UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


☑	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-10899 (Kimco Realty Corporation)

Commission file number 333-269102-01 (Kimco Realty OP, LLC)

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

(Exact name of registrant as specified in its charter)

      Maryland (Kimco Realty Corporation)
Delaware (Kimco Realty OP, LLC)

      13-2744380
92-1489725

      (State or other jurisdiction of 
incorporation or organization)

      (I.R.S. Employer Identification No.)

500 North Broadway, Suite 201, Jericho, NY 11753

(Address of principal executive offices) (Zip Code)

(516) 869-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Kimco Realty Corporation


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share.	KIM	New York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 5.125% Class L Cumulative Redeemable Preferred Stock, $1.00 par value per share.	KIMprL	New York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share.	KIMprM	New York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 7.250% Class N Cumulative Convertible Preferred Stock, $1.00 par value per share.	KIMprN	New York Stock Exchange

Kimco Realty OP, LLC

      Title of each class

      Trading Symbol(s)

      Name of each exchange on
which registered

      None

      N/A

      N/A

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.


Kimco Realty Corporation Yes ☑ No ☐		Kimco Realty OP, LLC Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.


Kimco Realty Corporation Yes ☐ No ☑		Kimco Realty OP, LLC Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Kimco Realty Corporation Yes ☑ No ☐		Kimco Realty OP, LLC Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Kimco Realty Corporation Yes ☑ No ☐		Kimco Realty OP, LLC Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Kimco Realty Corporation:


Large accelerated filer	☑	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

Kimco Realty OP, LLC:


Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☑
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Kimco Realty Corporation ☐		Kimco Realty OP, LLC ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.


Kimco Realty Corporation ☑		Kimco Realty OP, LLC ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.


Kimco Realty Corporation ☐		Kimco Realty OP, LLC ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).


Kimco Realty Corporation ☐		Kimco Realty OP, LLC ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).


Kimco Realty Corporation Yes ☐ No ☑		Kimco Realty OP, LLC Yes ☐ No ☑

The aggregate market value of the voting and non-voting common equity held by non-affiliates of Kimco Realty Corporation was approximately $14.2 billion based upon the closing price on the New York Stock Exchange for such equity on June 30, 2025.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

As of February 10, 2026, Kimco Realty Corporation had 674,066,654 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates certain information by reference to the Kimco Realty Corporation's definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 21, 2026.

Index to Exhibits begins on page 51.

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

ANNUAL REPORT ON FORM 10-K

FISCAL YEAR ENDED DECEMBER 31, 2025

EXPLANATORY NOTE

This report combines the Annual Reports on Form 10-K for the year ended December 31, 2025, of Kimco Realty Corporation (the "Parent Company") and Kimco Realty OP, LLC ("Kimco OP"). Unless stated otherwise or the context requires, references to "Kimco Realty Corporation" or the "Parent Company" mean Kimco Realty Corporation and its subsidiaries, and references to "Kimco Realty OP, LLC" or "Kimco OP" mean Kimco Realty OP, LLC and its subsidiaries. The terms the "Company", "we", "our" or "us" refer to the Parent Company and its business and operations conducted through its directly or indirectly owned subsidiaries, including Kimco OP; and in statements regarding qualification as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes, such terms refer solely to the Parent Company. References to "shares" and "shareholders" refer to the shares and shareholders of the Parent Company and not the limited liability company interest of Kimco OP.

The Parent Company is a REIT and is the managing member of Kimco OP. As of December 31, 2025, the Parent Company owned 99.79% of the outstanding limited liability company interests (the "OP Units") in Kimco OP. Noncontrolling OP Unit interests are owned by third parties and certain officers and directors of the Company.

Substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco OP (either directly or through its subsidiaries), as the Parent Company’s operating company, and the Parent Company is the managing member of Kimco OP. Management operates the Parent Company and Kimco OP as one business. The management of the Parent Company consists of the same individuals as the management of Kimco OP. These individuals are officers of the Parent Company and employees of Kimco OP.

Stockholders' equity and Members’ capital are the primary areas of difference between the Consolidated Financial Statements of the Parent Company and those of Kimco OP. Kimco OP’s Members' capital currently includes OP Units owned by the Parent Company and noncontrolling OP Units owned by third parties and certain officers and directors of the Company. OP Units owned by outside members are accounted for within members' capital on Kimco OP’s financial statements and in noncontrolling interests in the Parent Company’s financial statements.

The Parent Company consolidates Kimco OP for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in Kimco OP. Therefore, while stockholders’ equity, members’ capital and noncontrolling interests differ as discussed above, the assets and liabilities of the Parent Company and Kimco OP are the same on their respective financial statements.

The Company believes combining the Annual Reports on Form 10-K of the Parent Company and Kimco OP into this single report provides the following benefits:

•

Enhances investors' understanding of the Parent Company and Kimco OP by enabling investors to view the businesses as a whole in the same manner as management views and operates the businesses;

•

Eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both the Parent Company and Kimco OP; and

•

Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

In order to highlight the differences between the Parent Company and Kimco OP, there are sections in this Annual Report that separately discuss the Parent Company and Kimco OP, including separate financial statements (but combined footnotes), separate controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and Kimco OP, unless context otherwise requires, this Annual Report refers to actions or holdings of Parent Company and/or Kimco OP as being the actions or holdings of the Company (either directly or through its subsidiaries, including Kimco OP).

TABLE OF CONTENTS


Item No.	Form 10-K Report Page

PART I	4

Item 1. Business	4

Item 1A. Risk Factors	10

Item 1B. Unresolved Staff Comments	22

Item 1C. Cybersecurity	22

Item 2. Properties	23

Item 3. Legal Proceedings	26

Item 4. Mine Safety Disclosures	26

PART II	27

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	27

Item 6. Reserved	29

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	30

Item 7A. Quantitative and Qualitative Disclosures About Market Risk	46

Item 8. Financial Statements and Supplementary Data	47

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	47

Item 9A. Controls and Procedures	47

Item 9B. Other Information	48

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	48

PART III	49

Item 10. Directors, Executive Officers and Corporate Governance	49

Item 11. Executive Compensation	49

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	49

Item 13. Certain Relationships and Related Transactions, and Director Independence	49

Item 14. Principal Accountant Fees and Services	49

PART IV	50

Item 15. Exhibits and Financial Statement Schedules	50

Item 16. Form 10-K Summary	50

FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K (“Form 10-K”), together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xii) collectability of mortgage and other financing receivables, (xiii) impairment charges, (xiv) criminal cybersecurity attack disruptions, data loss or other security incidents and breaches, (xv) risks related to artificial intelligence, (xvi) impact of natural disasters and weather and climate-related events, (xvii) pandemics or other health crises, (xviii) our ability to attract, retain and motivate key personnel, (xix) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xx) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or maintain certain debt until maturity, (xxiii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxiv) other risks and uncertainties identified under Item 1A, “Risk Factors” and elsewhere in this Form 10-K and in the Company’s other filings with the Securities and Exchange Commission (“SEC”). Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K that the Company files with the SEC. Certain forward-looking and other statements in this Annual Report on Form 10-K, or other locations, such as our corporate website, contain various corporate responsibility standards and frameworks (including standards for the measurement of underlying data) and the interests of various stakeholders. As such, such information may not be, and should not be interpreted as necessarily being, “material” under the federal securities laws for SEC reporting purposes, even if we use the word “material” or “materiality” in this document. Corporate Responsibility information is also often reliant on third-party information or methodologies that are subject to evolving expectations and best practices, and our approach to and discussion of these matters may continue to evolve as well. For example, our disclosures may change due to revisions in framework requirements, availability of information, changes in our business or applicable governmental policies, or other factors, some of which may be beyond our control.

PART I

Item 1. Business

Overview

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 executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company. 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. In 1973, these principals formed the Company as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. The Company completed its initial public stock offering (the “IPO”) in November 1991, and, commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet several organizational and operational requirements and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. The Company reorganized into an UPREIT structure in January 2023. If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under the Code, the Company generally will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain subsidiaries that made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”). This permits the Company to engage in certain business activities that a REIT may not conduct directly, by conducting such business activities through such TRSs. A TRS is subject to federal and state taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements. In 1994, the Company's predecessor reorganized as a Maryland corporation. In March 2006, the Company was added to the S&P 500 Index, an index containing the stock of 500 Large Cap companies, most of which are U.S. corporations. The Company's common stock, Class L Depositary Shares, Class M Depositary Shares, and Class N Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols “KIM”, “KIMprL”, “KIMprM” and “KIMprN”, respectively.

The Company is a self-administered REIT and has owned and operated open-air shopping centers for over 65 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.

The Company began to expand its operations through the development of real estate and the construction of shopping centers but revised its growth strategy to focus on the acquisition and redevelopment of existing shopping centers that include a grocery component. Additionally, the Company has developed, and continues to develop, various residential and mixed-use operating properties, as well as obtain entitlements to embark on additional projects of this nature through re-development opportunities.

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. The Company earns management fees, acquisition fees, disposition fees as well as promoted interests based on achieving certain performance metrics.

In addition, the Company has capitalized on its established expertise in retail real estate by establishing other ventures in which the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The Company has also provided preferred equity capital to real estate professionals and, from time to time, provides real estate capital, retail real estate financing and management services to both healthy and distressed retailers. The Company has also made selective investments in

secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying assets, however, these investments are subject to volatility within the equity and debt markets.

At December 31, 2025, the Parent Company is the managing member of Kimco OP and owns 99.79% of the limited liability company interests of, and exercises exclusive control over, Kimco OP as described in detail in the Explanatory Note to this Form 10-K.

As of December 31, 2025, the Company had interests in 565 shopping center properties, aggregating 100.2 million square feet of GLA, located in 29 states. In addition, the Company had 66 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.4 million square feet of GLA.

Economic Uncertainty

The economy continues to face challenges, which could adversely impact the Company and its tenants, including elevated inflation and interest rates, tenant bankruptcies, tariffs or other trade restrictions, geopolitical uncertainties and government shutdowns. These factors could slow economic growth and materially increase the cost of goods and services offered by the Company’s tenants, leading to lower profits. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which could result in tenant bankruptcies, amongst other things, and could weaken demand by those tenants for our real estate and adversely impact the Company. In addition, these challenges could negatively affect the overall demand for retail space, including the demand for leasable space in the Company’s properties. Any of these factors could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.

Business Objective and Strategies

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’s shopping centers provide essential, necessity-based goods and services to the local communities and are primarily anchored by a grocery store, home improvement center, off-price retailer, discounter and/or service-oriented tenant.

The Company’s focus on high-quality locations has led to significant opportunities for value creation through the reinvestment in its assets to add density, replace outdated shopping center concepts, and better meet changing consumer demands. In order to add density to existing properties, the Company has obtained multi-family entitlements for 14,196 units, of which 3,505 units have been constructed as of December 31, 2025. The Company continues to place strategic emphasis on live/work/play environments and in reinvesting in its existing assets, while building shareholder value.

The Company's focus on open-air shopping centers designed to deliver elevated retail experiences and drive superior tenant performance is demonstrated by the Company's Lifestyle CollectionTM. Each upscale property in this curated portfolio features thoughtfully designed common areas, experiential programming, premium fashion and lifestyle brands, and elevated food and beverage offerings alongside everyday essentials - resulting in increased foot traffic, longer dwell times, and stronger tenant sales. Every center in the Lifestyle Collection is intentionally crafted to reflect the unique identity and aspirations of our brand partners, catering to a sophisticated consumer base through a thoughtfully composed tenant mix and a strong sense of place. Beyond the individual assets, the Lifestyle Collection serves as a gateway to the Company's broader national footprint, offering growth-minded brands a seamless path to scale within the open-air retail space. This integrated approach strengthens long-term partnerships and maximizes visibility, impact, and success for our tenants across the evolving retail landscape.

The strength and security of the Company’s balance sheet remains central to its strategy. The Company’s strong balance sheet and liquidity position are evidenced by its investment grade unsecured debt ratings (A-/A-/A3) by three major ratings agencies. The Company maintains one of the longest weighted average debt maturity profiles in the REIT industry, now at 7.9 years. The Company expects to continue to operate in a manner that fosters strong debt and fixed charge coverage metrics.

Business Objective

The Company’s primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers, and mixed-use assets, in the U.S. The Company believes it can achieve this objective by:

•

increasing the value of its existing portfolio of properties and generating higher levels of portfolio growth;

•

increasing cash flows for reinvestment and/or for distribution to shareholders while maintaining conservative payout ratios;

•

maintaining strong debt metrics and its A-/A-/A3 unsecured debt ratings;

•

continuing growth in desirable demographic areas with successful retailers, primarily focused on grocery anchors; and

•

increasing the number of entitlements for residential use.

Business Strategies

The Company believes it is well positioned to achieve sustainable growth, with its strong core portfolio and its recent acquisitions allowing the Company to achieve higher occupancy levels, increased rental rates and rental growth in the future. To further achieve the Company's business objectives it has identified the following strategic goals:

•

Capitalizing on efficiencies and advantages of scale to serve as the best-in-class operator for tenants.

•

Providing essential, necessity-based goods and services to local communities.

•

Maintaining a strong balance sheet with ample liquidity.

•

Expanding a nationally diversified portfolio located in the high barrier to entry, first-ring suburbs within key major metropolitan Sun Belt and coastal markets.

•

Unlocking the highest and best use of real estate through its entitlement program and redevelopment projects through a disciplined capital allocation strategy.

•

Leading in corporate responsibility, delivering value to investors, tenants, employees and communities.

•

Investing in selective transactions through the Company's structured investment portfolio.

•

Utilizing data and technology to enhance operational efficiencies.

The Company has identified the following four strategic pillars, which the Company believes positions it for sustainable growth in the future.


High Quality, Diversified Portfolio			• Well positioned, grocery anchored portfolio in major Sun Belt and coastal markets, with 91% of the portfolio within the Sun Belt and/or coastal markets • Highly diversified tenant base led by healthy mix of essential, necessity-based tenants and omni channel retailers • Provide critical last-mile solution to its diverse pool of tenants

Accretive Capital Allocation			• Generate additional internal and external growth through accretive acquisitions and (re)development • Growth through a curated collection of mixed-use projects and redevelopments • Opportunistic acquisition and structured investment platform (“Plus”) business focused on accretive unique opportunities

Significant Financial Strength			• Maintain a strong balance sheet and liquidity position with an emphasis on reduced leverage and a sustainable and growing dividend • Over $2.2 billion of immediate liquidity, including the Company's $2.0 billion unsecured revolving credit facility • 7.9-year consolidated weighted average debt maturity profile • Over 525 unencumbered properties, representing approximately 91% of the centers in the Company's portfolio

Corporate Responsibility Leadership			• Over 65 years of delivering value to investors, tenants, employees, and communities • Corporate Responsibility approach is aligned with core business strategy • Proactive approach to assessing, disclosing and managing climate, reputational and other risks

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2025, no single open-air shopping center accounted for more than 1.2% 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, or more than 1.3% of the Company’s total shopping center GLA. Furthermore, 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 major national and regional retailers and maintains a broad network of industry contacts. Management is associated with and/or actively participates in many shopping center and REIT industry organizations. Notwithstanding these relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.

The Company’s executive and senior management teams are seasoned real estate operators with extensive retail and public company leadership experience. The Company’s management has a deep industry knowledge and well-established relationships with retailers, brokers, and vendors through many years of operational and transactional experience, as well as significant capital markets capabilities. The Company believes that management’s expertise, experience, reputation, and key relationships in the retail real estate industry provides it with a significant competitive advantage in attracting new business opportunities.

Government Regulation

Compliance with various governmental regulations has an impact on our business, including our capital expenditures, earnings and competitive position, which can be material. We incur costs to monitor and take actions to comply with governmental regulations that are applicable to our business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, international tariffs and other trade restrictions, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property and the Americans with Disabilities Act of 1990.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law, which included certain modifications to U.S. tax law, including certain provisions that affect the taxation of REITs and their investors. The OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017 and were generally set to expire for taxable years beginning after December 31, 2025. Such extensions included the permanent extension of the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers. The OBBBA also increased the percentage limit under the REIT asset test applicable to TRSs (the permissible value of TRS securities that a REIT may hold) from 20% to 25% of the value of the REIT’s total assets for taxable years beginning after December 31, 2025. The OBBBA did not have a material impact on the Company’s financial condition and/or results of operations.

In addition, see Item 1A. Risk Factors for a discussion of material risks to us, including, to the extent material, to our competitive position, relating to governmental regulations, and see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” together with our audited consolidated financial statements and the related notes thereto for a discussion of material information relevant to an assessment of our financial condition and results of operations, including, to the extent material, the effects that compliance with governmental regulations may have upon our capital expenditures and earnings.

Human Capital Resources

The Company believes that its associates are one of its strongest resources. The Company is committed to best practices in all phases of the associate life cycle, including recruitment, training, development and promotion. By cultivating high levels of associate satisfaction, management’s goal is to ensure the Company remains a significant driving force in commercial real estate well into the future.

The Company is an equal opportunity employer committed to hiring, developing, and supporting a collaborative workforce. The Company takes steps to support its commitment that employment decisions (including how persons are recruited, hired, assigned and promoted) are not made on the basis of any legally protected characteristic. All of our employees must adhere to a Code of Business Conduct and Ethics that sets standards for appropriate behavior and includes required, regular internal training on preventing, identifying, reporting and stopping any type of discrimination and/or retaliation.

To attract and retain high performing individuals, we are committed to partnering with our associates to provide opportunities for their professional development and promote their health and well-being. We offer a broad range of benefits, and we believe our compensation package and benefits are competitive with others in our industry. In addition to base salary, many of our associates participate in an annual bonus plan and receive annual equity awards. Our benefits programs include a robust offering of medical, dental, vision, life, disability and a number of exciting ancillary benefits, all of which require modest associate contributions or are offered at no cost to associates. The Company also provides a Safe Harbor 401(k) program with both pretax and Roth offerings including a robust, fully vested matching contribution.

The Company has earned Great Place to Work certification for eight consecutive years and has been recognized as a recipient of Best Workplaces in Real Estate, Best Workplaces in New York, and Best Workplaces for Millennials.

The Company operates under a hybrid work model, which balances valuable face-to-face interactions with individual preferences for ideal work conditions. By focusing on communication, collaboration, and innovation, and by encouraging associates to be deliberate in where and how they choose to work, the model results in an engaged, satisfied and efficient workforce.

The Company’s executive and management team promotes a true “open door” environment in which all feedback and suggestions are welcome. Whether it be through regular face-to-face discussion, all employee calls, department meetings, frequent training sessions, Coffee Connections with the executive team, use of our BRAVO recognition program, participation in our leadership development programs, or suggestions through the Company's internet portal, associates are encouraged to be inquisitive and share ideas. Those ideas have resulted in a number of programs and benefit enhancements.

The Company promotes physical and mental health, including access to a national gym membership program and no cost access to numerous health and wellness applications for associates and their family members. It supports an internal Wellness Council and hosts regular wellness and nutrition seminars and health screenings.

Engaging in the community is important to the Company and its associates. Across the Company's numerous offices, associates host volunteer and social activities. The Company promotes and supports associate volunteerism with two volunteer days off per year and a Company matching program in support of each associate's charitable endeavors. Employees may participate in KIMunity Councils focused in the areas of culture, charitable and in-kind giving, wellness, sustainability, and tenant engagement.

The Company's executive offices are located at 500 North Broadway, Suite 201, Jericho, NY 11753, a mixed-use property that is wholly-owned by the Company, and its telephone number is 516-869-9000 or 1-800-764-7114. Nearly all corporate functions, including legal, data processing, finance and accounting are administered by the Company from its executive offices in Jericho, New York and supported by the Company’s regional offices. As of December 31, 2025, a total of 710 persons were employed by the Company, of which 32% were located in our corporate office with the remainder located in 30 offices throughout the United States or working remotely. The average tenure of our employees was 10.1 years.

Corporate Responsibility Programs

The Company strives to build a thriving and viable business, one that succeeds by delivering long-term value for its stakeholders. We believe that the Company’s Corporate Responsibility programs are aligned with its core business strategy of creating destinations for everyday living that inspire a sense of community and deliver value to its many stakeholders.

The Company’s Board of Directors sets the objectives for Company’s overall Corporate Responsibility programs and oversees enterprise risk management. The Nominating and Corporate Governance Committee of the Board of Directors is responsible for overseeing the Company’s efforts with regard to the Company’s Corporate Responsibility matters.

As a real estate portfolio owner, the Company works to monitor physical and transition risks as well as opportunities posed to its business by climate change and quantifies and discloses the climate information regarding its activities. Climate risks and opportunities are generally evaluated at both the corporate and individual asset level. The following table summarizes relevant climate risks identified as a part of the Company’s ongoing risk assessment process. The Company may be subject to other climate risks not included below.


Climate Risk		Description
Physical Risk
	Acute Hazards - Windstorms	Increased frequency and intensity of windstorms, such as hurricanes, could lead to property damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
	Acute Hazards - Flooding	Change in rainfall conditions leading to increased frequency and severity of flooding could lead to property damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
	Acute Hazards and Chronic Stressors - Wildfires	Change in fire potential could lead to permanent loss of property, stress on human health (air quality) and stress on ecosystem services.
	Chronic Stressors - Sea Level Rise	Rising sea levels could lead to storm surge and other potential impacts for low-lying coastal properties leading to damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
	Chronic Stressors - Heat and Water Stress	Increases in temperature could lead to droughts and decreased available water supply could lead to higher utility usage and supply interruptions.
Transition Risk
	Policy and Legal	Regulations at the federal, state and local levels, in addition to stakeholder adherence to international regulations, could impose additional operating and capital costs associated with utilities, energy efficiency, building materials and building design.
	Reputation and Market	Increased interest among retail tenants in building efficiency, sustainable design criteria and "green leases," which incorporate provisions intended to promote sustainability at the property, could result in decreased demand for outdated space. Potential for fluctuating costs for carbon intensive raw materials used to construct and renovate properties.
	Technology	Increasing market and regulatory expectations may result in increased investment in upgrading technology and assets, including training and startup costs.

The Company’s approach in mitigating these risks includes, but is not limited to (i) carrying additional insurance coverage relating to flooding and windstorms, (ii) maintaining a geographically diversified portfolio, which limits exposure to event driven risks, (iii) creating a form “green lease” for its tenants, which incorporates varied criteria that align landlord and tenant sustainability priorities as well as establishing green construction criteria and (iv) implementing emergency preparedness and operational energy and water efficiency programs.

In 2020, the Company issued $500.0 million in 2.70% notes due 2030 in its first green bond offering. The net proceeds were allocated to finance or refinance eligible green projects, aligned with the Green Bond Principles, 2018 as administered by the International Capital Market Association. As of June 30, 2024, the Company reached full allocation of the $500.0 million green bond. Additionally, the Company’s $2.0 billion Credit Facility is a green credit facility, which incorporates rate adjustments associated with attainment (or non-attainment) of Scope 1 and 2 greenhouse gas ("GHG") emissions reductions. The Company, at December 31, 2025, also has a credit agreement in which $310.0 million in term loans have rate adjustments that are also tied to the attainment (or non-attainment) of Scope 1 and 2 GHG emissions. During 2025, the Company attained the Scope 1 and 2 GHG emissions targets and achieved the maximum interest rate adjustment to its Credit Facility and certain of its term loans.

Additional information about our approach to corporate responsibility, including our corporate responsibility targets, is available in our Corporate Responsibility Report, which can be found on the Company’s website. Such information is not incorporated by reference into, and is not part of, this annual report on Form 10-K.

Information About Our Executive Officers

The following table sets forth information with respect to the executive officers of the Company as of December 31, 2025:


Name	Age	Position	Joined Kimco
Conor C. Flynn	45	Chief Executive Officer and Director	2003
Ross Cooper	43	President, Chief Investment Officer and Director	2006
Glenn G. Cohen	61	Executive Vice President, Chief Financial Officer	1995
David Jamieson	45	Executive Vice President, Chief Operating Officer	2007

Available Information

The Company’s website is located at http://www.kimcorealty.com. The information contained on our website does not constitute part of this Form 10-K. On the Company’s website you can obtain, free of charge, a copy of this Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable, after we file such material electronically with, or furnish it to, the SEC. The public may read and obtain a copy of any materials we file electronically with the SEC at http://www.sec.gov.

Item 1A. Risk Factors

We are subject to certain business and legal risks, including, but not limited to, the following:

Risks Related to Our Business and Operations

Adverse global market and economic conditions may impede our ability to generate sufficient income and maintain our properties.

Our properties consist primarily of open-air shopping centers, including mixed-use assets, and other retail properties. Our performance, therefore, is generally linked to economic conditions in the market for retail space. The economic performance and value of our properties is subject to all of the risks associated with owning and operating real estate, including, but not limited to:

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changes in the national, regional and local economic climate;

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local conditions, including an oversupply of, or a reduction in demand for, space in properties like those that we own or operate;

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changes in demand for retail spaces, such as smaller store sizes as retailers reduce inventory and develop new prototypes;

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customers' use of e-commerce and online store sites;

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the attractiveness of our properties to tenants;

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market disruptions due to global pandemics or other health epidemics;

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the ability of tenants to pay rent, particularly national tenants with leases in multiple locations;

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tenants who may declare bankruptcy and/or close stores;

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competition from other available properties to attract and retain tenants;

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changes in market rental rates;

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the need to periodically pay for costs to repair, renovate and re-let space;

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ongoing consolidation in the retail sector;

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the excess amount of retail space in a number of markets;

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changes in operating costs, including costs for maintenance, insurance and real estate taxes;

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the expenses of owning and operating properties, which are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the properties;

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changes in laws and government policy and regulations, including those governing usage, zoning, the environment and taxes;

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changes in property taxes including from impacts of inflation as property values are reassessed;

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acts of terrorism and war and acts of God, including physical and weather-related damage to our properties;

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the continued service and availability of key personnel; and

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the risk of functional obsolescence of properties over time.

Competition may limit our ability to purchase new properties or generate sufficient income from tenants and may decrease the occupancy and rental rates for our properties.

Numerous commercial developers and real estate companies compete with us in seeking tenants for our existing properties and properties for acquisition. Open-air shopping centers, including mixed-use assets, or other retail shopping centers with more convenient locations or better rents may attract tenants or cause them to seek more favorable lease terms at or prior to renewal. Retailers at our properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, and other forms of marketing goods, such as direct mail and internet marketing, all of which could (i) reduce rents payable to us, (ii) reduce our ability to attract and retain tenants at our properties; or (iii) lead to increased vacancy rates at our properties. We may fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general downturn in our tenants’ businesses, which may cause tenants to close stores or default in payment of rent.

We face competition in the acquisition or development of real property from others engaged in real estate investment that could increase our costs associated with purchasing and maintaining assets. Some of these competitors may have greater financial resources than we do. This could result in competition for the acquisition of properties for tenants who lease or consider leasing space in our existing and subsequently acquired properties and for other investment or development opportunities.

Our performance depends on our ability to collect rent from tenants, our tenants’ financial condition and our tenants maintaining leases for our properties.

At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions, which have impacted us and will continue to impact us from time

to time, could result in the termination of tenants’ leases and the loss of rental income attributable to these tenants’ leases. In the event of a default by a tenant, we may experience delays and costs in enforcing our rights as landlord under the terms of the leases.

In addition, multiple lease terminations by tenants, or a failure by multiple tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping centers under the terms of some leases. In that event, we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease. The occurrence of any of the situations described above, particularly involving a substantial tenant with leases in multiple locations, could have a material adverse effect on our financial condition, results of operations and cash flows.

A tenant that files for bankruptcy protection may not continue to pay us rent. A bankruptcy filing by, or relating to, one of our tenants or a lease guarantor would bar all efforts by us to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their property, unless the bankruptcy court permits us to do so. A tenant bankruptcy could delay our efforts to collect past due balances under the relevant leases and could ultimately preclude collection of these sums. If a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold, if at all.

Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and financial condition. The success of our business, and the success of our tenants in operating their businesses and their corresponding ability to pay us rent continue to be significantly impacted by many current economic challenges, which impact the performance of their businesses, including, but not limited to, inflation, labor shortages, including as a result of changes in immigration laws or their enforcement, tariffs or other trade restrictions, supply chain constraints, decreasing consumer confidence and discretionary spending, and elevated energy prices and interest rates.

E-commerce and other changes in consumer buying practices present challenges for many of our tenants and may require us to modify our properties, diversify our tenant composition and adapt our leasing practices to remain competitive.

Many of our tenants face strong competition from e-commerce and other sources that could cause them to reduce their size, limit the number of locations and/or suffer a general downturn in their businesses and ability to pay rent. We may also fail to anticipate the effects of changes in consumer buying practices, particularly of online sales and the resulting change in retailing practices and space needs of our tenants, which could have an adverse effect on our results of operations and cash flows. We are focused on anchoring and diversifying our properties with tenants that are more resistant to competition from e-commerce (e.g., groceries, essential retailers, restaurants and service providers), but there can be no assurance that we will be successful in modifying our properties, diversifying our tenant composition and/or adapting our leasing practices.

Our expenses may remain constant or increase, even if income from our real estate portfolio decreases, which could adversely affect our financial condition, results of operations and cash flows.

Costs associated with our business, such as common area expenses, utilities, insurance, real estate taxes, mortgage payments, and corporate expenses are relatively inflexible and generally do not decrease in the event that a property is not fully occupied, rental rates decrease, a tenant fails to pay rent or other circumstances cause our revenues to decrease. In addition, elevated or increased inflation could result in higher operating costs. If we are unable to lower our operating costs when revenues decline and/or are unable to pass along cost increases to our tenants, our financial condition, results of operations and cash flows could be adversely impacted.

We may be unable to sell our real estate property investments when appropriate or on terms favorable to us.

Real estate property investments are illiquid and generally cannot be disposed of quickly. The capitalization rates at which properties may be sold could be higher than historic rates, thereby reducing our potential proceeds from sale. In addition, the Code includes certain restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on terms favorable to us within a time frame that we would need. All of these factors reduce our ability to respond to changes in the performance of our investments and could adversely affect our business, financial condition and results of operations.

Certain properties we own have a low tax basis, which may result in a taxable gain on sale. We may utilize like-kind exchanges qualifying under Section 1031 of the Code (“1031 Exchanges”) to mitigate taxable income; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions. In the event that we do not utilize 1031 Exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments.

From time to time, we acquire or develop properties or acquire other real estate related companies, and this creates risks.

We acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or development is consistent with our business strategies. We may not succeed in consummating desired acquisitions or in completing developments on time or within budget. When we do pursue a project or acquisition, we may not succeed in leasing newly developed or acquired properties at rents sufficient to cover the costs of acquisition or development and operations. Difficulties in integrating acquisitions may prove costly or time-consuming and could divert management’s attention from other activities. Acquisitions or developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated performance. We may also abandon acquisition or development opportunities that management has begun pursuing and consequently fail to recover expenses already incurred and will have devoted management’s time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some of which we may not be aware of at the time of the acquisition. In addition, development of our existing properties presents similar risks.

Newly acquired or re-developed properties may have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management. As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate our new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties, particularly in secondary markets. Also, newly acquired properties may not perform as expected.

We face risks associated with the development of mixed-use commercial properties.

We operate, are currently developing, and may in the future develop, properties either alone or through joint ventures and preferred equity investments with other persons that are known as “mixed-use” developments. This means that, in addition to the development of retail space, the project may also include space for residential, office, hotel or other commercial purposes. We have less experience in developing and managing non-retail real estate than we do with retail real estate. As a result, if a development project includes a non-retail use, we may seek to develop that component ourselves, sell the rights to that component to a third-party developer with experience developing properties for such use or partner with such a developer. If we do not sell the rights or partner with such a developer, or if we choose to develop the other component ourselves, we would be exposed not only to those risks typically associated with the development of commercial real estate generally, but also to specific risks associated with the development and ownership of non-retail real estate. In addition, even if we sell the rights to develop the other component or elect to participate in the development through a joint venture and preferred equity investments, we may be exposed to the risks associated with the failure of the other party to complete the development as expected. These include the risk that the other party would default on its obligations necessitating that we complete the other component ourselves, including providing any necessary financing. In the case of residential properties, these risks include competition for prospective residents from other operators whose properties may be perceived to offer a better location or better amenities or whose rent may be perceived as a better value given the quality, location and amenities that the resident seeks. We will also compete against condominiums and single-family homes that are for sale or rent. In the case of office properties, the risks also include changes in space utilization by tenants due to technology, economic conditions and business culture, declines in financial condition of these tenants and competition for credit worthy office tenants. In the case of hotel properties, the risks also include elevated or increased inflation and utilities that may not be offset by increases in room rates. We are also dependent on business and commercial travelers and tourism. Because we have less experience with residential, office and hotel properties than with retail properties, we expect to retain third parties to manage our residential and other non-retail components as deemed warranted. If we decide to not sell or participate in a joint venture or preferred equity investment and instead hire a third-party manager, we would be dependent on them and their key personnel who provide services to us, and we may not find a suitable replacement if the management agreement is terminated, or if key personnel leave or otherwise become unavailable to us.

Construction projects are subject to risks that materially increase the costs of completion.

From time to time, we decide to develop a vacant land parcel or redevelop existing properties, which subjects us to risks and uncertainties associated with construction and development. These risks include, but are not limited to, risks related to obtaining all necessary zoning, land-use, building occupancy and other governmental permits and authorizations, risks related to the environmental concerns of government entities or community groups, risks related to changes in economic and market conditions, especially in an inflationary environment, between development commencement and stabilization, risks related to construction labor disruptions, adverse weather, natural disasters, acts of God or shortages of materials and labor, which could cause construction delays and risks related to increases in the cost of labor and materials, which could cause construction costs to be greater than projected and adversely impact the amount of our development fees or our financial condition, results of operations and cash flows.

Supply chain disruptions and unexpected construction expenses and delays could impact our ability to timely deliver spaces to tenants and/or our ability to achieve the expected value of a construction project or lease, thereby adversely affecting our profitability.

The construction and building industry, similar to many other industries, is experiencing worldwide supply chain disruptions due to a multitude of factors that are beyond our control. Materials, parts and labor have also increased in cost over the past year or more, sometimes significantly and over a short period of time. We may incur costs for a property renovation or tenant buildout that exceeds our original estimates due to increased costs for materials or labor or other costs that are unexpected. We also may be unable to complete renovation of a property or tenant space on schedule due to supply chain disruptions or labor shortages, including as a result of changes in immigration laws or their enforcement, which could result in increased debt service expense or construction costs. Additionally, some tenants may have the right to terminate their leases if a renovation project is not completed on time. The time frame required to recoup our renovation and construction costs and to realize a return on such costs can often be significant and materially adversely affect our profitability.

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, have adversely impacted and in the future could adversely impact our business. Many of our tenants sell imported goods, and tariffs or other trade restrictions have materially increased costs for these tenants and could continue to materially increase costs in the future. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations have been, and in the future could be, adversely impacted, which among other things, could weaken demand by those tenants for our real estate. If the operations of potential future tenants are similarly adversely impacted, overall demand for our real estate may also weaken. In addition, international trade disputes, including those related to tariffs, have resulted and in the future could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our redevelopment projects. Trade disputes have adversely impacted global supply chains which could further increase costs for us and our tenants or delay delivery of key inventories and supplies.

The Americans with Disabilities Act of 1990 could require us to take remedial steps with respect to existing or newly acquired properties.

Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 (the “ADA”). Investigation of a property may reveal non-compliance with the ADA. The requirements of the ADA, or of other federal, state or local laws or regulations, also may change in the future and restrict further renovations of our properties with respect to access for disabled persons. From time to time, we have made changes to properties to comply with the ADA, and future compliance with the ADA may require expensive changes to our properties.

We do not have exclusive control over our joint venture and preferred equity investments, such that we are unable to ensure that our objectives will be pursued.

We have invested in some properties as a co-venturer or a partner, instead of owning directly. In these investments, we do not have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result, the co-venturer or partner might have interests or goals that are inconsistent with ours, take action contrary to our interests or otherwise impede our objectives. These investments involve risks and uncertainties. The co-venturer or partner may fail to provide capital or fulfill its obligations, which may result in certain liabilities to us for guarantees and other commitments. Conflicts arising between us and our partners may be difficult to manage and/or resolve, and it could be difficult to manage or otherwise monitor the existing business arrangements. The co-venturer or partner also might become insolvent or bankrupt, which may result in significant losses to us.

In addition, joint venture arrangements may decrease our ability to manage risk and implicate additional risks, such as:

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our joint venture partner having potentially inferior financial capacity or diverging business goals and strategies, which could lead to actions not aligned with our interests;

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our inability to take actions with respect to the joint venture activities that we believe are favorable to us if our joint venture partner does not agree;

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our inability to control the legal entity that has title to the real estate associated with the joint venture;

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our lenders may not be easily able to sell our joint venture assets and investments or may view them less favorably as collateral, which could negatively affect our liquidity and capital resources;

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our joint venture partners can take actions that we may not be able to anticipate or prevent, which could result in negative impacts on our debt and equity; and

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our joint venture partners’ business decisions or other actions or omissions may result in harm to our reputation or adversely affect the value of our investments.

Our joint venture and preferred equity investments generally own real estate properties for which the economic performance and value are subject to all the risks associated with owning and operating real estate as described above.

We may not be able to recover our investments in mortgage and other financing receivables or other investments, which may result in significant losses to us.

Our investments in mortgage and other financing receivables are subject to specific risks relating to the borrower and the underlying collateral. In the event of a default by a borrower, it may be necessary for us to foreclose our mortgage or engage in costly negotiations. Delays in liquidating defaulted mortgage loans and repossessing and selling the underlying properties could reduce our investment returns. Furthermore, in the event of default, the actual value of the property collateralizing the mortgage may decrease. A decline in real estate values will adversely affect the value of our loans and the value of the properties collateralizing our loans.

Our mortgage receivables may be or become subordinated to mechanics' or materialmen's liens or property tax liens. In these instances, we may need to protect a particular investment by making payments to maintain the current status of a prior lien or discharge it entirely. Where that occurs, the total amount we recover may be less than our total investment, resulting in a loss. In the event of a major loan default or several loan defaults resulting in losses, our investments in mortgage receivables would be materially and adversely affected.

The economic performance and value of our other investments, which we do not control, are subject to risks associated with owning and operating retail businesses, including:

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changes in the national, regional and local economic climate;

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the adverse financial condition of some large retailing companies;

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increasing use by customers of e-commerce and online store sites; and

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ongoing consolidation in the retail sector.

The Company is required under generally accepted accounting principles in the United States of America (“GAAP”) to provide allowances for credit losses, under the current expected credit loss model (“CECL”), on certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity debt securities, including related future funding commitments and accrued interest receivable. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement takes place at the time the financial asset is first added to the balance sheet and updated quarterly thereafter. This differs significantly from the “incurred loss” model previously required under GAAP, which delayed recognition until it was probable a loss had been incurred. The CECL model has affected, and will continue to affect, how we determine our credit loss provision and has required us, and could continue to require us, to significantly increase our allowance for credit losses and recognize provisions for credit losses earlier in the lending cycle. Moreover, the CECL model creates more volatility in the level of our credit loss provisions. If we are required to materially increase our future level of credit loss allowances for any reason, such increase could adversely affect our business, results of operations and financial condition.

Our real estate assets may be subject to impairment charges.

We periodically assess whether there are any indicators that the value of our real estate assets may be impaired. A property’s value is considered to be impaired only if the estimated aggregate future undiscounted property cash flows are less than the carrying value of the property. In our estimate of cash flows, we consider factors such as trends and prospects and the effects of demand and competition on expected future operating income. If we are evaluating the potential sale of an asset or redevelopment alternatives, the undiscounted future cash flows consider the most likely course of action as of the balance sheet date based on current plans, intended holding periods and available market information. We are required to make subjective assessments as to whether there are impairments in the value of our real estate assets. There can be no assurance that we will not take additional charges in the future related to the impairment of our assets. Impairment charges upon recognition could have a material adverse effect on our results of operations in the period in which the charge is taken.

We may not be able to recover our investments, which may result in significant losses to us.

There can be no assurance that we will be able to recover the current carrying amount of all of our properties and investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize impairment charges for the period in which we reached that conclusion, which could materially and adversely affect our financial condition, results of operations and cash flows.

We have completed our efforts to exit Mexico and Canada, however, we cannot predict the impact of laws and regulations affecting these international operations, including the United States Foreign Corrupt Practices Act, or the potential that we may face regulatory sanctions.

Our international operations had included properties in Mexico and Canada and are subject to a variety of United States and foreign laws and regulations, including the United States Foreign Corrupt Practices Act and foreign tax laws and regulations. Although we have completed our efforts to exit our investments in Mexico and Canada, we cannot assure you that our past practices will continue to be found to be in compliance with such laws or regulations. In addition, we cannot predict the manner in which such laws or regulations might be administered or interpreted, or when, or the potential that we may face regulatory sanctions or tax audits as a result of our former international operations.

Cybersecurity attacks and incidents could materially impact our business, financial condition and results of operations.

Our information technology (“IT”) networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations and, in some cases, may be critical to the operations of certain of our tenants. While we maintain some of our own critical IT networks and related systems, we also depend on third parties to provide important software, technologies, tools and a broad array of services and operational functions, including payroll, human resources, electronic communications and finance functions. In the ordinary course of our business, we and our third-party service providers collect, process, transmit and store sensitive information and data, including intellectual property, our proprietary business information and that of our customers, suppliers and business partners, as well as personally identifiable information.

We, and our third-party service providers, like all businesses, are subject to cyberattacks and security incidents that threaten the confidentiality, integrity, and availability of our IT systems and information resources. Cyberattacks and security incidents include intentional or unintentional acts by employees, customers, contractors or third parties, who seek to gain unauthorized access to our or our service providers’ systems to disrupt operations, corrupt data, or steal confidential or personal information through malware, computer viruses, ransomware, software or hardware vulnerabilities, social engineering (e.g., phishing attachments to e-mails) or other vectors.

Cyberattacks are becoming more challenging to identify, investigate and remediate, because attackers increasingly use techniques and tools, including artificial intelligence, that circumvent controls, avoid detection, and remove or obscure forensic evidence, including as a result of the intensification of state-sponsored cybersecurity attacks during periods of geopolitical conflict. There can be no assurance that our cybersecurity risk management program, security controls and security processes, or those of our third-party service providers will be fully implemented, complied with, or effective or that security breaches or disruptions will not materially impact our business. For example, scanning tools deployed in our IT environment allows us to identify and track certain known security vulnerabilities, but we cannot guarantee that patches or mitigating measures will be applied before vulnerabilities can be exploited by a threat actor.

We have experienced cybersecurity incidents that to date have not resulted in, and are not expected to result in, a material impact on the Company’s business operations or financial results. For example, we are regularly subject to phishing attempts, certain of our third-party service providers have experienced incidents, and in February 2023, the Company experienced a criminal ransomware attack affecting data contained on legacy servers of Weingarten Realty Investors (“WRI”), which the Company acquired in August 2021. Although none of these incidents materially impacted the Company, we cannot guarantee that material incidents will not occur in the future. Moreover, we have acquired in the past and may acquire in the future companies with cybersecurity vulnerabilities or unsophisticated security measures, which could expose us to significant cybersecurity, operational, and financial risks.

A cyber incident could materially affect our operations and financial condition by:

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disrupting the proper functioning of our networks and systems and, therefore, our operations and/or those of certain of our tenants;

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resulting in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;

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resulting in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;

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resulting in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;

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resulting in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;

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requiring significant management attention and resources to remediate systems, fulfill compliance requirements and/or to remedy any damages that result;

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subjecting us to regulatory enforcement, including investigative costs and fines or penalties;

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subjecting us to litigation claims for negligence, breach of contract or other agreements or other causes of action, potentially resulting in remedies such as damages, credits, penalties or termination of leases or other agreements; or

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damaging our reputation among our tenants, investors and associates.

In addition, federal and state governments and agencies have enacted, and continue to develop, broad data protection legislation, regulations, and guidance that require companies to increasingly implement, monitor and enforce reasonable cybersecurity measures.

These governmental entities and agencies are aggressively investigating and enforcing such legislation, regulations and guidance across industry sectors and companies. We may be required to expend significant capital and other resources to address an attack or incident and our insurance may not cover some or all of our losses resulting from an attack or incident. These losses may include payments for investigations, forensic analyses, legal advice, public relations advice, system repair or replacement, or other services, in addition to any remedies or relief that may result from legal proceedings. The incurrence of these losses, costs or business interruptions may adversely affect our reputation as well as our financial condition, results of operations and cash flows.

Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information, and personal data.

Issues in the development and use of artificial intelligence, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations. As with many technological innovations, artificial intelligence presents risks and challenges that could impact our business. We have adopted generative artificial intelligence tools into our systems for specific use cases, subject to the artificial intelligence use policies that have been established by our legal and information security teams, and we are continuing to evaluate additional uses for generative artificial intelligence. Moreover, artificial intelligence or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, some of which may appear correct. Due to these issues, these models could lead us to make flawed decisions that could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, and legal liability. Our vendors or other third-party partners may incorporate generative artificial intelligence tools into their services and deliverables without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors’ ability to maintain an adequate level of service and experience. If we, our vendors, or our third-party partners experience an actual or perceived breach or a privacy or security incident because of the use of generative artificial intelligence, we may lose valuable intellectual property and confidential information, and our reputation and the public perception of the effectiveness of our security measures could be harmed. Additionally, the incorporation of artificial intelligence by our clients, vendors, contractors and other third parties into their products or services, with or without our knowledge, could give rise to issues pertaining to ethical, data privacy, information security and intellectual property considerations.

