Annual
Report2024
kimcorealty.com
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) and 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 strategically concentrated in the first-ring suburbs of the top major metro-
politan markets, including high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities.
Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping
trips per week.
Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in
shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for
more than 65 years. As of December 31, 2024, the company owned interests in 568 U.S. shopping centers
and mixed-use assets comprising 101 million square feet of gross leasable space. For further information,
please visit www.kimcorealty.com.
2024 Operating Review............................1
Form 10-K.................................................... 8
Stockholder Information....................... 176
Corporate Directory ............................IBC
Suburban Square and Coulter Avenue
Ardmore, Pennsylvania
Dear Fellow Stockholders and Associates,
As we close the books on 2024, we are proud to
report a year of outstanding achievements, strate-
gic milestones, and disciplined execution that have
further cemented Kimco’s position as the leader in
open-air, grocery-anchored shopping centers and
mixed-use properties. We navigated an evolving
economic landscape with conviction, capitalizing
on favorable supply and demand dynamics, making
targeted, high-value investments, and strengthening
our financial position.
We began the year on a high note with the successful
acquisition of RPT Realty, which added high-quality
assets in key markets while unlocking operational
efficiencies and synergies, surpassing our initial
expectations.
Our success is rooted in the quality and prime loca-
tions of our shopping centers, the advantages of
scale afforded by our unique operating platform, and
a best-in-class team. Despite concerns over broader
macroeconomic trends, consumer spending remained
robust in 2024, growing 4.2% in the fourth quarter,
buoyed by a strong labor market and 2.8% GDP growth
for the year. Against this backdrop, our well-located
centers in first-ring suburbs continued to outperform,
benefiting from a continuation of limited supply due
to historically low new retail development, sustained
tenant demand across retail categories, and strategic
portfolio enhancements.
A Portfolio Built for Growth
Net income available to Kimco’s common shareholders
per diluted share was $0.55 for 2024, compared to $1.02
in 2023. The year-over-year change was primarily driven
by the $194.1 million one-time special cash dividend
received from Kimco’s investment in Albertsons Compa-
nies, Inc. (NYSE: ACI) in 2023. Funds From Operations*
(“FFO”) for the full year 2024 were $1.1 billion, or $1.65
per diluted share, compared to $970 million, or $1.57
per diluted share, for 2023, representing 5.1% year-over-
year per share growth. This growth reflects our ability
to capitalize on a favorable operating environment and
a well-positioned portfolio to drive strong results that
directly contribute to our bottom line.
Our success is rooted in the
quality and prime locations
of our shopping centers,
the advantages of scale
afforded by our unique
operating platform, and a
best-in-class team.
Palms at Town & Country
Miami, Florida
kimcorealty.com
Annual Report 2024 | 1
*Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided.
Kimco’s portfolio continues to benefit from favorable
supply-demand dynamics in the commercial real estate
sector, with new construction measuring just 0.3% of
existing stock and national vacancy rates near record
lows. This, combined with strong retailer demand, pro-
pelled our leasing efforts in 2024, and we ended the
year at near-record occupancy with elevated retention
rates and robust rent growth.
We ended 2024 with fourth quarter pro-rata portfo-
lio occupancy of 96.3%, reflecting a 10-basis-point
year-over-year increase. Pro-rata anchor occupancy
ended the year at 98.2%, up 20 basis points over the
fourth quarter 2023, and pro-rata small-shop occu-
pancy remained close to its all-time high at 91.7%,
with our high-quality centers continuing to attract
retailers across a broad range of categories. We
see additional opportunity to grow our small shop
occupancy rate even higher by leveraging strong
interest from service, medical, and wellness concepts.
Our retention rate for renewals and options sits at
approximately 90% and is a key contributor to our
strong leasing spreads. Pro-rata cash rent spreads on
new leases increased by 34.8% for 2024 and 35.4% in
the fourth quarter, marking 13 consecutive quarters
of double-digit growth. This sustained performance
highlights the embedded rent growth potential in
our portfolio.
Pro-rata anchor occupancy
ended the year at 98.2%,
up 20 basis points over
the fourth quarter 2023,
and pro-rata small-shop
occupancy remained close to its all-time
high at 91.7%, with our high-quality
centers continuing to attract retailers
across a broad range of categories.
2 | Annual Report 2024
kimcorealty.com
Same Property net operating income* (“NOI”) grew
3.5% for the full year 2024 compared to 2023, with mini-
mum rent growth serving as the primary driver. Minimum
rents grew 3.3%, driven by $33.8 million of rent that
commenced in 2024. Our signed-but-not-open (“SNO”)
pipeline, which represents signed leases that have yet to
pay rent, ended the year at $56 million of future annual
base rent. This remains a key driver of future growth,
with approximately 80% of these 374 leases expected
to commence in 2025, generating approximately $25
million in additional annual base rent.
Notably, throughout the year, our portfolio’s grocery-an-
chored composition increased to 84%, up from 82% at
the end of 2023. While the retail landscape continues
to evolve with advancements in automation, delivery
technology, generative AI, and e-commerce, Kimco has
solidified its position as “first in last-mile retail” – provid-
ing the premier locations that help retailers execute their
omnichannel strategies and solve the last-mile challenge.
With a strong foundation in necessity-based retail, our
properties are anchored by essential grocery tenants
and complemented by a growing mix of service-oriented
businesses – including healthcare providers, fitness studios,
personal care services, and experiential retail – that thrive
on in-person interactions and cannot be replicated online.
This well-balanced tenant mix helps ensure our centers
remain anchored in everyday life, positioned to thrive even
as delivery methods shift and consumer habits evolve.
As we head into 2025, recent retail bankruptcies, includ-
ing Party City, JOANN and Big Lots, have garnered
attention, but we see them as opportunities rather than
setbacks. With retail space in high demand and new
supply constrained, we expect to re-lease any spaces
returned to us at higher rents while also upgrading
tenant credit quality, driving greater foot traffic, and
enhancing the long-term value of our centers. Impor-
tantly, our credit loss assumptions for tenant disrup-
tion remain unchanged from previous years as these
retailers had well-documented financial challenges,
allowing us to anticipate and mitigate potential impacts.
kimcorealty.com
Annual Report 2024 | 3
Mary Brickell Village
Miami, Florida
4 | Annual Report 2024
kimcorealty.com
Strategic Growth & Capital
Allocation
We continued to deploy capital at attractive spreads
to our cost of capital in 2024, taking advantage of dis-
locations in the market. Our acquisition of Waterford
Lakes Town Center in Orlando, Florida, represents a
prime example of our ability to identify and execute
on compelling opportunities in high-growth markets.
Additionally, in January of 2025, we successfully con-
verted The Markets at Town Center in Jacksonville,
Florida from a mezzanine financing position into a
wholly owned asset, highlighting the potential acquisi-
tion pipeline from our Structured Investment Program.
The Structured Investment Program continues to gen-
erate strong risk-adjusted returns while positioning us
for future growth. Since inception, this program has
provided a strategic foothold in some of the most
desirable retail properties across the country, offering
an attractive pathway to potential direct ownership as
each investment includes a right of first offer or refusal
(“ROFO” and “ROFR”).
Our mixed-use redevelopment pipeline advanced
significantly, with Kimco surpassing its 2025 goal of
entitling 12,000 residential units a full year ahead of
schedule. Entitling residential units at our best-located
retail centers creates future growth opportunities
while maintaining capital flexibility. We estimate the
value of our entitlements to be between $180 million
to $330 million, underscoring the significant value
embedded in our assets, which our team is actively
working to unlock.
In 2025, we plan to accretively recycle capital, monetiz-
ing long-term ground leases at favorable cap rates and
selectively selling development entitlements. The cap-
ital generated from these initiatives will be redeployed
into core investments that drive sustainable, recurring
income and enhance our long-term growth profile.
Waterford Lakes Town Center
Orlando, Florida
Balance Sheet Strength &
Financial Discipline
Our balance sheet remains a cornerstone of our suc-
cess, reflecting our commitment to financial discipline
and strategic capital management. In 2024, we took
proactive steps to bolster liquidity and enhance our
credit metrics. A key milestone was the successful
monetization of our remaining shares in ACI, generat-
ing $299.1 million of net proceeds that we reinvested
into our business.
We efficiently utilized our At-the-Market (“ATM”)
equity offering program in the fourth quarter of 2024,
raising $136.3 million through the sale of 5.4 million
shares of common stock at an average price of $25.07
per share. The net proceeds from this were used to
accretively acquire The Markets at Town Center. Addi-
tionally, we successfully executed a cash tender offer
for just over 22% of our 7.25% Class N Cumulative
Convertible Perpetual Preferred Stock for a total of
$26.7 million, optimizing our capital structure and
enhancing long-term financial flexibility.
At year-end, our consolidated net debt to EBITDA*
improved to 5.3x – the lowest level since we began
tracking this metric. Our liquidity position remains excep-
tionally strong, with $690 million in available cash and
cash equivalents and full access to our $2 billion revolv-
ing credit facility.
In September 2024, we opportunistically issued $500
million of senior unsecured notes at 4.85% to pre-
fund our $500 million of 3.30% senior unsecured
notes that matured in February 2025. With only $290
million in remaining 2025 maturities, our capital struc-
ture remains well-positioned for continued growth.
Our strong financial position has been recognized by
rating agencies, with Fitch Ratings assigning us an A-,
and S&P and Moody’s maintaining their investment
grade ratings of BBB+ and Baa1, respectively. S&P, and
subsequently Moody’s, upgraded Kimco to a positive
outlook. All of these improvements enhance our ability
to secure competitive financing while demonstrating
our disciplined liability risk management.
Reflecting confidence in our financial strength and
cash flow growth, our Board of Directors raised the
quarterly cash common dividend to $0.25 per share
($1.00 per annum), a 4.2% increase compared to the
same period in the prior year.
These strategic financial initiatives underscore our com-
mitment to maintaining a strong balance sheet while
providing the flexibility to capitalize on growth opportu-
nities and delivering sustained value to our stockholders.
kimcorealty.com
Annual Report 2024 | 5
The Marketplace at Factoria
Bellevue, Washington
Our strong financial position
has been recognized by rating
agencies, with Fitch Ratings
assigning us an A-, and S&P
and Moody’s maintaining
their investment grade ratings of
BBB+ and Baa1, respectively. S&P, and
subsequently Moody’s, upgraded Kimco
to a positive outlook.
A Legacy of Leadership and
a Vision for the Future
Strong leadership has been the foundation of Kimco’s
success, and as we look to the future, we also rec-
ognize the legacy that brought us here. Our founder
and Executive Chairman, Milton Cooper, has played
an instrumental role in shaping both Kimco and the
broader REIT industry. His vision in taking Kimco
public in 1991 helped redefine commercial real estate
by ushering in a new era of institutional investment
in the sector.
With his upcoming transition to Chairman Emeritus,
we express our deepest gratitude for his decades of
leadership and unwavering commitment to Kimco’s
long-term success. His dedication to integrity, inno-
vation, and strategic foresight will continue to serve
as a guiding force for the company.
At the same time, we are pleased to welcome Richard
Saltzman as our new Independent Chairman, bring-
ing valuable industry experience and insight to the
Board. Additionally, we are excited to add Nancy
Lashine and Ross Cooper as new Board members,
further strengthening our leadership team as we
look to the future.
Looking Ahead
With a best-in-class portfolio, a disciplined balance
sheet, and a strong pipeline of growth opportuni-
ties, we are confident in Kimco’s ability to deliver
long-term value for stockholders. Positioned to
navigate any business cycle, we remain committed
to optimizing our portfolio and deploying capital
strategically to drive meaningful returns and max-
imize FFO growth.
We look forward to another year of growth and
success together. Thank you for your continued
trust and partnership.
6 | Annual Report 2024
kimcorealty.com
Milton Cooper
Executive Chairman
Conor C. Flynn
Chief Executive Officer
Ross Cooper
President, Chief Investment Officer
Glenn G. Cohen
Executive Vice President, Chief Financial Officer
David Jamieson
Executive Vice President, Chief Operating Officer
With a best-in-class portfolio,
a disciplined balance sheet,
and a strong pipeline of
growth opportunities, we are
confident in Kimco’s ability
to deliver long-term value for
stockholders.
Non-GAAP Measure: EBITDA
(Unaudited, dollars in thousands)
EBITDA (a non-GAAP financial measure within the meaning of the rules of the SEC) is generally calculated
by the company as net income/(loss) before interest, depreciation and amortization, provision/benefit for
income taxes, gains/losses on sale of operating properties, losses/gains on change of control, profit participation
from other investments, pension valuation adjustments, gains/losses on marketable securities and
impairment charges.
Our method of calculating EBITDA may be different from methods used by other REITs and, accordingly,
may not be comparable to such measures used by other REITs. We believe that EBITDA is an important
metric in determining the success of our business as a real estate owner and operator. See the reconciliation
to the applicable GAAP measure below.
In addition, we present a ratio of Net Debt to EBITDA, which is calculated using the non-GAAP measures:
(1) Total debt outstanding reduced by the company’s cash and cash equivalents, and (2) Annualized EBITDA,
each as reconciled to the applicable GAAP measures below.
Three Months Ended
December 31, 2024
Net income
$167,999
Interest
83,684
Depreciation and amortization
156,130
Gain on sale of properties
(330)
Impairment charges (including real estate joint ventures)
1,207
Profit participation from other investments, net
240
Loss on marketable securities/derivative, net
1,627
Benefit for income taxes
(46,938)
Consolidated EBITDA
$363,619
Consolidated Debt
$8,461,176
Consolidated Cash
(689,731)
Consolidated Net Debt
$7,771,445
Annualized Consolidated EBITDA
$1,454,476
Net Debt to Consolidated EBITDA
5.3x
Form 10-K
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, 2024
OR
☐ 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 $12.8 billion based upon the closing price on
the New York Stock Exchange for such equity on June 28, 2024.
(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, 2025, Kimco Realty Corporation had 679,482,034 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 April 29, 2025.
Index to Exhibits begins on page 48.
KIMCO REALTY CORPORATION
KIMCO REALTY OP, LLC
ANNUAL REPORT ON FORM 10-K
FISCAL YEAR ENDED DECEMBER 31, 2024
EXPLANATORY NOTE
Prior to January 1, 2023, the business of Kimco Realty Corporation (the “Company”) was conducted through a predecessor entity also known as Kimco
Realty Corporation (the “Predecessor”). On December 14, 2022, the Predecessor’s Board of Directors approved the entry into an Agreement and Plan
of Merger (the “UPREIT Merger”) with the company formerly known as New KRC Corp., which was a Maryland corporation and wholly owned
subsidiary of the Predecessor (the “Parent Company”), and KRC Merger Sub Corp., which was a Maryland corporation and wholly owned subsidiary
of the Parent Company (“Merger Sub”), to effect the reorganization (the “Reorganization”) of the Predecessor’s business into an umbrella partnership
real estate investment trust, or “UPREIT”.
On January 1, 2023, pursuant to the UPREIT Merger, Merger Sub merged with and into the Predecessor, with the Predecessor continuing as the
surviving entity and a wholly-owned subsidiary of the Parent Company, and each outstanding share of capital stock of the Predecessor was converted
into one equivalent share of capital stock of the Parent Company (each share of which has continued to trade under their respective existing ticker
symbol with the same rights, powers and limitations that existed immediately prior to the Reorganization).
In connection with the Reorganization, the Parent Company changed its name to Kimco Realty Corporation, and replaced the Predecessor as the New
York Stock Exchange-listed public company. Effective as of January 3, 2023, the Predecessor converted into a limited liability company, organized in
the State of Delaware, known as Kimco Realty OP, LLC, the entity we refer to herein as “Kimco OP”.
Following the Reorganization, 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. In addition, the officers and directors of the Company were the same as the officers and directors of the
Predecessor immediately prior to the Reorganization. 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.
The Parent Company is a real estate investment trust ("REIT") and is the managing member of Kimco OP. As of December 31, 2024, the Parent
Company owned 99.84% of the outstanding limited liability company interests (the "OP Units") in 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 capital currently includes OP Units owned by the Parent Company and non-controlling OP Units owned by third
parties and certain officers and directors of the Company. OP Units owned by outside members are accounted for within capital on Kimco OP’s
financial statements and in non-controlling 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.
This report combines the Annual Reports on Form 10-K for the year ended December 31, 2024, of the Parent Company and Kimco OP into this single
report. 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 business;
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).
Throughout this Annual Report, unless the context requires otherwise:
The “Company,” “we,” “our” or “us” refer to:
o
for the period prior to January 1, 2023 (the period preceding the UPREIT Merger), the Predecessor and its business and operations
conducted through its directly or indirectly owned subsidiaries;
o
for the period on or after January 1, 2023 (the period from and following the UPREIT Merger), the Parent Company and its business
and operations conducted through its directly or indirectly owned subsidiaries, including Kimco OP; and
o
in statements regarding qualification as a REIT, such terms refer solely to the Predecessor or Parent Company, as applicable.
“Kimco OP” refers to Kimco Realty OP, LLC, our operating company following the UPREIT Merger.
References to “shares” and “shareholders” refer to the shares and shareholders of the Predecessor prior to January 1, 2023 and of the Parent
Company on or after January 1, 2023, and not the limited liability company interests of Kimco OP.
i
TABLE OF CONTENTS
Item No.
Form 10-K
Report
Page
PART I
2
Item 1. Business
2
Item 1A. Risk Factors
7
Item 1B. Unresolved Staff Comments
19
Item 1C. Cybersecurity
19
Item 2. Properties
21
Item 3. Legal Proceedings
23
Item 4. Mine Safety Disclosures
23
PART II
24
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
24
Item 6. Reserved
26
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
27
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
44
Item 8. Financial Statements and Supplementary Data
44
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
44
Item 9A. Controls and Procedures
44
Item 9B. Other Information
45
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
45
PART III
46
Item 10. Directors, Executive Officers and Corporate Governance
46
Item 11. Executive Compensation
46
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
46
Item 13. Certain Relationships and Related Transactions, and Director Independence
46
Item 14. Principal Accountant Fees and Services
46
PART IV
47
Item 15. Exhibits and Financial Statement Schedules
47
Item 16. Form 10-K Summary
47
This page intentionally left blank.
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, performances or achievements. Factors which may cause actual results to differ materially from current expectations
include, but are not limited to, (i) financial disruption, 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 hold certain securities 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.
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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 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 annually distribute at
least 90% of its net 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 less than 100% of
its net taxable income, including any net capital gains. In January of 2023, the Company consummated the Reorganization into an
UPREIT structure as described in the Explanatory Note at the beginning of this Annual Report. 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 Predecessor reorganized as a Maryland
corporation. In March 2006, the Predecessor 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 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 developed various residential and mixed-use operating properties and continues to 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, 2024, the Parent Company is the managing member of Kimco OP and owns 99.84% 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, 2024, the Company had interests in 568 shopping center properties (the “Combined Shopping Center Portfolio”),
aggregating 101.1 million square feet of gross leasable area (“GLA”), located in 30 states. In addition, the Company had 67 other
property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.5 million
square feet of GLA.
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RPT Merger
On August 28, 2023, the Company and RPT Realty (“RPT”) announced that they had entered into a definitive merger agreement (the
“Merger Agreement”) pursuant to which the Company would acquire RPT through a series of mergers (collectively, the “RPT Merger”).
On January 2, 2024, RPT merged with and into the Company, with the Company continuing as the surviving public company. The RPT
Merger 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 the Company’s
newly issued 7.25% Class N Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share (“Class N Preferred Stock”).
In connection with the RPT Merger, the Company issued 53.0 million shares of common stock, 1.8 million depositary shares of Class
N Preferred Stock, and 953,400 OP Units. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the
RPT Merger.
Economic Conditions
The economy continues to face challenges, which could impact the Company and its tenants, including elevated inflation and interest
rates. These factors could slow economic growth and adversely affect the Company and its tenants which could negatively affect the
overall demand for retail space, including the demand for leasable space in the Company’s properties and 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 18 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, 2024, 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 12,379 units of which 3,357 units have been constructed
as of December 31, 2024. The Company continues to place strategic emphasis on live/work/play environments and in reinvesting in its
existing assets, while building shareholder value. This philosophy is exemplified by the Company’s Signature SeriesTM properties which
include key value creation projects in the Company's portfolio that exemplify our transformation and highlight our focus on quality,
concentration around core metropolitan statistical areas, and/or growth through redevelopment and development opportunities. Signature
Series properties also include fully entitled, shovel-ready mixed-use projects, and opportunities that the Company continues to identify
and entitle as it seeks to achieve the highest and best use of its real estate, enhance its communities, and create value for its stakeholders
for years to come.
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-/BBB+/Baa1) by three major ratings agencies. The
Company maintains one of the longest weighted average debt maturity profiles in the REIT industry, now at 8.0 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
a growing portfolio of 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-/BBB+/Baa1 unsecured debt ratings;
continuing growth in desirable demographic areas with successful retailers, primarily focused on grocery anchors; and
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increasing the number of entitlements for residential use.
During September 2024, Fitch Ratings assigned the Company a rating of A- for its senior unsecured debt, assigned a BBB credit rating
for its preferred stock, and assigned its ‘Stable’ rating outlook. As a result, the Company achieved certain interest rate reductions and
facility fee reduction for its unsecured revolving credit facility (the “Credit Facility”) and unsecured term loans. In addition, during
September 2024, S&P Global Ratings affirmed the Company's BBB+ credit rating for its senior unsecured debt and changed its outlook
from 'Stable' to 'Positive'. During January 2025, Moody's Ratings affirmed the Company's Baa1 credit rating, for its senior unsecured
debt rating and changed its outlook from 'Stable' to 'Positive'.
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.
The Company has identified the following areas where it is well positioned for sustainable growth in the future.
High Quality, Diversified
Portfolio
Accretive Capital
Allocation
Significant Financial
Strength
Corporate Responsibility
Leadership
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
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
Maintain a strong balance
sheet and liquidity position
with an emphasis on
reduced leverage and a
sustainable and growing
dividend
Over $2.7 billion of
immediate liquidity,
including the Company's
$2.0 billion unsecured
revolving credit facility
8.0‐year consolidated
weighted average debt
maturity profile
Over 525 unencumbered
properties, approximately
91% of the centers in the
Company's portfolio
Over 60 years of delivering
value to investors, tenants,
employees, and
communities
Corporate Responsibility
approach is aligned with
core business strategy
Proactive approach to
quantifying, 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, 2024, 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,
2024, the Company’s single largest tenant represented only 3.7%, and the Company’s five largest tenants aggregated less than 10.7%,
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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, 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.
