Kimco Realty®Announces Third Quarter 2026 Results
– Same Property NOI Growth Accelerates – JERICHO, New York,October 29, 2026- Kimco Realty®(NYSE: KIM), a real estate investment trust (“REIT”) and leading owner and operator of high-quality, open- air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the third quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, Net income available to the company’s common shareholders (“Net income”) per diluted share was $0.41 and $0.19, respectively. Third Quarter Highlights Delivered 6.8% growth in Funds From Operations* ("FFO") per diluted share to $0.47.
Reached record portfolio occupancy of 96.6%, while small-shop occupancy matched its all-time high of 92.9%.
Completed the sale of The Witmer, a 440-unit multifamily building at Pentagon Centre, for $211.5 million.
Repurchased 6.3 million shares of common stock totaling $150 million and repurchased approximately $74 million of preferred stock. "Our third quarter results reflect strong execution, with record occupancy, significant pricing power on new leases and further acceleration in same property NOI growth. During the quarter, we sold a multifamily property at approximately a 5% cap rate and redeployed the capital toward the repurchase of $150 million of our common stock at an implied cap rate in the mid-7% range, while continuing to recycle lower-growth ground leases into higher-growth grocery-anchored centers," said Conor Flynn, Kimco CEO. "We still see further opportunity to drive our results higher, including $76 million of annual base rent from leases signed but yet to commence. This positive momentum allowed us to again raise our full year guidance, which would mark the third consecutive year of FFO per share growth above 5%. We remain committed to growing earnings and creating long-term shareholder value."
Net income for the third quarter of 2026 was $272.5 million, or $0.41 per diluted share, compared to $130.2 million, or $0.19 per diluted share, for the third quarter of 2025. The year-over-year increase was primarily driven by $122.4 million more of gains on sales of properties, net of impairments.
FFO was $316.2 million, or $0.47 per diluted share, for the third quarter of 2026, compared to $300.3 million, or $0.44 per diluted share, for the third quarter of 2025. Gains on sales of properties, net of impairments, are excluded from the company's calculation of FFO.
Executed 444 leases totaling 2.7 million square feet, generating blended pro- rata cash rent spreads of 12% on comparable spaces, including 31.5% on new leases, 7.3% on renewals and 7.7% on options.
Record 96.6% pro-rata leased occupancy reflecting increases of 20 basis points sequentially and 90 basis points year-over-year.
Small-shop occupancy remained at a record 92.9%, representing an increase of 40 basis points year-over-year. * Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release. i 500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com Pro-rata anchor occupancy increased 40 basis points sequentially and 120 basis points year-over-year to 98.2%.
Generated 4.9% growth in same property NOI year-over-year, driven by a 3.2% increase in minimum rents. Credit loss, as a percentage of total pro-rata rental revenues, was 45 basis points during the quarter.
The spread between the company's pro-rata leased versus economic occupancy rates was 390 basis points, a 10 basis point sequential compression, representing $76 million in future rents from signed leases that have not yet commenced.
Sold The Witmer, a 440-unit multifamily building at the company's Pentagon Centre mixed-use property in Pentagon City, Virginia, for $211.5 million. The cap rate on this transaction was approximately 5.1%, and the company's pro-rata share of the sales price was $116.3 million.
Completed the sale of four Costco-anchored assets comprising two entire shopping center properties and two ground lease parcels, for aggregate sales price of approximately $127 million. The sale, which was previously announced, reflects Kimco's continued focus on optimizing portfolio growth by recycling capital from assets with lower contractual rent growth into higher-yielding investments. 1031 exchange proceeds were used to fund the acquisitions of two centers:
Pompano Marketplace, a 239,000-square-foot Walmart-anchored center, located in Pompano Beach, Florida, for $53 million, marking the third acquisition completed through the company's Structured Investment Program; the associated $35 million mezzanine loan was repaid in full at closing; and
Sunshine Plaza, a 241,000-square-foot Publix-anchored center, located in a first-ring suburb of Fort Lauderdale, Florida, for $56 million.
Sold three shopping centers and two land parcels for an aggregate sales price of $51.8 million, of which the company’s pro-rata share was $15.1 million.
Acquired the leasehold interest of BJ's Wholesale Club at Home Depot Plaza in North Haven, Connecticut, for $8.5 million.
Kimco’s Structured Investment Program received repayments of $114.6 million, inclusive of the Pompano Marketplace repayment, partially offset by $38.8 million of new capital deployed during the third quarter. Subsequently, the company made two new structured investments totaling $48.6 million. The company continues to secure rights of first offer or refusal on the underlying shopping centers.
Repaid two unsecured notes in the aggregate principal amount of $266.0 million at a blended coupon of 3.45%.