Further, bad actors around the world use increasingly sophisticated methods, including the use of artificial intelligence, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property. In addition, uncertainty in the legal regulatory regime relating to artificial intelligence may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be determined at this time. Legal and regulatory obligations related to artificial intelligence may prevent or limit our ability to use artificial intelligence in our business, lead to regulatory fines or penalties, require implementation of costly compliance measures, or require us to change our business practices. If we cannot use artificial intelligence, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business.

We may be subject to liability under environmental laws, ordinances and regulations.

Under various federal, state, and local laws, ordinances and regulations, we may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our property, as well as certain other potential costs relating to hazardous or toxic substances (including governmental fines and injuries to persons and property). This liability may be imposed whether or not we knew about, or were responsible for, the presence of hazardous or toxic substances. The Company has environmental insurance coverage on certain of its properties, however, this coverage may not be sufficient to cover any or all expenses associated with the aforementioned risks.

Natural disasters, severe weather conditions and the effects of climate change could have an adverse impact on our financial condition, results of operations and cash flows.

Our operations are located in areas that are subject to natural disasters and severe weather conditions such as hurricanes, tornados, earthquakes, snowstorms, floods and fires, and the frequency of these natural disasters and severe weather conditions may increase due to climate change. The occurrence of natural disasters, severe weather conditions and the effects of climate change, including extreme temperatures or changes to meteorological or hydrological patterns, can delay new development or redevelopment projects, decrease the attractiveness of locations, increase investment costs to repair or replace damaged properties (or make repair or replacement impossible), increase operation costs, including the cost of energy at our properties, increase costs for future property insurance, negatively impact the tenant demand for lease space and cause substantial damages or losses to our properties, which could exceed any applicable insurance coverage. The incurrence of any of these losses, costs or business interruptions may adversely affect our financial condition, results of operations and cash flows.

We anticipate the potential effects of climate change will increasingly impact the decisions and analysis we make with respect to our properties, since climate change considerations can impact the relative desirability of locations and the cost of operating and insuring real estate properties. In addition, changes in government legislation and regulation on climate change could result in increased capital expenditures to improve the energy efficiency of our existing properties and could also require us to spend more on our development or redevelopment projects without a corresponding increase in revenues, which may adversely affect our financial condition, results of operations and cash flows. Transition impacts of climate change may subject us to increased regulations, reporting requirements (such as California’s climate disclosure rules), standards, or expectations regarding the environmental impacts of our or our tenants’ business. Failure to disclose accurate information in a timely manner may also adversely affect our reputation, business, or financial performance. For more information on potential climate-related risks, please refer to our disclosures titled “Corporate Responsibility Programs” above.

Pandemics or other health crises may adversely affect our tenants’ financial condition and the profitability of our properties.

Our business and the businesses of our tenants could be materially and adversely affected by the risks, or the public perception of the risks, related to a pandemic or other health crisis, such as the COVID-19 pandemic.

Such events could result in the complete or partial closure of one or more of our tenants’ manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants’ supply chains from local and international suppliers, and/or delays in the delivery of our tenants’ inventory.

The profitability of our properties depends, in part, on the willingness of customers to visit our tenants’ businesses. The risk, or public perception of the risk, of a pandemic or media coverage of infectious diseases could cause employees or customers to avoid our properties, which could adversely affect foot traffic to our tenants’ businesses and our tenants’ ability to adequately staff their businesses. Such events could adversely impact tenants’ sales and/or cause the temporary closure of our tenants’ businesses, which could severely disrupt their operations and have a material adverse effect on our business, financial condition, results of operations and cash flows.

Financial disruption, geopolitical challenges, or economic downturn could materially and adversely affect the Company’s business.

Worldwide financial markets have experienced periods of extraordinary disruption and volatility, resulting in heightened credit risk, reduced valuation of investments and decreased economic activity. Moreover, many companies have experienced reduced liquidity and uncertainty as to their ability to raise capital during such periods of market disruption and volatility. In the event that these conditions recur or result in a prolonged economic downturn, our results of operations, financial condition or liquidity could be materially and adversely affected. These market conditions may affect the Company's ability to access debt and equity capital markets. In addition, as a result of recent financial events, we may face increased regulation.

Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

From time to time, we use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk. These and similar hedging arrangements involve risks, including the risks that counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that the amount of income we earn from hedging transactions may be limited by federal tax provisions governing REITs, and that these arrangements may reduce the benefits to us if interest rates decline. Developing and implementing an interest rate risk strategy is complex, and there can be no assurance that our hedging activities will be completely effective at insulating us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial effect on our results of operations or financial condition. Further, should we choose to terminate a hedging agreement, there could be significant costs and cash requirements involved to fulfill our obligations under such agreement.

We are subject to risks and costs arising from disclosures, commitments, evaluations and other items related to sustainability or corporate responsibility.

Scrutiny from investors and other stakeholders on how companies address a variety of sustainability-related matters, such as climate and human capital management, has increased in recent years. We engage in certain initiatives, including disclosures, to address such matters and related stakeholder expectations; however, such initiatives can be costly and may not have the desired effect. For example, as part of our sustainability efforts, we have adopted certain corporate responsibility goals, including GHG emissions reduction targets and other initiatives. If we cannot meet these goals fully or on time, we may face reputational damage. Moreover, many corporate responsibility initiatives leverage methodologies and data that are complex, and in some cases subjective or prone to error or misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many corporate responsibility matters. For example, various relevant third-party standards continue to evolve, including those regarding the monitoring and accounting of GHG emissions and reductions, including the standards and/or targets issued by the GHG

Protocol. Our approach to corporate responsibility matters evolves, and we cannot guarantee that our approach will align with any particular stakeholder’s expectations or preferences or will meet the expectations or requirements of the various third-party standards. We continue to evaluate our strategy and goals and may choose to update our targets and goals. We may face reputational damage, including impacts to any related ratings, or additional costs in the event our sustainability procedures, goals or standards do not meet the standards set by various constituencies, and any failure to successfully navigate competing stakeholder interests may also result in adverse impacts to our business. Both advocates and opponents to certain corporate responsibility matters are increasingly resorting to a range of activism forms, including media campaigns and litigation, to advance their perspectives, and corporate responsibility matters have attracted negative commentary and regulatory attention in the broader business sector. To the extent we are subject to such activism, it may require us to incur costs or otherwise adversely impact our business.

In addition, we expect there will likely be increasing levels of regulation, disclosure-related and otherwise, with respect to corporate responsibility matters. For example, while some policymakers (such as the State of California) have adopted or are considering adopting requirements for various disclosures or actions on climate or other sustainability matters, policymakers in other jurisdictions have adopted laws to constrain consideration of such matters in certain circumstances. Increased regulation will likely lead to increased compliance costs as well as scrutiny that could heighten all of the risks identified in this risk factor. Such corporate responsibility matters may also impact our suppliers or customers, which may adversely impact our business, financial condition, or results of operations.

Our success depends largely on the continued service and availability of key personnel.

We depend on the deep industry knowledge and efforts of key personnel, including our executive officers, to manage our day-to-day operations and strategic business direction. Our ability to attract, retain and motivate key personnel may significantly impact our future performance, and if any of our executive officers or other key personnel depart the Company, for any reason, we may not be able to easily replace such individual. The loss of the services of our executive officers and other key personnel could have a material adverse effect on our financial condition, results of operations and cash flows.

Retail operating conditions may adversely affect our results of operations.

A retail property’s revenues and value may be adversely affected by a number of factors, many of which apply to real estate investment generally, but which also include trends in the retail industry and perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property. Our retail properties are public locations, and any incidents of crime or violence, including acts of terrorism, could result in a reduction of business traffic to tenant stores in our properties. Any such incidents may also expose us to civil liability or harm our reputation. In addition, to the extent that the investing public has a negative perception of the retail sector, the value of our retail properties may be negatively impacted.

Our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure may result in potential conflicts of interest with members of Kimco OP, whose interests may not be aligned with those of our stockholders.

Our directors and officers have duties to our corporation and our stockholders under Maryland law in connection with their management of the corporation. At the same time, we, as managing member of Kimco OP, our operating company, have fiduciary duties under Delaware law to our operating company and to its members in connection with the management of our operating company. Our duties as managing member of our operating company and to its members may come into conflict with the duties of our directors and officers to the corporation and our stockholders. While the operating agreement contains provisions limiting the fiduciary duties of the managing member to the operating company and its members, the provisions of Delaware law that allow for such limitations have not been fully tested in a court of law.

Risks Related to Our Debt and Equity Securities

We may be unable to obtain financing through the debt and equity markets, which could have a material adverse effect on our growth strategy, our financial condition and our results of operations.

From time to time, we have accessed the credit and/or equity markets to obtain additional debt or equity financing. We cannot assure you that we will be able to obtain additional debt or equity financing in the future or that we will be able to obtain financing on terms favorable to us. The inability to obtain financing on a timely basis could have negative effects on our business, such as:

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we could have difficulty acquiring or developing properties, which would materially adversely affect our investment strategy;

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our liquidity could be adversely affected;

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we may be unable to repay or refinance our indebtedness;

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we may need to make higher interest and principal payments or sell some of our assets on terms unfavorable to us to fund our indebtedness; or

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we may need to issue additional capital stock, which could further dilute the ownership of our existing stakeholders.

Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on terms favorable to us, if at all, and could significantly reduce the market price of our publicly traded securities.

We are subject to financial covenants that may restrict our operating and acquisition activities.

Our Credit Facility, bank term loans and the indentures under which our senior unsecured debt is issued contain certain financial and operating covenants, including, among other things, certain coverage ratios and limitations on our ability to incur debt, make dividend payments, sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions. These covenants may restrict our ability to pursue certain business initiatives or certain acquisition transactions that might otherwise be advantageous. In addition, failure to meet any of the financial covenants could cause an event of default under our Credit Facility, bank term loans and the indentures and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.

We have a substantial amount of indebtedness and may need to incur more indebtedness in the future.

We have substantial indebtedness. The level of indebtedness could have adverse consequences on our business, such as:

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requiring the Company to use a substantial portion of our cash flow from operations to service our indebtedness, which reduces the available cash flow to fund working capital, capital expenditures, development projects, and other general corporate purposes and reduce cash for distributions;

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limiting our ability to obtain additional financing to fund our working capital needs, acquisitions, capital expenditures, or other debt service requirements or for other purposes;

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increasing our costs of incurring additional debt;

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subjecting us to floating interest rates;

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limiting our ability to compete with other companies that are not as leveraged, as we may be less capable of responding to adverse economic and industry conditions;

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restricting the Company from making strategic acquisitions, developing properties, or exploiting business opportunities;

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restricting the way in which we conduct our business due to financial and operating covenants in the agreements governing our existing and future indebtedness;

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exposing the Company to potential events of default (if not cured or waived) under covenants contained in our debt instruments that could have a material adverse effect on our business, financial condition, and results of operations;

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increasing our vulnerability to a downturn in general economic conditions; and

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limiting our ability to react to changing market conditions in its industry.

The impact of any of these potential adverse consequences could have a material adverse effect on our results of operations, financial condition, and liquidity.

We are exposed to interest rate risk, and there can be no assurance that we will manage or mitigate this risk effectively.

We are exposed to interest rate risk, primarily through our unsecured revolving credit facility. Borrowings under our unsecured revolving credit facility and commercial paper program bear interest at a floating rate, and as a result, elevated or increased interest rates will increase the amount of interest we must pay. Our interest rate risk may materially change in the future if we increase our borrowings under this facility. A significant increase in interest rates could also make it more difficult to find alternative financing on desirable terms. Increases in interest rates on any of our variable-rate debt would result in an increase in interest expense, which could have an adverse effect on our results of operations, financial condition, and liquidity. For additional information with respect to interest rate risk, see “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in this Form 10-K.

Changes in market conditions could adversely affect the market price of our publicly traded securities.

The market price of our publicly traded securities depends on various market conditions, which may change from time-to-time. Among the market conditions that may affect the market price of our publicly traded securities are the following:

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the extent of institutional investor interest in us;

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the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;

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the attractiveness of the securities of REITs in comparison to securities issued by other entities, including securities issued by other real estate companies;

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our financial condition and performance;

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the market’s perception of our growth potential, potential future cash dividends and risk profile;

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an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for our shares; and

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general economic and financial market conditions.

We may change the dividend policy for our common stock in the future.

The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our Board of Directors and will depend on our earnings, operating cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness, including preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our Board of Directors deems relevant or are requirements under the Code or state or federal laws. Any negative change in our dividend policy could have a material adverse effect on the market price of our common stock.

Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction, even if such a change in control may be in our best interest, and as a result may depress the market price of our securities.

Our charter contains certain ownership limits. Our charter contains various provisions that are intended to preserve our qualification as a REIT and, subject to certain exceptions, authorize our directors to take such actions as are necessary or appropriate to preserve our qualification as a REIT. For example, our charter prohibits the actual, beneficial or constructive ownership by any person of more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock, and more than 9.8% in value of the aggregate outstanding shares of all classes and series of our stock. Our Board of Directors, in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from these ownership limits if certain conditions are satisfied. The restrictions on ownership and transfer of our stock may:

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discourage a tender offer or other transactions or a change in management or of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interests; or

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result in the transfer of shares acquired in excess of the restrictions to a trust for the benefit of a charitable beneficiary and, as a result, the forfeiture by the acquirer of the benefits of owning the additional shares.

Risks Related to Our Status as a REIT and Related U.S. Federal Income Tax Matters

Loss of our tax status as a REIT or changes in U.S. federal income tax laws, regulations, administrative interpretations or court decisions relating to REITs could have significant adverse consequences to us and the value of our securities.

We have elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. We believe that we are organized and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT under the Code. However, there can be no assurance that we have qualified or will continue to qualify as a REIT for U.S. federal income tax purposes.

Qualification as a REIT involves the application of highly technical and complex Code provisions, for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the U.S. Internal Revenue Service (the “IRS”) and U.S. Department of the Treasury. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, regulations, administrative interpretations or court decisions could significantly and negatively change the tax laws with respect to qualification as a REIT, the U.S. federal income tax consequences of such qualification or the desirability of an investment in a REIT relative to other investments.

In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock, the composition of our assets and the sources of our gross income. Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. Furthermore, we own a direct or indirect interest in certain subsidiary REITs which have elected to be taxed as REITs for U.S. federal income tax purposes under the Code. Provided that each subsidiary REIT qualifies as a REIT, our interest in such subsidiary REIT will be treated as a qualifying real estate asset for purposes of the REIT asset tests. To qualify as a REIT, the subsidiary REIT must independently satisfy all of the REIT qualification requirements. The failure of a subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT.

If we were to lose our REIT status, we would face serious tax consequences that would substantially reduce the funds available to pay distributions to stockholders for each of the years involved because:

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we would not be allowed a deduction for dividends to stockholders in computing our taxable income, and we would be subject to the regular U.S. federal corporate income tax;

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we could possibly be subject to a federal alternative minimum tax or increased state and local taxes;

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unless we were entitled to relief under statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified; and

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we would not be required to make distributions to stockholders.

Our failure to qualify as a REIT or new legislation or changes in U.S. federal income tax laws, including with respect to qualification as a REIT or the tax consequences of such qualification, could also impair our ability to expand our business or raise capital and have a materially adverse effect on the value of our securities.

To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, which could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.

To qualify as a REIT, we generally must distribute annually to our stockholders at least 90% of our REIT taxable income determined without regard to the dividends paid deduction and, excluding any net capital gain, and we will be subject to regular U.S. federal corporate income taxes to the extent we distribute for any year less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. While we have historically satisfied these distribution requirements by making cash distributions to our stockholders, a REIT is permitted to satisfy these requirements by making distributions of cash or other property, including, in limited circumstances, its own stock. Assuming we continue to satisfy these distribution requirements with cash, we may need to borrow funds to meet the REIT distribution requirements and avoid the payment of income and excise taxes even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from differences in timing between the actual receipt of cash and inclusion of income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of cash reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market's perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.

If Kimco OP were to fail to qualify as a partnership for federal income tax purposes, the Parent Company would fail to qualify as a REIT and suffer other adverse consequences.

We believe that Kimco OP is treated as a partnership, and not an association or publicly traded partnership taxable as a corporation, for federal income tax purposes. As an entity treated as a partnership for federal income tax purposes, Kimco OP is not subject to federal income tax on its income. Instead, each of its partners, including the Parent Company, is allocated, and may be required to pay tax with respect to, that partner’s share of Kimco OP’s income. No assurance can be provided, however, that the IRS will not challenge Kimco OP’s status as a partnership for federal income tax purposes or that a court would not sustain such a challenge. If the IRS were successful in treating Kimco OP as an association or publicly traded partnership taxable as a corporation for federal income tax purposes, the Parent Company would fail to meet certain of the gross income tests and asset tests applicable to REITs and, accordingly, would cease to qualify as a REIT. Such REIT qualification failure could impair our ability to expand our business and raise capital, and would materially adversely affect the value of the Parent Company’s stock and the OP Units. Also, the failure of Kimco OP to qualify as a partnership would cause it to become subject to federal corporate income tax, which could reduce significantly the amount of its cash available for debt service and for distribution to its partners, including the Parent Company.

Tax liabilities and attributes inherited in connection with acquisitions may adversely impact our business.

From time to time, we may acquire other corporations or entities and, in connection with such acquisitions, we may succeed to the tax attributes and liabilities of such entities. For example, if we acquire a C corporation and subsequently dispose of its assets within five years of the acquisition, we could be required to pay tax on any built-in gain attributable to such assets determined as of the date on which we acquired the assets. In addition, in order to qualify as a REIT, at the end of any taxable year, we must not have any earnings and profits accumulated in a non-REIT year. As a result, if we acquire a C corporation, we must distribute the corporation’s earnings and profits accumulated prior to the acquisition before the end of the taxable year in which we acquire the corporation. We also could be required to pay the acquired entity’s unpaid taxes even though such liabilities arose prior to the time we acquired the entity.

The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes.

A REIT's net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business, which under prior applicable law was set to expire for taxable years beginning after December 31, 2025. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, or is held through a taxable REIT subsidiary, such characterization is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.

Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.

The maximum tax rate applicable to “qualified dividend income” payable to U.S. stockholders that are individuals, trusts and estates is 20%. Dividends payable by REITs, however, generally are not eligible for these reduced rates. U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (i.e., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT. The OBBBA, enacted on July 4, 2025, permanently extends the 20% deduction. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends treated as qualified dividend income, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our common stock.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

Our cybersecurity risk management program leverages the National Institute of Standards and Technology (“NIST”) cybersecurity framework, which organizes cybersecurity risks into six categories: govern, identify, protect, detect, respond and recover. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.

Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

Key elements of our cybersecurity risk management program include, but are not limited to, the following:

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risk assessments designed to help identify material cybersecurity risks to our critical systems and information, including ongoing vulnerability analysis assessments and penetration testing conducted by a third party;

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a security team principally responsible for managing (i) our cybersecurity risk assessment processes, (ii) our security controls, and (iii) our response to cybersecurity incidents;

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the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes;

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semi-annual cybersecurity awareness training for all employees including senior management;

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periodic internal assessments of our cybersecurity controls, processes and infrastructure;

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a cybersecurity incident response plan, which is exercised annually with senior management, that includes procedures for responding to cybersecurity incidents; and

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a third-party risk management process for critical service providers based on each provider's respective risk profile.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We have in the past experienced adverse events that have not resulted, and are not expected to result, in a material impact on the Company’s business

operations or financial results. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors – We have experienced cybersecurity attacks and could in the future be subject to significant disruption, data loss or other security incidents or breaches”.

Cybersecurity Governance and Oversight

Our Board of Directors (“Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to its Audit Committee oversight of cybersecurity and other information technology risks. Our Audit Committee oversees management’s implementation of our cybersecurity risk management program. Our Audit Committee receives quarterly briefings from our Chief Information Security Officer regarding the emerging cybersecurity threat and risk landscape as well as our cybersecurity risk management program and related readiness, resiliency, and response efforts. In addition, management will update the Audit Committee, as necessary, regarding significant cybersecurity incidents. Our Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The Board also receives briefings from management on our cybersecurity risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.

We have a Cyber Risk Committee (“Cyber Committee”) which reviews and reports on cybersecurity risks and related issues. Chaired by the Chief Information Security Officer ("CISO"). The Cyber Committee is comprised of senior management from various business units within the Company and meets at least quarterly to review the status of the Company’s overall cybersecurity risk management program, as well as controls and procedures and to stay up to date regarding relevant legislative, regulatory, and technical developments. The Cyber Committee is responsible for assessing and managing our material risks from cybersecurity threats. The Cyber Committee oversees our cybersecurity risk management program in conjunction with our CISO. The day-to-day management of cybersecurity is the responsibility of our Vice President, CISO, who reports directly to the Chief Innovation and Transformation Officer. Our CISO has over 25 years of experience in information technology and cybersecurity and holds the following credentials: Certified Information Systems Security Professional (CISSP) and Certified Chief Information Security Officer (CCISO). Our CISO supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.

The Cyber Committee is informed about and monitors the prevention, detection, mitigation, and remediation of key cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants.

We utilize a variety of administrative, technical and physical safeguards that take into account the nature of our IT environment, information assets and cybersecurity risks posed by both internal and external threats. We have incorporated cybersecurity coverage in our insurance policies, and our goal is to keep our data and systems, as well as our employees, safe from cybersecurity threats.

The Company conducts mandatory semi-annual employee cybersecurity awareness training and internal phishing exercises for employees, supplemented by regular communications to employees on the escalation process for reporting incidents, vulnerabilities, or suspicious activities to the appropriate information technology stakeholders. When security issues arise, the Company conducts a prompt investigation and initiates response protocols and other measures to protect the Company and its valued employees and key stakeholders.

During the year ended December 31, 2025, the Company did not experience any cybersecurity incidents that had a material impact on the Company’s business strategy, results of operations, or financial condition. Additionally, the Company did not experience any known material third-party information security breaches during the year ended December 31, 2025.

Item 2. Properties

Real Estate Portfolio

As of December 31, 2025, the Company had interests in 565 shopping center properties aggregating 100.2 million square feet of GLA located in 29 states. In addition, the Company had 66 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.4 million square feet of GLA. Open-air shopping centers comprise the primary focus of the Company's current portfolio. As of December 31, 2025, the Company’s proportionate share of its portfolio occupancy was 96.4%.

The Company's open-air shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of 177,308 square feet as of December 31, 2025. The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with redevelopment, major renovations and refurbishing to preserve and increase the value of its properties. This includes renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2025, the Company expended $192.6 million in connection with property redevelopments and renovations and $155.0 million related to tenant improvements and allowances.

The Company's management believes its experience in the real estate industry and its relationships with numerous national and regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners. The Company's open-air shopping centers are usually "anchored" by a grocery store, home improvement center, off-price retailer, discounter or service-oriented tenant. As one of the original participants in the growth of the shopping center industry and the nation's largest owner and operator of shopping centers, the Company has established close relationships with a large number of major national and regional retailers. Some of the major national and regional companies that are tenants in the Company's shopping center properties include The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, Albertsons Companies, Inc., PetSmart, The Home Depot, Ahold Delhaize, Dick's Sporting Goods, and Kroger.

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2025, no single open-air shopping center accounted for more than 1.2% 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, or more than 1.3% of the Company’s total shopping center GLA. At December 31, 2025, the Company’s five largest tenants were The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, and Albertsons Companies, Inc., which represented 3.8%, 1.9%, 1.8%, 1.8% and 1.7%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of annualized base rental revenues from properties in which the Company has less than a 100% economic interest.

The following table shows the number of properties, total proportionate share of GLA and total proportionate share of annualized base rental revenues (including % of total) for the Company’s top 10 major metropolitan markets by total proportionate share of annualized based rent as of December 31, 2025. Amounts for GLA and annualized base rent in thousands:


Market	Rank	Number of Properties		Total Proportionate Share of GLA		Total Proportionate Share of Annualized Base Rent		% of Gross Annualized Base Rent
New York	1		72		6,828	$	175,412		10.1	%
Baltimore, Washington D.C.	2		47		8,125	$	169,736		10.0	%
Los Angeles, Orange County, San Diego	3		47		7,391	$	153,935		9.1	%
Miami, Ft. Lauderdale	4		47		7,198	$	150,944		8.9	%
Houston	5		31		6,073	$	130,490		7.7	%
San Francisco, Sacramento, San Jose	6		24		3,032	$	81,916		4.8	%
Phoenix	7		23		4,534	$	66,173		3.9	%
Philadelphia	8		21		3,041	$	59,299		3.5	%
Orlando	9		12		2,422	$	59,156		3.5	%
Atlanta	10		19		3,231	$	52,720		3.1	%

A substantial portion of the Company's income consists of rent received under long-term leases. Most of the leases provide for the payment of fixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes, insurance,

utilities and common area maintenance expenses incurred in operating the shopping centers (certain of the leases provide for the payment of a fixed-rate reimbursement of these such expenses). Although many of the leases require the Company to make roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company may be reimbursed by the tenant for its proportionate share of common area maintenance. Additionally, many of the leases provide for reimbursements by the tenant of capital expenditures.

Minimum base rental revenues, operating expense reimbursements, and percentage rents accounted for 98% of the Company's total revenues from rental properties for the year ended December 31, 2025. The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth. Additionally, a majority of the Company’s leases have provisions requiring contractual rent increases. The Company’s leases may also include escalation clauses, which provide for increases based upon changes in the consumer price index or similar inflation indices.

As of December 31, 2025, the Company’s consolidated operating portfolio, comprised of 458 shopping center properties aggregating 79.5 million square feet of GLA, was 96.6% leased. The consolidated operating portfolio consists entirely of properties located in the U.S., inclusive of Puerto Rico. For the period of January 1, 2025 to December 31, 2025, the Company increased the average base rent per leased square foot, which includes the impact of tenant concessions, in its consolidated portfolio of open-air shopping centers from $20.36 to $21.05, an increase of $0.69. This increase primarily consists of (i) a $0.52 increase relating to rent step-ups within the portfolio and new leases signed, net of leases vacated, (ii) a $0.10 increase relating to acquisitions and (iii) a $0.07 increase relating to dispositions.

The Company has a total of 9,444 leases in the consolidated operating portfolio. The following table sets forth the aggregate lease expirations for each of the next ten years, assuming no renewal options are exercised. For purposes of the table, the total annualized base rent expiring represents annualized rental revenue, excluding the impact of straight-line rent, for each lease that expires during the respective year. Amounts in thousands, except for number of leases data:


Year Ending December 31,	Number of Leases Expiring		Square Feet Expiring		Total Annualized Base Rent Expiring		% of Gross Annual Rent
(1)		166		633	$	13,093		0.9	%
2026		903		6,629	$	116,489		7.6	%
2027		1,370		9,977	$	191,902		12.5	%
2028		1,448		11,308	$	227,247		14.8	%
2029		1,297		9,697	$	198,452		12.9	%
2030		1,164		8,710	$	189,439		12.3	%
2031		813		6,461	$	129,356		8.4	%
2032		482		3,752	$	73,006		4.7	%
2033		475		3,695	$	73,310		4.8	%
2034		432		3,433	$	77,069		5.0	%
2035		404		3,613	$	76,073		4.9	%

(1)

Leases currently under a month-to-month lease or in process of renewal.

During 2025, the Company executed 1,557 leases totaling approximately 10.8 million square feet in the Company’s consolidated operating portfolio comprised of 502 new leases and 1,055 renewals and options. The leasing costs associated with these new leases are estimated to aggregate $149.2 million, or $41.65 per square foot. These costs include $115.6 million of tenant improvements and $33.6 million of external leasing commissions. The average rent per square foot for (i) new leases was $22.61 and (ii) renewals and options was $21.50. The Company will seek to obtain rents that are higher than amounts within its expiring leases, however, there are many variables and uncertainties which can significantly affect the leasing market at any time; as such, the Company cannot guarantee that future leases will continue to be signed for rents that are equal to or higher than current amounts.

Ground-Leased Properties

The Company has interests in 36 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company primarily to construct and/or operate a shopping center. The Company pays rent for the use of the land and generally is responsible for all costs and expenses associated with the building and improvements. At the end of these long-term leases, unless extended, the land together with all improvements reverts to the landowner.

More specific information with respect to each of the Company's property interests is set forth in Exhibit 99.1, which is incorporated herein by reference.

Item 3. Legal Proceedings

The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries that, in management's opinion, would result in any material effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's insurance.

Item 4. Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information: The Company’s common stock is traded on the NYSE under the trading symbol "KIM".

Holders: The number of holders of record of the Company's common stock, par value $0.01 per share, was 2,567 as of January 30, 2026.

Dividends: Since the IPO, the Company has paid regular quarterly cash dividends to its stockholders. While the Company intends to continue paying regular quarterly cash dividends, future dividend declarations will be paid at the discretion of the Board of Directors and will depend on the actual cash flows of the Company, its financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as they monitor sources of capital and evaluate operating fundamentals. The Company is required by the Code to distribute annually at least 90% of its REIT taxable income determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. The actual cash flow available to pay dividends will be affected by a number of factors, including the revenues received from operating properties, the operating expenses of the Company, the interest expense on its borrowings, the ability of lessees to meet their obligations to the Company, the ability to refinance near-term debt maturities and any unanticipated capital expenditures. The following table reflects the income tax status of distributions per share paid to holders of shares of our common stock:


	Year Ended December 31,
	2025			2024
Dividend paid per share	$	1.01		$	0.97
Ordinary income		98	%		68	%
Capital gains		1	%		32	%
Return of capital		1	%		-

In addition to common stock offerings, the Company has capitalized on the growth in its business through the issuance of unsecured fixed rate medium-term notes, underwritten bonds, unsecured bank debt, mortgage debt and perpetual preferred stock. Borrowings under the Company's unsecured revolving credit facility have also been an interim source of funds to both finance the purchase of properties and other investments and meet any short-term working capital requirements. The various instruments governing the Company's issuance of its unsecured public debt, bank debt, mortgage debt and preferred stock impose certain restrictions on the Company regarding dividends, voting, liquidation and other preferential rights available to the holders of such instruments. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Footnotes 13, 14 and 20 of the Notes to Consolidated Financial Statements included in this Form 10-K.

The Company does not believe that the preferential rights available to the holders of its 5.125% Class L Cumulative Redeemable Preferred Stock ("Class L Preferred Stock"), 5.250% Class M Cumulative Redeemable Preferred Stock ("Class M Preferred Stock"), and 7.250% Class N Cumulative Convertible Perpetual Preferred Stock ("Class N Preferred Stock"), the financial covenants contained in its public bond indentures, as amended, or the credit agreement for its Credit Facility and bank term loans will have an adverse impact on the Company's ability to pay dividends in the normal course to its common stockholders or to distribute amounts necessary to maintain its qualification as a REIT. See Footnote 20 of the Notes to Consolidated Financial Statements included in this Form 10-K.

The Company maintains a dividend reinvestment and direct stock purchase plan (the "DRIP Plan") pursuant to which common stockholders and other interested investors may elect to automatically reinvest their dividends to purchase shares of the Company’s common stock or, through optional cash payments, purchase shares of the Company’s common stock. The Company may, from time-to-time, either (i) purchase shares of its common stock in the open market or (ii) issue new shares of its common stock for the purpose of fulfilling its obligations under the DRIP Plan.

Recent Sales of Unregistered Securities: None.

Issuer Purchases of Equity Securities:

During November 2025, the Company established a new common share repurchase program, which superseded and replaced the Company's prior share repurchase program established in February 2018. Under this new program, the Company may repurchase shares

of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the year ended December 31, 2025, the Company repurchased 6.1 million shares of common stock for an aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.

During the year ended December 31, 2025, the Company also repurchased 544,716 shares of the Company’s common stock for an aggregate purchase price of $12.1 million (weighted average price of $22.20 per share) in connection with shares of common stock surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with equity-based compensation plans.

The following table presents information regarding the shares of common stock repurchased by the Company during the three months ended December 31, 2025.


Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
October 1, 2025 - October 31, 2025		-	$	-		-	$	166.0
November 1, 2025 - November 30, 2025		686,769		19.98		669,936	$	736.6
December 1, 2025 - December 31, 2025		2,414,234		19.96		2,410,233	$	688.5
Total		3,101,003	$	19.96		3,080,169

Total Stockholder Return Performance: The following performance chart compares, over the five years ended December 31, 2025, the cumulative total stockholder return on the Company’s common stock with the cumulative total return of the S&P 500 Index and the cumulative total return of the NAREIT Equity REITs Index (the “NAREIT Equity REITs”) prepared and published by the National Association of Real Estate Investment Trusts (“NAREIT”). The NAREIT Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.

Stockholder return performance, presented annually for the five years ended December 31, 2025, is not necessarily indicative of future results. All stockholder return performance assumes the reinvestment of dividends. The information in this paragraph and the following performance chart are deemed to be furnished, not filed.


Comparison of 5 year cumulative total return data points
	Dec-20		Dec-21		Dec-22		Dec-23		Dec-24		Dec-25
Kimco Realty Corporation	$	100	$	169	$	151	$	160	$	184	$	167
S&P 500	$	100	$	129	$	105	$	133	$	166	$	196
NAREIT Equity REITs	$	100	$	143	$	108	$	123	$	134	$	138

Item 6. Reserved

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this Form 10-K. Historical results and percentage relationships set forth in the Consolidated Statements of Income contained in the Consolidated Financial Statements, including trends, should not be taken as indicative of future operations.

The Consolidated Financial Statements of the Company include the accounts of the Company, its wholly owned subsidiaries and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification. The Company applies these provisions to each of its joint venture investments to determine whether the cost, equity or consolidation method of accounting is appropriate. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with GAAP.

Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying Consolidated Financial Statements and related notes. In preparing these financial statements, management has made its best estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates are based on, but not limited to, historical results, industry standards and current economic conditions, giving due consideration to materiality. The Company’s significant accounting policies are more fully described in Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K. The Company is required to make subjective assessments, of which, the most significant assumptions and estimates relate to the recoverability of trade accounts receivable, depreciable lives, valuation of real estate and intangible assets and liabilities, and valuation of joint venture investments and other investments. The Company’s reported net earnings are directly affected by management’s estimate of impairments. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could materially differ from these estimates.

Trade Accounts Receivable

The Company reviews its trade accounts receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company evaluates the probability of the collection of the lessee’s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. The Company’s analysis of its accounts receivable included (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. The Company includes provision for doubtful accounts in Revenues from rental properties, net. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease and will only recognize lease income on a cash basis. In addition to the lease-specific collectability assessment, the analysis also recognizes a general reserve, as a reduction to Revenues from rental properties, net for its portfolio of operating lease receivables, which are not expected to be fully collectible based on the Company’s historical and current collection experience and the potential for settlement of arrears. Although the Company estimates uncollectible receivables and provides for them through charges against Revenues from rental properties, net actual results may differ from those estimates. For example, in the event that the Company’s collectability determinations are not accurate, and the Company is required to write off additional receivables equaling 1% of the outstanding Accounts and other receivables, net balance at December 31, 2025, the Company’s rental income and net income would decrease by $3.7 million for the year ended December 31, 2025. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, any outstanding lease receivables (including straight-line rent receivables) are reinstated with a corresponding increase to rental income.

Real Estate

Valuation of Real Estate, and Intangible Assets and Liabilities

The Company’s investments in real estate properties are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.

Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be business combinations are expensed as incurred. Also, upon acquisition of real estate operating properties in either an asset acquisition or business combination, the Company estimates the fair value of acquired

tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, and in-place leases, where applicable), any assumed debt and/or redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of any tangible and intangible assets and liabilities acquired are determined by utilizing various valuation techniques and other information, including replacement cost, direct capitalization method, discounted cash flow method, sales comparison approach, similar fair value models, or executed purchase and sale agreements. Fair value estimates determined using the direct capitalization and discounted cash flow methods employ significant assumptions, such as normalized net operating income, stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, estimates of future cash flows, and other market data. In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

      Buildings and building improvements (in years)

      5 to 50

      Fixtures, leasehold and tenant improvements (including certain identified
   intangible assets)

      Terms of leases or useful lives, whichever is shorter

The Company is required to make subjective assessments as to the useful lives of its properties for purposes of determining the amount of depreciation to reflect on an annual basis with respect to those properties. These assessments have a direct impact on the Company’s net earnings.

During 2025, the Company acquired properties for a net real estate fair value of $286.5 million, of which $1.1 million, or less than 1% of the net real estate fair value, was allocated to above-market leases and $9.4 million, or 3% of the net real estate fair value, was allocated to below-market leases. If the amounts allocated in 2025 to above-market and below-market leases were each reduced by 1% of the net real estate fair value, the net annual market lease amortization through rental income would decrease by $0.6 million (using the weighted average useful life of above-market and below-market leases at each respective acquired property).

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows, net of anticipated construction and leasing costs (undiscounted and unleveraged), of the property over its anticipated hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future costs of materials and labor, operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to reflect the estimated fair value of the property. The Company’s estimated fair values are primarily based upon estimated sales prices from signed contracts or letters of intent from third-parties, discounted cash flow models or third-party appraisals. Estimated fair values that are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

See Footnotes 2, 4 and 6 of the Notes to Consolidated Financial Statements included in this Form 10-K for further discussion.

Valuation of Joint Venture Investments and Other Investments

On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period, capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K for further discussion of the Company’s accounting policies and estimates.

Executive Overview

Kimco Realty Corporation is the leading owner and operator of high-quality open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company.

Financial Highlights

The following highlights the Company’s significant transactions, events and results that occurred during the year ended December 31, 2025:

Financial and Portfolio Information:

•

Net income available to the Company’s common shareholders was $554.4 million, or $0.82 per diluted share, for the year ended December 31, 2025 as compared to $375.7 million, or $0.55 per diluted share, for the year ended December 31, 2024.

•

Funds From Operations ("FFO"), a supplemental non-GAAP financial measure of REIT performance, available to the Company’s common shareholders was $1.19 billion, or $1.76 per diluted share, for the year ended December 31, 2025, as compared to $1.11 billion, or $1.65 per diluted share, for the corresponding period in 2024 (see additional disclosure on FFO beginning on page 44).

•

Same property net operating income (“Same property NOI”) was $1.57 billion and $1.52 billion for the years ended December 31, 2025 and 2024, respectively, an increase of 3.0% (see additional disclosure on Same property NOI beginning on page 45).

•

Executed 1,557 new leases, renewals and options totaling approximately 10.8 million square feet in the consolidated operating portfolio during the year ended December 31, 2025.

•

Consolidated operating portfolio occupancy at December 31, 2025 was 96.6% as compared to 96.4% at December 31, 2024.

Acquisitions, Dispositions and Other Activity (see Footnotes 2, 4, 5, and 7 of the Notes to Consolidated Financial Statements included in this Form 10-K):

•

Acquired two operating properties and two parcels, in separate transactions, for $209.3 million.

•

Acquired an operating property for an aggregate purchase price of $77.2 million from a joint venture in which the Company previously held a noncontrolling ownership interest.

•

Disposed of four operating properties and six parcels, in separate transactions, for an aggregate sales price of $109.3 million, which resulted in aggregate gains of $62.7 million, before noncontrolling interests and taxes.

Capital Activity (for additional details see Liquidity and Capital Resources below):

•

Issued $500.0 million of 5.30% unsecured notes maturing February 2036.

•

Repaid $740.5 million of unsecured notes, which bore interest at rates ranging from 3.30% to 3.85% with maturity dates ranging from February 2025 to June 2025.

•

Assumed $31.4 million of mortgage debt through the acquisition of an operating property, and repaid $48.9 million of mortgage debt that encumbered three operating properties.

•

Repurchased 6.1 million common shares for an aggregate cost of $120.3 million.

•

Repurchased 58,342 Class N Preferred Stock depositary shares for an aggregate cost of $3.5 million.

•

As of December 31, 2025, had $2.2 billion in immediate liquidity, including $212.8 million of cash, cash equivalents and restricted cash.

As a result of the above debt activity, the Company’s consolidated debt maturity profile, including extension options as of December 31, 2025, is as follows:

•

As of December 31, 2025, the Company’s consolidated debt had a weighted average interest rate of 4.00% and a weighted average maturity profile of 7.9 years.

The Company faces external factors which may influence its future results from operations. There remains significant uncertainty in the current macro-economic environment, driven by inflationary pressure and elevated interest rates. These factors have impacted, and are expected to continue to impact, consumer discretionary spending and many of our tenants. The convenience and availability of e-commerce has continued to impact the retail sector, which could affect our ability to increase or maintain rental rates and our ability to renew expiring leases and/or lease available space. To better position itself, the Company’s strategy has been to attract local area customers to its properties by providing a diverse and robust tenant base across a variety of retailers, including grocery stores, off-price retailers, discounters and service-oriented tenants, which offer buy online and pick up in store, off-price merchandise and day-to-day necessities.

The Company’s portfolio is focused on first-ring suburbs around major metropolitan-area U.S. markets, predominantly on the east and west coasts and in the Sun Belt region, which are supported by strong demographics, significant projected population growth, and where the Company perceives significant barriers to entry. The Company owns a predominantly grocery-anchored portfolio clustered in the nation’s top markets. The Company believes it can continue to increase its occupancy levels, rental rates and overall rental growth. In addition, the Company, on a selective basis, has developed or redeveloped projects, which include residential and mixed-use components.

As part of the Company’s investment strategy, each property is evaluated for its highest and best use, which may include residential and mixed-use components. In addition, the Company may consider other opportunistic investments related to retailer controlled real estate, such as, repositioning underperforming retail locations, retail real estate financing and bankruptcy transaction support. The Company may dispose of certain properties. If the estimated fair value for any of these assets is less than their net carrying values, the Company would be required to take impairment charges and such amounts could be material. For a further discussion of these and other factors that could impact our future results, performance or transactions, see Item 1A. Risk Factors.

Results of Operations

Comparison of the years ended December 31, 2025 and 2024

The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended December 31, 2025, as compared to the corresponding period in 2024 (in thousands, except per share data):


	Year Ended December 31,
	2025			2024			Change
Revenues
Revenues from rental properties, net	$	2,121,400		$	2,019,065		$	102,335
Management and other fee income		18,716			17,949			767
Operating expenses
Rent (1)		(16,776	)		(16,837	)		61
Real estate taxes		(277,478	)		(261,700	)		(15,778	)
Operating and maintenance (2)		(368,080	)		(359,116	)		(8,964	)
General and administrative (3)		(133,015	)		(138,140	)		5,125
Impairment charges		(9,517	)		(4,476	)		(5,041	)
Merger charges		-			(25,246	)		25,246
Depreciation and amortization		(627,090	)		(603,685	)		(23,405	)
Gain on sale of properties		62,663			1,274			61,389
Other income/(expense)
Other income, net		2,047			28,074			(26,027	)
Mortgage and other financing income, net		50,958			29,531			21,427
Gain/(loss) on marketable securities, net		3			(27,679	)		27,682
Interest expense		(330,196	)		(307,806	)		(22,390	)
Provision for income taxes, net		(1,046	)		(25,417	)		24,371
Equity in income of joint ventures, net		96,781			83,827			12,954
Equity in income of other investments, net		3,440			9,821			(6,381	)
Net income attributable to noncontrolling interests		(8,069	)		(8,654	)		585
Preferred stock redemption charges		-			(3,304	)		3,304
Preferred dividends, net		(30,311	)		(31,763	)		1,452
Net income available to the Company's common shareholders	$	554,430		$	375,718		$	178,712
Net income available to the Company's common shareholders:
Diluted per share	$	0.82		$	0.55		$	0.27

(1)

Rent expense relates to ground lease payments for which the Company is the lessee.

(2)

Operating and maintenance expense consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses.

(3)

General and administrative expense includes employee-related expenses (including salaries, bonuses, equity awards, benefits, severance costs and payroll taxes), professional fees, office rent, travel and entertainment costs and other company-specific expenses.

Net income available to the Company’s common shareholders was $554.4 million for the year ended December 31, 2025, as compared to $375.7 million for the comparable period in 2024. On a diluted per share basis, Net income available to the Company’s common shareholders for the year ended December 31, 2025 was $0.82, as compared to $0.55 for the comparable period in 2024. For additional disclosure, see Footnote 28 of the Notes to Consolidated Financial Statements included in this Form 10-K.

The following describes the changes of certain line items included on the Company’s Consolidated Statements of Income that the Company believes changed significantly and affected Net income available to the Company’s common shareholders during the year ended December 31, 2025, as compared to the corresponding period in 2024:

Revenues from rental properties, net –

The increase in Revenues from rental properties, net of $102.3 million is primarily from (i) a net increase in revenues from tenants of $55.8 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $38.4 million due to properties acquired during 2025 and 2024, (iii) an increase in lease termination fee income of $6.2 million and (iv) an increase in net straight-line rental income of $5.0 million, primarily due to changes in reserves, partially offset by (v) a decrease in revenues of $3.1 million due to dispositions in 2025 and 2024.

Real estate taxes –

The increase in Real estate taxes of $15.8 million is primarily due to (i) an increase of $4.5 million due to properties acquired during 2025 and 2024, (ii) an overall increase in assessed values in the current portfolio and (iii) timing of real estate tax refunds.

Operating and maintenance –

The increase in Operating and maintenance expense of $9.0 million is primarily due to (i) an increase of $5.5 million resulting from properties acquired during 2025 and 2024, (ii) an overall increase in operating costs of $4.5 million, (iii) an increase in snow removal costs of $1.9 million and (iv) an increase in repairs and maintenance expense of $1.1 million, partially offset by (v) lower insurance expense of $4.0 million.