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. 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 seven 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.
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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 associates 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, 2024, a total of 717 persons were employed by the Company, of which 31%
were located in our corporate office with the remainder located in 31 offices throughout the United States or working remotely. The
average tenure of our employees was 9.6 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 Company’s overall Corporate Responsibility program objectives 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.
The Company recognizes that climate change is a significant stakeholder issue threatening the viability of economic and environmental
systems globally. 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. The Company has
established a near-term greenhouse gas (“GHG”) emissions reduction target of reducing Scope 1 and 2 emissions 30% from a 2018
baseline by 2030, and separately has a target of achieving net zero Scope 1 and 2 GHG emissions by 2050.
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
Acute Hazards - Windstorms
Increased frequency and intensity of windstorms, such as hurricanes, could lead to property
damage, loss of property value, increased operation 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 - 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
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.
6
The Company’s approach in mitigating these risks include, but are 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 inaugural green bond offering. The net proceeds from this
offering are allocated to finance or refinance, in whole or in part, recently completed, existing or future eligible green projects, which
projects are to be aligned with the four core components of 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 emissions reductions. In 2024, the Company entered into a credit agreement in which
$310.0 million in new term loans were issued with rate adjustments that are also tied to the attainment (or non-attainment) of Scope 1
and 2 greenhouse gas emissions. During 2024, the Company attained the Scope 1 and 2 gas 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 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, 2024:
Name
Age
Position
Joined Kimco
Milton Cooper
95
Executive Chairman of the Board of Directors
Co-Founder
Conor C. Flynn
44
Chief Executive Officer
2003
Ross Cooper
42
President and Chief Investment Officer
2006
Glenn G. Cohen
60
Executive Vice President,
Chief Financial Officer
1995
David Jamieson
44
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:
changes in the national, regional and local economic climate;
local conditions, including an oversupply of, or a reduction in demand for, space in properties like those that we own or operate;
trends toward smaller store sizes as retailers reduce inventory and develop new prototypes;
increasing use by customers of e-commerce and online store sites;
the attractiveness of our properties to tenants;
market disruptions due to global pandemics or other health epidemics;
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the ability of tenants to pay rent, particularly anchor tenants with leases in multiple locations;
tenants who may declare bankruptcy and/or close stores;
competition from other available properties to attract and retain tenants;
changes in market rental rates;
the need to periodically pay for costs to repair, renovate and re-let space;
ongoing consolidation in the retail sector;
the excess amount of retail space in a number of markets;
changes in operating costs, including costs for maintenance, insurance and real estate taxes;
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;
changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes;
acts of terrorism and war and acts of God, including physical and weather-related damage to our properties;
the continued service and availability of key personnel; and
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, telemarketing or home
shopping networks, 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, including anchor 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 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, including anchor 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
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businesses, including, but not limited to, inflation, labor shortages, 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 increasing 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 growing 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 Combined Shopping Center 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, 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.
We may acquire or develop properties or acquire other real estate related companies, and this may create risks.
We may 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 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
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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, 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 increases in 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 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.
In the event that we decide to redevelop existing properties, we will be subject 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, 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, 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, could adversely impact our business. Many of our tenants sell imported goods, and tariffs
or other trade restrictions could materially increase costs for these tenants. To the extent our tenants are unable to pass these costs on to
their customers, our tenants’ operations 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, 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 could also
adversely impact global supply chains which could further increase costs for us and our tenants or delay delivery of key inventories and
supplies.
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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. Future compliance with the ADA may require expensive
changes to the 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:
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;
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;
our inability to control the legal entity that has title to the real estate associated with the joint venture;
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;
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
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 receivables or other investments, which may result in significant
losses to us.
Our investments in mortgage receivables are subject to specific risks relating to the borrower and the underlying property. 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:
changes in the national, regional and local economic climate;
the adverse financial condition of some large retailing companies;
increasing use by customers of e-commerce and online store sites; and
ongoing consolidation in the retail sector.
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A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such
assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether
the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be
required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal
to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized
through earnings, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent
recoveries in fair value.
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. Impairment charges have an immediate direct impact on our earnings. There can be no assurance that we will not
take additional charges in the future related to the impairment of our assets. Any future impairment 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
international operations.
We have experienced cybersecurity attacks, and future 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. There can be
no assurance that our cybersecurity risk management program, security controls and security processes, or those of our third-party
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services providers will be fully implemented, complied with, or effective or that security breaches or disruptions will not materially
impact our business.
We have experienced cybersecurity incidents that to date have not resulted, and are not expected to result, in a material impact on the
Company’s business operations or financial results. For example, in February 2023, the Company experienced a criminal ransomware
attack affecting data contained on legacy servers of Weingarten Realty Investors (“WRI”). The Company acquired WRI in August 2021.
The affected servers and exfiltrated data were on the WRI network. The WRI network is separate and is not connected to the Company’s
network. The Company promptly initiated an investigation and its response protocols, including deploying containment measures such
as taking affected systems offline, implementing enhanced monitoring technology and data recovery processes. The Company also
notified federal law enforcement, engaged the services of cybersecurity and forensics professionals, and restored affected systems. The
WRI network data is historical and stored for archival purposes. 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:
disrupting the proper functioning of our networks and systems and, therefore, our operations and/or those of certain of our
tenants;
resulting in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
resulting in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a
REIT;
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;
resulting in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;
requiring significant management attention and resources to remediate systems, fulfill compliance requirements and/or to
remedy any damages that result;
subjecting us to regulatory enforcement, including investigative costs and fines or penalties;
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
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 reviewed by legal and information security. 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 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 data privacy, information
security and intellectual property considerations.
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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, 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 outbreak of novel coronavirus (COVID-19).
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
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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 position 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.
We may 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 initial obligation 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 greenhouse gas 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, we note that standards regarding the monitoring and accounting of GHG
emissions, as well as any GHG emissions reductions, continue to evolve. As with other companies, our approach to such corporate
responsibility matters also evolves, and we cannot guarantee that our approach will align with any particular stakeholder’s expectations
or preferences. Stakeholders (including policymakers) have varying, and at times conflicting, expectations. We may face reputational
damage, including impacts to any related ratings, or additional costs in the event our sustainability procedures 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. 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
15
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.
We cannot assure you that we will be able to access the credit and/or equity markets to obtain additional debt or equity financing 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:
we could have great difficulty acquiring or developing properties, which would materially adversely affect our investment
strategy;
our liquidity could be adversely affected;
we may be unable to repay or refinance our indebtedness;
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
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:
requiring the Company to use a substantial portion of our cash flow from operations to service our indebtedness, which would
reduce the available cash flow to fund working capital, capital expenditures, development projects, and other general corporate
purposes and reduce cash for distributions;
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;
increasing our costs of incurring additional debt;
subjecting us to floating interest rates;
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;
restricting the Company from making strategic acquisitions, developing properties, or exploiting business opportunities;
restricting the way in which we conduct our business because of financial and operating covenants in the agreements governing
our existing and future indebtedness;
16
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 operating results;
increasing our vulnerability to a downturn in general economic conditions; and
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 bear interest at a floating rate, and as a result an increase in 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:
the extent of institutional investor interest in us;
the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;
the attractiveness of the securities of REITs in comparison to securities issued by other entities, including securities issued by
other real estate companies;
our financial condition and performance;
the market’s perception of our growth potential, potential future cash dividends and risk profile;
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
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:
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
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.
17
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, excluding net capital gains. 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:
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;
we could possibly be subject to a federal alternative minimum tax or increased state and local taxes;
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
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 to our stockholders at least 90% of our REIT taxable income each year, excluding
net capital gains, and we will be subject to regular U.S. federal corporate income taxes on the amount we distribute that is less than
100% of our net taxable income each year, including capital gains. 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
18
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 the gross income tests and certain of the 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 would 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
historic 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. 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 for taxable years beginning before January 1, 2026. 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.
19
Our cybersecurity risk management program leverages the National Institute of Standards and Technology (“NIST”) cybersecurity
framework, which organizes cybersecurity risks into five categories: 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:
risk assessments designed to help identify material cybersecurity risks to our critical systems and information;
a security team principally responsible for managing (i) our cybersecurity risk assessment processes, (ii) our security controls,
and (iii) our response to cybersecurity incidents;
the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes;
cybersecurity awareness training for our employees, incident response personnel, and senior management;
a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
a third-party risk management process for critical service providers.
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. 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 has primary responsibility for our overall cybersecurity risk
management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants, and
in this capacity, the Committee works closely with the Chief Information Security Officer.
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 employee security awareness training and internal phishing exercises. 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.
20
Item 2. Properties
Real Estate Portfolio
As of December 31, 2024, the Company had interests in 568 shopping center properties aggregating 101.1 million square feet of GLA
located in 30 states. In addition, the Company had 67 other property interests, primarily including net leased properties, preferred equity
investments, and other investments, totaling 5.5 million square feet of GLA. Open-air shopping centers comprise the primary focus of
the Company's current portfolio. As of December 31, 2024, the Company’s Combined Shopping Center Portfolio, was 96.3% leased.
The Company's open-air shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had
an average size of 177,978 square feet as of December 31, 2024. 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 2024, the Company expended $156.2 million in connection with
property redevelopments and $168.3 million related to improvements.
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 TJX
Companies, Ross Stores, The Home Depot, Amazon/Whole Foods Market, Burlington Stores, Albertsons Companies, PetSmart, Ahold
Delhaize, Kroger, and Dick's Sporting Goods.
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, 2024, 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, 2024, the
Company’s five largest tenants were TJX Companies, Ross Stores, The Home Depot, Amazon/Whole Foods Market, and Burlington
Stores, which represented 3.7%, 1.8%, 1.8%, 1.7% and 1.7%, respectively, 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.
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, 2024. Amounts for GLA and Annual Base Rent in thousands:
Market
Rank
Number of
Properties
Total
Proportionate
Share of GLA
Total
Proportionate
Share of
Annual
Base Rent
% of Gross
Annual Rent
Baltimore, Washington D.C.
1
47
8,286 $
168,391
10.2 %
New York
2
71
6,784 $
166,965
10.1 %
Los Angeles, Orange County, San Diego
3
48
7,535 $
151,753
9.2 %
Miami, Ft. Lauderdale
4
47
7,105 $
144,284
8.8 %
Houston
5
31
6,095 $
125,915
7.6 %
Orlando
6
18
3,851 $
81,172
4.9 %
San Francisco, Sacramento, San Jose
7
24
3,037 $
80,111
4.9 %
Phoenix
8
23
4,524 $
66,661
4.0 %
Philadelphia
9
21
3,040 $
58,498
3.6 %
Atlanta
10
19
3,296 $
51,314
3.1 %
21
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's standard small store lease provides
for reimbursements by the tenant as part 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, 2024. 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, 2024, the Company’s consolidated operating portfolio, comprised of 459 shopping center properties aggregating
79.7 million square feet of GLA, was 96.4% leased. The consolidated operating portfolio consists entirely of properties located in the
U.S., inclusive of Puerto Rico. For the period of January 1, 2024 to December 31, 2024, 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
$20.24 to $20.36, an increase of $0.12. This increase primarily consists of (i) a $0.42 increase relating to rent step-ups within the portfolio
and new leases signed, net of leases vacated and (ii) a $0.10 increase relating to acquisitions, partially offset by (iii) a $0.40 decrease
relating to the acquisition of RPT.
The Company has a total of 9,382 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 Annual Base
22
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 Annual
Base
Rent Expiring
% of Gross
Annual Rent
(1)
130
477
$
10,596
0.7 %
2025
875
4,856
$
99,236
6.7 %
2026
1,312
11,203
$
191,462
12.9 %
2027
1,385
10,748
$
202,735
13.6 %
2028
1,381
11,324
$
221,941
14.9 %
2029
1,287
10,352
$
199,588
13.4 %
2030
793
6,721
$
135,513
9.1 %
2031
434
2,902
$
63,952
4.3 %
2032
431
3,274
$
63,071
4.2 %
2033
457
3,615
$
70,462
4.7 %
2034
442
3,444
$
77,147
5.2 %
(1)
Leases currently under a month-to-month lease or in process of renewal.
During 2024, the Company executed 1,556 leases totaling 10.3 million square feet in the Company’s consolidated operating portfolio
comprised of 431 new leases and 1,125 renewals and options. The leasing costs associated with these new leases are estimated to
aggregate $111.5 million, or $44.93 per square foot. These costs include $88.5 million of tenant improvements and $23.0 million of
external leasing commissions. The average rent per square foot for (i) new leases was $22.63 and (ii) renewals and options was $19.79.
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 40 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 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.
23
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 2,732 as of January 31, 2025.
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 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 less than 100% of its net taxable income, including any net capital
gains. 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,
2024
2023
Dividend paid per share (1)
$
0.97 $
1.02
Ordinary income
68 %
99 %
Capital gains
32 %
-
Return of capital
-
1 %
(1) During 2023, the Company’s Board of Directors declared a $0.09 per common share special cash dividend to maintain distribution requirements
as a REIT.
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
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 "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 Plan.
Recent Sales of Unregistered Securities: None.
24
Issuer Purchases of Equity Securities:
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, par
value $1.00 per share through February 28, 2026.
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.
During February 2018, the Company established a common share repurchase program, which is scheduled to expire on February 28,
2026. Under this 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 $300.0 million. The Company did not repurchase any shares under the share repurchase program during the year
ended December 31, 2024. As of December 31, 2024, the Company had $224.9 million available under this common share repurchase
program.
During the year ended December 31, 2024, the Company repurchased 792,317 shares of the Company’s common stock for an aggregate
purchase price of $15.8 million (weighted average price of $20.00 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, 2024.
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, 2024 - October 31, 2024
24,141
$
24.00
-
$
224.9
November 1, 2024 - November 30, 2024
164
25.31
-
$
224.9
December 1, 2024 - December 31, 2024
259
23.01
-
$
224.9
Total
24,564
$
24.00
-
Total Stockholder Return Performance: The following performance chart compares, over the five years ended December 31, 2024, 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.
25
Stockholder return performance, presented annually for the five years ended December 31, 2024, 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-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Kimco Realty Corporation
$
100 $
76 $
129 $
115 $
122 $
140
S&P 500
$
100 $
118 $
152 $
125 $
158 $
197
NAREIT Equity REITs
$
100 $
92 $
132 $
100 $
113 $
123
Item 6. Reserved
26
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 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 accounting principles generally accepted in the
United States of America (“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, 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. 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 notes
receivable, net balance at December 31, 2024, the Company’s rental income and net income would decrease by $3.4 million for the year
ended December 31, 2024. 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
27
tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and
liabilities (consisting of above and below-market leases, in-place leases, and tenant relationships, 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 2024, the Company acquired properties, including those in connection with the RPT Merger, for a net real estate fair value of
$2.1 billion of which, $19.7 million, or less than 1% of the net real estate fair value, was allocated to above-market leases and $83.5
million, or 4% of the net real estate fair value, was allocated to below-market leases. If the amounts allocated in 2024 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 $4.5 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, general market conditions and delays of development, 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.
28
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.
Corporate UPREIT Reorganization
In January of 2023, the Company completed the Reorganization into an UPREIT structure as described in the Explanatory Note at the
beginning of this Annual Report. Prior to the Reorganization, the Company’s business was conducted through the Predecessor. This
Annual Report includes the business and results of operations of the Predecessor for its fiscal year ended December 31, 2022. As a result
of the Reorganization, the Company became the successor issuer to the Predecessor under the Exchange Act. The Company and Kimco
OP have elected to co-file this Annual Report on Form 10-K to ensure continuity of information to investors. For additional information
about the Reorganization, please see the Company’s Current Reports on Form 8-K filed with the SEC on January 3, 2023 and January
4, 2023.
Financial Highlights
The following highlights the Company’s significant transactions, events and results that occurred during the year ended December 31,
2024:
Financial and Portfolio Information:
Net income available to the Company’s common shareholders was $375.7 million, or $0.55 per diluted share, for the year
ended December 31, 2024 as compared to $629.3 million, or $1.02 per diluted share, for the year ended December 31, 2023.
Funds From Operations ("FFO"), a supplemental non-GAAP financial measure of REIT performance, available to the
Company’s common shareholders was $1.1 billion, or $1.65 per diluted share, for the year ended December 31, 2024, as
compared to $970.0 million, or $1.57 per diluted share, for the corresponding period in 2023 (see additional disclosure on FFO
beginning on page 41).
Same property net operating income (“Same property NOI”) was $1.53 billion and $1.47 billion for the years ended
December 31, 2024 and December 31, 2023, respectively, an increase of 3.5% (see additional disclosure on Same property
NOI beginning on page 42).
Executed 1,556 new leases, renewals and options totaling approximately 10.3 million square feet in the consolidated operating
portfolio during the year ended December 31, 2024.
Consolidated operating portfolio occupancy at December 31, 2024 was 96.4% as compared to 96.1% at December 31, 2023.
Acquisitions, Dispositions and Other Activity (see Footnotes 2, 4, 5, and 9 of the Notes to Consolidated Financial Statements included
in this Form 10-K):
Acquired 56 open-air shopping centers, including 43 wholly owned and 13 joint venture assets, in conjunction with the RPT
Merger.
Acquired Waterford Lakes Town Center, located in Orlando, Florida, for a purchase price of $322.0 million,
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, before noncontrolling interests and taxes.
Monetized the remaining 14.2 million shares of Albertsons Companies Inc. (“ACI”) common stock held by the Company,
generating net proceeds of $299.1 million.
Capital Activity (for additional details see Liquidity and Capital Resources below):
Issued $500.0 million of 4.85% unsecured notes maturing March 2035.
Obtained a $550.0 million unsecured term loan credit facility, in separate transactions, maturing in January 2026 (with three
one-year options to extend to January 2029).
Assumed $821.5 million of unsecured notes and term loans in conjunction with the RPT Merger, of which the Company repaid
$511.5 million of unsecured notes in January 2024.
Assumed $164.6 million of mortgage debt through the acquisition of an operating property, and repaid $11.8 million of
mortgage debt that encumbered three operating properties.
29
Issued 5.4 million shares of common stock under the Company's At The Market ("ATM") Program for net proceeds after
commissions and related expenses of $135.8 million.
Issued 53.0 million shares of common stock and 1,849 shares of Class N Preferred Stock to effect the RPT Merger.
Repurchased 409,772 Class N depositary shares for an aggregate cost of $26.7 million.
Entered into 26 interest rate swap agreements with notional amounts aggregating $860.0 million.
As of December 31, 2024, had $2.7 billion in immediate liquidity, including $689.7 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,
2024, is as follows:
As of December 31, 2024, the Company’s consolidated debt had a weighted average interest rate of 3.89% and a weighted
average maturity profile of 8.0 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 rather than high-priced luxury items.
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 continue to 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.
30
Results of Operations
Comparison of the years ended December 31, 2024 and 2023
The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended
December 31, 2024, as compared to the corresponding period in 2023 (in thousands, except per share data):
Year Ended December 31,
2024
2023
Change
Revenues
Revenues from rental properties, net
$
2,019,065
$
1,767,057
$
252,008
Management and other fee income
17,949
16,343
1,606
Operating expenses
Rent (1)
(16,837 )
(15,997 )
(840 )
Real estate taxes
(261,700 )
(231,578 )
(30,122 )
Operating and maintenance (2)
(359,116 )
(309,143 )
(49,973 )
General and administrative (3)
(138,140 )
(136,807 )
(1,333 )
Impairment charges
(4,476 )
(14,043 )
9,567
Merger charges
(25,246 )
(4,766 )
(20,480 )
Depreciation and amortization
(603,685 )
(507,265 )
(96,420 )
Gain on sale of properties
1,274
74,976
(73,702 )
Other income/(expense)
Special dividend income
-
194,116
(194,116 )
Other income, net
57,605
39,960
17,645
(Loss)/gain on marketable securities, net
(27,679 )
21,262
(48,941 )
Interest expense
(307,806 )
(250,201 )
(57,605 )
Provision for income taxes, net
(25,417 )
(60,952 )
35,535
Equity in income of joint ventures, net
83,827
72,278
11,549
Equity in income of other investments, net
9,821
10,709
(888 )
Net income attributable to noncontrolling interests
(8,654 )
(11,676 )
3,022
Preferred stock redemption charges
(3,304 )
-
(3,304 )
Preferred dividends, net
(31,763 )
(25,021 )
(6,742 )
Net income available to the Company's common shareholders
$
375,718
$
629,252
$
(253,534 )
Net income available to the Company's common shareholders:
Diluted per share
$
0.55
$
1.02
$
(0.47 )
(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 $375.7 million for the year ended December 31, 2024, as compared
to $629.3 million for the comparable period in 2023. On a diluted per share basis, net income available to the Company’s common
shareholders for the year ended December 31, 2024 was $0.55, as compared to $1.02 for the comparable period in 2023. For additional
disclosure, see Footnote 29 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, 2024, as compared to the corresponding period in 2023:
Revenues from rental properties, net –
The increase in Revenues from rental properties, net of $252.0 million is primarily from (i) a net increase in revenues of $178.6 million
due to properties acquired through the RPT Merger, (ii) a net increase in revenues of $63.0 million, primarily due to an increase in
leasing activity and net growth in the current portfolio, and (iii) an increase in revenues of $21.4 million due to properties acquired
during 2024 and 2023, partially offset by (iv) a decrease in revenues of $6.1 million due to dispositions in 2024 and 2023 and (v) a
decrease in net straight-line rental income of $4.9 million primarily due to tenants that are being accounted for on a cash basis.
31
Real estate taxes –
The increase in Real estate taxes of $30.1 million is primarily due to the RPT Merger and other properties acquired during 2024 and
2023, partially offset by dispositions during 2024 and 2023.
Operating and maintenance –
The increase in Operating and maintenance expense of $50.0 million is primarily due to (i) an increase of $34.3 million resulting from
properties acquired related to the RPT Merger, (ii) an increase in repairs and maintenance expense of $9.9 million and (iii) an overall
increase in operating costs of $4.4 million.
