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Kimco Realty
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Latest analysis
Updated Aug 4, 2026
Kimco raises FFO guidance midpoint and dividend 12% as record small-shop occupancy and capital recycling drive above-peer growth trajectory
Kimco delivered FFO per diluted share of $0.46, up 4.5% year-over-year, with same-property NOI growth of 3.5% and small-shop occupancy reaching an all-time high of 92.9%. The company's capital recycling program — exiting sub-6% IRR Costco ground leases and reinvesting into grocery-anchored centers with 9%+ unlevered IRRs — is the primary engine of portfolio quality improvement without reliance on external equity. Management raised the full-year FFO guidance lower bound to $1.83 and lifted same-property NOI guidance to 3%–3.5%, reflecting accelerating SNO pipeline conversion, improving credit loss trends, and the operational leverage expected from the newly launched One Kimco national operating model.
Tone: bullishRevenue
$2.1B
KIM 10-K · FY 2025
Employees
710
Revenue FY2024
$2B
Founded
1958
Profile
KIM 10-K Item 1 · Feb 20, 2026Kimco Realty is a self-administered REIT and the nation's largest owner and operator of open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company manages 565 shopping center properties totaling 100.2 million square feet of GLA across 29 states, concentrated in major Sun Belt and coastal markets. It also maintains institutional joint venture programs, a structured investment platform, and an active residential entitlement pipeline.
Read filing description ↓ Collapse description ↑
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 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. The Company completed its initial public stock offering in November 1991, and, commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT. The Company reorganized into an UPREIT structure in January 2023. The Company is a self-administered REIT and has owned and operated open-air shopping centers for over 65 years. 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 has also obtained multi-family entitlements for 14,196 units, of which 3,505 units have been constructed as of December 31, 2025. 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.
Primary products
- Open-air shopping centers
- Grocery-anchored shopping centers
- Mixed-use properties
- Net leased properties
- Preferred equity investments
- Institutional joint venture programs
Business segments
End markets
Geographies
Named customers
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.
“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 a large number of major national and regional retailers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $2.04 billion in 2024 to $2.14 billion in 2025, driven primarily by growth in revenues from rental properties.
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