General and administrative –

The decrease in General and administrative expense of $5.1 million is primarily due to a decrease in employee-related benefit expenses of $4.9 million.

Impairment charges –

During the years ended December 31, 2025 and 2024, the Company recognized impairment charges of $9.5 million and $4.5 million, respectively, primarily related to adjustments to property carrying values for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third-party offers. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions. Certain of the calculations to determine fair values utilized unobservable inputs and, as such, were classified as Level 3 of the FASB’s fair value hierarchy. For additional disclosure, see Footnotes 6 and 18 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Merger charges –

During the year ended December 31, 2024, the Company incurred costs of $25.2 million, associated with the RPT Merger, primarily comprised of severance and professional and legal fees (see Footnote 2 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Depreciation and amortization –

The increase in Depreciation and amortization of $23.4 million is primarily due to (i) an increase of $32.5 million due to depreciation commencing on certain redevelopment and tenant improvement projects that were placed into service during 2025 and 2024 and (ii) an increase of $21.2 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $30.3 million due to fully depreciated assets and write-offs, primarily from vacated tenants, dispositions, and demolition during 2025 and 2024.

Gain on sale of properties –

During 2025, the Company disposed of four operating properties and six parcels, in separate transactions, for an aggregate sales price of $109.3 million, which resulted in aggregate gains of $62.7 million. During 2024, the Company disposed of 11 operating properties and 10 parcels, in separate transactions, for an aggregate sales price of $255.1 million, which resulted in aggregate gains of $1.3 million.

Other income, net –

The decrease in Other income, net of $26.0 million is primarily due to (i) a decrease in interest income of $14.9 million resulting from lower cash balances during 2025 as compared to 2024, (ii) $6.9 million in higher costs associated with potential transactions for which the Company is no longer pursuing, (iii) a decrease of $1.9 million from insurance proceeds received from 2025 as compared to 2024, (iv) a decrease of $1.5 million from settlement proceeds of a contract during 2024, (v) an increase in environmental remediation costs of $1.2 million, and (vi) a decrease in dividend income of $1.2 million, primarily due to the sale of the remaining shares of ACI common stock held by the Company during 2024, partially offset by (vii) an increase of $2.2 million due to mark-to-market fluctuations of an embedded derivative liability.

Mortgage and other financing income, net –

The increase in Mortgage and other financing income, net of $21.4 million is primarily due to (i) the Company’s origination of new loan financings during 2025 and 2024 and (ii) a change in allowance for credit losses, net of $6.9 million, partially offset by (iii) loan repayments during 2025 and 2024.

Gain/(loss) on marketable securities, net –

The change in gain/(loss) on marketable securities, net of $27.7 million is primarily the result of mark-to-market fluctuations and the sale of the Company's remaining shares of ACI common stock during 2024.

Interest expense –

The increase in Interest expense of $22.4 million is primarily due to (i) the issuance of unsecured notes and assumption of mortgage loans during 2025 and 2024, partially offset by (ii) the paydown of lower coupon unsecured notes and repayment of mortgage loans during 2025 and 2024.

Provision for income taxes, net –

The decrease in Provision for income taxes, net of $24.4 million is primarily due to the Company's sale of shares of ACI common stock during 2024, which generated taxable long-term capital gains.

Equity in income of joint ventures, net –

The increase in Equity in income of joint ventures, net of $13.0 million is primarily due to (i) higher gains of $5.1 million primarily due to a gain on change in control from the purchase of an additional interest in an operating property, (ii) higher equity in income of $4.4 million, primarily due to the restructuring of a joint venture, and (iii) a decrease in interest expense of $3.5 million.

Equity in income of other investments, net –

The decrease in Equity in income of other investments, net of $6.4 million is primarily due to (i) a decrease in profit participation and lower equity in income of $8.0 million, resulting primarily from the sale of properties within the Company’s Preferred Equity Program during 2024, partially offset by (ii) impairments of $1.6 million.

Preferred stock redemption charges –

During 2024, the Company incurred preferred stock redemption charges of $3.3 million in connection with the tender offer to purchase any and all outstanding Class N Preferred Stock depositary shares, which expired on December 12, 2024 ("Class N Tender Offer").

Comparison of the years ended December 31, 2024 and 2023

Information pertaining to fiscal year 2023 was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which was filed with the SEC on February 21, 2025.

Liquidity and Capital Resources

The Company’s capital resources include accessing the public debt and equity capital markets, unsecured term loans, mortgages and construction loan financing, and immediate access to the Credit Facility with bank commitments of $2.0 billion, which can be increased to $2.75 billion through an accordion feature. During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the "Commercial Paper Program"). The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program.

The Company’s cash flow activities are summarized as follows (in thousands):


	Year Ended December 31,
	2025			2024
Cash, cash equivalents and restricted cash, beginning of year	$	689,731		$	783,757
Net cash flow provided by operating activities		1,120,015			1,005,621
Net cash flow used for investing activities		(376,815	)		(318,541	)
Net cash flow used for financing activities		(1,220,137	)		(781,106	)
Net change in cash, cash equivalents and restricted cash		(476,937	)		(94,026	)
Cash, cash equivalents and restricted cash, end of year	$	212,794		$	689,731

Operating Activities

The Company anticipates that cash on hand, net cash flow provided by operating activities, borrowings under its Credit Facility and Commercial Paper Program, and the issuance of equity, public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current economic environment, interest rates, inflation, international tariffs or other trade restrictions, and other risks detailed in Part I, Item 1A. Risk Factors.

Net cash flow provided by operating activities for the year ended December 31, 2025 was $1.1 billion, as compared to $1.0 billion for the comparable period in 2024. The increase of $0.1 billion is primarily attributable to:

•

additional operating cash flow generated by operating properties acquired, partially offset by the disposition of operating properties during 2025 and 2024;

•

new leasing, expansion and re-tenanting of core portfolio properties;

•

merger costs incurred in connection with the RPT Merger during 2024;

•

operating cash flow from new mortgage and other financing receivables provided during 2025 and 2024; and

•

changes in assets and liabilities due to timing of receipts and payments; partially offset by

•

a decrease in interest income due to lower cash balances during 2025 as compared to 2024; and

•

a decrease in distributions from the Company’s joint venture programs and other investments.

Investing Activities

Net cash flow used for investing activities was $376.8 million for 2025, as compared to $318.5 million for 2024.

Investing activities during 2025 consisted primarily of:

Cash inflows:

•

$341.9 million from collection of mortgage and other financing receivables;

•

$108.6 million in proceeds from the sale of four operating properties and six land parcels;

•

$25.8 million in reimbursements of investments in and advances to real estate joint ventures and other investments;

•

$3.5 million from principal payments of securities held-to-maturity; and

•

$2.5 million in proceeds from insurance casualty claims.

Cash outflows:

•

$347.6 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;

•

$264.5 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;

•

$218.4 million for the acquisition/consolidation of three operating properties;

•

$22.4 million for investments in and advances to real estate joint ventures and other investments; and

•

$5.9 million for investment in preferred stock and cost method investments.

Investing activities during 2024 consisted primarily of:

Cash inflows:

•

$301.5 million in proceeds from the sale of marketable securities, primarily due to the sale of 14.2 million shares of ACI common stock;

•

$108.4 million from collection of mortgage and other financing receivables;

•

$71.3 million in proceeds from the sale of 11 operating properties and 10 land parcels;

•

$29.9 million in reimbursements of investments in and advances to real estate joint ventures and other investments, primarily due to the sale of properties within the investments;

•

$7.6 million in proceeds from insurance casualty claims; and

•

$5.4 million from principal payments of securities held-to-maturity.

Cash outflows:

•

$324.5 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and the Company’s active redevelopment pipeline;

•

$202.5 million for investment in mortgage and other financing receivables, primarily related to new mortgage and other financing receivables;

•

$152.9 million primarily for the acquisition of an operating property;

•

$149.1 million for the acquisition of RPT; and

•

$12.1 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios.

Acquisitions of Operating Real Estate and Other Related Net Assets

During the years ended December 31, 2025 and 2024, the Company expended $218.4 million and $152.9 million, respectively, towards the acquisition/consolidation of operating real estate properties. The Company anticipates spending approximately $300.0 million to $500.0 million towards the acquisition of, or the purchase of additional interests in, operating properties during 2026. The Company intends to fund these potential acquisitions with net cash flow provided by operating activities, cash on hand, proceeds from property dispositions, and/or availability under its Credit Facility and Commercial Paper Program.

Improvements to Operating Real Estate

During the years ended December 31, 2025 and 2024, the Company expended $347.6 million and $324.5 million, respectively, towards improvements to operating real estate. These amounts consist of the following (in thousands):


	Year Ended December 31,
	2025		2024
Redevelopment and renovations	$	192,555	$	156,240
Tenant improvements and tenant allowances		155,061		168,225
Total improvements	$	347,616	$	324,465

The Company, on a selective basis, will redevelop projects or re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio, including residential and mixed-use components, which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for 2026 will be approximately $250.0 million to $300.0 million. The funding of these capital requirements will be from net cash flow provided by operating activities, cash on hand, proceeds from property dispositions, and/or availability under the Company’s Credit Facility and Commercial Paper Program.

Financing Activities

Net cash flow used for financing activities was $1.2 billion for 2025, as compared to $781.1 million for 2024.

Financing activities during 2025 primarily consisted of the following:

Cash inflows:

•

$500.0 million in proceeds from issuance of unsecured notes.

Cash outflows:

•

$740.5 million for repayment of unsecured notes;

•

$714.6 million of dividends paid;

•

$120.3 million repurchase of common stock;

•

$61.1 million in principal payment on debt (related to the repayment of debt on three encumbered properties), including normal amortization of rental property debt;

•

$39.9 million in redemptions of or distributions to noncontrolling interests;

•

$24.4 million principal payments under finance lease obligations for the acquisition of the fee interest in two properties;

•

$12.1 million in shares repurchased for employee tax withholding on equity awards; and

•

$8.0 million in financing origination costs.

Financing activities during 2024 primarily consisted of the following:

Cash inflows:

•

$860.0 million in proceeds from issuance of unsecured term loans;

•

$500.0 million in proceeds from issuance of unsecured notes;

•

$135.8 million in proceeds from the issuance of common stock from the Company's at-the-market continuous offering program (the “ATM Program”) net of commissions and related expenses; and

•

$3.1 million from changes in tenants’ security deposits.

Cash outflows:

•

$1.2 billion for repayment of unsecured notes;

•

$685.9 million of dividends paid;

•

$310.0 million in repayments of unsecured term loans;

•

$52.9 million in redemptions of or distributions to noncontrolling interests;

•

$26.7 million for repurchase of preferred stock primarily due to the Class N Tender Offer;

•

$22.1 million in principal payment on debt (related to the repayment of debt on three encumbered properties), including normal amortization of rental property debt;

•

$15.8 million in shares repurchased for employee tax withholding on equity awards; and

•

$8.9 million in financing origination costs related to new unsecured term loans and unsecured notes.

The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable financing and refinancing alternatives that will not materially adversely impact its expected financial results. As of December 31, 2025, the Company had consolidated floating rate debt totaling $16.1 million. The Company continues to pursue borrowing opportunities with large commercial U.S. and global banks, select life insurance companies and certain regional and local banks.

Debt maturities for 2026 consist of $856.4 million of consolidated debt and $327.1 million of unconsolidated joint venture debt, assuming the utilization of extension options where available. The 2026 remaining consolidated debt maturities are anticipated to be repaid with net cash flow provided by operating activities, cash on hand, borrowings under its Credit Facility and Commercial Paper Program and/or debt refinancing, as deemed appropriate. The 2026 debt maturities on properties in the Company’s unconsolidated joint ventures are anticipated to be repaid through net cash flow provided by operating activities, debt refinancing, proceeds from sales, and/or partner capital contributions, as deemed appropriate.

The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintain its unsecured debt ratings. The Company may, from time to time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings, and/or mortgage/construction loan financings and other capital alternatives.

The Company utilizes the public debt and equity markets as its principal source of capital for its expansion needs through offerings of its public unsecured debt and equity. Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air, grocery anchored shopping centers and mixed-use assets, expanding and improving properties in the portfolio and other investments.

During November 2025, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for future unlimited offerings, from time to time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants. The Company, pursuant to this shelf registration statement may, from time to time, offer for sale its senior unsecured debt securities for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company’s debt maturities.

During January 2023, the Company filed a post-effective amendment to a registration statement on Form S-8 for the Kimco Realty Corporation 2020 Equity Participation Plan (the “2020 Plan”), which was previously approved by the Company’s stockholders and is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March 2020. The 2020 Plan provided for a maximum of 10.0 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments, deferred stock awards and long-term incentive plan units.

During February 2025, the Company filed a registration statement on Form S-8 for the Kimco Realty Corporation 2025 Equity Participation Plan (the “2025 Plan”), which was approved by the Company’s stockholders on April 29, 2025 and is a successor to the 2020 Equity Participation Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments, deferred stock awards and long-term incentive plan units. At December 31, 2025, the Company had 16.8 million shares of common stock available for issuance under the 2025 Plan (see Footnote 24 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Preferred Stock –

During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock and 185,000 depositary shares of Class N Preferred Stock, representing an aggregate of up to 2,123 shares of the Company's preferred stock, par value $1.00 per share. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. During the year ended December 31, 2025, the Company repurchased the following preferred stock:


Class of Preferred Stock	Depositary Shares Repurchased		Purchase Price (in thousands)
Class N		58,342	$	3,481

Common Stock –

During November 2025, the Company established a new ATM Program pursuant to which the Company may offer and sell, from time-to-time, shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time, in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may from time to time enter into separate forward sale agreements with one or more banks. This program does not expire. This new ATM Program supersedes and replaces the Company's prior ATM Program established in September 2023. The Company did not issue any shares under the ATM Programs during the year ended December 31, 2025. As of December 31, 2025, the Company had $750.0 million available under this new ATM Program.

During November 2025, the Company established a new common share repurchase program, which supersedes and replaces the Company's prior share repurchase program established in February 2018. Under this new program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the year ended December 31, 2025, the Company repurchased 6.1 million shares of common stock for an aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.

Senior Notes –

The Company’s supplemental indenture governing its senior notes contains the following covenants, all of which the Company is compliant with:


Covenant	Must Be	As of December 31, 2025
Consolidated Indebtedness to Total Assets	<60%	37%
Consolidated Secured Indebtedness to Total Assets	<40%	2%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge	>1.50x	4.6x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness	>1.50x	2.5x

For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993; the First Supplemental Indenture dated August 4, 1994; the Second Supplemental Indenture dated April 7, 1995; the Third Supplemental Indenture dated June 2, 2006; the Fourth Supplemental Indenture dated April 26, 2007; the Fifth Supplemental Indenture dated as of September 24, 2009; the Sixth Supplemental Indenture dated as of May 23, 2013; the Seventh Supplemental Indenture dated as of April 24, 2014; and the Eighth Supplemental Indenture dated as of January 3, 2023, each as filed with the SEC. In connection with the merger with WRI, the Company assumed senior unsecured notes which have covenants that are similar to the Company’s existing debt covenants for its senior unsecured notes. Please refer to the form Indenture included in WRI’s Registration Statement on Form S-3, filed with the SEC on February 10, 1995, the First Supplemental Indenture, dated as of August 2, 2006 filed with WRI’s Current Report on Form 8-K dated August 2, 2006,

and the Second Supplemental Indenture, dated as of October 9, 2012 filed with WRI’s Current Report on Form 8-K dated October 9, 2012, each as filed with the SEC. See the Index to Exhibits included in this Form 10-K for specific filing information.

During June 2025, the Company issued $500.0 million in senior unsecured notes, which are scheduled to mature in February 2036 and accrue interest at a rate of 5.30% per annum. The Company utilized the net proceeds from this offering for the repayment of outstanding borrowings under the Credit Facility and other general corporate purposes.

During 2025, the Company fully repaid the following notes payables (dollars in millions):


Type	Date Paid	Amount Repaid		Interest Rate	Maturity Date
Unsecured note	Feb-25	$	500.0	3.30%	Feb-25
Unsecured note	Jun-25	$	240.5	3.85%	Jun-25

Credit Facility –

As of December 31, 2025, the Company has a $2.0 billion Credit Facility with a group of banks. The Credit Facility is scheduled to expire in March 2027 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2028. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Adjusted Term SOFR, as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets and the Company’s credit rating outlook, as defined in the agreement. As of December 31, 2025, the interest rate on the Credit Facility is Adjusted Term SOFR plus 68.5 basis points (4.47% as of December 31, 2025) after reductions for sustainability metrics achieved and an upgraded credit rating profile. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of December 31, 2025, the Credit Facility had no outstanding balance and no appropriations for letters of credit.

Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to maintenance of various covenants. The Company is currently in compliance with these covenants. The financial covenants for the Credit Facility are as follows:


Covenant	Must Be	As of December 31, 2025
Total Indebtedness to Gross Asset Value (“GAV”)	<60%	36%
Total Priority Indebtedness to GAV	<35%	2%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	4.5x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	4.0x

For a full description of the Credit Facility’s covenants, refer to the Amended and Restated Credit Agreement dated as of February 23, 2023, as filed with the SEC. See the Index to Exhibits included in this Form 10-K for specific filing information.

In February 2026, the Company closed on a new $2.0 billion unsecured revolving credit facility (the "New Credit Facility") with a group of banks. For a full description of the New Credit Facility's terms and covenants, refer to the Amended and Restated Credit Agreement dated as of February 18, 2026, filed as Exhibit 10.33 to this Annual Report.

Term Loans –

As of December 31, 2025, the Company has $310.0 million of unsecured term loans ( the “Term Loans”) with a group of banks, which are scheduled to expire between November 2026 to February 2028. The Term Loans accrue interest at the rate of SOFR plus an applicable spread determined by the Company’s credit rating outlook and sustainability metric targets, as described in the agreement. As of December 31, 2025, the interest rates on the Term Loans is SOFR plus 81.0 basis points after reductions for an upgraded credit rating profile and sustainability metrics achieved. As of December 31, 2025, the Company had 20 swap rate agreements with various lenders swapping the interest rates on the Term Loans to all-in fixed rates ranging from 4.4793% to 4.6801%.

As of December 31, 2025, the Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) pursuant to a credit agreement, among Kimco OP, TD Bank, N.A., as administrative agent, and the other parties thereto maturing in January 2027 (with two one-year options to extend to January 2029). The Term Loan Credit Facility accrues interest at a spread (currently 80.0 basis points after reductions for an upgraded credit rating profile) to the SOFR Rate (as defined in the credit agreement), that fluctuates in accordance with changes in Kimco’s senior debt ratings. As of December 31, 2025, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the Term Loan Credit Facility to an all-in fixed rate of 4.5122%.

Mortgages Payable –

During 2025, the Company (i) assumed $31.4 million of non-recourse mortgage debt (including fair market value adjustment of $0.5 million) through the acquisition of an operating property and (ii) repaid $48.9 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered three operating properties.

In addition to the public equity and debt markets as capital sources, the Company may, from time to time, obtain mortgage financing on selected properties to partially fund the capital needs of its real estate re-development and re-tenanting projects. As of December 31, 2025, the Company had over 525 unencumbered property interests in its portfolio.

Dividends –

In connection with its intention to continue to qualify as a REIT for U.S. federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as it monitors sources of capital and evaluates the impact of the economy and capital markets availability on operating fundamentals. Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a dividend payout ratio which reserves such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate. Cash dividends paid were $714.6 million, $685.9 million and $657.5 million in 2025, 2024 and 2023, respectively.

Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments. The Company’s objective is to establish a dividend level that maintains compliance with the Company’s REIT taxable income distribution requirements. On October 28, 2025, the Company’s Board of Directors declared quarterly dividends with respect to the Company’s classes of preferred shares (Classes L, M and N) which were paid on January 15, 2026, to shareholders of record on January 2, 2026. Additionally, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per common share, representing a 4.0% increase from the prior quarterly dividend of $0.25, which was paid on December 19, 2025, to shareholders of record on December 5, 2025.

On February 10, 2026, the Company’s Board of Directors declared quarterly dividends with respect to the Company’s classes of cumulative redeemable preferred shares (Classes L, M and N), which are scheduled to be paid on April 15, 2026, to shareholders of record on April 1, 2026. Additionally, on February 10, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per common share payable on March 19, 2026 to shareholders of record on March 6, 2026.

Contractual Obligations and Other Commitments

Contractual Obligations

The Company has debt obligations relating to its Credit Facility (no outstanding balance as of December 31, 2025), unsecured senior notes, unsecured term loans and mortgages with maturities ranging from less than two months to 24 years. As of December 31, 2025, the Company’s consolidated total debt had a weighted average term to maturity of 7.9 years. In addition, the Company has non-cancelable leases pertaining to its shopping center portfolio. As of December 31, 2025, the Company had 36 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land or a portion of the underlying land to the Company to construct and/or operate a shopping center. Amounts due in 2026 in connection with these leases aggregate $12.0 million. The following table summarizes the Company’s consolidated debt maturities (excluding extension options, unamortized debt issuance costs of $63.3 million and fair market value of debt adjustments aggregating $3.8 million) and obligations under non-cancelable operating leases as of December 31, 2025:


	Payments due by period (in millions)
	2026		2027		2028		2029		2030		Thereafter		Total
Long-Term Debt:
Principal (1)	$	881.7	$	1,176.5	$	636.8	$	238.6	$	500.3	$	4,811.5	$	8,245.4
Interest (2)	$	321.3	$	258.7	$	237.1	$	225.7	$	217.8	$	1,468.9	$	2,729.5

Non-cancelable Leases (3)	$	12.0	$	12.2	$	12.2	$	11.4	$	10.2	$	251.5	$	309.5

(1)

Maturities utilized do not reflect extension options, which range from one to five years. For 2026, the Company has scheduled principal payments of $823.0 million for consolidated unsecured debt and $58.7 million for consolidated secured debt. The Company anticipates satisfying these remaining 2026 debt obligations with net cash flow provided by operating activities, cash on hand, debt financing, and/or availability under its Credit Facility and Commercial Paper Program.

(2)

For loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2025.

(3)

For leases which have inflationary increases, future ground and office rent expense was calculated using the rent based upon initial lease payment.

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees, primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2025, these letters of credit aggregated $43.9 million.

In addition, the Company provides a guaranty for the payment of any debt service shortfalls on Series A bonds issued by the Sheridan Redevelopment Agency, which are tax increment revenue bonds issued in connection with a property owned by the Company in Sheridan, Colorado. These tax increment revenue bonds have a balance of $31.1 million outstanding at December 31, 2025. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040.

Funding Commitments

The Company has other investments with funding commitments of $26.5 million, of which $22.5 million has been funded as of December 31, 2025. In addition, the Company has mortgage and other financing receivables with undrawn loan advances of $42.8 million as of December 31, 2025.

Other

The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments. See Footnote 13 of the Notes to Consolidated Financial Statements for these unsecured debt instruments.

In connection with the construction of its development/redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2025, the Company had $17.4 million in performance and surety bonds outstanding.

Off-Balance Sheet Arrangements

Unconsolidated Real Estate Joint Ventures

The Company has investments in various unconsolidated real estate joint ventures with varying structures. These joint ventures primarily operate shopping centers or mixed-use properties. The properties owned by the joint ventures are primarily financed with individual non-recourse mortgage loans, however, the Company, on a selective basis, has obtained unsecured financing for certain joint ventures. As of December 31, 2025, the Company did not guarantee any joint venture unsecured debt. Non-recourse mortgage debt is generally defined as debt whereby the lenders’ sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage. The lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower, except for certain specified exceptions listed in the particular loan documents (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2025, aggregated $1.4 billion. As of December 31, 2025, these loans had scheduled maturities ranging from less than three months to 6.2 years and bore interest at rates ranging from 2.81% to 7.14%. Approximately $327.1 million of the aggregate outstanding loan balance matures in 2026. For these maturing loans, the Company will utilize extension options where available or repay them with operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales of properties, and partner capital contributions, as deemed appropriate (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Other Investments

The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Consolidated Balance Sheets. In addition, the Company has provided capital for certain investments, which are primarily accounted for on the equity method of accounting. As of December 31, 2025, the Company’s other investments were $99.9 million, of which the Company’s net investment under the Preferred Equity program was $59.1 million. As of December 31, 2025, these preferred equity investment properties had non-recourse mortgage loans aggregating $136.5 million. These loans have scheduled maturities ranging from 1.8 years to 4.1 years and bear interest at rates ranging from 6.58% to 8.34%. For these maturing loans, the Company will utilize extension options where available or repay them with operating cash flows, debt refinancing, and/or partner capital contributions, as deemed appropriate. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.

Effects of Inflation

Many of the Company’s long-term leases contain provisions designed to help mitigate the adverse impact of inflation. Such provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants’ gross sales above pre-determined thresholds, which generally increase as prices rise, and/or as a result of escalation clauses, which generally increase rental rates during the terms of the leases. Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices. In addition, many of the Company’s leases are for terms of less than 10 years, which permits the Company to seek to increase rents to market rates upon renewal. To assist in partially mitigating the Company’s exposure to increases in costs and operating expenses, including common area maintenance costs, real estate taxes and insurance, resulting from inflation, the Company’s leases typically include provisions that either (i) require the tenant to pay an allocable share of these operating expenses or (ii) contain fixed contractual amounts, which include escalation clauses, to reimburse these operating expenses.

Funds From Operations ("FFO")

FFO is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. NAREIT defines FFO as net income available to the Company’s common shareholders computed in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains or losses from sales of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis. The Company also made an election, in accordance with the NAREIT Funds From Operations White Paper-2018 Restatement, to exclude from its calculation of FFO (i) gains and losses on the sale of assets and impairments of assets incidental to its main business and (ii) mark-to-market changes in the value of its equity securities. As such, the Company does not include gains/impairments on land parcels, mark-to-market gains/losses from derivatives/marketable securities, allowance for credit losses on mortgage receivables, gains/impairments on other investments or other amounts considered incidental to its main business in NAREIT defined FFO, including any applicable tax effect and noncontrolling interest.

The Company presents FFO available to the Company’s common shareholders as it considers it an important supplemental measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO available to the Company’s common shareholders when reporting results. Comparison of our presentation of FFO available to the Company’s common shareholders to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

FFO is a supplemental non-GAAP financial measure of real estate companies’ operating performances, which does not represent cash generated from operating activities in accordance with GAAP, and therefore, should not be considered an alternative for net income or cash flows from operations as a measure of liquidity.

The Company’s reconciliation of Net income available to the Company’s common shareholders to FFO available to the Company’s common shareholders is reflected in the table below (amounts presented in thousands, except per share data).


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Net income available to the Company’s common shareholders	$	143,627		$	154,835		$	554,430		$	375,718
Gain on sale of properties		(19,149	)		(330	)		(62,663	)		(1,274	)
Gain on sale of joint venture properties		-			-			(6,587	)		(1,501	)
Depreciation and amortization - real estate related		153,001			154,905			622,530			598,741
Depreciation and amortization - real estate joint ventures		20,951			22,074			84,472			86,235
Impairment charges (including real estate joint ventures)		898			207			9,517			4,485
(Recovery)/provision for loan losses, net		(3,348	)		1,000			(1,448	)		5,500
Profit participation from other investments, net		(1,006	)		240			(100	)		(5,059	)
(Gain)/loss on derivative/marketable securities, net		(494	)		1,627			(2,296	)		27,549
Provision/(benefit) for income taxes, net (1)		603			(46,874	)		(752	)		24,832
Noncontrolling interests (1)		(756	)		(783	)		(3,009	)		(3,150	)
FFO available to the Company’s common shareholders (3) (4)	$	294,327		$	286,901		$	1,194,094		$	1,112,076
Weighted average shares outstanding for FFO calculations:
Basic		673,914			673,676			675,050			671,561
Units		3,319			3,199			3,504			3,206
Convertible preferred shares		3,185			4,100			3,209			4,223
Dilutive effect of equity awards		138			751			138			523
Diluted (2)		680,556			681,726			681,901			679,513
FFO per common share – basic	$	0.44		$	0.43		$	1.77		$	1.66
FFO per common share – diluted (2) (3) (4)	$	0.44		$	0.42		$	1.76		$	1.65

(1)

Related to gains, impairment, depreciation on properties and gains/(losses) on derivatives and marketable securities, where applicable.

(2)

Reflects the potential impact if convertible preferred shares and certain units were converted to common stock at the beginning of the period. FFO available to the Company’s common shareholders would be increased by $2,107 and $2,400 for the three months ended December 31, 2025 and 2024, respectively. FFO available to the company's common shareholders would be increased by $8,675 and $9,801 for the years ended December 31, 2025 and 2024, respectively. The effect of other certain convertible securities would have an anti-dilutive effect upon the calculation of FFO available to the Company’s common shareholders per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.

(3)

Includes $3.3 million of charges associated with the tender of the Company's Class N Preferred Stock for the three months and year ended December 31, 2024.

(4)

Includes Merger charges of $25.2 million for the year ended December 31, 2024.

Same Property Net Operating Income

Same property NOI is a supplemental non-GAAP financial measure of real estate companies’ operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. The Company considers Same property NOI as an important operating performance measure frequently used by analysts and investors because it includes only the net operating income of operating properties that have been owned and stabilized by the Company for the entire current and prior year reporting periods. It excludes properties under significant redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same property NOI assists in eliminating disparities due to the development, redevelopment, acquisition and disposition of properties during the periods presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.

Same property NOI is calculated using revenues from rental properties (excluding straight-line rent adjustments, lease termination fee income, net, and amortization of above/below-market rents) less charges for credit losses, operating and maintenance expense, real estate taxes and rent expense, plus the Company’s proportionate share of Same property NOI from unconsolidated real estate joint ventures, calculated on the same basis. The Company’s method of calculating Same property NOI available to the Company’s common shareholders, may differ from methods used by other REITs and may not be comparable to such other REITs.

The following is a reconciliation of Net income available to the Company’s common shareholders to Same property NOI (in thousands):


	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Net income available to the Company’s common shareholders	$	143,627		$	154,835		$	554,430		$	375,718
Adjustments:
Management and other fee income		(4,385	)		(4,333	)		(18,716	)		(17,949	)
General and administrative		36,530			34,902			133,015			138,140
Impairment charges		898			199			9,517			4,476
Merger charges		-			-			-			25,246
Depreciation and amortization		154,045			156,130			627,090			603,685
Gain on sale of properties		(19,149	)		(330	)		(62,663	)		(1,274	)
Other income, net		(1,290	)		(7,310	)		(2,047	)		(28,074	)
Mortgage and other financing income, net		(15,252	)		(10,342	)		(50,958	)		(29,531	)
Loss/(gain) on marketable securities, net		29			66			(3	)		27,679
Interest expense		84,354			83,684			330,196			307,806
Provision/(benefit) for income taxes, net		1,091			(46,938	)		1,046			25,417
Equity in income of other investments, net		(1,803	)		(353	)		(3,440	)		(9,821	)
Net income attributable to noncontrolling interests		2,147			1,961			8,069			8,654
Preferred stock redemption charges		-			3,304			-			3,304
Preferred dividends, net		7,536			7,899			30,311			31,763
RPT same property NOI (1)		-			-			-			606
Non same property net operating income		(20,784	)		(19,270	)		(91,974	)		(59,932	)
Non-operational expense from joint ventures, net		28,092			30,066			103,007			115,695
Same property NOI	$	395,686		$	384,170		$	1,566,880		$	1,521,608

(1)

Amount represents the Same property NOI from RPT properties, not included in the Company's Net income available to the Company's common shareholders.

Same property NOI increased by $11.5 million, or 3.0%, for the three months ended December 31, 2025, as compared to the corresponding period in 2024. This increase is primarily the result of (i) an increase of $8.7 million in minimum rent, primarily related to strong leasing activity and (ii) an increase in other revenues, net of $2.6 million.

Same property NOI increased by $45.3 million, or 3.0%, for the year ended December 31, 2025, as compared to the corresponding period in 2024. This increase is primarily the result of (i) an increase of $39.3 million in minimum rent, primarily related to strong leasing activity, and (ii) an increase in other revenues, net of $8.6 million, partially offset by (iii) an increase in non-recoverable expenses of $2.5 million.

New Accounting Pronouncements

See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The Company’s primary market risk exposure is interest rate risk. The Company periodically evaluates its exposure to short-term interest rates and will, from time-to-time, enter into interest rate protection agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt. As of December 31, 2025, the Company has 26 interest rate swaps with notional amounts aggregating to $860.0 million. The interest rate swap agreements are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. The hedged debt is reflected as fixed rate unsecured debt in the table below. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes.

The following table presents the carrying value of the Company’s aggregate fixed rate and variable rate debt obligations outstanding, including fair market value adjustments and unamortized deferred financing costs, as of December 31, 2025, with corresponding weighted-average interest rates sorted by maturity date. In addition, the following table presents the fair value of the Company’s debt

obligations outstanding, excluding fair market value adjustments and unamortized deferred financing costs. The table does not include extension options where available (amounts in millions).


	2026			2027			2028			2029			2030			Thereafter			Total			Fair Value
Secured Debt
Fixed Rate	$	31.3		$	32.6		$	125.8		$	250.1		$	-		$	11.3		$	451.1		$	439.1
Average Interest Rate		3.49	%		4.01	%		4.46	%		4.51	%		-			3.33	%		4.35	%

Variable Rate	$	16.1		$	-		$	-		$	-		$	-		$	-		$	16.1		$	16.1
Average Interest Rate		5.17	%		-			-			-			-			-			5.17	%

Unsecured Debt
Fixed Rate	$	825.1		$	1,134.3		$	518.3		$	-		$	497.0		$	4,744.0		$	7,718.7		$	7,411.2
Average Interest Rate		3.16	%		4.34	%		2.53	%		-			2.70	%		4.32	%		3.98	%

Based on the Company’s variable-rate debt balances, interest expense would have increased by $0.2 million for the year ended December 31, 2025, if short-term interest rates were 1.0% higher.

Item 8. Financial Statements and Supplementary Data

The response to this Item 8 is included in our audited Consolidated Financial Statements and Notes to Consolidated Financial Statements, which are contained in Part IV, Item 15 of this Form 10-K.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Kimco Realty Corporation

Evaluation of Disclosure Controls and Procedures

The Parent Company’s management, with the participation of the Parent Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Parent Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, the Parent Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Parent Company’s disclosure controls and procedures are effective as of December 31, 2025.

Changes in Internal Control Over Financial Reporting

There have not been any changes in the Parent Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Parent Company’s internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

The Parent Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of Parent Company’s management, including Parent Company’s Chief Executive Officer and Chief Financial Officer, Parent Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation under the framework in Internal Control - Integrated Framework (2013), Parent Company’s management concluded that Parent Company’s internal control over financial reporting was effective as of December 31, 2025.

The effectiveness of Parent Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears under Item 8.

Kimco Realty OP, LLC

Evaluation of Disclosure Controls and Procedures

Kimco OP’s management, with the participation of Kimco OP’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of Kimco OP’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, Kimco OP’s Chief Executive Officer and Chief Financial Officer have concluded that Kimco OP’s disclosure controls and procedures are effective as of December 31, 2025.

Changes in Internal Control Over Financial Reporting

There have not been any changes in Kimco OP’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, Kimco OP’s internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

Kimco OP’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of Kimco OP’s management, including Kimco OP’s Chief Executive Officer and Chief Financial Officer, Kimco OP conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation under the framework in Internal Control - Integrated Framework (2013), Kimco OP’s management concluded that Kimco OP’s internal control over financial reporting was effective as of December 31, 2025.

Item 9B. Other Information

During the three months ended December 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this item is incorporated by reference to “Proposal 1—Election of Directors,” “Governance at Kimco,” “Executive Officers,” “Other Matters” and if required, “Delinquent Section 16(a) Reports” in our definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 21, 2026 (“Proxy Statement”).

We have a Code of Conduct that applies to all directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer. The Code of Conduct is available at the Investors/Governance/Governance Documents section of our website at www.kimcorealty.com. A copy of the Code of Conduct is available in print, free of charge, to stockholders upon request to us at the address set forth in Item 1 of this Form 10-K under the section “Business - Overview.” We intend to satisfy the disclosure requirements under the Exchange Act, as amended, regarding an amendment to or waiver from a provision of our Code of Conduct by posting such information on our website.

We have an Insider Trading Policy that governs the purchase, sale, and/or other dispositions of our securities by directors, officers and employees that is reasonably designed to promote compliance with insider trading laws, rules and regulations and NYSE listing standards. A copy of our Insider Trading Policy is included as Exhibit 19.1 to this report.

Item 11. Executive Compensation

The information required by this item is incorporated by reference to “Compensation Discussion and Analysis,” “Executive Compensation Committee Report,” “Executive Compensation Tables,” “Governance at Kimco” and “Other Matters” in our Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this item is incorporated by reference to “Beneficial Ownership” and “Executive Compensation Tables” in our Proxy Statement.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by this item is incorporated by reference to “Certain Relationships and Related Transactions” and “Governance at Kimco” in our Proxy Statement.

Item 14. Principal Accountant Fees and Services

The information required by this item is incorporated by reference to “Ratification of Independent Accountants” in our Proxy Statement.

PART IV

Item 15. Exhibits and Financial Statement Schedules


(a) 1.	Financial Statements – The following consolidated financial information is included as a separate section of this Form 10-K.		Form 10-K Report Page
	Report of Independent Registered Public Accounting Firm – Kimco Realty Corporation and Subsidiaries		60
	Report of Independent Registered Public Accounting Firm – Kimco Realty OP, LLC and Subsidiaries		62
	Consolidated Financial Statements of Kimco Realty Corporation and Subsidiaries
	Consolidated Balance Sheets as of December 31, 2025 and 2024		64
	Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023		65
	Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023		66
	Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023		67
	Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023		69
	Consolidated Financial Statements of Kimco Realty OP, LLC and Subsidiaries
	Consolidated Balance Sheets as of December 31, 2025 and 2024		70
	Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023		71
	Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023		72
	Consolidated Statements of Changes in Capital for the years ended December 31, 2025, 2024 and 2023		73
	Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023		76
	Kimco Realty Corporation and Subsidiaries and Kimco Realty OP, LLC and Subsidiaries
	Notes to Consolidated Financial Statements		77
2	. Financial Statement Schedules -
	Schedule II -	Valuation and Qualifying Accounts for the years ended December 31, 2025, 2024 and 2023	126
	Schedule III -	Real Estate and Accumulated Depreciation as of December 31, 2025	127
	Schedule IV -	Mortgage Loans on Real Estate as of December 31, 2025	144
	All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require submission of the schedule.
3.	Exhibits -
	The exhibits listed on the accompanying Index to Exhibits are filed as part of this Form 10-K.		51

Item 16. Form 10-K Summary

None.

INDEX TO EXHIBITS


		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished Herewith	Page Number
2.1	Agreement and Plan of Merger, dated as of April 15, 2021, by and between Kimco Realty Corporation and Weingarten Realty Investors	8-K	1-10899	04/15/21	2.1
2.2	Agreement and Plan of Merger, dated December 15, 2022, by and among Kimco, New Kimco and Merger Sub.	8-K	1-10899	12/15/22	2.1
2.3	Agreement and Plan of Merger, dated as of August 28, 2023, by and among Kimco Realty Corporation, Kimco Realty OP, LLC, Tarpon Acquisition Sub, LLC, Tarpon OP Acquisition Sub, LLC, RPT Realty, and RPT Realty, L.P.	8-K	1-10899	08/28/23	2.1
3.1	Articles of Merger	8-K12B	1-10899	01/03/23	3.3
3.2	Articles of Amendment and Restatement of Kimco Realty Corporation	8-K12B	1-10899	01/03/23	3.1
3.3	Articles of Amendment of Kimco Realty Corporation	10-Q	1-10899	08/02/24	3.1
3.4	Articles Supplementary of Kimco Realty Corporation with respect to Kimco Class N Preferred Stock	8-A12B	1-10899	12/29/23	3.2
3.5	Certificate of Correction to Articles Supplementary of Kimco Realty Corporation with respect to Kimco Class N Preferred Stock	10-K	1-10899	02/23/24	3.4
3.6	Amended and Restated Bylaws of Kimco Realty Corporation	10-Q	1-10899	07/28/23	3.1
3.7	Certificate of Formation of Kimco Realty OP, LLC	8-K12B	1-10899	01/03/23	3.4
3.8	Amended and Restated Limited Liability Company Agreement of Kimco Realty OP, LLC, dated as of January 2, 2024	8-K	1-10899	01/02/24	3.1
4.1	Indenture dated September 1, 1993, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	S-3	333-67552	09/10/93	4(a)
4.2	First Supplemental Indenture, dated August 4, 1994, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	10-K	1-10899	03/28/96	4.6
4.3	Second Supplemental Indenture, dated April 7, 1995, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	8-K	1-10899	04/07/95	4(a)
4.4	Third Supplemental Indenture, dated June 2, 2006, between Kimco Realty Corporation and The Bank of New York, as Trustee	8-K	1-10899	06/05/06	4.1
4.5	Fourth Supplemental Indenture, dated April 26, 2007, between Kimco Realty Corporation and The Bank of New York, as Trustee	8-K	1-10899	04/26/07	1.3
4.6	Fourth Supplemental Indenture, dated as of January 3, 2023, between Kimco Realty OP, LLC, as issuer, Kimco Realty Corporation, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee	8-K12B	1-10899	01/03/23	4.2


		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished Herewith	Page Number
4.7	Fifth Supplemental Indenture, dated September 24, 2009, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee	8-K	1-10899	09/24/09	4.1
4.8	Sixth Supplemental Indenture, dated May 23, 2013, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee	8-K	1-10899	05/23/13	4.1
4.9	Seventh Supplemental Indenture, dated April 24, 2014, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee	8-K	1-10899	04/24/14	4.1
4.10	Eighth Supplemental Indenture, dated as of January 3, 2023, between Kimco Realty OP, LLC, as issuer, Kimco Realty Corporation, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee	8-K12B	1-10899	01/03/23	4.1
4.11	Form of Indenture for Senior Debt Securities, among Kimco Realty Corporation, an issuer, Kimco Realty OP, LLC, as guarantor, and The Bank of New York Mellon, as Trustee	S-3ASR	333-269102	01/03/23	4(j)
4.12	Description of Securities	10-K	1-10899	02/21/25	4.12
4.13	Form of Indenture for Senior Debt Securities dated as of May 1, 1995 between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	S-3	33-57659	02/10/95	4(a)
4.14	First Supplemental Indenture, dated August 2, 2006, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	8-K	1-09876	08/02/06	4.1
4.15	Second Supplemental Indenture, dated October 9, 2012, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	8-K	1-09876	10/09/12	4.1
4.16	Third Supplemental Indenture, dated August 3, 2021, between Kimco Realty Corporation, Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	10-K	1-10899	02/24/23	4.16
4.17	Fourth Supplemental Indenture, dated January 3, 2023, between Kimco Realty Corporation (successor in interest to Weingarten Realty Investors) and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	8-K12B	1-10899	01/03/23	4.2


		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished Herewith	Page Number
4.18	Form of Deposit Agreement, dated as of January 2, 2024, between Kimco Realty Corporation and Equiniti Trust Company, LLC, and the holders from time to time of the Depositary Receipts described therein, dated as of January 2, 2024	8-K	1-10899	01/03/24	4.1
10.1	Kimco Realty Corporation Executive Severance Plan, dated March 15, 2010	8-K	1-10899	03/19/10	10.5
10.2	Restated Kimco Realty Corporation 2010 Equity Participation Plan	10-K	1-10899	02/27/17	10.6
10.3	Amendment No. 1 to the Kimco Realty Corporation 2010 Equity Participation Plan	10-K	1-10899	02/23/18	10.7
10.4	First Amendment to the Kimco Realty Corporation Executive Severance Plan, dated March 20, 2012	10-Q	1-10899	05/10/12	10.3
10.5	Kimco Realty Corporation 2020 Equity Participation Plan	DEF 14A	1-10899	03/18/20	Annex B
10.6	Kimco Realty Corporation Amended and Restated 2020 Equity Participation Plan	8-K12B	1-10899	01/03/23	10.8
10.7	Kimco Realty Corporation Second Amended and Restated 2020 Equity Participation Plan	10-K	1-10899	02/26/24	10.12
10.8	Form of LTIP Unit Award Agreement (Time-Based)	10-K	1-10899	02/26/24	10.13
10.9	Form of LTIP Unit Award Agreement (Performance-Based)	10-K	1-10899	02/26/24	10.14
10.10	Form of 2025 Equity Participation Plan Performance-Based LTIP Unit Award Agreement	-	-	-	-	*
10.11	Form of 2025 Equity Participation Plan Performance Share Award Agreement	-	-	-	-	*
10.12	Form of Kimco Realty Corporation 2020 Equity Participation Plan Performance Share Award Grant Notice and Performance Share Award Agreement	10-Q	1-10899	08/07/20	10.4
10.13	Form of Kimco Realty Corporation 2020 Equity Participation Plan Restricted Stock Award Grant Notice and Restricted Stock Award Agreement.	10-Q	1-10899	08/07/20	10.5
10.14	Parent Guarantee, dated as of January 1, 2023, by Kimco Realty Corporation	8-K12B	1-10899	01/03/23	10.2
10.15	Form of Indemnification Agreement	10-K	1-10899	02/24/23	10.19
10.16	Amended and Restated Credit Agreement, dated as of February 23, 2023, among Kimco Realty OP, LLC and each of the parties named therein	10-K	1-10899	02/24/23	10.20
10.17	Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024 among Kimco Realty OP, LLC (as successor by assumption to RPT Realty, L.P.), the several banks, financial institutions and other entities from time to time parties thereto, BMO Bank, N.A., as syndication agent, Truist Bank and Regions Bank, as documentation agents, J.P. Morgan Securities LLC, as sustainability structuring agent, and JPMorgan Chase Bank, N.A., as administrative agent	8-K	1-10899	01/03/24	10.1


		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished Herewith	Page Number
10.18	Parent Guarantee, dated as of January 2, 2024, made by Kimco Realty Corporation in favor of JPMorgan Chase Bank, N.A., as administrative agent	8-K	1-10899	01/03/24	10.2
10.19	Term Loan Agreement, dated as of January 2, 2024 among Kimco Realty O.P., LLC, the several banks, financial institutions and other entities from time to time parties thereto, and TD Bank, N.A., as administrative agent	8-K	1-10899	01/03/24	10.3
10.20	Parent Guarantee, dated as of January 2, 2024, made by Kimco Realty Corporation in favor of TD Bank, N.A., as administrative agent	8-K	1-10899	01/03/24	10.4
10.21	Amendment No. 1 dated May 3, 2024, to Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024, among Kimco Realty, OP LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder	10-Q	1-10899	08/02/24	10.1
10.22	Amendment No. 1, dated May 3, 2024, to Amended and Restated Credit Agreement, dated as of February 23, 2023, among Kimco Realty OP, LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder	10-Q	1-10899	08/02/24	10.2
10.23	Amendment No. 1, dated as of May 3, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto, to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, LLC, TD Bank, N.A., as administrative agent and the lenders party thereto	10-Q	1-10899	08/02/24	10.3
10.24	Amendment No. 2, dated as of July 17, 2024, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto, to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s and Kimco OP’s Current Report on Form 8-K filed on July 19, 2024)	8-K	1-10899	07/19/24	10.1
10.25	Amendment No. 3, dated as of September 3, 2024, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s and Kimco OP’s Current Report on Form 8-K filed on September 5, 2024)	8-K	1-10899	09/05/24	10.1


		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished Herewith	Page Number
10.26	Amendment No.2 dated November 19, 2025 to Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024, among Kimco Realty, OP LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder	—	—	—	—	*
10.27	Amendment No.4, dated as of November 12, 2025, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto	—	—	—	—	*
10.28	Kimco Realty Corporation 2025 Equity Participation Plan	DEF 14A	1-10899	03/19/25	Annex B
10.29	Form of Kimco Realty Corporation 2025 Equity Participation Plan Time-Based Restricted Stock Award Agreement	10-Q	1-10899	05/02/25	10.1
10.30	Form of Kimco Realty Corporation 2025 Equity Participation Plan Time-Based LTIP Agreement	10-Q	1-10899	05/02/25	10.2
10.31	Form of Kimco Realty Corporation 2025 Equity Participation Plan Performance Share Agreement	10-Q	1-10899	05/02/25	10.3
10.32	Form of Kimco Realty Corporation 2025 Equity Participation Plan Performance-Based LTIP Agreement	10-Q	1-10899	05/02/25	10.4
10.33	Amended and Restated Credit Agreement, dated as of February 18, 2026, among Kimco Realty OP, LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder	—	—	—	—	*
19.1	Insider Trading Policy	10-K	1-10899	02/21/25	19.1
21.1	Significant Subsidiaries of Kimco Realty Corporation and Kimco Realty OP, LLC	—	—	—	—	*
23.1	Consent of PricewaterhouseCoopers LLP - Kimco Realty Corporation	—	—	—	—	*
23.2	Consent of PricewaterhouseCoopers LLP - Kimco Realty OP, LLC	—	—	—	—	*
31.1	Certification of the Chief Executive Officer of Kimco Realty Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
31.2	Certification of the Chief Financial Officer of Kimco Realty Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
31.3	Certification of the Chief Executive Officer of Kimco Realty OP, LLC, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
31.4	Certification of the Chief Financial Officer of Kimco Realty OP, LLC, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
32.1	Certification of the Chief Executive Officer of Kimco Realty Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**
32.2	Certification of the Chief Financial Officer of Kimco Realty Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**


		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished Herewith	Page Number
32.3	Certification of the Chief Executive Officer of Kimco Realty OP, LLC, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**
32.4	Certification of the Chief Financial Officer of Kimco Realty OP, LLC, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**
97.1	Kimco Realty Corporation Policy for Recovery of Erroneously Awarded Compensation	10-K	1-10899	02/26/24	97.1
99.1	Property Chart	—	—	—	—	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document	—	—	—	—	*
101.SCH	Inline XBRL Taxonomy Extension Schema	—	—	—	—	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase	—	—	—	—	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase	—	—	—	—	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase	—	—	—	—	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase	—	—	—	—	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	—	—	—	—	*

* Filed herewith

** Furnished herewith

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


KIMCO REALTY CORPORATION

By:	/s/ Conor C. Flynn
	Conor C. Flynn
	Chief Executive Officer


Dated:	February 20, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Signature	Title	Date

/s/ Conor C. Flynn	Chief Executive Officer and Director	February 20, 2026
Conor C. Flynn

/s/ Ross Cooper	President -	February 20, 2026
Ross Cooper	Chief Investment Officer and Director

/s/ David Jamieson	Executive Vice President -	February 20, 2026
David Jamieson	Chief Operating Officer and Director

/s/ Frank Lourenso	Director	February 20, 2026
Frank Lourenso

/s/ Richard Saltzman	Director	February 20, 2026
Richard Saltzman

/s/ Philip Coviello	Director	February 20, 2026
Philip Coviello

/s/ Mary Hogan Preusse	Director	February 20, 2026
Mary Hogan Preusse

/s/ Valerie Richardson	Director	February 20, 2026
Valerie Richardson

/s/ Henry Moniz	Director	February 20, 2026
Henry Moniz

/s/ Nancy Lashine	Director	February 20, 2026
Nancy Lashine

/s/ Glenn G. Cohen	Executive Vice President -	February 20, 2026
Glenn G. Cohen	Chief Financial Officer

/s/ Paul Westbrook	Vice President -	February 20, 2026
Paul Westbrook	Chief Accounting Officer

SIGNATURES


KIMCO REALTY OP, LLC
BY:	KIMCO REALTY CORPORATION, managing member

BY:	/s/ Conor C. Flynn
	Conor C. Flynn
	Chief Executive Officer


Dated:	February 20, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following directors and officers of Kimco Realty Corporation, the managing member of the registrant, and in the capacities and on the dates indicated.