Repurchased 753,707 depositary shares of the company’s 7.25% Class N Convertible Preferred Stock for $48.2 million, or an average of $64.00 per share. The company also repurchased 624,716 Class L depositary shares for $12.5 million and 654,969 depositary shares of its Class M Preferred Stock for $13.3 million, at average prices of $19.94 and $20.34 per share, respectively.
Repurchased 6.3 million shares of common stock at a weighted average price of $23.81 per share, including fees and commissions, for a total of $150 million.
Over $2.5 billion of immediate liquidity, including $545 million of cash, cash equivalents and restricted cash, and full availability under the company's $2.0 billion unsecured revolving credit facility at quarter end.
Subsequent to quarter end, repaid an unsecured note in the principal amount of $500 million with a coupon of 2.80%.
The board of directors declared a cash dividend of $0.28 per common share (equivalent to $1.12 per annum), representing a 7.7% increase over the quarterly dividend in the corresponding period of the prior year. The quarterly ii 500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com cash dividend on common shares will be payable on December 18, 2026, to shareholders of record on December 4, 2026. • The board of directors also declared quarterly dividends with respect to each of the company’s Class L, Class M, and Class N preferred shares. These dividends on the preferred shares will be paid on January 15, 2027 to shareholders of record on January 4, 2027. 2026 Full Year Outlook The company has raised its 2026 outlook for Net income and FFO per diluted share as follows:
The company’s full year outlook is based on the following assumptions (pro-rata share unless otherwise stated; dollars in millions):
YTD ActualThrough Current Previous 9.30.26 Same property NOI +3.3% +3.5% to +3.8% +3.0% to +3.5% growth Credit loss as a % of total -51bps -50bps) to (60bps -55bps) to (75bps pro-rata rental revenues Lease termination $9 $10 to $15 $7 to $15 income Non-cash GAAP $49 $57 to $60 $48 to $53 revenues(1) Consolidated G&A $97 $128 to $130 $128 to $132 expense, net Consolidated interest expense and $276 $369 to $371 $368 to $372 preferred stock dividends Consolidated mortgage and other $37 Unchanged $45 to $50 financing income, net Redevelopment $129 $140 to $150 $125 to $150 capex(2) Leasing and maintenance $194 Unchanged $275 to $300 capex(3) Property acquisitions, net of Net neutral; dispositions Net neutral; transaction volume Acquisitions, ($274)$118; transaction of $300 to weighted 5.8%($391);5.1% volume of $400 to $5006.0% to average cap rate $500~6.0%~5.0% 7.0%5.0% to 6.0% Dispositions, weighted average cap rate Structured investments, net of ($42)10.2% Unchanged~10.0% $75 to $1258.0% to repayments(4) 10.0% Weighted average yield
(1) Includes deferred rents, above and below market rents, and straight-line reimbursement income, and excludes debt mark to market amortization. (2) Includes costs associated with a mixed-use development project, The Chester at Westlake Shopping Center. (3) Includes tenant improvements and allowances, capitalized external leasing commissions and capitalized building improvements. (4) Structured investments, net of repayments, total approximately $6.5 million with a weighted average yield of 10.2% through October 28, 2026. iii 500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com Conference Call Information When:8:30 AM ET, October 29, 2026
Live Webcast:3Q26 Kimco Realty Earnings Conference Callor on Kimco Realty’s websiteinvestors.kimcorealty.com
Audio from the conference will be available on Kimco Realty’s investor relations website until January 27, 2027. About Kimco Realty®
Kimco Realty®(NYSE: KIM) is a real estate investment trust (REIT) and 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 strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 65 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of September 30, 2026, the company owned interests in 561 U.S. shopping centers and mixed-use assets comprising 99 million square feet of gross leasable space.
The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook(www.facebook.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.
