stockrowWhat it does
Kimco Realty is a real estate investment trust, or REIT, that owns and operates open-air shopping centers and mixed-use properties in the United States. Its shopping centers typically have a grocery store or another large retailer as an anchor, alongside smaller stores and service businesses. Kimco leases space to those tenants and manages the properties where they operate.
The company was founded in 1958 and is headquartered in New Hyde Park; its executive offices are in Jericho, New York. Conor C. Flynn is its chief executive officer. Kimco administers nearly all of its operating functions itself, including leasing, maintenance, construction, finance and accounting.
Kimco owns properties outright and also holds interests in properties with institutional partners. In those joint ventures, it retains management responsibilities and can earn fees for managing properties and transactions. It also provides capital to real estate professionals and invests in other real estate opportunities.
Beyond retail, Kimco develops residential and mixed-use properties and seeks permissions to add homes at existing sites. As a REIT, it must meet organizational and operational requirements and distribute a prescribed portion of its taxable income annually. Its taxable REIT subsidiaries can conduct certain activities that a REIT may not conduct directly.
How it makes money
Kimco earns rental income by leasing space in its shopping centers. Base rent is a recurring part of that income, and the company also receives expense reimbursements and other revenue from tenants. Its leases include new agreements, renewals and options. When space is vacant or a tenant leaves, Kimco must find another tenant and may incur costs to prepare and re-let it.
The company has a single reportable segment and evaluates performance by property or transaction. It owns a consolidated portfolio and has economic interests in other properties, including institutional joint ventures. From its investment real estate management programs, it earns management, acquisition and disposition fees; it can also earn promoted interests when performance metrics are met. Other activities include providing preferred equity and real estate financing.
For 2025, funds from operations, or FFO, available to common shareholders were $1.19 billion, or $1.76 per diluted share; in Q3 2026, FFO was $0.47 per diluted share. FFO is a supplemental, non-GAAP measure used to assess REIT performance. Kimco’s consolidated operating portfolio was 96.6% occupied at December 31, 2025.
Kimco can also sell properties and reinvest the proceeds. It says its capital strategy includes selling some single-tenant and residential assets and putting capital into grocery-anchored centers, redevelopment and structured investments. The company expects signed leases to add rental income as tenants open: in Q3 2026, it said approximately $64 million or roughly 85% of its $76 million signed-but-not-open pipeline was scheduled to commence from the fourth quarter through 2027.
Customers and how it sells
Kimco’s direct customers are the businesses that lease space in its properties. Its centers are primarily anchored by grocery stores, home improvement centers, off-price retailers, discounters or service-oriented tenants. Smaller shops operate alongside those anchors, serving the communities around the centers. Kimco also works with institutional investors as partners in property joint ventures.
At December 31, 2025, the company had interests in 565 shopping center properties with 100.2 million square feet of gross leasable area across 29 states. Its strategy focuses on first-ring suburbs in major Sun Belt and coastal metropolitan markets. At that date, 82% of its proportionate share of annualized base rental revenues came from its top major metro markets.
Kimco leases to a range of tenants rather than relying on one retailer. At December 31, 2025, its largest tenant represented 3.8% of annualized base rental revenues, and its five largest tenants together represented 10.9%, including the company’s proportionate share from partially owned properties. No single open-air center accounted for more than 1.2% of that rental revenue measure.
Suppliers and costs
Kimco is a property owner and operator, not a manufacturer. It administers leasing, asset management, maintenance and construction alongside its legal, finance and accounting functions. It employed 710 people at December 31, 2025, with staff in its corporate office, other US offices and remote roles.
Its costs include maintaining and repairing properties, insurance and real estate taxes. It also spends on renovations, replacements and preparing space for new tenants. Maintenance and repairs are charged to operations as incurred, while significant renovations and replacements that improve and extend an asset’s life are capitalized.
Interest is another cost: Kimco uses debt, including unsecured loans, mortgages and construction financing. Some property expenses do not necessarily fall when rental income declines. Tenants reimburse certain expenses, and Kimco said higher recoveries from its fixed common-area maintenance program contributed to its Q3 2026 property margin improvement. The company also said its One Kimco operating platform was producing early benefits in cost efficiency and faster rent commencements.