Signature	Title	Date

/s/ Conor C. Flynn	Chief Executive Officer and Director	February 20, 2026
Conor C. Flynn

/s/ Ross Cooper	President -	February 20, 2026
Ross Cooper	Chief Investment Officer and Director

/s/ David Jamieson	Executive Vice President -	February 20, 2026
David Jamieson	Chief Operating Officer and Director

/s/ Frank Lourenso	Director	February 20, 2026
Frank Lourenso

/s/ Richard Saltzman	Director	February 20, 2026
Richard Saltzman

/s/ Philip Coviello	Director	February 20, 2026
Philip Coviello

/s/ Mary Hogan Preusse	Director	February 20, 2026
Mary Hogan Preusse

/s/ Valerie Richardson	Director	February 20, 2026
Valerie Richardson

/s/ Henry Moniz	Director	February 20, 2026
Henry Moniz

/s/ Nancy Lashine	Director	February 20, 2026
Nancy Lashine

/s/ Glenn G. Cohen	Executive Vice President -	February 20, 2026
Glenn G. Cohen	Chief Financial Officer

/s/ Paul Westbrook	Vice President -	February 20, 2026
Paul Westbrook	Chief Accounting Officer

ANNUAL REPORT ON FORM 10-K

ITEM 8, ITEM 15 (a) (1) and (2)

INDEX TO FINANCIAL STATEMENTS

AND

FINANCIAL STATEMENT SCHEDULES


		Form 10-K Page

KIMCO REALTY CORPORATION AND SUBSIDIARIES KIMCO REALTY OP, LLC AND SUBSIDIARIES

Report of Independent Registered Public Accounting Firm (PCAOB ID 238) - Kimco Realty Corporation and Subsidiaries		60
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) - Kimco Realty OP, LLC and Subsidiaries		62

Consolidated Financial Statements and Financial Statement Schedules of Kimco Realty Corporation and Subsidiaries:

Consolidated Balance Sheets as of December 31, 2025 and 2024		64

Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023		65

Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023		66

Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023		67

Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023		69

Consolidated Financial Statements and Financial Statement Schedules of Kimco Realty OP, LLC and Subsidiaries:

Consolidated Balance Sheets as of December 31, 2025 and 2024		70

Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023		71

Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023		72

Consolidated Statements of Changes in Capital for the years ended December 31, 2025, 2024 and 2023		73

Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023		76

Financial Statement Schedules:

II.	Valuation and Qualifying Accounts for the years ended December 31, 2025, 2024 and 2023	126
III.	Real Estate and Accumulated Depreciation as of December 31, 2025	127
IV.	Mortgage Loans on Real Estate as of December 31, 2025	144

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Kimco Realty Corporation

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Kimco Realty Corporation and its subsidiaries (the "Company") as listed in the accompanying index (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Analysis of Real Estate Properties for Indicators of Impairment

As described in Note 1 to the consolidated financial statements, the net carrying value of the Company’s real estate, net was $16.77 billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in anticipated holding period, and general market conditions, that the carrying value of the Company’s real estate properties may be impaired. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value.

The principal considerations for our determination that performing procedures relating to the analysis of real estate properties for indicators of impairment is a critical audit matter are (i) the significant judgment by management to identify indicators of impairment of the carrying value of real estate properties and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management’s identification of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s analysis of real estate properties for indicators of impairment. These procedures also included, among others (i) testing management’s process for identifying real estate properties for indicators of impairment, (ii) testing the completeness and accuracy of certain underlying data used in the analysis, and (iii) evaluating the reasonableness of management’s identification of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions. Evaluating the reasonableness of management’s identification of impairment indicators involved (i) considering whether the indicators were consistent with evidence obtained in other areas of the audit, (ii) evaluating property operating performance, (iii) evaluating anticipated changes in holding period, including the assessment of management’s intent with respect to holding or disposing of real estate properties, and (iv) assessing management’s considerations of general market conditions and evaluating the consistency with external market and industry data.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 20, 2026

We have served as the Company’s auditor since at least 1991. We have not been able to determine the specific year we began serving as auditor of the Company.

Report of Independent Registered Public Accounting Firm

To the Members of Kimco Realty OP, LLC

Opinion on the Financial Statements

We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Kimco Realty OP, LLC and its subsidiaries (the "Kimco OP") as listed in the accompanying index (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Kimco OP as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of Kimco OP’s management. Our responsibility is to express an opinion on Kimco OP’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Kimco OP in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Kimco OP is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of Kimco OP's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Analysis of Real Estate Properties for Indicators of Impairment

As described in Note 1 to the consolidated financial statements, the net carrying value of Kimco OP’s real estate, net was $16.77 billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in anticipated holding period, and general market conditions, that the carrying value of Kimco OP’s real estate properties may be impaired. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value.

property operating performance, changes in anticipated holding period, and general market conditions. Evaluating the reasonableness of management’s identification of impairment indicators involved (i) considering whether the indicators were consistent with evidence obtained in other areas of the audit, (ii) evaluating property operating performance, (iii) evaluating anticipated changes in holding period, including the assessment of management’s intent with respect to holding or disposing of real estate properties, and (iv) assessing management’s considerations of general market conditions and evaluating the consistency with external market and industry data.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 20, 2026

We have served as Kimco OP’s or its predecessor’s auditor since at least 1991. We have not been able to determine the specific year we began serving as auditor of the predecessor.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	December 31, 2025			December 31, 2024
Assets:
Real estate:
Land	$	4,552,341		$	4,498,196
Building and improvements		15,839,316			15,425,295
Intangible assets		1,227,199			1,247,081
Real estate		21,618,856			21,170,572
Less: accumulated depreciation and amortization		(4,849,564	)		(4,360,239	)
Total real estate, net		16,769,292			16,810,333

Investments in and advances to real estate joint ventures		1,454,051			1,487,675
Other investments		99,936			107,347
Cash, cash equivalents and restricted cash		212,794			689,731
Mortgage and other financing receivables, net		383,935			444,966
Accounts and other receivables, net		368,964			340,469
Deferred charges and prepaid expenses		177,873			167,041
Operating lease right-of-use assets, net		127,596			126,441
Other assets		93,809			135,893
Total assets (1)	$	19,688,250		$	20,309,896

Liabilities:
Notes payable, net	$	7,718,730		$	7,964,738
Mortgages payable, net		467,203			496,438
Accounts payable and accrued expenses		291,537			281,867
Intangible liabilities, net		334,527			366,943
Operating lease liabilities		120,078			117,199
Other liabilities		188,297			236,922
Total liabilities (2)		9,120,372			9,464,107
Redeemable noncontrolling interests		24,506			47,877

Commitments and contingencies (Footnote 23)

Stockholders' equity:
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			21
Common stock, $.01 par value, authorized 1,500,000,000 shares; Issued and outstanding 674,093,047 and 679,493,522 shares, respectively		6,741			6,795
Paid-in capital		10,922,596			11,033,485
Cumulative distributions in excess of net income		(528,730	)		(398,792	)
Accumulated other comprehensive (loss)/income		(8,792	)		11,038
Total stockholders' equity		10,391,836			10,652,547
Noncontrolling interests		151,536			145,365
Total equity		10,543,372			10,797,912
Total liabilities and equity	$	19,688,250		$	20,309,896

(1)

Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2025 and 2024 of $358,236 and $334,859, respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.

(2)

Includes non-recourse liabilities of consolidated VIEs at December 31, 2025 and 2024 of $153,044 and $161,577, respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)


	Year Ended December 31,
	2025			2024			2023
Revenues
Revenues from rental properties, net	$	2,121,400		$	2,019,065		$	1,767,057
Management and other fee income		18,716			17,949			16,343
Total revenues		2,140,116			2,037,014			1,783,400

Operating expenses
Rent		(16,776	)		(16,837	)		(15,997	)
Real estate taxes		(277,478	)		(261,700	)		(231,578	)
Operating and maintenance		(368,080	)		(359,116	)		(309,143	)
General and administrative		(133,015	)		(138,140	)		(136,807	)
Impairment charges		(9,517	)		(4,476	)		(14,043	)
Merger charges		-			(25,246	)		(4,766	)
Depreciation and amortization		(627,090	)		(603,685	)		(507,265	)
Total operating expenses		(1,431,956	)		(1,409,200	)		(1,219,599	)

Gain on sale of properties		62,663			1,274			74,976

Operating income		770,823			629,088			638,777

Other income/(expense)
Special dividend income		-			-			194,116
Other income, net		2,047			28,074			27,999
Mortgage and other financing income, net		50,958			29,531			11,961
Gain/(loss) on marketable securities, net		3			(27,679	)		21,262
Interest expense		(330,196	)		(307,806	)		(250,201	)

Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net		493,635			351,208			643,914

Provision for income taxes, net		(1,046	)		(25,417	)		(60,952	)
Equity in income of joint ventures, net		96,781			83,827			72,278
Equity in income of other investments, net		3,440			9,821			10,709

Net income		592,810			419,439			665,949

Net income attributable to noncontrolling interests		(8,069	)		(8,654	)		(11,676	)

Net income attributable to the Company		584,741			410,785			654,273

Preferred stock redemption charges		-			(3,304	)		-
Preferred dividends, net		(30,311	)		(31,763	)		(25,021	)

Net income available to the Company's common shareholders	$	554,430		$	375,718		$	629,252

Per common share:
Net income available to the Company's common shareholders
-Basic	$	0.82		$	0.55		$	1.02
-Diluted	$	0.82		$	0.55		$	1.02

Weighted average shares:
-Basic		675,050			671,561			616,947
-Diluted		675,279			672,136			618,199

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)


	Year Ended December 31,
	2025			2024			2023
Net income	$	592,810		$	419,439		$	665,949
Other comprehensive (loss)/income:
Change in unrealized gains related to defined benefit plan	-			-				(10,581	)
Change in fair value of cash flow hedges for interest payments		(15,809	)		7,239		-
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		(4,021	)		470			3,329
Other comprehensive (loss)/income		(19,830	)		7,709			(7,252	)

Comprehensive income		572,980			427,148			658,697

Comprehensive income attributable to noncontrolling interests		(8,069	)		(8,654	)		(11,676	)

Comprehensive income attributable to the Company	$	564,911		$	418,494		$	647,021

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)


	Preferred Stock				Common Stock						Paid-in			Cumulative			Accumulated Other			Total			Noncontrolling			Total
	Issued		Amount		Issued			Amount			Capital			Distributions in Excess of Net Income			Comprehensive Income/(Loss)			Stockholders' Equity			Interests			Equity
Balance at January 1, 2023		19	$	19		618,484		$	6,185		$	9,618,271		$	(119,548	)	$	10,581		$	9,515,508		$	131,401		$	9,646,909
Contributions from noncontrolling interests		-		-		-			-			-			-			-			-			13			13
Net income		-		-		-			-			-			654,273			-			654,273			11,676			665,949
Other comprehensive (loss)/income:
Change in unrealized gains related to defined benefit plan		-		-		-			-			-			-			(10,581	)		(10,581	)		-			(10,581	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-		-			-			-			-			3,329			3,329			-			3,329
Redeemable noncontrolling interests income		-		-		-			-			-			-			-			-			(5,820	)		(5,820	)
Dividends declared to preferred shares		-		-		-			-			-			(25,021	)		-			(25,021	)		-			(25,021	)
Dividends declared to common shares		-		-		-			-			-			(632,280	)		-			(632,280	)		-			(632,280	)
Repurchase of preferred stock		-		-		-			-			(1,631	)		-			-			(1,631	)		-			(1,631	)
Distributions to noncontrolling interests		-		-		-			-			-			-			-			-			(5,614	)		(5,614	)
Issuance of common stock		-		-		1,988			20			(20	)		-			-			-			-			-
Surrender of restricted common stock		-		-		(774	)		(8	)		(16,319	)		-			-			(16,327	)		-			(16,327	)
Exercise of common stock options		-		-		173			2			3,725			-			-			3,727			-			3,727
Amortization of equity awards		-		-		-			-			33,088			-			-			33,088			-			33,088
Redemption/conversion of noncontrolling interests		-		-		-			-			(112	)		-			-			(112	)		(3,663	)		(3,775	)
Adjustment of redeemable noncontrolling interests to estimated fair value		-		-		-			-			1,492			-			-			1,492			-			1,492
Balance at December 31, 2023		19		19		619,871			6,199			9,638,494			(122,576	)		3,329			9,525,465			127,993			9,653,458

Contributions from noncontrolling interests		-		-		-			-			-			-			-			-		399				399
Net income		-		-		-			-			-			410,785			-			410,785			8,654			419,439
Other comprehensive income:
Change in fair value of cash flow hedges for interest payments		-		-		-			-			-			-			7,239			7,239			-			7,239
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-		-			-			-			-			470			470			-			470
Redeemable noncontrolling interests income		-		-		-			-			-			-			-			-			(4,182	)		(4,182	)
Dividends declared to preferred shares		-		-		-			-			-			(31,782	)		-			(31,782	)		-			(31,782	)
Dividends declared to common shares		-		-		-			-			-			(655,219	)		-			(655,219	)		-			(655,219	)
Repurchase of preferred stock		-		-		-			-			(26,719	)		-			-			(26,719	)		-			(26,719	)
Distributions to noncontrolling interests		-		-		-			-			-			-			-			-			(5,674	)		(5,674	)
Issuance of preferred stock for merger (1)		2		2		-			-			105,605			-			-			105,607			-			105,607
Issuance of common stock for merger (1)		-		-		53,034			530			1,166,234			-			-			1,166,764			-			1,166,764
Issuance of common stock, net		-		-		7,404			74			135,721			-			-			135,795			-			135,795
Noncontrolling interests assumed from the merger (1)		-		-		-			-			-			-			-			-			20,975			20,975
Surrender of restricted common stock		-		-		(815	)		(8	)		(15,877	)		-			-			(15,885	)		-			(15,885	)
Amortization of equity awards		-		-		-			-			33,247			-			-			33,247			1,690			34,937
Redemption/conversion of noncontrolling interests		-		-		-			-			(178	)		-			-			(178	)		(4,490	)		(4,668	)
Adjustment of redeemable noncontrolling interests to estimated fair value		-		-		-			-			(3,042	)		-			-			(3,042	)		-			(3,042	)
Balance at December 31, 2024		21		21		679,494			6,795			11,033,485			(398,792	)		11,038			10,652,547			145,365			10,797,912

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)


	Preferred Stock				Common Stock						Paid-in			Cumulative			Accumulated Other			Total			Noncontrolling			Total
	Issued		Amount		Issued			Amount			Capital			Distributions in Excess of Net Income			Comprehensive Income/(Loss)			Stockholders' Equity			Interests			Equity
Contributions from noncontrolling interests		-		-		-			-			-			-			-			-		143				143
Net income		-		-		-			-			-			584,741			-			584,741			8,069			592,810
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments		-		-		-			-			-			-			(15,809	)		(15,809	)		-			(15,809	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-		-			-			-			-			(4,021	)		(4,021	)		-			(4,021	)
Redeemable noncontrolling interests income		-		-		-			-			-			-			-			-			(3,021	)		(3,021	)
Dividends declared to preferred shares		-		-		-			-			-			(30,163	)		-			(30,163	)		-			(30,163	)
Dividends declared to common shares		-		-		-			-			-			(684,368	)		-			(684,368	)		-			(684,368	)
Repurchase of preferred stock		-		-		-			-			(3,332	)		(148	)		-			(3,480	)		-			(3,480	)
Distributions to noncontrolling interests		-		-		-			-			-			-			-			-			(5,625	)		(5,625	)
Issuance of equity awards, net		-		-		1,241			12			2,093			-			-			2,105			4,320			6,425
Repurchase of common stock		-		-		(6,080	)		(61	)		(120,268	)		-			-			(120,329	)		-			(120,329	)
Surrender of restricted common stock		-		-		(562	)		(5	)		(12,109	)		-			-			(12,114	)		-			(12,114	)
Amortization of equity awards		-		-		-			-			29,464			-			-			29,464			3,779			33,243
Redemption/conversion of noncontrolling interests		-		-		-			-			(6,806	)		-			-			(6,806	)		(1,494	)		(8,300	)
Adjustment of redeemable noncontrolling interests to estimated fair value		-		-		-			-			69			-			-			69			-			69
Balance at December 31, 2025		21	$	21		674,093		$	6,741		$	10,922,596		$	(528,730	)	$	(8,792	)	$	10,391,836		$	151,536		$	10,543,372

(1) See Footnotes 1 and 2 of the Notes to Consolidated Financial Statements for further details.

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Year Ended December 31,
	2025			2024			2023
Cash flow from operating activities:
Net income	$	592,810		$	419,439		$	665,949
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization		627,090			603,685			507,265
Impairment charges		9,517			4,476			14,043
Straight-line rental income adjustments, net		(29,275	)		(23,171	)		(22,517	)
Amortization of above-market and below-market leases, net		(30,744	)		(25,205	)		(17,253	)
Amortization of deferred financing costs and fair value debt adjustments, net		4,236			(762	)		(9,196	)
Equity award expense		33,225			34,900			33,054
Gain on sale of properties		(62,663	)		(1,274	)		(74,976	)
(Gain)/loss on marketable securities, net		(3	)		27,679			(21,262	)
Change in fair value of embedded derivative liability		(2,293	)		(129	)		(734	)
Equity in income of joint ventures, net		(96,781	)		(83,827	)		(72,278	)
Equity in income of other investments, net		(3,440	)		(9,821	)		(10,709	)
Distributions from joint ventures and other investments		96,474			97,723			75,827
Change in accounts and other receivables, net		130			5,993			18,453
Change in accounts payable and accrued expenses		(5,335	)		(21,742	)		5,826
Change in other operating assets		(18,832	)		(3,974	)		(25,767	)
Change in other operating liabilities		5,899			(18,369	)		5,882
Net cash flow provided by operating activities		1,120,015			1,005,621			1,071,607

Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(218,377	)		(152,943	)		(277,308	)
Improvements to operating real estate		(347,616	)		(324,465	)		(264,395	)
Acquisition of RPT Realty		-			(149,103	)	-
Investment in marketable securities		(1,356	)		(1,375	)		(3,614	)
Proceeds from sale of marketable securities		1,000			301,463			292,552
Investments in preferred stock and cost method investments		(5,911	)		(79	)		(1,569	)
Investments in and advances to real estate joint ventures		(11,462	)		(4,055	)		(24,494	)
Reimbursements of investments in and advances to real estate joint ventures		23,843			26,974			13,738
Investments in and advances to other investments		(10,950	)		(8,012	)		(18,442	)
Reimbursements of investments in and advances to other investments		1,940			2,946			282
Investment in mortgage and other financing receivables		(264,486	)		(202,483	)		(18,519	)
Collection of mortgage and other financing receivables		341,881			108,399			133
Proceeds from sale of properties		108,627			71,280			160,064
Proceeds from insurance casualty claims		2,522			7,558		-
Principal payments from securities held-to-maturity		3,530			5,354			4,589
Net cash flow used for investing activities		(376,815	)		(318,541	)		(136,983	)

Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(48,844	)		(11,774	)		(49,460	)
Principal payments on rental property debt		(12,223	)		(10,327	)		(11,308	)
Proceeds from issuance of unsecured term loans		-			860,000		-
Proceeds from issuance of unsecured notes		500,000			500,000			500,000
Repayments of unsecured term loans		-			(310,000	)	-
Repayments of unsecured notes		(740,505	)		(1,157,700	)		-
Financing origination costs		(8,001	)		(8,884	)		(12,481	)
Contributions from noncontrolling interests		143			274			13
Distributions to noncontrolling interests		(8,646	)		(9,856	)		(11,435	)
Redemptions of noncontrolling interests		(31,218	)		(43,031	)		(46,982	)
Dividends paid		(714,576	)		(685,899	)		(657,460	)
Proceeds from issuance of stock, net		-			135,796			3,727
Repurchase of preferred stock		(3,480	)		(26,719	)		(1,491	)
Repurchase of common stock		(120,329	)		-			-
Shares repurchased for employee tax withholding on equity awards		(12,095	)		(15,849	)		(16,293	)
Principal payments under finance lease obligations		(24,362	)		(265	)		-
Change in tenants' security deposits		3,999			3,128			2,474
Net cash flow used for financing activities		(1,220,137	)		(781,106	)		(300,696	)

Net change in cash, cash equivalents and restricted cash		(476,937	)		(94,026	)		633,928
Cash, cash equivalents and restricted cash, beginning of year		689,731			783,757			149,829
Cash, cash equivalents and restricted cash, end of year	$	212,794		$	689,731		$	783,757

Interest paid (net of capitalized interest of $3,247, $2,218 and $2,313, respectively)	$	318,962		$	301,239		$	250,432
Income taxes paid, net of refunds	$	23,462		$	60,936		$	65,267

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)


	December 31, 2025			December 31, 2024
Assets:
Real estate:
Land	$	4,552,341		$	4,498,196
Building and improvements		15,839,316			15,425,295
Intangible assets		1,227,199			1,247,081
Real estate		21,618,856			21,170,572
Less: accumulated depreciation and amortization		(4,849,564	)		(4,360,239	)
Total real estate, net		16,769,292			16,810,333

Investments in and advances to real estate joint ventures		1,454,051			1,487,675
Other investments		99,936			107,347
Cash, cash equivalents and restricted cash		212,794			689,731
Mortgage and other financing receivables, net		383,935			444,966
Accounts and other receivables, net		368,964			340,469
Deferred charges and prepaid expenses		177,873			167,041
Operating lease right-of-use assets, net		127,596			126,441
Other assets		93,809			135,893
Total assets (1)	$	19,688,250		$	20,309,896

Liabilities:
Notes payable, net	$	7,718,730		$	7,964,738
Mortgages payable, net		467,203			496,438
Accounts payable and accrued expenses		291,537			281,867
Intangible liabilities, net		334,527			366,943
Operating lease liabilities		120,078			117,199
Other liabilities		188,297			236,922
Total liabilities (2)		9,120,372			9,464,107
Redeemable noncontrolling interests		24,506			47,877

Commitments and Contingencies (Footnote 23)

Members' capital:
Preferred units; 20,748 and 20,806 units outstanding, respectively		546,256			549,588
General member; 674,093,047 and 679,493,522 common units outstanding, respectively		9,854,372			10,091,921
Limited members; 1,444,722 and 1,073,942 common units outstanding; respectively		30,183			22,276
Accumulated other comprehensive (loss)/income		(8,792	)		11,038
Total members' capital		10,422,019			10,674,823
Noncontrolling interests		121,353			123,089
Total capital		10,543,372			10,797,912
Total liabilities and capital	$	19,688,250		$	20,309,896

(1)

(2)

Includes non-recourse liabilities of consolidated VIEs at December 31, 2025 and 2024 of $153,044 and $161,577, respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per unit data)


	Year Ended December 31,
	2025			2024			2023
Revenues
Revenues from rental properties, net	$	2,121,400		$	2,019,065		$	1,767,057
Management and other fee income		18,716			17,949			16,343
Total revenues		2,140,116			2,037,014			1,783,400

Operating expenses
Rent		(16,776	)		(16,837	)		(15,997	)
Real estate taxes		(277,478	)		(261,700	)		(231,578	)
Operating and maintenance		(368,080	)		(359,116	)		(309,143	)
General and administrative		(133,015	)		(138,140	)		(136,807	)
Impairment charges		(9,517	)		(4,476	)		(14,043	)
Merger charges		-			(25,246	)		(4,766	)
Depreciation and amortization		(627,090	)		(603,685	)		(507,265	)
Total operating expenses		(1,431,956	)		(1,409,200	)		(1,219,599	)

Gain on sale of properties		62,663			1,274			74,976

Operating income		770,823			629,088			638,777

Other income/(expense)
Special dividend income		-			-			194,116
Other income, net		2,047			28,074			27,999
Mortgage and other financing income, net		50,958			29,531			11,961
Gain/(loss) on marketable securities, net		3			(27,679	)		21,262
Interest expense		(330,196	)		(307,806	)		(250,201	)

Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net		493,635			351,208			643,914

Provision for income taxes, net		(1,046	)		(25,417	)		(60,952	)
Equity in income of joint ventures, net		96,781			83,827			72,278
Equity in income of other investments, net		3,440			9,821			10,709

Net income		592,810			419,439			665,949

Net income attributable to noncontrolling interests		(6,895	)		(7,999	)		(11,676	)

Net income attributable to the Company		585,915			411,440			654,273

Preferred unit redemption charges		-			(3,304	)		-
Preferred distributions, net		(30,311	)		(31,763	)		(25,021	)

Net income available to the Company's common unitholders	$	555,604		$	376,373		$	629,252

Per common unit:
Net income available to the Company's common unitholders
-Basic	$	0.82		$	0.55		$	1.02
-Diluted	$	0.82		$	0.55		$	1.02

Weighted average units:
-Basic		676,042			672,512			616,947
-Diluted		676,270			673,086			618,199

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)


	Year Ended December 31,
	2025			2024			2023
Net income	$	592,810		$	419,439		$	665,949
Other comprehensive (loss)/income:
Change in unrealized gains related to defined benefit plan	-			-				(10,581	)
Change in fair value of cash flow hedges for interest payments		(15,809	)		7,239		-
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		(4,021	)		470			3,329
Other comprehensive (loss)/income		(19,830	)		7,709			(7,252	)

Comprehensive income		572,980			427,148			658,697

Comprehensive income attributable to noncontrolling interests		(6,895	)		(7,999	)		(11,676	)

Comprehensive income attributable to the Company	$	566,085		$	419,149		$	647,021

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)


	General Member											Limited Members
	Preferred Units					Common Units						Common Units					Accumulated Other			Total Members'			Noncontrolling			Total
	Issued		Amount			Issued			Amount			Issued		Amount			Comprehensive Income/(Loss)			Capital			Interests			Capital
Balance at January 1, 2023		19	$	469,027			618,484		$	9,035,900			-	$	-		$	10,581		$	9,515,508		$	131,401		$	9,646,909
Contributions from noncontrolling interest		-		-			-			-			-		-			-			-			13		13
Net income		-		25,021			-			629,252			-		-			-			654,273			11,676			665,949
Other comprehensive (loss)/income:
Change in unrealized gains related to defined benefit plan		-		-			-			-			-		-			(10,581	)		(10,581	)		-			(10,581	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-			-			-			-		-			3,329			3,329			-			3,329
Redeemable noncontrolling interests income		-		-			-			-			-		-			-			-			(5,820	)		(5,820	)
Distributions declared to preferred unitholders		-		(25,021	)		-			-			-		-			-			(25,021	)		-			(25,021	)
Distributions declared to common unitholders		-		-			-			(632,280	)		-		-			-			(632,280	)		-			(632,280	)
Repurchase of preferred units		-		(1,631	)		-			-			-		-			-			(1,631	)		-			(1,631	)
Distributions to noncontrolling interests		-		-			-			-			-		-			-			-			(5,614	)		(5,614	)
Issuance of common units as a result of common stock issued by Parent Company		-		-			2,161			3,727			-		-			-			3,727			-			3,727
Surrender of restricted common units		-		-			(774	)		(16,327	)		-		-			-			(16,327	)		-			(16,327	)
Amortization of equity awards		-		-			-			33,088			-		-			-			33,088			-			33,088
Redemption/conversion of noncontrolling interests		-		-			-			(112	)		-		-			-			(112	)		(3,663	)		(3,775	)
Adjustment of redeemable noncontrolling interests to estimated fair value		-		-			-			1,492			-		-			-			1,492			-			1,492
Balance at December 31, 2023		19		467,396			619,871			9,054,740			-		-			3,329			9,525,465			127,993			9,653,458

Contributions from noncontrolling interest		-		-			-			-			-		-			-			-			399			399
Net income		-		31,763			-			379,022			-		655			-			411,440			7,999			419,439
Other comprehensive income:
Change in fair value of cash flow hedges for interest payments		-		-			-			-			-		-			7,239			7,239			-			7,239
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-			-			-			-		-			470			470			-			470
Redeemable noncontrolling interests income		-		-			-			-			-		-			-			-			(4,182	)		(4,182	)
Distributions declared to preferred unitholders		-		(31,763	)		-			-			-		-			-			(31,763	)		-			(31,763	)
Distributions declared to common unitholders		-		-			-			(655,238	)		-		(1,041	)		-			(656,279	)		-			(656,279	)
Repurchase of preferred units		-		(23,415	)		-			(3,304	)		-		-			-			(26,719	)		-			(26,719	)
Distributions to noncontrolling interests		-		-			-			-			-		-			-			-			(4,630	)		(4,630	)
Issuance of preferred units for merger (1)		2		105,607			-			-			-		-			-			105,607			-			105,607
Issuance of common units for merger (1)		-		-			53,034			1,166,764			953		20,975			-			1,187,739			-			1,187,739
Issuance of common units, net		-		-			7,404			135,795			121		-			-			135,795			-			135,795
Redemption of common units		-		-			-			-			-		(3	)		-			(3	)		-			(3	)
Surrender of restricted common units		-		-			(815	)		(15,885	)		-		-			-			(15,885	)		-			(15,885	)
Amortization of equity awards		-		-			-			33,247			-		1,690			-			34,937			-			34,937
Redemption/conversion of noncontrolling interests		-		-			-			(178	)		-		-			-			(178	)		(4,490	)		(4,668	)
Adjustment of redeemable noncontrolling interests to estimated fair value		-		-			-			(3,042	)		-		-			-			(3,042	)		-			(3,042	)
Balance at December 31, 2024		21		549,588			679,494			10,091,921			1,074		22,276			11,038			10,674,823			123,089			10,797,912

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (continued)

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)


	General Member											Limited Members
	Preferred Units					Common Units						Common Units					Accumulated Other			Total Members'			Noncontrolling			Total
	Issued		Amount			Issued			Amount			Issued		Amount			Comprehensive Income/(Loss)			Capital			Interests			Capital
Contributions from noncontrolling interest		-		-			-			-			-		-			-			-			143			143
Net income		-		30,311			-			554,430			-		1,174			-			585,915			6,895			592,810
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments		-		-			-			-			-		-			(15,809	)		(15,809	)		-			(15,809	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-			-			-			-		-			(4,021	)		(4,021	)		-			(4,021	)
Redeemable noncontrolling interests income		-		-			-			-			-		-			-			-			(3,021	)		(3,021	)
Distributions declared to preferred unitholders		-		(30,181	)		-			-			-		-			-			(30,181	)		-			(30,181	)
Distributions declared to common unitholders		-		-			-			(684,350	)		-		(1,366	)		-			(685,716	)		-			(685,716	)
Repurchase of preferred units		-		(3,462	)		-			(18	)		-		-			-			(3,480	)		-			(3,480	)
Distributions to noncontrolling interests		-		-			-			-			-		-			-			-			(4,259	)		(4,259	)
Issuance of equity awards, net		-		-			1,241			2,105			371		4,320			-			6,425			-			6,425
Repurchase of common units		-		-			(6,080	)		(120,329	)		-		-			-			(120,329	)		-			(120,329	)
Surrender of restricted common units		-		-			(562	)		(12,114	)		-		-			-			(12,114	)		-			(12,114	)
Amortization of equity awards		-		-			-			29,464			-		3,779			-			33,243			-			33,243
Redemption/conversion of noncontrolling interests		-		-			-			(6,806	)		-		-			-			(6,806	)		(1,494	)		(8,300	)
Adjustment of redeemable noncontrolling interests to estimated fair value		-		-			-			69			-		-			-			69			-			69
Balance at December 31, 2025		21	$	546,256			674,093		$	9,854,372			1,445	$	30,183		$	(8,792	)	$	10,422,019		$	121,353		$	10,543,372

(1) See Footnotes 1 and 2 of the Notes to Consolidated Financial Statements for further details.

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Year Ended December 31,
	2025			2024			2023
Cash flow from operating activities:
Net income	$	592,810		$	419,439		$	665,949
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization		627,090			603,685			507,265
Impairment charges		9,517			4,476			14,043
Straight-line rental income adjustments, net		(29,275	)		(23,171	)		(22,517	)
Amortization of above-market and below-market leases, net		(30,744	)		(25,205	)		(17,253	)
Amortization of deferred financing costs and fair value debt adjustments, net		4,236			(762	)		(9,196	)
Equity award expense		33,225			34,900			33,054
Gain on sale of properties		(62,663	)		(1,274	)		(74,976	)
(Gain)/loss on marketable securities, net		(3	)		27,679			(21,262	)
Change in fair value of embedded derivative liability		(2,293	)		(129	)		(734	)
Equity in income of joint ventures, net		(96,781	)		(83,827	)		(72,278	)
Equity in income of other investments, net		(3,440	)		(9,821	)		(10,709	)
Distributions from joint ventures and other investments		96,474			97,723			75,827
Change in accounts and other receivables, net		130			5,993			18,453
Change in accounts payable and accrued expenses		(5,335	)		(21,742	)		5,826
Change in other operating assets		(18,832	)		(3,974	)		(25,767	)
Change in other operating liabilities		5,899			(18,369	)		5,882
Net cash flow provided by operating activities		1,120,015			1,005,621			1,071,607

Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(218,377	)		(152,943	)		(277,308	)
Improvements to operating real estate		(347,616	)		(324,465	)		(264,395	)
Acquisition of RPT Realty		-			(149,103	)	-
Investment in marketable securities		(1,356	)		(1,375	)		(3,614	)
Proceeds from sale of marketable securities		1,000			301,463			292,552
Investments in preferred stock and cost method investments		(5,911	)		(79	)		(1,569	)
Investments in and advances to real estate joint ventures		(11,462	)		(4,055	)		(24,494	)
Reimbursements of investments in and advances to real estate joint ventures		23,843			26,974			13,738
Investments in and advances to other investments		(10,950	)		(8,012	)		(18,442	)
Reimbursements of investments in and advances to other investments		1,940			2,946			282
Investment in mortgage and other financing receivables		(264,486	)		(202,483	)		(18,519	)
Collection of mortgage and other financing receivables		341,881			108,399			133
Proceeds from sale of properties		108,627			71,280			160,064
Proceeds from insurance casualty claims		2,522			7,558		-
Principal payments from securities held-to-maturity		3,530			5,354			4,589
Net cash flow used for investing activities		(376,815	)		(318,541	)		(136,983	)

Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(48,844	)		(11,774	)		(49,460	)
Principal payments on rental property debt		(12,223	)		(10,327	)		(11,308	)
Proceeds from issuance of unsecured term loans		-			860,000		-
Proceeds from issuance of unsecured notes		500,000			500,000			500,000
Repayments of unsecured term loans		-			(310,000	)	-
Repayments of unsecured notes		(740,505	)		(1,157,700	)		-
Financing origination costs		(8,001	)		(8,884	)		(12,481	)
Payment of early extinguishment of debt charges	-			-			-
Contributions from noncontrolling interests		143			274			13
Distributions to noncontrolling interests		(7,280	)		(9,856	)		(11,435	)
Redemptions of noncontrolling interests		(31,218	)		(43,031	)		(46,982	)
Distributions paid		(715,942	)		(685,899	)		(657,460	)
Proceeds from issuance of units, net		-			135,796			3,727
Repurchase of preferred units		(3,480	)		(26,719	)		(1,491	)
Repurchase of common units		(120,329	)		-			-
Units repurchased for employee tax withholding on equity awards		(12,095	)		(15,849	)		(16,293	)
Principal payments under finance lease obligations		(24,362	)		(265	)		-
Change in tenants' security deposits		3,999			3,128			2,474
Net cash flow used for financing activities		(1,220,137	)		(781,106	)		(300,696	)

Net change in cash, cash equivalents and restricted cash		(476,937	)		(94,026	)		633,928
Cash, cash equivalents and restricted cash, beginning of year		689,731			783,757			149,829
Cash, cash equivalents and restricted cash, end of year	$	212,794		$	689,731		$	783,757

Interest paid (net of capitalized interest of $3,247, $2,218 and $2,313, respectively)	$	318,962		$	301,239		$	250,432
Income taxes paid, net of refunds	$	23,462		$	60,936		$	65,267

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amounts relating to the number of buildings, square footage, tenant and occupancy data, joint venture debt and average interest rates and terms on joint venture debt are unaudited.

Summary of Significant Accounting Policies:

Business and Organization

Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes. Substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company. The Parent Company is the managing member and exercises exclusive control over Kimco OP. As of December 31, 2025, the Parent Company owned 99.79% of the outstanding limited liability company interests (the "OP Units") in Kimco OP. The terms “Kimco”, “the Company” and “our”, each refer to the Parent Company and Kimco OP, collectively, unless the context indicates otherwise. In statements regarding qualification as a REIT for U.S. federal income tax purposes, such terms refer solely to Kimco Realty Corporation.

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 portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. The Company, its affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, including mixed-use assets, which are anchored primarily by grocery stores, off-price retailers, discounters or service-oriented tenants. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. 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 evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See Footnote 19 of the Notes to Consolidated Financial Statements for further discussion.

The Company elected status as a REIT for federal income tax purposes commencing with its taxable year which began January 1, 1992 and operates in a manner that enables the Company to maintain its status as a REIT. To qualify as a REIT, the Company must meet several organizational and operational requirements, and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deductions and including any net capital gain. In January 2023, the Company reorganized into an umbrella partnership real estate investment trust structure ("UPREIT"). The Company believes it is organized and operates in such a manner to qualify and remain qualified as a REIT, in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company, generally, will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain subsidiaries that have made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), that permit the Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes, when applicable, a provision for taxes in its consolidated financial statements. See Footnote 25 of the Notes to Consolidated Financial Statements for further discussion.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

RPT Merger

On January 2, 2024, RPT Realty (“RPT”) merged with and into the Company, with the Company continuing as the surviving public company (the “RPT Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and RPT, entered into on August 28, 2023. Under the terms of the Merger Agreement, each RPT common share was converted into 0.6049 of a newly issued share of the Company’s common stock, together with cash in lieu of fractional shares, and each 7.25% Series D Cumulative Convertible Perpetual Preferred Share of RPT was converted into the right to receive one depositary share representing one one-thousandth of a share of the Company’s 7.25% Class N Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share (“Class N Preferred Stock”). During the year ended December 31, 2024, the Company incurred expenses of $25.2 million associated with the RPT Merger, primarily comprised of severance, legal and professional fees. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the RPT Merger.

Basis of Presentation

This report combines the annual reports on Form 10-K for the annual period ended December 31, 2025, of the Parent Company and Kimco OP into this single report. The accompanying Consolidated Financial Statements include the accounts of the Parent Company and Kimco OP and their consolidated subsidiaries. The Company's subsidiaries include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). The Parent Company serves as the general member of Kimco OP. The limited members of Kimco OP have limited rights over Kimco OP and do not have the power to direct the activities that most significantly impact Kimco OP's economic performance. As such, Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. All inter-company balances and transactions have been eliminated in consolidation.

On January 2, 2024, the Parent Company, as managing member of Kimco OP, entered into an amended and restated limited liability company agreement of Kimco OP (the “Amended and Restated Limited Liability Company Agreement”), providing for, among other things, the creation of Class N Preferred Units of Kimco OP, having the preferences, rights and limitations set forth therein, and certain modifications to the provisions regarding long-term incentive plan units ("LTIP Units"), including provisions governing distribution and tax allocation requirements and the procedures for converting LTIP Units.