This press release 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 iv 500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com 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 our most recent Annual Report on 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 on 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 press release, or other locations, such as our corporate website, contain various corporate responsibility standards and frameworks (including standards for the measurement of underlying data). 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. ### CONTACT: David F. Bujnicki Senior Vice President, Investor Relations and Strategy
dbujnicki@kimcorealty.com v 500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com
Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) Assets: Real estate, net of accumulated depreciation and September 30, December 31, amortization 2026 2025 ────────────────────────────────────────────────────────────────────────────── of $5,016,765 and $ 16,603,721 $ 16,769,292 $4,849,564, respectively Investments in and advances to 1,248,541 1,454,051 real estate joint ventures Other 153,199 99,936 investments Cash, cash equivalents and 544,916 212,794 restricted cash Mortgage and other financing 339,417 383,935 receivables, net Accounts and other 373,935 368,964 receivables, net Operating lease 124,444 127,596 right-of-use assets, net Other assets 332,024 271,682 Total assets $ 19,720,197 $ 19,688,250 Liabilities: Notes $ 8,043,092 $ 7,718,730 payable, net Mortgages 428,929 467,203 payable, net Accounts payable and 330,546 291,537 accrued expenses Intangible liabilities, 315,300 334,527 net Operating lease 118,006 120,078 liabilities Other 165,284 188,297 liabilities Total 9,401,157 9,120,372 liabilities Redeemable noncontrolli… - 24,506 interests Stockholders' Equity: Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 18,715 and 20,748 shares, respectively; Aggregate liquidation preference 19 21 $483,519 and $553,196, respectively Common stock, $.01 par value, authorized 1,500,000,000 shares; Issued and outstanding 664,490,367 and 6,645 6,741 674,093,047 shares, respectively Paid-in 10,626,500 10,922,596 capital Cumulative distributions (490,651 ) (528,730 ) in excess of net income Accumulated other 15,028 (8,792 ) comprehensive income/(loss) Total stockholders' 10,157,541 10,391,836 equity Noncontrolli… 161,499 151,536 interests Total equity 10,319,040 10,543,372 Total liabilities $ 19,720,197 $ 19,688,250 and equity
Adjusted for earnings attributable to participating securities of ($1,401) and ($640) for the three months ended September 30, 2026 and (1 ) 2025, respectively. Adjusted for earnings attributable to participating securities of ($2,165) and ($1,867) for the nine months ended September 30, 2026 and 2025, respectively. Reflects the potential impact if convertible preferred shares and certain units were converted to common stock at the beginning of the period. The impact of the conversion of preferred shares and certain units would have an anti-dilutive effect on net income and therefore have not been included. Adjusted for distributions on preferred (2 ) shares and convertible units of $684 and $0 for the three months ended September 30, 2026 and 2025, respectively. Adjusted for distributions on preferred shares and convertible units of $2,771 and $27 for the nine months ended September 30, 2026 and 2025, respectively. Additionally, there were potentially issuable shares related to the Exchangeable Senior Notes that were not dilutive as of September 30, 2026.
The company considers FFO to be an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the (1) evaluation of REITs, many of which present FFO when reporting results. Comparison of the company's presentation of FFO 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. Related to gains, impairments, depreciation on properties and (2) gains/(losses) on marketable securities and derivatives, where applicable. Reflects the potential impact if convertible preferred shares and certain units were converted to common stock at the beginning of the period. FFO available to the company’s common shareholders would be increased by $1,799 and $2,186 for the three months ended September 30, 2026 and 2025, respectively. FFO available to the company's common shareholders would be increased by $6,353 and $6,233 for the nine (3) months ended September 30, 2026 and 2025, respectively. The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of FFO available to the company’s common shareholders per share. Accordingly, the impact of such conversion has not been included in the determination of diluted FFO per share calculations. Additionally, there were potentially issuable shares related to the Exchangeable Senior Notes that were not dilutive as of September 30, 2026.
Same property Net Operating Income (“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. Same property NOI is considered by management to be an important operating performance measure frequently used by analysts and investors because it includes only the NOI of operating properties that have been owned and stabilized for the entire current and prior year reporting periods. Same property NOI assists in eliminating disparities due to the development, redevelopment, acquisition and disposition of properties during the (1) periods presented and thus provides a more consistent performance measure for the comparison of the Company's properties. Same property NOI is calculated using rental property revenues (excluding straight-line rent adjustments, lease termination income, net, and amortization of above/below market rents), less charges for credit losses, operating and maintenance expenses, real estate taxes, and rent expenses, 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, which may differ from methods used by other REITs and may not be comparable to them, discloses with and without the impact from redevelopment projects. (2) Amounts represent the company's pro-rata share.
Reconciliation of the Projected Range of Net Income Available to the Company's Common Shareholders to Funds From Operations Available to the Company's Common Shareholders Projected Range (unaudited, all amounts shown Full Year 2026 are per diluted share) Low High ────────────────────────────────────────────────────────────────────────────── Net income available to the company's $ 1.07 $ 1.09 common shareholders Gain on sale of properties (0.16 ) (0.18 ) Gain on sale of joint venture (0.09 ) (0.10 ) properties Depreciation & amortization - real 0.90 0.92 estate related Depreciation & amortization - real 0.11 0.12 estate joint ventures Impairment charges (including real 0.02 0.02 estate joint ventures) Profit participation from other (0.01 ) (0.01 ) investments, net FFO available to the company's common $ 1.84 $ 1.86 shareholders Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, international tariffs, selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management’s estimate of results based upon these assumptions as of the date of this press release.
Full text with the tables
Exhibit 99.1
Kimco Realty®Announces Third Quarter 2026 Results
– Portfolio Occupancy Reaches All-time High –
– Raises 2026 Outlook on Growth in Net Income & FFO –
– Same Property NOI Growth Accelerates –
JERICHO, New York,October 29, 2026- Kimco Realty®(NYSE: KIM), a real estate
investment trust (“REIT”) and leading owner and operator of high-quality, open-
air, grocery-anchored shopping centers and mixed-use properties in the United
States, today reported results for the third quarter ended September 30, 2026.
