Board of Directors and will depend on the actual cash flows of the Company, its financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as they monitor sources of capital and evaluate operating fundamentals. The Company is required by the Code to distribute annually at least 90% of its REIT taxable income determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. The actual cash flow available to pay dividends will be affected by a number of factors, including the revenues received from operating properties, the operating expenses of the Company, the interest expense on its borrowings, the ability of lessees to meet their obligations to the Company, the ability to refinance near-term debt maturities and any unanticipated capital expenditures. The following table reflects the income tax status of distributions per share paid to holders of shares of our common stock:
Year Ended December 31,
2025
2024
Dividend paid per share
1.01
0.97
Ordinary income
98
68
Capital gains
32
Return of capital
-
In addition to common stock offerings, the Company has capitalized on the growth in its business through the issuance of unsecured fixed rate medium-term notes, underwritten bonds, unsecured bank debt, mortgage debt and perpetual preferred stock. Borrowings under the Company's unsecured revolving credit facility have also been an interim source of funds to both finance the purchase of properties and other investments and meet any short-term working capital requirements. The various instruments governing the Company's issuance of its unsecured public debt, bank debt, mortgage debt and preferred stock impose certain restrictions on the Company regarding dividends, voting, liquidation and other preferential rights available to the holders of such instruments. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Footnotes 13, 14 and 20 of the Notes to Consolidated Financial Statements included in this Form 10-K.
The Company does not believe that the preferential rights available to the holders of its 5.125% Class L Cumulative Redeemable Preferred Stock ("Class L Preferred Stock"), 5.250% Class M Cumulative Redeemable Preferred Stock ("Class M Preferred Stock"), and 7.250% Class N Cumulative Convertible Perpetual Preferred Stock ("Class N Preferred Stock"), the financial covenants contained in its public bond indentures, as amended, or the credit agreement for its Credit Facility and bank term loans will have an adverse impact on the Company's ability to pay dividends in the normal course to its common stockholders or to distribute amounts necessary to maintain its qualification as a REIT. See Footnote 20 of the Notes to Consolidated Financial Statements included in this Form 10-K.
The Company maintains a dividend reinvestment and direct stock purchase plan (the "DRIP Plan") pursuant to which common stockholders and other interested investors may elect to automatically reinvest their dividends to purchase shares of the Company’s common stock or, through optional cash payments, purchase shares of the Company’s common stock. The Company may, from time-to-time, either (i) purchase shares of its common stock in the open market or (ii) issue new shares of its common stock for the purpose of fulfilling its obligations under the DRIP Plan.
Recent Sales of Unregistered Securities: None.
Issuer Purchases of Equity Securities:
During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire.
During November 2025, the Company established a new common share repurchase program, which superseded and replaced the Company's prior share repurchase program established in February 2018. Under this new program, the Company may repurchase shares
of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the year ended December 31, 2025, the Company repurchased 6.1 million shares of common stock for an aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.
During the year ended December 31, 2025, the Company also repurchased 544,716 shares of the Company’s common stock for an aggregate purchase price of $12.1 million (weighted average price of $22.20 per share) in connection with shares of common stock surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with equity-based compensation plans.
The following table presents information regarding the shares of common stock repurchased by the Company during the three months ended December 31, 2025.
Period
TotalNumber ofSharesPurchased
AveragePricePaid perShare
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(in millions)
October 1, 2025 - October 31, 2025
166.0
November 1, 2025 - November 30, 2025
686,769
19.98
669,936
736.6
December 1, 2025 - December 31, 2025
2,414,234
19.96
2,410,233
688.5
Total
3,101,003
3,080,169
Total Stockholder Return Performance: The following performance chart compares, over the five years ended December 31, 2025, the cumulative total stockholder return on the Company’s common stock with the cumulative total return of the S&P 500 Index and the cumulative total return of the NAREIT Equity REITs Index (the “NAREIT Equity REITs”) prepared and published by the National Association of Real Estate Investment Trusts (“NAREIT”). The NAREIT Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.
28
Stockholder return performance, presented annually for the five years ended December 31, 2025, is not necessarily indicative of future results. All stockholder return performance assumes the reinvestment of dividends. The information in this paragraph and the following performance chart are deemed to be furnished, not filed.
Comparison of 5 year cumulative total return data points
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Dec-25
100
169
151
160
184
167
S&P 500
129
105
133
196
NAREIT Equity REITs
143
108
123
134
138
The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this Form 10-K. Historical results and percentage relationships set forth in the Consolidated Statements of Income contained in the Consolidated Financial Statements, including trends, should not be taken as indicative of future operations.
The Consolidated Financial Statements of the Company include the accounts of the Company, its wholly owned subsidiaries and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification. The Company applies these provisions to each of its joint venture investments to determine whether the cost, equity or consolidation method of accounting is appropriate. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with GAAP.
Critical Accounting Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying Consolidated Financial Statements and related notes. In preparing these financial statements, management has made its best estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates are based on, but not limited to, historical results, industry standards and current economic conditions, giving due consideration to materiality. The Company’s significant accounting policies are more fully described in Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K. The Company is required to make subjective assessments, of which, the most significant assumptions and estimates relate to the recoverability of trade accounts receivable, depreciable lives, valuation of real estate and intangible assets and liabilities, and valuation of joint venture investments and other investments. The Company’s reported net earnings are directly affected by management’s estimate of impairments. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could materially differ from these estimates.
Trade Accounts Receivable
The Company reviews its trade accounts receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company evaluates the probability of the collection of the lessee’s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. The Company’s analysis of its accounts receivable included (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. The Company includes provision for doubtful accounts in Revenues from rental properties, net. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease and will only recognize lease income on a cash basis. In addition to the lease-specific collectability assessment, the analysis also recognizes a general reserve, as a reduction to Revenues from rental properties, net for its portfolio of operating lease receivables, which are not expected to be fully collectible based on the Company’s historical and current collection experience and the potential for settlement of arrears. Although the Company estimates uncollectible receivables and provides for them through charges against Revenues from rental properties, net actual results may differ from those estimates. For example, in the event that the Company’s collectability determinations are not accurate, and the Company is required to write off additional receivables equaling 1% of the outstanding Accounts and other receivables, net balance at December 31, 2025, the Company’s rental income and net income would decrease by $3.7 million for the year ended December 31, 2025. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, any outstanding lease receivables (including straight-line rent receivables) are reinstated with a corresponding increase to rental income.
Real Estate
Valuation of Real Estate, and Intangible Assets and Liabilities
The Company’s investments in real estate properties are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.
Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be business combinations are expensed as incurred. Also, upon acquisition of real estate operating properties in either an asset acquisition or business combination, the Company estimates the fair value of acquired
tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, and in-place leases, where applicable), any assumed debt and/or redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of any tangible and intangible assets and liabilities acquired are determined by utilizing various valuation techniques and other information, including replacement cost, direct capitalization method, discounted cash flow method, sales comparison approach, similar fair value models, or executed purchase and sale agreements. Fair value estimates determined using the direct capitalization and discounted cash flow methods employ significant assumptions, such as normalized net operating income, stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, estimates of future cash flows, and other market data. In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy.
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:
Buildings and building improvements (in years)
5 to 50
Fixtures, leasehold and tenant improvements (including certain identified
intangible assets)
Terms of leases or useful lives, whichever is shorter
The Company is required to make subjective assessments as to the useful lives of its properties for purposes of determining the amount of depreciation to reflect on an annual basis with respect to those properties. These assessments have a direct impact on the Company’s net earnings.
During 2025, the Company acquired properties for a net real estate fair value of $286.5 million, of which $1.1 million, or less than 1% of the net real estate fair value, was allocated to above-market leases and $9.4 million, or 3% of the net real estate fair value, was allocated to below-market leases. If the amounts allocated in 2025 to above-market and below-market leases were each reduced by 1% of the net real estate fair value, the net annual market lease amortization through rental income would decrease by $0.6 million (using the weighted average useful life of above-market and below-market leases at each respective acquired property).
On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows, net of anticipated construction and leasing costs (undiscounted and unleveraged), of the property over its anticipated hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future costs of materials and labor, operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to reflect the estimated fair value of the property. The Company’s estimated fair values are primarily based upon estimated sales prices from signed contracts or letters of intent from third-parties, discounted cash flow models or third-party appraisals. Estimated fair values that are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.
See Footnotes 2, 4 and 6 of the Notes to Consolidated Financial Statements included in this Form 10-K for further discussion.
Valuation of Joint Venture Investments and Other Investments
On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period, capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.
See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K for further discussion of the Company’s accounting policies and estimates.
Executive Overview
Kimco Realty Corporation is the leading owner and operator of high-quality open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company.
Financial Highlights
The following highlights the Company’s significant transactions, events and results that occurred during the year ended December 31, 2025:
Financial and Portfolio Information:
Acquisitions, Dispositions and Other Activity (see Footnotes 2, 4, 5, and 7 of the Notes to Consolidated Financial Statements included in this Form 10-K):
Capital Activity (for additional details see Liquidity and Capital Resources below):
As a result of the above debt activity, the Company’s consolidated debt maturity profile, including extension options as of December 31, 2025, is as follows:
The Company faces external factors which may influence its future results from operations. There remains significant uncertainty in the current macro-economic environment, driven by inflationary pressure and elevated interest rates. These factors have impacted, and are expected to continue to impact, consumer discretionary spending and many of our tenants. The convenience and availability of e-commerce has continued to impact the retail sector, which could affect our ability to increase or maintain rental rates and our ability to renew expiring leases and/or lease available space. To better position itself, the Company’s strategy has been to attract local area customers to its properties by providing a diverse and robust tenant base across a variety of retailers, including grocery stores, off-price retailers, discounters and service-oriented tenants, which offer buy online and pick up in store, off-price merchandise and day-to-day necessities.
The Company’s portfolio is focused on first-ring suburbs around major metropolitan-area U.S. markets, predominantly on the east and west coasts and in the Sun Belt region, which are supported by strong demographics, significant projected population growth, and where the Company perceives significant barriers to entry. The Company owns a predominantly grocery-anchored portfolio clustered in the nation’s top markets. The Company believes it can continue to increase its occupancy levels, rental rates and overall rental growth. In addition, the Company, on a selective basis, has developed or redeveloped projects, which include residential and mixed-use components.
As part of the Company’s investment strategy, each property is evaluated for its highest and best use, which may include residential and mixed-use components. In addition, the Company may consider other opportunistic investments related to retailer controlled real estate, such as, repositioning underperforming retail locations, retail real estate financing and bankruptcy transaction support. The Company may dispose of certain properties. If the estimated fair value for any of these assets is less than their net carrying values, the Company would be required to take impairment charges and such amounts could be material. For a further discussion of these and other factors that could impact our future results, performance or transactions, see Item 1A. Risk Factors.
33
Results of Operations
Comparison of the years ended December 31, 2025 and 2024
The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended December 31, 2025, as compared to the corresponding period in 2024 (in thousands, except per share data):
Change
Revenues
Revenues from rental properties, net
2,121,400
2,019,065
102,335
Management and other fee income
18,716
17,949
767
Operating expenses
Rent (1)
(16,776
)
(16,837
Real estate taxes
(277,478
(261,700
(15,778
Operating and maintenance (2)
(368,080
(359,116
(8,964
General and administrative (3)
(133,015
(138,140
5,125
Impairment charges
(9,517
(4,476
(5,041
Merger charges
(25,246
25,246
Depreciation and amortization
(627,090
(603,685
(23,405
Gain on sale of properties
62,663
1,274
61,389
Other income/(expense)
Other income, net
2,047
28,074
(26,027
Mortgage and other financing income, net
50,958
29,531
21,427
Gain/(loss) on marketable securities, net
(27,679
27,682
Interest expense
(330,196
(307,806
(22,390
Provision for income taxes, net
(1,046
(25,417
24,371
Equity in income of joint ventures, net
96,781
83,827
12,954
Equity in income of other investments, net
3,440
9,821
(6,381
Net income attributable to noncontrolling interests
(8,069
(8,654
585
Preferred stock redemption charges
(3,304
3,304
Preferred dividends, net
(30,311
(31,763
1,452
Net income available to the Company's common shareholders
554,430
375,718
178,712
Net income available to the Company's common shareholders:
Diluted per share
0.82
0.55
0.27
Net income available to the Company’s common shareholders was $554.4 million for the year ended December 31, 2025, as compared to $375.7 million for the comparable period in 2024. On a diluted per share basis, Net income available to the Company’s common shareholders for the year ended December 31, 2025 was $0.82, as compared to $0.55 for the comparable period in 2024. For additional disclosure, see Footnote 28 of the Notes to Consolidated Financial Statements included in this Form 10-K.
The following describes the changes of certain line items included on the Company’s Consolidated Statements of Income that the Company believes changed significantly and affected Net income available to the Company’s common shareholders during the year ended December 31, 2025, as compared to the corresponding period in 2024:
Revenues from rental properties, net –
The increase in Revenues from rental properties, net of $102.3 million is primarily from (i) a net increase in revenues from tenants of $55.8 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $38.4 million due to properties acquired during 2025 and 2024, (iii) an increase in lease termination fee income of $6.2 million and (iv) an increase in net straight-line rental income of $5.0 million, primarily due to changes in reserves, partially offset by (v) a decrease in revenues of $3.1 million due to dispositions in 2025 and 2024.
34
Real estate taxes –
The increase in Real estate taxes of $15.8 million is primarily due to (i) an increase of $4.5 million due to properties acquired during 2025 and 2024, (ii) an overall increase in assessed values in the current portfolio and (iii) timing of real estate tax refunds.
Operating and maintenance –
The increase in Operating and maintenance expense of $9.0 million is primarily due to (i) an increase of $5.5 million resulting from properties acquired during 2025 and 2024, (ii) an overall increase in operating costs of $4.5 million, (iii) an increase in snow removal costs of $1.9 million and (iv) an increase in repairs and maintenance expense of $1.1 million, partially offset by (v) lower insurance expense of $4.0 million.
General and administrative –
The decrease in General and administrative expense of $5.1 million is primarily due to a decrease in employee-related benefit expenses of $4.9 million.
Impairment charges –
During the years ended December 31, 2025 and 2024, the Company recognized impairment charges of $9.5 million and $4.5 million, respectively, primarily related to adjustments to property carrying values for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third-party offers. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions. Certain of the calculations to determine fair values utilized unobservable inputs and, as such, were classified as Level 3 of the FASB’s fair value hierarchy. For additional disclosure, see Footnotes 6 and 18 of the Notes to Consolidated Financial Statements included in this Form 10-K.
Merger charges –
During the year ended December 31, 2024, the Company incurred costs of $25.2 million, associated with the RPT Merger, primarily comprised of severance and professional and legal fees (see Footnote 2 of the Notes to Consolidated Financial Statements included in this Form 10-K).
Depreciation and amortization –
The increase in Depreciation and amortization of $23.4 million is primarily due to (i) an increase of $32.5 million due to depreciation commencing on certain redevelopment and tenant improvement projects that were placed into service during 2025 and 2024 and (ii) an increase of $21.2 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $30.3 million due to fully depreciated assets and write-offs, primarily from vacated tenants, dispositions, and demolition during 2025 and 2024.
Gain on sale of properties –
During 2025, the Company disposed of four operating properties and six parcels, in separate transactions, for an aggregate sales price of $109.3 million, which resulted in aggregate gains of $62.7 million. During 2024, the Company disposed of 11 operating properties and 10 parcels, in separate transactions, for an aggregate sales price of $255.1 million, which resulted in aggregate gains of $1.3 million.
Other income, net –
The decrease in Other income, net of $26.0 million is primarily due to (i) a decrease in interest income of $14.9 million resulting from lower cash balances during 2025 as compared to 2024, (ii) $6.9 million in higher costs associated with potential transactions for which the Company is no longer pursuing, (iii) a decrease of $1.9 million from insurance proceeds received from 2025 as compared to 2024, (iv) a decrease of $1.5 million from settlement proceeds of a contract during 2024, (v) an increase in environmental remediation costs of $1.2 million, and (vi) a decrease in dividend income of $1.2 million, primarily due to the sale of the remaining shares of ACI common stock held by the Company during 2024, partially offset by (vii) an increase of $2.2 million due to mark-to-market fluctuations of an embedded derivative liability.
35
Mortgage and other financing income, net –
The increase in Mortgage and other financing income, net of $21.4 million is primarily due to (i) the Company’s origination of new loan financings during 2025 and 2024 and (ii) a change in allowance for credit losses, net of $6.9 million, partially offset by (iii) loan repayments during 2025 and 2024.
Gain/(loss) on marketable securities, net –
The change in gain/(loss) on marketable securities, net of $27.7 million is primarily the result of mark-to-market fluctuations and the sale of the Company's remaining shares of ACI common stock during 2024.
Interest expense –
The increase in Interest expense of $22.4 million is primarily due to (i) the issuance of unsecured notes and assumption of mortgage loans during 2025 and 2024, partially offset by (ii) the paydown of lower coupon unsecured notes and repayment of mortgage loans during 2025 and 2024.
Provision for income taxes, net –
The decrease in Provision for income taxes, net of $24.4 million is primarily due to the Company's sale of shares of ACI common stock during 2024, which generated taxable long-term capital gains.
Equity in income of joint ventures, net –
The increase in Equity in income of joint ventures, net of $13.0 million is primarily due to (i) higher gains of $5.1 million primarily due to a gain on change in control from the purchase of an additional interest in an operating property, (ii) higher equity in income of $4.4 million, primarily due to the restructuring of a joint venture, and (iii) a decrease in interest expense of $3.5 million.
Equity in income of other investments, net –
The decrease in Equity in income of other investments, net of $6.4 million is primarily due to (i) a decrease in profit participation and lower equity in income of $8.0 million, resulting primarily from the sale of properties within the Company’s Preferred Equity Program during 2024, partially offset by (ii) impairments of $1.6 million.
Preferred stock redemption charges –
During 2024, the Company incurred preferred stock redemption charges of $3.3 million in connection with the tender offer to purchase any and all outstanding Class N Preferred Stock depositary shares, which expired on December 12, 2024 ("Class N Tender Offer").
Comparison of the years ended December 31, 2024 and 2023
Information pertaining to fiscal year 2023 was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which was filed with the SEC on February 21, 2025.
Liquidity and Capital Resources
The Company’s capital resources include accessing the public debt and equity capital markets, unsecured term loans, mortgages and construction loan financing, and immediate access to the Credit Facility with bank commitments of $2.0 billion, which can be increased to $2.75 billion through an accordion feature. During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the "Commercial Paper Program"). The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program.
36
The Company’s cash flow activities are summarized as follows (in thousands):
Cash, cash equivalents and restricted cash, beginning of year
689,731
783,757
Net cash flow provided by operating activities
1,120,015
1,005,621
Net cash flow used for investing activities
(376,815
(318,541
Net cash flow used for financing activities
(1,220,137
(781,106
Net change in cash, cash equivalents and restricted cash
(476,937
(94,026
Cash, cash equivalents and restricted cash, end of year
212,794
Operating Activities
The Company anticipates that cash on hand, net cash flow provided by operating activities, borrowings under its Credit Facility and Commercial Paper Program, and the issuance of equity, public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current economic environment, interest rates, inflation, international tariffs or other trade restrictions, and other risks detailed in Part I, Item 1A. Risk Factors.
Net cash flow provided by operating activities for the year ended December 31, 2025 was $1.1 billion, as compared to $1.0 billion for the comparable period in 2024. The increase of $0.1 billion is primarily attributable to:
Investing Activities
Net cash flow used for investing activities was $376.8 million for 2025, as compared to $318.5 million for 2024.
Investing activities during 2025 consisted primarily of:
Cash inflows:
Cash outflows:
Investing activities during 2024 consisted primarily of:
37
Acquisitions of Operating Real Estate and Other Related Net Assets
During the years ended December 31, 2025 and 2024, the Company expended $218.4 million and $152.9 million, respectively, towards the acquisition/consolidation of operating real estate properties. The Company anticipates spending approximately $300.0 million to $500.0 million towards the acquisition of, or the purchase of additional interests in, operating properties during 2026. The Company intends to fund these potential acquisitions with net cash flow provided by operating activities, cash on hand, proceeds from property dispositions, and/or availability under its Credit Facility and Commercial Paper Program.
Improvements to Operating Real Estate
During the years ended December 31, 2025 and 2024, the Company expended $347.6 million and $324.5 million, respectively, towards improvements to operating real estate. These amounts consist of the following (in thousands):
Redevelopment and renovations
192,555
156,240
Tenant improvements and tenant allowances
155,061
168,225
Total improvements
347,616
324,465
The Company, on a selective basis, will redevelop projects or re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio, including residential and mixed-use components, which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for 2026 will be approximately $250.0 million to $300.0 million. The funding of these capital requirements will be from net cash flow provided by operating activities, cash on hand, proceeds from property dispositions, and/or availability under the Company’s Credit Facility and Commercial Paper Program.
Financing Activities
Net cash flow used for financing activities was $1.2 billion for 2025, as compared to $781.1 million for 2024.
Financing activities during 2025 primarily consisted of the following:
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Financing activities during 2024 primarily consisted of the following:
The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable financing and refinancing alternatives that will not materially adversely impact its expected financial results. As of December 31, 2025, the Company had consolidated floating rate debt totaling $16.1 million. The Company continues to pursue borrowing opportunities with large commercial U.S. and global banks, select life insurance companies and certain regional and local banks.
Debt maturities for 2026 consist of $856.4 million of consolidated debt and $327.1 million of unconsolidated joint venture debt, assuming the utilization of extension options where available. The 2026 remaining consolidated debt maturities are anticipated to be repaid with net cash flow provided by operating activities, cash on hand, borrowings under its Credit Facility and Commercial Paper Program and/or debt refinancing, as deemed appropriate. The 2026 debt maturities on properties in the Company’s unconsolidated joint ventures are anticipated to be repaid through net cash flow provided by operating activities, debt refinancing, proceeds from sales, and/or partner capital contributions, as deemed appropriate.
The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintain its unsecured debt ratings. The Company may, from time to time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings, and/or mortgage/construction loan financings and other capital alternatives.
The Company utilizes the public debt and equity markets as its principal source of capital for its expansion needs through offerings of its public unsecured debt and equity. Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air, grocery anchored shopping centers and mixed-use assets, expanding and improving properties in the portfolio and other investments.
During November 2025, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for future unlimited offerings, from time to time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants. The Company, pursuant to this shelf registration statement may, from time to time, offer for sale its senior unsecured debt securities for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company’s debt maturities.
During January 2023, the Company filed a post-effective amendment to a registration statement on Form S-8 for the Kimco Realty Corporation 2020 Equity Participation Plan (the “2020 Plan”), which was previously approved by the Company’s stockholders and is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March 2020. The 2020 Plan provided for a maximum of 10.0 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments, deferred stock awards and long-term incentive plan units.
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During February 2025, the Company filed a registration statement on Form S-8 for the Kimco Realty Corporation 2025 Equity Participation Plan (the “2025 Plan”), which was approved by the Company’s stockholders on April 29, 2025 and is a successor to the 2020 Equity Participation Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments, deferred stock awards and long-term incentive plan units. At December 31, 2025, the Company had 16.8 million shares of common stock available for issuance under the 2025 Plan (see Footnote 24 of the Notes to Consolidated Financial Statements included in this Form 10-K).
Preferred Stock –
During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock and 185,000 depositary shares of Class N Preferred Stock, representing an aggregate of up to 2,123 shares of the Company's preferred stock, par value $1.00 per share. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. During the year ended December 31, 2025, the Company repurchased the following preferred stock:
Class of Preferred Stock
DepositarySharesRepurchased
PurchasePrice(in thousands)
Class N
58,342
3,481
Common Stock –
During November 2025, the Company established a new ATM Program pursuant to which the Company may offer and sell, from time-to-time, shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time, in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may from time to time enter into separate forward sale agreements with one or more banks. This program does not expire. This new ATM Program supersedes and replaces the Company's prior ATM Program established in September 2023. The Company did not issue any shares under the ATM Programs during the year ended December 31, 2025. As of December 31, 2025, the Company had $750.0 million available under this new ATM Program.
During November 2025, the Company established a new common share repurchase program, which supersedes and replaces the Company's prior share repurchase program established in February 2018. Under this new program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the year ended December 31, 2025, the Company repurchased 6.1 million shares of common stock for an aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.
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 December 31, 2025
Consolidated Indebtedness to Total Assets
<60%
37%
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
2.5x
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. In connection with the merger with WRI, the Company assumed senior unsecured notes which have covenants that are similar to the Company’s existing debt covenants for its senior unsecured notes. Please refer to the form Indenture included in WRI’s Registration Statement on Form S-3, filed with the SEC on February 10, 1995, the First Supplemental Indenture, dated as of August 2, 2006 filed with WRI’s Current Report on Form 8-K dated August 2, 2006,
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and the Second Supplemental Indenture, dated as of October 9, 2012 filed with WRI’s Current Report on Form 8-K dated October 9, 2012, each as filed with the SEC. See the Index to Exhibits included in this Form 10-K for specific filing information.
During June 2025, the Company issued $500.0 million in senior unsecured notes, which are scheduled to mature in February 2036 and accrue interest at a rate of 5.30% per annum. The Company utilized the net proceeds from this offering for the repayment of outstanding borrowings under the Credit Facility and other general corporate purposes.
During 2025, the Company fully repaid the following notes payables (dollars in millions):
Type
Date Paid
Amount Repaid
Interest Rate
Maturity Date
Unsecured note
Feb-25
500.0
3.30%
Jun-25
240.5
3.85%
Credit Facility –
As of December 31, 2025, the Company has a $2.0 billion Credit Facility with a group of banks. The Credit Facility is scheduled to expire in March 2027 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2028. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Adjusted Term SOFR, as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets and the Company’s credit rating outlook, as defined in the agreement. As of December 31, 2025, the interest rate on the Credit Facility is Adjusted Term SOFR plus 68.5 basis points (4.47% as of December 31, 2025) after reductions for sustainability metrics achieved and an upgraded credit rating profile. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of December 31, 2025, the Credit Facility had no outstanding balance and no appropriations for letters of credit.
Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to maintenance of various covenants. The Company is currently in compliance with these covenants. The financial covenants for the Credit Facility are as follows:
Total Indebtedness to Gross Asset Value (“GAV”)
36%
Total Priority Indebtedness to GAV
<35%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense
>1.75x
4.5x
Fixed Charge Total Adjusted EBITDA to Total Debt Service
4.0x
For a full description of the Credit Facility’s covenants, refer to the Amended and Restated Credit Agreement dated as of February 23, 2023, as filed with the SEC. See the Index to Exhibits included in this Form 10-K for specific filing information.
In February 2026, the Company closed on a new $2.0 billion unsecured revolving credit facility (the "New Credit Facility") with a group of banks. For a full description of the New Credit Facility's terms and covenants, refer to the Amended and Restated Credit Agreement dated as of February 18, 2026, filed as Exhibit 10.33 to this Annual Report.
Term Loans –
As of December 31, 2025, the Company has $310.0 million of unsecured term loans ( the “Term Loans”) with a group of banks, which are scheduled to expire between November 2026 to February 2028. The Term Loans accrue interest at the rate of SOFR plus an applicable spread determined by the Company’s credit rating outlook and sustainability metric targets, as described in the agreement. As of December 31, 2025, the interest rates on the Term Loans is SOFR plus 81.0 basis points after reductions for an upgraded credit rating profile and sustainability metrics achieved. As of December 31, 2025, the Company had 20 swap rate agreements with various lenders swapping the interest rates on the Term Loans to all-in fixed rates ranging from 4.4793% to 4.6801%.
As of December 31, 2025, the Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) pursuant to a credit agreement, among Kimco OP, TD Bank, N.A., as administrative agent, and the other parties thereto maturing in January 2027 (with two one-year options to extend to January 2029). The Term Loan Credit Facility accrues interest at a spread (currently 80.0 basis points after reductions for an upgraded credit rating profile) to the SOFR Rate (as defined in the credit agreement), that fluctuates in accordance with changes in Kimco’s senior debt ratings. As of December 31, 2025, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the Term Loan Credit Facility to an all-in fixed rate of 4.5122%.
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Mortgages Payable –
During 2025, the Company (i) assumed $31.4 million of non-recourse mortgage debt (including fair market value adjustment of $0.5 million) through the acquisition of an operating property and (ii) repaid $48.9 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered three operating properties.
In addition to the public equity and debt markets as capital sources, the Company may, from time to time, obtain mortgage financing on selected properties to partially fund the capital needs of its real estate re-development and re-tenanting projects. As of December 31, 2025, the Company had over 525 unencumbered property interests in its portfolio.
Dividends –
In connection with its intention to continue to qualify as a REIT for U.S. federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as it monitors sources of capital and evaluates the impact of the economy and capital markets availability on operating fundamentals. Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a dividend payout ratio which reserves such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate. Cash dividends paid were $714.6 million, $685.9 million and $657.5 million in 2025, 2024 and 2023, respectively.
Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments. The Company’s objective is to establish a dividend level that maintains compliance with the Company’s REIT taxable income distribution requirements. On October 28, 2025, the Company’s Board of Directors declared quarterly dividends with respect to the Company’s classes of preferred shares (Classes L, M and N) which were paid on January 15, 2026, to shareholders of record on January 2, 2026. Additionally, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per common share, representing a 4.0% increase from the prior quarterly dividend of $0.25, which was paid on December 19, 2025, to shareholders of record on December 5, 2025.
On February 10, 2026, the Company’s Board of Directors declared quarterly dividends with respect to the Company’s classes of cumulative redeemable preferred shares (Classes L, M and N), which are scheduled to be paid on April 15, 2026, to shareholders of record on April 1, 2026. Additionally, on February 10, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per common share payable on March 19, 2026 to shareholders of record on March 6, 2026.
Contractual Obligations and Other Commitments
Contractual Obligations
The Company has debt obligations relating to its Credit Facility (no outstanding balance as of December 31, 2025), unsecured senior notes, unsecured term loans and mortgages with maturities ranging from less than two months to 24 years. As of December 31, 2025, the Company’s consolidated total debt had a weighted average term to maturity of 7.9 years. In addition, the Company has non-cancelable leases pertaining to its shopping center portfolio. As of December 31, 2025, the Company had 36 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land or a portion of the underlying land to the Company to construct and/or operate a shopping center. Amounts due in 2026 in connection with these leases aggregate $12.0 million. 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)
Thereafter
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)
12.0
12.2
11.4
10.2
251.5
309.5
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Letters of Credit
The Company has issued letters of credit in connection with the completion and repayment guarantees, primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2025, these letters of credit aggregated $43.9 million.
In addition, the Company provides a guaranty for the payment of any debt service shortfalls on Series A bonds issued by the Sheridan Redevelopment Agency, which are tax increment revenue bonds issued in connection with a property owned by the Company in Sheridan, Colorado. These tax increment revenue bonds have a balance of $31.1 million outstanding at December 31, 2025. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040.
Funding Commitments
The Company has other investments with funding commitments of $26.5 million, of which $22.5 million has been funded as of December 31, 2025. In addition, the Company has mortgage and other financing receivables with undrawn loan advances of $42.8 million as of December 31, 2025.
Other
The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments. See Footnote 13 of the Notes to Consolidated Financial Statements for these unsecured debt instruments.
In connection with the construction of its development/redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2025, the Company had $17.4 million in performance and surety bonds outstanding.
Off-Balance Sheet Arrangements
Unconsolidated Real Estate Joint Ventures
The Company has investments in various unconsolidated real estate joint ventures with varying structures. These joint ventures primarily operate shopping centers or mixed-use properties. The properties owned by the joint ventures are primarily financed with individual non-recourse mortgage loans, however, the Company, on a selective basis, has obtained unsecured financing for certain joint ventures. As of December 31, 2025, the Company did not guarantee any joint venture unsecured debt. Non-recourse mortgage debt is generally defined as debt whereby the lenders’ sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage. The lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower, except for certain specified exceptions listed in the particular loan documents (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).
Debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2025, aggregated $1.4 billion. As of December 31, 2025, these loans had scheduled maturities ranging from less than three months to 6.2 years and bore interest at rates ranging from 2.81% to 7.14%. Approximately $327.1 million of the aggregate outstanding loan balance matures in 2026. For these maturing loans, the Company will utilize extension options where available or repay them with operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales of properties, and partner capital contributions, as deemed appropriate (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).
Other Investments
The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Consolidated Balance Sheets. In addition, the Company has provided capital for certain investments, which are primarily accounted for on the equity method of accounting. As of December 31, 2025, the Company’s other investments were $99.9 million, of which the Company’s net investment under the Preferred Equity program was $59.1 million. As of December 31, 2025, these preferred equity investment properties had non-recourse mortgage loans aggregating $136.5 million. These loans have scheduled maturities ranging from 1.8 years to 4.1 years and bear interest at rates ranging from 6.58% to 8.34%. For these maturing loans, the Company will utilize extension options where available or repay them with operating cash flows, debt refinancing, and/or partner capital contributions, as deemed appropriate. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.
Effects of Inflation
Many of the Company’s long-term leases contain provisions designed to help mitigate the adverse impact of inflation. Such provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants’ gross sales above pre-determined thresholds, which generally increase as prices rise, and/or as a result of escalation clauses, which generally increase rental rates during the terms of the leases. Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices. In addition, many of the Company’s leases are for terms of less than 10 years, which permits the Company to seek to increase rents to market rates upon renewal. To assist in partially mitigating the Company’s exposure to increases in costs and operating expenses, including common area maintenance costs, real estate taxes and insurance, resulting from inflation, the Company’s leases typically include provisions that either (i) require the tenant to pay an allocable share of these operating expenses or (ii) contain fixed contractual amounts, which include escalation clauses, to reimburse these operating expenses.
Funds From Operations ("FFO")
FFO is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. NAREIT defines FFO as net income available to the Company’s common shareholders computed in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains or losses from sales of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis. The Company also made an election, in accordance with the NAREIT Funds From Operations White Paper-2018 Restatement, to exclude from its calculation of FFO (i) gains and losses on the sale of assets and impairments of assets incidental to its main business and (ii) mark-to-market changes in the value of its equity securities. As such, the Company does not include gains/impairments on land parcels, mark-to-market gains/losses from derivatives/marketable securities, allowance for credit losses on mortgage receivables, gains/impairments on other investments or other amounts considered incidental to its main business in NAREIT defined FFO, including any applicable tax effect and noncontrolling interest.
The Company presents FFO available to the Company’s common shareholders as it considers it an important supplemental measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO available to the Company’s common shareholders when reporting results. Comparison of our presentation of FFO available to the Company’s common shareholders to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.
FFO is a supplemental non-GAAP financial measure of real estate companies’ operating performances, which does not represent cash generated from operating activities in accordance with GAAP, and therefore, should not be considered an alternative for net income or cash flows from operations as a measure of liquidity.
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The Company’s reconciliation of Net income available to the Company’s common shareholders to FFO available to the Company’s common shareholders is reflected in the table below (amounts presented in thousands, except per share data).
Three Months Ended December 31,
Net income available to the Company’s common shareholders
143,627
154,835
(19,149
(330
(62,663
(1,274
Gain on sale of joint venture properties
(6,587
(1,501
Depreciation and amortization - real estate related
153,001
154,905
622,530
598,741
Depreciation and amortization - real estate joint ventures
20,951
22,074
84,472
86,235
Impairment charges (including real estate joint ventures)
898
207
9,517
4,485
(Recovery)/provision for loan losses, net
(3,348
1,000
(1,448
5,500
Profit participation from other investments, net
(1,006
240
(100
(5,059
(Gain)/loss on derivative/marketable securities, net
(494
1,627
(2,296
27,549
Provision/(benefit) for income taxes, net (1)
603
(46,874
(752
24,832
Noncontrolling interests (1)
(756
(783
(3,009
(3,150
FFO available to the Company’s common shareholders (3) (4)
294,327
286,901
1,194,094
1,112,076
Weighted average shares outstanding for FFO calculations:
Basic
673,914
673,676
675,050
671,561
Units
3,319
3,199
3,504
3,206
Convertible preferred shares
3,185
4,100
3,209
4,223
Dilutive effect of equity awards
751
523
Diluted (2)
680,556
681,726
681,901
679,513
FFO per common share – basic
0.44
0.43
1.77
1.66
FFO per common share – diluted (2) (3) (4)
0.42
1.76
1.65
Same Property Net Operating Income
Same property 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. The Company considers Same property NOI as an important operating performance measure frequently used by analysts and investors because it includes only the net operating income of operating properties that have been owned and stabilized by the Company for the entire current and prior year reporting periods. It excludes properties under significant redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same property NOI assists in eliminating disparities due to the development, redevelopment, acquisition and disposition of properties during the periods presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.
Same property NOI is calculated using revenues from rental properties (excluding straight-line rent adjustments, lease termination fee income, net, and amortization of above/below-market rents) less charges for credit losses, operating and maintenance expense, real estate taxes and rent expense, plus the Company’s proportionate share of Same property NOI from unconsolidated real estate joint ventures, calculated on the same basis. The Company’s method of calculating Same property NOI available to the Company’s common shareholders, may differ from methods used by other REITs and may not be comparable to such other REITs.
The following is a reconciliation of Net income available to the Company’s common shareholders to Same property NOI (in thousands):
Adjustments:
(4,385
(4,333
(18,716
(17,949
General and administrative
36,530
34,902
133,015
138,140
199
4,476
154,045
156,130
627,090
603,685
(1,290
(7,310
(2,047
(28,074
(15,252
(10,342
(50,958
(29,531
Loss/(gain) on marketable securities, net
66
(3
27,679
84,354
83,684
330,196
307,806
Provision/(benefit) for income taxes, net
1,091
(46,938
1,046
25,417
(1,803
(353
(3,440
(9,821
2,147
1,961
8,069
8,654
7,536
7,899
30,311
31,763
RPT same property NOI (1)
606
Non same property net operating income
(20,784
(19,270
(91,974
(59,932
Non-operational expense from joint ventures, net
28,092
30,066
103,007
115,695
Same property NOI
395,686
384,170
1,566,880
1,521,608
Same property NOI increased by $11.5 million, or 3.0%, for the three months ended December 31, 2025, as compared to the corresponding period in 2024. This increase is primarily the result of (i) an increase of $8.7 million in minimum rent, primarily related to strong leasing activity and (ii) an increase in other revenues, net of $2.6 million.
Same property NOI increased by $45.3 million, or 3.0%, for the year ended December 31, 2025, as compared to the corresponding period in 2024. This increase is primarily the result of (i) an increase of $39.3 million in minimum rent, primarily related to strong leasing activity, and (ii) an increase in other revenues, net of $8.6 million, partially offset by (iii) an increase in non-recoverable expenses of $2.5 million.
New Accounting Pronouncements
See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K.
The Company’s primary market risk exposure is interest rate risk. The Company periodically evaluates its exposure to short-term interest rates and will, from time-to-time, enter into interest rate protection agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt. As of December 31, 2025, the Company has 26 interest rate swaps with notional amounts aggregating to $860.0 million. The interest rate swap agreements are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. The hedged debt is reflected as fixed rate unsecured debt in the table below. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes.
The following table presents the carrying value of the Company’s aggregate fixed rate and variable rate debt obligations outstanding, including fair market value adjustments and unamortized deferred financing costs, as of December 31, 2025, with corresponding weighted-average interest rates sorted by maturity date. In addition, the following table presents the fair value of the Company’s debt
obligations outstanding, excluding fair market value adjustments and unamortized deferred financing costs. The table does not include extension options where available (amounts in millions).
Fair Value
Secured Debt
Fixed Rate
31.3
32.6
125.8
250.1
11.3
451.1
439.1
Average Interest Rate
3.49
4.01
4.46
4.51
3.33
4.35
Variable Rate
16.1
5.17
Unsecured Debt
825.1
1,134.3
518.3
497.0
4,744.0
7,718.7
7,411.2
3.16
4.34
2.53
2.70
4.32
3.98
Based on the Company’s variable-rate debt balances, interest expense would have increased by $0.2 million for the year ended December 31, 2025, if short-term interest rates were 1.0% higher.
The response to this Item 8 is included in our audited Consolidated Financial Statements and Notes to Consolidated Financial Statements, which are contained in Part IV, Item 15 of this Form 10-K.
Evaluation of Disclosure Controls and Procedures
The Parent Company’s management, with the participation of the Parent Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Parent Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, the Parent Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Parent Company’s disclosure controls and procedures are effective as of December 31, 2025.
Changes in Internal Control Over Financial Reporting
There have not been any changes in the Parent Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Parent Company’s internal control over financial reporting.
Management’s Report on Internal Control Over Financial Reporting
The Parent Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of Parent Company’s management, including Parent Company’s Chief Executive Officer and Chief Financial Officer, Parent Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation under the framework in Internal Control - Integrated Framework (2013), Parent Company’s management concluded that Parent Company’s internal control over financial reporting was effective as of December 31, 2025.
The effectiveness of Parent Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears under Item 8.
Kimco OP’s management, with the participation of Kimco OP’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of Kimco OP’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, Kimco OP’s Chief Executive Officer and Chief Financial Officer have concluded that Kimco OP’s disclosure controls and procedures are effective as of December 31, 2025.
There have not been any changes in Kimco OP’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, Kimco OP’s internal control over financial reporting.
Kimco OP’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of Kimco OP’s management, including Kimco OP’s Chief Executive Officer and Chief Financial Officer, Kimco OP conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation under the framework in Internal Control - Integrated Framework (2013), Kimco OP’s management concluded that Kimco OP’s internal control over financial reporting was effective as of December 31, 2025.
During the three months ended December 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
The information required by this item is incorporated by reference to “Proposal 1—Election of Directors,” “Governance at Kimco,” “Executive Officers,” “Other Matters” and if required, “Delinquent Section 16(a) Reports” in our definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 21, 2026 (“Proxy Statement”).
We have a Code of Conduct that applies to all directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer. The Code of Conduct is available at the Investors/Governance/Governance Documents section of our website at www.kimcorealty.com. A copy of the Code of Conduct is available in print, free of charge, to stockholders upon request to us at the address set forth in Item 1 of this Form 10-K under the section “Business - Overview.” We intend to satisfy the disclosure requirements under the Exchange Act, as amended, regarding an amendment to or waiver from a provision of our Code of Conduct by posting such information on our website.
We have an Insider Trading Policy that governs the purchase, sale, and/or other dispositions of our securities by directors, officers and employees that is reasonably designed to promote compliance with insider trading laws, rules and regulations and NYSE listing standards. A copy of our Insider Trading Policy is included as Exhibit 19.1 to this report.
The information required by this item is incorporated by reference to “Compensation Discussion and Analysis,” “Executive Compensation Committee Report,” “Executive Compensation Tables,” “Governance at Kimco” and “Other Matters” in our Proxy Statement.
The information required by this item is incorporated by reference to “Beneficial Ownership” and “Executive Compensation Tables” in our Proxy Statement.
The information required by this item is incorporated by reference to “Certain Relationships and Related Transactions” and “Governance at Kimco” in our Proxy Statement.
The information required by this item is incorporated by reference to “Ratification of Independent Accountants” in our Proxy Statement.
(a) 1.
Financial Statements –
The following consolidated financial information is included as a separate section of this Form 10-K.
Form 10-KReportPage
Report of Independent Registered Public Accounting Firm – Kimco Realty Corporation and Subsidiaries
60
Report of Independent Registered Public Accounting Firm – Kimco Realty OP, LLC and Subsidiaries
62
Consolidated Financial Statements of Kimco Realty Corporation and Subsidiaries
Consolidated Balance Sheets as of December 31, 2025 and 2024
64
Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023
65
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023
67
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023
69
Consolidated Financial Statements of Kimco Realty OP, LLC and Subsidiaries
70
71
Consolidated Statements of Changes in Capital for the years ended December 31, 2025, 2024 and 2023
73
76
Kimco Realty Corporation and Subsidiaries and Kimco Realty OP, LLC and Subsidiaries
Notes to Consolidated Financial Statements
77
. Financial Statement Schedules -
Schedule II -
Valuation and Qualifying Accounts for the years ended December 31, 2025, 2024 and 2023
126
Schedule III -
Real Estate and Accumulated Depreciation as of December 31, 2025
127
Schedule IV -
Mortgage Loans on Real Estate as of December 31, 2025
144
All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require submission of the schedule.
3.
Exhibits -
The exhibits listed on the accompanying Index to Exhibits are filed as part of this Form 10-K.
51
INDEX TO EXHIBITS
Incorporated by Reference
Exhibit
Number
Exhibit Description
Form
File No.
Date of
Filing
Filed/
Furnished
Herewith
Page
2.1
Agreement and Plan of Merger, dated as of April 15, 2021, by and between Kimco Realty Corporation and Weingarten Realty Investors
8-K
1-10899
04/15/21
2.2
Agreement and Plan of Merger, dated December 15, 2022, by and among Kimco, New Kimco and Merger Sub.
12/15/22
2.3
Agreement and Plan of Merger, dated as of August 28, 2023, by and among Kimco Realty Corporation, Kimco Realty OP, LLC, Tarpon Acquisition Sub, LLC, Tarpon OP Acquisition Sub, LLC, RPT Realty, and RPT Realty, L.P.
08/28/23
Articles of Merger
8-K12B
01/03/23
3.3
3.2
Articles of Amendment and Restatement of Kimco Realty Corporation
Articles of Amendment of Kimco Realty Corporation
10-Q
08/02/24
3.4
Articles Supplementary of Kimco Realty Corporation with respect to Kimco Class N Preferred Stock
8-A12B
12/29/23
Certificate of Correction to Articles Supplementary of Kimco Realty Corporation with respect to Kimco Class N Preferred Stock
10-K
02/23/24
3.6
Amended and Restated Bylaws of Kimco Realty Corporation
07/28/23
3.7
Certificate of Formation of Kimco Realty OP, LLC
3.8
Amended and Restated Limited Liability Company Agreement of Kimco Realty OP, LLC, dated as of January 2, 2024
01/02/24
4.1
Indenture dated September 1, 1993, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)
S-3
333-67552
09/10/93
4(a)
4.2
First Supplemental Indenture, dated August 4, 1994, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)
03/28/96
4.6
4.3
Second Supplemental Indenture, dated April 7, 1995, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)
04/07/95
4.4
Third Supplemental Indenture, dated June 2, 2006, between Kimco Realty Corporation and The Bank of New York, as Trustee
06/05/06
4.5
Fourth Supplemental Indenture, dated April 26, 2007, between Kimco Realty Corporation and The Bank of New York, as Trustee
04/26/07
1.3
Fourth Supplemental Indenture, dated as of January 3, 2023, between Kimco Realty OP, LLC, as issuer, Kimco Realty Corporation, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee
Fifth Supplemental Indenture, dated September 24, 2009, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee
09/24/09
Sixth Supplemental Indenture, dated May 23, 2013, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee
05/23/13
Seventh Supplemental Indenture, dated April 24, 2014, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee
04/24/14
4.10
Eighth Supplemental Indenture, dated as of January 3, 2023, between Kimco Realty OP, LLC, as issuer, Kimco Realty Corporation, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee
4.11
Form of Indenture for Senior Debt Securities, among Kimco Realty Corporation, an issuer, Kimco Realty OP, LLC, as guarantor, and The Bank of New York Mellon, as Trustee
S-3ASR
333-269102
4(j)
4.12
Description of Securities
02/21/25
4.13
Form of Indenture for Senior Debt Securities dated as of May 1, 1995 between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)
33-57659
02/10/95
4.14
First Supplemental Indenture, dated August 2, 2006, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)
1-09876
08/02/06
4.15
Second Supplemental Indenture, dated October 9, 2012, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)
10/09/12
4.16
Third Supplemental Indenture, dated August 3, 2021, between Kimco Realty Corporation, Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)
02/24/23
4.17
Fourth Supplemental Indenture, dated January 3, 2023, between Kimco Realty Corporation (successor in interest to Weingarten Realty Investors) and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)
52
4.18
Form of Deposit Agreement, dated as of January 2, 2024, between Kimco Realty Corporation and Equiniti Trust Company, LLC, and the holders from time to time of the Depositary Receipts described therein, dated as of January 2, 2024
01/03/24
Kimco Realty Corporation Executive Severance Plan, dated March 15, 2010
03/19/10
10.5
Restated Kimco Realty Corporation 2010 Equity Participation Plan
02/27/17
10.6
10.3
Amendment No. 1 to the Kimco Realty Corporation 2010 Equity Participation Plan
02/23/18
10.7
10.4
First Amendment to the Kimco Realty Corporation Executive Severance Plan, dated March 20, 2012
05/10/12
Kimco Realty Corporation 2020 Equity Participation Plan
DEF 14A
03/18/20
Annex B
Kimco Realty Corporation Amended and Restated 2020 Equity Participation Plan
10.8
Kimco Realty Corporation Second Amended and Restated 2020 Equity Participation Plan
02/26/24
10.12
Form of LTIP Unit Award Agreement (Time-Based)
10.13
10.9
Form of LTIP Unit Award Agreement (Performance-Based)
10.14
10.10
Form of 2025 Equity Participation Plan Performance-Based LTIP Unit Award Agreement
*
10.11
Form of 2025 Equity Participation Plan Performance Share Award Agreement
Form of Kimco Realty Corporation 2020 Equity Participation Plan Performance Share Award Grant Notice and Performance Share Award Agreement
08/07/20
Form of Kimco Realty Corporation 2020 Equity Participation Plan Restricted Stock Award Grant Notice and Restricted Stock Award Agreement.