Impairment charges –
During the years ended December 31, 2024 and 2023, the Company recognized impairment charges of $4.5 million and $14.0 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 years ended December 31, 2024 and 2023, the Company incurred costs of $25.2 million and $4.8 million, respectively,
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 $96.4 million is primarily due to (i) an increase of $107.3 million resulting from
properties acquired during 2024 and 2023, primarily related to the RPT Merger, and (ii) an increase of $38.7 million due to depreciation
commencing on certain redevelopment and tenant improvement projects that were placed into service during 2024 and 2023, partially
offset by (iii) a decrease of $45.1 million due to fully depreciated assets and (iv) a net decrease of $4.5 million primarily from write-offs
due to demolition, vacated tenants, and dispositions during 2024 and 2023.
Gain on sale of properties –
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. During 2023, the Company disposed of six operating properties and
13 parcels, in separate transactions, for an aggregate sales price of $214.2 million, which resulted in aggregate gains of $75.0 million.
Special dividend income –
During 2023, the Company received a $194.1 million special dividend payment on its shares of ACI common stock.
Other income, net –
The increase in Other income, net of $17.6 million is primarily due to (i) a net increase in mortgage and other financing income of $17.6
million, primarily due to the issuance of new loan financing during 2024 and 2023, (ii) an increase in interest income of $6.4 million
due to higher levels of cash on hand, (iii) a decrease in environmental remediation expense of $4.4 million, (iv) an increase in income
of $3.8 million from settlement of contracts, and (v) an increase of $1.2 million from insurance proceeds, partially offset by (vi) a
decrease of $8.7 million relating to net settlement gains recognized upon liquidation of the Company’s defined benefit plan during 2023
and (vii) a decrease in dividend income of $6.9 million, primarily due to the sale of the remaining shares of ACI common stock held by
the Company.
(Loss)/gain on marketable securities, net –
The change in (loss)/gain on marketable securities, net of $48.9 million is primarily the result of mark-to-market fluctuations and the
sale of the remaining shares of ACI common stock held by the Company during 2024 and 2023.
32
Interest expense –
The increase in Interest expense of $57.6 million is primarily due to (i) the issuance of unsecured notes during 2024 and 2023 and (ii)
increased levels of borrowings and assumptions of unsecured notes and term loans in connection with the RPT Merger, partially offset
by (iii) the paydown of unsecured notes during 2024 and 2023.
Provision for income taxes, net –
The decrease in Provision for income taxes, net of $35.5 million is primarily due to lower gains from the sale of ACI common stock
during 2024 as compared to 2023. The Company utilized available deductions to offset a portion of the gain from the sale of ACI
common stock in 2024.
Equity in income of joint ventures, net –
The increase in Equity in income of joint ventures, net of $11.5 million is primarily due to (i) higher equity in income in 2024 as
compared to 2023 of $21.7 million, primarily due to newly acquired joint ventures in connection with the RPT Merger, and (ii) lower
impairments in 2024 as compared to 2023 of $1.0 million, partially offset by (iii) higher gains of $7.5 million recognized on sale of
properties within various joint venture investments during 2023 as compared to 2024 and (iv) an increase in interest expense of $3.7
million.
Preferred stock redemption charges –
During 2024, the Company incurred preferred stock redemption charges of $3.3 million in connection with the Class N Tender Offer.
Preferred dividends, net –
The increase in Preferred dividends, net of $6.7 million is primarily due to the issuance of the Class N Preferred Stock in connection
with the RPT Merger.
Comparison of the years ended December 31, 2023 and 2022
Information pertaining to fiscal year 2022 was included in the Company’s Annual Report on Form 10-K for the year ended December 31,
2023 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 26, 2024.
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.
The Company’s cash flow activities are summarized as follows (in thousands):
Year Ended December 31,
2024
2023
Cash, cash equivalents and restricted cash, beginning of year
$
783,757 $
149,829
Net cash flow provided by operating activities
1,005,621
1,071,607
Net cash flow used for investing activities
(318,541 )
(136,983 )
Net cash flow used for financing activities
(781,106 )
(300,696 )
Net change in cash, cash equivalents and restricted cash
(94,026 )
633,928
Cash, cash equivalents and restricted cash, end of year
$
689,731 $
783,757
Operating Activities
The Company anticipates that cash on hand, net cash flow provided by operating activities, borrowings under its Credit Facility 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 inflationary environment, elevated
interest rates, and other risks detailed in Part I, Item 1A. Risk Factors.
33
Net cash flow provided by operating activities for the year ended December 31, 2024 was $1.0 billion, as compared to $1.1 billion for
the comparable period in 2023. The decrease of $0.1 billion is primarily attributable to:
special dividend payment received from ACI of $194.1 million during 2023;
merger costs incurred in connection with the RPT Merger during 2024 and 2023;
changes in assets and liabilities due to timing of receipts and payments; and
the disposition of operating properties in 2024 and 2023; partially offset by
additional operating cash flow generated by operating properties acquired during 2024 and 2023, including those acquired
in connection with the RPT Merger;
an increase in distributions from the Company’s joint ventures programs; and
new leasing, expansion and re-tenanting of core portfolio properties.
Investing Activities
Net cash flow used for investing activities was $318.5 million for 2024, as compared to $137.0 million for 2023.
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 for 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 for principal payments from 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.
Investing activities during 2023 consisted primarily of:
Cash inflows:
$292.6 million in proceeds from the sale of marketable securities, primarily due to the sale of 14.1 million shares of ACI
common stock;
$160.1 million in proceeds from the sale of six consolidated properties and 13 parcels;
$14.0 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; and
$4.6 million for principal payments from securities held to maturity.
Cash outflows:
$277.3 million for the acquisition/consolidation of four consolidated operating properties and five parcels;
$264.4 million for improvements to operating real estate primarily related to the Company’s active redevelopment pipeline;
$42.9 million for investments in and advances to real estate joint ventures, primarily related to partner buyouts and a
redevelopment project within the Company’s joint venture portfolio, and investments in other investments, primarily
related to funding commitments for certain investments;
$18.5 million for investment in mortgage and other financing receivables; and
$3.6 million for investment in marketable securities.
34
Acquisitions of Operating Real Estate and Other Related Net Assets
During the years ended December 31, 2024 and 2023, the Company expended $152.9 million and $277.3 million, respectively, towards
the acquisition/consolidation of operating real estate properties. The Company anticipates spending approximately $225.0 million to
$275.0 million towards the acquisition of, or the purchase of additional interests in, operating properties during 2025, excluding amounts
expended to purchase properties under finance leasing arrangements. 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.
Improvements to Operating Real Estate
During the years ended December 31, 2024 and 2023, the Company expended $324.5 million and $264.4 million, respectively, towards
improvements to operating real estate. These amounts consist of the following (in thousands):
Year Ended December 31,
2024
2023
Redevelopment and renovations
$
156,240
$
151,067
Tenant improvements and tenant allowances
168,225
113,328
Total improvements
$
324,465
$
264,395
The Company has an ongoing program to redevelop and 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, 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 2025 will be approximately $225.0 million to $275.0 million. The
funding of these capital requirements will be provided by net cash flow provided by operating activities, cash on hand, proceeds from
property dispositions, and/or availability under the Company’s Credit Facility.
Financing Activities
Net cash flow used for financing activities was $781.1 million for 2024, as compared to $300.7 million for 2023.
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 redemption/distribution of 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.
Financing activities during 2023 primarily consisted of the following:
Cash inflows:
$500.0 million in proceeds from issuance of 6.4% senior unsecured notes due in 2034;
$3.7 million in proceeds from the issuance of common stock from stock option exercises; and
$2.5 million from changes in tenants’ security deposits.
35
Cash outflows:
$657.5 million of dividends paid;
$60.8 million in principal payment on debt, including normal amortization of rental property debt;
$58.4 million in redemption/distribution of noncontrolling interests;
$16.3 million in shares repurchased for employee tax withholding on equity awards;
$12.5 million in financing origination costs, in connection with the issuance of senior unsecured notes; and
$1.5 million for repurchase of preferred stock.
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, 2024, the
Company had consolidated floating rate debt totaling $16.8 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 2025 consist of $792.0 million of consolidated debt and $29.7 million of unconsolidated joint venture debt, assuming
the utilization of extension options where available. In February 2025, the Company repaid $500.0 million of 3.30% senior unsecured
notes upon maturity. The 2025 remaining consolidated debt maturities are anticipated to be repaid with net cash flow provided by
operating activities, cash on hand, and/or debt refinancing, as deemed appropriate. The 2025 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 January 2023, 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 registration statement on Form S-8 for its 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 provides 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, restricted stock units,
performance awards, dividend equivalents, stock payments, deferred stock awards and long-term incentive plan units. At December 31,
2024, the Company had 2.9 million shares of common stock available for issuance under the 2020 Plan. (see Footnote 24 of the Notes
to Consolidated Financial Statements included in this Form 10-K).
Preferred Stock –
Under the terms of the Merger Agreement, 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, having the rights, preferences and privileges substantially as set forth in the Merger Agreement, in each case, without interest,
and subject to any withholding required under applicable law, upon the terms and subject to the conditions set forth in the Merger
Agreement.
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, through February 28, 2026. During the year ended
December 31, 2024, the Company repurchased the following preferred stock:
Class of Preferred Stock
Depositary
Shares
Repurchased
Purchase
Price
(in thousands)
Class N
80
$
5
36
On November 4, 2024, the Company commenced the Class N 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. 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.
Common Stock –
During September 2023, the Company established an 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 $500.0 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. The Company issued 5.4 million shares and received net proceeds after commissions
and related expenses of $135.8 million under the ATM Program during the year ended December 31, 2024. As of December 31, 2024,
the Company had $362.5 million available under this ATM Program.
During February 2018, the Company established a common share repurchase program, which is scheduled to expire on February 28,
2026. Under this 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 $300.0 million. The Company did not repurchase any shares under the share repurchase program during 2024
and 2023. As of December 31, 2024, the Company had $224.9 million available under this common share repurchase program.
In connection with the RPT Merger, each RPT common share issued and outstanding immediately prior to the effective time of the RPT
Merger was converted into 0.6049 shares of newly issued shares of Kimco common stock, resulting in approximately 53.0 million
common shares issued to effect the RPT Merger.
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, 2024
Consolidated Indebtedness to Total Assets
<60%
38%
Consolidated Secured Indebtedness to Total Assets
<40%
2%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge
>1.50x
4.4x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness
>1.50x
2.4x
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.
In connection with the Reorganization, Kimco OP became the issuer of the senior notes and the Parent Company has provided a full and
unconditional guarantee of Kimco OP’s obligations under each series of senior notes previously issued and outstanding.
During September 2024, the Company issued $500.0 million in senior unsecured notes, which are scheduled to mature in March 2035
and accrue interest at a rate of 4.85% per annum. These senior unsecured notes are guaranteed by the Company. The Company utilized
the net proceeds from this offering for general corporate purposes.
37
During 2024, the Company fully repaid the following notes payables (dollars in millions):
Type
Date Paid
Amount Repaid
Interest Rate
Maturity Date
Unsecured note
Jan-24
$
246.2
4.45%
Jan-24
Unsecured notes (1)
Jan-24
$
511.5
3.64%-4.74%
Jun-25-Nov-31
Unsecured note
Mar-24
$
400.0
2.70%
Mar-24
(1)
In connection with the RPT Merger, the Company assumed $511.5 million of senior unsecured notes with maturities ranging from 2026 to 2031,
which bore interest at rates ranging from 3.64% to 4.74%. The Merger triggered a change in control, and as such, in January 2024, the Company
repaid these notes, any accrued interest, and make-whole requirements of $0.3 million resulting from the early repayment of these notes, which
are included in Merger charges on the Company’s Consolidated Statements of Income.
Credit Facility –
On September 9, 2024, Fitch Ratings assigned the Company a rating of A- for its senior unsecured debt, assigned a BBB credit rating
for its preferred stock, and assigned its ‘Stable’ rating outlook. As a result, the Company achieved certain interest rate reductions and
facility fee reduction for its Credit Facility and certain unsecured term loans.
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 is
guaranteed by the Parent Company. 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, 2024, the interest rate on the Credit Facility is Adjusted Term
SOFR plus 68.5 basis points (5.21% as of December 31, 2024) 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, 2024,
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, 2024
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.
Term Loans –
The Company entered into a Seventh Amended and Restated Credit Agreement, through which the term loans assumed in connection
with the RPT Merger 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 (Adjusted Term SOFR plus 90.5 basis points which
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. The following unsecured term loans were assumed, terminated and issued
(dollars in millions):
Type
Date Paid
Amount
Interest Rate (1) Maturity Date
Unsecured term loan
Jan-24
$
50.0
4.15%
Nov-26
Unsecured term loan
Jan-24
$
100.0
4.11%
Feb-27
Unsecured term loan
Jan-24
$
50.0
3.43%
Aug-27
Unsecured term loan
Jan-24
$
110.0
3.71%
Feb-28
(1)
As of December 31, 2024, the interest rate on these term loans is Adjusted Term 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 4.5793% to 4.7801% as of December 31, 2024).
On January 2, 2024, Kimco OP entered into a new $200.0 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
38
January 2026 (with three 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 Adjusted Term SOFR Rate (as defined in the
credit agreement), that fluctuates in accordance with changes in Kimco’s senior debt ratings. In addition, during 2024, the Company
amended the Term Loan Credit Facility, in separate transactions, to increase the aggregate principal amount from $200.0 million to
$550.0 million. The additional $350.0 million is subject to the same terms as the existing Term Loan Credit Facility. As of December 31,
2024, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the $550.0 million Term
Loan Credit Facility to an all-in fixed rate of 4.6122%.
Mortgages Payable –
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.
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,
2024, the Company had over 525 unencumbered property interests in its portfolio.
Albertsons Companies, Inc. –
In February 2024, the Company sold its remaining 14.2 million shares of ACI common stock, generating net proceeds of $299.1 million.
For tax purposes, the Company recognized a long-term capital gain of $288.7 million for the year ended December 31, 2024. The
Company retained the proceeds from the ACI stock sales 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.
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 $685.9 million, $657.5 million and $544.7 million in 2024, 2023 and 2022, 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 29, 2024, 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,
2025, to shareholders of record on January 2, 2025. Additionally, the Company’s Board of Directors declared a quarterly cash dividend
of $0.25 per common share, representing a 4.2% increase from the prior quarterly dividend of $0.24, which was paid on December 19,
2024, to shareholders of record on December 5, 2024.
On February 6, 2025, 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, 2025, to shareholders of
record on April 1, 2025. Additionally, on February 6, 2025, the Company’s Board of Directors declared a quarterly cash dividend of
$0.25 per common share payable on March 21, 2025 to shareholders of record on March 7, 2025.
Natural Disaster Impact –
The Company incurred no significant damage to its properties in September and October 2024 as a result of hurricanes Helene and
Milton, which primarily affected Florida, North Carolina, South Carolina and Georgia. In addition, the Company did not incur any
significant damage to its properties in January 2025 as a result of the California wildfires, which have primarily impacted Los Angeles
and the surrounding areas.
39
Contractual Obligations and Other Commitments
Contractual Obligations
The Company has debt obligations relating to its Credit Facility (no outstanding balance as of December 31, 2024), unsecured senior
notes, unsecured term loans and mortgages with maturities ranging from less than two months to 25 years. As of December 31, 2024,
the Company’s consolidated total debt had a weighted average term to maturity of 8.0 years. In addition, the Company has non-
cancelable leases pertaining to its shopping center portfolio. As of December 31, 2024, the Company had 40 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 2025 in connection with these leases
aggregate $12.1 million. The following table summarizes the Company’s consolidated debt maturities (excluding extension options,
unamortized debt issuance costs of $66.1 million and fair market value of debt adjustments aggregating $12.3 million) and obligations
under non-cancelable operating leases as of December 31, 2024:
Payments due by period (in millions)
2025
2026
2027
2028
2029
Thereafter
Total
Long-Term Debt:
Principal (1)
$
816.9
$ 1,384.0
$
626.5
$
637.3
$
238.6
$
4,811.8
$ 8,515.1
Interest (2)
$
308.7
$
269.5
$
232.3
$
210.6
$
199.2
$
1,525.5
$ 2,745.8
Non-cancelable Leases:
Operating leases (3)
$
12.1
$
11.5
$
11.2
$
11.2
$
10.4
$
255.6
$
312.0
Financing leases (4)
$
24.2
$
-
$
-
$
-
$
-
$
-
$
24.2
(1)
Maturities utilized do not reflect extension options, which range from two to five years. For 2025, the Company has scheduled principal
payments of $740.5 million for consolidated unsecured debt and $76.4 million for consolidated secured debt. In February 2025, the Company
repaid $500.0 million of 3.30% senior unsecured notes upon maturity. The Company anticipates satisfying these remaining 2025 debt
obligations with net cash flow provided by operating activities, cash on hand, debt financing, and/or availability under its Credit Facility.
(2)
For loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2024.
(3)
For leases which have inflationary increases, future ground and office rent expense was calculated using the rent based upon initial lease
payment.
(4)
During 2024, the Company exercised its call option to purchase two properties under finance ground lease agreements for an aggregate
purchase price of $24.2 million, which was completed in January 2025.
Commitments
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, 2024, these
letters of credit aggregated $39.8 million.
The Company has other investments with funding commitments of $29.0 million, of which $20.0 million has been funded as of
December 31, 2024.
The Parent Company guarantees the unsecured debt instruments of Kimco OP. 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, 2024, the Company had $16.2 million in performance and
surety bonds outstanding.
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 $36.2 million outstanding at December 31, 2024. 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.
40
In connection with the RPT Merger, the Company provides a guaranty for the payment of any debt service shortfalls on the City of
Jacksonville Series 2005A bonds, which are tax increment revenue bonds issued in connection with a redevelopment project in
Jacksonville, FL. Repayment of the bonds is to be made in accordance with a level-payment amortization schedule over 20 years, and
repayments are made out of tax revenues generated by the redevelopment. The remaining debt service payments due over the life of the
bonds, including principal and interest, are $3.4 million as of December 31, 2024. There have been no payments made by the Company
under this guaranty agreement to date and the Company does not expect to make any payments over the life of the agreement.
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, 2024, 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, 2024, aggregated $1.5 billion. As of December 31, 2024, these loans had scheduled maturities ranging from
five months to 7.2 years and bore interest at rates ranging from 2.81% to SOFR plus 225 basis points (6.65% as of December 31, 2024).
Approximately $29.7 million of the aggregate outstanding loan balance matures in 2025. 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 invested capital in
structured investments, which are primarily accounted for on the equity method of accounting. As of December 31, 2024, the Company’s
other investments were $107.3 million, of which the Company’s net investment under the Preferred Equity program was $70.1 million.
As of December 31, 2024, these preferred equity investment properties had non-recourse mortgage loans aggregating $93.3 million.
These loans have scheduled maturities ranging from six months to 4.5 years and bear interest at rates ranging from 6.80% 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 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
41
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 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 (in thousands, except per share data).
Three Months Ended
December 31,
Year Ended December 31,
2024
2023
2024
2023
Net income available to the Company’s common shareholders
$
154,835 $
133,360 $
375,718 $
629,252
Gain on sale of properties
(330 )
(22,600 )
(1,274 )
(74,976 )
Gain on sale of joint venture properties
-
-
(1,501 )
(9,020 )
Depreciation and amortization - real estate related
154,905
123,053
598,741
502,347
Depreciation and amortization - real estate joint ventures
22,074
16,082
86,235
64,472
Impairment charges (including real estate joint ventures)
1,207
1,020
9,985
15,060
Profit participation from other investments, net
240
366
(5,059 )
(1,916 )
Special dividend income
-
-
-
(194,116 )
Loss/(gain) on marketable securities/derivative, net
1,627
(11,354 )
27,549
(21,996 )
(Benefit)/provision for income taxes (1)
(46,874 )
(112 )
24,832
61,351
Noncontrolling interests (1)
(783 )
(372 )
(3,150 )
(440 )
FFO available to the Company’s common shareholders (3) (4)
$
286,901 $
239,443 $
1,112,076 $
970,018
Weighted average shares outstanding for FFO calculations:
Basic
673,676
617,122
671,561
616,947
Units
3,199
2,389
3,206
2,380
Convertible preferred shares
4,100
-
4,223
-
Dilutive effect of equity awards
751
845
523
1,132
Diluted (2)
681,726
620,356
679,513
620,459
FFO per common share – basic
$
0.43 $
0.39 $
1.66 $
1.57
FFO per common share – diluted (2) (3) (4)
$
0.42 $
0.39 $
1.65 $
1.57
(1) Related to gains, impairment, depreciation on properties, gains/(losses) on sales of marketable securities and derivatives, 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 $2,400 and $763 for the three months ended December 31, 2024 and
2023, respectively. FFO available to the company's common shareholders would be increased by $9,801 and $2,395 for the years ended
December 31, 2024 and 2023, 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 (i) $3.3 million of charges associated with the tender of the Company's Class N Preferred Stock for the three months ended December 31,
2024 and (ii) Merger charges of $1.0 million for the three months ended December 31, 2023.
(4) Includes (i) Merger charges of $25.2 million and $4.8 million for the years ended December 31, 2024 and 2023, respectively, (ii) $3.3 million of
charges associated with the tender of the Company's Class N Preferred Stock for the year ended December 31, 2024, and (iii) income related to
the liquidation of the pension plan of $5.0 million, net for the year ended December 31, 2023.
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 cash flows from operations as a measure of liquidity. The Company
42
considers Same property NOI as an important operating performance measure because it is frequently used by securities analysts and
investors to measure only the net operating income of properties that have been owned by the Company for the entire current and prior
year reporting periods. It excludes properties under 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 in net income due to the development, acquisition or disposition of properties during the particular
period presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.
For the three months and years ended December 31, 2024 and 2023, the Company included Same property NOI from the RPT properties
acquired through the RPT Merger, as the Company owned these properties for the full three months and the majority of the year ended
December 31, 2024. The amount of the adjustment relating to RPT same property NOI for the three months and years ended December
31, 2024 and 2023, included in the table below, represents the Same property NOI from RPT properties prior to the RPT Merger, which
is not included in the Company's Net income available to the Company’s common shareholders.
