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Kimco Realty is like **Simon Property Group (SPG)**, but specializes in owning and managing open-air, grocery-anchored shopping centers instead of large enclosed malls.

Kimco Realty is like the **McDonald's** of retail real estate: they primarily own the land and buildings for hundreds of shopping centers, which they then lease to various retail businesses.

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• Leasing Commercial Real Estate: Providing rental space within grocery-anchored shopping centers to a diverse range of retailers and businesses.
• Property Management Services: Overseeing the ongoing operations, maintenance, and administrative needs of its shopping center portfolio to ensure optimal functionality and tenant satisfaction.

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Kimco Realty (KIM) is a Real Estate Investment Trust (REIT) that owns and operates open-air, grocery-anchored shopping centers and mixed-use assets. Therefore, its major customers are the retail and service companies that lease space in its properties.

Here are Kimco Realty's major customers (tenants) as of March 31, 2024, based on Annualized Base Rent (ABR):

• Kroger (KR)
• TJX Companies (TJX)
• Ahold Delhaize (ADRNY)
• Publix (Private Company)
• Walmart (WMT)
• Regal Entertainment Group (part of Cineworld Group, CINE.L)
• Ross Stores (ROST)
• Burlington Stores (BURL)
• Kohl's (KSS)
• Sprouts Farmers Market (SFM)

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Conor C. Flynn, Chief Executive Officer

Mr. Flynn has served as the CEO of Kimco Realty since January 2016. He joined the company in 2003 as an asset manager and has held various senior leadership roles within the organization, including President, Chief Operating Officer, Chief Investment Officer, and President, Western Region. Mr. Flynn holds a B.A. from Yale University and a Master's in Real Estate Development from Columbia University. He is a member and Chair of the Executive Board of Nareit and previously served as a trustee of the International Council of Shopping Centers (ICSC).

Glenn G. Cohen, Executive Vice President, Chief Financial Officer & Treasurer

Mr. Cohen was appointed Executive Vice President and Chief Financial Officer of Kimco Realty in June 2010, and has been Treasurer since 1997. He directs the company's financial and capital strategy and oversees accounting, financial reporting and planning, tax, treasury, and capital market activities. Before joining Kimco in 1995 as Director of Accounting and Taxation, Mr. Cohen served as Chief Operating Officer and Chief Financial Officer for U.S. Balloon Manufacturing Company, Chief Financial Officer for EMCO Sales and Service, L.P., and spent six years at the public accounting firm Coopers & Lybrand, LLP (predecessor to PricewaterhouseCoopers LLP), where he was a manager in the audit group. Mr. Cohen received a Bachelor of Science degree in accounting from the State University of New York at Albany in 1985 and is a Certified Public Accountant. He was also a Director for Quality Care Properties, Inc. (NYSE: QCP) until its acquisition by Welltower Inc. in July 2018.

Ross Cooper, President & Chief Investment Officer

Mr. Cooper was elected President and Chief Investment Officer in February 2017 and joined the Company's Board of Directors in January 2025. He works closely with the Investment Committee, risk team, and regional leadership in overseeing the company's acquisition and disposition strategy. Mr. Cooper has been with Kimco since 2006, serving in various leadership roles including Senior Vice President and Vice President of Acquisitions, Dispositions and Asset Management for the Southern Region. He holds a B.S. from the University of Michigan and a Master's in Real Estate from New York University.

Milton Cooper, Chairman Emeritus

Mr. Cooper co-founded Kimco's predecessor in 1960. He led the company through its initial public offering in 1991 and served as CEO from 1991 to 2009. Mr. Cooper transitioned from Executive Chairman to Chairman Emeritus in January 2025 after more than 60 years of leadership. He is also a Director at Getty Realty Corporation.

David Jamieson, Executive Vice President, Chief Operating Officer

Mr. Jamieson serves as Executive Vice President and Chief Operating Officer.

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Here are the key risks to Kimco Realty's business:

1. Adverse Economic and Market Conditions, including Tenant Defaults and Lease Terminations: Kimco Realty's performance is significantly tied to the overall economic climate and conditions within the retail real estate market. An economic downturn, financial disruption, or geopolitical challenges could materially and adversely affect the company's business. A key vulnerability lies in tenant defaults, multiple lease terminations (particularly by anchor tenants), or the inability to re-lease vacated spaces at attractive rents, which could lead to significant reductions in rental income. Additionally, a faster shift towards online grocery shopping could put pressure on anchor tenants, impacting occupancy and rental rates.
2. Interest Rate Risk and Financing Challenges: As a real estate investment trust (REIT), Kimco Realty is exposed to fluctuations in interest rates. A significant increase in interest rates would directly raise interest expenses on any variable-rate debt and could make it more difficult to secure alternative financing on desirable terms. Sustained higher interest rates could also limit the company's ability to undertake accretive acquisitions and redevelopments.
3. Competition in Retail Real Estate: Kimco operates in a competitive retail real estate market. Competition for tenants and properties, as well as new localized supply in certain submarkets, can put pressure on leasing activity, occupancy rates, and rental income. While Kimco focuses on grocery-anchored and necessity-based retail centers, intense competition could still impact its ability to attract and retain tenants and execute its growth strategies.