Use of Estimates

GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, and the collectability of trade accounts receivable. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements (see Footnotes 13 and 20 of the Notes to Consolidated Financial Statements).

Real Estate and Intangibles

Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.

The Company evaluates each acquisition transaction to determine whether the acquired asset meets the definition of a business and therefore accounted for as a business combination or if the acquisition transaction should be accounted for as an asset acquisition. Under Business Combinations (Topic 805), an acquisition does not qualify as a business when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. In accordance with ASC 805-10, Business Combinations, the Company accounted for the RPT Merger as a business

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combination using the acquisition method of accounting. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the RPT Merger.

When substantially all of the fair value is not concentrated in a group of similar identifiable assets, the set of assets will generally be considered a business and the Company applies the acquisition method of accounting for business combinations, where all tangible and identifiable intangible assets acquired, and all liabilities assumed are recorded at fair value. In a business combination, the difference, if any, between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain.

In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to buildings and improvements based on various valuation techniques and other information, including replacement cost, direct capitalization method, discounted cash flow method, sales comparison approach, similar fair value models, or executed purchase and sale agreements. The fair value of land is determined using the sales comparison approach. Fair value estimates determined using the direct capitalization and discounted cash flow methods employ significant assumptions, such as normalized net operating income, stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, estimates of future cash flows, and other market data. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. Tangible assets may include land, land improvements, buildings, building improvements and tenant improvements. Intangible assets may include the value of in-place leases, above and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics.

In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions (e.g., expense recapture, base rental changes), discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and estimating costs to execute new or similar leases includes leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.

The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

            Buildings and building improvements (in years)

            5 to 50

            Fixtures, leasehold and tenant improvements
     (including certain identified intangible assets)

            Terms of leases or useful
 lives, whichever is shorter

The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and is amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements. The fair value of debt is estimated based upon contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available for debt with similar terms and maturities.

The Company's policy is to classify real estate assets as held-for-sale if the (i) asset is under contract, (ii) the buyer’s deposit is non-refundable, (iii) due diligence has expired and (iv) management believes it is probable that the disposition will occur within one

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year. When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the fair value. If the fair value of the asset, less cost to sell, is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, and the asset is included within Other assets on the Company’s Consolidated Balance Sheets.

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimated fair value is less than the net carrying value of the property. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from third-party offers or (ii) discounted cash flow models of the property over its remaining hold period. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. In addition, such cash flow models consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers.

Investments in Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control, these entities. These investments are recorded initially at cost and are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, are based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company’s joint ventures primarily consist of co-investments with institutional and other joint venture partners in open-air shopping center or mixed-use properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. On a select basis, certain of these joint ventures have obtained unsecured financing. As of December 31, 2025, the Company did not guaranty any unsecured joint venture debt.

To recognize the character of distributions from equity investees within its Consolidated Statements of Cash Flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.

In a business combination, the fair value of the Company’s investment in an unconsolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which is valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the Company’s equity ownership percentage.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period, and, where applicable, any estimated debt premiums. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

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Other Investments

Other investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with maturities of three months or less. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Restricted cash is deposits held or restricted for a specific use.

Mortgage and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium and allowance for credit losses. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable.

The Company applies the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors. The Company has determined that it has one portfolio, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The Company utilizes its history of incurred losses as well as external data to perform its expected credit loss calculation using the probability of default (“PD”) and loss given default method (“LGD”). This approach calculates the expected credit loss by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date and any adjustments are included in Mortgage and other financing income, net on the Company’s Consolidated Statements of Income. The reserve is increased through loan loss provision and is decreased by recoveries and charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.

Interest income on performing loans is accrued as earned. Accrued interest receivable is included in Accounts and other receivables, net on the Company’s Consolidated Balance Sheets. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

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Other Assets

Marketable Securities

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income.

Tax Increment Revenue Bonds

Other assets include Series B tax increment revenue bonds issued by the Sheridan Redevelopment Agency in connection with the development of a project in Sheridan, Colorado, which mature on December 15, 2039. These Series B bonds have been classified as held-to-maturity and were recorded at estimated fair value. The fair value estimates of the Company’s held-to-maturity tax increment revenue bonds are based on discounted cash flow analysis, which are based on the expected future sales tax revenues of the project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and inflation rates. Interest on these bonds is recorded at an effective interest rate while cash payments are received at the contractual interest rate.

The held-to-maturity bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is deemed as low risk as the bonds are earmarked for repayments from a government entity which are funded through sales and property taxes.

Deferred Leasing Costs

Initial direct leasing costs include commissions paid to third parties, including brokers, leasing and referral agents and internal leasing commissions paid to employees for successful execution of lease agreements. These initial direct leasing costs are capitalized and generally amortized over the term of the related leases using the straight-line method. These direct leasing costs are included in Other assets, on the Company’s Consolidated Balance Sheets and are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.

Internal employee compensation, payroll-related benefits and certain external legal fees are considered indirect costs associated with the execution of lease agreements. These indirect leasing costs are expensed in accordance with ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) and included in General and administrative expense on the Company’s Consolidated Statements of Income.

Software Development Costs

Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a period of three to ten years. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred. These software development costs are included in Other assets on the Company’s Consolidated Balance Sheets.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages payable, net in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

Revenue, Trade Accounts Receivable and Gain Recognition

The Company determines the proper amount of revenue to be recognized in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“Topic 606”), by performing the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to

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the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of December 31, 2025 and 2024, the Company had no outstanding contract assets or contract liabilities.

The Company’s primary sources of revenues are derived from lease agreements which fall under the scope of ASU 2016-02, Leases (Topic 842), (“Topic 842”), which includes rental income and expense reimbursement income. The Company also has revenues which are accounted for under Topic 606, which include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic 606 are gains on sales of properties and tax increment financing (“TIF”) contracts. The Company presents its revenue streams on the Company’s Consolidated Statements of Income as Revenues from rental properties, net and Management and other fee income.

Revenues from rental properties, net

Revenues from rental properties, net are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. The Company accounts for lease and non-lease components as combined components under Topic 842. Non-lease components include reimbursements paid to the Company from tenants for common area maintenance costs and other operating expenses. The combined components are included in Revenues from rental properties, net on the Company’s Consolidated Statements of Income.

Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may also include payments received in connection with lease termination agreements. Lease termination fee income is recognized when the lessee provides consideration in order to terminate an existing lease agreement and has vacated the leased space. If the lessee continues to occupy the leased space for a period of time after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on the modified lease term. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market intangible asset or liability is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases.

Also included in Revenues from rental properties, net are ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, electric vehicle charging stations, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources is through lease agreements/arrangements and is recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is recognized on a cash basis when received.

Management and other fee income

Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic 606. These fees arise from contractual agreements with third parties or with entities in which the Company has a noncontrolling interest. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling tenant inquiries, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. The time-based output method is used to measure progress over time, as this is representative of the transfer of the services. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly with payment due upon receipt.

Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and none of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly with payment due upon receipt.

Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation upon acquiring control of a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.

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Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services. The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly with payment due upon receipt.

Trade Accounts Receivable

The Company reviews its trade accounts receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company evaluates the probability of the collection of the lessee’s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis. The Company’s analysis of its accounts receivable includes (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the uncollectible receivable balances associated with the lease and will only recognize lease income on a cash basis. The Company includes provision for doubtful accounts in Revenues from rental properties, net, in accordance with Topic 842. Lease income will then be limited to the lesser of (i) the straight-line rental income or (ii) the lease payments that have been collected from the lessee. In addition to the lease-specific collectability assessment performed under Topic 842, the analysis also recognizes a general reserve under ASC Topic 450 Contingencies, as a reduction to Revenues from rental properties, net, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical and current collection experience and the potential for settlement of arrears. Although the Company estimates uncollectible receivables and provides for them through charges against revenues from rental properties, actual results may differ from those estimates. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance.

Gains/losses on sale of properties

Gains and losses from the sale and/or transfer of nonfinancial assets, such as real estate property, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.

Lessee Leases

The Company accounts for its leases in accordance with Topic 842. The Company has right-of-use (“ROU”) assets and lease liabilities on its balance sheet for those leases classified as operating and financing leases where the Company is a lessee. The Company’s leases where it is the lessee primarily consist of ground leases and administrative office leases. The Company classifies leases based on whether the arrangement is effectively a purchase of the underlying asset. Leases that transfer control of the underlying asset to a lessee are classified as finance leases and all other leases as operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

ROU assets and lease liabilities are recognized at the commencement date of the lease and liabilities are determined based on the estimated present value of the Company’s minimum lease payments under its lease agreements. Variable lease payments are excluded from the lease liabilities and corresponding ROU assets, as they are recognized in the period in which the obligation for those payments is incurred. Certain of the Company’s leases have renewal options for which the Company assesses whether it is reasonably certain the Company will exercise these renewal options. Lease payments associated with renewal options that the Company is reasonably certain will be exercised are included in the measurement of the lease liabilities and corresponding ROU assets. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. When calculating the incremental borrowing rates, the Company utilized data from (i) its recent debt issuances, (ii) publicly available data for instruments with similar characteristics, (iii) observable mortgage rates and (iv) unlevered property yields and discount rates. The Company then applies adjustments to account for considerations related to term and security that may not be fully incorporated by the data sets. Rental expense for lease payments is recognized on a straight-line basis over the lease term. See Footnote 11 of the Notes to Consolidated Financial Statements for further details.

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Derivative Instruments & Hedging Activities

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risks primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates and limits the risk by following established risk management policies and procedures, including the use of derivatives.

The Company has interest rate swap agreements that are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized through Interest expense in the Company’s Consolidated Statements of Income. If the hedges are deemed to be effective, the fair value is included within the Accumulated other comprehensive income ("AOCI") on the Company’s Consolidated Balance Sheets, and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The interest rate swaps are measured at fair value using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. See Footnote 15 of the Notes to Consolidated Financial Statements for further details.

Income Taxes

The Company elected to qualify as a REIT for federal income tax purposes commencing with its taxable year January 1, 1992 and operates in a manner that enables the Company to qualify and maintain its status as a REIT. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. The Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. Most states, in which the Company holds investments in real estate, conform to the federal rules recognizing REITs.

The Company maintains certain subsidiaries which made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), which permit the Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements. As such, the Company, through its wholly owned TRSs, has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focus on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company may consider other investments through its TRSs should suitable opportunities arise.

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.

The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.

The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.

Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.

The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets. Units which embody a conditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.

In a business combination, the fair value of the noncontrolling interest in a consolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which are valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the partners’ noncontrolling share.

Contingently redeemable noncontrolling interests are recorded at fair value upon issuance. Any change in the fair value or redemption value of these noncontrolling interests is subsequently recognized through Paid-in capital on the Company’s Consolidated Balance Sheets and is included in the Company’s computation of earnings per share (see Footnote 28 of the Notes to Consolidated Financial Statements).

Stock Compensation

In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March 2020. The 2020 Plan provided for a maximum of 10,000,000 shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock units, performance awards, dividend equivalents, LTIP Units, stock payments and deferred stock awards. Unless otherwise determined by the Board of Directors at its sole discretion, restricted stock grants under the 2020 Plan generally vest (i) 100% on the fifth anniversary of the grant, (ii) ratably over five years or (iii) over ten years at 20% per year commencing after the fifth year. Performance share awards under the 2020 Plan, which vest over a period of three years, may provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the 2020 Plan provided for the granting of restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permitted such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

In April 2025, the Company’s stockholders approved the Kimco Realty Corporation 2025 Equity Participation Plan (as amended and/or restated, the “2025 Plan” and, together with the 2020 Plan, the "Plans"), which is the successor to the 2020 Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock (plus a number of shares subject to awards under the 2020 Plan that become available for issuance under the 2025 Plan) to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units (including performance-based LTIP Units), stock payments and deferred stock awards.

The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance, which requires that all share-based payments to employees, including grants of employee stock options, restricted stock, performance shares and LTIP Units, be recognized in the Statements of Income over the service period based on their fair values. Fair value of restricted shares and Time-Based LTIP Units is calculated based on the Company's common stock closing share price on the date of grant. Fair value of performance awards and Perfomanced-Based LTIP Units is determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Granted Time-Based LTIP Units and Performance-Based LTIP Units do not have redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights (see Footnote 24 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

Reclassifications

Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, as of December 31, 2024, the Company reclassified (i) Intangible assets from Building and improvements to a separate line item, (ii) Mortgage and other financing receivables, net from Other assets to a separate line item, (iii) Marketable securities to Other assets, (iv) Intangible liabilities, net from Other liabilities to a separate line item, and (v) Dividends payable to Other liabilities on the Company’s Consolidated Balance Sheet as follows (in thousands):


	As of December 31, 2024
Assets:
Building and improvements	$	(1,247,081	)
Intangible assets	$	1,247,081
Mortgage and other financing receivables, net	$	444,966
Marketable securities	$	(2,290	)
Other assets	$	(442,676	)
Liabilities:
Intangible liabilities, net	$	366,943
Other liabilities	$	(360,534	)
Dividends payable	$	(6,409	)

For comparative purposes, for the years ended December 31, 2024 and 2023, the Company reclassified Mortgage and other financing income, net from Other income, net to a separate line item on the Company’s Consolidated Statements of Income as follows (in thousands):


	Year Ended December 31,
	2024			2023
Mortgage and other financing income, net	$	29,531		$	11,961
Other income, net	$	(29,531	)	$	(11,961	)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

New Accounting Pronouncements

The following table represents Accounting Standards Updates ("ASUs") to the FASB’s ASCs that, as of December 31, 2025, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:

          ASU

          Description

          Effective 
Date

          Effect on the financial 
statements or other significant
matters

          ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date
 
          These ASUs require additional disclosure about a public business entity’s expenses and more detailed information about the types of expenses in commonly presented expense captions. Such information should allow investors to better understand an entity's performance, assess future cash flows, and compare performance over time and with other entities. The amendments will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's operating expenses.

          Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted
 
          The Company is reviewing the extent of new disclosures necessary prior to implementation. Other than additional disclosure, the adoption of these ASUs will not have a material impact on the Company's financial position and/or results of operations.

          ASU 2025-03 Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
 
          The amendments in this ASU revise the guidance for determining the accounting acquirer in the acquisition of a VIE. An entity will be required to consider the factors in ASC 805-10-55-12 through 805-10-55-15 in determining which entity is the accounting acquirer when a VIE is acquired in a business combination effected primarily by exchanging equity interests. Previously, the primary beneficiary was always identified as the accounting acquirer in such transactions. The amendments are required to be applied prospectively to any acquisition transaction that occurs after the initial application date.
 
          January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reporting
period
 
          The Company does not expect the adoption of this ASU, which is to be applied prospectively, to have a material impact on the Company’s financial position and/or results of operations.

          ASU 2025-05 Financial Instruments - Credit Losses (Topic 326): 
Measurement of Credit Losses for Accounts Receivable and Contract Assets
 

          The amendments in this ASU provide a practical
expedient to assume that conditions as of the balance
sheet date remain unchanged over the life of the asset
when estimating expected credit losses for current
accounts receivable and current contract assets
arising from transactions accounted for under Topic
606. The amendments are to be applied
prospectively.
 

          January 1, 2026;
early adoption is permitted as of the beginning of an interim or annual reporting period
 

          The adoption of this ASU, which is to be applied prospectively, will not have a material impact on the Company’s financial position and/or results of operations.
 

         

          ASU 2025-06,
Intangibles - Goodwill
and Other - Internal-Use
Software (Subtopic 350-
40): Targeted
Improvements to the
Accounting for Internal-
Use Software

          This ASU amends the existing standard to remove all
references to prescriptive and sequential software
development project stages. Under this guidance,
eligible software development costs will begin
capitalization when management has authorized and
committed to funding the software project, and it is
probable that the project will be completed and the
software will be used to perform the function
intended. In evaluating whether it is probable the
project will be completed;, management is required
to consider whether there is significant uncertainty
associated with the development activities of the
software. The amendments may be applied on a
prospective basis, a modified basis for in-process
projects, or a retrospective basis.
 

          January 1, 2028;
early adoption is
permitted as of the
beginning of an
annual reporting
period

          The Company is
assessing the impact this
ASU will have on the
Company’s financial
position and/or results of
operations.

         

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued


ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share- Based Noncash Consideration from a Customer in a Revenue Contract	The new guidance will reduce the number of contracts (or embedded features within instruments) that are accounted for as derivatives under Topic 815. This ASU adds a new scope exception to the derivatives guidance for underlyings based on the operations or activities specific to one of the parties to the contract. This ASU also clarifies that share-based noncash consideration received from a customer as consideration for the transfer of goods or services in a revenue contract is subject to the revenue guidance and not the financial instruments guidance unless and until the company’s right to receive or retain the share-based noncash consideration is “unconditional,” as defined in this ASU. The amendments may be applied on a prospective basis or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings.	January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reporting period	The Company is assessing the impact this ASU will have on the Company’s financial position and/or results of operations.
ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans	The new guidance makes significant changes to the accounting for certain acquired seasoned loans subject to CECL. The FASB decided not to change the existing models for originated assets, purchased credit deteriorated assets ("PCD") or other acquired assets. Under this ASU, the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the “day-one” credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. The amendments should be applied prospectively to loans that are acquired on or after the initial application date.	January 1, 2027; early adoption is permitted	The Company is assessing the impact this ASU, which is applied prospectively, will have on the Company’s financial position and/or results of operations.
ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	This ASU clarifies certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The five main provisions include: 1. Similar risk assessment for cash flow hedges 2. Hedging interest payments on choose-your-rate debt 3. Cash flow hedges of non-financial forecasted transactions 4. Net written options as hedging instruments 5. Foreign currency-denominated debt designated as a hedging instrument and a hedged item The amendments should be applied prospectively, and there are transition provisions designed to assist in migrating existing hedging relationships to the new guidance.	January 1, 2027; early adoption is permitted on any date on or after the issuance of this ASU	The Company is assessing the impact this ASU, which is applied prospectively, will have on the Company’s financial position and/or results of operations.
ASU 2025-11, Interim Reporting (Topic 270): - Narrow-Scope Improvements	This ASU clarifies interim disclosure requirements, including providing a comprehensive list of interim disclosure requirements under U.S. GAAP and a disclosure principle that	January 1, 2028; early adoption is permitted	The Company is assessing the impact this ASU, which can be applied

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

          ASU

          Description

          Effective 
Date

          Effect on the financial 
statements or other significant
matters

           
          requires entities to disclose events since the last annual reporting period that have a material impact on the entity. The amendments can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.
 
          prospectively, will have on the Company’s financial
position and/or results of
operations.

The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed:


ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement	The amendments in this ASU address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. To reduce diversity in practice and provide decision-useful information to a joint venture’s investors, these amendments require that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). Additionally, existing joint ventures have the option to apply the guidance retrospectively.	January 1, 2025	This ASU does not impact accounting for joint ventures by the venturers. As such, the adoption of this ASU did not have an impact on the Company’s financial position and/or results of operations.
ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards	The amendments in this ASU clarify how to determine whether profits interest and similar awards should be accounted for as share-based payment arrangements (ASC 718) or as cash bonus or profit-sharing arrangements (ASC 710, Compensation - General, or other guidance) and apply to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to the illustrative guidance, this ASU modifies the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date.	January 1, 2025	The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The guidance requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.	Fiscal year beginning January 1, 2025	The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.

RPT Merger:

Overview

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

On January 2, 2024, the Company completed the Merger with RPT, under which RPT merged with and into the Company, with the Company continuing as the surviving public company. The RPT Merger had added 56 open-air shopping centers, 43 of which were wholly-owned and 13 of which were owned through a joint venture, comprising 13.3 million square feet of GLA. In addition, as a result of the RPT Merger, the Company obtained RPT’s 6% stake in a 49-property net lease joint venture.

Under the terms of the Merger Agreement, each RPT common share was converted into 0.6049 of a newly issued share of the Company’s common stock, together with cash in lieu of fractional shares and each 7.25% Series D Cumulative Convertible Perpetual Preferred Share of RPT was converted into the right to receive one depositary share representing one one-thousandth of a share of Class N Preferred Stock of the Company. During the year ended December 31, 2024, the Company incurred expenses of $25.2 million associated with the RPT Merger, primarily comprised of severance, legal and professional fees.

The number of RPT shares/units outstanding that converted to shares of the Company’s shares/units as of January 2, 2024 were determined as follows (amounts presented in thousands, except per share data):


	As of January 2, 2024
	Common Shares (1)		OP Units		Cumulative Convertible Perpetual Preferred Shares
RPT shares/units outstanding		87,675		1,576		1,849
Exchange ratio		0.6049		0.6049		1.0000
Kimco shares/units issued		53,034		953		1,849

Value of Kimco stock per share/unit	$	22.0005	$	22.0005	$	57.13
Equity consideration given from Kimco shares/units issued	$	1,166,775	$	20,975	$	105,607

(1)

The Company paid cash in lieu of issuing fractional Kimco common shares, which is included in “Cash Consideration” caption in the table below.

The following table presents the total value of consideration paid by Kimco at the close of the RPT Merger (in thousands):


	Calculated Value of RPT Consideration		Cash Consideration*		Total Value of Consideration
As of January 2, 2024	$	1,293,357	$	149,103	$	1,442,460

* Amount includes $130.0 million to pay off the outstanding balance on RPT’s credit facility at closing, additional consideration of approximately $19.1 million relating to transaction costs incurred by RPT and $0.1 million of cash paid in lieu of issuing fractional Kimco common shares.

Purchase Price Allocation

In accordance with ASC 805-10, Business Combinations, the Company accounted for the RPT Merger as a business combination using the acquisition method of accounting. Based on the total value of the consideration, the total fair value of the assets acquired and liabilities assumed in the RPT Merger was $1.4 billion.

The fair values of the real estate assets acquired were determined using either (i) the direct capitalization method, (ii) the discount cash flow method or (iii) executed purchase and sales agreements. The sales comparison approach was used in estimating the fair value of the land acquired. The Company determined that these valuation methodologies are classified within Level 3 of the fair value hierarchy. The significant assumptions used in these methodologies include stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, and estimates of future cash flows at the respective properties.

Under the direct capitalization method, the Company derived a normalized net operating income and applied an appropriate terminal capitalization rate for each property. The estimates of normalized net operating income are based on a number of factors, including historical operating results, market lease rates, known and anticipated trends, and market and economic conditions. Terminal capitalization rates utilized to derive these fair values ranged from 5.50% to 7.50%.

The discounted cash flow analyses were based on estimated future cash flows that employ discount rates, terminal capitalization rates and planned capital expenditures. These estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including historical

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

operating results, market lease rates, income growth rates, known and anticipated trends, and market and economic conditions. Terminal capitalization rates and discount rates utilized to estimate fair values ranged from 5.50% to 7.50% and 6.00% to 8.25%, respectively.

The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to buildings and improvements. In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy. The Company determined that these valuation methodologies are classified within Level 2 and Level 3 of the fair value hierarchy.

The following table summarizes the purchase price allocation based on the Company's initial valuation and subsequent adjustments, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands):


	Purchase Price Allocation
Land	$	312,343
Building and improvements		1,343,156
In-place leases		220,231
Above-market leases		12,861
Real estate assets		1,888,591
Investments in and advances to real estate joint ventures		433,345
Investments in and advances to other investments		12,672
Operating lease right-of-use assets, net		6,128
Accounts receivable and other assets		57,529
Total assets acquired		2,398,265

Notes payable		(821,500	)
Accounts payable and other liabilities		(53,213	)
Operating lease liabilities		(13,506	)
Below-market leases		(67,586	)
Total liabilities assumed		(955,805	)

Total purchase price	$	1,442,460

The following table details the weighted average useful lives, in years, of the purchase price allocated to real estate and related intangible assets and liabilities acquired arising from the RPT Merger:


	Weighted Average Useful Life (in Years)
Land	n/a
Buildings		50.0
Building improvements		45.0
Tenant improvements		3.9
In-place leases		3.1
Above-market leases		3.7
Below-market leases		22.1
Operating right-of-use assets		81.3

Since the date of the Merger through December 31, 2024, the revenue and net income from RPT included in the Company’s Consolidated Statements of Income were $178.6 million and $13.4 million (excluding $25.2 million of Merger charges), respectively.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Pro forma Information (Unaudited)

The pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the year ended December 31, 2024 and 2023, adjusted to give effect to these properties acquired as of January 1, 2023. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. Amounts are presented in millions.


	Year Ended December 31,
		2024		2023
Revenues from rental properties, net		$	2,019.1	$	1,945.7
Net income (1)		$	444.7	$	654.1
Net income available to the Company’s common shareholders (1)		$	401.0	$	606.9

(1)

The pro forma net income for the year ended December 31, 2024 was adjusted to exclude $25.2 million of Merger charges, while the pro forma net income for the year ended December 31, 2023 was adjusted to include $25.2 million of Merger charges incurred.

Real Estate and Intangibles:

The Company’s components of Real estate, net consist of the following (in thousands):


	December 31,
	2025			2024
Land:
Developed land	$	4,536,322		$	4,483,219
Undeveloped land		16,019			14,977
Total land		4,552,341			4,498,196
Buildings and improvements:
Buildings		11,683,629			11,542,812
Building improvements		2,606,812			2,449,924
Tenant improvements		1,501,409			1,387,142
Fixtures and leasehold improvements		47,466			45,417
Total buildings and improvements		15,839,316			15,425,295
Intangible assets:
Above-market leases		179,533			183,599
In-place leases		1,047,666			1,063,482
Total intangible assets		1,227,199			1,247,081
Real estate		21,618,856			21,170,572
Accumulated depreciation and amortization (1)		(4,849,564	)		(4,360,239	)
Total real estate, net	$	16,769,292		$	16,810,333

(1)

The Company had accumulated amortization relating to in-place leases and above-market leases aggregating $934,526 at December 31, 2025 and $858,309 at December 31, 2024.

In addition, at December 31, 2025 and 2024, the Company had intangible liabilities relating to below-market leases from property acquisitions of $334.5 million and $366.9 million, respectively, net of accumulated amortization of $301.7 million and $287.8 million, respectively.

The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2025, 2024 and 2023 resulted in net increases to revenue of $30.7 million, $25.2 million and $17.3 million, respectively. The Company’s amortization expense associated with in-place leases, which is included in depreciation and amortization, for the years ended December 31, 2025, 2024 and 2023 was $110.7 million, $133.7 million and $94.7 million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and in-place leases for the next five years are as follows (in millions):


	2026			2027			2028			2029			2030
Above-market and below-market leases amortization, net	$	21.8		$	14.6		$	14.7		$	14.4		$	14.8
In-place leases amortization	$	(73.3	)	$	(53.4	)	$	(39.4	)	$	(23.8	)	$	(17.2	)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Property Acquisitions:

Acquisition/Consolidation of Operating Properties

During the year ended December 31, 2025, the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties held in an unconsolidated joint venture (in thousands):


			Purchase Price
Property Name	Location	Month Acquired	Cash		Debt		Other		Total		GLA
Markets at Town Center (1)	Jacksonville, FL	Jan-25	$	108,238	$	-	$	-	$	108,238		254
College Park Land (2)	Las Vegas, NV	Jan-25		12,746		-		1,428		14,174		-
Francisco Center Land (2)	Las Vegas, NV	Jan-25		11,588		-		593		12,181		-
Tanasbourne Village (3)	Hillsboro, OR	Aug-25		38,171		31,926		7,076		77,173		207
The Shoppes at 82nd Street (4)	Jackson Heights, NY	Dec-25		74,692		-		-		74,692		59
			$	245,435	$	31,926	$	9,097	$	286,458		520

(1)

The Company had a mortgage receivable of $15.0 million related to this property, which was repaid by the seller at closing.

(2)

The Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of a call option for an aggregate purchase price of $24.2 million. In addition, the Company had a mortgage receivable of $3.4 million, which was repaid by the seller at closing. This transaction also resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company’s Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities (included in Other). See Footnote 11 of the Notes to Consolidated Financial Statements for further details.

(3)

Other includes the Company’s previously held equity investment in the Prudential Investment Program and gain on change in control. The Company evaluated this transaction pursuant to the ASC Topic 810 Consolidation. The Company recognized a gain on change in control of interest of $5.7 million, resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in Equity in income of joint ventures, net on the Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in this property interest. See Footnote 7 of the Notes to Consolidated Financial Statements.

(4)

The Company had a mortgage receivable of $14.9 million related to this property, which was repaid by the seller at closing.

During the year ended December 31, 2024, the Company acquired Waterford Lakes Town Center, which was comprised of 701,941 square feet of GLA, located in Orlando, Florida, for a purchase price of $322.0 million, including the assumption of a $164.6 million mortgage loan.

Included in the Company’s Consolidated Statements of Income are $14.0 million and $8.0 million in total revenues and $1.1 million and ($1.9) million in net income/(loss) from the date of acquisition through December 31, 2025 and 2024, respectively, for operating properties acquired/consolidated during each of the respective years.

Purchase Price Allocations

The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2025 and 2024, are as follows (in thousands):


	Allocation as of December 31, 2025			Weighted- Average Useful Life (in Years)		Allocation as of December 31, 2024			Weighted- Average Useful Life (in Years)
Land	$	71,443		n/a		$	51,669		n/a
Buildings		179,952			50.0		209,882			50.0
Building improvements		7,742			45.0		14,754			45.0
Tenant improvements		10,015			6.4		13,730			7.5
In-place leases		25,507			6.3		43,173			6.0
Above-market leases		1,063			5.5		6,807			7.5
Below-market leases		(9,436	)		17.1		(15,884	)		9.8
Mortgage fair value adjustment		500			0.8		-			-
Other assets		811			-		-			-
Other liabilities		(1,139	)		-		-			-
Net assets acquired/consolidated	$	286,458				$	324,131

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Dispositions of Real Estate:

The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate transactions (dollars in millions):


	Year Ended December 31,
	2025		2024		2023
Aggregate sales price/gross fair value (1) (2) (3)	$	109.3	$	255.1	$	214.2
Gain on sale of properties (4)	$	62.7	$	1.3	$	75.0
Number of operating properties sold/deconsolidated (2)		4		11		6
Number of parcels sold		6		10		13

(1)

During 2024, the Company provided, as a lender, seller financing totaling $175.4 million related to the sale of nine operating properties.

(2)

During 2023, the Company contributed a land parcel and related entitlements, located in Admore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a noncontrolling interest in this investment.

(3)

During 2023, the Company provided seller financing of $25.0 million related to the sale of an operating property located in Gresham, OR.

(4)

For the years ended December 31, 2025, 2024 and 2023, amounts are before noncontrolling interests of $0.1 million, $0.1 million, and $1.8 million, respectively, and taxes of $0.4 million, $0.2 million and $1.6 million, respectively, after utilization of net operating loss carryforwards where applicable.

Impairments:

Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.

The Company has a capital recycling program which provides for the disposition of certain properties, typically of lesser quality assets in less desirable locations. The Company adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain operating properties. The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges of $9.5 million, $4.5 million and $14.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts relate to adjustments to property carrying values for properties which the Company has marketed for sale and as such has adjusted the anticipated hold periods for such properties. The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third-party offers, which were less than the carrying value of the assets. See Footnote 18 of the Notes to Consolidated Financial Statements for fair value disclosure.

Investments in and Advances to Real Estate Joint Ventures:

The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at December 31, 2025 and 2024 (in millions, except number of properties):

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued


	Noncontrolling	The Company's Investment
	Ownership Interest	December 31,
Joint Venture	December 31, 2025	2025		2024
Prudential Investment Program	15.0%	$	120.1	$	133.3
Kimco Income Opportunity Portfolio (“KIR”)	52.1%		287.2		289.1
R2G Venture LLC (“R2G”) (1)	51.5%		401.2		411.8
Canada Pension Plan Investment Board (“CPP”)	55.0%		202.3		202.8
Other Institutional Joint Ventures	Various		236.0		237.7
Other Joint Venture Programs (2)	Various		207.3		213.0
Total*		$	1,454.1	$	1,487.7

* Representing 114 property interests, 48 other property interests and 24.4 million square feet of GLA, as of December 31, 2025, and 116 property interests, 48 other property interests and 25.1 million square feet of GLA, as of December 31, 2024.

(1)

In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture with an affiliate of GIC Private Limited, which had a fair market value of $425.9 million at the time of Merger, representing 13 property interests.

(2)

In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture, which had a fair market value of $7.4 million at the time of Merger, representing 49 other property interests.

The table below presents the Company’s share of net income for the above investments, which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):


	Year Ended December 31,
	2025		2024		2023
Prudential Investment Program	$	15.6	$	11.9	$	16.4
KIR		37.5		36.6		34.7
R2G		8.7		9.0		-
CPP		12.3		9.9		8.7
Other Institutional Joint Ventures		5.1		3.7		2.6
Other Joint Venture Programs (1)		17.6		12.7		9.9
Total	$	96.8	$	83.8	$	72.3

(1)

During 2025, the Company recognized $4.7 million of equity in income related to the restructuring of a joint venture.

During 2025, the Company acquired the remaining 85% interest in an operating property from the Prudential Investment Program, with an aggregate gross fair value of $77.2 million. The Company evaluated this transaction pursuant to ASC Topic 810 Consolidation and, as a result, recognized a net gain on change in control of interest of $5.7 million, resulting from the fair value adjustment associated with the Company’s previously held equity interest. See Footnote 4 of the Notes to Consolidated Financial Statements for the operating property acquired by the Company.

In addition, during 2025, certain of the Company's real estate joint ventures disposed of two operating properties and a land parcel, in separate transactions, for an aggregate sales price of $71.6 million. These transactions resulted in an aggregate net gain to the Company of $0.9 million for the year ended December 31, 2025, which is included in Equity in income of joint ventures, net on the Company's Consolidated Statements of Income.

During 2024, certain of the Company’s real estate joint ventures disposed of an operating property and other property interest, in separate transactions, for an aggregate sales price of $19.2 million. These transactions resulted in an aggregate net gain to the Company of $1.4 million for the year ended December 31, 2024.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2025 and 2024 (dollars in millions):


	December 31, 2025							December 31, 2024
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
Prudential Investment Program	$	233.9		5.25	%		22.2	$	268.5		5.47	%		19.6
KIR		274.4		4.58	%		15.2		273.9		5.82	%		27.2
R2G (1)		70.7		2.90	%		62.6		68.7		2.90	%		74.6
CPP		79.3		5.25	%		7.0		80.6		4.88	%		19.0
Other Institutional Joint Ventures		222.7		5.41	%		47.7		234.7		5.76	%		23.7
Other Joint Venture Programs (2)		538.2		5.04	%		33.0		547.3		4.98	%		40.8
Total	$	1,419.2						$	1,473.7

* Includes extension options

(1)

In connection with the RPT Merger, the Company acquired an ownership interest in this joint venture, which had aggregate secured debt of $66.7 million (including a fair market value adjustment of $14.4 million).

(2)

In connection with the RPT Merger, the Company acquired an ownership interest in a joint venture, which had aggregate secured debt of $187.1 million (including a fair market value adjustment of $3.2 million).

Summarized financial information for the Company’s investment in and advances to real estate joint ventures is as follows (in millions):


	December 31,
	2025			2024
Assets:
Real estate, net	$	4,688.7		$	4,919.3
Other assets, net		350.6			322.2
Total Assets	$	5,039.3		$	5,241.5

Liabilities and Members’ Capital:
Notes payable, net	$	583.5		$	583.1
Mortgages payable, net		835.7			890.6
Other liabilities		126.9			133.5
Accumulated other comprehensive (loss)/income		(0.7	)		6.6
Members’ capital		3,493.9			3,627.7
Total Liabilities and Members’ Capital	$	5,039.3		$	5,241.5


	Year Ended December 31,
	2025			2024			2023
Revenues, net	$	678.0		$	677.5		$	552.5
Operating expenses		(212.3	)		(208.4	)		(173.3	)
Impairment charges		(1.1	)		(0.1	)		(17.8	)
Depreciation and amortization		(199.5	)		(203.5	)		(146.7	)
Gain on sale of properties		34.8			7.7			48.0
Interest expense		(80.1	)		(87.5	)		(72.2	)
Other (expense)/income, net		(3.0	)		3.3			(7.0	)
Net income	$	216.8		$	189.0		$	183.5

Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include investments in certain real estate joint ventures totaling $0.6 million and $5.1 million at December 31, 2025 and 2024, respectively. The Company has varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2025 and 2024, the Company’s carrying value in these investments was $1.5 billion.

Other Investments:

During 2025, the Company acquired the remaining ownership interest in a preferred equity investment for $3.6 million. As a result, the Company consolidated a $14.9 million mortgage receivable encumbering a property located in Jackson Heights, NY.

During 2024, the Company converted its $50.2 million preferred equity investment into mezzanine loan financing for a property in San Antonio, TX. In addition, the Company acquired the outstanding senior mortgage loan of $146.2 million encumbering the property.

In connection with the RPT Merger, the Company acquired a preferred equity investment of $12.7 million.

As of December 31, 2025, these preferred equity investment properties had non-recourse mortgage loans aggregating $136.5 million. These loans have scheduled maturities ranging from 1.8 years to 4.1 years and bear interest at rates ranging from 6.58% to 8.34%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital.

Mortgage and Other Financing Receivables:

The Company has various mortgage and other financing receivables, which consist of loans acquired and loans originated by the Company. As of December 31, 2025 and 2024, the Company had mortgage and other financing receivables, net of allowance for credit losses of $383.9 million and $445.0 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recognized mortgage and other financing income, net of credit losses, of $51.0 million, $29.5 million and $12.0 million, respectively. For a complete listing of the Company’s mortgage and other financing receivables at December 31, 2025, see Financial Statement Schedule IV included in this Annual Report on Form 10-K.

During 2025, the Company (i) provided $264.5 million of mortgage and other financing loans, (ii) collected $325.0 million of mortgage and other financing receivables, of which $18.4 million was repaid at closing upon the Company's acquisition of the corresponding properties, and (iii) extended three mortgage loans with an aggregate principal balance of $176.1 million, utilizing extension options ranging from six months to one year.

In addition, the Company consolidated a $14.9 million mortgage receivable encumbering a property located in Jackson Heights, NY relating to a previously held preferred equity investment during 2025. The Company then acquired this property interest and the mortgage receivable was repaid by the seller at closing.

During 2024, the Company (i) provided $202.8 million of mortgage and other financing loans, (ii) issued $175.4 million of seller financing related to the sale of nine operating properties, which were acquired in conjunction with the RPT Merger, (iii) provided $50.2 million of mortgage loan financing related to the Company’s previously held preferred equity investment and (iv) collected $108.4 million of mortgage and other financing receivables.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The following table presents the change in the allowance for loan losses for the years ended December 31, 2025, 2024 and 2023, respectively (dollars in thousands):


	2025			2024		2023
Balance at January 1,	$	6,800		$	1,300	$	1,300
Provision for loan losses		3,162			5,500		-
Recoveries collected		(4,610	)		-		-
Balance at December 31,	$	5,352		$	6,800	$	1,300

10.

Accounts and Other Receivables:

The components of Accounts and other receivables, net of potentially uncollectible amounts as of December 31, 2025 and 2024, are as follows (in thousands):


	December 31,
	2025		2024
Billed tenant receivables	$	18,242	$	23,011
Unbilled common area maintenance, insurance and tax reimbursements		76,113		67,010
Other receivables		11,500		15,865
Straight-line rent receivables		263,109		234,583
Total accounts and other receivables, net	$	368,964	$	340,469

11.

Leases:

Lessor Leases

The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent, lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments.

The disaggregation of the Company’s lease income, which is included in Revenue from rental properties, net on the Company’s Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the years ended December 31, 2025, 2024 and 2023, was as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Lease income:
Fixed lease income (1)	$	1,672,317		$	1,615,352		$	1,409,609
Variable lease income (2)		432,044			399,627			354,093
Above-market and below-market leases amortization, net		30,744			25,205			17,253
Adjustments for potentially uncollectible lease income or disputed amounts		(13,705	)		(21,119	)		(13,898	)
Total lease income	$	2,121,400		$	2,019,065		$	1,767,057

(1)

Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.

(2)

Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.

Base rental revenues and fixed-rate expense reimbursements from rental properties are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis for the years ended December 31, 2025, 2024 and 2023 was $29.3 million, $23.2 million and $22.5 million, respectively.

The Company is primarily engaged in the operation of shopping centers that are either owned or held under long-term leases that expire at various dates through 2089. The Company, in turn, leases premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from five to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants’ sales volumes. Annual minimum rentals plus incremental rents based on operating expense

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

levels and percentage rents comprised 98% of total revenues from rental properties for each of the three years ended December 31, 2025, 2024 and 2023.

The minimum revenues expected to be received by the Company from rental properties under the terms of all non-cancelable tenant leases for future years, assuming no new or renegotiated leases are executed for such premises and excluding variable lease payments, are as follows (in millions):


	2026		2027		2028		2029		2030		Thereafter
Minimum revenues	$	1,604.5	$	1,473.0	$	1,277.7	$	1,055.6	$	853.7	$	4,029.1

Lessee Leases

The Company currently leases real estate space under non-cancelable operating lease agreements for ground leases and administrative office leases. The Company’s operating leases have remaining lease terms ranging from less than one year to 79.3 years, some of which include options to extend the terms for up to an additional 60 years. During 2025, the Company obtained a $7.4 million operating right-of-use asset in exchange for a new operating lease liability related to an option exercise for a property under an operating ground lease agreement.

In connection with the RPT Merger, the Company obtained a $13.5 million operating right-of-use asset (excluding an intangible right-of-use asset of $7.4 million) in exchange for a new operating lease liability related to a property under an operating ground lease agreement. In addition, the Company obtained a finance intangible right-of-use asset of $6.8 million (which is included in Other assets on the Company’s Consolidated Balance Sheets).

The Company had three properties under finance ground lease agreements that consisted of variable lease payments with a bargain purchase option. During 2025, the Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of its call option for an aggregate purchase price of $24.2 million. This transaction resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company's Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities. As of December 31, 2025, the Company has a property under a finance ground lease agreement with a right-of-use asset of $6.8 million, which is included in Other assets on the Company’s Consolidated Balance Sheets.

The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of December 31, 2025 were as follows:


	Operating Leases
Weighted-average remaining lease term (in years)		29.1
Weighted-average discount rate		6.77	%

The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023, were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Lease cost:
Finance lease cost	$	43	$	1,459	$	1,261
Operating lease cost		14,246		15,107		14,736
Variable lease cost		2,895		2,300		2,241
Total lease cost	$	17,184	$	18,866	$	18,238

100

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities (in thousands):


Year Ending December 31,
2026	$	12,048
2027		12,189
2028		12,212
2029		11,416
2030		10,160
Thereafter		251,450
Total minimum lease payments	$	309,475

Less imputed interest		(189,397	)
Total operating lease liabilities	$	120,078

12.

Other Assets:

Marketable Securities

During 2024, the Company sold its remaining 14.2 million shares of common stock of Albertsons Companies Inc. (“ACI”), generating net proceeds of $299.1 million. For tax purposes, the Company recognized a long-term capital gain of $288.7 million during 2024. The Company retained the proceeds from the ACI stock sale and applied available deductions to offset a portion of the gain from the sale and as a result, recorded $26.1 million of federal and state income tax expense.

During 2023, the Company received a $194.1 million special dividend payment on its shares of ACI common stock and recognized this as Special dividend income on the Company’s Consolidated Statements of Income. As a result, the Company’s Board of Directors declared a $0.09 per share of common stock special cash dividend to satisfy the REIT distribution requirements as a REIT. This special dividend was paid on December 21, 2023, to shareholders of record on December 7, 2023.

In addition, during 2023, the Company sold 14.1 million shares of ACI common stock, generating net proceeds of $282.3 million. For tax purposes, the Company recognized a long-term capital gain of $241.2 million. The Company retained the proceeds from this stock sale for general corporate purposes and paid federal and state taxes of $60.9 million on the taxable gain.

The portion of unrealized gain/(loss) on marketable securities for the period that relates to marketable securities still held at the reporting date are as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Gain/(loss) on marketable securities, net	$	3		$	(27,679	)	$	21,262
Less: Net (gain)/loss recognized related to marketable securities sold		(2	)		27,652			10,614
Unrealized gain/(loss) related to marketable securities still held	$	1		$	(27	)	$	31,876

Software Development Costs

As of December 31, 2025 and 2024, the Company had unamortized software development costs of $10.8 million and $14.9 million, respectively. The Company expensed $4.0 million, $4.5 million and $4.5 million in amortization of software development costs during the years ended December 31, 2025, 2024 and 2023, respectively.

101

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

13.

Notes Payable:

As of December 31, 2025 and 2024, the Company’s Notes payable, net consisted of the following, excluding extension options (dollars in millions):


	Carrying Amount at December 31,						Interest Rate at December 31,		Maturity Date at
	2025			2024			2025	2024	December 31, 2025
Senior unsecured notes	$	6,916.3		$	7,156.8		1.90% - 6.88%	1.90% - 6.88%	Jul-26 – Oct-49
Unsecured term loans		860.0			860.0		4.48% - 4.68%	4.58% - 4.78%	Nov-26 – Feb-28
Unsecured Credit Facility (1)		-			-		n/a	n/a	Mar-27
Fair value debt adjustments, net		4.9			12.9		n/a	n/a	n/a
Deferred financing costs, net (2)		(62.5	)		(65.0	)	n/a	n/a	n/a
	$	7,718.7		$	7,964.7		3.97%*	3.86%*

* Weighted-average interest rate

(1)

Accrues interest at a rate of Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”), as defined, plus 68.5 basis points after reductions as of December 31, 2025 and 2024.