Same property NOI is calculated using revenues from rental properties (excluding straight-line rent adjustments, lease termination fees,
TIFs 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, accordingly, 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,
2024
2023
2024
2023
Net income available to the Company’s common shareholders
$
154,835 $
133,360 $
375,718 $
629,252
Adjustments:
Management and other fee income
(4,333 )
(3,708 )
(17,949 )
(16,343 )
General and administrative
34,902
35,627
138,140
136,807
Impairment charges
199
-
4,476
14,043
Merger charges
-
1,016
25,246
4,766
Depreciation and amortization
156,130
124,282
603,685
507,265
Gain on sale of properties
(330 )
(22,600 )
(1,274 )
(74,976 )
Special dividend income
-
-
-
(194,116 )
Interest expense and other income, net
66,032
46,917
250,201
210,241
Loss/(gain) on marketable securities, net
66
(3,620 )
27,679
(21,262 )
(Benefit)/provision for income taxes, net
(46,938 )
(175 )
25,417
60,952
Equity in income of other investments, net
(353 )
(1,968 )
(9,821 )
(10,709 )
Net income attributable to noncontrolling interests
1,961
2,468
8,654
11,676
Preferred stock redemption charges
3,304
-
3,304
-
Preferred dividends, net
7,899
6,285
31,763
25,021
RPT same property NOI (1)
-
40,062
606
160,978
Non same property net operating income
(13,781 )
(9,727 )
(54,627 )
(55,508 )
Non-operational expense from joint ventures, net
30,066
24,713
115,695
86,625
Same property NOI
$
389,659 $
372,932 $
1,526,913 $
1,474,712
(1) Amounts for the respective periods, represent 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 $16.7 million, or 4.5%, for the three months ended December 31, 2024, as compared to the
corresponding period in 2023. This increase is primarily the result of (i) an increase of $14.3 million, primarily related to an increase in
rental revenue driven by strong leasing activity, (ii) an increase in other rental income of $1.7 million and (iii) a decrease in credit losses
of $0.7 million.
Same property NOI increased by $52.2 million, or 3.5%, for the year ended December 31, 2024, as compared to the corresponding
period in 2023. This increase is primarily the result of (i) an increase of $48.2 million primarily related to an increase in rental revenue
driven by strong leasing activity, (ii) a decrease in non-recoverable expenses $5.0 million and (iii) an increase in other rental income of
$2.1 million, partially offset by (iv) a decrease in percentage rents of $2.5 million.
New Accounting Pronouncements
See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K.
43
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, 2024, 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, 2024, 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, including fair market value adjustments and unamortized deferred financing costs. The table does not include
extension options where available (amounts in millions).
2025
2026
2027
2028
2029
Thereafter
Total
Fair Value
Secured Debt
Fixed Rate
$
49.2 $
- $
33.2 $
132.4 $
253.7 $
11.1 $
479.6 $
452.9
Average Interest Rate
3.50 %
-
4.01 %
4.49 %
4.51 %
3.33 %
4.34 %
Variable Rate
$
16.8 $
- $
- $
- $
- $
- $
16.8 $
16.8
Average Interest Rate
5.85 %
-
-
-
-
-
5.85 %
Unsecured Debt
Fixed Rate
$
742.8 $ 1,376.9 $
585.2 $
517.7 $
- $
4,742.1 $ 7,964.7 $
7,400.1
Average Interest Rate
3.48 %
3.74 %
4.21 %
2.55 %
-
4.13 %
3.86 %
Based on the Company’s variable-rate debt balances, interest expense would have increased by $0.2 million for the year ended
December 31, 2024, 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, 2024.
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, 2024, 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 -
44
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, 2024.
The effectiveness of Parent Company’s internal control over financial reporting as of December 31, 2024 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, 2024.
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, 2024, 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, 2024.
Item 9B. Other Information
During the three months ended December 31, 2024, 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.
45
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 April 29, 2025 (“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 filed 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 “Proposal 3: Ratification of Independent Accountants” in
our Proxy Statement.
46
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
57
Report of Independent Registered Public Accounting Firm – Kimco Realty OP, LLC and Subsidiaries
59
Consolidated Financial Statements of Kimco Realty Corporation and Subsidiaries
Consolidated Balance Sheets as of December 31, 2024 and 2023
61
Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022
62
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022
63
Consolidated Statements of Changes in Equity for the years ended December 31, 2024, 2023 and 2022
64
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022
66
Consolidated Financial Statements of Kimco Realty OP, LLC and Subsidiaries
Consolidated Balance Sheets as of December 31, 2024 and 2023
67
Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022
68
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022
69
Consolidated Statements of Changes in Capital for the years ended December 31, 2024, 2023 and 2022
70
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022
72
Kimco Realty Corporation and Subsidiaries and Kimco Realty OP, LLC and Subsidiaries
Notes to Consolidated Financial Statements
73
2. Financial Statement Schedules -
Schedule II -
Valuation and Qualifying Accounts for the years ended December 31, 2024, 2023 and 2022
121
Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2024
122
Schedule IV - Mortgage Loans on Real Estate as of December 31, 2024
139
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.
48
Item 16. Form 10-K Summary
None.
47
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
48
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
—
—
—
—
x
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
49
Incorporated by Reference
Exhibit
Number
Exhibit Description
Form
File No.
Date of
Filing
Exhibit
Number
Filed/
Furnished
Herewith
Page
Number
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
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
4.19
Form of Global Note for 4.850% Notes due 2035,
including the form of Notation of Guarantee
8-K
1-10899
09/17/24
4.1
10.1
Amended and Restated Stock Option Plan
10-K
1-10899
03/28/95
10.3
10.2
Second Amended and Restated 1998 Equity
Participation Plan of Kimco Realty Corporation
(restated February 25, 2009)
10-K
1-10899
02/27/09
10.9
10.3
Kimco Realty Corporation Executive Severance
Plan, dated March 15, 2010
8-K
1-10899
03/19/10
10.5
10.4
Restated Kimco Realty Corporation 2010 Equity
Participation Plan
10-K
1-10899
02/27/17
10.6
10.5
Amendment No. 1 to the Kimco Realty
Corporation 2010 Equity Participation Plan
10-K
1-10899
02/23/18
10.7
10.6
Amendment No. 2 to the Kimco Realty
Corporation 2010 Equity Participation Plan
8-K12B
1-10899
01/03/23
10.7
10.7
Form of Performance Share Award Grant Notice
and Performance Share Award Agreement
8-K
1-10899
03/19/10
10.8
10.8
First Amendment to the Kimco Realty
Corporation Executive Severance Plan, dated
March 20, 2012
10-Q
1-10899
05/10/12
10.3
10.9
Amended and Restated Credit Agreement, dated
as of February 27, 2020, among Kimco Realty
Corporation, the subsidiaries of Kimco from time
to time parties thereto, the several banks, financial
institutions and other entities from time to time
party thereto and JPMorgan Chase Bank, N.A., as
administrative agent for the Lenders thereunder
8-K
1-10899
03/02/20
10.1
10.10
Kimco Realty Corporation 2020 Equity
Participation Plan
DEF 14A
1-10899
03/18/20 Annex B
10.11
Kimco Realty Corporation Amended and
Restated 2020 Equity Participation Plan
8-K12B
1-10899
01/03/23
10.8
10.12
Kimco Realty Corporation Second Amended and
Restated 2020 Equity Participation Plan
10-K
1-10899
02/26/24
10.12
10.13
Form of LTIP Unit Award Agreement (Time-
Based)
10-K
1-10899
02/26/24
10.13
10.14
Form of LTIP Unit Award Agreement
(Performance-Based)
10-K
1-10899
02/26/24
10.14
10.15
Credit Agreement, dated April 1, 2020, among
Kimco Realty Corporation and each of the parties
named therein
10-Q
1-10899
08/07/20
10.1
10.16
Amendment No.1 to Credit Agreement, dated
April 20, 2020, among Kimco Realty Corporation
and each of the parties named therein
10-Q
1-10899
08/07/20
10.2
50
Incorporated by Reference
Exhibit
Number
Exhibit Description
Form
File No.
Date of
Filing
Exhibit
Number
Filed/
Furnished
Herewith
Page
Number
10.17
Amendment No.2 to Credit Agreement, dated
April 24, 2020, among Kimco Realty Corporation
and each of the parties named therein
10-Q
1-10899
08/07/20
10.3
10.18
Amendment No. 3 to Amended and Restated
Credit Agreement, dated as of January 3, 2023, by
and among Kimco Realty OP, LLC, Kimco
Realty Corporation, and JPMorgan Chase Bank,
N.A., as administrative agent
8-K12B
1-10899
01/03/23
10.1
10.19
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
10.20
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
10.21
Parent Guarantee, dated as of January 1, 2023, by
Kimco Realty Corporation
8-K12B
1-10899
01/03/23
10.2
10.22
Form of Indemnification Agreement
10-K
1-10899
02/24/23
10.19
10.23
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
10.24
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
10.25
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
10.26
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
51
Incorporated by Reference
Exhibit
Number
Exhibit Description
Form
File No.
Date of
Filing
Exhibit
Number
Filed/
Furnished
Herewith
Page
Number
10.27
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
10.28
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
10.29
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
10.30
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
10.31
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
10.32
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
19.1
Insider Trading Policy
—
—
—
—
x
21.1
Significant Subsidiaries of Kimco Realty
Corporation and Kimco Realty OP, LLC
—
—
—
—
x
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
—
—
—
—
*
52
Incorporated by Reference
Exhibit
Number
Exhibit Description
Form
File No.
Date of
Filing
Exhibit
Number
Filed/
Furnished
Herewith
Page
Number
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
—
—
—
—
**
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
—
—
—
—
x
101.SCH Inline XBRL Taxonomy Extension Schema
—
—
—
—
x
101.CAL Inline XBRL Taxonomy Extension Calculation
Linkbase
—
—
—
—
x
101.DEF Inline XBRL Taxonomy Extension Definition
Linkbase
—
—
—
—
x
101.LAB Inline XBRL Taxonomy Extension Label
Linkbase
—
—
—
—
x
101.PRE Inline XBRL Taxonomy Extension Presentation
Linkbase
—
—
—
—
x
104
Cover Page Interactive Data File (formatted as
Inline XBRL and contained in Exhibit 101)
—
—
—
—
x
* Filed herewith
** Furnished herewith
x - Incorporated by reference to the corresponding Exhibit to the Company’s Annual Report on Form 10-K filed on February 21, 2025.
53
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 21, 2025
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/ Milton Cooper
Executive Chairman of the Board of Directors
February 21, 2025
Milton Cooper
/s/ Conor C. Flynn
Chief Executive Officer and Director
February 21, 2025
Conor C. Flynn
/s/ Ross Cooper
President -
February 21, 2025
Ross Cooper
Chief Investment Officer and Director
/s/ Frank Lourenso
Director
February 21, 2025
Frank Lourenso
/s/ Richard Saltzman
Director
February 21, 2025
Richard Saltzman
/s/ Philip Coviello
Director
February 21, 2025
Philip Coviello
/s/ Mary Hogan Preusse
Director
February 21, 2025
Mary Hogan Preusse
/s/ Valerie Richardson
Director
February 21, 2025
Valerie Richardson
/s/ Henry Moniz
Director
February 21, 2025
Henry Moniz
/s/ Nancy Lashine
Director
February 21, 2025
Nancy Lashine
/s/ Glenn G. Cohen
Executive Vice President -
February 21, 2025
Glenn G. Cohen
Chief Financial Officer
/s/ Paul Westbrook
Vice President -
February 21, 2025
Paul Westbrook
Chief Accounting Officer
54
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 OP, LLC
BY: KIMCO REALTY CORPORATION, managing member
BY: /s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer
Dated: February 21, 2025
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/ Milton Cooper
Executive Chairman of the Board of Directors
February 21, 2025
Milton Cooper
/s/ Conor C. Flynn
Chief Executive Officer and Director
February 21, 2025
Conor C. Flynn
/s/ Ross Cooper
President -
February 21, 2025
Ross Cooper
Chief Investment Officer and Director
/s/ Frank Lourenso
Director
February 21, 2025
Frank Lourenso
/s/ Richard Saltzman
Director
February 21, 2025
Richard Saltzman
/s/ Philip Coviello
Director
February 21, 2025
Philip Coviello
/s/ Mary Hogan Preusse
Director
February 21, 2025
Mary Hogan Preusse
/s/ Valerie Richardson
Director
February 21, 2025
Valerie Richardson
/s/ Henry Moniz
Director
February 21, 2025
Henry Moniz
/s/ Nancy Lashine
Director
February 21, 2025
Nancy Lashine
/s/ Glenn G. Cohen
Executive Vice President -
February 21, 2025
Glenn G. Cohen
Chief Financial Officer
/s/ Paul Westbrook
Vice President -
February 21, 2025
Paul Westbrook
Chief Accounting Officer
55
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
57
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) - Kimco Realty OP, LLC and
Subsidiaries
59
Consolidated Financial Statements and Financial Statement Schedules of Kimco Realty Corporation and
Subsidiaries:
Consolidated Balance Sheets as of December 31, 2024 and 2023
61
Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022
62
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022
63
Consolidated Statements of Changes in Equity for the years ended December 31, 2024, 2023 and 2022
64
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022
66
Consolidated Financial Statements and Financial Statement Schedules of Kimco Realty OP, LLC and
Subsidiaries:
Consolidated Balance Sheets as of December 31, 2024 and 2023
67
Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022
68
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022
69
Consolidated Statements of Changes in Capital for the years ended December 31, 2024, 2023 and 2022
70
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022
72
Financial Statement Schedules:
II.
Valuation and Qualifying Accounts for the years ended December 31, 2024, 2023 and 2022
121
III.
Real Estate and Accumulated Depreciation as of December 31, 2024
122
IV.
Mortgage Loans on Real Estate as of December 31, 2024
139
56
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, 2024, 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, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the
period ended December 31, 2024 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,
2024, 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.
57
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.
Fair value estimate of net real estate assets acquired in the Merger with RPT Realty
As described in Notes 1 and 2 to the consolidated financial statements, management completed the Merger with RPT Realty (RPT),
under which RPT merged with and into the Company, with the Company continuing as the surviving public company. Management
accounted for the RPT Merger as a business combination using the acquisition method of accounting. The total fair value estimate of
the assets acquired and liabilities assumed in the RPT Merger was $1.4 billion, of which the fair value estimate of net real estate assets
acquired, consisting of tangible real estate, in-place leases and above-market and below-market leases, amounted to $1.8 billion. The
fair value estimate of tangible real estate assets acquired was determined by valuing the building as if it were vacant and using direct
capitalization and discounted cash flow methods that 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. The fair value of land is determined by using the sales comparison
approach. In determining the fair value estimate 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
fair value estimate 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.
The principal considerations for our determination that performing procedures relating to the fair value estimate of net real estate assets
acquired in the RPT Merger is a critical audit matter are (i) the significant judgment by management when determining the fair value
estimates of the net real estate assets acquired, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures
and evaluating management’s significant assumptions related to the market lease rates, discount rates, and terminal capitalization rates
for tangible real estate estimates, and the market lease rates for the in-place leases estimates and above-market and below-market leases
estimates (collectively the significant assumptions) and (iii) the audit effort involved the use of professionals with specialized skill and
knowledge.
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 the acquisition
accounting, including controls over the determination of the fair value estimates of net real estate assets acquired in the RPT Merger
and controls over the valuation methods employed and the significant assumptions used. These procedures also included, among others
(i) reading the merger agreement, (ii) testing management’s process for determining the net fair value estimates of real estate assets
acquired, (iii) evaluating the appropriateness of management’s valuation methods, (iv) testing the completeness, accuracy, relevancy
and reliability of the underlying data used, and (v) evaluating the reasonableness of the significant assumptions used by management.
Evaluating management’s significant assumptions involved considering the consistency of the assumptions with current and past
performance of the business, the consistency with external market and industry data and whether these assumptions were consistent with
evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating the
reasonableness of the significant assumptions.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 21, 2025
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.
58
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, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended
December 31, 2024 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
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.
Fair value estimate of net real estate assets acquired in the Merger with RPT Realty
As described in Notes 1 and 2 to the consolidated financial statements, management completed the Merger with RPT Realty (RPT),
under which RPT merged with and into Kimco OP, with Kimco OP continuing as the surviving public company. Management accounted
for the RPT Merger as a business combination using the acquisition method of accounting. The total fair value estimate of the assets
acquired and liabilities assumed in the RPT Merger was $1.4 billion, of which the fair value estimate of net real estate assets acquired,
consisting of tangible real estate, in-place leases and above-market and below-market leases, amounted to $1.8 billion. The fair value
estimate of tangible real estate assets acquired was determined by valuing the building as if it were vacant and using direct capitalization
and discounted cash flow methods that 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. The fair value of land is determined by using the sales comparison approach. In determining
the fair value estimate 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 fair value estimate 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.
The principal considerations for our determination that performing procedures relating to the fair value estimate of net real estate assets
acquired in the RPT Merger is a critical audit matter are (i) the significant judgment by management when determining the fair value
59
estimates of the net real estate assets acquired, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures
and evaluating management’s significant assumptions related to the market lease rates, discount rates, and terminal capitalization rates
for tangible real estate estimates, and the market lease rates for the in-place leases estimates and above-market and below-market leases
estimates (collectively the significant assumptions) and (iii) the audit effort involved the use of professionals with specialized skill and
knowledge.
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 the acquisition
accounting, including controls over the determination of the fair value estimates of net real estate assets acquired in the RPT Merger
and controls over the valuation methods employed and the significant assumptions used. These procedures also included, among others
(i) reading the merger agreement, (ii) testing management’s process for determining the fair value estimates of net real estate assets
acquired, (iii) evaluating the appropriateness of management’s valuation methods, (iv) testing the completeness, accuracy, relevancy
and reliability of the underlying data used, and (v) evaluating the reasonableness of the significant assumptions used by management.
Evaluating management’s significant assumptions involved considering the consistency of the assumptions with current and past
performance of the business, the consistency with external market and industry data and whether these assumptions were consistent with
evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating the
reasonableness of the significant assumptions.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 21, 2025
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.
60
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
December 31, 2024 December 31, 2023
Assets:
Real estate:
Land
$
4,498,196
$
4,177,797
Building and improvements
16,672,376
14,759,997
Real estate
21,170,572
18,937,794
Less: accumulated depreciation and amortization
(4,360,239 )
(3,842,869 )
Total real estate, net
16,810,333
15,094,925
Investments in and advances to real estate joint ventures
1,487,675
1,087,804
Other investments
107,347
144,089
Cash, cash equivalents and restricted cash
689,731
783,757
Marketable securities
2,290
330,057
Accounts and notes receivable, net
340,469
307,617
Deferred charges and prepaid expenses
167,041
155,567
Operating lease right-of-use assets, net
126,441
128,258
Other assets
578,569
241,948
Total assets (1)
$
20,309,896
$
18,274,022
Liabilities:
Notes payable, net
$
7,964,738
$
7,262,851
Mortgages payable, net
496,438
353,945
Accounts payable and accrued expenses
281,867
216,237
Dividends payable
6,409
5,308
Operating lease liabilities
117,199
109,985
Other liabilities
597,456
599,961
Total liabilities (2)
9,464,107
8,548,287
Redeemable noncontrolling interests
47,877
72,277
Commitments and contingencies (Footnote 23)
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and
outstanding (in series) 20,806 and 19,367 shares, respectively; Aggregate liquidation
preference $556,113 and $484,179, respectively
21
19
Common stock, $.01 par value, authorized 1,500,000,000 and 750,000,000 shares,
respectively; Issued and outstanding 679,493,522 and 619,871,237 shares,
respectively
6,795
6,199
Paid-in capital
11,033,485
9,638,494
Cumulative distributions in excess of net income
(398,792 )
(122,576 )
Accumulated other comprehensive income
11,038
3,329
Total stockholders' equity
10,652,547
9,525,465
Noncontrolling interests
145,365
127,993
Total equity
10,797,912
9,653,458
Total liabilities and equity
$
20,309,896
$
18,274,022
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2024 and 2023 of $334,859 and $388,626,
respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.
(2) Includes non-recourse liabilities of consolidated VIEs at December 31, 2024 and 2023 of $161,577 and $180,855, respectively. See Footnote 17
of the Notes to Consolidated Financial Statements.
The accompanying notes are an integral part of these consolidated financial statements.
61
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Year Ended December 31,
2024
2023
2022
Revenues
Revenues from rental properties, net
$
2,019,065 $
1,767,057 $
1,710,848
Management and other fee income
17,949
16,343
16,836
Total revenues
2,037,014
1,783,400
1,727,684
Operating expenses
Rent
(16,837 )
(15,997 )
(15,811 )
Real estate taxes
(261,700 )
(231,578 )
(224,729 )
Operating and maintenance
(359,116 )
(309,143 )
(290,367 )
General and administrative
(138,140 )
(136,807 )
(119,534 )
Impairment charges
(4,476 )
(14,043 )
(21,958 )
Merger charges
(25,246 )
(4,766 )
-
Depreciation and amortization
(603,685 )
(507,265 )
(505,000 )
Total operating expenses
(1,409,200 )
(1,219,599 )
(1,177,399 )
Gain on sale of properties
1,274
74,976
15,179
Operating income
629,088
638,777
565,464
Other income/(expense)
Special dividend income
-
194,116
-
Other income, net
57,605
39,960
28,829
(Loss)/gain on marketable securities, net
(27,679 )
21,262
(315,508 )
Interest expense
(307,806 )
(250,201 )
(226,823 )
Early extinguishment of debt charges
-
-
(7,658 )
Income before income taxes, net, equity in income of joint ventures, net, and
equity in income from other investments, net
351,208
643,914
44,304
Provision for income taxes, net
(25,417 )
(60,952 )
(56,654 )
Equity in income of joint ventures, net
83,827
72,278
109,481
Equity in income of other investments, net
9,821
10,709
17,403
Net income
419,439
665,949
114,534
Net (income)/loss attributable to noncontrolling interests
(8,654 )
(11,676 )
11,442
Net income attributable to the Company
410,785
654,273
125,976
Preferred stock redemption charges
(3,304 )
-
-
Preferred dividends, net
(31,763 )
(25,021 )
(25,218 )
Net income available to the Company's common shareholders
$
375,718 $
629,252 $
100,758
Per common share:
Net income available to the Company's common shareholders:
-Basic
$
0.55 $
1.02 $
0.16
-Diluted
$
0.55 $
1.02 $
0.16
Weighted average shares:
-Basic
671,561
616,947
615,528
-Diluted
672,136
618,199
617,858
The accompanying notes are an integral part of these consolidated financial statements.
