KIMCO REALTY CORP

Listed Company

KIM-PLCIK 0000879101NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$2.14B

Net Income

$584.74M

Total Assets

$19.69B

Equity

$10.39B

Shares Out

674.39M

Op. Cash Flow

$1.12B

Business

KIMCO REALTY CORP is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and growing mixed-use properties in the United States. The company offers property ownership and operations, leasing and property management, development and redevelopment services, investment real estate management, preferred equity and financing solutions, and related asset management and fee-based services. Its business is organized around its consolidated shopping center portfolio, investment real estate management programs and related joint ventures and taxable REIT subsidiaries. Properties and services are concentrated in major U.S. metropolitan Sun Belt and coastal markets and delivered through direct leasing, management relationships and institutional joint venture platforms.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues from rental properties, net	2,121	2,019	1,767	1,711	1,350
Management and other fee income	19	18	16	17	15
Total revenues	2,140	2,037	1,783	1,728	1,365
Rent	−17	−17	−16	−16	−14
Real estate taxes	−277	−262	−232	−225	−181
Operating and maintenance	−368	−359	−309	−290	−223
General and administrative	−133	−138	−137	−120	−104
Impairment charges	−10	−4	−14	−22	−4
Merger charges	0	−25	−5	0	−50
Depreciation and amortization	−627	−604	−507	−505	−395
Total operating expenses	−1,432	−1,409	−1,220	−1,177	−971
Gain on sale of properties	63	1	75	15	31
Operating income	771	629	639	565	424
Special dividend income	0	0	194	0	—
Other income, net	2	28	28	29	20
Mortgage and other financing income, net	51	30	12	—	—
Gain/(loss) on marketable securities, net	3,000	−28	21	−316	505
Interest expense	−330	−308	−250	−227	−204
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net	494	351	644	44	745
Provision for income taxes, net	−1	−25	−61	−57	−3
Equity in income of joint ventures, net	97	84	72	109	—
Equity in income of other investments, net	3	10	11	17	—
Net income	593	419	666	115	850
Net income attributable to noncontrolling interests	−8	−9	−12	11	−6
Net income attributable to the Company	585	411	654	126	844
Preferred unit redemption charges	0	−3	0	0	0
Preferred distributions, net	−30	−32	−25	−25	−25
Net income available to the Company's common shareholders	554	376	629	101	819
-Basic (in dollars per share)	0.82	0.55	1.02	0.16	1.61
-Diluted (in dollars per share)	0.82	0.55	1.02	0.16	1.6
-Basic (in shares)	675	672	617	616	506
-Diluted (in shares)	675	672	618	618	511

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	4,552	4,498	4,178	4,125	3,984
Building and improvements	15,839	15,425	14,760	14,333	14,068
Intangible assets	1,227	1,247	—	—	—
Real estate	21,619	21,171	18,938	18,457	18,052
Less: accumulated depreciation and amortization	−4,850	−4,360	−3,843	−3,417	−3,011
Total real estate, net	16,769	16,810	15,095	15,040	15,042
Other investments	100	107	144	—	—
Cash, cash equivalents and restricted cash	213	690	784	150	335
Mortgage and other financing receivables, net	384	445	—	—	—
Accounts and other receivables, net	369	340	308	304	255
Deferred charges and prepaid expenses	178	167	156	148	144
Operating lease right-of-use assets, net	128	126	128	134	147
Other assets	94	136	242	254	196
Total assets	19,688	20,310	18,274	17,826	18,459
Notes payable, net	7,719	7,965	7,263	6,781	7,027
Mortgages payable, net	467	496	354	377	449
Accounts payable and accrued expenses	292	282	216	208	220
Intangible liabilities, net	335	367	—	—	—
Operating lease liabilities	120	117	110	114	124
Other liabilities	188	237	600	602	510
Total liabilities	9,120	9,464	8,548	8,086	8,336
Redeemable noncontrolling interests	25	48	72	93	13
Commitments and contingencies (Footnote 23)	—	—	—	—	—
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	21,000	21,000	19,000	19,000	20,000
Common stock, $.01 par value, authorized 1,500,000,000 shares; Issued and outstanding 674,093,047 and 679,493,522 shares, respectively	7	7	6	6	6
Paid-in capital	10,923	11,033	9,638	9,618	9,592
Cumulative distributions in excess of net income	−529	−399	−123	−120	299
Accumulated other comprehensive income	−9	11	3	11	2
Total stockholders' equity	10,392	10,653	9,525	9,516	9,899
Noncontrolling interests	152	145	128	131	211
Total equity	10,543	10,798	9,653	9,647	10,110
Total liabilities and equity	19,688	20,310	18,274	17,826	18,459