For the three months ended September 30, 2026 and 2025, Net income available to
the company’s common shareholders (“Net income”) per diluted share was $0.41 and
$0.19, respectively.
Third Quarter Highlights
Delivered 6.8% growth in Funds From Operations* ("FFO") per diluted share to
$0.47.
Reached record portfolio occupancy of 96.6%, while small-shop occupancy matched
its all-time high of 92.9%.
Achieved pro-rata cash rent spreads of 31.5% on comparable new leases.
Grew same property net operating income* ("NOI") 4.9% year-over-year.
Completed the sale of The Witmer, a 440-unit multifamily building at Pentagon
Centre, for $211.5 million.
Repurchased 6.3 million shares of common stock totaling $150 million and
repurchased approximately $74 million of preferred stock.
"Our third quarter results reflect strong execution, with record occupancy,
significant pricing power on new leases and further acceleration in same
property NOI growth. During the quarter, we sold a multifamily property at
approximately a 5% cap rate and redeployed the capital toward the repurchase of
$150 million of our common stock at an implied cap rate in the mid-7% range,
while continuing to recycle lower-growth ground leases into higher-growth
grocery-anchored centers," said Conor Flynn, Kimco CEO. "We still see further
opportunity to drive our results higher, including $76 million of annual base
rent from leases signed but yet to commence. This positive momentum allowed us
to again raise our full year guidance, which would mark the third consecutive
year of FFO per share growth above 5%. We remain committed to growing earnings
and creating long-term shareholder value."
Financial Results
Net income for the third quarter of 2026 was $272.5 million, or $0.41 per
diluted share, compared to $130.2 million, or $0.19 per diluted share, for the
third quarter of 2025. The year-over-year increase was primarily driven by
$122.4 million more of gains on sales of properties, net of impairments.
FFO was $316.2 million, or $0.47 per diluted share, for the third quarter of
2026, compared to $300.3 million, or $0.44 per diluted share, for the third
quarter of 2025. Gains on sales of properties, net of impairments, are excluded
from the company's calculation of FFO.
Third Quarter 2026 Operating Results
Executed 444 leases totaling 2.7 million square feet, generating blended pro-
rata cash rent spreads of 12% on comparable spaces, including 31.5% on new
leases, 7.3% on renewals and 7.7% on options.
Record 96.6% pro-rata leased occupancy reflecting increases of 20 basis points
sequentially and 90 basis points year-over-year.
Small-shop occupancy remained at a record 92.9%, representing an increase of 40
basis points year-over-year.
* Reconciliations of non-GAAP measures to the most directly comparable GAAP
measure are provided in the tables accompanying this press release.
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500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com
Pro-rata anchor occupancy increased 40 basis points sequentially and 120 basis
points year-over-year to 98.2%.
Generated 4.9% growth in same property NOI year-over-year, driven by a 3.2%
increase in minimum rents. Credit loss, as a percentage of total pro-rata rental
revenues, was 45 basis points during the quarter.
The spread between the company's pro-rata leased versus economic occupancy rates
was 390 basis points, a 10 basis point sequential compression, representing $76
million in future rents from signed leases that have not yet commenced.
Transactional Activities
Sold The Witmer, a 440-unit multifamily building at the company's Pentagon
Centre mixed-use property in Pentagon City, Virginia, for $211.5 million. The
cap rate on this transaction was approximately 5.1%, and the company's pro-rata
share of the sales price was $116.3 million.
Completed the sale of four Costco-anchored assets comprising two entire shopping
center properties and two ground lease parcels, for aggregate sales price of
approximately $127 million. The sale, which was previously announced, reflects
Kimco's continued focus on optimizing portfolio growth by recycling capital from
assets with lower contractual rent growth into higher-yielding investments. 1031
exchange proceeds were used to fund the acquisitions of two centers:
Pompano Marketplace, a 239,000-square-foot Walmart-anchored center, located in
Pompano Beach, Florida, for $53 million, marking the third acquisition completed
through the company's Structured Investment Program; the associated $35 million
mezzanine loan was repaid in full at closing; and
Sunshine Plaza, a 241,000-square-foot Publix-anchored center, located in a
first-ring suburb of Fort Lauderdale, Florida, for $56 million.
Sold three shopping centers and two land parcels for an aggregate sales price of
$51.8 million, of which the company’s pro-rata share was $15.1 million.
Acquired the leasehold interest of BJ's Wholesale Club at Home Depot Plaza in
North Haven, Connecticut, for $8.5 million.