62
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Year Ended December 31,
2024
2023
2022
Net income
$
419,439 $
665,949 $
114,534
Other comprehensive income:
Change in unrealized gains related to defined benefit plan
-
(10,581 )
8,365
Unrealized gains on cash flow hedges for interest payments, net
7,239
-
-
Equity in unrealized gains on cash flow hedges for interest payments
of unconsolidated investee, net
470
3,329
-
Other comprehensive income/(loss)
7,709
(7,252 )
8,365
Comprehensive income
427,148
658,697
122,899
Comprehensive (income)/loss attributable to noncontrolling interests
(8,654 )
(11,676 )
11,442
Comprehensive income attributable to the Company
$
418,494 $
647,021 $
134,341
The accompanying notes are an integral part of these consolidated financial statements.
63
64
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Years Ended December 31, 2024, 2023 and 2022
(in thousands)
Preferred Stock
Common Stock
Paid-in
(Cumulative
Distributions in
Excess of Net
Income)/
Accumulated Other
Total
Stockholders'
Noncontrolling
Total
Issued
Amount
Issued
Amount
Capital
Retained Earnings
Comprehensive
Income
Equity
Interests
Equity
Balance at January 1, 2022
20
$
20
616,659
$
6,167
$ 9,591,871
$
299,115
$
2,216
$
9,899,389
$
210,793
$
10,110,182
Contributions from noncontrolling interest
-
-
-
-
-
-
-
-
891
891
Net income/(loss)
-
-
-
-
-
125,976
-
125,976
(11,442 )
114,534
Other comprehensive income:
Change in unrealized gains related to
defined benefit plan
-
-
-
-
-
-
8,365
8,365
-
8,365
Redeemable noncontrolling interests income
-
-
-
-
-
-
-
-
(1,770 )
(1,770 )
Dividends declared to preferred shares
(25,286 )
(25,286 )
(25,286 )
Dividends declared to common shares
-
-
-
-
-
(519,417 )
-
(519,417 )
-
(519,417 )
Repurchase of preferred stock
(1 )
(1 )
-
-
(3,505 )
64
-
(3,442 )
-
(3,442 )
Distributions to noncontrolling interests
-
-
-
-
-
-
-
-
(65,232 )
(65,232 )
Issuance of common stock, net of issuance costs
-
-
2,162
22
11,259
-
-
11,281
-
11,281
Surrender of restricted common stock
-
-
(616 )
(6 )
(13,784 )
-
-
(13,790 )
-
(13,790 )
Exercise of common stock options
-
-
206
1
4,231
-
-
4,232
-
4,232
Amortization of equity awards
-
-
-
-
26,602
-
-
26,602
-
26,602
Redemption/conversion of noncontrolling interests
-
-
73
1
1,597
-
-
1,598
(1,839 )
(241 )
r 31, 2022
19
19
618,484
6,185
9,618,271
(119,548 )
10,581
9,515,508
131,401
9,646,909
g interests
-
-
-
-
-
-
-
-
13
13
-
-
-
-
-
654,273
-
654,273
11,676
665,949
Other comprehensive income:
Change in unrealized gains related to
defined benefit plan
-
-
-
-
-
-
(10,581 )
(10,581 )
-
(10,581 )
Equity in unrealized gains on cash flow hedges
for interest payments of unconsolidated
investee, net
-
-
-
-
-
-
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
Balance at Decembe
Contributions from noncontrollin
et income
N
65
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)
For the Years Ended December 31, 2024, 2023 and 2022
(in thousands)
Preferred Stock
Common Stock
Paid-in
(Cumulative
Distributions in
Excess of Net
Income)/
Accumulated Other
Total
Stockholders'
Noncontrolling
Total
Issued
Amount
Issued
Amount
Capital
Retained Earnings
Comprehensive
Income
Equity
Interests
Equity
Contributions from noncontrolling interests
-
-
-
-
-
-
-
-
399
399
Net income
-
-
-
-
-
410,785
-
410,785
8,654
419,439
Other comprehensive income:
Unrealized gains on cash flow hedges for
interest payments, net
-
-
-
-
-
-
7,239
7,239
-
7,239
Equity in unrealized gains on cash flow hedges
for interest payments of unconsolidated
investee, net
-
-
-
-
-
-
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
-
-
7,404
74
135,721
-
-
135,795
-
135,795
-
-
-
-
-
-
-
-
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
(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.
Issuance of common stock, net
Noncontrolling interests assumed from
the merger (1)
KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2024
2023
2022
Cash flow from operating activities:
Net income
$
419,439
$
665,949
$
114,534
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization
603,685
507,265
505,000
Impairment charges
4,476
14,043
21,958
Straight-line rental income adjustments, net
(23,171 )
(22,517 )
(33,794 )
Amortization of above-market and below-market leases, net
(25,205 )
(17,253 )
(13,591 )
Amortization of deferred financing costs and fair value debt adjustments, net
(762 )
(9,196 )
(28,631 )
Early extinguishment of debt charges
-
-
7,658
Equity award expense
34,900
33,054
26,639
Gain on sale of properties
(1,274 )
(74,976 )
(15,179 )
Loss/(gain) on marketable securities, net
27,679
(21,262 )
315,508
Change in fair value of embedded derivative liability
(129 )
(734 )
-
Equity in income of joint ventures, net
(83,827 )
(72,278 )
(109,481 )
Equity in income from other investments, net
(9,821 )
(10,709 )
(17,403 )
Distributions from joint ventures and other investments
97,723
75,827
83,553
Change in accounts and notes receivable, net
5,993
18,453
(9,104 )
Change in accounts payable and accrued expenses
(21,742 )
5,826
37,655
Change in other operating assets and liabilities, net
(22,343 )
(19,885 )
(24,208 )
Net cash flow provided by operating activities
1,005,621
1,071,607
861,114
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets
(152,943 )
(277,308 )
(300,772 )
Improvements to operating real estate
(324,465 )
(264,395 )
(193,710 )
Acquisition of RPT Realty
(149,103 )
-
-
Investment in marketable securities
(1,375 )
(3,614 )
(4,003 )
Proceeds from sale of marketable securities
301,463
292,552
302,504
Investment in cost method investments
(79 )
(1,569 )
(4,524 )
Investments in and advances to real estate joint ventures
(4,055 )
(24,494 )
(87,301 )
Reimbursements of investments in and advances to real estate joint ventures
26,974
13,738
37,571
Investments in and advances to other investments
(8,012 )
(18,442 )
(17,432 )
Reimbursements of investments in and advances to other investments
2,946
282
30,855
Investment in mortgage and other financing receivables
(202,483 )
(18,519 )
(75,063 )
Collection of mortgage and other financing receivables
108,399
133
60,306
Proceeds from sale of properties
71,280
160,064
184,294
Proceeds from insurance casualty claims
7,558
-
-
Principal payments from securities held-to-maturity
5,354
4,589
4,058
Net cash flow used for investing activities
(318,541 )
(136,983 )
(63,217 )
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt
(11,774 )
(49,460 )
(157,928 )
Principal payments on rental property debt
(10,327 )
(11,308 )
(9,808 )
Proceeds from mortgage loan financings
-
-
19,000
Proceeds from issuance of unsecured term loans
860,000
-
-
Proceeds from issuance of unsecured notes
500,000
500,000
1,250,000
Repayments of unsecured term loans
(310,000 )
-
-
Repayments of unsecured notes
(1,157,700 )
-
(1,449,060 )
Financing origination costs
(8,884 )
(12,481 )
(20,326 )
Payment of early extinguishment of debt charges
-
-
(6,955 )
Contributions from noncontrolling interests
274
13
891
Redemption/distribution of noncontrolling interests
(52,887 )
(58,417 )
(67,453 )
Dividends paid
(685,899 )
(657,460 )
(544,740 )
Proceeds from issuance of stock, net
135,796
3,727
15,513
Repurchase of preferred stock
(26,719 )
(1,491 )
(3,441 )
Shares repurchased for employee tax withholding on equity awards
(15,849 )
(16,293 )
(13,679 )
Principal payments under finance lease obligations
(265 )
-
-
Change in tenants' security deposits
3,128
2,474
5,255
Net cash flow used for financing activities
(781,106 )
(300,696 )
(982,731 )
Net change in cash, cash equivalents and restricted cash
(94,026 )
633,928
(184,834 )
Cash, cash equivalents and restricted cash, beginning of year
783,757
149,829
334,663
Cash, cash equivalents and restricted cash, end of year
$
689,731
$
783,757
$
149,829
Interest paid during the year including payment of early extinguishment of debt charges
of $0, $0 and $6,955, respectively (net of capitalized interest of $2,218, $2,313
and $668, respectively)
$
301,239
$
250,432
$
257,979
Income taxes paid during the year, net of refunds
$
60,936
$
65,267
$
11,869
The accompanying notes are an integral part of these consolidated financial statements.
66
KIMCO REALTY OP, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
December 31,
2024
December 31,
2023
Assets:
Real estate:
Land
$
4,498,196 $
4,177,797
Building and improvements
16,672,376
14,759,997
Real estate
21,170,572
18,937,794
Less: accumulated depreciation and amortization
(4,360,239 )
(3,842,869 )
Total real estate, net
16,810,333
15,094,925
Investments in and advances to real estate joint ventures
1,487,675
1,087,804
Other investments
107,347
144,089
Cash, cash equivalents and restricted cash
689,731
783,757
Marketable securities
2,290
330,057
Accounts and notes receivable, net
340,469
307,617
Deferred charges and prepaid expenses
167,041
155,567
Operating lease right-of-use assets, net
126,441
128,258
Other assets
578,569
241,948
Total assets (1)
$
20,309,896 $
18,274,022
Liabilities:
Notes payable, net
$
7,964,738 $
7,262,851
Mortgages payable, net
496,438
353,945
Accounts payable and accrued expenses
281,867
216,237
Dividends payable
6,409
5,308
Operating lease liabilities
117,199
109,985
Other liabilities
597,456
599,961
Total liabilities (2)
9,464,107
8,548,287
Redeemable noncontrolling interests
47,877
72,277
Commitments and Contingencies (Footnote 23)
Members' capital:
Preferred units; 20,806 and 19,367 units outstanding, respectively
549,588
467,396
General member; 679,493,522 and 619,871,237 common units outstanding,
respectively
10,091,921
9,054,740
Limited members; 1,073,942 common units outstanding at December 31, 2024
22,276
-
Accumulated other comprehensive income
11,038
3,329
Total members' capital
10,674,823
9,525,465
Noncontrolling interests
123,089
127,993
Total capital
10,797,912
9,653,458
Total liabilities and capital
$
20,309,896 $
18,274,022
(1) Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2024 and 2023 of $334,859 and $388,626,
respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.
(2) Includes non-recourse liabilities of consolidated VIEs at December 31, 2024 and 2023 of $161,577 and $180,855, respectively. See Footnote 17
of the Notes to Consolidated Financial Statements.
The accompanying notes are an integral part of these consolidated financial statements.
67
KIMCO REALTY OP, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per unit data)
Year Ended December 31,
2024
2023
2022
Revenues
Revenues from rental properties, net
$
2,019,065 $
1,767,057 $
1,710,848
Management and other fee income
17,949
16,343
16,836
Total revenues
2,037,014
1,783,400
1,727,684
Operating expenses
Rent
(16,837 )
(15,997 )
(15,811 )
Real estate taxes
(261,700 )
(231,578 )
(224,729 )
Operating and maintenance
(359,116 )
(309,143 )
(290,367 )
General and administrative
(138,140 )
(136,807 )
(119,534 )
Impairment charges
(4,476 )
(14,043 )
(21,958 )
Merger charges
(25,246 )
(4,766 )
-
Depreciation and amortization
(603,685 )
(507,265 )
(505,000 )
Total operating expenses
(1,409,200 )
(1,219,599 )
(1,177,399 )
Gain on sale of properties
1,274
74,976
15,179
Operating income
629,088
638,777
565,464
Other income/(expense)
Special dividend income
-
194,116
-
Other income, net
57,605
39,960
28,829
(Loss)/gain on marketable securities, net
(27,679 )
21,262
(315,508 )
Interest expense
(307,806 )
(250,201 )
(226,823 )
Early extinguishment of debt charges
-
-
(7,658 )
Income before income taxes, net, equity in income of joint ventures, net, and
equity in income from other investments, net
351,208
643,914
44,304
Provision for income taxes, net
(25,417 )
(60,952 )
(56,654 )
Equity in income of joint ventures, net
83,827
72,278
109,481
Equity in income of other investments, net
9,821
10,709
17,403
Net income
419,439
665,949
114,534
Net (income)/loss attributable to noncontrolling interests
(7,999 )
(11,676 )
11,442
Net income attributable to the Company
411,440
654,273
125,976
Preferred unit redemption charges
(3,304 )
-
-
Preferred distributions, net
(31,763 )
(25,021 )
(25,218 )
Net income available to the Company's common unitholders
$
376,373 $
629,252 $
100,758
Per common unit:
Net income available to the Company's common unitholders:
-Basic
$
0.55 $
1.02 $
0.16
-Diluted
$
0.55 $
1.02 $
0.16
Weighted average units:
-Basic
672,512
616,947
615,528
-Diluted
673,086
618,199
617,858
The accompanying notes are an integral part of these consolidated financial statements.
68
KIMCO REALTY OP, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Year Ended December 31,
2024
2023
2022
Net income
$
419,439 $
665,949 $
114,534
Other comprehensive income:
Change in unrealized gains related to defined benefit plan
-
(10,581 )
8,365
Unrealized gains on cash flow hedges for interest payments, net
7,239
-
-
Equity in unrealized gains on cash flow hedges for
interest payments of unconsolidated investee, net
470
3,329
-
Other comprehensive income/(loss)
7,709
(7,252 )
8,365
Comprehensive income
427,148
658,697
122,899
Comprehensive (income)/loss attributable to noncontrolling interests
(7,999 )
(11,676 )
11,442
Comprehensive income attributable to Kimco OP
$
419,149 $
647,021 $
134,341
The accompanying notes are an integral part of these consolidated financial statements.
69
70
KIMCO REALTY OP, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
For the Years Ended December 31, 2024, 2023 and 2022
(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
Capital
Interests
Capital
Balance at January 1, 2022
20
$ 472,533
616,659
$ 9,424,640
-
$
-
$
2,216
$
9,899,389
$
210,793
$
10,110,182
Contributions from noncontrolling interest
-
-
-
-
-
-
-
-
891
891
Net income/(loss)
-
25,218
-
100,758
-
-
-
125,976
(11,442 )
114,534
Other comprehensive income:
Change in unrealized gains related to
defined benefit plan
-
-
-
-
-
-
8,365
8,365
-
8,365
Redeemable noncontrolling interests income
-
-
-
-
-
-
-
-
(1,770 )
(1,770 )
Distributions declared to preferred unitholders
-
(25,218 )
-
-
-
-
-
(25,218 )
-
(25,218 )
Distributions declared to common unitholders
-
-
-
(519,421 )
-
-
-
(519,421 )
-
(519,421 )
Repurchase of preferred units
(1 )
(3,506 )
-
-
-
-
-
(3,506 )
-
(3,506 )
Distributions to noncontrolling interests
-
-
-
-
-
-
-
-
(65,232 )
(65,232 )
Issuance of common units as a result of common
stock issued by Parent Company
-
-
2,368
15,513
-
-
-
15,513
-
15,513
Surrender of restricted common units
-
-
(616 )
(13,790 )
-
-
-
(13,790 )
-
(13,790 )
Amortization of equity awards
-
-
26,602
-
-
-
26,602
-
26,602
Redemption/conversion of noncontrolling interests
-
-
73
1,598
-
-
-
1,598
(1,839 )
(241 )
Balance at December 31, 2022
19
469,027
618,484
9,035,900
-
-
10,581
9,515,508
131,401
9,646,909
g interest
-
-
-
-
-
-
-
-
13
13
N
-
25,021
-
629,252
-
-
-
654,273
11,676
665,949
Other comprehensive income:
Change in unrealized gains related to
defined benefit plan
-
-
-
-
-
-
(10,581 )
(10,581 )
-
(10,581 )
Equity in unrealized gains on cash flow hedges
for interest payments of unconsolidated
investee, net
-
-
-
-
-
-
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 noncontrollin
et income
71
KIMCO REALTY OP, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (continued)
For the Years Ended December 31, 2024, 2023 and 2022
(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
Capital
Interests
Capital
Contributions from noncontrolling interest
-
-
-
-
-
-
-
-
399
399
Net income
-
31,763
-
379,022
-
655
-
411,440
7,999
419,439
Other comprehensive income:
Unrealized gains on cash flow hedges for interest
payments, net
-
-
-
-
-
-
7,239
7,239
-
7,239
Equity in unrealized gains on cash flow hedges
for interest payments of unconsolidated
investee, net
-
-
-
-
-
-
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
-
-
7,404
135,795
121
-
-
135,795
-
135,795
tion of common units
-
-
-
-
-
(3 )
-
(3 )
-
(3 )
-
-
(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
(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.
Issuance of common units, net
p
Surrender of restricted common units
Redem
KIMCO REALTY OP, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2024
2023
2022
Cash flow from operating activities:
Net income
$
419,439 $
665,949 $
114,534
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization
603,685
507,265
505,000
Impairment charges
4,476
14,043
21,958
Straight-line rental income adjustments, net
(23,171 )
(22,517 )
(33,794 )
Amortization of above-market and below-market leases, net
(25,205 )
(17,253 )
(13,591 )
Amortization of deferred financing costs and fair value debt adjustments, net
(762 )
(9,196 )
(28,631 )
Early extinguishment of debt charges
-
-
7,658
Equity award expense
34,900
33,054
26,639
Gain on sale of properties
(1,274 )
(74,976 )
(15,179 )
Loss/(gain) on marketable securities, net
27,679
(21,262 )
315,508
Change in fair value of embedded derivative liability
(129 )
(734 )
-
Equity in income of joint ventures, net
(83,827 )
(72,278 )
(109,481 )
Equity in income from other investments, net
(9,821 )
(10,709 )
(17,403 )
Distributions from joint ventures and other investments
97,723
75,827
83,553
Change in accounts and notes receivable, net
5,993
18,453
(9,104 )
Change in accounts payable and accrued expenses
(21,742 )
5,826
37,655
Change in other operating assets and liabilities, net
(22,343 )
(19,885 )
(24,208 )
Net cash flow provided by operating activities
1,005,621
1,071,607
861,114
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets
(152,943 )
(277,308 )
(300,772 )
Improvements to operating real estate
(324,465 )
(264,395 )
(193,710 )
Acquisition of RPT Realty
(149,103 )
-
-
Investment in marketable securities
(1,375 )
(3,614 )
(4,003 )
Proceeds from sale of marketable securities
301,463
292,552
302,504
Investment in cost method investments
(79 )
(1,569 )
(4,524 )
Investments in and advances to real estate joint ventures
(4,055 )
(24,494 )
(87,301 )
Reimbursements of investments in and advances to real estate joint ventures
26,974
13,738
37,571
Investments in and advances to other investments
(8,012 )
(18,442 )
(17,432 )
Reimbursements of investments in and advances to other investments
2,946
282
30,855
Investment in mortgage and other financing receivables
(202,483 )
(18,519 )
(75,063 )
Collection of mortgage and other financing receivables
108,399
133
60,306
Proceeds from sale of properties
71,280
160,064
184,294
Proceeds from insurance casualty claims
7,558
-
-
Principal payments from securities held-to-maturity
5,354
4,589
4,058
Net cash flow used for investing activities
(318,541 )
(136,983 )
(63,217 )
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt
(11,774 )
(49,460 )
(157,928 )
Principal payments on rental property debt
(10,327 )
(11,308 )
(9,808 )
Proceeds from mortgage loan financings
-
-
19,000
Proceeds from issuance of unsecured term loans
860,000
-
-
Proceeds from issuance of unsecured notes
500,000
500,000
1,250,000
Repayments of unsecured term loans
(310,000 )
-
-
Repayments of unsecured notes
(1,157,700 )
-
(1,449,060 )
Financing origination costs
(8,884 )
(12,481 )
(20,326 )
Payment of early extinguishment of debt charges
-
-
(6,955 )
Contributions from noncontrolling interests
274
13
891
Redemption/distribution of noncontrolling interests
(52,887 )
(58,417 )
(67,453 )
Distributions paid
(685,899 )
(657,460 )
(544,740 )
Proceeds from issuance of units, net
135,796
3,727
15,513
Repurchase of preferred units
(26,719 )
(1,491 )
(3,441 )
Units repurchased for employee tax withholding on equity awards
(15,849 )
(16,293 )
(13,679 )
Principal payments under finance lease obligations
(265 )
-
-
Change in tenants' security deposits
3,128
2,474
5,255
Net cash flow used for financing activities
(781,106 )
(300,696 )
(982,731 )
Net change in cash, cash equivalents and restricted cash
(94,026 )
633,928
(184,834 )
Cash, cash equivalents and restricted cash, beginning of year
783,757
149,829
334,663
Cash, cash equivalents and restricted cash, end of year
$
689,731 $
783,757 $
149,829
Interest paid during the year including payment of early extinguishment of debt charges
of $0, $0 and $6,955, respectively (net of capitalized interest of $2,218, $2,313
and $668, respectively)
$
301,239 $
250,432 $
257,979
Income taxes paid during the year, net of refunds
$
60,936 $
65,267 $
11,869
The accompanying notes are an integral part of these consolidated financial statements.
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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.
1. 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”), of
which 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, 2024, the Parent Company owned 99.84% 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, 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 rapidly expanding 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 annually distribute at least 90% of its net 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 less than 100% of its net taxable
income, including any net capital gains. In January 2023, the Company consummated the Reorganization into an UPREIT structure.
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 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 26 of the Notes to Consolidated Financial Statements for further discussion.
