Kimco Realty Corporation (HC)

Kimco Realty Corp. owns and operates open-air, grocery-anchored shopping centers and a growing mix of mixed-use properties across the United States. It also earns fee income and promoted interests through institutional joint ventures, while selectively investing in preferred equity, net-leased assets, and retail-related financing opportunities.

65,3 %

27,3 %

+5,1 %

— Kimco Realty Corporation (HC)
%
Shopping centers80% Open-air, grocery-anchored centers that generate the core rental stream.
Mixed-use properties8% Retail assets with residential or live/work/play components.
Joint venture management fees5% Fees and promoted interests from institutional real estate partnerships.
Net-leased and other property interests4% Smaller property holdings outside the core shopping-center portfolio.
Preferred equity and other investments3% Preferred equity capital and selective retail-related investment positions.

Kimco’s tenants are primarily grocery stores, off-price retailers, discounters, home improvement chains,...

  • Grocery-anchored retail tenantsprimary

    Supermarkets and food anchors lease space to capture frequent, necessity-based visits.

  • Off-price and discount retailersprimary

    TJX, Ross, Burlington and similar tenants buy suburban space for value-oriented traffic.

  • Home improvement and service tenantsprimary

    Retailers and service businesses lease space to reach local households on a recurring basis.

  • Mixed-use residents and userssecondary

    Residential and live/work/play users support densification around existing centers.

  • Institutional capital partnerssecondary

    Joint venture investors buy Kimco’s management, leasing, and operating expertise.

Kimco’s business is overwhelmingly U.S.-based, with interests in shopping center properties across 30 states as of...

  • •U.S.-only portfolio with properties spread across 29-30 states
  • •Core exposure is to 19 major Sun Belt and coastal metro markets
  • •First-ring suburbs matter because they support daily convenience traffic
  • •Geographic diversification reduces dependence on any single property
  • •Mixed-use densification is concentrated around existing suburban assets

Kimco is focused on being the premier owner and operator of open-air, grocery-anchored centers and expanding its...

01
Reinvest and densify the existing portfoliomedium-term

Upgrading centers and adding density should lift rents, traffic, and long-term asset value.

02
Expand mixed-use and residential entitlementsmedium-term

Entitlements create optionality for higher-value land use and broader community destinations.

03
Maintain conservative balance sheet metricsshort-term

Investment-grade access lowers funding costs and supports portfolio flexibility.

04
Concentrate on high-quality suburban trade areaslong-term

Strong demographics and barriers to entry support occupancy and rent growth.

Kimco’s earnings are exposed to retail traffic, tenant health, and the pace of consumer spending because its properties...

high

Consumer spending slowdown

The portfolio depends on foot traffic to grocery, discount, and service tenants.

Scope
Tenant sales and occupancy
Materiality
high
high

Interest rate and refinancing pressure

The company uses debt capital and property values are sensitive to cap rates.

Scope
Borrowing costs and asset valuations
Materiality
high
medium

E-commerce substitution

Online shopping can reduce visits to physical retail centers and weaken rent growth.

Scope
Lease renewals and occupancy
Materiality
medium
medium

Tenant concentration and bankruptcy

A few large tenants still account for a meaningful share of base rent.

Scope
Rent collections and re-leasing
Materiality
medium
medium

Cybersecurity incidents

A cyber event could disrupt systems, reporting, or tenant-facing operations.

Scope
IT systems and confidential data
Materiality
medium
Valuation of real estate and joint venture investments
Can create non-cash gains or losses and affect asset carrying values
Straight-line rent and lease accounting
Affects revenue timing and comparability across periods
Trade accounts receivable and credit losses
Can reduce NOI and operating income
Depreciable lives and impairment
Can materially affect depreciation expense and write-downs
Debt and hedging accounting
Can change reported financing costs and volatility

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: 11/08/2026