Kimco’s Structured Investment Program received repayments of $114.6 million,
inclusive of the Pompano Marketplace repayment, partially offset by $38.8
million of new capital deployed during the third quarter. Subsequently, the
company made two new structured investments totaling $48.6 million. The company
continues to secure rights of first offer or refusal on the underlying shopping
centers.
Capital Market Activities
Repaid two unsecured notes in the aggregate principal amount of $266.0 million
at a blended coupon of 3.45%.
Repurchased 753,707 depositary shares of the company’s 7.25% Class N Convertible
Preferred Stock for $48.2 million, or an average of $64.00 per share. The
company also repurchased 624,716 Class L depositary shares for $12.5 million and
654,969 depositary shares of its Class M Preferred Stock for $13.3 million, at
average prices of $19.94 and $20.34 per share, respectively.
Repurchased 6.3 million shares of common stock at a weighted average price of
$23.81 per share, including fees and commissions, for a total of $150 million.
Over $2.5 billion of immediate liquidity, including $545 million of cash, cash
equivalents and restricted cash, and full availability under the company's $2.0
billion unsecured revolving credit facility at quarter end.
Subsequent to quarter end, repaid an unsecured note in the principal amount of
$500 million with a coupon of 2.80%.
Dividend Declarations
The board of directors declared a cash dividend of $0.28 per common share
(equivalent to $1.12 per annum), representing a 7.7% increase over the quarterly
dividend in the corresponding period of the prior year. The quarterly
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500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com
cash dividend on common shares will be payable on December 18, 2026, to
shareholders of record on December 4, 2026. • The board of directors also
declared quarterly dividends with respect to each of the company’s Class L,
Class M, and Class N preferred shares. These dividends on the preferred shares
will be paid on January 15, 2027 to shareholders of record on January 4, 2027.
2026 Full Year Outlook The company has raised its 2026 outlook for Net income
and FFO per diluted share as follows:
Current Previous
Net income: $1.07 to $1.09 $1.00 to $1.03
FFO: $1.84 to $1.86 $1.83 to $1.84
The company’s full year outlook is based on the following assumptions (pro-rata
share unless otherwise stated; dollars in millions):
YTD ActualThrough Current Previous
9.30.26
Same property NOI +3.3% +3.5% to +3.8% +3.0% to +3.5%
growth
Credit loss as a
% of total -51bps -50bps) to (60bps -55bps) to (75bps
pro-rata
rental revenues
Lease termination $9 $10 to $15 $7 to $15
income
Non-cash GAAP $49 $57 to $60 $48 to $53
revenues(1)
Consolidated G&A $97 $128 to $130 $128 to $132
expense, net
Consolidated
interest expense
and $276 $369 to $371 $368 to $372
preferred stock
dividends
Consolidated
mortgage and
other $37 Unchanged $45 to $50
financing income,
net
Redevelopment $129 $140 to $150 $125 to $150
capex(2)
Leasing and
maintenance $194 Unchanged $275 to $300
capex(3)
Property
acquisitions, net
of Net neutral;
dispositions Net neutral; transaction volume
Acquisitions, ($274)$118; transaction of $300 to
weighted 5.8%($391);5.1% volume of $400 to $5006.0% to
average cap rate $500~6.0%~5.0% 7.0%5.0% to 6.0%
Dispositions,
weighted
average cap rate
Structured
investments, net
of ($42)10.2% Unchanged~10.0% $75 to $1258.0% to
repayments(4) 10.0%
Weighted average
yield
(1) Includes deferred rents, above and below market rents, and straight-line
reimbursement income, and excludes debt mark to market amortization. (2)
Includes costs associated with a mixed-use development project, The Chester at
Westlake Shopping Center. (3) Includes tenant improvements and allowances,
capitalized external leasing commissions and capitalized building improvements.
(4) Structured investments, net of repayments, total approximately $6.5 million
with a weighted average yield of 10.2% through October 28, 2026.
iii
500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com
Conference Call Information
When:8:30 AM ET, October 29, 2026
Live Webcast:3Q26 Kimco Realty Earnings Conference Callor on Kimco Realty’s
websiteinvestors.kimcorealty.com
Dial #:1-833-461-5787 (International: +1 585-542-9983). Meeting ID: 639421184
Audio from the conference will be available on Kimco Realty’s investor relations
website until January 27, 2027.
About Kimco Realty®
Kimco Realty®(NYSE: KIM) is a real estate investment trust (REIT) and 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
strategically concentrated in the first-ring suburbs of the top major
metropolitan markets, including high-barrier-to-entry coastal markets and Sun
Belt cities. Its tenant mix is focused on essential, necessity-based goods and
services that drive multiple shopping trips per week. Publicly traded on the
NYSE since 1991 and included in the S&P 500 Index, the company has specialized
in shopping center ownership, management, acquisitions, and value-enhancing
redevelopment activities for more than 65 years. With a proven commitment to
corporate responsibility, Kimco Realty is a recognized industry leader in this
area. As of September 30, 2026, the company owned interests in 561 U.S. shopping
centers and mixed-use assets comprising 99 million square feet of gross leasable
space.