Parent Guarantee, dated as of January 1, 2023, by Kimco Realty Corporation
10.15
Form of Indemnification Agreement
10.19
10.16
Amended and Restated Credit Agreement, dated as of February 23, 2023, among Kimco Realty OP, LLC and each of the parties named therein
10.20
10.17
Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024 among Kimco Realty OP, LLC (as successor by assumption to RPT Realty, L.P.), the several banks, financial institutions and other entities from time to time parties thereto, BMO Bank, N.A., as syndication agent, Truist Bank and Regions Bank, as documentation agents, J.P. Morgan Securities LLC, as sustainability structuring agent, and JPMorgan Chase Bank, N.A., as administrative agent
53
10.18
Parent Guarantee, dated as of January 2, 2024, made by Kimco Realty Corporation in favor of JPMorgan Chase Bank, N.A., as administrative agent
Term Loan Agreement, dated as of January 2, 2024 among Kimco Realty O.P., LLC, the several banks, financial institutions and other entities from time to time parties thereto, and TD Bank, N.A., as administrative agent
Parent Guarantee, dated as of January 2, 2024, made by Kimco Realty Corporation in favor of TD Bank, N.A., as administrative agent
10.21
Amendment No. 1 dated May 3, 2024, to Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024, among Kimco Realty, OP LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder
10.22
Amendment No. 1, dated May 3, 2024, to Amended and Restated Credit Agreement, dated as of February 23, 2023, among Kimco Realty OP, LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder
10.23
Amendment No. 1, dated as of May 3, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto, to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, LLC, TD Bank, N.A., as administrative agent and the lenders party thereto
10.24
Amendment No. 2, dated as of July 17, 2024, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto, to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s and Kimco OP’s Current Report on Form 8-K filed on July 19, 2024)
07/19/24
10.25
Amendment No. 3, dated as of September 3, 2024, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s and Kimco OP’s Current Report on Form 8-K filed on September 5, 2024)
09/05/24
54
10.26
Amendment No.2 dated November 19, 2025 to Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024, among Kimco Realty, OP LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder
—
10.27
Amendment No.4, dated as of November 12, 2025, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto
10.28
Kimco Realty Corporation 2025 Equity Participation Plan
03/19/25
10.29
Form of Kimco Realty Corporation 2025 Equity Participation Plan Time-Based Restricted Stock Award Agreement
05/02/25
10.30
Form of Kimco Realty Corporation 2025 Equity Participation Plan Time-Based LTIP Agreement
10.31
Form of Kimco Realty Corporation 2025 Equity Participation Plan Performance Share Agreement
10.32
Form of Kimco Realty Corporation 2025 Equity Participation Plan Performance-Based LTIP Agreement
10.33
Amended and Restated Credit Agreement, dated as of February 18, 2026, among Kimco Realty OP, LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder
19.1
Insider Trading Policy
21.1
Significant Subsidiaries of Kimco Realty Corporation and Kimco Realty OP, LLC
23.1
Consent of PricewaterhouseCoopers LLP - Kimco Realty Corporation
23.2
Consent of PricewaterhouseCoopers LLP - Kimco Realty OP, LLC
31.1
Certification of the Chief Executive Officer of Kimco Realty Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2
Certification of the Chief Financial Officer of Kimco Realty Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certification of the Chief Executive Officer of Kimco Realty OP, LLC, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.4
Certification of the Chief Financial Officer of Kimco Realty OP, LLC, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1
Certification of the Chief Executive Officer of Kimco Realty Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
**
32.2
Certification of the Chief Financial Officer of Kimco Realty Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
55
32.3
Certification of the Chief Executive Officer of Kimco Realty OP, LLC, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.4
Certification of the Chief Financial Officer of Kimco Realty OP, LLC, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1
Kimco Realty Corporation Policy for Recovery of Erroneously Awarded Compensation
99.1
Property Chart
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH
Inline XBRL Taxonomy Extension Schema
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* Filed herewith
** Furnished herewith
56
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By:
/s/ Conor C. Flynn
Chief Executive Officer
Dated:
February 20, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Ross Cooper
President -
Chief Investment Officer and Director
/s/ David Jamieson
Executive Vice President -
Chief Operating Officer and Director
/s/ Frank Lourenso
Director
Frank Lourenso
/s/ Richard Saltzman
Richard Saltzman
/s/ Philip Coviello
Philip Coviello
/s/ Mary Hogan Preusse
Mary Hogan Preusse
/s/ Valerie Richardson
Valerie Richardson
/s/ Henry Moniz
Henry Moniz
/s/ Nancy Lashine
Nancy Lashine
/s/ Glenn G. Cohen
Chief Financial Officer
/s/ Paul Westbrook
Vice President -
Paul Westbrook
Chief Accounting Officer
57
BY:
KIMCO REALTY CORPORATION, managing member
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following directors and officers of Kimco Realty Corporation, the managing member of the registrant, and in the capacities and on the dates indicated.
58
ITEM 8, ITEM 15 (a) (1) and (2)
INDEX TO FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULES
Form 10-KPage
KIMCO REALTY CORPORATION AND SUBSIDIARIES
KIMCO REALTY OP, LLC AND SUBSIDIARIES
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) - Kimco Realty Corporation and Subsidiaries
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) - Kimco Realty OP, LLC and Subsidiaries
Consolidated Financial Statements and Financial Statement Schedules of Kimco Realty Corporation and Subsidiaries:
Consolidated Financial Statements and Financial Statement Schedules of Kimco Realty OP, LLC and Subsidiaries:
Financial Statement Schedules:
II.
III.
IV.
59
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Kimco Realty Corporation
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Kimco Realty Corporation and its subsidiaries (the "Company") as listed in the accompanying index (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Analysis of Real Estate Properties for Indicators of Impairment
As described in Note 1 to the consolidated financial statements, the net carrying value of the Company’s real estate, net was $16.77 billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in anticipated holding period, and general market conditions, that the carrying value of the Company’s real estate properties may be impaired. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value.
The principal considerations for our determination that performing procedures relating to the analysis of real estate properties for indicators of impairment is a critical audit matter are (i) the significant judgment by management to identify indicators of impairment of the carrying value of real estate properties and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management’s identification of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s analysis of real estate properties for indicators of impairment. These procedures also included, among others (i) testing management’s process for identifying real estate properties for indicators of impairment, (ii) testing the completeness and accuracy of certain underlying data used in the analysis, and (iii) evaluating the reasonableness of management’s identification of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions. Evaluating the reasonableness of management’s identification of impairment indicators involved (i) considering whether the indicators were consistent with evidence obtained in other areas of the audit, (ii) evaluating property operating performance, (iii) evaluating anticipated changes in holding period, including the assessment of management’s intent with respect to holding or disposing of real estate properties, and (iv) assessing management’s considerations of general market conditions and evaluating the consistency with external market and industry data.
/s/ PricewaterhouseCoopers LLP
New York, New York
We have served as the Company’s auditor since at least 1991. We have not been able to determine the specific year we began serving as auditor of the Company.
To the Members of Kimco Realty OP, LLC
Opinion on the Financial Statements
We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Kimco Realty OP, LLC and its subsidiaries (the "Kimco OP") as listed in the accompanying index (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Kimco OP as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of Kimco OP’s management. Our responsibility is to express an opinion on Kimco OP’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Kimco OP in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Kimco OP is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of Kimco OP's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1 to the consolidated financial statements, the net carrying value of Kimco OP’s real estate, net was $16.77 billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in anticipated holding period, and general market conditions, that the carrying value of Kimco OP’s real estate properties may be impaired. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s analysis of real estate properties for indicators of impairment. These procedures also included, among others (i) testing management’s process for identifying real estate properties for indicators of impairment, (ii) testing the completeness and accuracy of certain underlying data used in the analysis, and (iii) evaluating the reasonableness of management’s identification of impairment indicators related to
property operating performance, changes in anticipated holding period, and general market conditions. Evaluating the reasonableness of management’s identification of impairment indicators involved (i) considering whether the indicators were consistent with evidence obtained in other areas of the audit, (ii) evaluating property operating performance, (iii) evaluating anticipated changes in holding period, including the assessment of management’s intent with respect to holding or disposing of real estate properties, and (iv) assessing management’s considerations of general market conditions and evaluating the consistency with external market and industry data.
We have served as Kimco OP’s or its predecessor’s auditor since at least 1991. We have not been able to determine the specific year we began serving as auditor of the predecessor.
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CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
December 31, 2025
December 31, 2024
Assets:
Real estate:
Land
4,552,341
4,498,196
Building and improvements
15,839,316
15,425,295
Intangible assets
1,227,199
1,247,081
Real estate
21,618,856
21,170,572
Less: accumulated depreciation and amortization
(4,849,564
(4,360,239
Total real estate, net
16,769,292
16,810,333
Investments in and advances to real estate joint ventures
1,454,051
1,487,675
Other investments
99,936
107,347
Cash, cash equivalents and restricted cash
Mortgage and other financing receivables, net
383,935
444,966
Accounts and other receivables, net
368,964
340,469
Deferred charges and prepaid expenses
177,873
167,041
Operating lease right-of-use assets, net
127,596
126,441
Other assets
93,809
135,893
Total assets (1)
19,688,250
20,309,896
Liabilities:
Notes payable, net
7,718,730
7,964,738
Mortgages payable, net
467,203
496,438
Accounts payable and accrued expenses
291,537
281,867
Intangible liabilities, net
334,527
366,943
Operating lease liabilities
120,078
117,199
Other liabilities
188,297
236,922
Total liabilities (2)
9,120,372
9,464,107
Redeemable noncontrolling interests
24,506
47,877
Commitments and contingencies (Footnote 23)
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 20,748 and 20,806 shares, respectively; Aggregate liquidation preference $553,196 and $556,113, respectively
Common stock, $.01 par value, authorized 1,500,000,000 shares; Issued and outstanding 674,093,047 and 679,493,522 shares, respectively
6,741
6,795
Paid-in capital
10,922,596
11,033,485
Cumulative distributions in excess of net income
(528,730
(398,792
Accumulated other comprehensive (loss)/income
(8,792
11,038
Total stockholders' equity
10,391,836
10,652,547
Noncontrolling interests
151,536
145,365
Total equity
10,543,372
10,797,912
Total liabilities and equity
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
2023
1,767,057
16,343
Total revenues
2,140,116
2,037,014
1,783,400
Rent
(15,997
(231,578
Operating and maintenance
(309,143
(136,807
(14,043
(4,766
(507,265
Total operating expenses
(1,431,956
(1,409,200
(1,219,599
74,976
Operating income
770,823
629,088
638,777
Special dividend income
194,116
27,999
11,961
21,262
(250,201
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net
493,635
351,208
643,914
(60,952
72,278
10,709
Net income
592,810
419,439
665,949
(11,676
Net income attributable to the Company
584,741
410,785
654,273
(25,021
629,252
Per common share:
-Basic
1.02
-Diluted
Weighted average shares:
616,947
675,279
672,136
618,199
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Other comprehensive (loss)/income:
Change in unrealized gains related to defined benefit plan
(10,581
Change in fair value of cash flow hedges for interest payments
(15,809
7,239
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees
(4,021
470
3,329
Other comprehensive (loss)/income
(19,830
7,709
(7,252
Comprehensive income
572,980
427,148
658,697
Comprehensive income attributable to noncontrolling interests
Comprehensive income attributable to the Company
564,911
418,494
647,021
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Years Ended December 31, 2025, 2024 and 2023
Preferred Stock
Common Stock
Paid-in
Cumulative
Accumulated Other
Noncontrolling
Issued
Amount
Capital
Distributions inExcess of Net Income
Comprehensive Income/(Loss)
Stockholders'Equity
Interests
Equity
Balance at January 1, 2023
618,484
6,185
9,618,271
(119,548
10,581
9,515,508
131,401
9,646,909
Contributions from noncontrolling interests
11,676
Redeemable noncontrolling interests income
(5,820
Dividends declared to preferred shares
Dividends declared to common shares
(632,280
Repurchase of preferred stock
(1,631
Distributions to noncontrolling interests
(5,614
Issuance of common stock
1,988
(20
Surrender of restricted common stock
(774
(8
(16,319
(16,327
Exercise of common stock options
173
3,725
3,727
Amortization of equity awards
33,088
Redemption/conversion of noncontrolling interests
(112
(3,663
(3,775
Adjustment of redeemable noncontrolling interests to estimated fair value
1,492
Balance at December 31, 2023
619,871
6,199
9,638,494
(122,576
9,525,465
127,993
9,653,458
399
Other comprehensive income:
(4,182
(31,782
(655,219
(26,719
(5,674
Issuance of preferred stock for merger (1)
105,605
105,607
Issuance of common stock for merger (1)
53,034
530
1,166,234
1,166,764
Issuance of common stock, net
7,404
74
135,721
135,795
Noncontrolling interests assumed from the merger (1)
20,975
(815
(15,877
(15,885
33,247
1,690
34,937
(178
(4,490
(4,668
(3,042
Balance at December 31, 2024
679,494
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)
Other comprehensive loss:
(3,021
(30,163
(684,368
(3,332
(148
(3,480
(5,625
Issuance of equity awards, net
1,241
2,093
2,105
4,320
6,425
Repurchase of common stock
(6,080
(61
(120,268
(120,329
(562
(5
(12,109
(12,114
29,464
3,779
33,243
(6,806
(1,494
(8,300
Balance at December 31, 2025
674,093
(1) See Footnotes 1 and 2 of the Notes to Consolidated Financial Statements for further details.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flow from operating activities:
Adjustments to reconcile net income to net cash flow provided by operating activities:
507,265
14,043
Straight-line rental income adjustments, net
(29,275
(23,171
(22,517
Amortization of above-market and below-market leases, net
(30,744
(25,205
(17,253
Amortization of deferred financing costs and fair value debt adjustments, net
4,236
(762
(9,196
Equity award expense
33,225
34,900
33,054
(74,976
(Gain)/loss on marketable securities, net
(21,262
Change in fair value of embedded derivative liability
(2,293
(129
(734
(96,781
(83,827
(72,278
(10,709
Distributions from joint ventures and other investments
96,474
97,723
75,827
Change in accounts and other receivables, net
130
5,993
18,453
Change in accounts payable and accrued expenses
(5,335
(21,742
5,826
Change in other operating assets
(18,832
(3,974
(25,767
Change in other operating liabilities
5,899
(18,369
5,882
1,071,607
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets
(218,377
(152,943
(277,308
Improvements to operating real estate
(347,616
(324,465
(264,395
Acquisition of RPT Realty
(149,103
Investment in marketable securities
(1,356
(1,375
(3,614
Proceeds from sale of marketable securities
301,463
292,552
Investments in preferred stock and cost method investments
(5,911
(79
(1,569
(11,462
(4,055
(24,494
Reimbursements of investments in and advances to real estate joint ventures
23,843
26,974
13,738
Investments in and advances to other investments
(10,950
(8,012
(18,442
Reimbursements of investments in and advances to other investments
1,940
2,946
282
Investment in mortgage and other financing receivables
(264,486
(202,483
(18,519
Collection of mortgage and other financing receivables
341,881
108,399
Proceeds from sale of properties
108,627
71,280
160,064
Proceeds from insurance casualty claims
2,522
7,558
Principal payments from securities held-to-maturity
3,530
5,354
4,589
(136,983
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt
(48,844
(11,774
(49,460
Principal payments on rental property debt
(12,223
(10,327
(11,308
Proceeds from issuance of unsecured term loans
860,000
Proceeds from issuance of unsecured notes
500,000
Repayments of unsecured term loans
(310,000
Repayments of unsecured notes
(740,505
(1,157,700
Financing origination costs
(8,001
(8,884
(12,481
274
(8,646
(9,856
(11,435
Redemptions of noncontrolling interests
(31,218
(43,031
(46,982
Dividends paid
(714,576
(685,899
(657,460
Proceeds from issuance of stock, net
135,796
(1,491
Shares repurchased for employee tax withholding on equity awards
(12,095
(15,849
(16,293
Principal payments under finance lease obligations
(24,362
(265
Change in tenants' security deposits
3,999
3,128
2,474
(300,696
633,928
149,829
Interest paid (net of capitalized interest of $3,247, $2,218 and $2,313, respectively)
318,962
301,239
250,432
Income taxes paid, net of refunds
23,462
60,936
65,267
(in thousands, except unit data)
Commitments and Contingencies (Footnote 23)
Members' capital:
Preferred units; 20,748 and 20,806 units outstanding, respectively
546,256
549,588
General member; 674,093,047 and 679,493,522 common units outstanding, respectively
9,854,372
10,091,921
Limited members; 1,444,722 and 1,073,942 common units outstanding; respectively
30,183
22,276
Total members' capital
10,422,019
10,674,823
121,353
123,089
Total capital
Total liabilities and capital
(in thousands, except per unit data)
(6,895
(7,999
585,915
411,440
Preferred unit redemption charges
Preferred distributions, net
Net income available to the Company's common unitholders
555,604
376,373
Per common unit:
Weighted average units:
676,042
672,512
676,270
673,086
566,085
419,149
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
General Member
Limited Members
Preferred Units
Common Units
Total Members'
469,027
9,035,900
Contributions from noncontrolling interest
25,021
Distributions declared to preferred unitholders
Distributions declared to common unitholders
Repurchase of preferred units
Issuance of common units as a result of common stock issued by Parent Company
2,161
Surrender of restricted common units
467,396
9,054,740
379,022
655
7,999
(655,238
(1,041
(656,279
(23,415
(4,630
Issuance of preferred units for merger (1)
Issuance of common units for merger (1)
953
1,187,739
Issuance of common units, net
121
Redemption of common units
1,074
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (continued)
1,174
6,895
(30,181
(684,350
(1,366
(685,716
(3,462
(18
(4,259
371
Repurchase of common units
1,445
75
Payment of early extinguishment of debt charges
(7,280
Distributions paid
(715,942
Proceeds from issuance of units, net
Units repurchased for employee tax withholding on equity awards
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Amounts relating to the number of buildings, square footage, tenant and occupancy data, joint venture debt and average interest rates and terms on joint venture debt are unaudited.
Business and Organization
Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes. Substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company. The Parent Company is the managing member and exercises exclusive control over Kimco OP. As of December 31, 2025, the Parent Company owned 99.79% of the outstanding limited liability company interests (the "OP Units") in Kimco OP. The terms “Kimco”, “the Company” and “our”, each refer to the Parent Company and Kimco OP, collectively, unless the context indicates otherwise. In statements regarding qualification as a REIT for U.S. federal income tax purposes, such terms refer solely to Kimco Realty Corporation.
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 portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. The Company, its affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, including mixed-use assets, which are anchored primarily by grocery stores, off-price retailers, discounters or service-oriented tenants. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. 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 evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See Footnote 19 of the Notes to Consolidated Financial Statements for further discussion.
The Company elected status as a REIT for federal income tax purposes commencing with its taxable year which began January 1, 1992 and operates in a manner that enables the Company to maintain its status as a REIT. To qualify as a REIT, the Company must meet several organizational and operational requirements, and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deductions and including any net capital gain. In January 2023, the Company reorganized into an umbrella partnership real estate investment trust structure ("UPREIT"). The Company believes it is organized and operates in such a manner to qualify and remain qualified as a REIT, in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company, generally, will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain subsidiaries that have made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), that permit the Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes, when applicable, a provision for taxes in its consolidated financial statements. See Footnote 25 of the Notes to Consolidated Financial Statements for further discussion.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
RPT Merger
On January 2, 2024, RPT Realty (“RPT”) merged with and into the Company, with the Company continuing as the surviving public company (the “RPT Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and RPT, entered into on August 28, 2023. Under the terms of the Merger Agreement, each RPT common share was converted into 0.6049 of a newly issued share of the Company’s common stock, together with cash in lieu of fractional shares, and each 7.25% Series D Cumulative Convertible Perpetual Preferred Share of RPT was converted into the right to receive one depositary share representing one one-thousandth of a share of the Company’s 7.25% Class N Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share (“Class N Preferred Stock”). During the year ended December 31, 2024, the Company incurred expenses of $25.2 million associated with the RPT Merger, primarily comprised of severance, legal and professional fees. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the RPT Merger.
Basis of Presentation
This report combines the annual reports on Form 10-K for the annual period ended December 31, 2025, of the Parent Company and Kimco OP into this single report. The accompanying Consolidated Financial Statements include the accounts of the Parent Company and Kimco OP and their consolidated subsidiaries. The Company's subsidiaries include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). The Parent Company serves as the general member of Kimco OP. The limited members of Kimco OP have limited rights over Kimco OP and do not have the power to direct the activities that most significantly impact Kimco OP's economic performance. As such, Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. All inter-company balances and transactions have been eliminated in consolidation.
On January 2, 2024, the Parent Company, as managing member of Kimco OP, entered into an amended and restated limited liability company agreement of Kimco OP (the “Amended and Restated Limited Liability Company Agreement”), providing for, among other things, the creation of Class N Preferred Units of Kimco OP, having the preferences, rights and limitations set forth therein, and certain modifications to the provisions regarding long-term incentive plan units ("LTIP Units"), including provisions governing distribution and tax allocation requirements and the procedures for converting LTIP Units.
Use of Estimates
GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, and the collectability of trade accounts receivable. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.
Subsequent Events
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements (see Footnotes 13 and 20 of the Notes to Consolidated Financial Statements).
Real Estate and Intangibles
Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.
The Company evaluates each acquisition transaction to determine whether the acquired asset meets the definition of a business and therefore accounted for as a business combination or if the acquisition transaction should be accounted for as an asset acquisition. Under Business Combinations (Topic 805), an acquisition does not qualify as a business when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. In accordance with ASC 805-10, Business Combinations, the Company accounted for the RPT Merger as a business
78
combination using the acquisition method of accounting. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the RPT Merger.
Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred.
When substantially all of the fair value is not concentrated in a group of similar identifiable assets, the set of assets will generally be considered a business and the Company applies the acquisition method of accounting for business combinations, where all tangible and identifiable intangible assets acquired, and all liabilities assumed are recorded at fair value. In a business combination, the difference, if any, between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain.
In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to buildings and improvements based on various valuation techniques and other information, including replacement cost, direct capitalization method, discounted cash flow method, sales comparison approach, similar fair value models, or executed purchase and sale agreements. The fair value of land is determined using the sales comparison approach. Fair value estimates determined using the direct capitalization and discounted cash flow methods employ significant assumptions, such as normalized net operating income, stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, estimates of future cash flows, and other market data. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. Tangible assets may include land, land improvements, buildings, building improvements and tenant improvements. Intangible assets may include the value of in-place leases, above and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics.
In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions (e.g., expense recapture, base rental changes), discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.
In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and estimating costs to execute new or similar leases includes leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.
The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.
Fixtures, leasehold and tenant improvements
(including certain identified intangible assets)
Terms of leases or useful
lives, whichever is shorter
The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and is amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements. The fair value of debt is estimated based upon contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available for debt with similar terms and maturities.
The Company's policy is to classify real estate assets as held-for-sale if the (i) asset is under contract, (ii) the buyer’s deposit is non-refundable, (iii) due diligence has expired and (iv) management believes it is probable that the disposition will occur within one
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year. When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the fair value. If the fair value of the asset, less cost to sell, is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, and the asset is included within Other assets on the Company’s Consolidated Balance Sheets.
On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimated fair value is less than the net carrying value of the property. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from third-party offers or (ii) discounted cash flow models of the property over its remaining hold period. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. In addition, such cash flow models consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers.
Investments in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control, these entities. These investments are recorded initially at cost and are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, are based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
The Company’s joint ventures primarily consist of co-investments with institutional and other joint venture partners in open-air shopping center or mixed-use properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. On a select basis, certain of these joint ventures have obtained unsecured financing. As of December 31, 2025, the Company did not guaranty any unsecured joint venture debt.
To recognize the character of distributions from equity investees within its Consolidated Statements of Cash Flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.
In a business combination, the fair value of the Company’s investment in an unconsolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which is valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the Company’s equity ownership percentage.
On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period, and, where applicable, any estimated debt premiums. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.
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Other investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s Other investments may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.
The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with maturities of three months or less. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Restricted cash is deposits held or restricted for a specific use.
Mortgage and Other Financing Receivables
Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium and allowance for credit losses. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable.
The Company applies the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors. The Company has determined that it has one portfolio, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The Company utilizes its history of incurred losses as well as external data to perform its expected credit loss calculation using the probability of default (“PD”) and loss given default method (“LGD”). This approach calculates the expected credit loss by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date and any adjustments are included in Mortgage and other financing income, net on the Company’s Consolidated Statements of Income. The reserve is increased through loan loss provision and is decreased by recoveries and charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.
Interest income on performing loans is accrued as earned. Accrued interest receivable is included in Accounts and other receivables, net on the Company’s Consolidated Balance Sheets. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.
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Other Assets
Marketable Securities
The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income.
Tax Increment Revenue Bonds
Other assets include Series B tax increment revenue bonds issued by the Sheridan Redevelopment Agency in connection with the development of a project in Sheridan, Colorado, which mature on December 15, 2039. These Series B bonds have been classified as held-to-maturity and were recorded at estimated fair value. The fair value estimates of the Company’s held-to-maturity tax increment revenue bonds are based on discounted cash flow analysis, which are based on the expected future sales tax revenues of the project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and inflation rates. Interest on these bonds is recorded at an effective interest rate while cash payments are received at the contractual interest rate.
The held-to-maturity bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is deemed as low risk as the bonds are earmarked for repayments from a government entity which are funded through sales and property taxes.
Deferred Leasing Costs
Initial direct leasing costs include commissions paid to third parties, including brokers, leasing and referral agents and internal leasing commissions paid to employees for successful execution of lease agreements. These initial direct leasing costs are capitalized and generally amortized over the term of the related leases using the straight-line method. These direct leasing costs are included in Other assets, on the Company’s Consolidated Balance Sheets and are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.
Internal employee compensation, payroll-related benefits and certain external legal fees are considered indirect costs associated with the execution of lease agreements. These indirect leasing costs are expensed in accordance with ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) and included in General and administrative expense on the Company’s Consolidated Statements of Income.
Software Development Costs
Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a period of three to ten years. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred. These software development costs are included in Other assets on the Company’s Consolidated Balance Sheets.
Deferred Financing Costs
Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages payable, net in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.
Revenue, Trade Accounts Receivable and Gain Recognition
The Company determines the proper amount of revenue to be recognized in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“Topic 606”), by performing the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to
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the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of December 31, 2025 and 2024, the Company had no outstanding contract assets or contract liabilities.
The Company’s primary sources of revenues are derived from lease agreements which fall under the scope of ASU 2016-02, Leases (Topic 842), (“Topic 842”), which includes rental income and expense reimbursement income. The Company also has revenues which are accounted for under Topic 606, which include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic 606 are gains on sales of properties and tax increment financing (“TIF”) contracts. The Company presents its revenue streams on the Company’s Consolidated Statements of Income as Revenues from rental properties, net and Management and other fee income.
Revenues from rental properties, net are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. The Company accounts for lease and non-lease components as combined components under Topic 842. Non-lease components include reimbursements paid to the Company from tenants for common area maintenance costs and other operating expenses. The combined components are included in Revenues from rental properties, net on the Company’s Consolidated Statements of Income.
Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may also include payments received in connection with lease termination agreements. Lease termination fee income is recognized when the lessee provides consideration in order to terminate an existing lease agreement and has vacated the leased space. If the lessee continues to occupy the leased space for a period of time after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on the modified lease term. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market intangible asset or liability is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases.
Also included in Revenues from rental properties, net are ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, electric vehicle charging stations, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources is through lease agreements/arrangements and is recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is recognized on a cash basis when received.
Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic 606. These fees arise from contractual agreements with third parties or with entities in which the Company has a noncontrolling interest. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling tenant inquiries, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. The time-based output method is used to measure progress over time, as this is representative of the transfer of the services. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly with payment due upon receipt.
Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and none of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly with payment due upon receipt.
Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation upon acquiring control of a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.
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Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services. The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly with payment due upon receipt.