- Revenue$2.1B
- Cost of revenue−$662.3M
- Selling, general and administrative−$133.0M
- Other operating costs−$573.9M
- Operating income$770.8M
Competitive position
Kimco competes with regional and local developers, real estate companies, financial institutions and other investors for properties, investment opportunities and tenants. It was reported on 6 October 2026 that Regency Centers and Kimco were pursuing the same Sun Belt grocery-anchored centers as InvenTrust. Competition also comes from other available properties seeking to attract and retain tenants.
Kimco’s portfolio is concentrated in first-ring suburbs of major metropolitan markets, where the company sees barriers to entry. It says it has relationships with national and regional retailers and a network of industry contacts. Its national leasing platform can package discussions over multiple locations, while the company’s structured investment program can offer borrowers help with tenant relationships.
Our reading: Locations with limited competing supply can support Kimco’s leasing position, but the advantage is local and depends on demand for each center. Our reading: Its retailer relationships and ability to negotiate across multiple properties can help with leasing and investment sourcing, although other landlords and capital providers compete for the same opportunities.
Kimco says its structured investment program has faced competition from debt funds, traditional lenders and joint venture equity capital. The company also says higher construction and financing costs make new development less likely.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Regency Centers | Sun Belt grocery-anchored shopping center acquisitions | High |
| InvenTrust | Sun Belt grocery-anchored shopping center acquisitions | Medium |
Growth opportunities
Kimco’s growth strategy combines leasing its existing centers, buying properties and redeveloping assets it already owns. The company seeks higher occupancy and rental rates, particularly at grocery-anchored centers in its target metropolitan markets. It also works to replace older retail concepts and add uses that reflect changing demand.
Residential development is one way Kimco can add density to an existing site. At December 31, 2025, it had obtained multifamily entitlements for 14,196 units, of which 3,505 units had been constructed. Entitlements are permissions for development; obtaining them does not mean all the homes have been built.
Kimco also recycles capital by selling some properties and reinvesting. It said it sold residential and single-tenant assets and was directing capital toward grocery-anchored centers and redevelopment. Its structured investment program provides capital to other real estate owners and can create acquisition opportunities: the company said it acquired its third asset sourced through the program in Q3 2026.
New leases can take time to turn into rent. In Q3 2026, Kimco said approximately $64 million or roughly 85% of its $76 million signed-but-not-open pipeline was scheduled to commence from the fourth quarter through 2027. It also raised its full-year 2026 FFO guidance to $1.84-$1.86 per diluted share and its same-property net operating income growth guidance to 3.5%-3.8%.
- $1.4BFY2021
- $1.7BFY2022
- $1.8BFY2023
- $2.0BFY2024
- $2.1BFY2025
Structural risks
- Tenant health and retail demand: Inflation, interest rates, tariffs and other economic pressures can hurt tenants’ profits and their ability to pay rent. Bankruptcies, store closures, e-commerce and changes in store formats can reduce demand for Kimco’s space.
- Property costs and competition: An oversupply of retail space or competition for tenants can pressure rents and occupancy. Maintenance, insurance and property taxes can rise, while some ownership costs do not necessarily fall when income declines.
- Debt and financing: Kimco has substantial indebtedness. Difficulty accessing debt or equity markets could constrain acquisitions and development, impair liquidity or make debt repayment and refinancing harder.
- Joint venture control: Partners may have different financial capacity or business goals. Kimco may be unable to take an action it favors without a partner’s agreement or control the entity that holds title to a property.
- Weather and regulation: Windstorms, flooding and rising sea levels can damage properties and increase operating, capital and insurance costs. Zoning, environmental and other regulations can also affect costs and the use of real estate.
Bottom line
Our reading
Our reading: Kimco is a landlord whose business rests on collecting rent from a diversified set of retailers at centers that often have grocery anchors. Its locations and tenant relationships can support leasing, while redevelopment and acquisitions offer ways to expand the portfolio. Those opportunities require capital, and results remain exposed to tenant financial health, property costs and access to financing.