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KIMKimco Realty

Real estate · REIT · NYSE

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. 10-K, Item 1

KIM quote by TradingView
Headquarters
Jericho, NY
CEO
Conor Flynn
Next results
around Feb 11, 2027
Compare with peers → Embed

10-K 0001193125-26-060760 (2026-02-20) vs 10-K 0000950170-25-024723 (2025-02-21)

SectionCompared textWords nowChanged
Risk FactorsItem 1A10,605 9.9%
MD&AItem 79,885 20.7%
Legal ProceedingsItem 356 not compared
Accounting Policies10-K text (note not found)0 not compared

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 160 words changed in this paragraph; it is 66% similar to last year's version.
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 greenhouse gas 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, we note that various relevant third-party standards continue to evolve, including those regarding the monitoring and accounting of GHG emissions, as well as any GHG emissions and reductions, continue to evolve. As with other companies, our approach to such corporate responsibility matters also evolves, and we cannot guarantee that our approach will align with any particular stakeholder’s expectations or preferences. Stakeholders (including policymakers) have varying, and at times conflicting, expectations. We may face reputational damage, including impacts to any related ratings, or additional costs in the event our sustainability procedures or standards do not meet the standards set and/or targets issued 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. To the extent we are subject to such activism, it may require us to incur costs or otherwise adversely impact our business. GHG

Source: Item 1A, 10-K 0001193125-26-060760 vs Item 1A, 10-K 0000950170-25-024723

MD&A 150 words changed in this paragraph; it is 46% similar to last year's version.
The increase decrease in Other income, net of $17.6 $26.0 million is primarily due to (i) a net increase in mortgage and other financing income of $17.6 million, primarily due to the issuance of new loan financing during 2024 and 2023, (ii) an increase decrease in interest income of $6.4 $14.9 million due resulting from lower cash balances during 2025 as compared to 2024, (ii) $6.9 million in higher levels of cash on hand, 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 expense of $4.4 million, (iv) an increase in income of $3.8 million from settlement of contracts, and (v) an increase costs of $1.2 million from insurance proceeds, partially offset by million, and (vi) a decrease of $8.7 million relating to net settlement gains recognized upon liquidation of the Company’s defined benefit plan during 2023 and (vii) a decrease in dividend income of $6.9 $1.2 million, primarily due to the sale of the remaining shares of ACI common stock held by the Company. Company during 2024, partially offset by (vii) an increase of $2.2 million due to mark-to-market fluctuations of an embedded derivative liability.

Source: Item 7, 10-K 0001193125-26-060760 vs Item 7, 10-K 0000950170-25-024723

Every change, by type

Sentences and paragraphs of KIM's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-21. Each links to the text at sec.gov.

All 137 Added 11Removed 24Reworded 100Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

RemovedRisk Factors
We operate, are currently developing, and may in the future develop, properties either alone or through joint ventures 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

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earnings, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
services providers will be fully implemented, complied with, or effective or that security breaches or disruptions will not materially impact our business.

Read it in 10-K 2025-02-21 at sec.gov ↗

RewordedRisk Factors
To qualify as a REIT, we generally must distribute annually to our stockholders at least 90% of our REIT taxable income each year, determined without regard to the dividends paid deduction and, excluding any net capital gains, gain, and we will be subject to regular U.S. federal corporate income taxes on to the amount extent we distribute that is for any year less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net taxable income each year, including capital gains. gain.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Retailers at our properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, telemarketing or home shopping networks, and other forms of marketing goods, such as direct mail and internet marketing, all of which could (i) reduce rents payable to us; us, (ii) reduce our ability to attract and retain tenants at our properties; or (iii) lead to increased vacancy rates at our properties.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
We have adopted generative artificial intelligence tools into our systems for specific use cases reviewed cases, subject to the artificial intelligence use policies that have been established by our legal and information security. security teams, and we are continuing to evaluate additional uses for generative artificial intelligence.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
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”). (“WRI”), which the Company acquired in August 2021.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
As with other companies, our Our approach to such corporate responsibility matters also evolves, and we cannot guarantee that our approach will align with any particular stakeholder’s expectations or preferences. preferences or will meet the expectations or requirements of the various third-party standards.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
In the event that From time to time, we decide to develop a vacant land parcel or redevelop existing properties, we will be subject which subjects us to risks and uncertainties associated with construction and development.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Future 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 the our properties.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
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. business, which under prior applicable law was set to expire for taxable years beginning after December 31, 2025.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
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. evidence, including as a result of the intensification of state-sponsored cybersecurity attacks during periods of geopolitical conflict.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
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. perspectives, and corporate responsibility matters have attracted negative commentary and regulatory attention in the broader business sector.

Read it in 10-K 2026-02-20 at sec.gov ↗

Quiet changesRisk Factors
Also, the failure of Kimco OP to qualify as a partnership would cause it to become subject to federal corporate income tax, which would could reduce significantly the amount of its cash available for debt service and for distribution to its partners, including the Parent Company.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Acquired an operating property for an aggregate purchase price of $77.2 million from a joint venture in which the Company previously held a noncontrolling ownership interest.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•Repaid $740.5 million of unsecured notes, which bore interest at rates ranging from 3.30% to 3.85% with maturity dates ranging from February 2025 to June 2025.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Year Ended December 31, 2025 2024 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) 61 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 3 (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

Read it in 10-K 2026-02-20 at sec.gov ↗

RemovedMD&A
In January of 2023, the Company completed the Reorganization into an UPREIT structure as described in the Explanatory Note at the beginning of this Annual Report. Prior to the Reorganization, the Company’s business was conducted through the Predecessor. This Annual Report includes the business and results of operations of the Predecessor for its fiscal year ended December 31, 2022. As a result of the Reorganization, the Company became the successor issuer to the Predecessor under the Exchange Act. The Company and Kimco OP have elected to co-file this Annual Report on Form 10-K to ensure continuity of information to investors. For additional information about the Reorganization, please see the Company’s Current Reports on Form 8-K filed with the SEC on January 3, 2023 and January 4, 2023.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•Monetized the remaining 14.2 million shares of Albertsons Companies Inc. (“ACI”) common stock held by the Company, generating net proceeds of $299.1 million.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•Obtained a $550.0 million unsecured term loan credit facility, in separate transactions, maturing in January 2026 (with three one-year options to extend to January 2029).