The Company reviews its trade accounts receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company evaluates the probability of the collection of the lessee’s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis. The Company’s analysis of its accounts receivable includes (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the uncollectible receivable balances associated with the lease and will only recognize lease income on a cash basis. The Company includes provision for doubtful accounts in Revenues from rental properties, net, in accordance with Topic 842. Lease income will then be limited to the lesser of (i) the straight-line rental income or (ii) the lease payments that have been collected from the lessee. In addition to the lease-specific collectability assessment performed under Topic 842, the analysis also recognizes a general reserve under ASC Topic 450 Contingencies, as a reduction to Revenues from rental properties, net, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical and current collection experience and the potential for settlement of arrears. Although the Company estimates uncollectible receivables and provides for them through charges against revenues from rental properties, actual results may differ from those estimates. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance.
Gains/losses on sale of properties
Gains and losses from the sale and/or transfer of nonfinancial assets, such as real estate property, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.
Lessee Leases
The Company accounts for its leases in accordance with Topic 842. The Company has right-of-use (“ROU”) assets and lease liabilities on its balance sheet for those leases classified as operating and financing leases where the Company is a lessee. The Company’s leases where it is the lessee primarily consist of ground leases and administrative office leases. The Company classifies leases based on whether the arrangement is effectively a purchase of the underlying asset. Leases that transfer control of the underlying asset to a lessee are classified as finance leases and all other leases as operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
ROU assets and lease liabilities are recognized at the commencement date of the lease and liabilities are determined based on the estimated present value of the Company’s minimum lease payments under its lease agreements. Variable lease payments are excluded from the lease liabilities and corresponding ROU assets, as they are recognized in the period in which the obligation for those payments is incurred. Certain of the Company’s leases have renewal options for which the Company assesses whether it is reasonably certain the Company will exercise these renewal options. Lease payments associated with renewal options that the Company is reasonably certain will be exercised are included in the measurement of the lease liabilities and corresponding ROU assets. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. When calculating the incremental borrowing rates, the Company utilized data from (i) its recent debt issuances, (ii) publicly available data for instruments with similar characteristics, (iii) observable mortgage rates and (iv) unlevered property yields and discount rates. The Company then applies adjustments to account for considerations related to term and security that may not be fully incorporated by the data sets. Rental expense for lease payments is recognized on a straight-line basis over the lease term. See Footnote 11 of the Notes to Consolidated Financial Statements for further details.
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Derivative Instruments & Hedging Activities
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risks primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates and limits the risk by following established risk management policies and procedures, including the use of derivatives.
The Company has interest rate swap agreements that are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized through Interest expense in the Company’s Consolidated Statements of Income. If the hedges are deemed to be effective, the fair value is included within the Accumulated other comprehensive income ("AOCI") on the Company’s Consolidated Balance Sheets, and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
The interest rate swaps are measured at fair value using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. See Footnote 15 of the Notes to Consolidated Financial Statements for further details.
Income Taxes
The Company elected to qualify as a REIT for federal income tax purposes commencing with its taxable year January 1, 1992 and operates in a manner that enables the Company to qualify and maintain its status as a REIT. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. The Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. Most states, in which the Company holds investments in real estate, conform to the federal rules recognizing REITs.
The Company maintains certain subsidiaries which made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), which permit the Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements. As such, the Company, through its wholly owned TRSs, has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focus on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company may consider other investments through its TRSs should suitable opportunities arise.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.
The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.
The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.
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Noncontrolling Interests
The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.
Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.
The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets. Units which embody a conditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.
In a business combination, the fair value of the noncontrolling interest in a consolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which are valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the partners’ noncontrolling share.
Contingently redeemable noncontrolling interests are recorded at fair value upon issuance. Any change in the fair value or redemption value of these noncontrolling interests is subsequently recognized through Paid-in capital on the Company’s Consolidated Balance Sheets and is included in the Company’s computation of earnings per share (see Footnote 28 of the Notes to Consolidated Financial Statements).
Stock Compensation
In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March 2020. The 2020 Plan provided for a maximum of 10,000,000 shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock units, performance awards, dividend equivalents, LTIP Units, stock payments and deferred stock awards. Unless otherwise determined by the Board of Directors at its sole discretion, restricted stock grants under the 2020 Plan generally vest (i) 100% on the fifth anniversary of the grant, (ii) ratably over five years or (iii) over ten years at 20% per year commencing after the fifth year. Performance share awards under the 2020 Plan, which vest over a period of three years, may provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the 2020 Plan provided for the granting of restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permitted such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.
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In April 2025, the Company’s stockholders approved the Kimco Realty Corporation 2025 Equity Participation Plan (as amended and/or restated, the “2025 Plan” and, together with the 2020 Plan, the "Plans"), which is the successor to the 2020 Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock (plus a number of shares subject to awards under the 2020 Plan that become available for issuance under the 2025 Plan) to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units (including performance-based LTIP Units), stock payments and deferred stock awards.
The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance, which requires that all share-based payments to employees, including grants of employee stock options, restricted stock, performance shares and LTIP Units, be recognized in the Statements of Income over the service period based on their fair values. Fair value of restricted shares and Time-Based LTIP Units is calculated based on the Company's common stock closing share price on the date of grant. Fair value of performance awards and Perfomanced-Based LTIP Units is determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Granted Time-Based LTIP Units and Performance-Based LTIP Units do not have redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights (see Footnote 24 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).
Reclassifications
Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, as of December 31, 2024, the Company reclassified (i) Intangible assets from Building and improvements to a separate line item, (ii) Mortgage and other financing receivables, net from Other assets to a separate line item, (iii) Marketable securities to Other assets, (iv) Intangible liabilities, net from Other liabilities to a separate line item, and (v) Dividends payable to Other liabilities on the Company’s Consolidated Balance Sheet as follows (in thousands):
As of December 31, 2024
(1,247,081
Marketable securities
(2,290
(442,676
(360,534
Dividends payable
(6,409
For comparative purposes, for the years ended December 31, 2024 and 2023, the Company reclassified Mortgage and other financing income, net from Other income, net to a separate line item on the Company’s Consolidated Statements of Income as follows (in thousands):
(11,961
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The following table represents Accounting Standards Updates ("ASUs") to the FASB’s ASCs that, as of December 31, 2025, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:
ASU
Effective
Effect on the financial
statements or other significant
matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date
These ASUs require additional disclosure about a public business entity’s expenses and more detailed information about the types of expenses in commonly presented expense captions. Such information should allow investors to better understand an entity's performance, assess future cash flows, and compare performance over time and with other entities. The amendments will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's operating expenses.
Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted
The Company is reviewing the extent of new disclosures necessary prior to implementation. Other than additional disclosure, the adoption of these ASUs will not have a material impact on the Company's financial position and/or results of operations.
ASU 2025-03 Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
The amendments in this ASU revise the guidance for determining the accounting acquirer in the acquisition of a VIE. An entity will be required to consider the factors in ASC 805-10-55-12 through 805-10-55-15 in determining which entity is the accounting acquirer when a VIE is acquired in a business combination effected primarily by exchanging equity interests. Previously, the primary beneficiary was always identified as the accounting acquirer in such transactions. The amendments are required to be applied prospectively to any acquisition transaction that occurs after the initial application date.
January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reportingperiod
The Company does not expect the adoption of this ASU, which is to be applied prospectively, to have a material impact on the Company’s financial position and/or results of operations.
ASU 2025-05 Financial Instruments - Credit Losses (Topic 326):
Measurement of Credit Losses for Accounts Receivable and Contract Assets
The amendments in this ASU provide a practicalexpedient to assume that conditions as of the balancesheet date remain unchanged over the life of the assetwhen estimating expected credit losses for currentaccounts receivable and current contract assetsarising from transactions accounted for under Topic606. The amendments are to be appliedprospectively.
January 1, 2026;
early adoption is permitted as of the beginning of an interim or annual reporting period
The adoption of this ASU, which is to be applied prospectively, will not have a material impact on the Company’s financial position and/or results of operations.
ASU 2025-06,Intangibles - Goodwilland Other - Internal-UseSoftware (Subtopic 350-40): TargetedImprovements to theAccounting for Internal-Use Software
This ASU amends the existing standard to remove allreferences to prescriptive and sequential softwaredevelopment project stages. Under this guidance,eligible software development costs will begincapitalization when management has authorized andcommitted to funding the software project, and it isprobable that the project will be completed and thesoftware will be used to perform the functionintended. In evaluating whether it is probable theproject will be completed;, management is requiredto consider whether there is significant uncertaintyassociated with the development activities of thesoftware. The amendments may be applied on aprospective basis, a modified basis for in-processprojects, or a retrospective basis.
January 1, 2028;early adoption ispermitted as of thebeginning of anannual reportingperiod
The Company isassessing the impact thisASU will have on theCompany’s financialposition and/or results ofoperations.
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ASU 2025-07,Derivatives and Hedging(Topic 815) and Revenuefrom Contracts withCustomers (Topic 606):Derivatives ScopeRefinements and ScopeClarification for Share-Based NoncashConsiderationfrom a Customer in aRevenue Contract
The new guidance will reduce the number ofcontracts (or embedded features within instruments)that are accounted for as derivatives under Topic815. This ASU adds a new scope exception to thederivatives guidance for underlyings based on theoperations or activities specific to one of the partiesto the contract. This ASU also clarifies that share-basednoncash consideration received from acustomer as consideration for the transfer of goods orservices in a revenue contract is subject to therevenue guidance and not the financial instrumentsguidance unless and until the company’s right toreceive or retain the share-based noncashconsideration is “unconditional,” as defined in thisASU. The amendments may be applied on aprospective basis or on a modified retrospective basisthrough a cumulative-effect adjustment to theopening balance of retained earnings.
January 1, 2027;early adoption ispermitted as of thebeginning of aninterim or annualreporting period
ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans
The new guidance makes significant changes to the accounting for certain acquired seasoned loans subject to CECL. The FASB decided not to change the existing models for originated assets, purchased credit deteriorated assets ("PCD") or other acquired assets.
Under this ASU, the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the “day-one” credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. The amendments should be applied prospectively to loans that are acquired on or after the initial application date.
January 1, 2027; early adoption is permitted
The Company isassessing the impact thisASU, which is applied prospectively, will have on the Company’s financialposition and/or results ofoperations.
ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements
This ASU clarifies certain aspects of the guidance onhedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative.
The five main provisions include:
The amendments should be applied prospectively, and there are transition provisions designed to assist in migrating existing hedging relationships to the new guidance.
January 1, 2027; early adoption is permitted on any date on or after theissuance of this ASU
ASU 2025-11, Interim Reporting (Topic 270): - Narrow-Scope Improvements
This ASU clarifies interim disclosure requirements, including providing a comprehensive list of interim disclosure requirements under U.S. GAAP and a disclosure principle that
January 1, 2028; early adoption is permitted
The Company isassessing the impact thisASU, which can be applied
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requires entities to disclose events since the last annual reporting period that have a material impact on the entity. The amendments can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.
prospectively, will have on the Company’s financialposition and/or results ofoperations.
The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed:
Adoption Date
Effect on the financial statements or other significant matters
ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
The amendments in this ASU address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. To reduce diversity in practice and provide decision-useful information to a joint venture’s investors, these amendments require that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). Additionally, existing joint ventures have the option to apply the guidance retrospectively.
January 1, 2025
This ASU does not impact accounting for joint ventures by the venturers. As such, the adoption of this ASU did not have an impact on the Company’s financial position and/or results of operations.
ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards
The amendments in this ASU clarify how to determine whether profits interest and similar awards should be accounted for as share-based payment arrangements (ASC 718) or as cash bonus or profit-sharing arrangements (ASC 710, Compensation - General, or other guidance) and apply to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to the illustrative guidance, this ASU modifies the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date.
The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
This ASU requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The guidance requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.
Fiscal year beginning January 1, 2025
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On January 2, 2024, the Company completed the Merger with RPT, under which RPT merged with and into the Company, with the Company continuing as the surviving public company. The RPT Merger had added 56 open-air shopping centers, 43 of which were wholly-owned and 13 of which were owned through a joint venture, comprising 13.3 million square feet of GLA. In addition, as a result of the RPT Merger, the Company obtained RPT’s 6% stake in a 49-property net lease joint venture.
Under the terms of the Merger Agreement, each RPT common share was converted into 0.6049 of a newly issued share of the Company’s common stock, together with cash in lieu of fractional shares and each 7.25% Series D Cumulative Convertible Perpetual Preferred Share of RPT was converted into the right to receive one depositary share representing one one-thousandth of a share of Class N Preferred Stock of the Company. During the year ended December 31, 2024, the Company incurred expenses of $25.2 million associated with the RPT Merger, primarily comprised of severance, legal and professional fees.
The number of RPT shares/units outstanding that converted to shares of the Company’s shares/units as of January 2, 2024 were determined as follows (amounts presented in thousands, except per share data):
As of January 2, 2024
Common Shares (1)
OP Units
CumulativeConvertiblePerpetualPreferred Shares
RPT shares/units outstanding
87,675
1,576
1,849
Exchange ratio
0.6049
1.0000
Kimco shares/units issued
Value of Kimco stock per share/unit
22.0005
57.13
Equity consideration given from Kimco shares/units issued
1,166,775
The following table presents the total value of consideration paid by Kimco at the close of the RPT Merger (in thousands):
Calculated Value ofRPT Consideration
Cash Consideration*
Total Value ofConsideration
1,293,357
149,103
1,442,460
* Amount includes $130.0 million to pay off the outstanding balance on RPT’s credit facility at closing, additional consideration of approximately $19.1 million relating to transaction costs incurred by RPT and $0.1 million of cash paid in lieu of issuing fractional Kimco common shares.
Purchase Price Allocation
In accordance with ASC 805-10, Business Combinations, the Company accounted for the RPT Merger as a business combination using the acquisition method of accounting. Based on the total value of the consideration, the total fair value of the assets acquired and liabilities assumed in the RPT Merger was $1.4 billion.
The fair values of the real estate assets acquired were determined using either (i) the direct capitalization method, (ii) the discount cash flow method or (iii) executed purchase and sales agreements. The sales comparison approach was used in estimating the fair value of the land acquired. The Company determined that these valuation methodologies are classified within Level 3 of the fair value hierarchy. The significant assumptions used in these methodologies include stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, and estimates of future cash flows at the respective properties.
Under the direct capitalization method, the Company derived a normalized net operating income and applied an appropriate terminal capitalization rate for each property. The estimates of normalized net operating income are based on a number of factors, including historical operating results, market lease rates, known and anticipated trends, and market and economic conditions. Terminal capitalization rates utilized to derive these fair values ranged from 5.50% to 7.50%.
The discounted cash flow analyses were based on estimated future cash flows that employ discount rates, terminal capitalization rates and planned capital expenditures. These estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including historical
91
operating results, market lease rates, income growth rates, known and anticipated trends, and market and economic conditions. Terminal capitalization rates and discount rates utilized to estimate fair values ranged from 5.50% to 7.50% and 6.00% to 8.25%, respectively.
The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to buildings and improvements. In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy. The Company determined that these valuation methodologies are classified within Level 2 and Level 3 of the fair value hierarchy.
The following table summarizes the purchase price allocation based on the Company's initial valuation and subsequent adjustments, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands):
Purchase PriceAllocation
312,343
1,343,156
In-place leases
220,231
Above-market leases
12,861
Real estate assets
1,888,591
433,345
12,672
6,128
Accounts receivable and other assets
57,529
Total assets acquired
2,398,265
Notes payable
(821,500
Accounts payable and other liabilities
(53,213
(13,506
Below-market leases
(67,586
Total liabilities assumed
(955,805
Total purchase price
The following table details the weighted average useful lives, in years, of the purchase price allocated to real estate and related intangible assets and liabilities acquired arising from the RPT Merger:
Weighted AverageUseful Life (in Years)
n/a
Buildings
50.0
Building improvements
45.0
Tenant improvements
22.1
Operating right-of-use assets
81.3
Since the date of the Merger through December 31, 2024, the revenue and net income from RPT included in the Company’s Consolidated Statements of Income were $178.6 million and $13.4 million (excluding $25.2 million of Merger charges), respectively.
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Pro forma Information (Unaudited)
The pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the year ended December 31, 2024 and 2023, adjusted to give effect to these properties acquired as of January 1, 2023. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. Amounts are presented in millions.
2,019.1
1,945.7
Net income (1)
444.7
654.1
Net income available to the Company’s common shareholders (1)
401.0
606.9
The Company’s components of Real estate, net consist of the following (in thousands):
December 31,
Land:
Developed land
4,536,322
4,483,219
Undeveloped land
16,019
14,977
Total land
Buildings and improvements:
11,683,629
11,542,812
2,606,812
2,449,924
1,501,409
1,387,142
Fixtures and leasehold improvements
47,466
45,417
Total buildings and improvements
Intangible assets:
179,533
183,599
1,047,666
1,063,482
Total intangible assets
Accumulated depreciation and amortization (1)
In addition, at December 31, 2025 and 2024, the Company had intangible liabilities relating to below-market leases from property acquisitions of $334.5 million and $366.9 million, respectively, net of accumulated amortization of $301.7 million and $287.8 million, respectively.
The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2025, 2024 and 2023 resulted in net increases to revenue of $30.7 million, $25.2 million and $17.3 million, respectively. The Company’s amortization expense associated with in-place leases, which is included in depreciation and amortization, for the years ended December 31, 2025, 2024 and 2023 was $110.7 million, $133.7 million and $94.7 million, respectively.
The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and in-place leases for the next five years are as follows (in millions):
Above-market and below-market leases amortization, net
21.8
14.6
14.7
14.4
In-place leases amortization
(73.3
(53.4
(39.4
(23.8
(17.2
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Acquisition/Consolidation of Operating Properties
During the year ended December 31, 2025, the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties held in an unconsolidated joint venture (in thousands):
Purchase Price
Property Name
Location
MonthAcquired
Cash
Debt
GLA
Markets at Town Center (1)
Jacksonville, FL
Jan-25
108,238
254
College Park Land (2)
Las Vegas, NV
12,746
1,428
14,174
Francisco Center Land (2)
11,588
593
12,181
Tanasbourne Village (3)
Hillsboro, OR
Aug-25
38,171
31,926
7,076
77,173
The Shoppes at 82nd Street (4)
Jackson Heights, NY
74,692
245,435
9,097
286,458
520
During the year ended December 31, 2024, the Company acquired Waterford Lakes Town Center, which was comprised of 701,941 square feet of GLA, located in Orlando, Florida, for a purchase price of $322.0 million, including the assumption of a $164.6 million mortgage loan.
Included in the Company’s Consolidated Statements of Income are $14.0 million and $8.0 million in total revenues and $1.1 million and ($1.9) million in net income/(loss) from the date of acquisition through December 31, 2025 and 2024, respectively, for operating properties acquired/consolidated during each of the respective years.
Purchase Price Allocations
The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2025 and 2024, are as follows (in thousands):
Allocation as of December 31, 2025
Weighted-Average UsefulLife (in Years)
Allocation as of December 31, 2024
71,443
51,669
179,952
209,882
7,742
14,754
10,015
6.4
13,730
7.5
25,507
6.3
43,173
6.0
1,063
5.5
6,807
(9,436
17.1
(15,884
9.8
Mortgage fair value adjustment
500
0.8
811
(1,139
Net assets acquired/consolidated
324,131
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The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate transactions (dollars in millions):
Aggregate sales price/gross fair value (1) (2) (3)
109.3
255.1
214.2
Gain on sale of properties (4)
62.7
75.0
Number of operating properties sold/deconsolidated (2)
Number of parcels sold
Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.
The Company has a capital recycling program which provides for the disposition of certain properties, typically of lesser quality assets in less desirable locations. The Company adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain operating properties. The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges of $9.5 million, $4.5 million and $14.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts relate to adjustments to property carrying values for properties which the Company has marketed for sale and as such has adjusted the anticipated hold periods for such properties. The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third-party offers, which were less than the carrying value of the assets. See Footnote 18 of the Notes to Consolidated Financial Statements for fair value disclosure.
The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at December 31, 2025 and 2024 (in millions, except number of properties):
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The Company's Investment
Ownership Interest
Joint Venture
Prudential Investment Program
15.0%
120.1
133.3
Kimco Income Opportunity Portfolio (“KIR”)
52.1%
287.2
289.1
R2G Venture LLC (“R2G”) (1)
51.5%
401.2
411.8
Canada Pension Plan Investment Board (“CPP”)
55.0%
202.3
202.8
Other Institutional Joint Ventures
Various
236.0
237.7
Other Joint Venture Programs (2)
207.3
213.0
Total*
1,454.1
1,487.7
* Representing 114 property interests, 48 other property interests and 24.4 million square feet of GLA, as of December 31, 2025, and 116 property interests, 48 other property interests and 25.1 million square feet of GLA, as of December 31, 2024.
The table below presents the Company’s share of net income for the above investments, which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):
15.6
11.9
16.4
KIR
37.5
36.6
34.7
R2G
8.7
9.0
CPP
9.9
5.1
2.6
Other Joint Venture Programs (1)
17.6
12.7
96.8
83.8
72.3
During 2025, the Company acquired the remaining 85% interest in an operating property from the Prudential Investment Program, with an aggregate gross fair value of $77.2 million. The Company evaluated this transaction pursuant to ASC Topic 810 Consolidation and, as a result, recognized a net gain on change in control of interest of $5.7 million, resulting from the fair value adjustment associated with the Company’s previously held equity interest. See Footnote 4 of the Notes to Consolidated Financial Statements for the operating property acquired by the Company.
In addition, during 2025, certain of the Company's real estate joint ventures disposed of two operating properties and a land parcel, in separate transactions, for an aggregate sales price of $71.6 million. These transactions resulted in an aggregate net gain to the Company of $0.9 million for the year ended December 31, 2025, which is included in Equity in income of joint ventures, net on the Company's Consolidated Statements of Income.
During 2024, certain of the Company’s real estate joint ventures disposed of an operating property and other property interest, in separate transactions, for an aggregate sales price of $19.2 million. These transactions resulted in an aggregate net gain to the Company of $1.4 million for the year ended December 31, 2024.
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The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2025 and 2024 (dollars in millions):
Mortgages and Notes Payable, Net
Weighted Average Interest Rate
Weighted Average Remaining Term (months)*
233.9
5.25
22.2
268.5
5.47
19.6
274.4
4.58
15.2
273.9
5.82
27.2
R2G (1)
70.7
2.90
62.6
68.7
74.6
79.3
7.0
80.6
4.88
19.0
222.7
5.41
47.7
234.7
5.76
23.7
538.2
5.04
33.0
547.3
4.98
40.8
1,419.2
1,473.7
* Includes extension options
Summarized financial information for the Company’s investment in and advances to real estate joint ventures is as follows (in millions):
Real estate, net
4,688.7
4,919.3
Other assets, net
350.6
322.2
Total Assets
5,039.3
5,241.5
Liabilities and Members’ Capital:
583.5
583.1
835.7
890.6
126.9
133.5
(0.7
6.6
Members’ capital
3,493.9
3,627.7
Total Liabilities and Members’ Capital
Revenues, net
678.0
677.5
552.5
(212.3
(208.4
(173.3
(1.1
(0.1
(17.8
(199.5
(203.5
(146.7
34.8
48.0
(80.1
(87.5
(72.2
Other (expense)/income, net
(3.0
(7.0
216.8
189.0
183.5
Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include investments in certain real estate joint ventures totaling $0.6 million and $5.1 million at December 31, 2025 and 2024, respectively. The Company has varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP.
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The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2025 and 2024, the Company’s carrying value in these investments was $1.5 billion.
The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Consolidated Balance Sheets. In addition, the Company has invested capital in structured investments that are accounted for on the equity method of accounting. As of December 31, 2025 and 2024, the Company’s Other investments were $99.9 million and $107.3 million, respectively, of which the Company’s net investment under the Preferred Equity program were $59.1 million and $70.1 million, respectively. During 2025, 2024 and 2023, the Company recognized equity in income of $3.5 million, $13.8 million and $11.1 million, respectively, from its preferred equity investments.
During 2025, the Company acquired the remaining ownership interest in a preferred equity investment for $3.6 million. As a result, the Company consolidated a $14.9 million mortgage receivable encumbering a property located in Jackson Heights, NY.
During 2024, the Company converted its $50.2 million preferred equity investment into mezzanine loan financing for a property in San Antonio, TX. In addition, the Company acquired the outstanding senior mortgage loan of $146.2 million encumbering the property.
In connection with the RPT Merger, the Company acquired a preferred equity investment of $12.7 million.
As of December 31, 2025, these preferred equity investment properties had non-recourse mortgage loans aggregating $136.5 million. These loans have scheduled maturities ranging from 1.8 years to 4.1 years and bear interest at rates ranging from 6.58% to 8.34%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital.
The Company has various mortgage and other financing receivables, which consist of loans acquired and loans originated by the Company. As of December 31, 2025 and 2024, the Company had mortgage and other financing receivables, net of allowance for credit losses of $383.9 million and $445.0 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recognized mortgage and other financing income, net of credit losses, of $51.0 million, $29.5 million and $12.0 million, respectively. For a complete listing of the Company’s mortgage and other financing receivables at December 31, 2025, see Financial Statement Schedule IV included in this Annual Report on Form 10-K.
During 2025, the Company (i) provided $264.5 million of mortgage and other financing loans, (ii) collected $325.0 million of mortgage and other financing receivables, of which $18.4 million was repaid at closing upon the Company's acquisition of the corresponding properties, and (iii) extended three mortgage loans with an aggregate principal balance of $176.1 million, utilizing extension options ranging from six months to one year.
In addition, the Company consolidated a $14.9 million mortgage receivable encumbering a property located in Jackson Heights, NY relating to a previously held preferred equity investment during 2025. The Company then acquired this property interest and the mortgage receivable was repaid by the seller at closing.
During 2024, the Company (i) provided $202.8 million of mortgage and other financing loans, (ii) issued $175.4 million of seller financing related to the sale of nine operating properties, which were acquired in conjunction with the RPT Merger, (iii) provided $50.2 million of mortgage loan financing related to the Company’s previously held preferred equity investment and (iv) collected $108.4 million of mortgage and other financing receivables.