RPT Merger
On August 28, 2023, the Company and RPT Realty (“RPT”) announced that they had entered into a definitive merger agreement
(the “Merger Agreement”) pursuant to which the Company would acquire RPT through a series of mergers (collectively, the “RPT
Merger”). On January 2, 2024, 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 gross leasable area (“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.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 and 2023, the Company incurred expenses of $25.2 million and $4.8
million, respectively, 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, 2024, 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 Reorganization resulted in a merger of entities under common control in
accordance with GAAP. 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 11 and 13 of the Notes to Consolidated Financial Statements).
Real Estate
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
combination using the acquisition method of accounting. See Footnote 2 of the Notes to Consolidated Financial Statements for
further details on the RPT Merger.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 acquisitions of a business are expensed as incurred.
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 and tenant relationships 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
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
75
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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,
2024, 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.
76
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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.
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 Other investments 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 shall be
measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.
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.
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.
Other Assets
Mortgage and Other Financing Receivables
Mortgages and other financing receivables consist of loans acquired and loans originated by the Company, which are included
within Other assets on the Company’s Consolidated Balance Sheets. 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 Other income, net on
the Company’s Consolidated Statements of Income. The reserve is increased through loan loss expense and is decreased by 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.
77
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Interest income on performing loans is accrued as earned. Accrued interest receivable is included in Accounts and notes receivable,
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.
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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KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of December 31, 2024
and 2023, 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, 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.
79
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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, 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.
80
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 less than 100% of its net taxable income, including any net capital gains. 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.
81
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 29 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 provides 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 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, 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 provides for the granting of restricted stock to each of the
Company’s non-employee directors (the “Independent Directors”) and permits such Independent Directors to elect to receive
deferred stock awards in lieu of directors’ fees.
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 performance
awards is determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date (see
Footnote 24 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).
82
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 ASUs to the FASB’s ASCs that, as of December 31, 2024, 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 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; Early
adoption
permitted
This ASU does not impact
accounting for joint
ventures by the venturers.
As such, the Company does
not expect the adoption of
this ASU will 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 years
beginning
January 1,
2025, and
interim periods
for fiscal years
beginning
January 1,
2026; Early
adoption
permitted
The Company will review
the extent of new
disclosures necessary prior
to implementation. Other
than additional disclosure,
the adoption of this ASU
will not have a material
impact on the Company’s
financial position and/or
results of operations.
ASU 2024-01,
Compensation - Stock
Compensation (Topic
718)
The amendments in this ASU clarify how to determine
whether profits interest and similar awards should be
accounted for as a share-based payment arrangement
(ASC 718) or as a cash bonus or profit-sharing
arrangement (ASC 710, Compensation - General, or other
guidance) and applies 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; Early
adoption
permitted
The adoption of this ASU
will not have a material
impact on the Company’s
financial position and/or
results of operations.
ASU 2024-03 Income
Statement - Reporting
Comprehensive Income -
Expense Disaggregation
This ASU requires 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
Fiscal years
beginning
January 1,
2027, and
The Company
does not expect the
adoption of this ASU to
have a material impact on
83
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
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
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.
interim periods
for fiscal years
beginning
January 1,
2028; Early
adoption
permitted
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 2023-07, Segment
Reporting (Topic 280):
Improvements to
Reportable Segment
Disclosures
The amendments in this ASU improve reportable
segment disclosure requirements, primarily through
enhanced
disclosures
about
significant
segment
expenses. In addition, the amendments enhance interim
disclosure requirements, clarify circumstances in which
an entity can disclose multiple segment measures of
profit or loss, provide segment disclosure requirements
for entities with a single reportable segment, and contain
other disclosure requirements.
Annual fiscal
year beginning
January 1,
2024
There were aspects of this
ASU that apply to entities
with one reportable
segment, including new
required disclosures (see
Footnote 19 of the Notes
to Consolidated Financial
Statements). Other than
additional disclosure, the
adoption of this ASU did
not have a material
impact on the Company’s
financial position and/or
results of operations.
ASU 2022-03, Fair Value
Measurement (Topic
820): Fair Value
Measurement of Equity
Securities Subject to
Contractual Sale
Restrictions
This ASU clarifies the guidance in Topic 820, Fair Value
Measurement, when measuring the fair value of an equity
security subject to contractual restrictions that prohibit
the sale of an equity security and provides new disclosure
requirements for equity securities subject to contractual
sale restrictions that are measured at fair value in
accordance with Topic 820.
January 1,
2024
The adoption of this ASU
did not have a material
impact on the Company’s
financial position and/or
results of operations.
2.
RPT Merger:
Overview
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.
84
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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.
The number of RPT shares/units outstanding 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
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
85
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 are $178.6 million and $13.4 million (excluding $25.2 million of Merger charges), respectively.
86
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 years 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.
3. Real Estate:
The Company’s components of Real estate, net consist of the following (in thousands):
December 31,
2024
2023
Land:
Developed land
$
4,483,219 $
4,166,475
Undeveloped land
8,980
5,458
Land held for development
5,997
5,864
Total land
4,498,196
4,177,797
Buildings and improvements:
Buildings
11,542,812
10,312,001
Building improvements
2,449,924
2,213,248
Tenant improvements
1,387,142
1,158,919
Fixtures and leasehold improvements
45,417
41,055
Above-market leases
183,599
170,513
In-place leases
1,063,482
864,261
Total buildings and improvements
16,672,376
14,759,997
Real estate
21,170,572
18,937,794
Accumulated depreciation and amortization (1)
(4,360,239 )
(3,842,869 )
Total real estate, net
$ 16,810,333 $ 15,094,925
(1) The Company had accumulated amortization relating to in-place leases and above-market leases aggregating $858,309 at December 31, 2024
and $751,215 at December 31, 2023.
In addition, at December 31, 2024 and 2023, the Company had intangible liabilities relating to below-market leases from property
acquisitions of $366.9 million and $330.6 million, respectively, net of accumulated amortization of $287.8 million and $260.8
million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.
The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2024, 2023
and 2022 resulted in net increases to revenue of $25.2 million, $17.3 million and $13.6 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, 2024, 2023 and 2022 was $133.7 million, $94.7 million and $118.1 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):
2025
2026
2027
2028
2029
Above-market and below-market leases amortization, net
$
17.2 $
15.7 $
15.5 $
15.6 $
15.6
In-place leases amortization
$
(99.1 ) $
(70.7 ) $
(51.4 ) $
(37.7 ) $
(22.5 )
87
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
4.
Property Acquisitions:
Acquisition/Consolidation of Operating Properties
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.
During the year ended December 31, 2023, 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
Portfolio (2 properties) (1)
Various
Jan-23 $
69,130 $
19,637 $
13,019 $ 101,786
342
Crossroads Plaza Parcel
Cary, NC
Jan-23
2,173
-
-
2,173
5
Northridge Shopping Center Parcel
Arvada, CO
Jan-23
728
-
-
728
57
Stafford Marketplace Parcel (2)
Stafford, VA
Feb-23
-
-
12,527
12,527
87
Tustin Heights (1)
Tustin, CA
Mar-23
26,501
17,550
4,910
48,961
137
Marlton Plaza Parcel
Cherry Hill, NJ
Jul-23
529
-
-
529
-
Stonebridge at Potomac Town Center
Woodbridge, VA
Aug-23
169,840
-
1,667
171,507
504
Big 5 Factoria Parcel
Bellevue, WA
Oct-23
7,817
-
-
7,817
13
$
276,718 $
37,187 $
32,123 $ 346,028
1,145
(1) Other includes the Company’s previously held equity investments in the Prudential Investment Program and net gains on change in control.
The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in
control of interest of $7.7 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held
equity interests, which are included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. The
Company previously held an ownership interest of 15.0% in these property interests. See Footnote 7 of the Notes to Consolidated Financial
Statements.
(2) During March 2023, the Company received a parcel as consideration resulting from the exercise of a termination option of an operating lease.
Included in the Company’s Consolidated Statements of Income are $8.0 million and $20.5 million in total revenues from the date
of acquisition through December 31, 2024 and 2023, respectively, for operating properties acquired 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, 2024 and 2023, are as follows (in thousands):
Allocation as of
December 31, 2024
Weighted-
Average Useful
Life (in Years)
Allocation as of
December 31, 2023
Weighted-
Average Useful
Life (in Years)
Land
$
51,669
n/a $
109,116
n/a
Buildings
209,882
50.0
166,067
50.0
Building improvements
14,754
45.0
23,846
45.0
Tenant improvements
13,730
7.5
22,675
6.3
In-place leases
43,173
6.0
47,805
5.2
Above-market leases
6,807
7.5
4,981
6.7
Below-market leases
(15,884 )
9.8
(29,271 )
23.7
Other assets
-
-
1,777
n/a
Other liabilities
-
-
(968 )
n/a
Net assets acquired/consolidated
$
324,131
$
346,028
88
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
5. 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,
2024
2023
2022
Aggregate sales price/gross fair value (1) (2) (3)
$
255.1 $
214.2 $
191.1
Gain on sale of properties (4)
$
1.3 $
75.0 $
15.2
Number of operating properties sold/deconsolidated (2)
11
6
9
Number of parcels sold
10
13
13
(1) During 2024, the Company provided seller financing totaling $175.4 million related to the sale of nine operating properties. See Footnote 12
of the Notes to Consolidated Financial Statements for mortgage receivable loan disclosure.
(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 non-controlling interest in this
investment. See Footnote 8 of the Notes to Consolidated Financial Statements for preferred equity investment disclosure.
(3) During 2023, the Company provided seller financing of $25.0 million related to the sale of an operating property located in Gresham, OR.
See Footnote 12 of the Notes to Consolidated Financial Statements for mortgage receivable loan disclosure.
(4) For the years ended December 31, 2024, 2023 and 2022, amounts are before noncontrolling interests of $0.1 million, $1.8 million, and $1.7
million, respectively, and taxes of $0.2 million, $1.6 million and $1.2 million, respectively, after utilization of net operating loss
carryforwards.
6. Impairments:
Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes
in anticipated holding period, general market conditions and delays of or change in plans for development, 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 (see Footnote 18 of the Notes to Consolidated Financial Statements
for fair value disclosure).
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 for the years ended
December 31, 2024, 2023 and 2022 as follows (in millions):
2024
2023
2022
Properties marketed for sale (1) (2)
$
4.5 $
14.0 $
21.6
Other impairments
-
-
0.4
Total impairment charges
$
4.5 $
14.0 $
22.0
(1) 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.
(2) Includes impairment charges of $19.2 million, before noncontrolling interests of $16.0 million, related to five properties during the year
ended December 31, 2022.
The Company also recognized its share of impairment charges related to certain properties within various unconsolidated joint
ventures in which the Company holds noncontrolling interests. The Company’s share of these impairment charges were $0.1
million, $1.0 million and $4.6 million for the years ended December 31, 2024, 2023 and 2022, respectively, and are included in
Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (see Footnote 7 of the Notes to
Consolidated Financial Statements).
89
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
7. Investment 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, 2024 and 2023 (in millions, except
number of properties):
Noncontrolling
The Company's Investment
Ownership
Interest
December 31,
Joint Venture
December 31, 2024
2024
2023
Prudential Investment Program
15.0%
$
133.3 $
138.7
Kimco Income Opportunity Portfolio (“KIR”)
52.1%
289.1
286.3
R2G Venture LLC (“R2G”) (1)
51.5%
411.8
-
Canada Pension Plan Investment Board (“CPP”)
55.0%
202.8
204.6
Other Institutional Joint Ventures
Various
237.7
247.5
Other Joint Venture Programs (2)
Various
213.0
210.7
Total*
$
1,487.7 $
1,087.8
* Representing 116 property interests, 48 other property interests and 25.1 million square feet of GLA, as of December 31, 2024, and 104 property
interests and 21.1 million square feet of GLA, as of December 31, 2023.
(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,
2024
2023
2022
Prudential Investment Program (1)
$
11.9 $
16.4 $
9.6
KIR
36.6
34.7
70.3
R2G
9.0
-
-
CPP
9.9
8.7
10.6
Other Institutional Joint Ventures
3.7
2.6
7.0
Other Joint Venture Programs
12.7
9.9
12.0
Total
$
83.8 $
72.3 $
109.5
(1) During 2022, the Prudential Investment Program recognized an impairment charge on a property of $15.1 million, of which the Company’s
share was $2.3 million.
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.
During 2023, the Company acquired the remaining 85% interest in three operating properties from Prudential Investment Program,
in separate transactions, with an aggregate gross fair value of $150.7 million. The Company evaluated these transactions pursuant
to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $7.7 million, in
aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests. See Footnote
4 of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.
90
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
In addition, during 2023, certain of the Company’s real estate joint ventures disposed of four properties and a parcel, in separate
transactions, for an aggregate sales price of $132.3 million. These transactions resulted in an aggregate net gain to the Company of
$0.3 million for the year ended December 31, 2023.
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, 2024 and 2023 (dollars in millions):
December 31, 2024
December 31, 2023
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
$
268.5
5.47 %
19.6 $
291.6
6.00 %
24.6
KIR
273.9
5.82 %
27.2
273.4
5.82 %
39.2
R2G (1)
68.7
2.90 %
74.6
-
-
-
CPP
80.6
4.88 %
19.0
81.9
5.12 %
31.0
Other Institutional Joint Ventures
234.7
5.76 %
23.7
234.1
5.76 %
35.7
Other Joint Venture Programs (2)
547.3
4.98 %
40.8
367.9
4.44 %
59.6
Total
$
1,473.7
$
1,248.9
* 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).
Unconsolidated Significant Subsidiaries
The Company holds a 52.1% noncontrolling limited partnership interest in KIR, which the Company determined under Rule 4-
08(g) of Regulation S-X was significant under the income and revenue tests for the year ended December 31, 2022 and requires
summarized financial information. The Company has a master management agreement whereby the Company performs services
for fees relating to the management, operation, supervision and maintenance of the KIR joint venture properties. The following
table shows summarized financial information for KIR, as follows (in millions):
December 31,
2024
2023
Assets:
Real estate, net
$
659.3 $
669.2
Other assets, net
90.8
67.5
Total Assets
$
750.1 $
736.7
Liabilities and Members’ Capital:
Notes payable, net
$
273.9 $
273.4
Other liabilities
14.1
15.9
Accumulated other comprehensive income
4.2
0.6
Members’ capital
457.9
446.8
Total Liabilities and Members’ Capital
$
750.1 $
736.7
Year Ended December 31,
2024
2023
2022
Revenues, net
$
179.3 $
174.1 $
182.5
Operating expenses
(47.2 )
(46.7 )
(48.2 )
Depreciation and amortization
(40.3 )
(38.5 )
(39.4 )
Gain on sale of properties
-
-
76.2
Interest expense
(16.8 )
(16.8 )
(15.5 )
Other expense, net
-
(0.6 )
(1.2 )
Net income
$
75.0 $
71.5 $
154.4
91
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Summarized financial information for the Company’s investment in and advances to all other real estate joint ventures is as follows
(in millions):
December 31,
2024
2023
Assets:
Real estate, net
$
4,260.0 $
3,156.2
Other assets, net
231.4
251.6
Total Assets
$
4,491.4 $
3,407.8
Liabilities and Members’ Capital:
Notes payable, net
$
309.2 $
159.9
Mortgages payable, net
890.6
815.6
Other liabilities
119.4
70.9
Accumulated other comprehensive income
2.4
5.1
Noncontrolling interests
-
34.4
Members’ capital
3,169.8
2,321.9
Total Liabilities and Members’ Capital
$
4,491.4 $
3,407.8
Year Ended December 31,
2024
2023
2022
Revenues, net
$
498.2 $
378.4 $
395.2
Operating expenses
(161.2 )
(126.6 )
(126.9 )
Impairment charges
(0.1 )
(17.8 )
(21.1 )
Depreciation and amortization
(163.2 )
(108.2 )
(119.0 )
Gain on sale of properties
7.7
48.0
24.7
Interest expense
(70.7 )
(55.4 )
(38.6 )
Other income/(expense), net
3.3
(6.4 )
(6.2 )
Net income
$
114.0 $
112.0 $
108.1
Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include investments in certain real estate
joint ventures totaling $5.1 million at December 31, 2024 and 2023. 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.
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, 2024 and 2023, the Company’s carrying value in these investments
was $1.5 billion and $1.1 billion, respectively.
8. 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 invested capital in
structured investments, which are primarily accounted for on the equity method of accounting. As of December 31, 2024, the
Company’s other investments were $107.3 million, of which the Company’s net investment under the Preferred Equity program
was $70.1 million. As of December 31, 2023, the Company’s Other investments were $144.1 million, of which the Company’s net
investment under the Preferred Equity program was $104.1 million. During 2024, 2023 and 2022, the Company recognized equity
in income of $13.8 million, $11.1 million and $16.9 million, respectively, from its preferred equity investments.
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. See Footnote 12 of the Notes to Consolidated Financial Statements for mortgage and other financing receivable disclosure.
In connection with the RPT Merger, the Company acquired a preferred equity investment of $12.7 million.
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 non-
controlling interest in this investment.
92
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
As of December 31, 2024, these preferred equity investment properties had non-recourse mortgage loans aggregating $93.3 million.
These loans have scheduled maturities ranging from six months to 4.5 years and bear interest at rates ranging from Secured
Overnight Financing Rate ("SOFR") plus 230 basis points (6.80% as of December 31, 2024) 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.
9. Marketable Securities:
The amortized cost and unrealized (losses)/gains, net of marketable securities as of December 31, 2024 and 2023, are as follows (in
thousands):
December 31,
2024
2023
Marketable securities:
Amortized cost
$
2,302 $
40,110
Unrealized (losses)/gains, net
(12 )
289,947
Total fair value
$
2,290 $
330,057
The Company’s net (losses)/gains on marketable securities and dividend income for the years ended December 31, 2024, 2023 and
2022, are as follows (in thousands):
Year Ended December 31,
2024
2023
2022
(Loss)/gain on marketable securities, net
$
(27,679 ) $
21,262 $
(315,508 )
Dividend income (included in Other income, net and Special dividend
income)
$
1,705 $
202,749 $
18,002
The portion of unrealized (losses)/gains on marketable securities for the period that relates to marketable securities still held at the
reporting date (in thousands):
Year Ended December 31,
2024
2023
2022
(Loss)/gain on marketable securities, net
$
(27,679 ) $
21,262 $
(315,508 )
Less: Net loss/(gain) recognized related to marketable securities sold
27,652
10,614
(15,120 )
Unrealized (loss)/gain related to marketable securities still held
$
(27 ) $
31,876 $
(330,628 )
Albertsons Companies, Inc. (“ACI”) –
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 maintain 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.
During 2022, the Company sold 11.5 million shares of ACI common stock, generating net proceeds of $301.1 million. For tax
purposes, the Company recognized a long-term capital gain of $251.5 million. The Company elected to retain the proceeds for this
stock sale for general corporate purposes and paid federal and state taxes of $57.2 million on the taxable gain.
93
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
10. Accounts and Notes Receivable:
The components of Accounts and notes receivable, net of potentially uncollectible amounts as of December 31, 2024 and 2023, are
as follows (in thousands):
December 31,
2024
2023
Billed tenant receivables
$
23,011 $
30,444
Unbilled common area maintenance, insurance and tax reimbursements
67,010
55,499
Other receivables
15,865
10,086
Straight-line rent receivables
234,583
211,588
Total accounts and notes receivable, net
$
340,469 $
307,617
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, 2024, 2023 and 2022, was as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Lease income:
Fixed lease income (1)
$
1,615,352 $
1,409,609 $
1,353,024
Variable lease income (2)
399,627
354,093
339,722
Above-market and below-market leases amortization, net
25,205
17,253
13,591
Adjustments for potentially uncollectible lease income or disputed amounts
(21,119 )
(13,898 )
4,511
Total lease income
$
2,019,065 $
1,767,057 $
1,710,848
(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, 2024, 2023 and 2022 was $23.2 million, $22.5 million and
$33.8 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
levels and percentage rents comprised 98% of total revenues from rental properties for each of the three years ended December 31,
2024, 2023 and 2022.
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):
2025
2026
2027
2028
2029
Thereafter
Minimum revenues
$
1,560.2 $
1,432.5 $
1,238.2 $
1,022.6 $
796.2 $
3,574.2
94
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 80.3
years, some of which include options to extend the terms for up to an additional 60 years.
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 also has three properties under finance ground lease agreements that consist of variable lease payments with a bargain
purchase option. As of December 31, 2024, the finance right-of-use assets of $33.0 million are included in Other assets on the
Company’s Consolidated Balance Sheets and finance lease liabilities of $24.2 million are included in Other liabilities on the
Company’s Consolidated Balance Sheets. During the three months ended December 2024, the Company exercised its call option
to purchase two properties under finance ground lease agreements for an aggregate purchase price of $24.2 million, which was
completed in January 2025.
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, 2024 were as follows:
Operating Leases
Finance Leases
Weighted-average remaining lease term (in years)
30.4
-
Weighted-average discount rate
6.79 %
6.00 %
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, 2024, 2023 and
2022, were as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Lease cost:
Finance lease cost
$
1,459 $
1,261 $
1,294
Operating lease cost
15,107
14,736
12,994
Variable lease cost
2,300
2,241
4,143
Total lease cost
$
18,866 $
18,238 $
18,431
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the
operating and financing lease liabilities (in thousands):
Year Ending December 31,
Operating Leases
Financing Leases
2025
$
12,092 $
24,167
2026
11,466
-
2027
11,191
-
2028
11,209
-
2029
10,391
-
Thereafter
255,629
-
Total minimum lease payments
$
311,978 $
24,167
Less imputed interest
(194,779 )
-
Total lease liabilities (1)
$
117,199 $
24,167
(1) Operating lease liabilities are included in Operating lease liabilities and financing lease liabilities are included in Other liabilities on the
Company’s Consolidated Balance Sheets.
95
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
12. Other Assets:
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, 2024 and 2023, the Company had mortgage and other financing receivables, net of allowance for
credit losses of $445.0 million and $130.7 million, respectively. During the years ended December 31, 2024, 2023 and 2022, the
Company recognized mortgage and other financing income, net of credit losses, of $29.5 million, $12.0 million and $14.4 million,
respectively, which is included in Other income, net on the Company’s Consolidated Statements of Income. For a complete listing
of the Company’s mortgage and other financing receivables at December 31, 2024, see Financial Statement Schedule IV included
in this Annual Report on Form 10-K.