(2)

As of December 31, 2025 and 2024, the Company had $2.9 million and $4.8 million, respectively, of deferred financing costs, net related to the Credit Facility that are included in Other assets on the Company’s Consolidated Balance Sheets.

In connection with the RPT Merger, the Company assumed the following notes payable (dollars in millions):


Type	Amount Assumed		Interest Rate	Maturity Date
Unsecured notes (1)	$	511.5	3.64%-4.74%	Jun-25-Nov-31
Unsecured term loan (2)	$	50.0	4.15%	Nov-26
Unsecured term loan (2)	$	100.0	4.11%	Feb-27
Unsecured term loan (2)	$	50.0	3.43%	Aug-27
Unsecured term loan (2)	$	110.0	3.71%	Feb-28

(1)

The Company fully repaid these unsecured notes in January 2024 and incurred a make-whole charge of $0.3 million resulting from this early repayment of these notes, which are included in Merger charges on the Company’s Consolidated Statements of Income.

(2)

The Company entered into a Seventh Amended and Restated Credit Agreement, through which the assumed term loans were terminated (fully repaid) and new term loans were issued to replace the assumed loans. The new term loans retained the amounts and maturities of the assumed term loans, however the rates (Secured Overnight Financing Rate ("SOFR") plus 90.5 basis points and fluctuates based on credit rating profile and achieving sustainability metric targets, as described in the agreement) and covenants were revised to match those within the Company’s Credit Facility. As of December 31, 2025, the interest rate on these term loans is SOFR plus 81.0 basis points after reductions for sustainability metrics achieved and an upgraded credit rating profile. The Company entered into 20 swap rate agreements with various lenders swapping the interest rates to all-in fixed rates (ranging from 4.4793% to 4.6801% as of December 31, 2025). See Footnote 15 of the Notes to Consolidated Financial Statements for interest rate swap disclosure.

During the years ended December 31, 2025 and 2024, the Company issued the following senior unsecured notes (dollars in millions):


Date Issued	Amount Issued		Interest Rate			Maturity Date
Jun-25	$	500.0		5.300	%	Feb-36
Sept-24	$	500.0		4.850	%	Mar-35

During the years ended December 31, 2025 and 2024, the Company fully repaid the following notes payables (dollars in millions):


Type	Date Paid	Amount Repaid		Interest Rate	Maturity Date
Unsecured note	Jun-25	$	240.5	3.85%	Jun-25
Unsecured note	Feb-25	$	500.0	3.30%	Feb-25
Unsecured note	Mar-24	$	400.0	2.70%	Mar-24
Unsecured note	Jan-24	$	246.2	4.45%	Jan-24

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The scheduled maturities of all notes payable, excluding unamortized fair value debt adjustments of $4.9 million and unamortized debt issuance costs of $62.5 million, as of December 31, 2025, were as follows (in millions):


	2026		2027		2028		2029		2030		Thereafter		Total
Principal payments	$	823.0	$	583.7	$	519.6	$	550.0	$	500.0	$	4,800.0	$	7,776.3

The Company’s supplemental indentures governing its Senior Unsecured Notes contain covenants whereby the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition, the Company is restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined therein, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT provided the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the covenants as of December 31, 2025.

Interest on the Company’s fixed-rate Senior Unsecured Notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

Credit Facility

The Company has a $2.0 billion unsecured revolving credit facility (the "Credit Facility") with a group of banks. The Credit Facility is scheduled to expire in March 2027 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2028. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Adjusted Term SOFR, as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets and the Company's credit rating outlook, as defined in the agreement. As of December 31, 2025, the interest rate on the Credit Facility is Adjusted Term SOFR plus 68.5 basis points (4.47% as of December 31, 2025) after reductions for sustainability metrics achieved and an upgraded credit rating profile. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of December 31, 2025, the Credit Facility had no outstanding balance, no appropriations for letters of credit, and the Company was in compliance with its covenants.

Commercial Paper Program

During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the "Commercial Paper Program"). The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program.

Term Loan Credit Facility

The Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) with a group of banks, which matures in January 2027 with two one-year options to extend the maturity date, at the Company's discretion, to January 2029. The Term Loan Credit Facility accrues interest at a spread (currently SOFR plus 80.0 basis points after reductions for an upgraded credit rating profile), that fluctuates in accordance with changes in the Company’s senior debt ratings. As of December 31, 2025, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the Term Loan Credit Facility to an all-in fixed rate of 4.5122%. See Footnote 15 of the Notes to Consolidated Financial Statements for interest rate swap disclosure.

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14.

Mortgages Payable:

Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest.

As of December 31, 2025 and 2024, the Company’s Mortgages payable, net consisted of the following (dollars in millions):


	Carrying Amount at December 31,						Interest Rate at December 31,		Maturity Date at
	2025			2024			2025	2024	December 31, 2025
Mortgages payable	$	469.1		$	498.1		3.33% - 7.08%	3.33% - 7.08%	Feb-26 – Jun-31
Fair value debt adjustments, net		(1.1	)		(0.6	)	n/a	n/a	n/a
Deferred financing costs, net		(0.8	)		(1.1	)	n/a	n/a	n/a
	$	467.2		$	496.4		4.39%*	4.39%*

* Weighted-average interest rate

During 2024, the Company (i) assumed $164.6 million of non-recourse mortgage debt through the acquisition of an operating property and (ii) repaid $11.8 million of mortgage debt that encumbered three operating properties.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $1.1 million and unamortized debt issuance costs of $0.8 million, as of December 31, 2025, were as follows (in millions):


	2026		2027		2028		2029		2030		Thereafter		Total
Principal payments	$	58.7	$	42.8	$	117.2	$	238.6	$	0.3	$	11.5	$	469.1

15.

Derivatives:

Derivative Instruments & Hedging Activities

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risks, primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates and limits the risk by following established risk management policies and procedures, including the use of derivative financial instruments.

The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate these risks, the Company only enters into derivative financial instruments with counterparties with major financial institutions. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company's objectives in using interest rate derivatives are to attempt to stabilize interest expense where possible and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

During 2024, the Company entered into 26 interest rate swap agreements with notional amounts aggregating to $860.0 million. The interest rate swap agreements are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. As of December 31, 2025, all interest rate swaps were deemed effective and are therefore included within AOCI. As of December 31, 2025, the Company expects approximately $2.9 million of accumulated comprehensive income on derivative instruments to be reclassified into earnings as a reduction to interest expense during the next 12 months.

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The interest rate swaps are measured at fair value using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company classifies the interest rate swaps as Level 2, and the fair value of the interest rate swaps are measured on a recurring basis, see Footnote 18 of the Notes to Consolidated Financial Statements.

The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of December 31, 2025 (amounts in thousands):


Instrument	Number of Swap Agreements	Associated Debt Instrument	Effective Date	Maturity Date	Notional Amount (1)		Derivative Liabilities (2)
Interest rate swap	1	$200.0 Million Term Loan	Jan-24	Jan-29	$	200,000	$	(1,889	)
Interest rate swaps	3	$50.0 Million Term Loan	Jan-24	Nov-26		50,000		(186	)
Interest rate swaps	3	$100.0 Million Term Loan	Jan-24	Feb-27		100,000		(504	)
Interest rate swaps	7	$50.0 Million Term Loan	Jan-24	Aug-27		50,000		(350	)
Interest rate swaps	7	$110.0 Million Term Loan	Jan-24	Feb-28		110,000		(913	)
Interest rate swaps	4	$300.0 Million Term Loan	Jul-24	Jan-29		300,000		(4,619	)
Interest rate swap	1	$50.0 Million Term Loan	Sept-24	Jan-29		50,000		(109	)
					$	860,000	$	(8,570	)

(1)

These interest rate swap agreements utilize a one-month SOFR CME index.

(2)

Included within Other liabilities on the Company’s Consolidated Balance Sheets.

The table below details the location in the financial statements of the (loss)/gain recognized on interest rate swaps designated as cash flow hedges for the year ended December 31, 2025 (amounts in thousands):


	Year Ended December 31,
	2025			2024
Amount of (loss)/gain recognized in AOCI on interest rate swaps, net	$	(11,338	)	$	16,585
Amount reclassified from AOCI into Interest expense as income	$	4,471		$	9,346
Total amount of Interest expense presented in the Consolidated Statements of Income in which the effects of cash flow hedges are being recorded	$	(330,196	)	$	(307,806	)

The Company has interests in certain unconsolidated joint ventures, which have cash flow hedges for interest payments. As of December 31, 2025 and 2024, the Company's net share of the fair value of cash flow hedges for interest payments of unconsolidated investees was $0.2 million of losses and $3.8 million of income, respectively, which is included within AOCI on the Company’s Consolidated Balance Sheets.

Embedded Derivative Liability

The Company evaluates its financial instruments, including equity-linked financial instruments, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). For derivative financial instruments that are classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value recognized in each reporting period as a component of Other income, net on the Company's Consolidated Statements of Income. The classification of freestanding derivative instruments, including whether such instruments should be classified as liabilities or as equity, is evaluated at the end of each reporting period.

During 2022, the Company entered into an agreement to purchase a portfolio of eight properties for a sales price of $376.5 million, which were encumbered by $88.8 million of mortgage debt. The Company paid cash of $152.1 million and issued 6,104,831 preferred units (“Preferred Outside Partner Units”) and 678,306 common units (“Common Outside Partner Units”) with a value of $135.7 million to the sellers (collectively, the “Outside Partner Units”).

The transaction includes a call option for the Company to purchase the Outside Partner Units 10 years from the anniversary date of the agreement. The holders of the Outside Partner Units have a put option that would require the Company to purchase (i) 50% of the holder’s ownership interest after the first anniversary date, (ii) an additional 25% after the second anniversary date and (iii) the

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balance of the units after the third anniversary date. The put and call options cannot be separated from the noncontrolling interest. The noncontrolling interests associated with these units are classified in mezzanine equity as redeemable noncontrolling interests as a result of the put right available to the unit holders in the future, an event that is not solely in the Company’s control.

This arrangement included an embedded derivative which required separate accounting. The initial value of the embedded derivative was a liability of $56.0 million at the date of purchase. The Company estimated the fair value of the derivative liability using a “with-and-without” method. The “with-and-without” methodology involves valuing the whole instrument on an as-is basis and then valuing the instrument without the individual embedded derivative. The difference between the entire instrument with the embedded derivative compared to the instrument without the embedded derivative was the fair value of the derivative liability on issuance. The analysis reflects the contractual terms of the redeemable preferred and common units and the estimated probability and timing of underlying events that trigger the put and call options and the estimated probability and timing of those events are inputs used to determine the estimated fair value of the embedded derivative. The Company has determined the majority of the inputs used to value its embedded derivative fall within Level 3 of the fair value hierarchy, and, as a result, the fair value valuation of its embedded derivative held as of December 31, 2025 was classified as Level 3 in the fair value hierarchy and is required to be measured at fair value on a recurring basis (see Footnote 18 of the Notes to Consolidated Financial Statements). The embedded derivative liability was $5.4 million and $19.9 million at December 31, 2025 and 2024, respectively.

16.

Noncontrolling Interests and Redeemable Noncontrolling Interests:

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or having determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance. The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.

Noncontrolling interests

As of December 31, 2025, the Parent Company is the managing member of Kimco OP and owns 99.79% of the outstanding OP Units. Noncontrolling OP Units are owned by third parties and certain officers and directors of the Company. During 2024, the Parent Company issued 953,400 OP Units in Kimco OP, which were fully vested upon issuance and had a fair market value of $21.0 million. In addition, the Parent Company has granted to certain employees and directors LTIP Units with time-based vesting requirements (“Time-Based LTIP Units”) and LTIP Units with performance-based vesting requirements (“Performance-Based LTIP Units”), assuming the maximum target performance (see Footnote 24 of the Notes to Consolidated Financial Statements). The OP units are currently redeemable at the option of the holder (subject to restrictions agreed upon at the time of issuance of LTIP Units to certain holders that may restrict such redemption right for a period of time) for the Parent Company’s common stock at a ratio of 1:1 or cash at the option of the Parent Company. As of December 31, 2025, noncontrolling interest relating to the Noncontrolling OP units was $30.2 million and consisted of the following:


Type	Number of Units Remaining		Return Per Annum
Vested OP Units		1,002,014	Equal to the Company’s common stock dividend
Time-Based OP Units		442,708	Equal to the Company’s common stock dividend
Performance-Based OP Units		1,076,361	Dividend equivalent OP Units upon vesting

During 2025, the Company acquired the remaining outside partners’ interests in two consolidated properties for a purchase price of $8.3 million. This transaction resulted in a decrease in Noncontrolling interests of $1.6 million and a corresponding decrease in Paid-in capital of $6.7 million on the Company’s Consolidated Balance Sheets.

During 2024, the Company acquired the remaining outside partners’ interests in a consolidated property for a purchase price of $3.3 million. This transaction resulted in a decrease in Noncontrolling interests of $3.8 million and a corresponding increase in Paid-in capital of $0.5 million on the Company’s Consolidated Balance Sheets.

The Company owns seven shopping center properties located throughout Puerto Rico. These properties were acquired in 2006 partially through the issuance of $158.6 million of non-convertible units and $45.8 million of convertible units. Noncontrolling

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interests related to these acquisitions totaled $233.0 million of units, including premiums of $13.5 million and a fair market value adjustment of $15.1 million (collectively, the "Units"). Since the acquisition date, the Company has redeemed a substantial portion of these units. As of December 31, 2025 and 2024, noncontrolling interest relating to the remaining units was $3.4 million. These remaining units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. The Units related annual cash distribution rates and related conversion features consisted of the following as of December 31, 2025:


Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Class B-1 Preferred Units	$	10,000		142	7.0%
Class C DownREIT Units	$	30.52		35,493	Equal to the Company’s common stock dividend

The Company owns a shopping center located in Bay Shore, NY, which was acquired in 2006 with the issuance of 647,758 redeemable Class B Units at a par value of $37.24 per unit. The units accrue a return equal to the Company’s common stock dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of 1:1. These units are callable by the Company any time after April 3, 2028 and are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. The redemption value of these units is calculated using the 30-day weighted average closing price of the Company’s common stock prior to redemption. As of December 31, 2025 and 2024, noncontrolling interest relating to the remaining 377,837 Class B Units was $16.1 million.

Noncontrolling interests also includes 138,015 convertible units issued during 2006 by the Company, which were valued at $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are currently redeemable at the option of the holder for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock.

The Company acquired in 2021 a consolidated joint venture, the Raleigh Limited Partnership, which was structured as a DownREIT partnership and had 1,813,615 units with a fair value of $38.0 million upon acquisition. This venture allows the outside limited partners to redeem their interest in the partnership (at the Company’s option) in cash or for the Company’s common stock at a ratio of 1:1. The unit holders are entitled to a distribution equal to the dividend rate of the Company’s common stock. As of December 31, 2025 and 2024, the noncontrolling interest relating to the remaining 1,639,161 units was $34.4 million.

Redeemable noncontrolling interests

Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets.

The Company owns eight shopping center properties located in Long Island, NY, which were acquired during 2022, partially through the issuance of $122.1 million of Preferred Outside Partner Units and $13.6 million of Common Outside Partner Units. The noncontrolling interest is classified as mezzanine equity and included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets as a result of the put right available to the unit holders, an event that is not solely in the Company’s control. The Preferred Outside Partner Units distribute at a rate equal to 3.75% per annum. The Common Outside Partner Units distribute at a rate equal to the Company’s common stock dividend. The Outside Partner Units are as follows (dollars in thousands):


	Common Outside Partner				Preferred Outside Partner
	Units		Noncontrolling Interests Amount (1)		Units		Noncontrolling Interests Amount (1)		Embedded Derivative Liability Amount (2)		Total Amount
As of December 31, 2025		170,585	$	3,458		824,410	$	11,048	$	5,440	$	19,946
As of December 31, 2024		266,531	$	6,245		2,496,707	$	31,631	$	19,864	$	57,740

Redemptions during 2025 (3)		95,946	$	1,986		1,672,297	$	21,316	$	12,130	$	35,432
Redemptions during 2024		355,227	$	8,519		1,481,597	$	18,712	$	10,920	$	38,151

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(1)

Included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. The Outside Partner Units have a par value of $20.00 per unit.

(2)

Included in Other liabilities on the Company’s Consolidated Balance Sheets.

(3)

Includes $12.5 million related to put option exercise paid in January 2026, which is included in Accounts payable and accrued expenses on the Company’s Consolidated Balance Sheets as of December 31, 2025.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2025 and 2024 (in thousands):


	2025			2024
Balance at January 1,	$	47,877		$	72,277
Net income		3,021			4,182
Distributions		(3,021	)		(4,182	)
Redemption/conversion of noncontrolling interests (1)		(23,302	)		(27,442	)
Adjustment to estimated redemption value		(69	)		3,042
Balance at December 31,	$	24,506		$	47,877

(1)

Includes Preferred and Common Outside Partner Units, which were partially redeemed during 2025 and 2024 described above.

17.

Variable Interest Entities (“VIE”):

Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. Substantially all of the Parent Company's assets and liabilities are the assets and liabilities of Kimco OP. In addition, included within the Company’s operating properties at December 31, 2025 and 2024, are various consolidated entities, that are VIEs for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At December 31, 2025, total assets of these VIEs were $1.7 billion and total liabilities were $153.0 million. At December 31, 2024, total assets of these VIEs were $1.7 billion and total liabilities were $161.6 million.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience.

Additionally, included within the Company’s real estate at December 31, 2025, is a consolidated development project, which is a VIE for which the Company is the primary beneficiary. This entity was primarily established to develop a real estate property to hold as a long-term investment. The Company’s involvement with this entity is through its majority ownership of the property. This entity is deemed a VIE as the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction, as development costs will be funded by construction loan financing and the partners over the construction period. The Company determined that it was the primary beneficiary of this VIE as a result of its controlling financial interest. At December 31, 2025, total assets of this real estate development VIE were $28.1 million, and there were no outstanding liabilities.

All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by third-party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The table below summarizes the consolidated VIEs and the classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets (dollars in millions):

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	December 31,
	2025		2024
Number of unencumbered VIEs		23		27
Number of encumbered VIEs		3		2
Total number of consolidated VIEs		26		29

Restricted Assets:
Real estate, net	$	347.8	$	326.1
Cash, cash equivalents and restricted cash		4.6		4.1
Accounts and other receivables, net		3.9		3.4
Other assets		1.9		1.3
Total Restricted Assets	$	358.2	$	334.9

VIE Liabilities:
Mortgages payable, net	$	83.6	$	85.1
Accounts payable and accrued expenses		9.8		11.6
Intangible liabilities, net		44.2		48.2
Operating lease liabilities		1.7		1.8
Other liabilities		13.7		14.9
Total VIE Liabilities	$	153.0	$	161.6

Unconsolidated Redevelopment Investment

Included in the Company’s preferred equity investments at December 31, 2025 is an unconsolidated development project which is a VIE for which the Company is not the primary beneficiary. This preferred equity investment was primarily established to develop real estate property for long-term investment and was deemed a VIE primarily because the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by construction loan financing and the partners over the construction period. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

As of December 31, 2025 and 2024, the Company’s investment in this VIE was $39.8 million and $37.6 million, respectively, which is included in Other investments on the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is the Company’s carrying value in this investment. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with construction loan financing or capital contributions from the Company and the outside partner in accordance with their respective ownership percentages if necessary.

18.

Fair Value Disclosure of Financial Instruments:

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt and mortgage and other finance receivables is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. The fair value for embedded derivative liability is based on using the “with-and-without” method. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

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The following table presents the carrying amount and estimated fair value of the Company's financial instruments not measured at fair value as of December 31, 2025 and 2024 (in thousands):


		December 31, 2025				December 31, 2024
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Mortgage and other financing receivables (1)	Level 3	$	383,935	$	392,222	$	444,966	$	443,234
Liabilities:
Notes payable, net (2)
Senior unsecured notes	Level 2	$	6,859,458	$	6,550,537	$	7,106,835	$	6,538,784
Unsecured term loans	Level 3	$	859,272	$	860,685	$	857,903	$	861,296
Mortgages payable, net (3)	Level 3	$	467,203	$	455,214	$	496,438	$	469,734

(1)

The carrying value includes allowance for credit losses of $5.4 million and $6.8 million as of December 31, 2025 and 2024, respectively.

(2)

The carrying value includes deferred financing costs of $62.5 million and $65.0 million as of December 31, 2025 and 2024, respectively.

(3)

The carrying value includes deferred financing costs of $0.8 million and $1.1 million as of December 31, 2025 and 2024, respectively.

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities, interest rate swap derivative assets/liabilities and embedded derivative liabilities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level of the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):


	Balance at December 31, 2025		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	2,649	$	2,649	$	-	$	-
Liabilities:
Interest rate swaps derivative liabilities	$	8,570	$	-	$	8,570	$	-
Embedded derivative liability	$	5,440	$	-	$	-	$	5,440


	Balance at December 31, 2024		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	2,290	$	2,290	$	-	$	-
Interest rate swaps derivative assets	$	7,239	$	-	$	7,239	$	-
Liabilities:
Embedded derivative liability	$	19,864	$	-	$	-	$	19,864

The significant unobservable input (Level 3 inputs) used in measuring the Company’s embedded derivative liability, which is categorized with Level 3 of the fair value hierarchy, were discount rates of 5.30% and 6.40% as of December 31, 2025 and 2024, respectively.

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The table below summarizes the change in the fair value of the embedded derivative liability measured using Level 3 inputs for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025			2024
Balance as of January 1,	$	19,864		$	30,914
Settlements		(12,130	)		(10,920	)
Change in fair value (included in Other income, net)		(2,294	)		(130	)
Balance as of December 31,	$	5,440		$	19,864

Assets measured at fair value on a non-recurring basis at December 31, 2025 are as follows (in thousands):


	Balance at December 31, 2025		Level 1		Level 2		Level 3
Real estate	$	9,718	$	-	$	-	$	9,718

During the years ended December 31, 2025, 2024 and 2023, the Company recognized impairment charges related to adjustments to property carrying values of $9.5 million, $4.5 million and $14.0 million, respectively. The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third-party offers, which were less than the carrying value of the assets. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers. Based on these inputs, the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.

19.

Segment Reporting:

The Company is an owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets of which all the Company's properties are located within the U.S., inclusive of Puerto Rico. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews and evaluates operating and financial data for each property on an individual basis. As a result, each of the Company's individual properties is a separate operating segment. The Company defines its reportable segments to be in accordance with the method of internal reporting and the manner in which the Company's chief operating decision maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages the Company's business. Accordingly, the Company aggregates its operating segments into a single reportable segment due to the similarities with regard to the nature and economics of its properties, tenants and operations, which are operated using consistent business strategies.

In accordance with ASC 280 Segment Reporting, the Company’s CODM has been identified as the Chief Executive Officer. The CODM evaluates the Company’s portfolio and assesses the ongoing operations and performance of its consolidated properties and the Company's share of unconsolidated joint venture operations. The accounting policies of the reportable segments are the same as the Company’s accounting policies. Net Operating Income ("NOI") is the primary performance measure reviewed by the Company’s CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating expenses from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. The Company’s calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs. The CODM does not review asset information as a measure to assess performance.

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The following table presents accrual-based lease revenue and other property related income and operating expenses included in the Company's share of NOI for its consolidated and unconsolidated properties ("NOI at share") for the periods presented (in thousands):


	Year Ended December 31,
	2025			2024			2023
Revenues	$	2,121,400		$	2,019,065		$	1,767,057
Operating expenses
Rent		(16,776	)		(16,837	)		(15,997	)
Real estate taxes		(277,478	)		(261,700	)		(231,578	)
Operating and maintenance		(368,080	)		(359,116	)		(309,143	)
Total operating expenses		(662,334	)		(637,653	)		(556,718	)
NOI from unconsolidated real estate joint ventures		199,788			199,522			158,903
NOI at share	$	1,658,854		$	1,580,934		$	1,369,242

The following table presents the reconciliation of NOI at share to Net income (in thousands):


	Year Ended December 31,
	2025			2024			2023
NOI at share	$	1,658,854		$	1,580,934		$	1,369,242
Adjustments:
Management and other fee income		18,716			17,949			16,343
General and administrative		(133,015	)		(138,140	)		(136,807	)
Impairment charges		(9,517	)		(4,476	)		(14,043	)
Merger charges		-			(25,246	)		(4,766	)
Depreciation and amortization		(627,090	)		(603,685	)		(507,265	)
Gain on sale of properties		62,663			1,274			74,976
Special dividend income		-			-			194,116
Other income, net		2,047			28,074			27,999
Mortgage and other financing income, net		50,958			29,531			11,961
Gain/(loss) on marketable securities, net		3			(27,679	)		21,262
Interest expense		(330,196	)		(307,806	)		(250,201	)
Provision for income taxes, net		(1,046	)		(25,417	)		(60,952	)
Equity in income of joint ventures, net		96,781			83,827			72,278
Equity in income of other investments, net		3,440			9,821			10,709
NOI from unconsolidated real estate joint ventures		(199,788	)		(199,522	)		(158,903	)
Net income	$	592,810		$	419,439		$	665,949

20.

Preferred Stock, Common Stock and Convertible Unit Transactions:

Preferred Stock

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share, per share data and par values):


As of December 31, 2025
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,902	$	222,543		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,465		261,636		5.250	%	$	1.31250	$	1.00	12/20/2022
Class N		1,849		1,381		69,017		7.250	%	$	3.62500	$	1.00	N/A
				20,748	$	553,196

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As of December 31, 2024
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,902	$	222,543		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,465		261,636		5.250	%	$	1.31250	$	1.00	12/20/2022
Class N		1,849		1,439		71,934		7.250	%	$	3.62500	$	1.00	N/A
				20,806	$	556,113

The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company's common shares or under certain circumstances by the Company's election, which is subject to adjustment upon occurrence of certain events. As of December 31, 2025, the Class N Preferred Stock was potentially convertible into 3.2 million shares of common stock. The Company’s Class L and Class M Preferred Stock Depositary Shares are not convertible or exchangeable for any other property or securities of the Company.

During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. During the year ended December 31, 2025, the Company repurchased the following preferred stock:


Class of Preferred Stock	Depositary Shares Repurchased		Purchase Price (in thousands)
Class N		58,342	$	3,481

On November 4, 2024, the Company commenced a tender offer to purchase for cash any and all of its outstanding Class N Preferred Stock depositary shares at a price of $62.00 per depositary share, plus any accrued and unpaid dividends ("Class N Tender Offer"). Pursuant to the terms and conditions of the Class N Tender Offer, which expired on December 12, 2024, the Company repurchased 409,772 Class N depositary shares outstanding on December 16, 2024, for an aggregate cost of $26.7 million, of which $3.3 million was recognized as Preferred stock redemption charges on the Company’s Consolidated Statements of Income.

Voting Rights

The Class L, M and N Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

As to any matter on which the Class L, M or N Preferred Stock may vote, including any actions by written consent, each share of the Class L, M or N Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class L, M or N Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L, M or N Preferred Stock). As a result, each Class L, M or N Depositary Share is entitled to one vote.

Liquidation Rights

In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $25,000 per share of Class L Preferred Stock, $25,000 per share of Class M Preferred Stock, and $50,000 per share of Class N Preferred Stock ($25.00 per each Class L and Class M depositary share and $50.00 per Class N depositary share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as to liquidation rights.

Common Stock

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aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.

During November 2025, the Company established a new at-the-market continuous offering program (the “ATM Program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may, from time to time, enter into separate forward sale agreements with one or more banks. This program does not expire. This new ATM Program supersedes and replaces the Company's prior ATM Program established in September 2023. The Company did not issue any shares under the ATM Programs during the year ended December 31, 2025. As of December 31, 2025, the Company had $750.0 million available under this new ATM Program.

The Company may, from time to time, repurchase shares of its common stock in amounts that offset new issuances of common stock relating to the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During 2025, 2024 and 2023, the Company repurchased 544,716, 792,317 and 761,149 shares, respectively, relating to shares of common stock surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the Company’s equity-based compensation plans.

Convertible Units

The Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote 16 of the Notes to Consolidated Financial Statements). The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2025, is $47.4 million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in common stock, the unit holders would receive 2.3 million shares of common stock. In addition, as of December 31, 2025, the Company has 1.0 million Vested OP units that are redeemable at the option of the holder, for which the Company has the option to settle such redemption in shares of the Company's common stock at a ratio of 1:1 or cash. The amount of consideration that would be paid to the holders of the Vested OP units which are not mandatorily redeemable, as if the redemption of these units occurred on December 31, 2025, is $20.3 million.

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Dividends Declared

The following table provides a summary of the dividends declared per share:


	Year Ended December 31,
	2025		2024		2023
Common Stock (1)	$	1.01000	$	0.97000	$	1.02000
Class L Depositary Shares	$	1.28125	$	1.28125	$	1.28125
Class M Depositary Shares	$	1.31250	$	1.31250	$	1.31250
Class N Depositary Shares	$	3.62500	$	3.62500	$	-

(1)

During 2023, the Company’s Board of Directors declared a $0.09 per share of common stock special cash dividend to maintain distribution requirements as a REIT.

21.

Supplemental Schedule of Non-Cash Investing/Financing Activities:

The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024			2023
Acquisition of Real Estate Interests:
Mortgages payable	$	-	$	164,623		$	-
Accounts receivable and other assets	$	-	$	5,264		$	-
Accounts payable and other liabilities	$	-	$	12,804		$	-
Noncontrolling interests	$	-	$	125		$	-
Lease modification	$	-	$	-		$	12,527
Consolidation of Joint Ventures:
Real estate assets, net	$	76,488	$	-		$	54,345
Mortgages payable	$	31,425	$	-		$	37,187
RPT Merger:
Real estate assets, net	$	-	$	1,821,052		$	-
Investment in real estate joint ventures	$	-	$	433,345		$	-
Investment in other investments	$	-	$	12,672		$	-
Other assets and liabilities, net	$	-	$	(3,109	)	$	-
Notes payable	$	-	$	(821,500	)	$	-
Lease liabilities arising from obtaining operating right-of-use assets	$	-	$	(13,506	)	$	-
Noncontrolling interest/Limited members' capital	$	-	$	(20,975	)	$	-
Preferred stock/units issued in exchange for RPT preferred shares	$	-	$	(105,607	)	$	-
Common stock/units issued in exchange for RPT common shares	$	-	$	(1,166,775	)	$	-
Deconsolidation of real estate interests through contribution to other investments	$	-	$	-		$	19,618
Disposition of real estate interests through the issuance of mortgage and other financing receivables	$	-	$	175,420		$	25,000
Proceeds held in escrow through the sale of real estate interests	$	-	$	-		$	3,524
Capital expenditures accrual	$	44,319	$	60,261		$	30,892
Decrease in other investments through the issuance/consolidation of mortgage and other financing receivable	$	14,917	$	50,219		$	-
Lease liabilities arising from obtaining operating right-of-use assets	$	7,338	$	1,448		$	1,481
Lease liabilities arising from obtaining financing right-of-use assets	$	-	$	-		$	3,161
Decrease in embedded derivative liability from extinguishment	$	-	$	-		$	1,906
Increase in redeemable noncontrolling interests' carrying amount, net	$	6,737	$	3,220		$	414
Surrender of restricted common stock/units	$	12,114	$	15,885		$	16,327
Declaration of dividends paid in succeeding period	$	6,364	$	6,409		$	5,308

The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Consolidated Balance Sheets to the Company’s Consolidated Statements of Cash Flows (in thousands):


	As of December 31, 2025		As of December 31, 2024
Cash and cash equivalents	$	211,648	$	688,622
Restricted cash		1,146		1,109
Total cash, cash equivalents and restricted cash	$	212,794	$	689,731

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22.

Transactions with Related Parties:

Joint Ventures

The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnote 7 of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

Ripco

Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl’s and many others, providing real estate brokerage services and principal real estate investing. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Milton Cooper, who served as Executive Chairman of the Board of Directors of the Company. Effective April 29, 2025, Milton Cooper discontinued his service as a director and as Executive Chairman and as a result, he is no longer considered a related party. During the period January 1, 2025 to April 29, 2025 and the years ended December 31, 2024 and 2023, the Company paid brokerage commissions of $0.2 million, $0.6 million and $0.5 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.

Fifth Wall

Mary Hogan Preusse, a member of the Company’s Board of Directors, is a Senior Advisor at Fifth Wall. The Company holds an investment in the Fifth Wall’s Climate Technology Fund with a commitment of up to $25.0 million, of which $21.3 million has been funded as of December 31, 2025. In addition, the Company has a cost method investment of $1.7 million within Fifth Wall’s Ventures SPV Fund as of December 31, 2025.

23.

Commitments and Contingencies:

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2025, these letters of credit aggregated $43.9 million.

In addition, the Company provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds, which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $31.1 million outstanding at December 31, 2025. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts the Company may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040.

Funding Commitments

The Company has other investments, including Fifth Wall discussed above, with funding commitments of $26.5 million, of which $22.5 million has been funded as of December 31, 2025. In addition, the Company has mortgage and other financing receivables with undrawn loan advances of $42.8 million as of December 31, 2025.

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Other

In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2025, there were $17.4 million in performance and surety bonds outstanding.

The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company taken as a whole as of December 31, 2025.

24.

Incentive Plans:

In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan (the “2010 Plan” and together with the 2020 Plan, the “Plan”) that expired in March 2020. The 2020 Plan provided for a maximum of 10.0 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units, stock payments and deferred stock awards.

In April 2025, the Company’s stockholders approved the 2025 Plan, which is the successor to the 2020 Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units (including performance-based LTIP Units), stock payments and deferred stock awards. At December 31, 2025, the Company had 16.8 million shares of common stock available for issuance under the 2025 Plan.

The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share-based payments to employees, including grants of employee stock options, restricted stock, performance shares and LTIP Units, be recognized in the Consolidated Statements of Income over the service period based on their fair values. Fair value of restricted shares and Time-Based LTIP Units are calculated based on the Company’s common stock closing share price on the date of grant. Fair value of performance awards and Performance-Based LTIP Units are determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Granted Time-Based LTIP Units and Performance-Based LTIP Units do not have redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights.

The Company recognized expense associated with its equity awards of $33.2 million, $34.9 million and $33.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company had $37.7 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.4 years.

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Stock Options

During 2025, 2024 and 2023, the Company did not grant any stock options. Cash received from options exercised under the 2010 Plan was $3.7 million for the year ended December 31, 2023.

Restricted Stock

Information with respect to restricted stock under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:


	2025			2024			2023
Restricted stock outstanding as of January 1,		2,745,884			2,746,116			2,605,970
Granted (1)		716,070			872,150			893,880
Vested		(942,556	)		(848,930	)		(740,866	)
Forfeited		(16,296	)		(23,452	)		(12,868	)
Restricted stock outstanding as of December 31,		2,503,102			2,745,884			2,746,116

(1)

The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2025, 2024 and 2023 were $20.08, $19.47 and $21.30, respectively.

Restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. For the years ended December 31, 2025, 2024 and 2023, the dividends paid on unvested restricted shares were $2.8 million, $3.0 million and $3.1 million, respectively.

Performance Shares

Information with respect to performance share awards under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:


	2025			2024			2023
Performance share awards outstanding as of January 1,		908,890			989,860			1,004,040
Granted (1)		264,970			377,690			531,200
Vested (2)		(531,200	)		(458,660	)		(545,380	)
Performance share awards outstanding as of December 31,		642,660			908,890			989,860

(1)

The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2025, 2024 and 2023 were $18.84, $18.14 and $42.61, respectively.

(2)

For the years ended December 31, 2025, 2024 and 2023, the corresponding common stock equivalent of these vested awards were 0, 465,540 and 970,231 shares, respectively.

For the years ended December 31, 2025 and 2024, the Company issued 524,636 and 1,094,621 common shares, respectively, in connection with previously vested performance share awards, including performance dividend equivalent shares.

The significant assumptions underlying the determination of fair values using Monte Carlo simulations for these performance share awards granted during 2025, 2024 and 2023 were as follows:


	2025			2024			2023
Stock price	$	19.98		$	19.53		$	21.30
Dividend yield (1)		-			-			-
Risk-free interest rate		3.52	%		4.39	%		4.38	%
Volatility (2)		26.07	%		28.85	%		44.89	%
Term of the award (years)		2.67			2.87			2.87

(1)

Total Shareholder Return, as used in the performance share awards computation, is measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

(2)

Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

118

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Other

The Company maintains a 401(k)-retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation, is fully vested and funded as of December 31, 2025. The Company’s contributions to the plan were $3.7 million, $3.4 million and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, during 2023, the Company provided a discretionary match in the amount of $3.9 million to all participants in the 401(k)-retirement plan.

The Company recognized severance costs associated with employee retirements and terminations during the years ended December 31, 2025, 2024 and 2023, of $7.1 million, $9.8 million (including $6.6 million of severance costs included in Merger charges on the Company's Consolidated Statements of Income), and $0.4 million, respectively.

Time-Based LTIP Units

Information with respect to Time-Based LTIP Units awards with time-based vesting requirements under the Plans for the years ended December 31, 2025 and 2024 is as follows:


	2025			2024
Time-Based LTIP unit awards outstanding as of January 1,		120,700			-
Granted (1)		370,780			120,700
Vested		(48,772	)		-
Time-Based LTIP unit awards outstanding as of December 31,		442,708			120,700

(1)

The weighted average grant-date fair value for Time-Based LTIP Units issued during the years ended December 31, 2025 and 2024 was $20.08 and $19.47 per unit, respectively, which vest ratably over five years subject to continued employment. Compensation expense for these units is being recognized over a five-year period.

Granted Time-Based LTIP Units do not have direct redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights. The Time-Based LTIPs were valued based on the Company’s common stock closing share price on the date of grant.

Performance-Based LTIP Units

Information with respect to Performance-Based LTIP Units under the Plans for the years ended December 31, 2025 and 2024 is as follows:


	2025		2024
Performance-Based LTIP unit awards outstanding as of January 1,		474,611		-
Granted (1)		601,750		474,611
Performance-Based LTIP unit awards outstanding as of December 31,		1,076,361		474,611

(1)

The weighted-average grant date fair value for Performance-Based LTIP Units issued during the years ended December 31, 2025 and 2024 was $9.42 and $9.07, respectively per unit.

Performance-Based LTIP Units are performance-based equity compensation pursuant to which participants have the opportunity to earn LTIP Units based on the total shareholder return of the Company’s common shares relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors, over the defined performance period. Any Performance-Based LTIP Units that are earned vest at the end of the three-year performance period. Compensation expense for these units is recognized over the performance period.

119

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The significant assumptions underlying the determination of fair values using Monte Carlo simulations for the Performance-Based LTIP Units granted during the years ended December 31, 2025 and 2024 were as follows:


	2025			2024
Stock price	$	19.98		$	19.53
Dividend yield (1)		-			-
Risk-free interest rate		3.52	%		4.39	%
Volatility (2)		26.07	%		28.85	%
Term of the award (years)		2.67			2.87

(1)

Total Shareholder Return, as used in the Performance-Based LTIP Unit computation, is measured based on cumulative dividend stock prices, and as such a zero percent dividend yield is utilized.

(2)

Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

25.

Income Taxes:

The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992. To qualify as a REIT, the Company must meet several organizational and operational requirements, and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. Management intends to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that dividends to its stockholders equal at least the amount of its REIT taxable income. If the Company were to fail to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and would not be permitted to elect REIT status for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through TRSs is subject to federal, state and local income taxes.

Reconciliation between GAAP Net Income and REIT Federal Taxable Income

The following table reconciles GAAP net income to adjusted REIT taxable income for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025 (Estimated)			2024 (Actual)			2023 (Actual)
GAAP net income attributable to the Company	$	584,741		$	410,785		$	654,273
GAAP net (loss)/income attributable to TRSs		(988	)		488			(30	)
GAAP net income from REIT operations (1)		583,753			411,273			654,243
Federal income tax accrual		308			21,626			50,686
Net book depreciation in excess of tax depreciation		190,772			135,619			111,124
Deferred/prepaid/above-market and below-market rents, net		(53,504	)		(39,310	)		(30,740	)
Fair market value debt amortization		(10,878	)		(8,026	)		(21,053	)
Book/tax differences from executive compensation		19,063			30,018			31,169
Book/tax differences from equity awards		(199	)		(3,224	)		(7,157	)
Book/tax differences from defined benefit plan		-			-			2,948
Book/tax differences from investments in and advances to real estate joint ventures		30,084			(8,229	)		(20,271	)
Book/tax differences from sale of properties and marketable equity securities		(53,609	)		302,038			190,048
Book/tax differences from accounts receivable		4,177			4,634			(3,596	)
Book adjustment to property carrying values and marketable equity securities		6,579			63			(24,206	)
Taxable currency exchange gain/(loss), net		-			145			(2,585	)
Tangible property regulation deduction		(8,000	)		(89,869	)		(55,551	)
GAAP change in ownership of joint venture interests		(5,971	)		-			-
Dividends from TRSs		3,836			6,662			13
Severance accrual		2,371			1,587			(724	)
Other book/tax differences, net (2)		(897	)		30,354			11,228
Adjusted REIT taxable income (3)	$	707,885		$	795,361		$	885,576

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Certain amounts in the prior periods have been reclassified to conform to the current year presentation in the table above.

(1)

All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interests and TRSs.

(2)

Includes merger related book/tax differences of $22.4 million and $3.4 million for the years ended December 31, 2024 and 2023, respectively.

(3)

Includes designated long-term capital gain of $104.5 million and $241.2 million for the years ended December 31, 2024 and 2023, respectively, for which the Company elected to pay the associated corporate income taxes.

Characterization of Distributions

The following characterizes distributions paid for tax purposes for the years ended December 31, 2025, 2024 and 2023, (amounts in thousands):


	2025				2024				2023
Preferred L Dividends
Ordinary income	$	11,291	99	%	$	7,755	68	%	$	11,432	100	%
Capital gain		114	1	%		3,650	32	%		-	-
	$	11,405	100	%	$	11,405	100	%	$	11,432	100	%
Preferred M Dividends
Ordinary income	$	13,599	99	%	$	9,340	68	%	$	13,749	100	%
Capital gain		137	1	%		4,396	32	%		-	-
	$	13,736	100	%	$	13,736	100	%	$	13,749	100	%
Preferred N Dividends
Ordinary income	$	5,016	99	%		3,766	68	%		-	-
Capital gain		51	1	%		1,772	32	%		-	-
	$	5,067	100	%		5,538	100	%		-	-
Common Dividends
Ordinary income	$	667,907	98	%	$	443,473	68	%	$	622,885	99	%
Capital gain		6,815	1	%		208,693	32	%		-	-
Return of capital		6,815	1	%		-	-			6,292	1	%
	$	681,537	100	%	$	652,166	100	%	$	629,177	100	%
Total dividends distributed for tax purposes	$	711,745			$	682,845			$	654,358

For the years ended December 31, 2024 and 2023, the Company elected to retain the proceeds from the sale of ACI stock for general corporate purposes in lieu of distributing to its shareholders. The long-term capital gain inherent in the undistributed proceeds is allocated to, and reportable by, each shareholder, and each shareholder is also entitled to claim a federal income tax credit for its allocable share of the federal income tax paid by the Company. The allocable share of the long-term capital gain and the federal tax credit was reported to direct holders of Kimco common shares, on Form 2439, and to others in year-end reporting documents issued by brokerage firms if Kimco shares are held in a brokerage account.

Taxable REIT Subsidiaries and Taxable Entities

The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly-owned subsidiaries of the Company. The Company’s TRSs include Kimco Realty Services II, Inc., Kimco Insurance Company, Weingarten Investments Inc., RPT Realty, Inc., Ramco TRS LLC, and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. On November 12, 2025, FNC Realty Corporation TRS was liquidated through its merger into FNC Legacy, LLC.

During 2024 and 2023, the Company sold shares of ACI common stock and recognized long-term capital gains for tax purposes of $288.7 million and $241.2 million, respectively. During 2024, the Company elected to retain the proceeds from the stock sales for general corporate purposes and, after applying available deductions, also retained net long-term capital gains of $108.2 million and paid corporate income tax on the taxable gain, in the amount of $26.1 million for federal and state income tax purposes. As a result, the Company paid federal income taxes of $21.9 million in January 2025. During 2023, the Company elected to retain the entire proceeds from these stock sales for general corporate purposes and pay corporate income tax on the related taxable gains. During 2023, the Company incurred federal taxes of $50.7 million and state and local taxes of $10.2 million. This undistributed long-term capital gain is allocated to, and reportable by, each shareholder, and each shareholder is also entitled to claim a federal income tax credit for its allocable share of the federal income tax paid by the Company.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities. The Company’s provision/(benefit) for income taxes relating to the Company for the years ended December 31, 2025, 2024 and 2023, are summarized as follows (in thousands):


	2025			2024		2023
TRSs and taxable entities	$	2,177		$	97	$	83
REIT		(1,131	)		25,320		60,869
Total tax provision	$	1,046		$	25,417	$	60,952

Deferred Tax Assets, Liabilities and Valuation Allowances

Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets. The Company’s deferred tax assets and liabilities at December 31, 2025 and 2024, were as follows (in thousands):


	2025			2024
Deferred tax assets:
Tax/GAAP basis differences	$	5,706		$	6,423
Net operating losses (1)		9,761			8,775
Valuation allowance		(11,806	)		(10,327	)
Total deferred tax assets		3,661			4,871
Deferred tax liabilities		(5,890	)		(6,181	)
Net deferred tax liabilities	$	(2,229	)	$	(1,310	)

(1)

At December 31, 2025, there were $2.0 million of net operating losses with expiration dates ranging from 2032 to 2035 and the remaining do not expire.