The following table presents the change in the allowance for loan losses for the years ended December 31, 2025, 2024 and 2023, respectively (dollars in thousands):
Balance at January 1,
6,800
1,300
Provision for loan losses
3,162
Recoveries collected
(4,610
Balance at December 31,
5,352
The components of Accounts and other receivables, net of potentially uncollectible amounts as of December 31, 2025 and 2024, are as follows (in thousands):
Billed tenant receivables
18,242
23,011
Unbilled common area maintenance, insurance and tax reimbursements
76,113
67,010
Other receivables
11,500
15,865
Straight-line rent receivables
263,109
234,583
Total accounts and other receivables, net
Lessor Leases
The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent, lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments.
The disaggregation of the Company’s lease income, which is included in Revenue from rental properties, net on the Company’s Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the years ended December 31, 2025, 2024 and 2023, was as follows (in thousands):
Lease income:
Fixed lease income (1)
1,672,317
1,615,352
1,409,609
Variable lease income (2)
432,044
399,627
354,093
30,744
25,205
17,253
Adjustments for potentially uncollectible lease income or disputed amounts
(13,705
(21,119
(13,898
Total lease income
Base rental revenues and fixed-rate expense reimbursements from rental properties are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis for the years ended December 31, 2025, 2024 and 2023 was $29.3 million, $23.2 million and $22.5 million, respectively.
The Company is primarily engaged in the operation of shopping centers that are either owned or held under long-term leases that expire at various dates through 2089. 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. Annual minimum rentals plus incremental rents based on operating expense
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levels and percentage rents comprised 98% of total revenues from rental properties for each of the three years ended December 31, 2025, 2024 and 2023.
The minimum revenues expected to be received by the Company from rental properties under the terms of all non-cancelable tenant leases for future years, assuming no new or renegotiated leases are executed for such premises and excluding variable lease payments, are as follows (in millions):
Minimum revenues
1,604.5
1,473.0
1,277.7
1,055.6
853.7
4,029.1
The Company currently leases real estate space under non-cancelable operating lease agreements for ground leases and administrative office leases. The Company’s operating leases have remaining lease terms ranging from less than one year to 79.3 years, some of which include options to extend the terms for up to an additional 60 years. During 2025, the Company obtained a $7.4 million operating right-of-use asset in exchange for a new operating lease liability related to an option exercise for a property under an operating ground lease agreement.
In connection with the RPT Merger, the Company obtained a $13.5 million operating right-of-use asset (excluding an intangible right-of-use asset of $7.4 million) in exchange for a new operating lease liability related to a property under an operating ground lease agreement. In addition, the Company obtained a finance intangible right-of-use asset of $6.8 million (which is included in Other assets on the Company’s Consolidated Balance Sheets).
The Company had three properties under finance ground lease agreements that consisted of variable lease payments with a bargain purchase option. During 2025, the Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of its call option for an aggregate purchase price of $24.2 million. This transaction resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company's Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities. As of December 31, 2025, the Company has a property under a finance ground lease agreement with a right-of-use asset of $6.8 million, which is included in Other assets on the Company’s Consolidated Balance Sheets.
The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of December 31, 2025 were as follows:
Operating Leases
Weighted-average remaining lease term (in years)
29.1
Weighted-average discount rate
6.77
The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023, were as follows (in thousands):
Lease cost:
Finance lease cost
1,459
1,261
Operating lease cost
14,246
15,107
14,736
Variable lease cost
2,895
2,300
2,241
Total lease cost
17,184
18,866
18,238
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities (in thousands):
Year Ending December 31,
12,048
12,189
12,212
11,416
10,160
251,450
Total minimum lease payments
309,475
Less imputed interest
(189,397
Total operating lease liabilities
During 2024, the Company sold its remaining 14.2 million shares of common stock of Albertsons Companies Inc. (“ACI”), generating net proceeds of $299.1 million. For tax purposes, the Company recognized a long-term capital gain of $288.7 million during 2024. The Company retained the proceeds from the ACI stock sale and applied available deductions to offset a portion of the gain from the sale and as a result, recorded $26.1 million of federal and state income tax expense.
During 2023, the Company received a $194.1 million special dividend payment on its shares of ACI common stock and recognized this as Special dividend income on the Company’s Consolidated Statements of Income. As a result, the Company’s Board of Directors declared a $0.09 per share of common stock special cash dividend to satisfy the REIT distribution requirements as a REIT. This special dividend was paid on December 21, 2023, to shareholders of record on December 7, 2023.
In addition, during 2023, the Company sold 14.1 million shares of ACI common stock, generating net proceeds of $282.3 million. For tax purposes, the Company recognized a long-term capital gain of $241.2 million. The Company retained the proceeds from this stock sale for general corporate purposes and paid federal and state taxes of $60.9 million on the taxable gain.
The portion of unrealized gain/(loss) on marketable securities for the period that relates to marketable securities still held at the reporting date are as follows (in thousands):
Less: Net (gain)/loss recognized related to marketable securities sold
(2
27,652
10,614
Unrealized gain/(loss) related to marketable securities still held
(27
31,876
As of December 31, 2025 and 2024, the Company had unamortized software development costs of $10.8 million and $14.9 million, respectively. The Company expensed $4.0 million, $4.5 million and $4.5 million in amortization of software development costs during the years ended December 31, 2025, 2024 and 2023, respectively.
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As of December 31, 2025 and 2024, the Company’s Notes payable, net consisted of the following, excluding extension options (dollars in millions):
Carrying Amount atDecember 31,
Interest Rate atDecember 31,
Maturity Date at
Senior unsecured notes
6,916.3
7,156.8
1.90% - 6.88%
Jul-26 – Oct-49
Unsecured term loans
860.0
4.48% - 4.68%
4.58% - 4.78%
Nov-26 – Feb-28
Unsecured Credit Facility (1)
Mar-27
Fair value debt adjustments, net
Deferred financing costs, net (2)
(62.5
(65.0
7,964.7
3.97%*
3.86%*
* Weighted-average interest rate
In connection with the RPT Merger, the Company assumed the following notes payable (dollars in millions):
AmountAssumed
Unsecured notes (1)
511.5
3.64%-4.74%
Jun-25-Nov-31
Unsecured term loan (2)
4.15%
Nov-26
100.0
4.11%
Feb-27
3.43%
Aug-27
110.0
3.71%
Feb-28
During the years ended December 31, 2025 and 2024, the Company issued the following senior unsecured notes (dollars in millions):
Date Issued
AmountIssued
5.300
Feb-36
Sept-24
4.850
Mar-35
During the years ended December 31, 2025 and 2024, the Company fully repaid the following notes payables (dollars in millions):
AmountRepaid
InterestRate
MaturityDate
Mar-24
400.0
2.70%
Jan-24
246.2
4.45%
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The scheduled maturities of all notes payable, excluding unamortized fair value debt adjustments of $4.9 million and unamortized debt issuance costs of $62.5 million, as of December 31, 2025, were as follows (in millions):
Principal payments
823.0
583.7
519.6
550.0
4,800.0
7,776.3
The Company’s supplemental indentures governing its Senior Unsecured Notes contain covenants whereby the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition, the Company is restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined therein, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT provided the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the covenants as of December 31, 2025.
Interest on the Company’s fixed-rate Senior Unsecured Notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.
Credit Facility
The Company has a $2.0 billion unsecured revolving credit facility (the "Credit Facility") with a group of banks. The Credit Facility is scheduled to expire in March 2027 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2028. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Adjusted Term SOFR, as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets and the Company's credit rating outlook, as defined in the agreement. As of December 31, 2025, the interest rate on the Credit Facility is Adjusted Term SOFR plus 68.5 basis points (4.47% as of December 31, 2025) after reductions for sustainability metrics achieved and an upgraded credit rating profile. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of December 31, 2025, the Credit Facility had no outstanding balance, no appropriations for letters of credit, and the Company was in compliance with its covenants.
Commercial Paper Program
During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the "Commercial Paper Program"). The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program.
Term Loan Credit Facility
The Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) with a group of banks, which matures in January 2027 with two one-year options to extend the maturity date, at the Company's discretion, to January 2029. The Term Loan Credit Facility accrues interest at a spread (currently SOFR plus 80.0 basis points after reductions for an upgraded credit rating profile), that fluctuates in accordance with changes in the Company’s senior debt ratings. As of December 31, 2025, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the Term Loan Credit Facility to an all-in fixed rate of 4.5122%. See Footnote 15 of the Notes to Consolidated Financial Statements for interest rate swap disclosure.
The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments.
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Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest.
As of December 31, 2025 and 2024, the Company’s Mortgages payable, net consisted of the following (dollars in millions):
Mortgages payable
469.1
498.1
3.33% - 7.08%
Feb-26 – Jun-31
(0.6
Deferred financing costs, net
(0.8
467.2
496.4
4.39%*
During 2024, the Company (i) assumed $164.6 million of non-recourse mortgage debt through the acquisition of an operating property and (ii) repaid $11.8 million of mortgage debt that encumbered three operating properties.
The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $1.1 million and unamortized debt issuance costs of $0.8 million, as of December 31, 2025, were as follows (in millions):
58.7
42.8
117.2
0.3
11.5
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risks, primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates and limits the risk by following established risk management policies and procedures, including the use of derivative financial instruments.
The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate these risks, the Company only enters into derivative financial instruments with counterparties with major financial institutions. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company's objectives in using interest rate derivatives are to attempt to stabilize interest expense where possible and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
During 2024, the Company entered into 26 interest rate swap agreements with notional amounts aggregating to $860.0 million. The interest rate swap agreements are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. As of December 31, 2025, all interest rate swaps were deemed effective and are therefore included within AOCI. As of December 31, 2025, the Company expects approximately $2.9 million of accumulated comprehensive income on derivative instruments to be reclassified into earnings as a reduction to interest expense during the next 12 months.
The interest rate swaps are measured at fair value using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company classifies the interest rate swaps as Level 2, and the fair value of the interest rate swaps are measured on a recurring basis, see Footnote 18 of the Notes to Consolidated Financial Statements.
The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of December 31, 2025 (amounts in thousands):
Instrument
Number of SwapAgreements
Associated DebtInstrument
Effective Date
NotionalAmount (1)
Derivative Liabilities (2)
Interest rate swap
$200.0 Million Term Loan
Jan-29
200,000
(1,889
Interest rate swaps
$50.0 Million Term Loan
50,000
(186
$100.0 Million Term Loan
100,000
(504
(350
$110.0 Million Term Loan
110,000
(913
$300.0 Million Term Loan
Jul-24
300,000
(4,619
(109
(8,570
The table below details the location in the financial statements of the (loss)/gain recognized on interest rate swaps designated as cash flow hedges for the year ended December 31, 2025 (amounts in thousands):
Amount of (loss)/gain recognized in AOCI on interest rate swaps, net
(11,338
16,585
Amount reclassified from AOCI into Interest expense as income
4,471
9,346
Total amount of Interest expense presented in the Consolidated Statements of Income in which the effects of cash flow hedges are being recorded
The Company has interests in certain unconsolidated joint ventures, which have cash flow hedges for interest payments. As of December 31, 2025 and 2024, the Company's net share of the fair value of cash flow hedges for interest payments of unconsolidated investees was $0.2 million of losses and $3.8 million of income, respectively, which is included within AOCI on the Company’s Consolidated Balance Sheets.
Embedded Derivative Liability
The Company evaluates its financial instruments, including equity-linked financial instruments, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). For derivative financial instruments that are classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value recognized in each reporting period as a component of Other income, net on the Company's Consolidated Statements of Income. The classification of freestanding derivative instruments, including whether such instruments should be classified as liabilities or as equity, is evaluated at the end of each reporting period.
During 2022, the Company entered into an agreement to purchase a portfolio of eight properties for a sales price of $376.5 million, which were encumbered by $88.8 million of mortgage debt. The Company paid cash of $152.1 million and issued 6,104,831 preferred units (“Preferred Outside Partner Units”) and 678,306 common units (“Common Outside Partner Units”) with a value of $135.7 million to the sellers (collectively, the “Outside Partner Units”).
The transaction includes a call option for the Company to purchase the Outside Partner Units 10 years from the anniversary date of the agreement. The holders of the Outside Partner Units have a put option that would require the Company to purchase (i) 50% of the holder’s ownership interest after the first anniversary date, (ii) an additional 25% after the second anniversary date and (iii) the
balance of the units after the third anniversary date. The put and call options cannot be separated from the noncontrolling interest. The noncontrolling interests associated with these units are classified in mezzanine equity as redeemable noncontrolling interests as a result of the put right available to the unit holders in the future, an event that is not solely in the Company’s control.
This arrangement included an embedded derivative which required separate accounting. The initial value of the embedded derivative was a liability of $56.0 million at the date of purchase. The Company estimated the fair value of the derivative liability using a “with-and-without” method. The “with-and-without” methodology involves valuing the whole instrument on an as-is basis and then valuing the instrument without the individual embedded derivative. The difference between the entire instrument with the embedded derivative compared to the instrument without the embedded derivative was the fair value of the derivative liability on issuance. The analysis reflects the contractual terms of the redeemable preferred and common units and the estimated probability and timing of underlying events that trigger the put and call options and the estimated probability and timing of those events are inputs used to determine the estimated fair value of the embedded derivative. The Company has determined the majority of the inputs used to value its embedded derivative fall within Level 3 of the fair value hierarchy, and, as a result, the fair value valuation of its embedded derivative held as of December 31, 2025 was classified as Level 3 in the fair value hierarchy and is required to be measured at fair value on a recurring basis (see Footnote 18 of the Notes to Consolidated Financial Statements). The embedded derivative liability was $5.4 million and $19.9 million at December 31, 2025 and 2024, respectively.
Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or having determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance. The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.
As of December 31, 2025, the Parent Company is the managing member of Kimco OP and owns 99.79% of the outstanding OP Units. Noncontrolling OP Units are owned by third parties and certain officers and directors of the Company. During 2024, the Parent Company issued 953,400 OP Units in Kimco OP, which were fully vested upon issuance and had a fair market value of $21.0 million. In addition, the Parent Company has granted to certain employees and directors LTIP Units with time-based vesting requirements (“Time-Based LTIP Units”) and LTIP Units with performance-based vesting requirements (“Performance-Based LTIP Units”), assuming the maximum target performance (see Footnote 24 of the Notes to Consolidated Financial Statements). The OP units are currently redeemable at the option of the holder (subject to restrictions agreed upon at the time of issuance of LTIP Units to certain holders that may restrict such redemption right for a period of time) for the Parent Company’s common stock at a ratio of 1:1 or cash at the option of the Parent Company. As of December 31, 2025, noncontrolling interest relating to the Noncontrolling OP units was $30.2 million and consisted of the following:
Number of UnitsRemaining
Return Per Annum
Vested OP Units
1,002,014
Equal to the Company’s common stock dividend
Time-Based OP Units
442,708
Performance-Based OP Units
1,076,361
Dividend equivalent OP Units upon vesting
During 2025, the Company acquired the remaining outside partners’ interests in two consolidated properties for a purchase price of $8.3 million. This transaction resulted in a decrease in Noncontrolling interests of $1.6 million and a corresponding decrease in Paid-in capital of $6.7 million on the Company’s Consolidated Balance Sheets.
During 2024, the Company acquired the remaining outside partners’ interests in a consolidated property for a purchase price of $3.3 million. This transaction resulted in a decrease in Noncontrolling interests of $3.8 million and a corresponding increase in Paid-in capital of $0.5 million on the Company’s Consolidated Balance Sheets.
The Company owns seven shopping center properties located throughout Puerto Rico. These properties were acquired in 2006 partially through the issuance of $158.6 million of non-convertible units and $45.8 million of convertible units. Noncontrolling
106
interests related to these acquisitions totaled $233.0 million of units, including premiums of $13.5 million and a fair market value adjustment of $15.1 million (collectively, the "Units"). Since the acquisition date, the Company has redeemed a substantial portion of these units. As of December 31, 2025 and 2024, noncontrolling interest relating to the remaining units was $3.4 million. These remaining units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. The Units related annual cash distribution rates and related conversion features consisted of the following as of December 31, 2025:
Par Value PerUnit
Class B-1 Preferred Units
10,000
142
7.0%
Class C DownREIT Units
30.52
35,493
The Company owns a shopping center located in Bay Shore, NY, which was acquired in 2006 with the issuance of 647,758 redeemable Class B Units at a par value of $37.24 per unit. The units accrue a return equal to the Company’s common stock dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of 1:1. These units are callable by the Company any time after April 3, 2028 and are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. The redemption value of these units is calculated using the 30-day weighted average closing price of the Company’s common stock prior to redemption. As of December 31, 2025 and 2024, noncontrolling interest relating to the remaining 377,837 Class B Units was $16.1 million.
Noncontrolling interests also includes 138,015 convertible units issued during 2006 by the Company, which were valued at $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are currently redeemable at the option of the holder for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock.
The Company acquired in 2021 a consolidated joint venture, the Raleigh Limited Partnership, which was structured as a DownREIT partnership and had 1,813,615 units with a fair value of $38.0 million upon acquisition. This venture allows the outside limited partners to redeem their interest in the partnership (at the Company’s option) in cash or for the Company’s common stock at a ratio of 1:1. The unit holders are entitled to a distribution equal to the dividend rate of the Company’s common stock. As of December 31, 2025 and 2024, the noncontrolling interest relating to the remaining 1,639,161 units was $34.4 million.
Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets.
The Company owns eight shopping center properties located in Long Island, NY, which were acquired during 2022, partially through the issuance of $122.1 million of Preferred Outside Partner Units and $13.6 million of Common Outside Partner Units. The noncontrolling interest is classified as mezzanine equity and included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets as a result of the put right available to the unit holders, an event that is not solely in the Company’s control. The Preferred Outside Partner Units distribute at a rate equal to 3.75% per annum. The Common Outside Partner Units distribute at a rate equal to the Company’s common stock dividend. The Outside Partner Units are as follows (dollars in thousands):
Common Outside Partner
Preferred Outside Partner
Noncontrolling InterestsAmount (1)
NoncontrollingInterestsAmount (1)
Embedded Derivative Liability Amount (2)
TotalAmount
170,585
3,458
824,410
11,048
5,440
19,946
266,531
6,245
2,496,707
31,631
19,864
57,740
Redemptions during 2025 (3)
95,946
1,986
1,672,297
21,316
12,130
35,432
Redemptions during 2024
355,227
8,519
1,481,597
18,712
10,920
38,151
107
The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2025 and 2024 (in thousands):
72,277
3,021
4,182
Distributions
Redemption/conversion of noncontrolling interests (1)
(23,302
(27,442
Adjustment to estimated redemption value
(69
3,042
Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. Substantially all of the Parent Company's assets and liabilities are the assets and liabilities of Kimco OP. In addition, included within the Company’s operating properties at December 31, 2025 and 2024, are various consolidated entities, that are VIEs for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At December 31, 2025, total assets of these VIEs were $1.7 billion and total liabilities were $153.0 million. At December 31, 2024, total assets of these VIEs were $1.7 billion and total liabilities were $161.6 million.
The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience.
Additionally, included within the Company’s real estate at December 31, 2025, is a consolidated development project, which is a VIE for which the Company is the primary beneficiary. This entity was primarily established to develop a real estate property to hold as a long-term investment. The Company’s involvement with this entity is through its majority ownership of the property. This entity is deemed a VIE as the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction, as development costs will be funded by construction loan financing and the partners over the construction period. The Company determined that it was the primary beneficiary of this VIE as a result of its controlling financial interest. At December 31, 2025, total assets of this real estate development VIE were $28.1 million, and there were no outstanding liabilities.
All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by third-party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The table below summarizes the consolidated VIEs and the classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets (dollars in millions):
Number of unencumbered VIEs
Number of encumbered VIEs
Total number of consolidated VIEs
Restricted Assets:
347.8
326.1
1.9
Total Restricted Assets
358.2
334.9
VIE Liabilities:
83.6
85.1
11.6
44.2
48.2
1.7
1.8
13.7
14.9
Total VIE Liabilities
153.0
161.6
Unconsolidated Redevelopment Investment
Included in the Company’s preferred equity investments at December 31, 2025 is an unconsolidated development project which is a VIE for which the Company is not the primary beneficiary. This preferred equity investment was primarily established to develop real estate property for long-term investment and was deemed a VIE primarily because the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by construction loan financing and the partners over the construction period. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.
As of December 31, 2025 and 2024, the Company’s investment in this VIE was $39.8 million and $37.6 million, respectively, which is included in Other investments on the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is the Company’s carrying value in this investment. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with construction loan financing or capital contributions from the Company and the outside partner in accordance with their respective ownership percentages if necessary.
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt and mortgage and other finance receivables is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. The fair value for embedded derivative liability is based on using the “with-and-without” method. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.
As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
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The following table presents the carrying amount and estimated fair value of the Company's financial instruments not measured at fair value as of December 31, 2025 and 2024 (in thousands):
Fair ValueHierarchy
CarryingAmount
EstimatedFair Value
Mortgage and other financing receivables (1)
Level 3
392,222
443,234
Notes payable, net (2)
Level 2
6,859,458
6,550,537
7,106,835
6,538,784
859,272
860,685
857,903
861,296
Mortgages payable, net (3)
455,214
469,734
The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities, interest rate swap derivative assets/liabilities and embedded derivative liabilities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.
In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level of the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):
Level 1
Marketable equity securities
2,649
Interest rate swaps derivative liabilities
8,570
Embedded derivative liability
2,290
Interest rate swaps derivative assets
The significant unobservable input (Level 3 inputs) used in measuring the Company’s embedded derivative liability, which is categorized with Level 3 of the fair value hierarchy, were discount rates of 5.30% and 6.40% as of December 31, 2025 and 2024, respectively.
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The table below summarizes the change in the fair value of the embedded derivative liability measured using Level 3 inputs for the years ended December 31, 2025 and 2024 (in thousands):
Balance as of January 1,
30,914
Settlements
(12,130
(10,920
Change in fair value (included in Other income, net)
(2,294
(130
Balance as of December 31,
Assets measured at fair value on a non-recurring basis at December 31, 2025 are as follows (in thousands):
9,718
During the years ended December 31, 2025, 2024 and 2023, the Company recognized impairment charges related to adjustments to property carrying values of $9.5 million, $4.5 million and $14.0 million, respectively. The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third-party offers, which were less than the carrying value of the assets. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers. Based on these inputs, the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.
The Company is an owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets of which all the Company's properties are located within the U.S., inclusive of Puerto Rico. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews and evaluates operating and financial data for each property on an individual basis. As a result, each of the Company's individual properties is a separate operating segment. The Company defines its reportable segments to be in accordance with the method of internal reporting and the manner in which the Company's chief operating decision maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages the Company's business. Accordingly, the Company aggregates its operating segments into a single reportable segment due to the similarities with regard to the nature and economics of its properties, tenants and operations, which are operated using consistent business strategies.
In accordance with ASC 280 Segment Reporting, the Company’s CODM has been identified as the Chief Executive Officer. The CODM evaluates the Company’s portfolio and assesses the ongoing operations and performance of its consolidated properties and the Company's share of unconsolidated joint venture operations. The accounting policies of the reportable segments are the same as the Company’s accounting policies. Net Operating Income ("NOI") is the primary performance measure reviewed by the Company’s CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating expenses from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. The Company’s calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs. The CODM does not review asset information as a measure to assess performance.
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The following table presents accrual-based lease revenue and other property related income and operating expenses included in the Company's share of NOI for its consolidated and unconsolidated properties ("NOI at share") for the periods presented (in thousands):
(662,334
(637,653
(556,718
NOI from unconsolidated real estate joint ventures
199,788
199,522
158,903
NOI at share
1,658,854
1,580,934
1,369,242
The following table presents the reconciliation of NOI at share to Net income (in thousands):
(199,788
(199,522
(158,903
The Company’s outstanding Preferred Stock is detailed below (in thousands, except share, per share data and par values):
Class of PreferredStock
SharesAuthorized
SharesIssued andOutstanding
LiquidationPreference
DividendRate
AnnualDividend per DepositaryShare
Par Value
OptionalRedemptionDate
Class L
10,350
8,902
222,543
5.125
1.28125
1.00
8/16/2022
Class M
10,580
10,465
261,636
5.250
1.31250
12/20/2022
1,381
69,017
7.250
3.62500
20,748
553,196
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AnnualDividend perDepositaryShare
1,439
71,934
20,806
556,113
The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company's common shares or under certain circumstances by the Company's election, which is subject to adjustment upon occurrence of certain events. As of December 31, 2025, the Class N Preferred Stock was potentially convertible into 3.2 million shares of common stock. The Company’s Class L and Class M Preferred Stock Depositary Shares are not convertible or exchangeable for any other property or securities of the Company.
During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. During the year ended December 31, 2025, the Company repurchased the following preferred stock:
Depositary Shares Repurchased
Purchase Price (in thousands)
On November 4, 2024, the Company commenced a tender offer to purchase for cash any and all of its outstanding Class N Preferred Stock depositary shares at a price of $62.00 per depositary share, plus any accrued and unpaid dividends ("Class N Tender Offer"). Pursuant to the terms and conditions of the Class N Tender Offer, which expired on December 12, 2024, the Company repurchased 409,772 Class N depositary shares outstanding on December 16, 2024, for an aggregate cost of $26.7 million, of which $3.3 million was recognized as Preferred stock redemption charges on the Company’s Consolidated Statements of Income.
Voting Rights
The Class L, M and N Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.
As to any matter on which the Class L, M or N Preferred Stock may vote, including any actions by written consent, each share of the Class L, M or N Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class L, M or N Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L, M or N Preferred Stock). As a result, each Class L, M or N Depositary Share is entitled to one vote.
Liquidation Rights
In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $25,000 per share of Class L Preferred Stock, $25,000 per share of Class M Preferred Stock, and $50,000 per share of Class N Preferred Stock ($25.00 per each Class L and Class M depositary share and $50.00 per Class N depositary share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as to liquidation rights.