During 2024, the Company (i) provided $202.8 million of mortgage and other financing loans, (ii) issued $175.1 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
$108.3 million of mortgage and other financing receivables.
The following table presents the change in the allowance for credit losses for the years ended December 31, 2024, 2023 and 2022,
respectively (dollars in thousands):
2024
2023
2022
Balance at January 1,
$
1,300 $
1,300 $
1,300
Provision for credit losses
5,500
-
-
Balance at December 31,
$
6,800 $
1,300 $
1,300
Software Development Costs
As of December 31, 2024 and 2023, the Company had unamortized software development costs of $14.9 million and $18.2 million,
respectively. The Company expensed $4.5 million, $4.5 million and $3.5 million in amortization of software development costs
during the years ended December 31, 2024, 2023 and 2022, respectively.
13. Notes Payable:
As of December 31, 2024 and 2023, 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
2024
2023
2024
2023
December 31, 2024
Senior unsecured notes (1)
$
7,156.8 $
7,303.0 1.90% - 6.88% 1.90% - 6.88% Feb-2025 – Oct-2049
Unsecured term loans
860.0
- 4.58% - 4.78%
n/a
Jan-2026 – Feb-2028
Unsecured Credit Facility (2)
-
-
n/a
n/a
Mar-2027
Fair value debt adjustments, net
12.9
24.9
n/a
n/a
n/a
Deferred financing costs, net (3)
(65.0 )
(65.0 )
n/a
n/a
n/a
$
7,964.7 $
7,262.9
3.86%*
3.66%*
* Weighted-average interest rate
(1) In February 2025, the Company repaid $500.0 million of 3.30% senior unsecured notes upon maturity.
(2) Accrues interest at a rate of Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”), as defined, plus 68.5 and 75.5 basis
points as of December 31, 2024 and 2023, respectively.
(3) As of December 31, 2024 and 2023, the Company had $4.8 million and $6.7 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.
96
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 (Adjusted Term 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, 2024, the interest rate on these term loans is Adjusted Term 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 4.5793% to 4.7801% as of December 31, 2024). See Footnote 15 of the Notes to
Consolidated Financial Statements for interest rate swap disclosure.
During the years ended December 31, 2024 and 2023, the Company issued the following senior unsecured notes (dollars in
millions):
Date Issued
Amount
Issued
Interest Rate
Maturity Date
Sept-24
$
500.0
4.850 %
Mar-35
Oct-23
$
500.0
6.400 %
Mar-34
During the year ended December 31, 2024, the Company fully repaid the following notes payables (dollars in millions):
Type
Date Paid
Amount
Repaid
Interest
Rate
Maturity
Date
Unsecured note
Jan-24
$
246.2
4.45 %
Jan-24
Unsecured note
Mar-24
$
400.0
2.70 %
Mar-24
The scheduled maturities of all notes payable, excluding unamortized fair value debt adjustments of $12.9 million and unamortized
debt issuance costs of $65.0 million, as of December 31, 2024, were as follows (in millions):
2025
2026
2027
2028
2029
Thereafter
Total
Principal payments
$
740.5
$
823.0
$
583.7
$
519.6
$
550.0
$
4,800.0
$
8,016.8
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
providing the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the
covenants as of December 31, 2024.
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.
97
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Credit Facility
On September 9, 2024, Fitch Ratings assigned the Company a rating of A- for its senior unsecured debt, assigned a BBB credit
rating for its preferred stock, and assigned its ‘Stable’ rating outlook. As a result, the Company achieved certain interest rate
reductions and facility fee reductions for its Credit Facility and certain unsecured term loans.
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
is guaranteed by the Parent Company. 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,
as defined in the agreement. As of December 31, 2024, the interest rate on the Credit Facility is Adjusted Term SOFR plus 68.5
basis points (5.21% as of December 31, 2024) 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, 2024, the
Credit Facility had no outstanding balance, no appropriations for letters of credit, and the Company was in compliance with its
covenants.
Term Loan Credit Facility
On January 2, 2024, the Company entered into a new $200.0 million unsecured term loan credit facility (the “Term Loan Credit
Facility”) pursuant to a credit agreement, which matures in January 2026, with three one-year extension options. 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
Adjusted Term SOFR Rate (as defined in the credit agreement), that fluctuates in accordance with changes in the Company’s senior
debt ratings. In addition, during 2024, the Company amended the Term Loan Credit Facility, in separate transactions, to increase
the aggregate principal amount from $200.0 million to $550.0 million. The additional $350.0 million is subject to the same terms
as the existing Term Loan Credit Facility. As of December 31, 2024, the Company had six swap rate agreements with various
lenders swapping the overall interest rate on the $550.0 million Term Loan Credit Facility to an all-in fixed rate of 4.6122%. See
Footnote 15 of the Notes to Consolidated Financial Statements for interest rate swap disclosure.
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, 2024 and 2023, 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
2024
2023
2024
2023
December 31, 2024
Mortgages payable
$ 498.1 $ 355.7 3.33% - 7.08% 3.33% - 7.23%
Feb-2025 – Jun-2031
Fair value debt adjustments, net
(0.6 )
(0.6 )
n/a
n/a
n/a
Deferred financing costs, net
(1.1 )
(1.2 )
n/a
n/a
n/a
$ 496.4 $ 353.9
4.39%*
4.22%*
* 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.
During 2023, the Company (i) assumed $37.2 million of individual non-recourse mortgage debt through the acquisition of two
operating properties, which it subsequently repaid in March 2023 and (ii) repaid $12.3 million of mortgage debt that encumbered
two operating properties and a consolidated joint venture operating property.
98
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding
unamortized fair value debt adjustments of $0.6 million and unamortized debt issuance costs of $1.1 million, as of December 31,
2024, were as follows (in millions):
2025
2026
2027
2028
2029
Thereafter
Total
Principal payments
$
76.4 $
11.0 $
42.7 $ 117.7 $ 238.6 $
11.7 $
498.1
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 derivatives.
During 2024, the Company entered into 26 interest rate swap agreements with notional amounts aggregating to $860.0 million. The
Company did not enter into any interest rate swap agreements during 2023 and 2022. 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, 2024, all interest rate swaps were deemed effective and are therefore included within AOCI. As of
December 31, 2024, the Company expects approximately $3.1 million of accumulated comprehensive income on derivative
instruments to be reclassified into earnings as a reduction to interest expense during the next 12 months.
The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of December 31,
2024 (amounts in thousands):
Instrument
Number of Swap
Agreements
Associated Debt
Instrument
Effective Date
Maturity
Date
Notional
Amount (1)
Fair
Value (2)
Interest rate swap
1
$200.0 Million Term Loan
Jan-24
Jan-29
$
200,000 $
2,628
Interest rate swaps
3
$50.0 Million Term Loan
Jan-24
Nov-26
50,000
131
Interest rate swaps
3
$100.0 Million Term Loan
Jan-24
Feb-27
100,000
368
Interest rate swaps
7
$50.0 Million Term Loan
Jan-24
Aug-27
50,000
339
Interest rate swaps
7
$110.0 Million Term Loan
Jan-24
Feb-28
110,000
1,026
Interest rate swaps
4
$300.0 Million Term Loan
Jul-24
Jan-29
300,000
1,623
Interest rate swap
1
$50.0 Million Term Loan
Sept-24
Jan-29
50,000
1,124
$
860,000 $
7,239
(1) These interest rate swap agreements utilize a one-month SOFR CME index.
(2) Included within Other assets on the Company’s Consolidated Balance Sheets. 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 table below details the location in the financial statements of the gain/(loss) recognized on interest rate swaps designated as
cash flow hedges for the year ended December 31, 2024 (amounts in thousands):
Year Ended
December 31, 2024
Amount of gain recognized in AOCI on interest rate swaps, net
$
16,585
Amount reclassified from AOCI into income as Interest expense
$
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
$
(307,806 )
99
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company has interests in certain unconsolidated joint ventures, which have interest rate swaps. As of December 31, 2024 and
2023, the Company's share of the change in fair value of the cash flow hedges for interest payments was $3.8 million and $3.3
million, respectively, which is included within Accumulated other comprehensive income 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
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, triggering the put and call options, 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, 2024 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 $19.9 million and $30.9 million at December 31,
2024 and 2023, 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, 2024, the Parent Company is the managing member of Kimco OP and owns 99.84% of the limited liability
company. Noncontrolling OP Units are owned by third parties and certain officers and directors of the Company. In connection
with the RPT Merger, 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. During 2024, the Parent Company granted to certain employees and directors 120,700 LTIP
Units with time-based vesting requirements (“Time-Based LTIP Units”) and 474,611 LTIP Units, assuming the maximum target
performance, with performance-based vesting requirements (“Performance-Based LTIP Units”). See Footnote 24 of the Notes to
100
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Consolidated Financial Statements for further disclosure. As of December 31, 2024, the Parent Company owned 99.84% of the
outstanding OP Units in Kimco OP. 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, 2024,
noncontrolling interests relating to the Noncontrolling OP units was $22.3 million and consisted of the following:
Type
Number of Units
Remaining
Return Per Annum
Vested OP Units
953,242
Equal to the Company’s common stock dividend
Time-Based OP Units
120,700
Equal to the Company’s common stock dividend
Performance-Based OP Units
474,611
Dividend equivalent OP Units upon vesting
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 decrease 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
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, 2024 and 2023, noncontrolling interests relating to the remaining units was $3.4 million and
$4.7 million, respectively. 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, 2024:
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, 2024 and 2023, 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 two consolidated joint ventures structured as DownREIT partnerships. The Raleigh Limited Partnership
had 1,813,615 units and the Madison Village Limited Partnership had 174,411 units, together which had an aggregate fair value of
$41.7 million. These ventures allow 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. During 2023, all 174,411 outstanding units in the Madison Village Limited Partnership were
redeemed for $3.0 million in cash. This transaction resulted in a net decrease in Noncontrolling interests of $3.7 million and a
corresponding increase in Paid-in capital totaling $0.7 million, on the Company’s Consolidated Balance Sheets. As of December 31,
2024 and 2023, the aggregate redemption value of the remaining noncontrolling interests was $34.4 million and $34.9 million,
respectively.
101
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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. During 2024, 1,481,597 Preferred Outside Partner Units and 355,227 Common Outside Partner Units were redeemed for
cash of $38.2 million, in separate transactions. These transactions resulted in a net decrease in Redeemable noncontrolling interests
of $27.2 million and a decrease in the embedded derivative liability in Other liabilities of $10.9 million on the Company’s
Consolidated Balance Sheets. As of December 31, 2024, the Outside Partner Units related to these acquisitions total $57.7 million,
including noncontrolling interests of $37.9 million and an embedded derivative liability associated with put and call options of these
unitholders of $19.8 million. The Outside Partner Units related annual cash distribution rates and related conversion features
consisted of the following as of December 31, 2024:
Type
Par Value Per
Unit
Number of
Units
Remaining
Return Per Annum
Preferred Outside Partner Units
$
20.00
2,496,707
3.75%
Common Outside Partner Units
$
20.00
266,531
Equal to the Company’s common stock dividend
The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended
December 31, 2024 and 2023 (in thousands):
2024
2023
Balance at January 1,
$
72,277
$
92,933
Net income
4,182
5,820
Distributions
(4,182 )
(5,820 )
Redemption/conversion of noncontrolling interests (1)
(27,442 )
(21,070 )
Adjustment to estimated redemption value
3,042
414
Balance at December 31,
$
47,877
$
72,277
(1)
Includes Preferred and Common Outside Partner Units, which were partially redeemed during 2024 and 2023 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, 2024 and 2023, are 29 and 30 consolidated entities, respectively, 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, 2024, total assets of these VIEs
were $1.7 billion and total liabilities were $161.6 million. At December 31, 2023, total assets of these VIEs were $1.8 billion and
total liabilities were $180.9 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.
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
102
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 are as follows (dollars in millions):
December 31,
2024
2023
Number of unencumbered VIEs
27
28
Number of encumbered VIEs
2
2
Total number of consolidated VIEs
29
30
Restricted Assets:
Real estate, net
$
326.1 $
379.8
Cash, cash equivalents and restricted cash
4.1
3.9
Accounts and notes receivable, net
3.4
3.6
Other assets
1.3
1.3
Total Restricted Assets
$
334.9 $
388.6
VIE Liabilities:
Mortgages payable, net
$
85.1 $
97.3
Accounts payable and accrued expenses
11.6
11.4
Operating lease liabilities
1.8
5.0
Other liabilities
63.1
67.2
Total VIE Liabilities
$
161.6 $
180.9
Unconsolidated Redevelopment Investment
Included in the Company’s preferred equity investments at December 31, 2024 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 based on the fact that 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, 2024 and 2023, the Company’s investment in this VIE was $37.6 million and $33.3 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 and its remaining capital
commitment obligation. 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).
103
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The following table presents the carrying amount and estimated fair value of Company's financial instruments not measured at fair
value as of December 31, 2024 and 2023 (in thousands):
December 31, 2024
December 31, 2023
Fair Value
Hierarchy
Carrying
Amount
Estimated
Fair Value
Carrying
Amounts
Estimated
Fair Value
Assets:
Mortgage and other financing receivables (1)
Level 3
$
444,966
$
443,234
$
130,745
$
122,323
Liabilities:
Notes payable, net (2)
Senior unsecured notes
Level 2
$
7,106,835
$
6,538,784
$
7,262,851
$
6,671,450
Unsecured term loans
Level 3
$
857,903
$
861,296
$
-
$
-
Mortgages payable, net (3)
Level 3
$
496,438
$
469,734
$
353,945
$
329,955
(1)
The carrying value includes allowance for credit losses of $6.8 million and $1.3 million as of December 31, 2024 and 2023, respectively.
(2)
The carrying value includes deferred financing costs of $65.0 million as of both December 31, 2024 and 2023.
(3)
The carrying value includes deferred financing costs of $1.1 million and $1.2 million as of December 31, 2024 and 2023, 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, 2024 and 2023, aggregated by the level of the fair value hierarchy within which those measurements fall (in
thousands):
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
Balance at
December 31, 2023
Level 1
Level 2
Level 3
Assets:
Marketable equity securities
$
330,057
$
330,057
$
-
$
-
Liabilities:
Embedded derivative liability
$
30,914
$
-
$
-
$
30,914
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, is the discount rate of 6.40% as of December 31, 2024 and 2023.
104
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The table below summarizes the change in the fair value of the embedded derivative liability for the years ended December 31,
2024 and 2023 (in thousands):
Year Ended December 31,
2024
2023
Balance as of January 1,
$
30,914 $
56,000
Settlements
(10,920 )
(22,446 )
Change in fair value (included in Other income, net)
(130 )
(734 )
Change in fair value (included in Paid-in capital)
-
(1,906 )
Balance as of December 31,
$
19,864 $
30,914
Assets measured at fair value on a non-recurring basis at December 31, 2023 are as follows (in thousands):
Balance at
December 31, 2023
Level 1
Level 2
Level 3
Real estate
$
11,724 $
- $
- $
11,724
During the year ended December 31, 2024 and 2023, the Company recognized impairment charges related to adjustments to
property carrying values of $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-used 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, 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.
105
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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") the periods presented (in thousands):
Year Ended December 31,
2024
2023
2022
Revenues
$
2,019,065 $
1,767,057 $
1,710,848
Operating expenses
Rent
(16,837 )
(15,997 )
(15,811 )
Real estate taxes
(261,700 )
(231,578 )
(224,729 )
Operating and maintenance
(359,116 )
(309,143 )
(290,367 )
Total operating expenses
(637,653 )
(556,718 )
(530,907 )
NOI from unconsolidated real estate joint ventures
199,522
158,903
164,995
NOI at share
$
1,580,934 $
1,369,242 $
1,344,936
The following table presents the reconciliation of NOI at share to Net income (in thousands):
Year Ended December 31,
2024
2023
2022
NOI at share
$
1,580,934
$
1,369,242
$
1,344,936
Adjustments:
Management and other fee income
17,949
16,343
16,836
General and administrative
(138,140 )
(136,807 )
(119,534 )
Impairment charges
(4,476 )
(14,043 )
(21,958 )
Merger charges
(25,246 )
(4,766 )
-
Depreciation and amortization
(603,685 )
(507,265 )
(505,000 )
Gain on sale of properties
1,274
74,976
15,179
Special dividend income
-
194,116
-
Other income, net
57,605
39,960
28,829
Loss/(gain) on marketable securities, net
(27,679 )
21,262
(315,508 )
Interest expense
(307,806 )
(250,201 )
(226,823 )
Early extinguishment of debt charges
- `
-
(7,658 )
Provision for income taxes, net
(25,417 )
(60,952 )
(56,654 )
Equity in income of joint ventures, net
83,827
72,278
109,481
Equity in income of other investments, net
9,821
10,709
17,403
NOI from unconsolidated real estate joint ventures
(199,522 )
(158,903 )
(164,995 )
Net income
$
419,439
$
665,949
$
114,534
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, 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)
1,849
1,439
71,934
7.250 % $
3.62500 $
1.00
N/A
20,806 $
556,113
106
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
(1) In connection with the RPT Merger, the Company issued 1,849 shares of Class N Preferred Stock with a par value of $1.00 per share,
represented by 1,848,539 depositary shares, which had a fair market value of $105.6 million. 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. As of December 31, 2024, the Class N Preferred Stock was potentially convertible into 3.3 million shares of common
stock.
As of December 31, 2023
Class of Preferred
Stock
Shares
Authorized
Shares
Issued and
Outstanding
Liquidation
Preference
(in thousands)
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
19,367 $
484,179
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, 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
through February 28, 2026. During the year ended December 31, 2024, the Company repurchased the following preferred stock:
Class of Preferred Stock
Depositary Shares Repurchased
Purchase Price (in thousands)
Class N
80 $
5
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
During February 2018, the Company established a common share repurchase program, which is scheduled to expire February 28,
2026. Under this 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 $300.0 million. The Company did not repurchase any shares under the share repurchase program
during 2024 and 2023. As of December 31, 2024, the Company had $224.9 million available under this common share repurchase
program.
107
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During September 2023, the Company established an 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 $500.0 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. The
Company issued 5.4 million shares and received net proceeds after commissions and related expenses of $135.8 million under the
ATM Program during the year ended December 31, 2024. As of December 31, 2024, the Company had $362.5 million available
under this 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 2024, 2023 and 2022, the Company repurchased 792,317, 761,149
and 567,450 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.
In connection with the RPT Merger, each RPT common share was converted into 0.6049 shares of newly issued Kimco common
stock, resulting in approximately 53.0 million common shares being issued in connection with the RPT Merger.
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, 2024, is $54.7 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.
Dividends Declared
The following table provides a summary of the dividends declared per share:
Year Ended December 31,
2024
2023
2022
Common Stock (1)
$
0.97000 $
1.02000 $
0.84000
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 $
- $
-
(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.
108
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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, 2024, 2023 and 2022 (in thousands):
2024
2023
2022
Acquisition of real estate interests:
Mortgages payable
$
164,623
$
-
$
79,362
Accounts receivable and other assets
$
5,264
$
-
-
Accounts payable and other liabilities
$
12,804
$
-
$
59,000
Noncontrolling interests
$
125
$
-
$
-
Redeemable noncontrolling interests
$
-
$
-
$
79,663
Lease modification
$
-
$
12,527
$
-
Proceeds held in escrow through the sale of real estate interests
$
-
$
3,524
$
-
Disposition of real estate interests through the issuance of mortgage and
other financing receivables
$
175,420
$
25,000
$
-
Decrease in other investments through the issuance of mortgage
and other financing receivables
$
50,219
$
-
$
-
Deconsolidation of real estate interests through contribution to
other investments
$
-
$
19,618
$
-
Surrender of common stock/units
$
15,885
$
16,327
$
13,790
Declaration of dividends paid in succeeding period
$
6,409
$
5,308
$
5,326
Capital expenditures accrual
$
60,261
$
30,892
$
29,079
Lease liabilities arising from obtaining operating right-of-use assets
$
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
$
3,220
$
414
$
-
Decrease in noncontrolling interests from redemption of units for common stock
$
-
$
-
$
1,613
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 ) $
-
$
-
Non-controlling interest
$
(20,975 ) $
-
$
-
Preferred stock issued in exchange for RPT preferred shares
$
(105,607 ) $
-
$
-
Common stock issued in exchange for RPT common shares
$
(1,166,775 ) $
-
$
-
Consolidation of Joint Ventures:
Increase in real estate and other assets, net
$
-
$
54,345
$
-
Increase in mortgages payable, other liabilities and noncontrolling interests
$
-
$
37,187
$
-
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, 2024
As of December 31, 2023
Cash and cash equivalents
$
688,622
$
780,518
Restricted cash
1,109
3,239
Total cash, cash equivalents and restricted cash
$
689,731
$
783,757
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.
109
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 2023, the Company acquired the remaining 85% interest in three operating properties from the Prudential Investment
Program, in separate transactions, with an aggregate gross fair value of $150.7 million. The Company evaluated these transactions
pursuant to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $7.7 million,
in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests. See Footnote
4 of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.
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, Executive Chairman of the Board of
Directors of the Company. During 2024, 2023 and 2022, the Company paid brokerage commissions of $0.6 million, $0.5 million
and $0.3 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 $19.0 million has
been funded as of December 31, 2024 and a cost method investment of $1.6 million within Fifth Wall’s Ventures SPV Fund as of
December 31, 2024.
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, 2024,
these letters of credit aggregated $39.8 million.
Funding Commitments
The Company has other investments, including Fifth Wall discussed above, with funding commitments of $29.0 million, of which
$20.0 million has been funded as of December 31, 2024.
Other
The Parent Company guarantees the unsecured debt instruments of Kimco OP. 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 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, 2024, there were $16.2 million in performance and
surety bonds outstanding.
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 $36.2 million outstanding at December 31, 2024. 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.
In connection with the RPT Merger, the Company provides a guaranty for the payment of any debt service shortfalls on the City of
Jacksonville Series 2005A bonds, which are tax increment revenue bonds issued in connection with a redevelopment project in
Jacksonville, FL. Repayment of the bonds is to be made in accordance with a level-payment amortization schedule over 20 years,
and repayments are made out of tax revenues generated by the redevelopment. The remaining debt service payments due over the
110
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
life of the bonds, including principal and interest, are $3.4 million as of December 31, 2024. There have been no payments made
by the Company under this guaranty agreement to date and the Company does not expect to make any payments over the life of the
agreement.