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
•Assumed $821.5 million of unsecured notes and term loans in conjunction with the RPT Merger, of which the Company repaid $511.5 million of unsecured notes in January 2024.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Under the terms of the Merger Agreement, 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, having the rights, preferences and privileges substantially as set forth in the Merger Agreement, in each case, without interest, and subject to any withholding required under applicable law, upon the terms and subject to the conditions set forth in the Merger Agreement.

Read it in 10-K 2025-02-21 at sec.gov ↗

RewordedMD&A
The increase in Revenues from rental properties, net of $252.0 $102.3 million is primarily from (i) a net increase in revenues from tenants of $178.6 million due to properties acquired through the RPT Merger, (ii) a net increase in revenues of $63.0 $55.8 million, primarily due to an increase in leasing activity and net growth in the current portfolio, and (iii) (ii) an increase in revenues of $21.4 $38.4 million due to properties acquired during 2024 2025 and 2023, partially offset by 2024, (iii) an increase in lease termination fee income of $6.2 million and (iv) a decrease in revenues of $6.1 million due to dispositions in 2024 and 2023 and (v) a decrease an increase in net straight-line rental income of $4.9 million $5.0 million, primarily due to tenants that are being accounted for on changes in reserves, partially offset by (v) a cash basis. decrease in revenues of $3.1 million due to dispositions in 2025 and 2024.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The increase in Depreciation and amortization of $96.4 $23.4 million is primarily due to (i) an increase of $107.3 million resulting from properties acquired during 2024 and 2023, primarily related to the RPT Merger, and (ii) an increase of $38.7 $32.5 million due to depreciation commencing on certain redevelopment and tenant improvement projects that were placed into service during 2025 and 2024 and 2023, (ii) an increase of $21.2 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $45.1 $30.3 million due to fully depreciated assets and (iv) a net decrease of $4.5 million write-offs, primarily from write-offs due to demolition, vacated tenants, dispositions, and dispositions demolition during 2024 2025 and 2023. 2024.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The increase in Operating and maintenance expense of $50.0 $9.0 million is primarily due to (i) an increase of $34.3 $5.5 million resulting from properties acquired related to the RPT Merger, 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 $9.9 million and (iii) an overall increase in operating costs $1.1 million, partially offset by (v) lower insurance expense of $4.4 $4.0 million.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
This increase is primarily the result of (i) an increase of $48.2 $39.3 million in minimum rent, primarily related to strong leasing activity, and (ii) an increase in rental revenue driven other revenues, net of $8.6 million, partially offset by strong leasing activity, (ii) a decrease in non-recoverable expenses $5.0 million and (iii) an increase in other rental income of $2.1 million, partially offset by (iv) a decrease in percentage rents non-recoverable expenses of $2.5 million.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The increase in Interest expense of $57.6 $22.4 million is primarily due to (i) the issuance of unsecured notes and assumption of mortgage loans during 2024 2025 and 2023 and 2024, partially offset by (ii) increased levels the paydown of borrowings and assumptions of lower coupon unsecured notes and term repayment of mortgage loans in connection with the RPT Merger, partially offset by (iii) the paydown of unsecured notes during 2024 2025 and 2023. 2024.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
This increase is primarily the result of (i) an increase of $14.3 million, $8.7 million in minimum rent, primarily related to an increase in rental revenue driven by strong leasing activity, activity and (ii) an increase in other rental income revenues, net of $1.7 million and (iii) a decrease in credit losses of $0.7 $2.6 million.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
During January 2023, February 2025, the Company filed a registration statement on Form S-8 for its 2020 the Kimco Realty Corporation 2025 Equity Participation Plan (the “2020 “2025 Plan”), which was previously approved by the Company’s stockholders on April 29, 2025 and is a successor to the Restated Kimco Realty Corporation 2010 2020 Equity Participation Plan that expired in March 2020. Plan.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
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, 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.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
The As of December 31, 2025, the Company entered into had 20 swap rate agreements with various lenders swapping the interest rates on the Term Loans to all-in fixed rates (ranging ranging from 4.5793% 4.4793% to 4.7801% as of December 31, 2024). 4.6801%.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
During 2024, 2025, the Company acquired properties, including those in connection with the RPT Merger, properties for a net real estate fair value of $2.1 billion $286.5 million, of which, $19.7 which $1.1 million, or less than 1% of the net real estate fair value, was allocated to above-market leases and $83.5 $9.4 million, or 4% 3% of the net real estate fair value, was allocated to below-market leases.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
(1)As As of December 31, 2024, 2025, the interest rate rates on these term loans the Term Loans is Adjusted Term SOFR plus 81.0 basis points after reductions for sustainability metrics achieved and an upgraded credit rating profile. profile and sustainability metrics achieved.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
At December 31, 2024, 2025, the Company had 2.9 16.8 million shares of common stock available for issuance under the 2020 Plan. 2025 Plan (see Footnote 24 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Read it in 10-K 2026-02-20 at sec.gov ↗

Quiet changesMD&A
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

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