The major differences between the GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of depreciation and amortization, impairment charges recorded for GAAP purposes, but not recognized for tax purposes, rental revenue recognized on the straight-line method for GAAP, reserves for doubtful accounts, above-market and below-market lease amortization, differences in GAAP and tax basis of assets sold, and the period in which certain gains were recognized for tax purposes, but not yet recognized under GAAP.

Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized.

Uncertain Tax Positions

As of December 31, 2025 and 2024, the Company had no accrual for uncertain tax positions and related interest under the provisions of the authoritative guidance that addresses accounting for income taxes. The Company does not believe that the total amount of unrecognized tax benefits as of December 31, 2025, will significantly increase within the next 12 months.

26.

Captive Insurance Company:

In October 2007, the Company formed a wholly owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. KIC assumes occurrence basis general liability coverage (not including casualty loss or business interruption) for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.

122

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

From October 1, 2007 through December 31, 2025, KIC assumes 100% of the first $250,000 per occurrence risk layer. This coverage is subject to annual aggregates ranging between $7.8 million and $20.6 million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between 8.0% and 12.2% of incurred losses for the policy periods ending September 30, 2008 through February 1, 2021. Beginning February 1, 2021 through February 1, 2026, unallocated loss adjustment expenses are billed on a fee per claim basis ranging between $53 and $1,782 based on the claim type. These amounts do not erode the Company’s per occurrence or aggregate limits.

As of December 31, 2025, the Company maintained letters of credit in the amount of $29.2 million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreements with the reinsurance providers.

Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2025 and 2024 is summarized as follows (in thousands):


	2025			2024
Balance at the beginning of the year	$	22,228		$	20,883
Incurred related to:
Current year		8,598			7,526
Prior years (1)		1,617			1,689
Total incurred		10,215			9,215
Paid related to:
Current year		(999	)		(956	)
Prior years		(6,971	)		(6,914	)
Total paid		(7,970	)		(7,870	)
Balance at the end of the year	$	24,473		$	22,228

(1)

Relates to changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses.

27.

Accumulated Other Comprehensive Income (“AOCI”):

The following table presents the change in the components of AOCI for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Defined Benefit Plan			Cash Flow Hedges for Interest Payments			Cash Flow Hedges for Interest Payments of Unconsolidated Investee			Total
Balance as of January 1, 2023	$	10,581		$	-		$	-		$	10,581
Other comprehensive income before reclassifications		267			-			3,329			3,596
Amounts reclassified from AOCI		(10,848	)		-			-			(10,848	)
Net current-period other comprehensive (loss)/income		(10,581	)		-			3,329			(7,252	)
Balance as of December 31, 2023		-			-			3,329			3,329
Other comprehensive income before reclassifications		-			16,585			3,929			20,514
Amounts reclassified from AOCI		-			(9,346	)		(3,459	)		(12,805	)
Net current-period other comprehensive income		-			7,239			470			7,709
Balance as of December 31, 2024		-			7,239			3,799			11,038
Other comprehensive loss before reclassifications		-			(11,338	)		(1,910	)		(13,248	)
Amounts reclassified from AOCI		-			(4,471	)		(2,111	)		(6,582	)
Net current-period other comprehensive loss		-			(15,809	)		(4,021	)		(19,830	)
Balance as of December 31, 2025	$	-		$	(8,570	)	$	(222	)	$	(8,792	)

On the Company’s Consolidated Statements of Income, unrealized gains and losses reclassified from AOCI related to (i) settlement of defined benefit plan which is included in Other income, net, (ii) cash flow hedges for interest payments which are included in Interest expense and (iii) cash flow hedges for interest payments of unconsolidated investee which are included in Equity in income of joint ventures, net.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Defined Benefit Plan

In August 2021, the Company assumed sponsorship of Weingarten Realty Investors’ noncontributory qualified cash balance retirement plan (“the Benefit Plan”) in connection with the merger with Weingarten Realty Investors. The Benefit Plan was frozen as of the date of the merger and subsequently terminated as of December 31, 2021. On March 28, 2023, the IRS issued a favorable determination letter for the termination of the Benefit Plan. As a result, the Company elected to settle the Benefit Plan’s obligations through third-party annuity payments, lump sum distributions and direct rollover of funds in an Individual Retirement Account (“IRA Rollovers”) based on elections made by the Benefit Plan’s participants.

During 2023, the Benefit Plan’s obligations were settled through third-party annuity contracts, lump sum distributions and IRA Rollovers. In addition, during 2023, the Benefit Plan transferred excess assets with a value of $3.9 million to the qualified replacement plan managed by the Company and reverted excess assets with a value of $11.0 million to the Company. Upon the liquidation of the Benefit Plan, the Company realized $10.8 million of settlement gains during the year ended December 31, 2023, which are included in Other income, net on the Company’s Consolidated Statements of Income and were previously included in Accumulated other comprehensive income on the Company’s Consolidated Balance Sheets. In addition, the Company incurred excise taxes of $2.2 million resulting from the pension reversion of excess pension plan assets during the year ended December 31, 2023, which are included in Other income, net on the Company’s Consolidated Statements of Income.

The components of net periodic benefit income, included in Other income, net in the Company’s Consolidated Statements of Income for the year ended December 31, 2023 are as follows (in thousands):


	2023
Interest cost	$	(982	)
Expected return on plan assets		1,221
Amortization of net gain		-
Settlement gain		10,848
Total	$	11,087

28.

Earnings Per Share/Unit:

The following table sets forth the reconciliation of earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):


	For the Year Ended December 31,
	2025			2024			2023
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	554,430		$	375,718		$	629,252
Change in redeemable noncontrolling interests' carrying amount		(732	)		(1,691	)		2,323
Earnings attributable to participating securities		(2,525	)		(2,766	)		(2,819	)
Net income available to the Company’s common shareholders for basic earnings per share		551,173			371,261			628,756
Distributions on convertible units		36			-			53
Net income available to the Company’s common shareholders for diluted earnings per share	$	551,209		$	371,261		$	628,809

Weighted average common shares outstanding – basic		675,050			671,561			616,947
Effect of dilutive securities (1):
Equity awards		138			523			1,132
Assumed conversion of convertible units		91			52			120
Weighted average common shares outstanding – diluted		675,279			672,136			618,199

Net income available to the Company's common shareholders:
Basic earnings per share	$	0.82		$	0.55		$	1.02
Diluted earnings per share	$	0.82		$	0.55		$	1.02

124

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

(1)

The effect of the assumed conversion of certain convertible units/preferred shares had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations.

The following table sets forth the reconciliation of Kimco OP’s earnings and the weighted-average number of units used in the calculation of basic and diluted earnings per unit (amounts presented in thousands except per unit data):


	For the Year Ended December 31,
	2025			2024			2023
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders	$	555,604		$	376,373		$	629,252
Change in redeemable noncontrolling interests' carrying amount		(732	)		(1,691	)		2,323
Earnings attributable to participating securities		(2,861	)		(2,883	)		(2,819	)
Net income available to Kimco OP’s common unitholders for basic earnings per unit		552,011			371,799			628,756
Distributions on convertible units		36			-			53
Net income available to Kimco OP’s common shareholders for diluted earnings per unit	$	552,047		$	371,799		$	628,809

Weighted average common units outstanding – basic		676,042			672,512			616,947
Effect of dilutive securities (1):
Equity awards		138			523			1,132
Assumed conversion of convertible units		90			51			120
Weighted average common units outstanding – diluted		676,270			673,086			618,199

Net income available to Kimco OP’s common unitholders:
Basic earnings per unit	$	0.82		$	0.55		$	1.02
Diluted earnings per unit	$	0.82		$	0.55		$	1.02

(1)

The effect of the assumed conversion of certain convertible units/preferred units had an anti-dilutive effect upon the calculation of Net income available to Kimco OP’s common unitholders per unit. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per unit calculations.

The Company's unvested restricted share/unit awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share/unit awards on earnings per share/unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share/unit awards based on dividends declared and the unvested restricted shares/units' participation rights in undistributed earnings.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)


	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2025
Allowance for uncollectable accounts (1)	$	6,571	$	-	$	(351	)	$	-		$	6,220
Allowance for deferred tax asset	$	10,327	$	-	$	1,479		$	-		$	11,806

Year Ended December 31, 2024
Allowance for uncollectable accounts (1)	$	4,528	$	-	$	2,043		$	-		$	6,571
Allowance for deferred tax asset	$	3,776	$	-	$	6,551		$	-		$	10,327

Year Ended December 31, 2023
Allowance for uncollectable accounts (1)	$	6,982	$	-	$	-		$	(2,454	)	$	4,528
Allowance for deferred tax asset	$	-	$	-	$	3,776		$	-		$	3,776

(1)

Includes allowances on accounts receivable and straight-line rents.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
SHOPPING CENTERS
ARCADIA BILTMORE PLAZA	AZ	$	850	$	1,212	$	108		$	850	$	1,319	$	2,169	$	399	$	1,770	$	-	2021(A)
BELL CAMINO CENTER	AZ		2,427		6,439		1,252			2,427		7,691		10,117		3,430		6,687		-	2012(A)
BELL CAMINO-SAFEWAY PARCEL	AZ		1,104		4,574		-			1,104		4,574		5,678		933		4,745		-	2019(A)
BROADWAY MARKETPLACE	AZ		3,517		10,303		3,191			3,517		13,495		17,012		1,866		15,146		-	2021(A)
CAMELBACK MILLER PLAZA	AZ		6,236		29,230		1,194			6,236		30,425		36,661		5,709		30,952		-	2021(A)
CAMELBACK VILLAGE SQUARE	AZ		-		13,038		725			-		13,764		13,764		3,096		10,668		-	2021(A)
CHRISTOWN SPECTRUM	AZ		33,831		91,004		29,779			76,638		77,974		154,612		25,114		129,498		-	2015(A)
COLLEGE PARK SHOPPING CENTER	AZ		3,277		7,741		1,042			3,277		8,784		12,061		3,965		8,096		-	2011(A)
DESERT VILLAGE	AZ		6,465		22,025		347			6,465		22,373		28,838		4,280		24,558		-	2021(A)
ENTRADA DE ORO PLAZA	AZ		5,700		11,044		154			5,700		11,198		16,898		2,519		14,379		-	2021(A)
FOUNTAIN PLAZA	AZ		4,794		20,373		279			4,794		20,652		25,446		3,225		22,221		-	2021(A)
MADERA VILLAGE	AZ		3,980		8,110		1,303			3,980		9,413		13,393		1,828		11,565		-	2021(A)
MADISON VILLAGE MARKETPLACE	AZ		4,090		18,343		430			4,090		18,772		22,862		2,936		19,926		-	2021(A)
MESA RIVERVIEW	AZ		15,000		-		151,533			308		166,225		166,533		83,612		82,921		-	2005(C)
METRO SQUARE	AZ		4,101		16,411		3,713			4,101		20,124		24,225		13,665		10,560		-	1998(A)
MONTE VISTA VILLAGE CENTER	AZ		4,064		8,344		841			4,064		9,185		13,249		1,709		11,540		-	2021(A)
NORTH VALLEY	AZ		6,862		18,201		14,593			4,796		34,861		39,657		10,512		29,145		-	2011(A)
PLAZA AT MOUNTAINSIDE	AZ		2,450		9,802		2,785			2,450		12,587		15,037		8,968		6,069		-	1997(A)
PLAZA DEL SOL	AZ		5,325		21,270		3,365			4,578		25,382		29,960		13,355		16,605		-	1998(A)
PUEBLO ANOZIRA	AZ		7,734		27,063		864			7,734		27,926		35,660		5,050		30,610		-	2021(A)
RAINTREE RANCH CENTER	AZ		7,720		30,743		(10	)		7,720		30,733		38,453		4,895		33,558		-	2021(A)
RED MOUNTAIN GATEWAY	AZ		4,653		10,410		4,199			4,653		14,610		19,263		2,071		17,192		-	2021(A)
SCOTTSDALE HORIZON	AZ		8,191		36,728		1,830			8,191		38,558		46,749		6,233		40,516		-	2021(A)
SCOTTSDALE WATERFRONT	AZ		15,872		30,112		(182	)		15,872		29,929		45,801		6,166		39,635		-	2021(A)
SHOPPES AT BEARS PATH	AZ		3,445		2,874		421			3,445		3,295		6,740		616		6,124		-	2021(A)
SQUAW PEAK PLAZA	AZ		2,515		17,021		(179	)		2,515		16,842		19,357		2,682		16,675		-	2021(A)
VILLAGE CROSSROADS	AZ		5,663		24,981		2,201			5,663		27,182		32,845		10,340		22,505		-	2011(A)
280 METRO CENTER	CA		38,735		94,903		(1,256	)		38,735		93,647		132,382		26,550		105,832		-	2015(A)
580 MARKET PLACE	CA		12,769		48,768		303			12,769		49,072		61,841		7,072		54,769		-	2021(A)
8000 SUNSET STRIP S.C.	CA		43,012		85,115		6,387			43,012		91,502		134,514		15,188		119,326		-	2021(A)
AAA BUILDING AT STEVENS CREEK	CA		1,661		3,114		-			1,661		3,114		4,775		554		4,221		-	2021(A)
ANAHEIM PLAZA	CA		34,228		73,765		11,968			34,228		85,733		119,961		15,541		104,420		-	2021(A)
BLACK MOUNTAIN VILLAGE	CA		4,678		11,913		2,491			4,678		14,405		19,083		7,059		12,024		-	2007(A)
BROOKHURST CENTER	CA		10,493		31,358		5,976			22,300		25,528		47,828		8,298		39,530		-	2016(A)

127

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
BROOKVALE SHOPPING CENTER	CA		14,050		19,771		1,514			14,050		21,286		35,336		5,180		30,156		-	2021(A)
CAMBRIAN PARK PLAZA	CA		41,258		2,015		4,062			41,258		6,077		47,335		731		46,604		-	2021(A)
CENTERWOOD PLAZA	CA		10,981		10,702		252			10,981		10,954		21,935		2,033		19,902		-	2021(A)
CHICO CROSSROADS	CA		9,976		30,535		(1,388	)		7,905		31,218		39,123		13,420		25,703		-	2008(A)
CHINO HILLS MARKETPLACE	CA		17,702		72,529		1,977			17,702		74,506		92,208		12,977		79,231		-	2021(A)
CITY HEIGHTS	CA		10,687		28,325		(317	)		13,909		24,785		38,694		8,247		30,447		-	2012(A)
CORONA HILLS PLAZA	CA		13,361		53,373		13,616			13,361		66,989		80,350		47,691		32,659		-	1998(A)
COSTCO PLAZA - 541	CA		4,996		19,983		(619	)		4,996		19,364		24,360		14,357		10,003		-	1998(A)
CREEKSIDE CENTER	CA		3,871		11,563		3,343			5,154		13,623		18,777		3,675		15,102		-	2016(A)
CROCKER RANCH	CA		7,526		24,878		220			7,526		25,097		32,623		7,588		25,035		-	2015(A)
CUPERTINO VILLAGE	CA		19,886		46,535		30,015			19,886		76,550		96,436		30,631		65,805		-	2006(A)
EL CAMINO PROMENADE	CA		7,372		37,592		5,271			7,372		42,863		50,235		7,746		42,489		-	2021(A)
FREEDOM CENTRE	CA		8,933		18,622		(101	)		8,933		18,521		27,454		3,130		24,324		-	2021(A)
FULTON MARKET PLACE	CA		2,966		6,921		17,406			6,280		21,013		27,293		7,734		19,559		-	2005(A)
GATEWAY AT DONNER PASS	CA		4,516		8,319		15,169			8,759		19,245		28,004		4,924		23,080		-	2015(A)
GATEWAY PLAZA	CA		18,372		65,851		639			18,372		66,489		84,861		9,799		75,062		22,149	2021(A)
GREENHOUSE MARKETPLACE	CA		10,976		27,721		(340	)		10,976		27,381		38,357		4,548		33,809		-	2021(A)
GREENHOUSE MARKETPLACE II	CA		5,346		7,188		(756	)		5,346		6,432		11,778		640		11,138		-	2021(A)
KENNETH HAHN PLAZA	CA		4,115		7,661		(79	)		-		11,696		11,696		6,345		5,351		-	2010(A)
LA MIRADA THEATRE CENTER	CA		8,817		35,260		829			6,889		38,017		44,906		27,170		17,736		-	1998(A)
LA VERNE TOWN CENTER	CA		8,414		23,856		14,487			16,362		30,395		46,757		10,115		36,642		-	2014(A)
LABAND VILLAGE SHOPPING CENTER	CA		5,600		13,289		(684	)		5,607		12,598		18,205		7,592		10,613		-	2008(A)
LAKEWOOD PLAZA	CA		1,294		3,669		(628	)		-		4,335		4,335		1,304		3,031		-	2014(A)
LAKEWOOD VILLAGE	CA		8,597		24,375		(309	)		11,683		20,981		32,664		7,634		25,030		-	2014(A)
LARWIN SQUARE SHOPPING CENTER	CA		17,234		39,731		7,166			17,234		46,897		64,131		7,074		57,057		-	2023(A)
LINCOLN HILLS TOWN CENTER	CA		8,229		26,127		775			8,229		26,903		35,132		9,541		25,591		-	2015(A)
LINDA MAR SHOPPING CENTER	CA		16,549		37,521		3,407			16,549		40,929		57,478		12,860		44,618		-	2014(A)
MADISON PLAZA	CA		5,874		23,476		4,938			5,874		28,414		34,288		18,727		15,561		-	1998(A)
MARINA VILLAGE	CA		14,108		27,414		7,934			14,108		35,349		49,457		6,980		42,477		-	2023(A)
NORTH COUNTY PLAZA	CA		10,205		28,934		2,124			20,895		20,368		41,263		6,723		34,540		-	2014(A)
NOVATO FAIR S.C.	CA		9,260		15,600		1,141			9,260		16,740		26,000		8,072		17,928		-	2009(A)
ON THE CORNER AT STEVENS CREEK	CA		1,825		4,641		(30	)		1,825		4,611		6,436		630		5,806		-	2021(A)
PLAZA DI NORTHRIDGE	CA		12,900		40,575		5,244			12,900		45,819		58,719		21,264		37,455		-	2005(A)
POWAY CITY CENTRE	CA		5,855		13,792		15,527			7,248		27,926		35,174		12,962		22,212		-	2005(A)

128

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
RANCHO PENASQUITOS TOWNE CTR I	CA		14,852		20,342		1,032			14,852		21,373		36,225		6,588		29,637		-	2015(A)
RANCHO PENASQUITOS TWN CTR II	CA		12,945		20,324		1,043			12,945		21,367		34,312		6,550		27,762		-	2015(A)
RANCHO PENASQUITOS-VONS PROP.	CA		2,918		9,146		-			2,918		9,146		12,064		1,737		10,327		-	2019(A)
RANCHO SAN MARCOS VILLAGE	CA		9,050		29,357		8,275			9,483		37,199		46,682		4,838		41,844		-	2021(A)
REDWOOD CITY PLAZA	CA		2,552		6,215		5,901			2,552		12,116		14,668		4,503		10,165		-	2009(A)
SAN DIEGO CARMEL MOUNTAIN	CA		5,323		8,874		(1,859	)		5,323		7,015		12,338		3,006		9,332		-	2009(A)
SAN MARCOS PLAZA	CA		1,883		12,044		1,976			1,883		14,020		15,903		1,810		14,093		-	2021(A)
SANTEE TROLLEY SQUARE	CA		40,209		62,964		2,825			40,209		65,789		105,998		26,307		79,691		-	2015(A)
SILVER CREEK PLAZA	CA		33,541		53,176		1,165			33,541		54,342		87,883		8,748		79,135		-	2021(A)
SOUTH NAPA MARKET PLACE	CA		1,100		22,159		21,953			23,119		22,093		45,212		15,006		30,206		-	2006(A)
SOUTHAMPTON CENTER	CA		10,289		64,096		772			10,289		64,868		75,157		8,981		66,176		19,014	2021(A)
STANFORD RANCH	CA		10,584		30,007		2,842			9,983		33,450		43,433		8,877		34,556		-	2014(A)
STEVENS CREEK CENTRAL S.C.	CA		41,818		45,886		881			41,818		46,767		88,585		9,865		78,720		-	2021(A)
STONY POINT PLAZA	CA		10,361		38,054		201			10,361		38,254		48,615		6,620		41,995		-	2021(A)
TRUCKEE CROSSROADS	CA		2,140		28,325		(18,465	)		2,140		9,860		12,000		6,492		5,508		-	2006(A)
TUSTIN HEIGHTS SHOPPING CENTER	CA		16,745		30,953		6,083			16,775		37,006		53,781		5,977		47,804		-	2023(A)
WESTLAKE SHOPPING CENTER	CA		16,174		64,819		124,115			24,098		181,011		205,109		78,648		126,461		-	2002(A)
WESTMINSTER CENTER	CA		60,428		64,973		930			60,428		65,904		126,332		13,547		112,785		45,544	2021(A)
WHITTWOOD TOWN CENTER	CA		57,136		105,815		5,732			57,139		111,544		168,683		33,149		135,534		-	2017(A)
CROSSING AT STONEGATE	CO		11,909		33,111		718			11,680		34,057		45,737		5,772		39,965		-	2021(A)
DENVER WEST 38TH STREET	CO		161		647		632			161		1,279		1,440		794		646		-	1998(A)
EAST BANK S.C.	CO		1,501		6,180		8,416			1,501		14,596		16,097		6,240		9,857		-	1998(A)
EDGEWATER MARKETPLACE	CO		7,807		32,706		635			7,807		33,341		41,148		5,628		35,520		-	2021(A)
ENGLEWOOD PLAZA	CO		806		3,233		1,581			806		4,814		5,620		2,935		2,685		-	1998(A)
FRONT RANGE VILLAGE	CO		16,634		122,714		(1,295	)		16,634		121,418		138,052		13,577		124,475		-	2024(A)
GREELEY COMMONS	CO		3,313		20,070		3,913			3,313		23,983		27,296		7,802		19,494		-	2012(A)
HERITAGE WEST S.C.	CO		1,527		6,124		3,644			1,527		9,768		11,295		6,453		4,842		-	1998(A)
HIGHLANDS RANCH II	CO		3,515		11,756		2,191			3,515		13,947		17,462		5,286		12,176		-	2013(A)
HIGHLANDS RANCH VILLAGE S.C.	CO		8,135		21,580		2,083			5,337		26,461		31,798		8,978		22,820		-	2011(A)
LOWRY TOWN CENTER	CO		3,271		32,685		1,174			3,271		33,859		37,130		5,026		32,104		-	2021(A)
MARKET AT SOUTHPARK	CO		9,783		20,780		7,189			9,783		27,968		37,751		10,302		27,449		-	2011(A)
NORTHRIDGE SHOPPING CENTER	CO		4,933		16,496		10,029			8,934		22,524		31,458		8,845		22,613		-	2013(A)

129

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
QUINCY PLACE S.C.	CO		1,148		4,608		3,272			1,148		7,880		9,028		5,306		3,722		-	1998(A)
RIVER POINT AT SHERIDAN	CO		13,223		30,444		2,864			12,331		34,200		46,531		8,315		38,216		-	2021(A)
RIVER POINT AT SHERIDAN II	CO		1,255		4,231		-			1,255		4,231		5,486		741		4,745		-	2021(A)
VILLAGE CENTER - HIGHLAND RANCH	CO		1,140		2,660		284			1,140		2,944		4,084		879		3,205		-	2014(A)
VILLAGE CENTER WEST	CO		2,011		8,361		1,368			2,011		9,729		11,740		3,093		8,647		-	2011(A)
VILLAGE ON THE PARK	CO		2,194		8,886		22,263			3,018		30,325		33,343		11,312		22,031		-	1998(A)
BRIGHT HORIZONS	CT		1,212		4,611		168			1,212		4,779		5,991		1,905		4,086		-	2012(A)
HAMDEN MART	CT		13,668		40,890		4,802			14,226		45,134		59,360		12,933		46,427		16,147	2016(A)
HOME DEPOT PLAZA	CT		7,705		30,798		4,163			7,705		34,960		42,665		24,394		18,271		-	1998(A)
NEWTOWN S.C.	CT		-		15,635		555			-		16,189		16,189		4,476		11,713		-	2014(A)
WEST FARM SHOPPING CENTER	CT		5,806		23,348		21,068			7,585		42,637		50,222		26,809		23,413		-	1998(A)
WILTON CAMPUS	CT		10,169		31,893		493			10,169		32,386		42,555		8,678		33,877		-	2013(A)
WILTON RIVER PARK SHOPPING CTR	CT		7,155		27,509		2,095			7,155		29,604		36,759		9,930		26,829		-	2012(A)
BRANDYWINE COMMONS	DE		-		36,057		(394	)		-		35,663		35,663		11,583		24,080		-	2014(A)
ARGYLE VILLAGE	FL		5,228		36,814		288			5,228		37,101		42,329		6,743		35,586		-	2021(A)
BELMART PLAZA	FL		1,656		3,394		6,088			1,656		9,482		11,138		2,706		8,432		-	2014(A)
BOCA LYONS PLAZA	FL		13,280		37,751		240			13,280		37,990		51,270		6,162		45,108		-	2021(A)
CAMINO SQUARE	FL		574		2,296		977			1,675		2,172		3,847		129		3,718		-	1992(A)
CARROLLWOOD COMMONS	FL		5,220		16,884		6,457			5,220		23,340		28,560		14,001		14,559		-	1997(A)
CENTER AT MISSOURI AVENUE	FL		294		792		6,848			294		7,640		7,934		2,883		5,051		-	1968(C)
CHEVRON OUTPARCEL	FL		531		1,253		-			531		1,253		1,784		530		1,254		-	2010(A)
COLONIAL PLAZA	FL		25,516		54,604		4,039			25,516		58,642		84,158		13,202		70,956		-	2021(A)
CORAL POINTE S.C.	FL		2,412		20,508		1,126			2,412		21,634		24,046		6,238		17,808		-	2015(A)
CORAL SQUARE PROMENADE	FL		710		2,843		3,742			710		6,586		7,296		4,874		2,422		-	1994(A)
CORSICA SQUARE S.C.	FL		7,225		10,757		401			7,225		11,158		18,383		3,863		14,520		-	2015(A)
COUNTRYSIDE CENTRE	FL		11,116		41,581		2,712			11,116		44,293		55,409		7,507		47,902		-	2021(A)
CURLEW CROSSING SHOPPING CTR	FL		5,316		12,529		878			3,312		15,411		18,723		8,588		10,135		-	2005(A)
CYPRESS POINT	FL		4,680		24,662		19			4,680		24,682		29,362		2,724		26,638		-	2024(A)
DANIA POINTE	FL		105,113		-		36,313			25,974		115,452		141,426		19,422		122,004		-	2016(C)
DANIA POINTE - PHASE II	FL		-		-		296,476			27,182		269,295		296,477		34,797		261,680		-	2016(C)
EMBASSY LAKES	FL		6,565		18,104		1,294			6,565		19,398		25,963		2,952		23,011		-	2021(A)
FLAGLER PARK	FL		26,163		80,737		6,657			26,725		86,832		113,557		37,339		76,218		-	2007(A)
FT LAUDERDALE #1, FL	FL		1,003		2,602		19,263			1,774		21,094		22,868		14,009		8,859		-	1974(C)
FT. LAUDERDALE/CYPRESS CREEK	FL		14,259		28,042		5,869			14,259		33,912		48,171		21,802		26,369		-	2009(A)
GRAND OAKS VILLAGE	FL		7,409		19,654		1,008			5,846		22,225		28,071		7,962		20,109		-	2011(A)
GROVE GATE S.C.	FL		366		1,049		793			366		1,842		2,208		1,720		488		-	1968(C)

130

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
HIGHLAND LAKES PLAZA	FL		2,677		9,660		5,284			2,677		14,943		17,620		1,022		16,598		-	2024(A)
IVES DAIRY CROSSING	FL		733		4,080		12,132			721		16,224		16,945		11,996		4,949		-	1985(A)
KENDALE LAKES PLAZA	FL		18,491		28,496		(1,196	)		15,362		30,429		45,791		12,410		33,381		-	2009(A)
LARGO PLAZA	FL		23,571		63,604		3,615			23,571		67,220		90,791		13,554		77,237		-	2021(A)
MAPLEWOOD PLAZA	FL		1,649		6,626		2,059			1,649		8,686		10,335		5,738		4,597		-	1997(A)
MARATHON SHOPPING CENTER	FL		2,413		8,069		4,705			1,515		13,672		15,187		3,308		11,879		-	2013(A)
MARKETPLACE OF DELRAY	FL		13,941		24,638		2,335			13,941		26,972		40,913		3,726		37,187		-	2024(A)
MARKETS AT TOWN CENTER	FL		22,489		92,066		224			22,489		92,289		114,778		6,790		107,988		-	2025(A)
MERCHANTS WALK	FL		2,581		10,366		11,479			2,581		21,845		24,426		14,599		9,827		-	2001(A)
MILLENIA PLAZA PHASE II	FL		7,711		20,703		6,238			7,698		26,955		34,653		13,737		20,916		-	2009(A)
MILLER ROAD S.C.	FL		1,138		4,552		4,877			1,138		9,429		10,567		6,791		3,776		-	1986(A)
MILLER WEST PLAZA	FL		6,726		10,661		866			6,726		11,527		18,253		3,542		14,711		-	2015(A)
MISSION BELL SHOPPING CENTER	FL		5,056		11,843		8,971			5,067		20,803		25,870		9,816		16,054		-	2004(A)
NASA PLAZA	FL		-		1,754		5,639			-		7,393		7,393		5,671		1,722		-	1968(C)
OAKWOOD BUSINESS CTR-BLDG 1	FL		6,793		18,663		5,352			6,793		24,014		30,807		10,846		19,961		-	2009(A)
OAKWOOD PLAZA NORTH	FL		35,301		141,731		4,766			35,301		146,497		181,798		35,906		145,892		-	2016(A)
OAKWOOD PLAZA SOUTH	FL		11,127		40,592		985			11,127		41,577		52,704		19,021		33,683		-	2016(A)
PALMS AT TOWN & COUNTRY	FL		30,137		94,674		7,076			30,137		101,749		131,886		22,535		109,351		-	2021(A)
PALMS AT TOWN & COUNTRY LIFESTYLE	FL		26,597		92,088		1,625			26,597		93,713		120,310		14,671		105,639		-	2021(A)
PARK HILL PLAZA	FL		10,764		19,264		2,244			10,764		21,507		32,271		8,114		24,157		-	2011(A)
PARKWAY SHOPS	FL		4,774		18,461		72			4,774		18,532		23,306		1,789		21,517		-	2024(A)
PHILLIPS CROSSING	FL		-		53,536		(14	)		-		53,522		53,522		9,569		43,953		-	2021(A)
PLANTATION CROSSING	FL		2,782		8,077		3,256			2,782		11,333		14,115		3,290		10,825		-	2017(A)
POMPANO POINTE S.C.	FL		10,517		14,356		686			10,517		15,042		25,559		4,149		21,410		-	2012(A)
RENAISSANCE CENTER	FL		9,104		36,541		47,877			9,123		84,399		93,522		31,039		62,483		-	1998(A)
RIVERPLACE SHOPPING CTR.	FL		7,503		31,011		3,909			7,200		35,223		42,423		14,162		28,261		-	2010(A)
RIVERSIDE LANDINGS S.C.	FL		3,512		14,440		1,006			3,512		15,445		18,957		4,500		14,457		-	2015(A)
RIVER CITY MARKETPLACE	FL		26,970		115,484		4,189			26,970		119,672		146,642		15,719		130,923		-	2024(A)
SEA RANCH CENTRE	FL		3,298		21,259		469			3,298		21,728		25,026		3,441		21,585		-	2021(A)
SHOPPES AT DEERFIELD	FL		19,069		69,485		6,116			19,069		75,601		94,670		11,824		82,846		-	2021(A)
SHOPPES AT DEERFIELD II	FL		788		6,388		252			788		6,640		7,428		879		6,549		-	2021(A)
SHOPS AT SANTA BARBARA PHASE 1	FL		743		5,374		309			743		5,683		6,426		1,747		4,679		-	2015(A)
SHOPS AT SANTA BARBARA PHASE 2	FL		332		2,489		34			332		2,522		2,854		748		2,106		-	2015(A)
SHOPS AT SANTA BARBARA PHASE 3	FL		330		2,359		39			330		2,398		2,728		656		2,072		-	2015(A)
SODO S.C.	FL		-		68,139		9,553			142		77,550		77,692		30,787		46,905		-	2008(A)

131

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
SOUTH MIAMI S.C.	FL		1,280		5,134		3,983			1,280		9,117		10,397		6,932		3,465		-	1995(A)
SUNSET 19 S.C.	FL		12,460		55,354		50			12,460		55,405		67,865		10,468		57,397		-	2021(A)
TJ MAXX PLAZA	FL		10,341		38,660		1,235			10,341		39,895		50,236		6,246		43,990		-	2021(A)
TRI-CITY PLAZA	FL		2,832		11,329		24,385			2,832		35,714		38,546		12,296		26,250		-	1992(A)
TUTTLEBEE PLAZA	FL		255		828		3,300			255		4,128		4,383		2,850		1,533		-	2008(A)
UNIVERSITY TOWN CENTER	FL		5,515		13,041		1,504			5,515		14,544		20,059		5,832		14,227		-	2011(A)
VILLAGE COMMONS S.C.	FL		2,026		5,106		1,892			2,026		6,998		9,024		2,585		6,439		-	2013(A)
VILLAGE COMMONS SHOPPING CENTER	FL		2,192		8,774		8,122			2,192		16,897		19,089		9,919		9,170		-	1998(A)
VILLAGE GREEN CENTER	FL		11,405		13,466		307			11,405		13,773		25,178		3,311		21,867		15,886	2021(A)
VIZCAYA SQUARE	FL		5,773		20,965		629			5,773		21,593		27,366		4,083		23,283		-	2021(A)
WATERFORD LAKES TOWN CENTER	FL		51,669		272,462		14,790			51,669		287,252		338,921		23,495		315,426		160,071	2024(A)
WELLINGTON GREEN COMMONS	FL		19,528		32,521		(336	)		19,528		32,186		51,714		6,032		45,682		13,020	2021(A)
WELLINGTON GREEN PAD SITES	FL		3,854		1,777		3,269			3,854		5,046		8,900		610		8,290		-	2021(A)
WEST BROWARD S.C.	FL		4,600		15,372		11,952			4,600		27,324		31,924		4,553		27,371		-	2024(A)
WINN DIXIE-MIAMI	FL		2,990		9,410		(33	)		3,544		8,823		12,367		2,654		9,713		-	2013(A)
WINTER PARK CORNERS	FL		5,191		42,530		434			5,191		42,964		48,155		6,630		41,525		-	2021(A)
VILLAGE LAKES S.C.	FL		6,583		17,369		623			6,583		17,992		24,575		2,025		22,550		-	2024(A)
BRAELINN VILLAGE	GA		7,315		20,739		2,168			3,731		26,492		30,223		7,640		22,583		-	2014(A)
BROWNSVILLE COMMONS	GA		593		5,488		113			593		5,602		6,195		823		5,372		-	2021(A)
CAMP CREEK MARKETPLACE II	GA		4,441		38,596		1,343			4,441		39,939		44,380		6,441		37,939		-	2021(A)
EMBRY VILLAGE	GA		18,147		33,010		5,535			18,161		38,531		56,692		26,867		29,825		-	2008(A)
GRAYSON COMMONS	GA		2,600		13,358		(22	)		2,600		13,335		15,935		2,057		13,878		-	2021(A)
LAKESIDE MARKETPLACE	GA		2,238		28,579		1,159			2,238		29,738		31,976		4,805		27,171		-	2021(A)
LAWRENCEVILLE MARKET	GA		8,878		29,691		1,913			9,060		31,422		40,482		12,817		27,665		-	2013(A)
MARKET AT HAYNES BRIDGE	GA		4,881		21,549		3,383			4,890		24,923		29,813		11,581		18,232		-	2008(A)
NEWNAN PAVILLION	GA		8,793		40,441		381			8,793		40,821		49,614		4,618		44,996		-	2024(A)
PEACHTREE HILL	GA		6,361		16,097		297			6,361		16,394		22,755		2,127		20,628		-	2024(A)
PERIMETER EXPO PROPERTY	GA		14,770		44,295		2,957			16,142		45,880		62,022		13,458		48,564		-	2016(A)
PERIMETER VILLAGE	GA		5,418		67,522		(2,043	)		5,418		65,479		70,897		9,321		61,576		-	2021(A)
PROMENADE AT PLEASANT HILL	GA		14,480		25,564		739			14,480		26,303		40,783		3,905		36,878		-	2024(A)
RIVERWALK MARKETPLACE	GA		3,512		18,863		402			3,388		19,388		22,776		5,536		17,240		-	2015(A)
ROSWELL CORNERS	GA		4,536		47,054		941			4,536		47,996		52,532		7,628		44,904		-	2021(A)
ROSWELL CROSSING	GA		6,270		45,338		632			6,270		45,970		52,240		7,472		44,768		-	2021(A)
WOODSTOCK SQUARE	GA		8,805		39,829		808			8,805		40,638		49,443		4,577		44,866		-	2024(A)
DEER GROVE CENTER	IL		2,723		20,894		854			2,723		21,747		24,470		3,360		21,110		-	2024(A)
HAWTHORN HILLS SQUARE	IL		6,784		33,034		4,892			6,784		37,925		44,709		16,099		28,610		-	2012(A)

132

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
PLAZA DEL PRADO	IL		10,204		28,410		2,872			10,172		31,313		41,485		8,399		33,086		-	2017(A)
SKOKIE POINTE	IL		-		2,276		9,867			2,628		9,515		12,143		6,018		6,125		-	1997(A)
GREENWOOD S.C.	IN		423		1,883		22,315			1,641		22,980		24,621		7,334		17,287		-	1970(C)
BUTTERMILK TOWNE CENTER	KY		-		29,940		58			-		29,996		29,996		3,237		26,759		-	2024(A)
FESTIVAL ON JEFFERSON COURT	KY		5,627		26,790		465			5,627		27,255		32,882		5,261		27,621		-	2021(A)
ADAMS PLAZA	MA		2,089		3,227		252			2,089		3,480		5,569		1,174		4,395		-	2014(A)
BROADWAY PLAZA	MA		6,485		343		-			6,485		343		6,828		295		6,533		-	2014(A)
BROOKLINE VILLAGE	MA		1,760		2,662		(47	)		1,760		2,614		4,374		230		4,144		-	2024(A)
FALMOUTH PLAZA	MA		2,361		13,066		2,368			2,361		15,434		17,795		4,323		13,472		-	2014(A)
FELLSWAY PLAZA	MA		5,300		11,014		1,876			5,300		12,890		18,190		4,661		13,529		-	2014(A)
FESTIVAL OF HYANNIS S.C.	MA		15,038		40,683		3,397			15,038		44,080		59,118		15,022		44,096		-	2014(A)
GLENDALE SQUARE	MA		4,699		7,141		3,578			4,699		10,719		15,418		2,634		12,784		-	2014(A)
LINDEN PLAZA	MA		4,628		3,535		710			4,628		4,245		8,873		2,134		6,739		-	2014(A)
MAIN ST. PLAZA	MA		556		2,139		(33	)		523		2,139		2,662		853		1,809		-	2014(A)
MEMORIAL PLAZA	MA		16,411		27,554		1,279			16,411		28,833		45,244		7,933		37,311		-	2014(A)
MILL ST. PLAZA	MA		4,195		6,203		1,778			4,195		7,981		12,176		2,680		9,496		-	2014(A)
MORRISSEY PLAZA	MA		4,097		3,751		2,773			4,097		6,524		10,621		1,569		9,052		-	2014(A)
NORTHBOROUGH CROSSING	MA		12,711		50,230		974			12,711		51,205		63,916		6,096		57,820		-	2024(A)
NORTH AVE. PLAZA	MA		1,164		1,195		341			1,164		1,536		2,700		525		2,175		-	2014(A)
NORTH QUINCY PLAZA	MA		6,333		17,954		593			3,894		20,986		24,880		5,825		19,055		-	2014(A)
PARADISE PLAZA	MA		4,183		12,195		1,521			4,183		13,716		17,899		4,802		13,097		-	2014(A)
VINNIN SQUARE IN-LINE	MA		582		2,095		28			582		2,123		2,705		604		2,101		-	2014(A)
VINNIN SQUARE PLAZA	MA		5,545		16,324		1,155			5,545		17,479		23,024		6,553		16,471		-	2014(A)
WASHINGTON ST. PLAZA	MA		11,008		5,652		10,685			12,958		14,387		27,345		6,081		21,264		-	2014(A)
WASHINGTON ST. S.C.	MA		7,381		9,987		3,437			7,381		13,424		20,805		4,104		16,701		-	2014(A)
WAVERLY PLAZA	MA		1,215		3,623		1,186			1,203		4,822		6,025		1,440		4,585		-	2014(A)
CENTRE COURT-GIANT	MD		3,854		12,770		170			3,854		12,941		16,795		5,311		11,484		1,685	2011(A)
CENTRE COURT-OLD COURT/COURTYD	MD		2,279		5,285		154			2,279		5,439		7,718		1,914		5,804		-	2011(A)
CENTRE COURT-RETAIL/BANK	MD		1,035		7,786		864			1,035		8,650		9,685		2,973		6,712		-	2011(A)
COLUMBIA CROSSING	MD		3,613		34,345		5,736			3,613		40,082		43,695		11,005		32,690		-	2015(A)
COLUMBIA CROSSING II SHOP.CTR.	MD		3,138		19,868		5,277			3,138		25,145		28,283		8,137		20,146		-	2013(A)
COLUMBIA CROSSING OUTPARCELS	MD		1,279		2,871		49,621			14,855		38,916		53,771		8,449		45,322		-	2011(A)
CROFTON CENTRE	MD		5,379		27,547		1,626			5,379		29,173		34,552		3,211		31,341		-	2024(A)
DORSEY'S SEARCH VILLAGE CENTER	MD		6,322		27,996		1,508			6,322		29,504		35,826		8,017		27,809		-	2015(A)
ENCHANTED FOREST S.C.	MD		20,124		34,345		3,652			20,124		37,997		58,121		11,317		46,804		-	2014(A)
FULLERTON PLAZA	MD		14,238		6,744		17,240			14,238		23,984		38,222		6,491		31,731		-	2014(A)

133

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
GAITHERSBURG S.C.	MD		245		6,788		2,241			245		9,029		9,274		6,126		3,148		-	1999(A)
GREENBRIER S.C.	MD		8,891		30,305		1,707			8,891		32,011		40,902		9,941		30,961		-	2014(A)
HARPER'S CHOICE	MD		8,429		18,374		1,880			8,429		20,254		28,683		6,037		22,646		-	2015(A)
HICKORY RIDGE	MD		7,184		26,948		299			7,184		27,247		34,431		7,176		27,255		-	2015(A)
HICKORY RIDGE (SUNOCO)	MD		543		2,122		-			543		2,122		2,665		643		2,022		-	2015(A)
INGLESIDE S.C.	MD		10,417		17,889		1,757			10,417		19,647		30,064		6,083		23,981		-	2014(A)
KENTLANDS MARKET SQUARE	MD		20,167		84,615		21,179			20,167		105,794		125,961		23,704		102,257		-	2016(A)
KINGS CONTRIVANCE	MD		9,308		31,760		2,038			9,308		33,798		43,106		10,378		32,728		-	2014(A)
LAUREL PLAZA	MD		350		1,398		7,517			1,571		7,693		9,264		4,256		5,008		-	1995(A)
LAUREL PLAZA	MD		275		1,101		174			275		1,275		1,550		1,275		275		-	1972(C)
MILL STATION DEVELOPMENT	MD		21,321		-		59,771			13,671		67,421		81,092		8,510		72,582		-	2015(C)
MILL STATION THEATER/RSTRNTS	MD		23,379		1,090		(3,316	)		14,738		6,416		21,154		3,154		18,000		-	2016(C)
PIKE CENTER	MD		-		61,389		22,085			21,850		61,623		83,473		8,378		75,095		-	2021(A)
PUTTY HILL PLAZA	MD		4,192		11,112		1,663			4,192		12,775		16,967		5,014		11,953		-	2013(A)
RADCLIFFE CENTER	MD		12,043		21,188		(36	)		12,043		21,152		33,195		7,626		25,569		-	2014(A)
RIVERHILL VILLAGE CENTER	MD		16,825		23,282		1,351			16,825		24,632		41,457		8,376		33,081		-	2014(A)
SHAWAN PLAZA	MD		4,466		20,222		273			4,466		20,495		24,961		15,277		9,684		-	2008(A)
SHOPS AT DISTRICT HEIGHTS	MD		8,166		21,971		(1,189	)		7,298		21,650		28,948		5,602		23,346		-	2015(A)
SNOWDEN SQUARE S.C.	MD		1,929		4,558		5,187			3,326		8,348		11,674		2,972		8,702		-	2012(A)
TIMONIUM CROSSING	MD		2,525		14,863		1,989			2,525		16,852		19,377		4,620		14,757		-	2014(A)
TIMONIUM SQUARE	MD		6,000		24,283		14,555			7,311		37,528		44,839		21,854		22,985		-	2003(A)
TOWSON PLACE	MD		43,887		101,765		9,800			43,271		112,181		155,452		35,921		119,531		-	2012(A)
VILLAGES AT URBANA	MD		3,190		6		20,356			4,829		18,724		23,553		5,586		17,967		-	2003(A)
WILDE LAKE	MD		1,468		5,870		28,144			2,577		32,905		35,482		14,780		20,702		-	2002(A)
WILKENS BELTWAY PLAZA	MD		9,948		22,126		6,880			9,948		29,006		38,954		7,449		31,505		-	2014(A)
YORK ROAD PLAZA	MD		4,277		37,206		1,212			4,277		38,418		42,695		10,752		31,943		-	2014(A)
WEST OAKS S.C.	MI		10,430		95,233		341			10,430		95,573		106,003		11,166		94,837		-	2024(A)
WINCESTER CENTER	MI		8,057		44,262		2,088			8,057		46,351		54,408		5,689		48,719		-	2024(A)
CLINTON POINTE	MI		5,608		7,717		1,224			5,608		8,939		14,547		1,062		13,485		-	2024(A)
CENTENNIAL SHOPPES	MN		-		35,582		10			-		35,592		35,592		4,501		31,091		-	2024(A)
THE FOUNTAINS AT ARBOR LAKES	MN		28,585		66,699		17,284			29,485		83,083		112,568		42,231		70,337		-	2006(A)
WOODBURY LAKES	MN		11,392		58,159		7,075			11,392		65,233		76,625		10,770		65,856		-	2024(A)
CENTER POINT S.C.	MO		-		550		-			-		550		550		550		-		-	1998(A)
HERITAGE PLACE	MO		7,570		43,306		367			7,570		43,672		51,242		7,580		43,663		-	2024(A)
BRENNAN STATION	NC		7,750		20,557		1,063			6,322		23,048		29,370		8,200		21,170		-	2011(A)
BRENNAN STATION OUTPARCEL	NC		628		1,666		(208	)		450		1,636		2,086		560		1,526		-	2011(A)
CAPITAL SQUARE	NC		3,528		12,159		(129	)		3,528		12,031		15,559		2,516		13,043		-	2021(A)

