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KIM-PM

Kimco Realty Corporation

KIM-PM

Kimco Realty Corporation • NYSE
$20.60 ▼ -0.43% (-0.09)
Market Cap $13.91 B
52w High $23.20
52w Low $19.71
Dividend Yield 1.31%
P/E 12.52
Volume 28.14K
Outstanding Shares 675.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $535.861M ▲ $184.65M ▲ $137.135M ▼ 25.592% ▼ $0.2 ▼ $460.78M ▲
Q2-2025 $525.175M ▼ $157.493M ▼ $162.986M ▲ 31.035% ▲ $0.23 ▲ $323.528M ▼
Q4-2024 $536.624M ▲ $192.492M ▲ $132.817M ▼ 24.75% ▼ $0.18 ▼ $350.413M ▲
Q4-2024 $525.397M ▲ $190.901M ▲ $166.038M ▲ 31.602% ▲ $0.22 ▲ $340.108M ▲
Q3-2024 $507.632M $178.362M $135.983M 26.788% $0.19 $338.261M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $159.339M ▼ $19.88B ▲ $9.195B ▲ $10.486B ▼
Q2-2025 $226.553M ▲ $19.797B ▲ $9.079B ▲ $10.521B ▼
Q4-2024 $131.271M ▼ $19.731B ▼ $8.951B ▼ $10.588B ▼
Q4-2024 $690.912M ▼ $20.31B ▲ $9.464B ▲ $10.653B ▲
Q3-2024 $791.306M $20.129B $9.386B $10.523B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-298.688M ▼ $332.428M ▲ $-257.011M ▼ $-142.762M ▼ $-67.345M ▼ $238.672M ▲
Q2-2025 $164.942M ▲ $305.403M ▲ $-101.521M ▲ $-108.559M ▲ $95.323M ▲ $219.31M ▼
Q4-2024 $134.503M ▼ $223.813M ▼ $-130.554M ▲ $-650.487M ▼ $-557.228M ▼ $223.813M ▼
Q4-2024 $167.999M ▲ $239.541M ▼ $-226.686M ▼ $-113.168M ▼ $-100.313M ▼ $239.541M ▲
Q3-2024 $138.426M $295.93M $-81.323M $447.882M $662.489M $211.083M

Revenue by Products

Product Q1-2018Q2-2018Q3-2018Q4-2018
Management and Other Fee Incomes
Management and Other Fee Incomes
 $0 ▲$0 ▲$20.00M ▲$0 ▼
Other Rental Property Income
Other Rental Property Income
 $10.00M ▲$10.00M ▲$20.00M ▲$0 ▼
Reimbursement Income
Reimbursement Income
 $60.00M ▲$60.00M ▲$250.00M ▲$0 ▼
Revenues from Rental Properties
Revenues from Rental Properties
 $220.00M ▲$220.00M ▲$880.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Income has generally moved in the right direction over the past five years. Rental and related revenues have grown steadily as shopping centers filled back up after the pandemic and as acquisitions added scale. Core profitability from operations has also trended higher, suggesting the underlying properties are performing better and management is controlling costs reasonably well. What stands out is how uneven the bottom-line profit has been from year to year. Net income and earnings per share jump around, which for a REIT often reflects one-off items like property sale gains, valuation movements, and acquisition or merger-related costs rather than big swings in day‑to‑day performance. In other words, the operating engine looks fairly stable and improving, while reported earnings are noisy and influenced by accounting and deal activity. Overall, the income statement points to a business that has grown in size and improved its operating margins, but with headline earnings that require careful interpretation because of non‑recurring and non‑cash items.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown significantly through acquisitions and development, with a much larger property base now than several years ago. Total assets and shareholders’ equity have both climbed meaningfully, reflecting added properties, higher values, and retained capital. Debt has also increased, which is typical for a large real estate owner that funds properties with a mix of borrowing and equity. The key point is that equity has risen alongside debt, so leverage does not appear to have spiraled out of control based on this snapshot. The presence of an investment‑grade credit rating in the background narrative supports the idea that lenders still view the balance sheet as sound. Cash on hand moves around but remains modest relative to the overall asset base, which is normal for a REIT that tends to reinvest and distribute cash rather than stockpile it. The main balance‑sheet risks are tied to interest rates (given the debt load) and to property values, which could move if retail real estate conditions worsen.