The company announces material information to its investors using the company’s
investor relations website (investors.kimcorealty.com), SEC filings, press
releases, public conference calls, and webcasts. The company also uses social
media to communicate with its investors and the public, and the information the
company posts on social media may be deemed material information. Therefore, the
company encourages investors, the media, and others interested in the company to
review the information that it posts on the social media channels, including
Facebook(www.facebook.com/kimcorealty) and LinkedIn
(www.linkedin.com/company/kimco-realty-corporation). The list of social media
channels that the company uses may be updated on its investor relations website
from time to time.
Safe Harbor Statement
This press release 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
iv
500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com
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 our most recent Annual
Report on 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 on 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 press release, or
other locations, such as our corporate website, contain various corporate
responsibility standards and frameworks (including standards for the measurement
of underlying data). 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.
###
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
(833) 800-4343
dbujnicki@kimcorealty.com
v
500 North Broadway, Suite 201|Jericho, NY 11753|(833) 800-4343kimcorealty.com
Condensed
Consolidated
Balance
Sheets
(in
thousands,
except share
data)
(unaudited)
Assets:
Real estate,
net of
accumulated
depreciation
and September 30, December 31,
amortization 2026 2025
──────────────────────────────────────────────────────────────────────────────
of $5,016,765
and $ 16,603,721 $ 16,769,292
$4,849,564,
respectively
Investments
in and
advances to 1,248,541 1,454,051
real
estate joint
ventures
Other 153,199 99,936
investments
Cash, cash
equivalents
and 544,916 212,794
restricted
cash
Mortgage and
other
financing 339,417 383,935
receivables,
net
Accounts and
other 373,935 368,964
receivables,
net
Operating
lease 124,444 127,596
right-of-use
assets, net
Other assets 332,024 271,682
Total assets $ 19,720,197 $ 19,688,250
Liabilities:
Notes $ 8,043,092 $ 7,718,730
payable, net
Mortgages 428,929 467,203
payable, net
Accounts
payable and 330,546 291,537
accrued
expenses
Intangible
liabilities, 315,300 334,527
net
Operating
lease 118,006 120,078
liabilities
Other 165,284 188,297
liabilities
Total 9,401,157 9,120,372
liabilities
Redeemable
noncontrolli… - 24,506
interests
Stockholders'
Equity:
Preferred
stock, $1.00
par value,
authorized
7,054,000
shares;
Issued and
outstanding
(in series)
18,715 and
20,748
shares,
respectively;
Aggregate
liquidation
preference 19 21
$483,519 and
$553,196,
respectively
Common stock,
$.01 par
value,
authorized
1,500,000,000
shares;
Issued and
outstanding
664,490,367
and 6,645 6,741
674,093,047
shares,
respectively
Paid-in 10,626,500 10,922,596
capital
Cumulative
distributions (490,651 ) (528,730 )
in excess of
net income
Accumulated
other 15,028 (8,792 )
comprehensive
income/(loss)
Total
stockholders' 10,157,541 10,391,836
equity
Noncontrolli… 161,499 151,536
interests
Total equity 10,319,040 10,543,372
Total
liabilities $ 19,720,197 $ 19,688,250
and equity
Con…
Con…
Sta…
of
Inc…
(in
tho…
exc… Three Nine
per Mont… Mont…
sha… Ended Ended
dat… Sept… Sept…
(un… 30, 30,
Rev… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Rev…
from
ren… $ 539,… $ 531,… $ 1,63… $ 1,58…
pro…
net
Man…
and
oth… 6,422 4,748 16,0… 14,3…
fee
inc…
Tot… 546,… 535,… 1,65… 1,59…
rev…
Ope…
exp…