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The increasing adoption by grocery tenants of automated micro-fulfillment centers (MFCs) or "dark stores" for online order fulfillment, which could reduce the long-term demand for large, traditional customer-facing grocery store footprints that serve as anchors for Kimco Realty's properties.

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United States Shopping Centers Market:

• In 2024, the market size for shopping centers in the U.S. is estimated at approximately $1.6 trillion.

Global Shopping Centers Market:

• The global shopping centers market was valued at an estimated $6.0 trillion in 2024 and is projected to reach $8.1 trillion by 2030. Another estimate places the global market size at $5.88 trillion in 2023, poised to grow to $9.86 trillion by 2032.

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Kimco Realty (KIM) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Rent Increases and Positive Leasing Spreads: Kimco consistently achieves significant cash rent spreads on new leases and renewals across its portfolio. For instance, in Q4 2024, the company reported 35.4% rent spreads on new leases and a 3.8% increase in minimum rents, contributing to a 4.5% growth in Same Property Net Operating Income (NOI). Similarly, Q3 2025 saw blended pro-rata cash rent spreads of 11.1%, with new leases up 21.1% and renewals and options growing 8.2%. This ability to command higher rents will be a sustained driver of revenue.
2. Increased Occupancy and "Signed-Not-Open" (SNO) Pipeline: The company has demonstrated strong occupancy rates, including all-time highs for small shop occupancy. A significant driver is the "signed-not-open" (SNO) pipeline, which represents future rent from leases already executed but not yet commenced. In Q4 2024, the SNO pipeline represented $56 million in potential future base rent. By Q3 2025, this expanded to a record $71 million in future annual base rent from signed leases, providing clear visibility into upcoming revenue streams.
3. Strategic Acquisitions and Capital Recycling: Kimco actively pursues acquisitions and employs a disciplined capital allocation strategy to enhance its portfolio. The recent acquisition of RPT Realty was a primary driver of growth in consolidated revenues from rental properties, contributing significantly to income. The company also plans to recycle capital from non-income-producing or lower-growth assets into new properties with higher expected growth potential, including structured investments, to further bolster its revenue base.
4. Redevelopment and Repositioning of Properties: Kimco focuses on value-enhancing redevelopment and anchor repositioning projects. These initiatives often involve replacing underperforming tenants or vacant spaces with more productive uses, such as expanded grocery stores or specialty grocers. This strategy aims to unlock the highest and best use of its real estate, leading to increased rental income and property values.
5. Focus on Grocery-Anchored and Mixed-Use Assets in Desirable Markets: Kimco's strategy emphasizes high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in affluent first-ring suburbs of major metropolitan markets and Sun Belt cities. This focus on necessity-based retail caters to essential goods and services, ensuring stable demand and frequent customer visits, which translates into resilient rental income. The company is also expanding its mixed-use portfolio by entitling apartment units, creating new revenue streams from residential components.

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Share Repurchases

• A new share repurchase program for up to $750 million of common stock was approved on November 3, 2025, replacing a prior program.
• In Q2 2025, Kimco repurchased 3.0 million shares of common stock at an average price of $19.61 per share.
• In February 2020, a stock repurchase program was extended for up to $300.0 million until February 28, 2022, with $224.9 million remaining available at that time.

Share Issuance

• On November 3, 2025, Kimco announced a new $750 million "at the market" (ATM) equity offering program, enabling the company to sell common stock for general corporate purposes, including acquisitions, development, preferred share redemptions, and debt reduction.
• In 2024, the company raised $136.3 million in net proceeds from the sale of 5.4 million shares of common stock through its ATM equity offering program.
• Prospectus supplements were filed in late 2025 related to the Dividend Reinvestment and Direct Stock Purchase Plan and DownREIT ventures, potentially leading to the issuance of 1,000,000 shares for DRIP and up to 2,325,679 shares for DownREIT unit redemptions.

Outbound Investments

• Kimco acquired RPT Realty in the first quarter of 2024.
• In Q3 2025, Kimco acquired the remaining 85% ownership interest in Tanasbourne Village for a pro-rata purchase price of $65.9 million.
• Under its Structured Investment Program, Kimco invested $201.9 million of new capital in Q3 2025, including investments in The Shops at Waldorf, The Shoppes at Knollwood, and a secured participating investment related to the privatization sale of Family Dollar.
• Other notable acquisitions include Waterford Lakes Town Center for $322 million in Q4 2024 and Markets at Town Center for $108 million in January 2025.

Capital Expenditures

• For 2025, Kimco expects total capital expenditures (tenant improvements, landlord work, leasing commissions) to range from $250 million to $300 million.
• As of September 30, 2025, year-to-date capital expenditures were $207 million.
• Redevelopment spending for 2025 is projected to be between $90 million and $110 million, with a focus on projects like The Chester at Westlake Shopping Center, and generally on value-enhancing redevelopment activities.