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	627	604	507	505	395
Straight-line rental income adjustments, net	−29	−23	−23	−34	−23
Amortization of above-market and below-market leases, net	−31	−25	−17	−14	−15
Amortization of deferred financing costs and fair value debt adjustments, net	4	−762,000	−9	−29	−9
Equity award expense	33	35	33	27	23
Gain on sale of properties	−63	−1	−75	−15	−31
Change in fair value of embedded derivative liability	−2	−129,000	−734,000	0	0
Equity in income, net	−97	−84	−72	−110	—
Distributions from joint ventures and other investments	96	98	76	84	92
Change in accounts and other receivables, net	130,000	6	18	—	—
Change in accounts payable and accrued expenses	−5	−22	6	38	−105
Change in other operating assets	−19	−4	−26	−24	47
Change in other operating liabilities	6	−18	6	—	—
Net cash flow provided by operating activities	1,120	1,006	1,072	861	619
Acquisition of operating real estate and other related net assets	−218	−153	−277	−301	−356
Improvements to operating real estate	−348	−324	−264	−194	−164
Acquisition of RPT Realty	0	−149	0	0	—
Investment in marketable securities	−1	−1	−4	−4	0
Proceeds from sale of marketable securities	1	301	293	303	377,000
Investments in preferred stock and cost method investments	−6	−79,000	−2	—	—
Investments in and advances to real estate joint ventures	−11	−4	−24	−87	−13
Reimbursements of investments in and advances to real estate joint ventures	24	27	14	38	48
Investments in and advances to other investments	−11	−8	−18	−17	−67
Reimbursements of investments in and advances to other investments	2	3	282,000	31	64
Investment in mortgage and other financing receivables	−264	−202	−19	−75	−42
Collection of mortgage and other financing receivables	342	108	133,000	60	14
Proceeds from sale of properties	109	71	160	184	303
Proceeds from insurance casualty claims	3	8	0	0	0
Principal payments from securities held-to-maturity	4	5	5	4	0
Net cash flow used for investing activities	−377	−319	−137	−63	−476
Principal payments on debt, excluding normal amortization of rental property debt	−49	−12	−49	−158	−229
Principal payments on rental property debt	−12	−10	−11	−10	−11
Financing origination costs	−8	−9	−12	−20	−8
Contributions from noncontrolling interests	143,000	274,000	13,000	891,000	0
Distributions to noncontrolling interests	−9	−10	−11	—	—
Redemptions of noncontrolling interests	−31	−43	−47	—	—
Dividends paid	−715	−686	−657	−545	—
Proceeds from issuance of units, net	0	136	4	16	83
Repurchase of preferred units	−3	−27	−1	−3	0
Repurchase of common stock	−120	0	0	—	—
Shares/Units repurchased for employee tax withholding on equity awards	−12	−16	−16	−14	−21
Principal payments under finance lease obligations	−24	−265,000	0	0	—
Change in tenants' security deposits	4	3	2	5	2
Net cash flow used for financing activities	−1,220	−781	−301	−983	−101
Net change in cash, cash equivalents and restricted cash	−477	−94	634	−185	41
Interest paid (net of capitalized interest of $3,247, $2,218 and $2,313, respectively)	319	301	250	258	198
Income taxes paid, net of refunds	23	61	65	12	2

Filings

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