During November 2025, the Company established a new common share repurchase program, which supersedes and replaces the Company's prior share repurchase program established in February 2018. Under this new program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the year ended December 31, 2025, the Company repurchased 6.1 million shares of common stock for an
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aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.
During November 2025, the Company established a new at-the-market continuous offering program (the “ATM Program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may, from time to time, enter into separate forward sale agreements with one or more banks. This program does not expire. This new ATM Program supersedes and replaces the Company's prior ATM Program established in September 2023. The Company did not issue any shares under the ATM Programs during the year ended December 31, 2025. As of December 31, 2025, the Company had $750.0 million available under this new ATM Program.
The Company may, from time to time, repurchase shares of its common stock in amounts that offset new issuances of common stock relating to the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During 2025, 2024 and 2023, the Company repurchased 544,716, 792,317 and 761,149 shares, respectively, relating to shares of common stock surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the Company’s equity-based compensation plans.
Convertible Units
The Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote 16 of the Notes to Consolidated Financial Statements). The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2025, is $47.4 million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in common stock, the unit holders would receive 2.3 million shares of common stock. In addition, as of December 31, 2025, the Company has 1.0 million Vested OP units that are redeemable at the option of the holder, for which the Company has the option to settle such redemption in shares of the Company's common stock at a ratio of 1:1 or cash. The amount of consideration that would be paid to the holders of the Vested OP units which are not mandatorily redeemable, as if the redemption of these units occurred on December 31, 2025, is $20.3 million.
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Dividends Declared
The following table provides a summary of the dividends declared per share:
Common Stock (1)
1.01000
0.97000
1.02000
Class L Depositary Shares
Class M Depositary Shares
Class N Depositary Shares
The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Acquisition of Real Estate Interests:
164,623
5,264
12,804
125
Lease modification
12,527
Consolidation of Joint Ventures:
Real estate assets, net
76,488
54,345
31,425
37,187
RPT Merger:
1,821,052
Investment in real estate joint ventures
Investment in other investments
Other assets and liabilities, net
(3,109
Lease liabilities arising from obtaining operating right-of-use assets
Noncontrolling interest/Limited members' capital
(20,975
Preferred stock/units issued in exchange for RPT preferred shares
(105,607
Common stock/units issued in exchange for RPT common shares
(1,166,775
Deconsolidation of real estate interests through contribution to other investments
19,618
Disposition of real estate interests through the issuance of mortgage and other financing receivables
175,420
25,000
Proceeds held in escrow through the sale of real estate interests
3,524
Capital expenditures accrual
44,319
60,261
30,892
Decrease in other investments through the issuance/consolidation of mortgage and other financing receivable
14,917
50,219
7,338
1,481
Lease liabilities arising from obtaining financing right-of-use assets
3,161
Decrease in embedded derivative liability from extinguishment
1,906
Increase in redeemable noncontrolling interests' carrying amount, net
6,737
3,220
414
Surrender of restricted common stock/units
12,114
15,885
16,327
Declaration of dividends paid in succeeding period
6,364
6,409
5,308
The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Consolidated Balance Sheets to the Company’s Consolidated Statements of Cash Flows (in thousands):
Cash and cash equivalents
211,648
688,622
Restricted cash
1,146
1,109
Total cash, cash equivalents and restricted cash
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Joint Ventures
The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnote 7 of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.
Ripco
Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl’s and many others, providing real estate brokerage services and principal real estate investing. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Milton Cooper, who served as Executive Chairman of the Board of Directors of the Company. Effective April 29, 2025, Milton Cooper discontinued his service as a director and as Executive Chairman and as a result, he is no longer considered a related party. During the period January 1, 2025 to April 29, 2025 and the years ended December 31, 2024 and 2023, the Company paid brokerage commissions of $0.2 million, $0.6 million and $0.5 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.
Fifth Wall
Mary Hogan Preusse, a member of the Company’s Board of Directors, is a Senior Advisor at Fifth Wall. The Company holds an investment in the Fifth Wall’s Climate Technology Fund with a commitment of up to $25.0 million, of which $21.3 million has been funded as of December 31, 2025. In addition, the Company has a cost method investment of $1.7 million within Fifth Wall’s Ventures SPV Fund as of December 31, 2025.
The Company has issued letters of credit in connection with the completion and repayment guarantees primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2025, these letters of credit aggregated $43.9 million.
In addition, the Company provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds, which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $31.1 million outstanding at December 31, 2025. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts the Company may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040.
The Company has other investments, including Fifth Wall discussed above, with funding commitments of $26.5 million, of which $22.5 million has been funded as of December 31, 2025. In addition, the Company has mortgage and other financing receivables with undrawn loan advances of $42.8 million as of December 31, 2025.
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In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2025, there were $17.4 million in performance and surety bonds outstanding.
The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company taken as a whole as of December 31, 2025.
In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan (the “2010 Plan” and together with the 2020 Plan, the “Plan”) that expired in March 2020. The 2020 Plan provided for a maximum of 10.0 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units, stock payments and deferred stock awards.
In April 2025, the Company’s stockholders approved the 2025 Plan, which is the successor to the 2020 Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units (including performance-based LTIP Units), stock payments and deferred stock awards. At December 31, 2025, the Company had 16.8 million shares of common stock available for issuance under the 2025 Plan.
The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share-based payments to employees, including grants of employee stock options, restricted stock, performance shares and LTIP Units, be recognized in the Consolidated Statements of Income over the service period based on their fair values. Fair value of restricted shares and Time-Based LTIP Units are calculated based on the Company’s common stock closing share price on the date of grant. Fair value of performance awards and Performance-Based LTIP Units are determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Granted Time-Based LTIP Units and Performance-Based LTIP Units do not have redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights.
The Company recognized expense associated with its equity awards of $33.2 million, $34.9 million and $33.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company had $37.7 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.4 years.
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Stock Options
During 2025, 2024 and 2023, the Company did not grant any stock options. Cash received from options exercised under the 2010 Plan was $3.7 million for the year ended December 31, 2023.
Restricted Stock
Information with respect to restricted stock under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:
Restricted stock outstanding as of January 1,
2,745,884
2,746,116
2,605,970
Granted (1)
716,070
872,150
893,880
Vested
(942,556
(848,930
(740,866
Forfeited
(16,296
(23,452
(12,868
Restricted stock outstanding as of December 31,
2,503,102
Restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. For the years ended December 31, 2025, 2024 and 2023, the dividends paid on unvested restricted shares were $2.8 million, $3.0 million and $3.1 million, respectively.
Performance Shares
Information with respect to performance share awards under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:
Performance share awards outstanding as of January 1,
908,890
989,860
1,004,040
264,970
377,690
531,200
Vested (2)
(531,200
(458,660
(545,380
Performance share awards outstanding as of December 31,
642,660
For the years ended December 31, 2025 and 2024, the Company issued 524,636 and 1,094,621 common shares, respectively, in connection with previously vested performance share awards, including performance dividend equivalent shares.
The significant assumptions underlying the determination of fair values using Monte Carlo simulations for these performance share awards granted during 2025, 2024 and 2023 were as follows:
Stock price
19.53
21.30
Dividend yield (1)
Risk-free interest rate
3.52
4.39
4.38
Volatility (2)
26.07
28.85
44.89
Term of the award (years)
2.67
2.87
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The Company maintains a 401(k)-retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation, is fully vested and funded as of December 31, 2025. The Company’s contributions to the plan were $3.7 million, $3.4 million and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, during 2023, the Company provided a discretionary match in the amount of $3.9 million to all participants in the 401(k)-retirement plan.
The Company recognized severance costs associated with employee retirements and terminations during the years ended December 31, 2025, 2024 and 2023, of $7.1 million, $9.8 million (including $6.6 million of severance costs included in Merger charges on the Company's Consolidated Statements of Income), and $0.4 million, respectively.
Time-Based LTIP Units
Information with respect to Time-Based LTIP Units awards with time-based vesting requirements under the Plans for the years ended December 31, 2025 and 2024 is as follows:
Time-Based LTIP unit awards outstanding as of January 1,
120,700
370,780
(48,772
Time-Based LTIP unit awards outstanding as of December 31,
Granted Time-Based LTIP Units do not have direct redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights. The Time-Based LTIPs were valued based on the Company’s common stock closing share price on the date of grant.
Performance-Based LTIP Units
Information with respect to Performance-Based LTIP Units under the Plans for the years ended December 31, 2025 and 2024 is as follows:
Performance-Based LTIP unit awards outstanding as of January 1,
474,611
601,750
Performance-Based LTIP unit awards outstanding as of December 31,
Performance-Based LTIP Units are performance-based equity compensation pursuant to which participants have the opportunity to earn LTIP Units based on the total shareholder return of the Company’s common shares relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors, over the defined performance period. Any Performance-Based LTIP Units that are earned vest at the end of the three-year performance period. Compensation expense for these units is recognized over the performance period.
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The significant assumptions underlying the determination of fair values using Monte Carlo simulations for the Performance-Based LTIP Units granted during the years ended December 31, 2025 and 2024 were as follows:
The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992. To qualify as a REIT, the Company must meet several organizational and operational requirements, and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. Management intends to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that dividends to its stockholders equal at least the amount of its REIT taxable income. If the Company were to fail to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and would not be permitted to elect REIT status for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through TRSs is subject to federal, state and local income taxes.
Reconciliation between GAAP Net Income and REIT Federal Taxable Income
The following table reconciles GAAP net income to adjusted REIT taxable income for the years ended December 31, 2025, 2024 and 2023 (in thousands):
2025 (Estimated)
2024 (Actual)
2023 (Actual)
GAAP net income attributable to the Company
GAAP net (loss)/income attributable to TRSs
(988
488
(30
GAAP net income from REIT operations (1)
583,753
411,273
654,243
Federal income tax accrual
308
21,626
50,686
Net book depreciation in excess of tax depreciation
190,772
135,619
111,124
Deferred/prepaid/above-market and below-market rents, net
(53,504
(39,310
(30,740
Fair market value debt amortization
(10,878
(8,026
(21,053
Book/tax differences from executive compensation
19,063
30,018
31,169
Book/tax differences from equity awards
(199
(3,224
(7,157
Book/tax differences from defined benefit plan
2,948
Book/tax differences from investments in and advances to real estate joint ventures
30,084
(8,229
(20,271
Book/tax differences from sale of properties and marketable equity securities
(53,609
302,038
190,048
Book/tax differences from accounts receivable
4,177
4,634
(3,596
Book adjustment to property carrying values and marketable equity securities
6,579
(24,206
Taxable currency exchange gain/(loss), net
145
(2,585
Tangible property regulation deduction
(8,000
(89,869
(55,551
GAAP change in ownership of joint venture interests
(5,971
Dividends from TRSs
3,836
6,662
Severance accrual
2,371
1,587
(724
Other book/tax differences, net (2)
(897
30,354
11,228
Adjusted REIT taxable income (3)
707,885
795,361
885,576
120
Certain amounts in the prior periods have been reclassified to conform to the current year presentation in the table above.
Characterization of Distributions
The following characterizes distributions paid for tax purposes for the years ended December 31, 2025, 2024 and 2023, (amounts in thousands):
Preferred L Dividends
11,291
7,755
11,432
Capital gain
3,650
11,405
Preferred M Dividends
13,599
9,340
13,749
137
4,396
13,736
Preferred N Dividends
5,016
3,766
1,772
5,067
5,538
Common Dividends
667,907
443,473
622,885
6,815
208,693
6,292
681,537
652,166
629,177
Total dividends distributed for tax purposes
711,745
682,845
654,358
For the years ended December 31, 2024 and 2023, the Company elected to retain the proceeds from the sale of ACI stock for general corporate purposes in lieu of distributing to its shareholders. The long-term capital gain inherent in the undistributed proceeds is allocated to, and reportable by, each shareholder, and each shareholder is also entitled to claim a federal income tax credit for its allocable share of the federal income tax paid by the Company. The allocable share of the long-term capital gain and the federal tax credit was reported to direct holders of Kimco common shares, on Form 2439, and to others in year-end reporting documents issued by brokerage firms if Kimco shares are held in a brokerage account.
Taxable REIT Subsidiaries and Taxable Entities
The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly-owned subsidiaries of the Company. The Company’s TRSs include Kimco Realty Services II, Inc., Kimco Insurance Company, Weingarten Investments Inc., RPT Realty, Inc., Ramco TRS LLC, and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. On November 12, 2025, FNC Realty Corporation TRS was liquidated through its merger into FNC Legacy, LLC.
During 2024 and 2023, the Company sold shares of ACI common stock and recognized long-term capital gains for tax purposes of $288.7 million and $241.2 million, respectively. During 2024, the Company elected to retain the proceeds from the stock sales for general corporate purposes and, after applying available deductions, also retained net long-term capital gains of $108.2 million and paid corporate income tax on the taxable gain, in the amount of $26.1 million for federal and state income tax purposes. As a result, the Company paid federal income taxes of $21.9 million in January 2025. During 2023, the Company elected to retain the entire proceeds from these stock sales for general corporate purposes and pay corporate income tax on the related taxable gains. During 2023, the Company incurred federal taxes of $50.7 million and state and local taxes of $10.2 million. This undistributed long-term capital gain is allocated to, and reportable by, each shareholder, and each shareholder is also entitled to claim a federal income tax credit for its allocable share of the federal income tax paid by the Company.
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities. The Company’s provision/(benefit) for income taxes relating to the Company for the years ended December 31, 2025, 2024 and 2023, are summarized as follows (in thousands):
TRSs and taxable entities
2,177
REIT
(1,131
25,320
60,869
Total tax provision
60,952
Deferred Tax Assets, Liabilities and Valuation Allowances
Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets. The Company’s deferred tax assets and liabilities at December 31, 2025 and 2024, were as follows (in thousands):
Deferred tax assets:
Tax/GAAP basis differences
5,706
6,423
Net operating losses (1)
9,761
8,775
Valuation allowance
(11,806
Total deferred tax assets
3,661
4,871
Deferred tax liabilities
(5,890
(6,181
Net deferred tax liabilities
(2,229
(1,310
The major differences between the GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of depreciation and amortization, impairment charges recorded for GAAP purposes, but not recognized for tax purposes, rental revenue recognized on the straight-line method for GAAP, reserves for doubtful accounts, above-market and below-market lease amortization, differences in GAAP and tax basis of assets sold, and the period in which certain gains were recognized for tax purposes, but not yet recognized under GAAP.
Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized.
Uncertain Tax Positions
As of December 31, 2025 and 2024, the Company had no accrual for uncertain tax positions and related interest under the provisions of the authoritative guidance that addresses accounting for income taxes. The Company does not believe that the total amount of unrecognized tax benefits as of December 31, 2025, will significantly increase within the next 12 months.
In October 2007, the Company formed a wholly owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. KIC assumes occurrence basis general liability coverage (not including casualty loss or business interruption) for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.
122
From October 1, 2007 through December 31, 2025, KIC assumes 100% of the first $250,000 per occurrence risk layer. This coverage is subject to annual aggregates ranging between $7.8 million and $20.6 million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between 8.0% and 12.2% of incurred losses for the policy periods ending September 30, 2008 through February 1, 2021. Beginning February 1, 2021 through February 1, 2026, unallocated loss adjustment expenses are billed on a fee per claim basis ranging between $53 and $1,782 based on the claim type. These amounts do not erode the Company’s per occurrence or aggregate limits.
As of December 31, 2025, the Company maintained letters of credit in the amount of $29.2 million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreements with the reinsurance providers.
Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2025 and 2024 is summarized as follows (in thousands):
Balance at the beginning of the year
22,228
20,883
Incurred related to:
Current year
8,598
7,526
Prior years (1)
1,617
1,689
Total incurred
10,215
9,215
Paid related to:
(999
(956
Prior years
(6,971
(6,914
Total paid
(7,970
(7,870
Balance at the end of the year
24,473
The following table presents the change in the components of AOCI for the years ended December 31, 2025, 2024 and 2023 (in thousands):
DefinedBenefitPlan
Cash FlowHedges for InterestPayments
Cash FlowHedges forInterestPayments ofUnconsolidatedInvestee
Balance as of January 1, 2023
Other comprehensive income before reclassifications
267
3,596
Amounts reclassified from AOCI
(10,848
Net current-period other comprehensive (loss)/income
Balance as of December 31, 2023
3,929
20,514
(9,346
(3,459
(12,805
Net current-period other comprehensive income
Balance as of December 31, 2024
3,799
Other comprehensive loss before reclassifications
(1,910
(13,248
(4,471
(2,111
(6,582
Net current-period other comprehensive loss
Balance as of December 31, 2025
(222
On the Company’s Consolidated Statements of Income, unrealized gains and losses reclassified from AOCI related to (i) settlement of defined benefit plan which is included in Other income, net, (ii) cash flow hedges for interest payments which are included in Interest expense and (iii) cash flow hedges for interest payments of unconsolidated investee which are included in Equity in income of joint ventures, net.
Defined Benefit Plan
In August 2021, the Company assumed sponsorship of Weingarten Realty Investors’ noncontributory qualified cash balance retirement plan (“the Benefit Plan”) in connection with the merger with Weingarten Realty Investors. The Benefit Plan was frozen as of the date of the merger and subsequently terminated as of December 31, 2021. On March 28, 2023, the IRS issued a favorable determination letter for the termination of the Benefit Plan. As a result, the Company elected to settle the Benefit Plan’s obligations through third-party annuity payments, lump sum distributions and direct rollover of funds in an Individual Retirement Account (“IRA Rollovers”) based on elections made by the Benefit Plan’s participants.
During 2023, the Benefit Plan’s obligations were settled through third-party annuity contracts, lump sum distributions and IRA Rollovers. In addition, during 2023, the Benefit Plan transferred excess assets with a value of $3.9 million to the qualified replacement plan managed by the Company and reverted excess assets with a value of $11.0 million to the Company. Upon the liquidation of the Benefit Plan, the Company realized $10.8 million of settlement gains during the year ended December 31, 2023, which are included in Other income, net on the Company’s Consolidated Statements of Income and were previously included in Accumulated other comprehensive income on the Company’s Consolidated Balance Sheets. In addition, the Company incurred excise taxes of $2.2 million resulting from the pension reversion of excess pension plan assets during the year ended December 31, 2023, which are included in Other income, net on the Company’s Consolidated Statements of Income.
The components of net periodic benefit income, included in Other income, net in the Company’s Consolidated Statements of Income for the year ended December 31, 2023 are as follows (in thousands):
Interest cost
(982
Expected return on plan assets
1,221
Amortization of net gain
Settlement gain
10,848
11,087
The following table sets forth the reconciliation of earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):
For the Year Ended December 31,
Computation of Basic and Diluted Earnings Per Share:
Change in redeemable noncontrolling interests' carrying amount
(732
(1,691
2,323
Earnings attributable to participating securities
(2,525
(2,766
(2,819
Net income available to the Company’s common shareholders for basic earnings per share
551,173
371,261
628,756
Distributions on convertible units
Net income available to the Company’s common shareholders for diluted earnings per share
551,209
628,809
Weighted average common shares outstanding – basic
Effect of dilutive securities (1):
Equity awards
1,132
Assumed conversion of convertible units
Weighted average common shares outstanding – diluted
Basic earnings per share
Diluted earnings per share
124
The following table sets forth the reconciliation of Kimco OP’s earnings and the weighted-average number of units used in the calculation of basic and diluted earnings per unit (amounts presented in thousands except per unit data):
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders
(2,861
(2,883
Net income available to Kimco OP’s common unitholders for basic earnings per unit
552,011
371,799
Net income available to Kimco OP’s common shareholders for diluted earnings per unit
552,047
Weighted average common units outstanding – basic
Weighted average common units outstanding – diluted
Net income available to Kimco OP’s common unitholders:
Basic earnings per unit
Diluted earnings per unit
The Company's unvested restricted share/unit awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share/unit awards on earnings per share/unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share/unit awards based on dividends declared and the unvested restricted shares/units' participation rights in undistributed earnings.
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
Balance atbeginningof period
Charged toexpenses
Adjustmentsto valuationaccounts
Deductions
Balance atend ofperiod
Year Ended December 31, 2025
Allowance for uncollectable accounts (1)
6,571
(351
6,220
Allowance for deferred tax asset
10,327
1,479
11,806
Year Ended December 31, 2024
4,528
2,043
3,776
6,551
Year Ended December 31, 2023
6,982
(2,454
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
COST CAPITALIZED
TOTAL COST,
DATE OF
INITIAL COST
SUBSEQUENT
NET OF
ACQUISITION(A)
DESCRIPTION
State
LAND
BUILDING ANDIMPROVEMENTS
TOACQUISITION (1)
TOTAL
ACCUMULATED DEPRECIATION (2)
ACCUMULATEDDEPRECIATION
ENCUMBRANCES(3)
CONSTRUCTION(C)
SHOPPING CENTERS
ARCADIA BILTMORE PLAZA
AZ
850
1,212
1,319
2,169
1,770
2021(A)
BELL CAMINO CENTER
2,427
6,439
1,252
7,691
10,117
3,430
6,687
2012(A)
BELL CAMINO-SAFEWAY PARCEL
1,104
4,574
5,678
933
4,745
2019(A)
BROADWAY MARKETPLACE
3,517
10,303
3,191
13,495
17,012
1,866
15,146
CAMELBACK MILLER PLAZA
6,236
29,230
1,194
30,425
36,661
5,709
30,952
CAMELBACK VILLAGE SQUARE
13,038
725
13,764
3,096
10,668
CHRISTOWN SPECTRUM
33,831
91,004
29,779
76,638
77,974
154,612
25,114
129,498
2015(A)
COLLEGE PARK SHOPPING CENTER
3,277
7,741
1,042
8,784
12,061
3,965
8,096
2011(A)
DESERT VILLAGE
6,465
22,025
347
22,373
28,838
4,280
24,558
ENTRADA DE ORO PLAZA
5,700
11,044
154
11,198
16,898
2,519
14,379
FOUNTAIN PLAZA
4,794
20,373
279
20,652
25,446
3,225
22,221
MADERA VILLAGE
3,980
8,110
1,303
9,413
13,393
1,828
11,565
MADISON VILLAGE MARKETPLACE
4,090
18,343
430
18,772
22,862
2,936
19,926
MESA RIVERVIEW
15,000
151,533
166,225
166,533
83,612
82,921
2005(C)
METRO SQUARE
4,101
16,411
3,713
20,124
24,225
13,665
10,560
1998(A)
MONTE VISTA VILLAGE CENTER
4,064
8,344
841
9,185
13,249
1,709
11,540
NORTH VALLEY
6,862
18,201
14,593
4,796
34,861
39,657
10,512
29,145
PLAZA AT MOUNTAINSIDE
2,450
9,802
2,785
12,587
15,037
8,968
6,069
1997(A)
PLAZA DEL SOL
5,325
21,270
3,365
4,578
25,382
29,960
13,355
16,605
PUEBLO ANOZIRA
7,734
27,063
864
27,926
35,660
5,050
30,610
RAINTREE RANCH CENTER
7,720
30,743
(10
30,733
38,453
4,895
33,558
RED MOUNTAIN GATEWAY
4,653
10,410
4,199
14,610
19,263
2,071
17,192
SCOTTSDALE HORIZON
8,191
36,728
1,830
38,558
46,749
6,233
40,516
SCOTTSDALE WATERFRONT
15,872
30,112
(182
29,929
45,801
6,166
39,635
SHOPPES AT BEARS PATH
3,445
2,874
421
3,295
6,740
616
6,124
SQUAW PEAK PLAZA
2,515
17,021
(179
16,842
19,357
2,682
16,675
VILLAGE CROSSROADS
5,663
24,981
2,201
27,182
32,845
10,340
22,505
280 METRO CENTER
CA
38,735
94,903
(1,256
93,647
132,382
26,550
105,832
580 MARKET PLACE
12,769
48,768
303
49,072
61,841
7,072
54,769
8000 SUNSET STRIP S.C.
43,012
85,115
6,387
91,502
134,514
15,188
119,326
AAA BUILDING AT STEVENS CREEK
1,661
3,114
4,775
554
4,221
ANAHEIM PLAZA
34,228
73,765
11,968
85,733
119,961
15,541
104,420
BLACK MOUNTAIN VILLAGE
4,678
11,913
2,491
14,405
19,083
7,059
12,024
2007(A)
BROOKHURST CENTER
10,493
31,358
5,976
22,300
25,528
47,828
8,298
39,530
2016(A)
BROOKVALE SHOPPING CENTER
14,050
19,771
1,514
21,286
35,336
5,180
30,156
CAMBRIAN PARK PLAZA
41,258
2,015
4,062
6,077
47,335
731
46,604
CENTERWOOD PLAZA
10,981
10,702
252
10,954
21,935
2,033
19,902
CHICO CROSSROADS
9,976
30,535
(1,388
7,905
31,218
39,123
13,420
25,703
2008(A)
CHINO HILLS MARKETPLACE
17,702
72,529
1,977
74,506
92,208
12,977
79,231
CITY HEIGHTS
10,687
28,325
(317
13,909
24,785
38,694
8,247
30,447
CORONA HILLS PLAZA
13,361
53,373
13,616
66,989
80,350
47,691
32,659
COSTCO PLAZA - 541
4,996
19,983
(619
19,364
24,360
14,357
10,003
CREEKSIDE CENTER
3,871
11,563
3,343
5,154
13,623
18,777
3,675
15,102
CROCKER RANCH
24,878
220
25,097
32,623
7,588
25,035
CUPERTINO VILLAGE
19,886
46,535
30,015
76,550
96,436
30,631
65,805
2006(A)
EL CAMINO PROMENADE
7,372
37,592
5,271
42,863
50,235
7,746
42,489
FREEDOM CENTRE
8,933
18,622
(101
18,521
27,454
3,130
24,324
FULTON MARKET PLACE
2,966
6,921
17,406
6,280
21,013
27,293
19,559
2005(A)
GATEWAY AT DONNER PASS
4,516
8,319
15,169
8,759
19,245
28,004
4,924
23,080
GATEWAY PLAZA
18,372
65,851
639
66,489
84,861
9,799
75,062
22,149
GREENHOUSE MARKETPLACE
10,976
27,721
(340
27,381
38,357
4,548
33,809
GREENHOUSE MARKETPLACE II
5,346
7,188
6,432
11,778
640
11,138
KENNETH HAHN PLAZA
4,115
7,661
11,696
6,345
5,351
2010(A)
LA MIRADA THEATRE CENTER
8,817
35,260
829
6,889
38,017
44,906
27,170
17,736
LA VERNE TOWN CENTER
8,414
23,856
14,487
16,362
30,395
46,757
10,115
36,642
2014(A)
LABAND VILLAGE SHOPPING CENTER
5,600
13,289
(684
5,607
12,598
18,205
7,592
10,613
LAKEWOOD PLAZA
1,294
3,669
(628
4,335
1,304
3,031
LAKEWOOD VILLAGE
8,597
24,375
(309
11,683
20,981
32,664
7,634
25,030
LARWIN SQUARE SHOPPING CENTER
17,234
39,731
7,166
46,897
64,131
7,074
57,057
2023(A)
LINCOLN HILLS TOWN CENTER
8,229
26,127
775
26,903
35,132
9,541
25,591
LINDA MAR SHOPPING CENTER
16,549
37,521
3,407
40,929
57,478
12,860
44,618
MADISON PLAZA
5,874
23,476
4,938
28,414
34,288
18,727
15,561
MARINA VILLAGE
14,108
27,414
7,934
35,349
49,457
6,980
42,477
NORTH COUNTY PLAZA
10,205
28,934
2,124
20,895
20,368
41,263
6,723
34,540
NOVATO FAIR S.C.