Rent (4,2… ) (4,1… ) (12,… ) (12,… )
Real
est… (68,… ) (67,… ) (212… ) (203… )
tax…
Ope…
and (89,… ) (92,… ) (279… ) (273… )
mai…
Gen…
and (29,… ) (29,… ) (97,… ) (96,… )
adm…
Imp… (7,9… ) (440 ) (14,… ) (8,6… )
cha…
Dep…
and (155… ) (158… ) (461… ) (473… )
amo…
Tot…
ope… (355… ) (352… ) (1,0… ) (1,0… )
exp…
Gain
on
sale 89,3… 3,705 106,… 43,5…
of
pro…
Ope… 279,… 187,… 683,… 573,…
inc…
Oth…
inc…
Oth…
inc… 3,186 (2,3… ) (63 ) 789
net
Mor…
and
oth… 12,6… 12,3… 36,5… 35,7…
fin…
inc…
net
Int… (87,… ) (84,… ) (254… ) (245… )
exp…
Inc…
bef…
inc…
tax…
net,
equ…
in
inc…
of
joi…
ven…
net,
and
equ…
in
inc… 208,… 113,… 465,… 364,…
of
oth…
inv…
net
(Pr…
for
inc… (149 ) 875 86 45
tax…
net
Equ…
in
inc…
of 73,9… 26,9… 131,… 73,6…
joi…
ven…
net
Equ…
in
inc…
of 229 (811 ) 5,491 1,637
oth…
inv…
net
Net 282,… 140,… 602,… 439,…
inc…
Net
inc…
att… (2,9… ) (2,2… ) (5,1… ) (5,9… )
to
non…
int…
Net
inc…
att… 279,… 137,… 597,… 433,…
to
the
com…
Pre…
div… (6,6… ) (7,5… ) (21,… ) (22,… )
net
Net
inc…
ava…
to $ 272,… $ 130,… $ 575,… $ 410,…
the
com…
com…
sha…
Per
com…
sha…
Net
inc…
ava…
to
the
com…
com…
sha…
(1)
Bas… $ 0.41 $ 0.19 $ 0.86 $ 0.61
Dil… $ 0.41 $ 0.19 $ 0.85 $ 0.60
(2)
Wei…
ave…
sha…
Bas… 666,… 674,… 669,… 675,…
Dil… 669,… 675,… 673,… 676,…
(2)
Adjusted for earnings attributable to participating securities of
($1,401) and ($640) for the three months ended September 30, 2026 and
(1 ) 2025, respectively. Adjusted for earnings attributable to
participating securities of ($2,165) and ($1,867) for the nine months
ended September 30, 2026 and 2025, respectively.
Reflects the potential impact if convertible preferred shares and
certain units were converted to common stock at the beginning of the
period. The impact of the conversion of preferred shares and certain
units would have an anti-dilutive effect on net income and therefore
have not been included. Adjusted for distributions on preferred
(2 ) shares and convertible units of $684 and $0 for the three months
ended September 30, 2026 and 2025, respectively. Adjusted for
distributions on preferred shares and convertible units of $2,771 and
$27 for the nine months ended September 30, 2026 and 2025,
respectively. Additionally, there were potentially issuable shares
related to the Exchangeable Senior Notes that were not dilutive as of
September 30, 2026.
Rec…
of
Net
Inc…
Ava…
to
the
Com…
Com…
Sha…
to
the
FFO
Ava…
to
the
Com…
Com…
Sha…
(1)
(in
tho…
exc…
per
sha…
dat…
(un…
Three Nine
Mont… Mon…
Ended End…
Sept… Sep…
30, 30,
2026 2025 2026 2025
Net
inc…
ava…
to $ 272,… $ 130,… $ 575,… $ 410…
the
com…
com…
sha…
Gain
on
sale (89,… ) (3,7… ) (106… ) (43… )
of
pro…
Gain
on
sale
of (50,… ) (5,8… ) (60,… ) (6,… )
joi…
ven…
pro…
Dep…
and
amo…
- 154,… 157,… 458,… 469…
real
est…
rel…
Dep…
and
amo…
- 18,9… 19,6… 58,9… 63,…
real
est…
joi…
ven…
Imp…
cha…
(in…
real 8,505 440 15,1… 8,6…
est…
joi…
ven…
Pro…
for
loan - 1,900 - 1,9…
los…
net
Pro…
par…
from 755 1,752 (3,5… ) 906
oth…
inv…
net
Los…
on
mar… 65 646 89 (1,… )
sec…
net
(Be…
for
inc… (7 ) (1,2… ) 1 (1,… )
tax…
net
(2)
Non…
int… 365 (744 ) (1,2… ) (2,… )
(2)
FFO
ava…
to
the $ 316,… $ 300,… $ 936,… $ 899…
com…
com…
sha…
Wei…
ave…
sha…
out…
for
FFO
cal…
Bas… 666,… 674,… 669,… 675…
Uni… 3,792 3,576 3,814 3,2…
Con…
pre… 1,767 3,185 2,708 3,2…
sha…
Dil…
eff…
of 878 732 859 762
equ…
awa…
Dil… 672,… 682,… 677,… 682…
(3)
FFO
per
com… $ 0.47 $ 0.45 $ 1.40 $ 1.33
sha…
-
bas…
FFO
per
com…
sha… $ 0.47 $ 0.44 $ 1.39 $ 1.33
-
dil…
(3)
The company considers FFO to be an important supplemental measure of
its operating performance and believes it is frequently used by
securities analysts, investors and other interested parties in the
(1) evaluation of REITs, many of which present FFO when reporting results.