134

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
CLOVERDALE PLAZA	NC		541		720		9,555			541		10,275		10,816		5,305		5,511		-	1969(C)
CROSSROADS PLAZA	NC		768		3,099		3,063			768		6,162		6,930		3,010		3,920		-	2000(A)
CROSSROADS PLAZA	NC		13,406		86,456		8,185			13,843		94,204		108,047		29,219		78,828		-	2014(A)
DAVIDSON COMMONS	NC		2,979		12,860		1,551			2,979		14,412		17,391		5,205		12,186		-	2012(A)
FALLS POINTE	NC		4,049		27,415		326			3,990		27,801		31,791		4,616		27,175		-	2021(A)
HIGH HOUSE CROSSING	NC		3,604		10,950		(669	)		3,604		10,281		13,885		1,709		12,177		-	2021(A)
HOPE VALLEY COMMONS	NC		3,743		16,808		352			3,743		17,160		20,903		2,755		18,148		-	2021(A)
JETTON VILLAGE SHOPPES	NC		3,875		10,292		1,390			2,144		13,413		15,557		4,716		10,841		-	2011(A)
LEESVILLE TOWNE CENTRE	NC		5,693		37,053		508			5,693		37,561		43,254		6,312		36,942		-	2021(A)
MOORESVILLE CROSSING	NC		12,014		30,604		4,555			11,333		35,840		47,173		16,871		30,302		-	2007(A)
NORTHWOODS S.C.	NC		2,696		9,397		204			2,696		9,601		12,297		1,681		10,616		-	2021(A)
PARK PLACE SC	NC		5,461		16,163		5,063			5,470		21,216		26,686		12,363		14,323		-	2008(A)
PLEASANT VALLEY PROMENADE	NC		5,209		20,886		26,602			5,209		47,487		52,696		31,136		21,560		-	1993(A)
QUAIL CORNERS	NC		7,318		26,676		2,388			7,318		29,063		36,381		8,945		27,436		-	2014(A)
SIX FORKS S.C.	NC		-		78,366		3,078			-		81,444		81,444		12,202		69,242		-	2021(A)
STONEHENGE MARKET	NC		3,848		37,900		3,657			3,848		41,557		45,405		5,756		39,649		-	2021(A)
TYVOLA SQUARE	NC		-		4,736		9,972			-		14,708		14,708		12,088		2,620		-	1986(A)
WOODLAWN MARKETPLACE	NC		919		3,571		3,345			919		6,916		7,835		5,456		2,379		-	2008(A)
WOODLAWN SHOPPING CENTER	NC		2,011		5,834		2,474			2,011		8,308		10,319		3,023		7,296		-	2012(A)
ROCKINGHAM PLAZA	NH		2,661		10,644		25,210			3,149		35,365		38,514		24,241		14,273		-	2008(A)
THE CROSSINGS	NH		10,532		95,130		2,651			10,532		97,781		108,313		11,376		96,937		-	2024(A)
WEBSTER SQUARE	NH		11,683		41,708		11,454			11,683		53,162		64,845		15,374		49,471		-	2014(A)
WEBSTER SQUARE - DSW	NH		1,346		3,638		132			1,346		3,770		5,116		1,030		4,086		-	2017(A)
WEBSTER SQUARE NORTH	NH		2,163		6,511		404			2,163		6,914		9,077		2,086		6,991		-	2016(A)
CENTRAL PLAZA	NJ		3,170		10,603		1,534			5,145		10,162		15,307		4,688		10,619		-	2013(A)
CLARK SHOPRITE 70 CENTRAL AVE	NJ		3,497		11,694		995			13,960		2,226		16,186		1,981		14,205		-	2013(A)
COMMERCE CENTER EAST	NJ		1,519		5,080		1,753			7,235		1,117		8,352		1,039		7,313		-	2013(A)
COMMERCE CENTER WEST	NJ		386		1,290		162			794		1,044		1,838		381		1,457		-	2013(A)
COMMONS AT HOLMDEL	NJ		16,538		38,760		14,721			16,538		53,481		70,019		25,285		44,734		-	2004(A)
EAST WINDSOR VILLAGE	NJ		9,335		23,778		1,765			9,335		25,543		34,878		11,661		23,217		-	2008(A)
GARDEN STATE PAVILIONS	NJ		7,531		10,802		32,149			12,204		38,278		50,482		13,717		36,765		-	2011(A)
HILLVIEW SHOPPING CENTER	NJ		16,008		32,607		2,741			16,008		35,348		51,356		10,365		40,991		-	2014(A)
HOLMDEL TOWNE CENTER	NJ		10,825		43,301		11,862			10,825		55,162		65,987		33,933		32,054		-	2002(A)
MAPLE SHADE	NJ		-		9,958		2,596			-		12,554		12,554		5,002		7,552		-	2009(A)
NORTH BRUNSWICK PLAZA	NJ		3,205		12,820		30,920			3,205		43,740		46,945		29,657		17,288		-	1994(A)
PISCATAWAY TOWN CENTER	NJ		3,852		15,411		3,089			3,852		18,500		22,352		12,299		10,053		-	1998(A)
PLAZA AT HILLSDALE	NJ		7,602		6,994		1,736			7,602		8,730		16,332		3,527		12,805		-	2014(A)
PLAZA AT SHORT HILLS	NJ		20,155		11,062		2,037			20,155		13,099		33,254		4,618		28,636		-	2014(A)
RIDGEWOOD S.C.	NJ		450		2,107		1,372			450		3,479		3,929		2,577		1,352		-	1993(A)

135

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
SHOP RITE PLAZA	NJ		2,418		6,364		3,366			2,418		9,730		12,148		8,096		4,052		-	1985(C)
UNION CRESCENT III	NJ		7,895		3,011		20,383			8,697		22,591		31,288		14,745		16,543		-	2007(A)
WESTMONT PLAZA	NJ		602		2,405		21,502			602		23,907		24,509		11,502		13,007		-	1994(A)
WILLOWBROOK PLAZA	NJ		15,320		40,997		16,289			15,320		57,286		72,606		16,334		56,272		-	2009(A)
NORTH TOWNE PLAZA - ALBUQUERQUE	NM		3,598		33,327		797			3,598		34,124		37,722		5,518		32,204		-	2021(A)
CHARLESTON COMMONS	NV		29,704		24,267		1,587			29,704		25,854		55,558		8,256		47,302		-	2021(A)
COLLEGE PARK S.C.-N LAS VEGAS	NV		2,100		18,413		15,656			16,274		19,895		36,169		4,026		32,143		-	2021(A)
D'ANDREA MARKETPLACE	NV		11,556		29,435		1,049			11,556		30,484		42,040		14,675		27,365		-	2007(A)
DEL MONTE PLAZA	NV		2,489		5,590		1,391			2,210		7,261		9,471		4,240		5,231		-	2006(A)
DEL MONTE PLAZA ANCHOR PARCEL	NV		6,513		17,600		565			6,520		18,158		24,678		4,542		20,136		-	2017(A)
FRANCISCO CENTER	NV		1,800		10,085		14,868			13,981		12,771		26,752		2,619		24,133		-	2021(A)
GALENA JUNCTION	NV		8,931		17,503		2,959			8,930		20,462		29,392		7,219		22,173		-	2015(A)
MCQUEEN CROSSINGS	NV		5,017		20,779		1,493			5,017		22,272		27,289		11,058		16,231		-	2015(A)
RANCHO TOWNE & COUNTRY	NV		7,785		13,364		233			7,785		13,596		21,381		2,489		18,892		-	2021(A)
REDFIELD PROMENADE	NV		4,415		32,035		2,879			4,415		34,914		39,329		10,140		29,189		-	2015(A)
SPARKS MERCANTILE	NV		6,222		17,069		672			6,222		17,741		23,963		6,504		17,459		-	2015(A)
501 NORTH BROADWAY	NY		-		1,176		(37	)		-		1,139		1,139		619		520		-	2007(A)
AIRPORT PLAZA	NY		22,711		107,012		7,738			22,711		114,749		137,460		34,788		102,672		-	2015(A)
BELLMORE S.C.	NY		1,272		3,184		1,840			1,272		5,023		6,295		3,227		3,068		-	2004(A)
BIRCHWOOD PLAZA COMMACK	NY		3,630		4,775		1,443			3,630		6,218		9,848		2,999		6,849		-	2007(A)
BRIDGEHAMPTON COMMONS-W&E SIDE	NY		1,812		3,107		44,860			1,858		47,922		49,780		30,936		18,844		-	1972(C)
CARMAN'S PLAZA	NY		12,558		37,290		4,175			12,562		41,461		54,023		5,842		48,181		-	2022(A)
CHAMPION FOOD SUPERMARKET	NY		758		1,875		(25	)		2,241		367		2,608		269		2,339		-	2012(A)
ELMONT S.C.	NY		3,012		7,606		6,885			3,012		14,491		17,503		6,638		10,865		-	2004(A)
ELMSFORD CENTER 2	NY		4,076		15,599		1,118			4,245		16,548		20,793		6,519		14,274		-	2013(A)
FAMILY DOLLAR UNION TURNPIKE	NY		909		2,250		214			1,057		2,316		3,373		798		2,575		-	2012(A)
FOREST AVENUE PLAZA	NY		4,559		10,441		3,134			4,559		13,574		18,133		6,142		11,991		-	2005(A)
FRANKLIN SQUARE S.C.	NY		1,079		2,517		4,041			1,079		6,559		7,638		3,101		4,537		-	2004(A)
GREAT NECK OUTPARCEL	NY		4,019		-		81			4,019		81		4,100		-		4,100		-	2022(A)
GREENRIDGE PLAZA	NY		2,940		11,812		11,982			3,148		23,587		26,735		13,868		12,867		-	1997(A)
HAMPTON BAYS PLAZA	NY		1,495		5,979		3,976			1,495		9,955		11,450		8,840		2,610		-	1989(A)
HICKSVILLE PLAZA	NY		3,543		8,266		1,234			3,543		9,501		13,044		4,561		8,483		-	2004(A)
INDEPENDENCE PLAZA	NY		12,279		34,814		318			16,132		31,279		47,411		12,379		35,032		-	2014(A)
JERICHO COMMONS SOUTH	NY		12,368		33,071		4,514			12,368		37,585		49,953		17,350		32,603		-	2007(A)
KEY FOOD - 21ST STREET	NY		1,091		2,700		(369	)		1,669		1,752		3,421		470		2,951		-	2012(A)

136

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
KEY FOOD - ATLANTIC AVE	NY		2,273		5,625		509			4,809		3,598		8,407		1,491		6,916		-	2012(A)
KEY FOOD - CENTRAL AVE.	NY		2,788		6,899		(395	)		2,603		6,689		9,292		2,435		6,857		-	2012(A)
KINGS HIGHWAY	NY		2,744		6,811		4,387			2,744		11,197		13,941		5,041		8,900		-	2004(A)
KISSENA BOULEVARD SHOPPING CTR	NY		11,610		2,933		2,439			11,610		5,373		16,983		1,617		15,366		-	2007(A)
LITTLE NECK PLAZA	NY		3,277		13,161		6,279			3,277		19,439		22,716		11,705		11,011		-	2003(A)
MANETTO HILL PLAZA	NY		264		584		18,893			264		19,477		19,741		10,182		9,559		-	1969(C)
MANHASSET CENTER	NY		4,567		19,166		34,152			3,472		54,413		57,885		37,154		20,731		-	1999(A)
MARKET AT BAY SHORE	NY		12,360		30,708		8,297			12,360		39,005		51,365		19,975		31,390		-	2006(A)
MASPETH QUEENS-DUANE READE	NY		1,872		4,828		1,037			1,872		5,865		7,737		2,887		4,850		-	2004(A)
MILLERIDGE INN	NY		7,500		481		44			7,500		526		8,026		92		7,934		-	2015(A)
MINEOLA CROSSINGS	NY		4,150		7,521		1,530			4,150		9,051		13,201		3,686		9,515		-	2007(A)
NORTH MASSAPEQUA S.C.	NY		1,881		4,389		(1,393	)		-		4,877		4,877		4,419		458		-	2004(A)
OCEAN PLAZA	NY		564		2,269		416			564		2,685		3,249		1,329		1,920		-	2003(A)
RALPH AVENUE PLAZA	NY		4,414		11,340		3,937			4,414		15,277		19,691		7,472		12,219		-	2004(A)
RICHMOND S.C.	NY		2,280		9,028		22,840			2,280		31,868		34,148		19,688		14,460		-	1989(A)
ROMAINE PLAZA	NY		782		1,826		588			782		2,414		3,196		1,216		1,980		-	2005(A)
SEQUAMS SHOPPING CENTER	NY		3,971		8,654		337			3,971		8,991		12,962		1,023		11,939		-	2022(A)
SHOPRITE S.C.	NY		872		3,488		-			872		3,488		4,360		2,969		1,391		-	1998(A)
STOP & SHOP	NY		21,661		17,636		-			21,661		17,636		39,297		1,785		37,512		11,333	2022(A)
SMITHTOWN PLAZA	NY		3,528		7,364		730			3,437		8,184		11,621		4,357		7,264		-	2009(A)
SOUTHGATE SHOPPING CENTER	NY		18,822		62,670		1,977			18,829		64,640		83,469		7,533		75,936		19,537	2022(A)
SYOSSET CORNERS	NY		6,169		13,302		755			6,169		14,056		20,225		1,793		18,432		-	2022(A)
SYOSSET S.C.	NY		107		76		3,148			107		3,224		3,331		1,864		1,467		-	1990(C)
THE BOULEVARD	NY		28,724		38,232		269,162			28,724		307,394		336,118		47,721		288,397		-	2006(A)
THE GARDENS AT GREAT NECK	NY		27,956		71,366		2,312			27,962		73,672		101,634		6,966		94,668		16,686	2022(A)
THE GREEN COVE PLAZA	NY		17,017		39,206		2,030			17,017		41,237		58,254		4,588		53,666		-	2022(A)
THE MARKETPLACE	NY		4,498		9,850		412			4,498		10,261		14,759		837		13,922		4,742	2022(A)
THE SHOPPES AT 82ND STREET	NY		12,917		63,985		-			12,917		63,985		76,902		158		76,744		-	2025(A)
TOWNPATH CORNER	NY		2,675		6,408		365			2,675		6,773		9,448		725		8,723		-	2022(A)
TURNPIKE PLAZA	NY		2,472		5,839		1,242			2,472		7,081		9,553		2,765		6,788		-	2011(A)
VETERANS MEMORIAL PLAZA	NY		5,968		23,243		23,380			5,980		46,611		52,591		24,785		27,806		-	1998(A)
WHITE PLAINS S.C.	NY		1,778		4,454		2,977			1,778		7,431		9,209		3,604		5,605		-	2004(A)
WOODBURY COMMON	NY		27,249		28,516		1,460			27,249		29,975		57,224		4,505		52,719		15,169	2022(A)
BRIDGWATER FALLS	OH		7,271		85,626		3,235			7,271		88,860		96,131		10,747		85,384		-	2024(A)
DEERFIELD TOWNE CENTER	OH		6,791		85,154		6,699			6,791		91,853		98,644		13,502		85,142		-	2024(A)
OLENTANGY PLAZA	OH		3,932		42,588		1,693			3,932		44,282		48,214		4,860		43,354		-	2024(A)
SPRING MEADOWS PLACE	OH		2,817		43,345		832			2,817		44,177		46,994		5,297		41,697		-	2024(A)

137

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
JANTZEN BEACH CENTER	OR		57,575		102,844		11,417			57,588		114,247		171,835		30,865		140,970		-	2017(A)
TANASBOURNE VILLAGE	OR		9,681		68,229		102			9,682		68,331		78,013		1,511		76,502		31,278	2025(A)
CENTER SQUARE SHOPPING CENTER	PA		732		2,928		1,236			691		4,205		4,896		3,368		1,528		-	1996(A)
CRANBERRY TOWNSHIP-PARCEL 1&2	PA		10,271		30,770		3,661			6,070		38,632		44,702		11,131		33,571		-	2016(A)
CROSSROADS PLAZA	PA		789		3,155		14,807			976		17,775		18,751		12,934		5,817		-	1986(A)
DEVON VILLAGE	PA		4,856		25,847		2,849			5,608		27,945		33,553		11,506		22,047		-	2012(A)
FISHTOWN CROSSING	PA		20,398		22,602		608			20,401		23,206		43,607		4,899		38,708		-	2022(A)
HARRISBURG EAST SHOPPING CTR.	PA		453		6,665		12,614			3,003		16,730		19,733		11,229		8,504		-	2002(A)
HORSHAM POINT	PA		3,813		18,189		868			3,813		19,057		22,870		5,095		17,775		-	2015(A)
LINCOLN SQUARE	PA		90,479		-		77,728			10,533		157,674		168,207		24,090		144,117		-	2017(C)
NORRITON SQUARE	PA		686		2,665		9,072			774		11,649		12,423		6,475		5,948		-	1984(A)
POCONO PLAZA	PA		1,050		2,373		18,839			1,050		21,211		22,261		4,060		18,201		-	1973(C)
SHOPPES AT WYNNEWOOD	PA		7,479		-		3,692			7,479		3,692		11,171		939		10,232		-	2015(C)
SHREWSBURY SQUARE S.C.	PA		8,066		16,998		(1,607	)		6,172		17,284		23,456		5,418		18,038		-	2014(A)
SPRINGFIELD S.C.	PA		920		4,982		18,253			920		23,234		24,154		14,598		9,556		-	1983(A)
SUBURBAN SQUARE	PA		70,680		166,351		86,833			71,280		252,584		323,864		92,432		231,432		-	2007(A)
TOWNSHIP LINE S.C.	PA		732		2,928		2			732		2,930		3,662		2,202		1,460		-	1996(A)
WAYNE PLAZA	PA		6,128		15,605		2,218			6,136		17,815		23,951		8,045		15,906		-	2008(A)
WEXFORD PLAZA	PA		6,414		9,775		15,517			6,299		25,407		31,706		9,192		22,514		-	2010(A)
WHITEHALL MALL	PA		-		5,196		2			-		5,198		5,198		3,908		1,290		-	1996(A)
WHITELAND TOWN CENTER	PA		732		2,928		61			732		2,989		3,721		2,261		1,460		-	1996(A)
WHOLE FOODS AT WYNNEWOOD	PA		15,042		-		11,785			13,772		13,055		26,827		2,415		24,412		-	2014(C)
LOS COLOBOS - BUILDERS SQUARE	PR		4,405		9,628		(538	)		4,461		9,034		13,495		8,493		5,002		-	2006(A)
LOS COLOBOS I	PR		12,891		26,047		26,341			18,016		47,262		65,278		24,196		41,082		-	2006(A)
LOS COLOBOS II	PR		14,894		30,681		1,860			15,142		32,293		47,435		18,677		28,758		-	2006(A)
MANATI VILLA MARIA SC	PR		2,781		5,673		2,535			2,607		8,382		10,989		5,176		5,813		-	2006(A)
PLAZA CENTRO - COSTCO	PR		3,628		10,752		(455	)		3,866		10,059		13,925		5,840		8,085		-	2006(A)
PLAZA CENTRO - MALL	PR		19,873		58,719		7,345			19,408		66,529		85,937		32,182		53,755		-	2006(A)
PLAZA CENTRO - RETAIL	PR		5,936		16,510		1,423			6,026		17,843		23,869		9,042		14,827		-	2006(A)
PLAZA CENTRO - SAM'S CLUB	PR		6,643		20,225		(1,170	)		6,520		19,178		25,698		18,182		7,516		-	2006(A)
PONCE TOWNE CENTER	PR		14,433		28,449		7,325			14,903		35,303		50,206		22,704		27,502		-	2006(A)
REXVILLE TOWN CENTER	PR		24,873		48,688		9,172			25,678		57,055		82,733		37,908		44,825		-	2006(A)
TRUJILLO ALTO PLAZA	PR		12,054		24,446		9,973			12,289		34,184		46,473		18,388		28,085		-	2006(A)
WESTERN PLAZA - MAYAGUEZ ONE	PR		10,858		12,253		891			11,242		12,760		24,002		11,679		12,323		-	2006(A)
WESTERN PLAZA - MAYAGUEZ TWO	PR		16,874		19,911		3,587			16,873		23,499		40,372		19,901		20,471		-	2006(A)

138

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
FOREST PARK	SC		1,920		9,545		658			1,920		10,203		12,123		3,717		8,406		-	2012(A)
ST. ANDREWS CENTER	SC		730		3,132		22,118			730		25,250		25,980		15,416		10,564		-	1978(C)
WESTWOOD PLAZA	SC		1,744		6,986		15,359			1,727		22,361		24,088		9,244		14,844		-	1995(A)
WOODRUFF SHOPPING CENTER	SC		3,110		15,501		1,772			3,465		16,918		20,383		6,992		13,391		-	2010(A)
BELLEVUE PLACE	TN		3,512		9,137		501			3,512		9,638		13,150		988		12,162		-	2024(A)
HIGHLAND SQUARE	TN		1,302		2,130		(3,432	)		-		-		-		-		-		-	2021(A)
MENDENHALL COMMONS	TN		1,272		14,826		150			1,272		14,976		16,248		2,321		13,927		-	2021(A)
OLD TOWNE VILLAGE	TN		-		4,134		4,761			-		8,895		8,895		7,164		1,731		-	1978(C)
PROVIDENCE MARKETPLACE	TN		18,751		84,332		1,349			18,751		85,681		104,432		13,614		90,818		-	2024(A)
THE COMMONS AT DEXTER LAKE	TN		1,554		14,649		2,293			1,554		16,942		18,496		3,265		15,231		-	2021(A)
THE COMMONS AT DEXTER LAKE II	TN		567		8,874		168			567		9,042		9,609		1,672		7,937		-	2021(A)
1350 W. 43RD ST. - WELLS FARGO	TX		3,707		247		1			3,708		247		3,955		136		3,819		-	2022(A)
1934 WEST GRAY	TX		705		4,831		(301	)		705		4,530		5,235		371		4,864		-	2021(A)
1939 WEST GRAY	TX		269		1,731		177			269		1,907		2,176		232		1,944		-	2021(A)
43RD STREET CHASE BANK BLDG	TX		497		1,703		56			497		1,759		2,256		313		1,943		-	2021(A)
ACCENT PLAZA	TX		500		2,831		542			500		3,373		3,873		2,218		1,655		-	1996(A)
ALABAMA SHEPHERD S.C.	TX		4,590		21,368		594			4,590		21,962		26,552		3,666		22,886		-	2021(A)
ATASCOCITA COMMONS SHOP.CTR.	TX		16,323		54,587		8,877			15,580		64,207		79,787		17,597		62,190		-	2013(A)
BAYBROOK GATEWAY	TX		9,441		44,160		1,747			9,441		45,907		55,348		8,218		47,130		-	2021(A)
BAYBROOK WEBSTER PARCEL	TX		-		2,978		11,023			2,978		11,023		14,001		502		13,499		-	2022(A)
BELLAIRE BLVD S.C.	TX		1,334		7,166		319			1,334		7,485		8,819		2,984		5,835		-	2021(A)
BLALOCK MARKET	TX		-		17,283		933			-		18,216		18,216		4,189		14,027		-	2021(A)
CENTER AT BAYBROOK	TX		6,941		27,727		14,662			5,576		43,753		49,329		24,527		24,802		-	1998(A)
CENTER OF THE HILLS	TX		2,924		11,706		15,965			2,773		27,822		30,595		9,908		20,687		-	2008(A)
CITADEL BUILDING	TX		4,046		12,824		(7,660	)		2,169		7,040		9,209		7,031		2,178		-	2021(A)
CONROE MARKETPLACE	TX		18,869		50,757		816			10,842		59,600		70,442		16,747		53,695		-	2015(A)
COPPERFIELD VILLAGE SHOP.CTR.	TX		7,828		34,864		1,525			7,828		36,389		44,217		11,345		32,872		-	2015(A)
COPPERWOOD VILLAGE	TX		13,848		84,184		4,550			13,848		88,734		102,582		25,535		77,047		-	2015(A)
CYPRESS TOWNE CENTER	TX		6,034		-		2,412			2,252		6,193		8,445		2,471		5,974		-	2003(C)
CYPRESS TOWNE CENTER	TX		12,329		36,836		4,480			8,644		45,001		53,645		10,851		42,794		-	2016(A)
CYPRESS TOWNE CENTER (PHASE II)	TX		2,061		6,158		(1,361	)		270		6,588		6,858		2,179		4,679		-	2016(A)
DRISCOLL AT RIVER OAKS-RESI	TX		1,244		145,366		3,813			1,244		149,179		150,423		14,890		135,533		-	2021(A)

139

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
FIESTA TARGET	TX		6,766		7,334		431			6,766		7,765		14,531		2,239		12,292		-	2021(A)
FIESTA TRAILS	TX		15,185		32,897		3,944			15,185		36,841		52,026		7,416		44,610		-	2021(A)
GALVESTON PLACE	TX		1,661		28,288		7,210			1,661		35,498		37,159		5,369		31,790		-	2021(A)
GATEWAY STATION	TX		1,374		28,145		4,588			1,375		32,732		34,107		11,627		22,480		-	2011(A)
GATEWAY STATION PHASE II	TX		4,140		12,020		1,862			4,143		13,879		18,022		3,656		14,366		-	2017(A)
GRAND PARKWAY MARKET PLACE II	TX		13,436		-		39,573			12,298		40,710		53,008		9,687		43,321		-	2015(C)
GRAND PARKWAY MARKETPLACE	TX		25,364		-		65,129			21,937		68,557		90,494		14,584		75,910		-	2014(C)
HEB - DAIRY ASHFORD & MEMORIAL	TX		1,076		5,324		-			1,076		5,324		6,400		783		5,617		-	2021(A)
HEIGHTS PLAZA	TX		5,423		10,140		108			5,423		10,248		15,671		1,888		13,783		-	2021(A)
INDEPENDENCE PLAZA - LAREDO	TX		4,836		53,564		1,965			4,836		55,529		60,365		8,789		51,576		4,496	2021(A)
INDEPENDENCE PLAZA II - LAREDO	TX		2,482		21,418		267			2,482		21,685		24,167		3,970		20,197		-	2021(A)
KROGER PLAZA	TX		520		2,081		3,292			520		5,372		5,892		3,115		2,777		-	1995(A)
LAKEHILLS PLAZA	TX		5,264		20,661		583			5,264		21,244		26,508		2,049		24,459		-	2024(A)
LAKE PRAIRIE TOWN CROSSING	TX		7,897		-		31,057			6,783		32,171		38,954		11,902		27,052		-	2006(C)
LAS TIENDAS PLAZA	TX		8,678		-		28,616			7,944		29,350		37,294		11,467		25,827		-	2005(C)
MONTGOMERY PLAZA	TX		10,739		63,065		2,639			10,739		65,704		76,443		20,314		56,129		-	2015(A)
MUELLER OUTPARCEL	TX		150		3,351		51			150		3,403		3,553		587		2,966		-	2021(A)
MUELLER REGIONAL RETAIL CENTER	TX		7,352		85,805		5,715			7,352		91,521		98,873		15,191		83,682		-	2021(A)
NORTH CREEK PLAZA	TX		5,044		34,756		156			5,044		34,912		39,956		6,136		33,820		-	2021(A)
OAK FOREST	TX		13,395		25,275		725			13,395		25,999		39,394		4,793		34,601		-	2021(A)
PLANTATION CENTRE	TX		2,325		34,494		993			2,325		35,487		37,812		5,547		32,265		-	2021(A)
PRESTON LEBANON CROSSING	TX		13,552		-		33,261			12,164		34,649		46,813		13,932		32,881		-	2006(C)
RANDALLS CENTER/KINGS CROSSING	TX		3,717		21,363		8,772			3,717		30,135		33,852		4,988		28,864		-	2021(A)
RICHMOND SQUARE	TX		7,568		15,432		2,680			7,568		18,112		25,680		2,413		23,267		-	2021(A)
RIVER OAKS S.C. EAST	TX		5,766		13,882		980			5,766		14,861		20,627		2,226		18,401		-	2021(A)
RIVER OAKS S.C. WEST	TX		14,185		138,022		11,179			14,185		149,201		163,386		21,113		142,273		-	2021(A)
ROCK PRAIRIE MARKETPLACE	TX		-		8,004		195			-		8,199		8,199		1,108		7,091		-	2021(A)
SHOPPES AT MEMORIAL VILLAGES	TX		-		41,493		728			-		42,222		42,222		7,525		34,697		-	2021(A)
SHOPS AT HILSHIRE VILLAGE	TX		11,206		19,092		929			11,206		20,021		31,227		3,873		27,354		-	2021(A)
SHOPS AT KIRBY DRIVE	TX		969		5,031		(23	)		969		5,009		5,978		773		5,205		-	2021(A)
SHOPS AT THREE CORNERS	TX		7,094		59,795		825			7,094		60,619		67,713		10,039		57,674		-	2021(A)

140

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)
STEVENS RANCH	TX		18,143		6,407		671			18,143		7,078		25,221		1,415		23,806		-	2021(A)
THE CENTRE AT COPPERFIELD	TX		6,723		22,525		937			6,723		23,462		30,185		7,684		22,501		-	2015(A)
THE CENTRE AT POST OAK	TX		12,642		100,658		(25	)		12,642		100,633		113,275		15,695		97,580		-	2021(A)
THE SHOPPES @ WILDERNESS OAKS	TX		4,359		8,964		(12,427	)		896		-		896		-		896		-	2021(A)
TOMBALL CROSSINGS	TX		8,517		28,484		2,386			7,965		31,422		39,387		9,280		30,107		-	2013(A)
TOMBALL MARKETPLACE	TX		4,280		31,793		1,685			4,280		33,478		37,758		5,962		31,796		-	2021(A)
TRENTON CROSSING - NORTH MCALLEN	TX		6,279		29,686		3,245			6,279		32,930		39,209		6,067		33,142		-	2021(A)
VILLAGE PLAZA AT BUNKER HILL	TX		21,320		233,086		3,431			21,320		236,518		257,838		35,836		222,002		70,446	2021(A)
WESTCHASE S.C.	TX		7,547		35,653		6,770			7,547		42,424		49,971		6,855		43,116		-	2021(A)
WESTHILL VILLAGE	TX		11,948		26,479		607			11,948		27,086		39,034		4,785		34,249		-	2021(A)
WOODBRIDGE SHOPPING CENTER	TX		2,569		6,814		628			2,569		7,442		10,011		2,972		7,040		-	2012(A)
BURKE TOWN PLAZA	VA		-		43,240		(4,668	)		-		38,572		38,572		11,539		27,033		-	2014(A)
CENTRO ARLINGTON	VA		3,937		35,103		1,412			3,937		36,515		40,452		4,615		35,837		-	2021(A)
CENTRO ARLINGTON-RESI	VA		15,012		155,639		2,356			15,012		157,995		173,007		13,328		159,679		-	2021(A)
DOCSTONE COMMONS	VA		3,839		11,468		719			3,904		12,123		16,027		3,487		12,540		-	2016(A)
DOCSTONE O/P - STAPLES	VA		1,425		4,318		(828	)		1,168		3,747		4,915		1,171		3,744		-	2016(A)
DULLES TOWN CROSSING	VA		53,285		104,176		3,523			52,726		108,257		160,983		33,451		127,532		-	2015(A)
GORDON PLAZA	VA		-		3,331		7,336			5,573		5,094		10,667		2,627		8,040		-	2017(A)
HILLTOP VILLAGE CENTER	VA		23,409		93,673		425			23,409		94,098		117,507		13,448		104,059		-	2021(A)
OLD TOWN PLAZA	VA		4,500		41,570		(14,002	)		3,053		29,015		32,068		10,522		21,546		-	2007(A)
POTOMAC RUN PLAZA	VA		27,370		48,451		4,106			27,370		52,558		79,928		24,074		55,854		-	2008(A)
STAFFORD MARKETPLACE	VA		26,893		86,450		17,559			29,486		101,416		130,902		27,677		103,225		-	2015(A)
STONEBRIDGE AT POTOMAC TOWN CENTER	VA		52,190		73,877		62,900			52,190		136,776		188,966		26,626		162,340		-	2023(A)
WEST ALEX - RETAIL	VA		6,043		55,434		3,651			6,043		59,086		65,129		6,651		58,478		-	2021(A)
WEST ALEX-OFFICE	VA		1,479		10,458		1,623			1,479		12,082		13,561		1,412		12,149		-	2021(A)
WEST ALEX-RESI	VA		15,892		65,282		2,228			15,892		67,510		83,402		8,547		74,855		-	2021(A)
AUBURN NORTH	WA		7,786		18,158		13,144			7,786		31,302		39,088		13,408		25,680		-	2007(A)
COVINGTON ESPLANADE	WA		6,009		47,941		322			6,009		48,263		54,272		6,463		47,809		-	2021(A)
FRANKLIN PARK COMMONS	WA		5,419		11,989		13,091			5,419		25,080		30,499		7,775		22,724		-	2015(A)
FRONTIER VILLAGE SHOPPING CTR.	WA		10,751		44,861		3,306			10,751		48,167		58,918		14,314		44,604		-	2012(A)
GATEWAY SHOPPING CENTER	WA		6,938		11,270		9,869			6,938		21,139		28,077		5,666		22,411		-	2016(A)
SILVERDALE PLAZA	WA		3,875		33,109		1,213			3,756		34,441		38,197		11,400		26,797		-	2012(A)
THE MARKETPLACE AT FACTORIA	WA		60,502		92,696		29,206			65,782		116,623		182,405		36,587		145,818		-	2013(A)
THE WHITTAKER	WA		15,799		23,508		(63	)		15,799		23,445		39,244		3,848		35,396		-	2021(A)

141

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)


						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND		BUILDING AND IMPROVEMENTS		TOTAL		ACCUMULATED DEPRECIATION (2)		ACCUMULATED DEPRECIATION		ENCUMBRANCES (3)		CONSTRUCTION (C)

OTHER PROPERTY INTERESTS
ASANTE RETAIL CENTER	AZ		8,703		3,406		(11,939	)		170		-		170		-		170		-	2004(C)
HOMESTEAD-WACHTEL LAND LEASE	FL		150		-		-			150		-		150		-		150		-	2013(A)
RAMCO DUVAL LAND TRS	MI		3,522		-		-			3,522		-		3,522		-		3,522		-	2024(A)
RAMCO RIVER CITY LAND	MI		4,890		-		2			4,892		-		4,892		-		4,892		-	2024(A)
PALM COAST LANDING OUTPARCELS	FL		1,460		-		212			1,460		212		1,672		-		1,672		-	2021(A)
LAKE WALES S.C.	FL		601		-		-			601		-		601		-		601		-	2009(A)
FLINT - VACANT LAND	MI		101		-		(101	)		-		-		-		-		-		-	2012(A)
CHARLOTTE SPORTS & FITNESS CTR	NC		501		1,859		1,180			501		3,039		3,540		2,234		1,306		-	1986(A)
SURF CITY CROSSING	NC		5,260		-		(3,565	)		1,695		-		1,695		-		1,695		-	2021(A)
THE SHOPPES AT CAVENESS FARMS	NC		5,470		-		47			5,470		47		5,517		1		5,516		-	2021(A)
WAKEFIELD COMMONS III	NC		6,506		-		(5,397	)		787		322		1,109		321		788		-	2001(C)
WAKEFIELD CROSSINGS	NC		3,414		-		(3,277	)		137		-		137		-		137		-	2001(C)
HILLSBOROUGH PROMENADE	NJ		11,887		-		(6,632	)		5,006		249		5,255		163		5,093		-	2001(C)
JERICHO ATRIUM	NY		10,624		20,065		6,235			10,624		26,300		36,924		10,014		26,910		-	2016(A)
KEY BANK BUILDING	NY		1,500		40,487		(6,898	)		669		34,420		35,089		23,841		11,248		-	2006(A)
MANHASSET CENTER (RESIDENTIAL)	NY		950		-		-			950		-		950		-		950		-	2012(A)
MERRY LANE (PARKING LOT)	NY		1,486		2		1,362			1,486		1,364		2,850		-		2,850		-	2007(A)
NORTHPORT LAND PARCEL	NY		-		14		82			-		96		96		16		80		-	2012(A)
MCMINNVILLE PLAZA	OR		4,062		-		479			4,062		479		4,541		-		4,541		-	2006(C)
1935 WEST GRAY	TX		780		-		14			780		14		794		1		793		-	2021(A)
2503 MCCUE, LLC	TX		-		2,287		-			-		2,287		2,287		1,997		291		-	2021(A)
NORTH TOWNE PLAZA - BROWNSVILLE	TX		1,517		-		1,017			1,517		1,017		2,534		99		2,435		-	2021(A)
RICHMOND SQUARE - PAD	TX		570		-		157			570		157		727		-		727		-	2021(A)
TEXAS CITY LAND	TX		1,000		-		-			1,000		-		1,000		-		1,000		-	2021(A)
WESTOVER SQUARE	TX		1,520		-		(785	)		735		-		735		-		735		-	2021(A)
BLUE RIDGE	Various		12,347		71,530		(50,787	)		3,511		29,584		33,095		21,952		11,143		-	2005(A)
BALANCE OF PORTFOLIO (4)	Various		1,909		65,127		(35,427	)		-		31,618		31,618		10,565		21,054		-
TOTALS		$	4,570,877	$	13,665,782	$	3,382,197		$	4,552,341	$	17,066,515	$	21,618,856	$	4,849,564	$	16,769,292	$	467,203

(1)

The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment.

(2)

The Company had accumulated amortization relating to in-place leases and above-market leases aggregating $934,526.

(3)

Includes fair market value of debt adjustments, net and deferred financing costs, net.

142

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

(4)

Includes fixtures, leasehold improvements and other costs capitalized.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows:


Buildings and building improvements (in years)		5 to 50
Fixtures, building and leasehold improvements		Terms of leases or useful lives, whichever is shorter
(including certain identified intangible assets)

The aggregate cost for Federal income tax purposes was approximately $19.4 billion at December 31, 2025.

The changes in total real estate assets for the years ended December 31, 2025, 2024 and 2023 are as follows:


	2025			2024			2023
Balance, beginning of period	$	21,170,572		$	18,937,794		$	18,457,242
Additions during period:
Acquisitions		217,811			1,977,992			208,001
Improvements		332,281			337,729			263,171
Transfers from unconsolidated joint ventures		77,912			-			166,490
Deductions during period:
Sales and assets held-for-sale		(67,608	)		(8,549	)		(85,541	)
Write-off of assets		(103,721	)		(62,358	)		(59,832	)
Adjustment to property carrying values		(8,391	)		(12,036	)		(11,737	)
Balance, end of period	$	21,618,856		$	21,170,572		$	18,937,794

The changes in accumulated depreciation and amortization for the years ended December 31, 2025, 2024 and 2023 are as follows:


	2025			2024			2023
Balance, beginning of period	$	4,360,239		$	3,842,869		$	3,417,414
Additions during period:
Depreciation for year		605,201			581,429			492,434
Deductions during period:
Sales and assets held-for-sale		(19,014	)		(116	)		(7,147	)
Write-off of assets		(96,862	)		(63,943	)		(59,832	)
Balance, end of period	$	4,849,564		$	4,360,239		$	3,842,869

Reclassifications: Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation.

143

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

As of December 31, 2025

(in thousands)


Description	Interest Rate			Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Original Face Amount of Mortgages		Carrying Amount of Mortgages (b)			Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail 1st Mortgage
Waldorf, MD (c)		9.00	%	Jul-27	I	$	-	$	107,000	$	97,000		$	-
Pompano Beach, FL		8.00	%	Mar-27	I		-		35,000		35,000			-
Ballwin, MO		6.35	%	Mar-29	I		-		11,970		11,970			-
Individually < 3% (d) (e)	(f)			(g)	I		-		39,939		21,992			-
Retail 2nd Mortgage
St. Louis Park, MN (h)		9.25	%	Aug-32	I		-		34,350		25,600			-
Lynwood, CA		9.00	%	Jul-26	I		-		16,463		16,463			-
Fairfax, VA		8.00	%	May-29	I		-		14,000		14,000			-
Cape Coral, FL		12.50	%	Sep-27	I		-		12,500		12,500			-
Individually < 3% (i)	(j)			(k)	I		-		91,217		79,227			-
Nonretail
Individually < 3% (l)	(m)			(n)	P&I; PIK		-		3,854		2,167			-

Other Financing Loans:
Retail
Borrower A	(o)			Aug-29	P&I		-		75,000		73,125			-
Nonretail
Borrower B		7.00	%	Mar-31	P&I		-		397		243			-

Allowance for Credit Losses							-		-		(5,352	)		-

						$	-	$	441,690	$	383,935		$	-

(a)

I = Interest only; P&I = Principal & Interest; PIK = Paid in Kind at Maturity.

(b)

The aggregate cost for Federal income tax purposes was approximately $383.9 million as of December 31, 2025.

(c)

There was an outstanding undrawn mortgage loan balance of $10.0 million as of December 31, 2025, for which the Company earns interest at a rate of 1.0% annum.

(d)

Comprised of four separate loans with original loan amounts ranging from $2.8 million to $8.6 million.

(e)

There was an outstanding undrawn mortgage loan balance of $3.7 million as of December 31, 2025, for which the Company earns interest at a rate of 1.0% annum.

(f)

Interest rates range from 10.00% to 12.50%.

(g)

Maturity dates range from August 2028 to September 2031.

(h)

There was an outstanding undrawn mortgage loan balance of $8.8 million as of December 31, 2025 for which the Company earns interest at a rate of 1.0% annum.

(i)

Comprised of 10 separate loans with original loan amounts ranging from $3.1 million to $10.9 million.

(j)

Interest rates range from 9.50% to 12.00%.

(k)

Maturity dates range from November 2026 to October 2034.

(l)

Comprised of three separate loans with original loan amounts ranging from $30.7 thousand to $2.0 million.

(m)

Interest rates range from 6.88% to 12.00%.

(n)

Maturity dates range from October 2026 to December 2030.

(o)

Interest rate is SOFR plus 7.75% (11.92% as of December 31, 2025).

The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2025, the Company had a total of 26 loans, all of which were performing. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, guarantees of the borrower and the prospects of the borrower.

144

The following table reconciles mortgage loans and other financing receivables from January 1, 2023 to December 31, 2025 (in thousands):


		2025				2024				2023
Balance at January 1,	$		444,966		$		130,745		$		87,359
Additions:
New mortgage and other loans			279,403				428,121				43,519
Deductions:
Loan repayments			(324,983	)			(108,297	)			(35	)
Collections of principal			(16,899	)			(103	)			(98	)
Recovery/(provision) for credit losses			1,448				(5,500	)		-
Balance at December 31,	$		383,935		$		444,966		$		130,745

145

10-K: Annual report [Section 13 and 15(d), not S-K Item 405]

PART I

Item 1. Business

Item 1B. Unresolved Staff Comments

Item 1C. Cybersecurity

Item 2. Properties

Item 3. Legal Proceedings

Item 4. Mine Safety Disclosures

PART II

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 6. Reserved

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Item 8. Financial Statements and Supplementary Data

Item 9A. Controls and Procedures

Item 9B. Other Information

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 10. Directors, Executive Officers and Corporate Governance

Item 11. Executive Compensation

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 13. Certain Relationships and Related Transactions, and Director Independence

Item 14. Principal Accountant Fees and Services

PART IV

Item 15. Exhibits and Financial Statement Schedules

Item 16. Form 10-K Summary