9,260
15,600
1,141
16,740
26,000
8,072
17,928
2009(A)
ON THE CORNER AT STEVENS CREEK
1,825
4,641
4,611
6,436
630
5,806
PLAZA DI NORTHRIDGE
12,900
40,575
5,244
45,819
58,719
21,264
37,455
POWAY CITY CENTRE
5,855
13,792
15,527
7,248
35,174
12,962
22,212
128
RANCHO PENASQUITOS TOWNE CTR I
14,852
20,342
1,032
21,373
36,225
6,588
29,637
RANCHO PENASQUITOS TWN CTR II
12,945
20,324
1,043
21,367
34,312
6,550
27,762
RANCHO PENASQUITOS-VONS PROP.
2,918
9,146
12,064
1,737
RANCHO SAN MARCOS VILLAGE
9,050
29,357
8,275
9,483
37,199
46,682
4,838
41,844
REDWOOD CITY PLAZA
2,552
6,215
5,901
12,116
14,668
4,503
10,165
SAN DIEGO CARMEL MOUNTAIN
5,323
8,874
(1,859
7,015
12,338
3,006
9,332
SAN MARCOS PLAZA
1,883
12,044
1,976
14,020
15,903
1,810
14,093
SANTEE TROLLEY SQUARE
40,209
62,964
2,825
65,789
105,998
26,307
79,691
SILVER CREEK PLAZA
33,541
53,176
1,165
54,342
87,883
8,748
79,135
SOUTH NAPA MARKET PLACE
1,100
22,159
21,953
23,119
22,093
45,212
15,006
30,206
SOUTHAMPTON CENTER
10,289
64,096
772
64,868
75,157
8,981
66,176
19,014
STANFORD RANCH
10,584
30,007
2,842
9,983
33,450
43,433
8,877
34,556
STEVENS CREEK CENTRAL S.C.
41,818
45,886
881
46,767
88,585
9,865
78,720
STONY POINT PLAZA
10,361
38,054
201
38,254
48,615
6,620
41,995
TRUCKEE CROSSROADS
2,140
(18,465
9,860
12,000
6,492
5,508
TUSTIN HEIGHTS SHOPPING CENTER
16,745
30,953
6,083
16,775
37,006
53,781
5,977
47,804
WESTLAKE SHOPPING CENTER
16,174
64,819
124,115
24,098
181,011
205,109
78,648
126,461
2002(A)
WESTMINSTER CENTER
60,428
64,973
930
65,904
126,332
13,547
112,785
45,544
WHITTWOOD TOWN CENTER
57,136
105,815
5,732
57,139
111,544
168,683
33,149
135,534
2017(A)
CROSSING AT STONEGATE
CO
11,909
33,111
718
11,680
34,057
45,737
5,772
39,965
DENVER WEST 38TH STREET
161
647
632
1,279
1,440
794
646
EAST BANK S.C.
1,501
6,180
8,416
14,596
16,097
6,240
9,857
EDGEWATER MARKETPLACE
7,807
32,706
635
33,341
41,148
5,628
35,520
ENGLEWOOD PLAZA
806
3,233
1,581
4,814
5,620
2,935
2,685
FRONT RANGE VILLAGE
16,634
122,714
(1,295
121,418
138,052
13,577
124,475
2024(A)
GREELEY COMMONS
3,313
20,070
3,913
23,983
27,296
7,802
19,494
HERITAGE WEST S.C.
1,527
3,644
9,768
11,295
6,453
4,842
HIGHLANDS RANCH II
3,515
11,756
2,191
13,947
17,462
5,286
12,176
2013(A)
HIGHLANDS RANCH VILLAGE S.C.
8,135
21,580
2,083
5,337
26,461
31,798
8,978
22,820
LOWRY TOWN CENTER
3,271
32,685
33,859
37,130
5,026
32,104
MARKET AT SOUTHPARK
9,783
20,780
7,189
27,968
37,751
10,302
27,449
NORTHRIDGE SHOPPING CENTER
4,933
16,496
10,029
8,934
22,524
31,458
8,845
22,613
QUINCY PLACE S.C.
1,148
4,608
3,272
7,880
9,028
5,306
3,722
RIVER POINT AT SHERIDAN
13,223
30,444
2,864
12,331
34,200
46,531
8,315
38,216
RIVER POINT AT SHERIDAN II
1,255
4,231
5,486
741
VILLAGE CENTER - HIGHLAND RANCH
1,140
2,660
284
2,944
4,084
879
3,205
VILLAGE CENTER WEST
2,011
8,361
1,368
9,729
11,740
3,093
8,647
VILLAGE ON THE PARK
2,194
8,886
22,263
3,018
30,325
33,343
11,312
22,031
BRIGHT HORIZONS
CT
168
4,779
5,991
1,905
4,086
HAMDEN MART
13,668
40,890
4,802
14,226
45,134
59,360
12,933
46,427
16,147
HOME DEPOT PLAZA
7,705
30,798
4,163
34,960
42,665
24,394
18,271
NEWTOWN S.C.
15,635
555
16,189
11,713
WEST FARM SHOPPING CENTER
23,348
21,068
7,585
42,637
50,222
26,809
23,413
WILTON CAMPUS
10,169
31,893
493
32,386
42,555
8,678
33,877
WILTON RIVER PARK SHOPPING CTR
7,155
27,509
2,095
29,604
36,759
9,930
26,829
BRANDYWINE COMMONS
DE
36,057
(394
35,663
11,583
24,080
ARGYLE VILLAGE
FL
5,228
36,814
288
37,101
42,329
6,743
35,586
BELMART PLAZA
1,656
3,394
6,088
9,482
2,706
8,432
BOCA LYONS PLAZA
13,280
37,990
51,270
6,162
45,108
CAMINO SQUARE
574
2,296
977
1,675
2,172
3,847
3,718
1992(A)
CARROLLWOOD COMMONS
5,220
16,884
6,457
23,340
28,560
14,001
14,559
CENTER AT MISSOURI AVENUE
294
792
6,848
7,640
2,883
5,051
1968(C)
CHEVRON OUTPARCEL
531
1,253
1,784
1,254
COLONIAL PLAZA
25,516
54,604
4,039
58,642
84,158
13,202
70,956
CORAL POINTE S.C.
2,412
20,508
1,126
21,634
24,046
6,238
17,808
CORAL SQUARE PROMENADE
710
2,843
3,742
6,586
7,296
4,874
1994(A)
CORSICA SQUARE S.C.
7,225
10,757
401
11,158
18,383
3,863
14,520
COUNTRYSIDE CENTRE
11,116
41,581
2,712
44,293
55,409
7,507
47,902
CURLEW CROSSING SHOPPING CTR
5,316
12,529
878
3,312
15,411
18,723
8,588
10,135
CYPRESS POINT
4,680
24,662
24,682
29,362
2,724
26,638
DANIA POINTE
105,113
36,313
25,974
115,452
141,426
19,422
122,004
2016(C)
DANIA POINTE - PHASE II
296,476
269,295
296,477
34,797
261,680
EMBASSY LAKES
6,565
18,104
19,398
25,963
2,952
FLAGLER PARK
26,163
80,737
6,657
26,725
86,832
113,557
37,339
76,218
FT LAUDERDALE #1, FL
1,003
2,602
1,774
21,094
22,868
14,009
8,859
1974(C)
FT. LAUDERDALE/CYPRESS CREEK
14,259
28,042
5,869
33,912
48,171
21,802
26,369
GRAND OAKS VILLAGE
7,409
19,654
1,008
5,846
22,225
28,071
7,962
20,109
GROVE GATE S.C.
366
1,049
793
1,842
2,208
1,720
HIGHLAND LAKES PLAZA
2,677
9,660
5,284
14,943
17,620
1,022
16,598
IVES DAIRY CROSSING
733
4,080
12,132
721
16,224
16,945
11,996
4,949
1985(A)
KENDALE LAKES PLAZA
18,491
28,496
(1,196
15,362
30,429
45,791
12,410
33,381
LARGO PLAZA
23,571
63,604
3,615
67,220
90,791
13,554
77,237
MAPLEWOOD PLAZA
1,649
6,626
2,059
8,686
10,335
5,738
4,597
MARATHON SHOPPING CENTER
2,413
4,705
1,515
13,672
15,187
3,308
11,879
MARKETPLACE OF DELRAY
13,941
24,638
2,335
26,972
40,913
3,726
MARKETS AT TOWN CENTER
22,489
92,066
224
92,289
114,778
6,790
107,988
2025(A)
MERCHANTS WALK
2,581
10,366
11,479
21,845
24,426
14,599
9,827
2001(A)
MILLENIA PLAZA PHASE II
7,711
20,703
7,698
26,955
34,653
13,737
20,916
MILLER ROAD S.C.
1,138
4,552
4,877
9,429
10,567
6,791
1986(A)
MILLER WEST PLAZA
6,726
10,661
866
11,527
18,253
3,542
14,711
MISSION BELL SHOPPING CENTER
5,056
11,843
8,971
20,803
25,870
9,816
16,054
2004(A)
NASA PLAZA
1,754
5,639
7,393
5,671
1,722
OAKWOOD BUSINESS CTR-BLDG 1
6,793
18,663
24,014
30,807
10,846
19,961
OAKWOOD PLAZA NORTH
35,301
141,731
4,766
146,497
181,798
35,906
145,892
OAKWOOD PLAZA SOUTH
11,127
40,592
985
41,577
52,704
19,021
33,683
PALMS AT TOWN & COUNTRY
30,137
94,674
101,749
131,886
22,535
109,351
PALMS AT TOWN & COUNTRY LIFESTYLE
26,597
92,088
1,625
93,713
120,310
14,671
105,639
PARK HILL PLAZA
10,764
19,264
2,244
21,507
32,271
8,114
24,157
PARKWAY SHOPS
4,774
18,461
18,532
23,306
1,789
21,517
PHILLIPS CROSSING
53,536
(14
53,522
9,569
43,953
PLANTATION CROSSING
2,782
8,077
3,256
11,333
14,115
3,290
10,825
POMPANO POINTE S.C.
10,517
14,356
686
15,042
25,559
4,149
21,410
RENAISSANCE CENTER
9,104
36,541
9,123
84,399
93,522
31,039
62,483
RIVERPLACE SHOPPING CTR.
7,503
31,011
3,909
7,200
35,223
42,423
14,162
28,261
RIVERSIDE LANDINGS S.C.
3,512
14,440
1,006
15,445
18,957
4,500
14,457
RIVER CITY MARKETPLACE
26,970
115,484
4,189
119,672
146,642
15,719
130,923
SEA RANCH CENTRE
3,298
21,259
469
21,728
25,026
3,441
21,585
SHOPPES AT DEERFIELD
19,069
69,485
6,116
75,601
94,670
11,824
82,846
SHOPPES AT DEERFIELD II
788
6,388
6,640
7,428
6,549
SHOPS AT SANTA BARBARA PHASE 1
743
5,374
309
5,683
6,426
1,747
4,679
SHOPS AT SANTA BARBARA PHASE 2
332
2,489
2,854
748
2,106
SHOPS AT SANTA BARBARA PHASE 3
330
2,359
2,398
2,728
656
2,072
SODO S.C.
68,139
9,553
77,550
77,692
30,787
46,905
131
SOUTH MIAMI S.C.
1,280
5,134
3,983
9,117
10,397
6,932
3,465
1995(A)
SUNSET 19 S.C.
12,460
55,354
55,405
67,865
10,468
57,397
TJ MAXX PLAZA
10,341
38,660
1,235
39,895
50,236
6,246
43,990
TRI-CITY PLAZA
2,832
11,329
24,385
35,714
38,546
12,296
26,250
TUTTLEBEE PLAZA
255
828
3,300
4,128
4,383
2,850
1,533
UNIVERSITY TOWN CENTER
5,515
13,041
1,504
14,544
20,059
5,832
14,227
VILLAGE COMMONS S.C.
2,026
5,106
1,892
6,998
9,024
2,585
VILLAGE COMMONS SHOPPING CENTER
2,192
8,774
8,122
16,897
19,089
9,919
9,170
VILLAGE GREEN CENTER
13,466
307
13,773
25,178
3,311
21,867
15,886
VIZCAYA SQUARE
5,773
20,965
629
21,593
27,366
4,083
23,283
WATERFORD LAKES TOWN CENTER
272,462
14,790
287,252
338,921
23,495
315,426
160,071
WELLINGTON GREEN COMMONS
19,528
32,521
(336
32,186
51,714
6,032
45,682
13,020
WELLINGTON GREEN PAD SITES
3,854
1,777
3,269
5,046
8,900
610
8,290
WEST BROWARD S.C.
4,600
15,372
11,952
27,324
31,924
4,553
27,371
WINN DIXIE-MIAMI
2,990
9,410
(33
3,544
8,823
12,367
2,654
9,713
WINTER PARK CORNERS
5,191
42,530
434
42,964
48,155
6,630
41,525
VILLAGE LAKES S.C.
6,583
17,369
623
17,992
24,575
2,025
22,550
BRAELINN VILLAGE
GA
7,315
20,739
2,168
3,731
26,492
30,223
22,583
BROWNSVILLE COMMONS
5,488
5,602
6,195
823
5,372
CAMP CREEK MARKETPLACE II
4,441
38,596
1,343
39,939
44,380
6,441
37,939
EMBRY VILLAGE
18,147
33,010
5,535
18,161
38,531
56,692
26,867
29,825
GRAYSON COMMONS
2,600
13,358
(22
13,335
15,935
2,057
13,878
LAKESIDE MARKETPLACE
2,238
28,579
1,159
29,738
31,976
4,805
27,171
LAWRENCEVILLE MARKET
8,878
29,691
1,913
9,060
31,422
40,482
12,817
27,665
MARKET AT HAYNES BRIDGE
4,881
21,549
3,383
4,890
24,923
29,813
11,581
18,232
NEWNAN PAVILLION
8,793
40,441
381
40,821
49,614
4,618
44,996
PEACHTREE HILL
6,361
297
16,394
22,755
2,127
20,628
PERIMETER EXPO PROPERTY
14,770
44,295
2,957
16,142
45,880
62,022
13,458
48,564
PERIMETER VILLAGE
5,418
67,522
(2,043
65,479
70,897
9,321
61,576
PROMENADE AT PLEASANT HILL
14,480
25,564
739
26,303
40,783
3,905
36,878
RIVERWALK MARKETPLACE
18,863
402
3,388
19,388
22,776
5,536
17,240
ROSWELL CORNERS
4,536
47,054
941
47,996
52,532
7,628
44,904
ROSWELL CROSSING
6,270
45,338
45,970
52,240
7,472
44,768
WOODSTOCK SQUARE
8,805
39,829
808
40,638
49,443
4,577
44,866
DEER GROVE CENTER
IL
2,723
20,894
854
21,747
24,470
3,360
21,110
HAWTHORN HILLS SQUARE
6,784
33,034
4,892
37,925
44,709
16,099
28,610
132
PLAZA DEL PRADO
10,204
28,410
2,872
10,172
31,313
41,485
8,399
33,086
SKOKIE POINTE
2,276
9,867
2,628
9,515
12,143
6,018
6,125
GREENWOOD S.C.
IN
423
22,315
1,641
22,980
24,621
7,334
17,287
1970(C)
BUTTERMILK TOWNE CENTER
KY
29,940
29,996
3,237
26,759
FESTIVAL ON JEFFERSON COURT
5,627
26,790
465
27,255
32,882
5,261
27,621
ADAMS PLAZA
MA
2,089
3,227
3,480
5,569
4,395
BROADWAY PLAZA
6,485
343
295
6,533
BROOKLINE VILLAGE
1,760
2,662
(47
2,614
4,374
230
4,144
FALMOUTH PLAZA
2,361
13,066
2,368
15,434
17,795
4,323
13,472
FELLSWAY PLAZA
5,300
11,014
1,876
12,890
18,190
4,661
13,529
FESTIVAL OF HYANNIS S.C.
15,038
40,683
3,397
44,080
59,118
15,022
44,096
GLENDALE SQUARE
4,699
7,141
3,578
10,719
15,418
2,634
12,784
LINDEN PLAZA
4,628
3,535
4,245
8,873
2,134
6,739
MAIN ST. PLAZA
556
2,139
853
1,809
MEMORIAL PLAZA
27,554
28,833
45,244
7,933
37,311
MILL ST. PLAZA
4,195
6,203
1,778
7,981
2,680
9,496
MORRISSEY PLAZA
4,097
3,751
2,773
6,524
10,621
1,569
9,052
NORTHBOROUGH CROSSING
12,711
50,230
974
51,205
63,916
6,096
57,820
NORTH AVE. PLAZA
1,195
341
1,536
2,700
525
2,175
NORTH QUINCY PLAZA
6,333
17,954
3,894
20,986
24,880
5,825
19,055
PARADISE PLAZA
4,183
12,195
1,521
13,716
17,899
13,097
VINNIN SQUARE IN-LINE
582
2,123
2,705
604
2,101
VINNIN SQUARE PLAZA
5,545
16,324
1,155
17,479
23,024
6,553
16,471
WASHINGTON ST. PLAZA
11,008
5,652
10,685
12,958
14,387
27,345
6,081
WASHINGTON ST. S.C.
7,381
9,987
3,437
13,424
20,805
4,104
16,701
WAVERLY PLAZA
1,215
3,623
1,186
1,203
4,822
6,025
4,585
CENTRE COURT-GIANT
MD
12,770
170
12,941
16,795
5,311
11,484
1,685
CENTRE COURT-OLD COURT/COURTYD
2,279
5,285
5,439
7,718
1,914
5,804
CENTRE COURT-RETAIL/BANK
1,035
7,786
8,650
9,685
2,973
6,712
COLUMBIA CROSSING
34,345
5,736
40,082
43,695
11,005
32,690
COLUMBIA CROSSING II SHOP.CTR.
3,138
19,868
5,277
25,145
28,283
8,137
20,146
COLUMBIA CROSSING OUTPARCELS
2,871
49,621
14,855
38,916
53,771
8,449
45,322
CROFTON CENTRE
5,379
27,547
1,626
29,173
34,552
3,211
31,341
DORSEY'S SEARCH VILLAGE CENTER
6,322
27,996
1,508
29,504
35,826
8,017
27,809
ENCHANTED FOREST S.C.
3,652
37,997
58,121
11,317
46,804
FULLERTON PLAZA
14,238
6,744
23,984
38,222
6,491
31,731
GAITHERSBURG S.C.
245
6,788
9,029
9,274
6,126
3,148
1999(A)
GREENBRIER S.C.
8,891
30,305
1,707
32,011
40,902
9,941
30,961
HARPER'S CHOICE
8,429
18,374
1,880
20,254
28,683
6,037
22,646
HICKORY RIDGE
7,184
26,948
299
27,247
34,431
7,176
HICKORY RIDGE (SUNOCO)
543
2,122
2,665
643
2,022
INGLESIDE S.C.
10,417
17,889
1,757
19,647
30,064
23,981
KENTLANDS MARKET SQUARE
20,167
84,615
21,179
105,794
125,961
23,704
102,257
KINGS CONTRIVANCE
9,308
31,760
2,038
33,798
43,106
10,378
32,728
LAUREL PLAZA
350
1,398
7,517
1,571
7,693
9,264
4,256
5,008
275
1,101
174
1,275
1,550
1972(C)
MILL STATION DEVELOPMENT
21,321
59,771
13,671
67,421
81,092
8,510
72,582
2015(C)
MILL STATION THEATER/RSTRNTS
23,379
1,090
(3,316
14,738
6,416
21,154
3,154
18,000
PIKE CENTER
22,085
21,850
61,623
83,473
8,378
75,095
PUTTY HILL PLAZA
4,192
11,112
1,663
12,775
16,967
5,014
11,953
RADCLIFFE CENTER
12,043
21,188
(36
21,152
33,195
7,626
25,569
RIVERHILL VILLAGE CENTER
16,825
23,282
1,351
24,632
41,457
8,376
33,081
SHAWAN PLAZA
4,466
20,222
273
20,495
24,961
15,277
9,684
SHOPS AT DISTRICT HEIGHTS
8,166
21,971
(1,189
7,298
21,650
28,948
23,346
SNOWDEN SQUARE S.C.
1,929
4,558
5,187
3,326
8,348
11,674
2,972
8,702
TIMONIUM CROSSING
2,525
14,863
1,989
16,852
19,377
4,620
14,757
TIMONIUM SQUARE
6,000
24,283
14,555
7,311
37,528
44,839
21,854
22,985
2003(A)
TOWSON PLACE
43,887
101,765
9,800
43,271
112,181
155,452
35,921
119,531
VILLAGES AT URBANA
3,190
20,356
4,829
18,724
23,553
5,586
17,967
WILDE LAKE
1,468
5,870
28,144
2,577
32,905
35,482
14,780
20,702
WILKENS BELTWAY PLAZA
9,948
22,126
6,880
29,006
38,954
7,449
31,505
YORK ROAD PLAZA
4,277
37,206
38,418
42,695
10,752
31,943
WEST OAKS S.C.
MI
10,430
95,233
95,573
106,003
11,166
94,837
WINCESTER CENTER
8,057
44,262
2,088
46,351
54,408
5,689
48,719
CLINTON POINTE
5,608
7,717
1,224
8,939
14,547
1,062
13,485
CENTENNIAL SHOPPES
MN
35,582
35,592
4,501
31,091
THE FOUNTAINS AT ARBOR LAKES
28,585
66,699
17,284
29,485
83,083
112,568
42,231
70,337
WOODBURY LAKES
11,392
58,159
7,075
65,233
76,625
10,770
65,856
CENTER POINT S.C.
MO
550
HERITAGE PLACE
7,570
43,306
367
43,672
51,242
7,580
43,663
BRENNAN STATION
NC
7,750
20,557
23,048
29,370
8,200
21,170
BRENNAN STATION OUTPARCEL
628
1,666
(208
450
1,636
2,086
560
1,526
CAPITAL SQUARE
3,528
12,159
12,031
15,559
2,516
13,043
CLOVERDALE PLAZA
541
720
9,555
10,275
10,816
5,305
5,511
1969(C)
CROSSROADS PLAZA
768
3,099
3,063
6,930
3,010
3,920
2000(A)
13,406
86,456
8,185
13,843
94,204
108,047
29,219
78,828
DAVIDSON COMMONS
2,979
1,551
14,412
17,391
5,205
12,186
FALLS POINTE
4,049
27,415
326
3,990
27,801
31,791
4,616
27,175
HIGH HOUSE CROSSING
3,604
10,950
(669
10,281
13,885
12,177
HOPE VALLEY COMMONS
3,743
16,808
352
17,160
20,903
2,755
18,148
JETTON VILLAGE SHOPPES
3,875
10,292
1,390
2,144
13,413
15,557
4,716
10,841
LEESVILLE TOWNE CENTRE
5,693
37,053
508
37,561
43,254
6,312
36,942
MOORESVILLE CROSSING
12,014
30,604
4,555
35,840
47,173
16,871
30,302
NORTHWOODS S.C.
2,696
9,397
204
9,601
12,297
1,681
10,616
PARK PLACE SC
5,461
16,163
5,063
5,470
21,216
26,686
12,363
14,323
PLEASANT VALLEY PROMENADE
5,209
20,886
26,602
47,487
52,696
31,136
21,560
1993(A)
QUAIL CORNERS
7,318
26,676
2,388
29,063
36,381
8,945
27,436
SIX FORKS S.C.