Comparison of the company's presentation of FFO 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.
Related to gains, impairments, depreciation on properties and
(2) gains/(losses) on marketable securities and derivatives, where
applicable.
Reflects the potential impact if convertible preferred shares and
certain units were converted to common stock at the beginning of the
period. FFO available to the company’s common shareholders would be
increased by $1,799 and $2,186 for the three months ended September 30,
2026 and 2025, respectively. FFO available to the company's common
shareholders would be increased by $6,353 and $6,233 for the nine
(3) months ended September 30, 2026 and 2025, respectively. The effect of
other certain convertible units would have an anti-dilutive effect upon
the calculation of FFO available to the company’s common shareholders
per share. Accordingly, the impact of such conversion has not been
included in the determination of diluted FFO per share calculations.
Additionally, there were potentially issuable shares related to the
Exchangeable Senior Notes that were not dilutive as of September 30,
2026.
Rec…
of
Net
Inc…
Ava…
to
the
Com…
Com…
Sha…
to
Same
Pro…
NOI
(1)…
(in
tho…
(un…
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
30, 30,
2026 2025 2026 2025
Net
inc…
ava…
to $ 272,… $ 130,… $ 575,… $ 410,…
the
com…
com…
sha…
Adj…
Man…
and
oth… (6,4… ) (4,7… ) (16,… ) (14,… )
fee
inc…
Gen…
and 29,9… 29,6… 97,0… 96,4…
adm…
Imp… 7,984 440 14,6… 8,619
cha…
Dep…
and 155,… 158,… 461,… 473,…
amo…
Gain
on
sale (89,… ) (3,7… ) (106… ) (43,… )
of
pro…
Oth…
(in… (3,1… ) 2,319 63 (789 )
net
Mor…
and
oth… (12,… ) (12,… ) (36,… ) (35,… )
fin…
inc…
net
Int… 87,7… 84,2… 254,… 245,…
exp…
Pro…
for
inc… 149 (875 ) (86 ) (45 )
tax…
net
Equ…
in
(in…
of (229 ) 811 (5,4… ) (1,6… )
oth…
inv…
net
Net
inc…
att… 2,994 2,280 5,112 5,922
to
non…
int…
Pre…
div… 6,609 7,536 21,6… 22,7…
net
Non
same
pro… (22,… ) (29,… ) (82,… ) (78,… )
net
ope…
inc…
Non…
exp…
from (24,… ) 21,0… 19,7… 74,9…
joi…
ven…
net
Same
pro… $ 405,… $ 386,… $ 1,20… $ 1,16…
NOI
Same property Net Operating Income (“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. Same property NOI is considered
by management to be an important operating performance measure
frequently used by analysts and investors because it includes only the
NOI of operating properties that have been owned and stabilized for the
entire current and prior year reporting periods. Same property NOI
assists in eliminating disparities due to the development,
redevelopment, acquisition and disposition of properties during the
(1) periods presented and thus provides a more consistent performance
measure for the comparison of the Company's properties. Same property
NOI is calculated using rental property revenues (excluding
straight-line rent adjustments, lease termination income, net, and
amortization of above/below market rents), less charges for credit
losses, operating and maintenance expenses, real estate taxes, and rent
expenses, 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, which may
differ from methods used by other REITs and may not be comparable to
them, discloses with and without the impact from redevelopment
projects.
(2) Amounts represent the company's pro-rata share.
Reconciliation of the
Projected Range of Net Income
Available to the Company's
Common Shareholders
to Funds From Operations
Available to the Company's
Common Shareholders Projected Range
(unaudited, all amounts shown Full Year 2026
are per diluted share) Low High
──────────────────────────────────────────────────────────────────────────────
Net income available to the
company's $ 1.07 $ 1.09
common shareholders
Gain on sale of properties (0.16 ) (0.18 )
Gain on sale of joint venture (0.09 ) (0.10 )
properties
Depreciation & amortization -
real 0.90 0.92
estate related
Depreciation & amortization -
real 0.11 0.12
estate joint ventures
Impairment charges (including
real 0.02 0.02
estate joint ventures)
Profit participation from
other (0.01 ) (0.01 )
investments, net
FFO available to the
company's common $ 1.84 $ 1.86
shareholders
Projections involve numerous
assumptions
such as rental income
(including
assumptions on percentage
rent),
interest rates, tenant
defaults,
occupancy rates,
international tariffs,
selling prices of properties
held for
disposition, expenses
(including
salaries and employee costs),
insurance
costs and numerous other
factors. Not
all of these factors are
determinable at
this time and actual results
may vary
from the projected results,
and may be
above or below the range
indicated. The
above range represents
management’s
estimate of results based
upon these
assumptions as of the date of
this press
release.