Cash Flow

Cash Flow Cash flow from the core property portfolio has been solid and steadily improving. Operating cash flow has grown over the period, which is reassuring because this is the lifeblood that supports interest payments, preferred and common dividends, and reinvestment in the portfolio. Free cash flow broadly tracks operating cash flow because capital spending has been relatively contained, with heavier investment only in some years. This suggests management is being selective about new development and redevelopment projects, while still maintaining and upgrading properties. The pattern here is of a business that throws off reliable, recurring cash, with enough flexibility to fund growth projects and capital returns. The main sensitivities are to occupancy levels, rental rates, and borrowing costs, all of which can influence how much free cash remains after mandatory obligations.

Competitive Edge

Competitive Edge Kimco’s competitive strength comes from what it owns and where it owns it. The portfolio is heavily geared toward grocery‑anchored shopping centers and necessity‑based retail in dense, first‑ring suburbs and high‑growth Sun Belt markets. These locations and tenant types tend to draw regular, non‑discretionary foot traffic and have proved more resilient to e‑commerce pressures and economic downturns than many traditional malls. Over time, Kimco has deepened this advantage by acquiring other portfolios, building scale, and focusing on markets with high barriers to new development. That makes it harder for new competitors to replicate its footprint. Its mixed‑use strategy—adding apartments and other uses around these centers—helps create built‑in customer bases for the retailers. An investment‑grade balance sheet and access to capital support this position by allowing the company to buy, sell, and redevelop properties at scale. The flip side is ongoing exposure to the health of brick‑and‑mortar retail, local zoning and permitting, and the need to continually keep centers relevant and well‑leased.

Innovation and R&D

Innovation and R&D Although real estate companies don’t do “R&D” in the traditional sense, Kimco is clearly leaning into innovation in how it operates and leases its properties. It has built dynamic digital listing pages for vacant spaces, with virtual tours and live market data, which have materially helped leasing. It is also using artificial intelligence behind the scenes to speed up data work during acquisitions and integration, improving accuracy and cutting manual effort. On the tenant side, programs like Kimco Advantage, a 24/7 service center, online payment tools, and curated business discounts are meant to deepen relationships and support tenant success. The company’s Curbside Pickup program, launched during the pandemic and now made permanent, shows a willingness to adapt quickly to omnichannel retail trends. A dedicated innovation and transformation role suggests this is not one‑off experimentation but a structured push to embed technology, data analytics, and new customer‑facing tools into the business. Kimco is also weaving sustainability and low‑carbon transportation into its properties, which can matter for both tenants and end consumers over time.

Summary

Kimco Realty today looks like a scaled, necessity‑focused retail REIT that has grown meaningfully over the last five years while strengthening its operating performance. Revenues and underlying operating profits have climbed, and the property base and equity cushion have expanded, even as debt has also risen in line with that growth. Cash generation from the core portfolio is steady and supportive of the REIT structure. Reported earnings are more volatile and influenced by deals, valuations, and accounting items, so they are less useful as a simple health gauge than the cash flows and occupancy trends. Strategically, the focus on grocery‑anchored centers, mixed‑use environments, and strong suburban and Sun Belt locations gives Kimco a durable niche within retail real estate. Its efforts in digital leasing, tenant support, and sustainability signal a forward‑looking approach rather than a static landlord model. Key ongoing risks revolve around interest rates and leverage, the long‑term evolution of physical retail, and execution on redevelopment and acquisitions. On balance, the picture is of a mature but evolving REIT with a clear strategy, decent financial footing, and an active push to maintain relevance and resilience in a changing retail landscape.