78,366
3,078
81,444
12,202
69,242
STONEHENGE MARKET
3,848
37,900
3,657
41,557
45,405
5,756
39,649
TYVOLA SQUARE
4,736
9,972
14,708
12,088
2,620
WOODLAWN MARKETPLACE
919
3,571
3,345
6,916
7,835
5,456
2,379
WOODLAWN SHOPPING CENTER
5,834
8,308
10,319
3,023
ROCKINGHAM PLAZA
NH
2,661
10,644
25,210
3,149
35,365
38,514
24,241
14,273
THE CROSSINGS
10,532
95,130
2,651
97,781
108,313
11,376
96,937
WEBSTER SQUARE
41,708
11,454
53,162
64,845
15,374
49,471
WEBSTER SQUARE - DSW
1,346
3,638
3,770
5,116
1,030
WEBSTER SQUARE NORTH
2,163
6,511
6,914
9,077
6,991
CENTRAL PLAZA
NJ
3,170
10,603
1,534
5,145
10,162
15,307
4,688
10,619
CLARK SHOPRITE 70 CENTRAL AVE
3,497
11,694
995
13,960
2,226
16,186
1,981
14,205
COMMERCE CENTER EAST
1,519
5,080
1,753
7,235
1,117
8,352
1,039
7,313
COMMERCE CENTER WEST
386
1,290
162
1,044
1,838
1,457
COMMONS AT HOLMDEL
16,538
38,760
14,721
53,481
70,019
25,285
44,734
EAST WINDSOR VILLAGE
9,335
23,778
1,765
25,543
34,878
11,661
23,217
GARDEN STATE PAVILIONS
7,531
10,802
32,149
12,204
38,278
50,482
13,717
36,765
HILLVIEW SHOPPING CENTER
16,008
32,607
2,741
35,348
51,356
10,365
40,991
HOLMDEL TOWNE CENTER
43,301
11,862
55,162
65,987
33,933
32,054
MAPLE SHADE
9,958
2,596
12,554
5,002
7,552
NORTH BRUNSWICK PLAZA
12,820
30,920
43,740
46,945
29,657
17,288
PISCATAWAY TOWN CENTER
3,852
3,089
18,500
22,352
12,299
10,053
PLAZA AT HILLSDALE
7,602
6,994
1,736
8,730
16,332
3,527
12,805
PLAZA AT SHORT HILLS
20,155
11,062
2,037
13,099
33,254
28,636
RIDGEWOOD S.C.
2,107
1,372
3,479
1,352
135
SHOP RITE PLAZA
2,418
3,366
9,730
12,148
4,052
1985(C)
UNION CRESCENT III
7,895
3,011
20,383
8,697
22,591
31,288
14,745
16,543
WESTMONT PLAZA
602
2,405
21,502
23,907
24,509
11,502
13,007
WILLOWBROOK PLAZA
15,320
40,997
16,289
57,286
72,606
16,334
56,272
NORTH TOWNE PLAZA - ALBUQUERQUE
NM
3,598
33,327
797
34,124
37,722
5,518
32,204
CHARLESTON COMMONS
NV
29,704
24,267
25,854
55,558
8,256
47,302
COLLEGE PARK S.C.-N LAS VEGAS
2,100
18,413
15,656
16,274
19,895
36,169
4,026
32,143
D'ANDREA MARKETPLACE
11,556
29,435
30,484
42,040
14,675
27,365
DEL MONTE PLAZA
5,590
1,391
2,210
7,261
9,471
4,240
5,231
DEL MONTE PLAZA ANCHOR PARCEL
6,513
17,600
565
6,520
18,158
24,678
4,542
20,136
FRANCISCO CENTER
1,800
10,085
14,868
13,981
12,771
26,752
2,619
24,133
GALENA JUNCTION
8,931
17,503
2,959
8,930
20,462
29,392
7,219
22,173
MCQUEEN CROSSINGS
5,017
20,779
1,493
22,272
27,289
11,058
16,231
RANCHO TOWNE & COUNTRY
7,785
13,364
233
13,596
21,381
18,892
REDFIELD PROMENADE
4,415
32,035
2,879
34,914
39,329
10,140
29,189
SPARKS MERCANTILE
6,222
17,069
672
17,741
23,963
6,504
17,459
501 NORTH BROADWAY
NY
1,176
(37
1,139
619
AIRPORT PLAZA
22,711
107,012
7,738
114,749
137,460
34,788
102,672
BELLMORE S.C.
1,272
3,184
1,840
5,023
6,295
3,068
BIRCHWOOD PLAZA COMMACK
3,630
1,443
6,218
9,848
2,999
6,849
BRIDGEHAMPTON COMMONS-W&E SIDE
1,812
3,107
44,860
1,858
47,922
49,780
30,936
18,844
CARMAN'S PLAZA
12,558
37,290
4,175
12,562
41,461
54,023
5,842
48,181
2022(A)
CHAMPION FOOD SUPERMARKET
758
1,875
(25
2,608
269
2,339
ELMONT S.C.
3,012
7,606
6,885
14,491
6,638
10,865
ELMSFORD CENTER 2
4,076
15,599
1,118
16,548
20,793
6,519
14,274
FAMILY DOLLAR UNION TURNPIKE
909
2,250
214
1,057
2,316
3,373
798
2,575
FOREST AVENUE PLAZA
4,559
10,441
3,134
13,574
18,133
6,142
11,991
FRANKLIN SQUARE S.C.
1,079
2,517
4,041
6,559
7,638
3,101
4,537
GREAT NECK OUTPARCEL
4,019
GREENRIDGE PLAZA
2,940
11,812
11,982
23,587
26,735
13,868
12,867
HAMPTON BAYS PLAZA
1,495
5,979
3,976
9,955
11,450
8,840
2,610
1989(A)
HICKSVILLE PLAZA
3,543
8,266
1,234
9,501
13,044
4,561
8,483
INDEPENDENCE PLAZA
12,279
34,814
318
16,132
31,279
47,411
12,379
35,032
JERICHO COMMONS SOUTH
12,368
33,071
4,514
37,585
49,953
17,350
32,603
KEY FOOD - 21ST STREET
(369
1,669
1,752
3,421
2,951
136
KEY FOOD - ATLANTIC AVE
2,273
5,625
509
4,809
8,407
1,491
KEY FOOD - CENTRAL AVE.
2,788
6,899
(395
2,603
6,689
9,292
2,435
6,857
KINGS HIGHWAY
2,744
6,811
4,387
11,197
5,041
KISSENA BOULEVARD SHOPPING CTR
11,610
2,933
2,439
5,373
16,983
15,366
LITTLE NECK PLAZA
13,161
6,279
19,439
22,716
11,705
11,011
MANETTO HILL PLAZA
264
584
18,893
19,477
19,741
10,182
9,559
MANHASSET CENTER
4,567
19,166
34,152
3,472
54,413
57,885
37,154
20,731
MARKET AT BAY SHORE
12,360
30,708
8,297
39,005
51,365
19,975
31,390
MASPETH QUEENS-DUANE READE
1,872
4,828
1,037
5,865
7,737
2,887
4,850
MILLERIDGE INN
7,500
481
526
8,026
MINEOLA CROSSINGS
4,150
7,521
1,530
9,051
13,201
3,686
NORTH MASSAPEQUA S.C.
1,881
4,389
(1,393
4,419
458
OCEAN PLAZA
564
2,269
416
3,249
1,329
1,920
RALPH AVENUE PLAZA
4,414
11,340
3,937
19,691
12,219
RICHMOND S.C.
2,280
22,840
31,868
34,148
19,688
14,460
ROMAINE PLAZA
782
1,826
588
2,414
3,196
1,216
1,980
SEQUAMS SHOPPING CENTER
3,971
337
8,991
1,023
11,939
SHOPRITE S.C.
872
3,488
4,360
2,969
STOP & SHOP
21,661
17,636
39,297
1,785
37,512
SMITHTOWN PLAZA
7,364
730
8,184
11,621
4,357
7,264
SOUTHGATE SHOPPING CENTER
18,822
62,670
18,829
64,640
83,469
7,533
75,936
19,537
SYOSSET CORNERS
6,169
13,302
755
14,056
20,225
1,793
18,432
SYOSSET S.C.
3,224
3,331
1,864
1,467
1990(C)
THE BOULEVARD
28,724
38,232
269,162
307,394
336,118
47,721
288,397
THE GARDENS AT GREAT NECK
27,956
71,366
2,312
27,962
73,672
101,634
6,966
94,668
16,686
THE GREEN COVE PLAZA
17,017
39,206
2,030
41,237
58,254
4,588
53,666
THE MARKETPLACE
4,498
9,850
412
10,261
14,759
837
13,922
4,742
THE SHOPPES AT 82ND STREET
12,917
63,985
76,902
158
76,744
TOWNPATH CORNER
2,675
6,408
365
6,773
9,448
8,723
TURNPIKE PLAZA
2,472
5,839
1,242
7,081
2,765
VETERANS MEMORIAL PLAZA
5,968
23,243
23,380
5,980
46,611
52,591
27,806
WHITE PLAINS S.C.
4,454
2,977
7,431
9,209
5,605
WOODBURY COMMON
27,249
28,516
1,460
29,975
57,224
4,505
52,719
BRIDGWATER FALLS
OH
7,271
85,626
3,235
88,860
96,131
10,747
85,384
DEERFIELD TOWNE CENTER
85,154
6,699
91,853
98,644
13,502
85,142
OLENTANGY PLAZA
3,932
42,588
1,693
44,282
48,214
4,860
43,354
SPRING MEADOWS PLACE
2,817
43,345
832
44,177
46,994
5,297
41,697
JANTZEN BEACH CENTER
57,575
102,844
11,417
57,588
114,247
171,835
30,865
140,970
TANASBOURNE VILLAGE
9,681
68,229
9,682
68,331
78,013
1,511
76,502
31,278
CENTER SQUARE SHOPPING CENTER
PA
732
2,928
1,236
691
4,205
4,896
3,368
1,528
1996(A)
CRANBERRY TOWNSHIP-PARCEL 1&2
10,271
30,770
6,070
38,632
44,702
11,131
33,571
789
3,155
14,807
976
17,775
18,751
12,934
5,817
DEVON VILLAGE
4,856
25,847
2,849
27,945
33,553
11,506
22,047
FISHTOWN CROSSING
20,398
22,602
608
20,401
23,206
43,607
4,899
38,708
HARRISBURG EAST SHOPPING CTR.
453
6,665
12,614
3,003
16,730
19,733
11,229
8,504
HORSHAM POINT
3,813
18,189
868
19,057
22,870
5,095
LINCOLN SQUARE
90,479
77,728
10,533
157,674
168,207
24,090
144,117
2017(C)
NORRITON SQUARE
9,072
774
11,649
12,423
6,475
5,948
1984(A)
POCONO PLAZA
1,050
2,373
18,839
21,211
22,261
4,060
1973(C)
SHOPPES AT WYNNEWOOD
7,479
3,692
11,171
939
10,232
SHREWSBURY SQUARE S.C.
8,066
16,998
(1,607
6,172
23,456
18,038
SPRINGFIELD S.C.
920
4,982
23,234
24,154
14,598
9,556
1983(A)
SUBURBAN SQUARE
70,680
166,351
86,833
252,584
323,864
92,432
231,432
TOWNSHIP LINE S.C.
2,930
3,662
2,202
WAYNE PLAZA
15,605
2,218
6,136
17,815
23,951
8,045
15,906
WEXFORD PLAZA
6,414
9,775
15,517
6,299
25,407
31,706
9,192
22,514
WHITEHALL MALL
5,196
5,198
3,908
WHITELAND TOWN CENTER
2,989
3,721
2,261
WHOLE FOODS AT WYNNEWOOD
11,785
13,772
13,055
26,827
2,415
24,412
2014(C)
LOS COLOBOS - BUILDERS SQUARE
PR
4,405
9,628
(538
4,461
9,034
8,493
LOS COLOBOS I
12,891
26,047
26,341
18,016
47,262
65,278
24,196
41,082
LOS COLOBOS II
14,894
30,681
1,860
15,142
32,293
47,435
18,677
28,758
MANATI VILLA MARIA SC
2,781
5,673
2,535
2,607
8,382
10,989
5,176
5,813
PLAZA CENTRO - COSTCO
3,628
(455
3,866
10,059
13,925
5,840
8,085
PLAZA CENTRO - MALL
19,873
7,345
19,408
66,529
85,937
32,182
53,755
PLAZA CENTRO - RETAIL
5,936
16,510
1,423
6,026
17,843
23,869
9,042
14,827
PLAZA CENTRO - SAM'S CLUB
6,643
(1,170
19,178
25,698
18,182
7,516
PONCE TOWNE CENTER
14,433
28,449
7,325
14,903
35,303
50,206
22,704
27,502
REXVILLE TOWN CENTER
24,873
48,688
9,172
25,678
57,055
82,733
37,908
44,825
TRUJILLO ALTO PLAZA
12,054
24,446
9,973
12,289
34,184
46,473
18,388
28,085
WESTERN PLAZA - MAYAGUEZ ONE
10,858
12,253
891
11,242
12,760
24,002
11,679
12,323
WESTERN PLAZA - MAYAGUEZ TWO
16,874
19,911
3,587
16,873
23,499
40,372
19,901
20,471
FOREST PARK
SC
9,545
658
10,203
12,123
3,717
8,406
ST. ANDREWS CENTER
3,132
22,118
25,250
25,980
15,416
10,564
1978(C)
WESTWOOD PLAZA
1,744
6,986
15,359
1,727
22,361
24,088
9,244
14,844
WOODRUFF SHOPPING CENTER
3,110
15,501
16,918
6,992
13,391
BELLEVUE PLACE
TN
9,137
501
9,638
13,150
988
12,162
HIGHLAND SQUARE
1,302
2,130
(3,432
MENDENHALL COMMONS
14,826
150
14,976
16,248
2,321
13,927
OLD TOWNE VILLAGE
4,134
4,761
8,895
7,164
1,731
PROVIDENCE MARKETPLACE
84,332
1,349
85,681
104,432
13,614
90,818
THE COMMONS AT DEXTER LAKE
1,554
14,649
2,293
16,942
18,496
3,265
15,231
THE COMMONS AT DEXTER LAKE II
567
9,609
1,672
7,937
1350 W. 43RD ST. - WELLS FARGO
TX
3,707
247
3,708
3,955
3,819
1934 WEST GRAY
705
4,831
(301
4,530
5,235
4,864
1939 WEST GRAY
177
1,907
2,176
232
1,944
43RD STREET CHASE BANK BLDG
497
1,703
1,759
2,256
313
1,943
ACCENT PLAZA
2,831
542
3,873
1,655
ALABAMA SHEPHERD S.C.
4,590
21,368
594
21,962
26,552
3,666
22,886
ATASCOCITA COMMONS SHOP.CTR.
16,323
54,587
15,580
64,207
79,787
17,597
62,190
BAYBROOK GATEWAY
9,441
44,160
45,907
55,348
8,218
47,130
BAYBROOK WEBSTER PARCEL
2,978
11,023
502
13,499
BELLAIRE BLVD S.C.
1,334
319
7,485
8,819
2,984
5,835
BLALOCK MARKET
17,283
18,216
14,027
CENTER AT BAYBROOK
6,941
27,727
14,662
5,576
43,753
49,329
24,527
24,802
CENTER OF THE HILLS
2,924
11,706
15,965
27,822
30,595
9,908
20,687
CITADEL BUILDING
4,046
12,824
(7,660
7,040
7,031
2,178
CONROE MARKETPLACE
18,869
50,757
816
10,842
59,600
70,442
16,747
53,695
COPPERFIELD VILLAGE SHOP.CTR.
7,828
34,864
1,525
36,389
44,217
11,345
32,872
COPPERWOOD VILLAGE
13,848
84,184
4,550
88,734
102,582
25,535
77,047
CYPRESS TOWNE CENTER
6,034
2,252
6,193
8,445
2,471
5,974
2003(C)
12,329
36,836
4,480
8,644
45,001
53,645
10,851
42,794
CYPRESS TOWNE CENTER (PHASE II)
2,061
6,158
(1,361
270
6,858
2,179
DRISCOLL AT RIVER OAKS-RESI
1,244
145,366
149,179
150,423
14,890
135,533
139
FIESTA TARGET
6,766
431
7,765
14,531
2,239
12,292
FIESTA TRAILS
15,185
32,897
3,944
36,841
52,026
7,416
44,610
GALVESTON PLACE
28,288
7,210
35,498
37,159
5,369
31,790
GATEWAY STATION
1,374
28,145
1,375
32,732
34,107
11,627
22,480
GATEWAY STATION PHASE II
4,140
12,020
1,862
4,143
13,879
18,022
3,656
14,366
GRAND PARKWAY MARKET PLACE II
13,436
39,573
12,298
40,710
53,008
9,687
43,321
GRAND PARKWAY MARKETPLACE
25,364
65,129
21,937
68,557
90,494
14,584
75,910
HEB - DAIRY ASHFORD & MEMORIAL
1,076
5,324
6,400
783
5,617
HEIGHTS PLAZA
5,423
10,248
15,671
1,888
13,783
INDEPENDENCE PLAZA - LAREDO
4,836
53,564
1,965
55,529
60,365
8,789
51,576
4,496
INDEPENDENCE PLAZA II - LAREDO
2,482
21,418
21,685
24,167
3,970
20,197
KROGER PLAZA
2,081
3,292
5,892
3,115
2,777
LAKEHILLS PLAZA
20,661
583
21,244
26,508
2,049
24,459
LAKE PRAIRIE TOWN CROSSING
7,897
31,057
6,783
32,171
11,902
27,052
2006(C)
LAS TIENDAS PLAZA
28,616
7,944
29,350
37,294
11,467
25,827
MONTGOMERY PLAZA
10,739
63,065
2,639
65,704
76,443
20,314
56,129
MUELLER OUTPARCEL
3,351
3,403
3,553
587
MUELLER REGIONAL RETAIL CENTER
7,352
85,805
5,715
91,521
98,873
15,191
83,682
NORTH CREEK PLAZA
5,044
34,756
156
34,912
39,956
33,820
OAK FOREST
13,395
25,275
25,999
39,394
4,793
34,601
PLANTATION CENTRE
2,325
34,494
993
35,487
37,812
5,547
32,265
PRESTON LEBANON CROSSING
13,552
33,261
12,164
34,649
46,813
13,932
32,881
RANDALLS CENTER/KINGS CROSSING
21,363
8,772
30,135
33,852
4,988
28,864
RICHMOND SQUARE
7,568
15,432
18,112
25,680
23,267
RIVER OAKS S.C. EAST
5,766
13,882
980
14,861
20,627
18,401
RIVER OAKS S.C. WEST
14,185
138,022
11,179
149,201
163,386
21,113
142,273
ROCK PRAIRIE MARKETPLACE
8,004
195
8,199
1,108
7,091
SHOPPES AT MEMORIAL VILLAGES
41,493
728
42,222
7,525
34,697
SHOPS AT HILSHIRE VILLAGE
11,206
19,092
929
20,021
31,227
27,354
SHOPS AT KIRBY DRIVE
969
5,031
(23
5,009
5,978
773
SHOPS AT THREE CORNERS
7,094
59,795
825
60,619
67,713
10,039
57,674
140
STEVENS RANCH
18,143
6,407
671
7,078
25,221
1,415
23,806
THE CENTRE AT COPPERFIELD
22,525
937
30,185
7,684
22,501
THE CENTRE AT POST OAK
12,642
100,658
100,633
113,275
15,695
97,580
THE SHOPPES @ WILDERNESS OAKS
4,359
8,964
(12,427
896
TOMBALL CROSSINGS
8,517
28,484
2,386
7,965
39,387
9,280
30,107
TOMBALL MARKETPLACE
31,793
33,478
37,758
5,962
31,796
TRENTON CROSSING - NORTH MCALLEN
29,686
3,245
32,930
39,209
6,067
33,142
VILLAGE PLAZA AT BUNKER HILL
21,320
233,086
3,431
236,518
257,838
35,836
222,002
70,446
WESTCHASE S.C.
7,547
35,653
6,770
42,424
49,971
6,855
43,116
WESTHILL VILLAGE
11,948
26,479
607
27,086
39,034
4,785
34,249
WOODBRIDGE SHOPPING CENTER
2,569
6,814
7,442
10,011
BURKE TOWN PLAZA
VA
43,240
38,572
11,539
27,033
CENTRO ARLINGTON
35,103
1,412
36,515
40,452
4,615
35,837
CENTRO ARLINGTON-RESI
15,012
155,639
2,356
157,995
173,007
13,328
159,679
DOCSTONE COMMONS
3,839
11,468
719
3,904
16,027
3,487
12,540
DOCSTONE O/P - STAPLES
1,425
4,318
(828
1,168
3,747
4,915
1,171
3,744
DULLES TOWN CROSSING
53,285
104,176
3,523
52,726
108,257
160,983
33,451
127,532
GORDON PLAZA
7,336
5,573
5,094
10,667
2,627
8,040
HILLTOP VILLAGE CENTER
23,409
93,673
425
94,098
117,507
13,448
104,059
OLD TOWN PLAZA
41,570
(14,002
3,053
29,015
32,068
10,522
21,546
POTOMAC RUN PLAZA
27,370
48,451
4,106
52,558
79,928
24,074
55,854
STAFFORD MARKETPLACE
26,893
86,450
17,559
29,486
101,416
130,902
27,677
103,225
STONEBRIDGE AT POTOMAC TOWN CENTER
52,190
73,877
62,900
136,776
188,966
26,626
162,340
WEST ALEX - RETAIL
6,043
55,434
3,651
59,086
6,651
58,478
WEST ALEX-OFFICE
10,458
1,623
12,082
13,561
12,149
WEST ALEX-RESI
15,892
65,282
2,228
67,510
83,402
8,547
74,855
AUBURN NORTH
WA
13,144
31,302
39,088
13,408
COVINGTON ESPLANADE
6,009
47,941
322
48,263
54,272
6,463
47,809
FRANKLIN PARK COMMONS
5,419
11,989
13,091
25,080
30,499
7,775
22,724
FRONTIER VILLAGE SHOPPING CTR.
10,751
44,861
3,306
48,167
58,918
14,314
44,604
GATEWAY SHOPPING CENTER
6,938
11,270
9,869
21,139
28,077
5,666
22,411
SILVERDALE PLAZA
33,109
1,213
3,756
34,441
38,197
11,400
26,797
THE MARKETPLACE AT FACTORIA
60,502
92,696
29,206
65,782
116,623
182,405
36,587
145,818
THE WHITTAKER
15,799
23,508
(63
23,445
39,244
35,396
141
OTHER PROPERTY INTERESTS
ASANTE RETAIL CENTER
8,703
3,406
(11,939
2004(C)
HOMESTEAD-WACHTEL LAND LEASE
RAMCO DUVAL LAND TRS
3,522
RAMCO RIVER CITY LAND
PALM COAST LANDING OUTPARCELS
212
LAKE WALES S.C.
601
FLINT - VACANT LAND
CHARLOTTE SPORTS & FITNESS CTR
1,859
1,180
3,039
3,540
2,234
1,306
SURF CITY CROSSING
5,260
(3,565
1,695
THE SHOPPES AT CAVENESS FARMS
5,517
5,516
WAKEFIELD COMMONS III
6,506
(5,397
787
321
2001(C)
WAKEFIELD CROSSINGS
3,414
(3,277
HILLSBOROUGH PROMENADE
11,887
(6,632
5,006
249
5,255
163
5,093
JERICHO ATRIUM
10,624
20,065
6,235
26,300
36,924
10,014
26,910
KEY BANK BUILDING
1,500
40,487
(6,898
669
34,420
35,089
23,841
11,248
MANHASSET CENTER (RESIDENTIAL)
950
MERRY LANE (PARKING LOT)
1,486
1,362
1,364
NORTHPORT LAND PARCEL
MCMINNVILLE PLAZA
479
4,541
1935 WEST GRAY
780
2503 MCCUE, LLC
2,287
1,997
291
NORTH TOWNE PLAZA - BROWNSVILLE
1,517
1,017
2,534
RICHMOND SQUARE - PAD
570
157
727
TEXAS CITY LAND
WESTOVER SQUARE
1,520
(785
735
BLUE RIDGE
12,347
71,530
(50,787
3,511
29,584
33,095
21,952
11,143
BALANCE OF PORTFOLIO (4)
1,909
65,127
(35,427
31,618
10,565
21,054
TOTALS
4,570,877
13,665,782
3,382,197
17,066,515
4,849,564
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows:
Fixtures, building and leasehold improvements
The aggregate cost for Federal income tax purposes was approximately $19.4 billion at December 31, 2025.
The changes in total real estate assets for the years ended December 31, 2025, 2024 and 2023 are as follows:
Balance, beginning of period
18,937,794
18,457,242
Additions during period:
Acquisitions
217,811
1,977,992
208,001
Improvements
332,281
337,729
263,171
Transfers from unconsolidated joint ventures
77,912
166,490
Deductions during period:
Sales and assets held-for-sale
(67,608
(8,549
(85,541
Write-off of assets
(103,721
(62,358
(59,832
Adjustment to property carrying values
(8,391
(12,036
(11,737
Balance, end of period
The changes in accumulated depreciation and amortization for the years ended December 31, 2025, 2024 and 2023 are as follows:
4,360,239
3,842,869
3,417,414
Depreciation for year
605,201
581,429
492,434
(19,014
(116
(7,147
(96,862
(63,943
Reclassifications: Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
FinalMaturity Date
PeriodicPaymentTerms (a)
Prior Liens
Original FaceAmountof Mortgages
CarryingAmount ofMortgages (b)
Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail 1st Mortgage
Waldorf, MD (c)
9.00
Jul-27
I
107,000
97,000
Pompano Beach, FL
8.00
35,000
Ballwin, MO
6.35
Mar-29
11,970
Individually < 3% (d) (e)
(f)
(g)
21,992
Retail 2nd Mortgage
St. Louis Park, MN (h)
9.25
Aug-32
34,350
25,600
Lynwood, CA
Jul-26
16,463
Fairfax, VA
May-29
14,000
Cape Coral, FL
12.50
Sep-27
12,500
Individually < 3% (i)
(j)
(k)
91,217
79,227
Nonretail
Individually < 3% (l)
(m)
(n)
P&I; PIK
2,167
Other Financing Loans:
Retail
Borrower A
(o)
Aug-29
P&I
75,000
73,125
Borrower B
7.00
Mar-31
397
243
Allowance for Credit Losses
(5,352
441,690
The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2025, the Company had a total of 26 loans, all of which were performing. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, guarantees of the borrower and the prospects of the borrower.
The following table reconciles mortgage loans and other financing receivables from January 1, 2023 to December 31, 2025 (in thousands):
130,745
87,359
Additions:
New mortgage and other loans
279,403
428,121
43,519
Deductions:
Loan repayments
(324,983
(108,297
(35
Collections of principal
(16,899
(103
(98
Recovery/(provision) for credit losses
(5,500