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, 2024.
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 provides 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. At December 31, 2024, the Company had 2.9 million
shares of common stock available for issuance under the 2020 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 performance awards is determined using the Monte Carlo method, which is intended to estimate the fair value of the
awards at the grant date. Fair value of restricted shares is based on the price on the date of grant.
The Company recognized expense associated with its equity awards of $34.9 million, $33.1 million and $26.6 million for the years
ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, the Company had $46.0 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 2.7 years.
Stock Options
During 2024, 2023 and 2022, the Company did not grant any stock options. Information with respect to stock options outstanding
under the 2010 Plan for the years ended December 31, 2023 and 2022 are as follows:
Shares
Weighted-Average
Exercise Price
Per Share
Aggregate
Intrinsic
Value
(in millions)
Options outstanding, January 1, 2022
488,755 $
21.48 $
1.5
Exercised
(205,871 ) $
20.56 $
0.8
Forfeited
(750 ) $
19.70
Options outstanding, December 31, 2022
282,134 $
22.13 $
-
Exercised
(173,038 ) $
21.54 $
0.1
Forfeited
(109,096 ) $
21.61
Options outstanding, December 31, 2023
- $
- $
-
Options exercisable (fully vested)
December 31, 2022
282,134 $
22.13 $
-
December 31, 2023
- $
- $
-
Cash received from options exercised under the 2010 Plan was $3.7 million and $4.2 million for the years ended December 31,
2023 and 2022, respectively.
111
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Restricted Stock
Information with respect to restricted stock under the Plan for the years ended December 31, 2024, 2023 and 2022 is as follows:
2024
2023
2022
Restricted stock outstanding as of January 1,
2,746,116
2,605,970
2,347,608
Granted (1)
872,150
893,880
819,090
Vested
(848,930 )
(740,866 )
(511,772 )
Forfeited
(23,452 )
(12,868 )
(48,956 )
Restricted stock outstanding as of December 31,
2,745,884
2,746,116
2,605,970
(1)
The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2024, 2023 and 2022 were $19.47,
$21.30 and $24.27, 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, 2024,
2023 and 2022, the dividends paid on unvested restricted shares were $3.0 million, $3.1 million and $2.5 million, respectively.
Performance Shares
Information with respect to performance share awards under the Plan for the years ended December 31, 2024, 2023 and 2022 is as
follows:
2024
2023
2022
Performance share awards outstanding as of January 1,
989,860
1,004,040
1,052,100
Granted (1)
377,690
531,200
458,660
Vested (2)
(458,660 )
(545,380 )
(506,720 )
Performance share awards outstanding as of December 31,
908,890
989,860
1,004,040
(1)
The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2024, 2023 and 2022 were
$18.14, $42.61 and $31.19, respectively.
(2)
For the years ended December 31, 2024, 2023 and 2022, the corresponding common stock equivalent of these vested awards were 465,540,
970,231 and 998,238 shares, respectively.
The more significant assumptions underlying the determination of fair values for these performance awards granted during 2024,
2023 and 2022 were as follows:
2024
2023
2022
Stock price
$
19.53
$
21.30
$
24.27
Dividend yield (1)
-
-
-
Risk-free rate
4.39 %
4.38 %
1.72 %
Volatility (2)
28.85 %
44.89 %
49.07 %
Term of the award (years)
2.87
2.87
2.87
(1)
Total Shareholder Return, as used in the performance share awards computation, are 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.
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, 2024. The Company’s contributions to the plan
were $3.4 million, $2.7 million and $2.6 million for the years ended December 31, 2024, 2023 and 2022, 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.
112
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company recognized severance costs associated with employee retirements and terminations during the years ended
December 31, 2024, 2023 and 2022, of $9.8 million (including $6.6 million of severance costs included in Merger charges on the
Company's Consolidated Statements of Income), $0.4 million and $1.5 million, respectively.
Time-Based LTIP Units
During 2024, the Company granted to certain employees and directors 120,700 Time-Based LTIP Units with time-based vesting
requirements and a weighted average grant-date fair value of $19.47 per unit that vest ratably over five years subject to continued
employment. Compensation expense for these units is being recognized over a five-year period.
The aggregate grant-date fair value of the Time-Based LTIP Units for 2024 was $2.4 million. 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
During 2024, the Company granted to certain employees 474,611 Performance-Based LTIP Units, assuming the maximum target
performance, with performance-based vesting requirements and a weighted average grant-date fair value of $9.07 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.
The aggregate grant-date fair value of the Performance-Based LTIP Units for 2024 was $3.7 million, valued using Monte Carlo
simulations based on the following significant assumptions:
2024
Stock price
19.53
Dividend yield (1)
-
Risk-free interest rate
4.39 %
Volatility (2)
28.85 %
Term of the award (years)
2.87
(1) Total Shareholder Return, as used in the Performance-Based LTIP Unit computation, are 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.
25. 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 Internal Revenue Service
(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.
113
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The following table summarizes the measurement changes in the Benefit Plan’s projected benefit obligation, plan assets and funded
status, as well as the components of net periodic benefit costs, including key assumptions, from January 1, 2023 through December
31, 2023 (in thousands):
2023
Change in Projected Benefit Obligation:
Benefit obligation at beginning of period
$
26,165
Interest cost
982
Settlement payments
(25,480 )
Actuarial gain
(189 )
Benefit payments
(1,478 )
Benefit obligation at end of period
$
-
Change in Plan Assets:
Fair value of plan assets at beginning of period
$
40,586
Actual return on plan assets
1,299
Excess assets transfer
(14,927 )
Settlement payments
(25,480 )
Benefit payments
(1,478 )
Fair value of plan assets at end of period
$
-
Funded status at end of period (included in Accounts and notes receivable)
$
-
Accumulated benefit obligation
$
-
Net gain recognized in Accumulated other comprehensive income
$
267
The components of net periodic benefit income/(cost), included in Other income, net in the Company’s Consolidated Statements of
Income for the years ended December 31, 2023 and 2022 are as follows (in thousands):
2023
2022
Interest cost
$
(982 ) $
(1,052 )
Expected return on plan assets
1,221
413
Amortization of net gain
-
37
Settlement gain
10,848
-
Total
$
11,087
$
(602 )
26. 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 annually
distribute at least 90% of its net 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
less than 100% of its net taxable income, including any net capital gains. 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.
114
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Reconciliation between GAAP Net Income and Federal Taxable Income
The following table reconciles GAAP net income to taxable income for the years ended December 31, 2024, 2023 and 2022 (in
thousands):
2024 (Estimated)
2023 (Actual)
2022 (Actual)
GAAP net income attributable to the Company
$
410,785 $
654,273 $
125,976
GAAP net income attributable to TRSs
(1,084 )
(30 )
(5,042 )
GAAP net income from REIT operations (1)
409,701
654,243
120,934
Federal income taxes
21,626
50,686
47,328
Net book depreciation in excess of tax depreciation
142,326
111,124
120,446
Deferred/prepaid/above-market and below-market rents, net
(41,444 )
(30,740 )
(38,479 )
Fair market value debt amortization
(8,026 )
(21,053 )
(38,303 )
Book/tax differences from executive compensation
30,018
31,169
23,248
Book/tax differences from equity awards
(3,780 )
(7,157 )
(7,846 )
Book/tax differences from defined benefit plan
-
2,948
-
Book/tax differences from investments in and advances to real estate joint
ventures
33,579
(20,271 )
11,736
Book/tax differences from sale of properties and marketable equity securities
332,100
190,048
217,797
Book/tax differences from accounts receivable
4,702
(3,596 )
(8,430 )
Book adjustment to property carrying values and marketable equity securities
(28 )
(24,206 )
335,199
Taxable currency exchange (loss)/gain, net
-
(2,585 )
198
Tangible property regulation deduction
(153,866 )
(55,551 )
(61,492 )
GAAP change in ownership of joint venture interests
-
-
45,767
Dividends from TRSs
6,489
13
243
Severance accrual
1,276
(724 )
(2,065 )
Other book/tax differences, net (2)
20,904
11,228
2,115
Adjusted REIT taxable income (3)
$
795,577 $
885,576 $
768,396
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, $241.2 million and $251.5 million for the years ended December 31, 2024,
2023 and 2022, respectively, for which the Company elected to pay the associated corporate income taxes.
115
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Characterization of Distributions
The following characterizes distributions paid for tax purposes for the years ended December 31, 2024, 2023 and 2022, (amounts
in thousands):
2024
2023
2022
Preferred L Dividends
Ordinary income
$
7,755
68 % $
11,432
100 % $
9,657
84 %
Capital gain
3,650
32 %
-
-
1,839
16 %
$
11,405
100 % $
11,432
100 % $
11,496
100 %
Preferred M Dividends
Ordinary income
$
9,340
68 % $
13,749
100 % $
11,615
84 %
Capital gain
4,396
32 %
-
-
2,212
16 %
$
13,736
100 % $
13,749
100 % $
13,827
100 %
Preferred N Dividends
Ordinary income
$
3,766
68 %
-
-
-
-
Capital gain
1,772
32 %
-
-
-
-
$
5,538
100 %
-
-
-
-
Common Dividends
Ordinary income
$
443,473
68 % $
622,885
99 % $
418,725
81 %
Capital gain
208,693
32 %
-
-
82,711
16 %
Return of capital
-
-
6,292
1 %
15,508
3 %
$
652,166
100 % $
629,177
100 % $
516,944
100 %
Total dividends distributed for tax purposes
$
682,845
$
654,358
$
542,267
For the years ended December 31, 2024, 2023 and 2022, 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 will be 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., FNC Realty Corporation,
Kimco Insurance Company, Weingarten Investments Inc., RPT Realty, Inc., Ramco TRS LLC, and the consolidated entity, Blue
Ridge Real Estate Company/Big Boulder Corporation.
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, 2024, 2023 and 2022, are
summarized as follows (in thousands):
2024
2023
2022
TRSs and taxable entities
$
97 $
83 $
(533 )
REIT (1)
25,320
60,869
57,187
Total tax provision
$
25,417 $
60,952 $
56,654
(1) During 2024, 2023 and 2022, the Company sold shares of ACI common stock and recognized long-term capital gains for tax purposes of
$288.7 million, $241.2 million and $251.5 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
pay corporate income tax on the taxable gain, in the amount of $26.1 million for federal and state income tax purposes. In 2023 and 2022 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. During
2022, the Company incurred federal taxes of $47.3 million and state and local taxes of $9.9 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. The allocable share of the long-term capital gain and the federal tax credit will be
reported to direct holders of Kimco common stock, on Form 2439, and to others in year-end reporting documents issued by brokerage firms
for the Company’s common stock held in a brokerage accounts.
116
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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, 2024 and 2023, were
as follows (in thousands):
2024
2023
Deferred tax assets:
Tax/GAAP basis differences
$
6,423 $
3,293
Net operating losses (1)
8,775
4,463
Valuation allowance
(10,327 )
(3,776 )
Total deferred tax assets
4,871
3,980
Deferred tax liabilities
(6,181 )
(5,843 )
Net deferred tax liabilities
$
(1,310 ) $
(1,863 )
(1) Net operating losses 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, 2024 and 2023, 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, 2024, will significantly increase within the next 12 months.
27. 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.
From October 1, 2007 through December 31, 2024, 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 $19.4 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, 2025, unallocated loss adjustment expenses are billed on a fee
per claim basis ranging between $53 and $1,681 based on the claim type. These amounts do not erode the Company’s per occurrence
or aggregate limits.
As of December 31, 2024, the Company maintained letters of credit in the amount of $25.3 million issued in favor of the reinsurance
provider to provide security for the Company’s obligations under its agreements with the reinsurance providers.
117
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2024 and 2023 is
summarized as follows (in thousands):
2024
2023
Balance at the beginning of the year
$
20,883 $
20,202
Incurred related to:
Current year
7,526
6,097
Prior years (1)
1,689
2,644
Total incurred
9,215
8,741
Paid related to:
Current year
(956 )
(817 )
Prior years
(6,914 )
(7,243 )
Total paid
(7,870 )
(8,060 )
Balance at the end of the year
$
22,228 $
20,883
(1) Relates to changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses.
28. Accumulated Other Comprehensive Income (“AOCI”):
The following table presents the change in the components of AOCI for the years ended December 31, 2024, 2023 and 2022 (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, 2022
$
2,216 $
- $
- $
2,216
Other comprehensive income before reclassifications
8,365
-
-
8,365
Amounts reclassified from AOCI
-
-
-
-
Net current-period other comprehensive income
8,365
-
-
8,365
Balance as of December 31, 2022
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 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
On the Company’s Consolidated Statements of Income, unrealized gains and losses reclassified from AOCI related to (i) settlement
of defined benefit plan is included in Other income, net, (ii) cash flow hedges for interest payments are included in Interest expense
and (iii) cash flow hedges for interest payments of unconsolidated investee are included in Equity in income of joint ventures, net.
118
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
29. Earnings Per Share:
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,
2024
2023
2022
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders
$
375,718 $
629,252 $
100,758
Change in estimated redemption value of redeemable noncontrolling
interests
(1,691 )
2,323
-
Earnings attributable to participating securities
(2,766 )
(2,819 )
(2,182 )
Net income available to the Company’s common shareholders for basic
earnings per share
371,261
628,756
98,576
Distributions on convertible units
-
53
-
Net income available to the Company’s common shareholders for diluted
earnings per share
$
371,261 $
628,809 $
98,576
Weighted average common shares outstanding – basic
671,561
616,947
615,528
Effect of dilutive securities (1):
Equity awards
523
1,132
2,283
Assumed conversion of convertible units
52
120
47
Weighted average common shares outstanding – diluted
672,136
618,199
617,858
Net income available to the Company's common shareholders:
Basic earnings per share
$
0.55 $
1.02 $
0.16
Diluted earnings per share
$
0.55 $
1.02 $
0.16
(1) The effect of the assumed conversion of certain convertible units and convertible preferred stock 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. Additionally, there were 0.3 million stock options that were not
dilutive as of December 31, 2022.
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,
2024
2023
2022
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders
$
376,373 $
629,252 $
100,758
Change in estimated redemption value of redeemable noncontrolling
interests
(1,691 )
2,323
-
Earnings attributable to participating securities
(2,883 )
(2,819 )
(2,182 )
Net income available to Kimco OP’s common unitholders
for basic earnings per unit
371,799
628,756
98,576
Distributions on convertible units
-
53
-
Net income available to Kimco OP’s common shareholders for diluted
earnings per unit
$
371,799 $
628,809 $
98,576
Weighted average common units outstanding – basic
672,512
616,947
615,528
Effect of dilutive securities (1):
Equity awards
523
1,132
2,283
Assumed conversion of convertible units
51
120
47
Weighted average common units outstanding – diluted
673,086
618,199
617,858
Net income available to Kimco OP’s common unitholders:
Basic earnings per unit
$
0.55 $
1.02 $
0.16
Diluted earnings per unit
$
0.55 $
1.02 $
0.16
119
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
(1)
The effect of the assumed conversion of certain convertible units and convertible 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.
120
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended December 31, 2024, 2023 and 2022
(in thousands)
Balance at
beginning
of period
Charged to
expenses
Adjustments
to valuation
accounts
Deductions
Balance at
end of
period
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
Year Ended December 31, 2022
Allowance for uncollectable accounts (1)
$
8,339 $
- $
- $
(1,357 ) $
6,982
Allowance for deferred tax asset
$
4,067 $
- $
(4,067 ) $
- $
-
(1) Includes allowances on accounts receivable and straight-line rents.
121
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
122
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 $
110 $
850 $
1,322 $
2,172 $
347 $
1,825 $
-
2021(A)
BELL CAMINO CENTER
AZ
2,427
6,439
1,190
2,427
7,630
10,056
3,194
6,862
-
2012(A)
BELL CAMINO-SAFEWAY
PARCEL
AZ
1,104
4,574
-
1,104
4,574
5,678
800
4,878
-
2019(A)
BROADWAY MARKETPLACE
AZ
3,517
10,303
1,082
3,517
11,385
14,902
1,532
13,370
-
2021(A)
CAMELBACK MILLER PLAZA
AZ
6,236
29,230
912
6,236
30,142
36,378
4,886
31,492
-
2021(A)
CAMELBACK VILLAGE SQUARE AZ
-
13,038
663
-
13,701
13,701
2,667
11,034
-
2021(A)
CHRISTOWN SPECTRUM
AZ
33,831
91,004
28,208
76,639
76,404
153,043
22,998
130,045
-
2015(A)
COLLEGE PARK SHOPPING
CENTER
AZ
3,277
7,741
470
3,277
8,211
11,488
3,771
7,717
-
2011(A)
DESERT VILLAGE
AZ
6,465
22,025
418
6,465
22,443
28,908
3,645
25,263
-
2021(A)
ENTRADA DE ORO PLAZA
AZ
5,700
11,044
208
5,700
11,252
16,952
2,035
14,917
-
2021(A)
FOUNTAIN PLAZA
AZ
4,794
20,373
297
4,794
20,670
25,464
2,592
22,872
-
2021(A)
MADERA VILLAGE
AZ
3,980
8,110
1,122
3,980
9,232
13,212
1,581
11,631
-
2021(A)
AZ
4,090
18,343
357
4,090
18,700
22,790
2,541
20,249
-
2021(A)
AZ
15,000
-
149,593
308
164,285
164,593
81,337
83,256
-
2005(C)
METRO SQUARE
AZ
4,101
16,411
3,821
4,101
20,232
24,333
13,030
11,303
-
1998(A)
MONTE VISTA VILLAGE
CENTER
AZ
4,064
8,344
305
4,064
8,649
12,713
1,413
11,300
-
2021(A)
NORTH VALLEY
AZ
6,862
18,201
15,042
4,796
35,309
40,105
10,130
29,975
-
2011(A)
PLAZA AT MOUNTAINSIDE
AZ
2,450
9,802
2,996
2,450
12,798
15,248
8,866
6,382
-
1997(A)
PLAZA DEL SOL
AZ
5,325
21,270
3,036
4,578
25,053
29,631
12,717
16,914
-
1998(A)
PUEBLO ANOZIRA
AZ
7,734
27,063
596
7,734
27,659
35,393
4,127
31,266
11,372
2021(A)
RAINTREE RANCH CENTER
AZ
7,720
30,743
(87 )
7,720
30,656
38,376
3,988
34,388
-
2021(A)
RED MOUNTAIN GATEWAY
AZ
4,653
10,410
4,256
4,653
14,666
19,319
1,622
17,697
-
2021(A)
SCOTTSDALE HORIZON
AZ
8,191
36,728
1,744
8,191
38,472
46,663
5,121
41,542
-
2021(A)
SCOTTSDALE WATERFRONT
AZ
15,872
30,112
86
15,872
30,198
46,070
5,145
40,925
-
2021(A)
SHOPPES AT BEARS PATH
AZ
3,445
2,874
388
3,445
3,262
6,707
485
6,222
-
2021(A)
SQUAW PEAK PLAZA
AZ
2,515
17,021
106
2,515
17,127
19,642
2,463
17,179
-
2021(A)
VILLAGE CROSSROADS
AZ
5,663
24,981
2,125
5,663
27,106
32,769
9,905
22,864
-
2011(A)
280 METRO CENTER
CA
38,735
94,903
(2,304 )
38,735
92,599
131,334
24,256
107,078
-
2015(A)
580 MARKET PLACE
CA
12,769
48,768
292
12,769
49,060
61,829
5,706
56,123
-
2021(A)
8000 SUNSET STRIP S.C.
CA
43,012
85,115
4,727
43,012
89,842
132,854
12,627
120,227
-
2021(A)
AAA BUILDING AT STEVENS
CREEK
CA
1,661
3,114
-
1,661
3,114
4,775
471
4,304
-
2021(A)
ANAHEIM PLAZA
CA
34,228
73,765
9,543
34,228
83,308
117,536
13,640
103,896
-
2021(A)
BLACK MOUNTAIN VILLAGE
CA
4,678
11,913
2,482
4,678
14,395
19,073
6,696
12,377
-
2007(A)
BROOKHURST CENTER
CA
10,493
31,358
4,515
22,300
24,066
46,366
7,572
38,794
-
2016(A)
MADISON VILLAGE
MARKETPLACE
MESA RIVERVIEW
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
123
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
1,367
14,050
21,138
35,188
4,130
31,058
-
2021(A)
CAMBRIAN PARK PLAZA
CA
41,258
2,015
3,244
41,258
5,259
46,517
721
45,796
-
2021(A)
CENTERWOOD PLAZA
CA
10,981
10,702
296
10,981
10,998
21,979
1,865
20,114
-
2021(A)
CHICO CROSSROADS
CA
9,976
30,535
(4,175 )
7,905
28,431
36,336
12,891
23,445
-
2008(A)
CHINO HILLS MARKETPLACE
CA
17,702
72,529
854
17,702
73,383
91,085
10,357
80,728
-
2021(A)
CITY HEIGHTS
CA
10,687
28,325
(363 )
13,909
24,740
38,649
7,670
30,979
-
2012(A)
CORONA HILLS PLAZA
CA
13,361
53,373
14,086
13,361
67,459
80,820
45,843
34,977
-
1998(A)
COSTCO PLAZA - 541
CA
4,996
19,983
(760 )
4,996
19,223
24,219
13,245
10,974
-
1998(A)
CREEKSIDE CENTER
CA
3,871
11,563
3,266
5,154
13,546
18,700
3,014
15,686
-
2016(A)
CROCKER RANCH
CA
7,526
24,878
135
7,526
25,013
32,539
6,946
25,593
-
2015(A)
CUPERTINO VILLAGE
CA
19,886
46,535
29,475
19,886
76,010
95,896
29,182
66,714
-
2006(A)
EL CAMINO PROMENADE
CA
7,372
37,592
5,275
7,372
42,867
50,239
6,093
44,146
-
2021(A)
FREEDOM CENTRE
CA
8,933
18,622
(267 )
8,933
18,355
27,288
2,716
24,572
-
2021(A)
FULTON MARKET PLACE
CA
2,966
6,921
17,385
6,280
20,992
27,272
7,184
20,088
-
2005(A)
GATEWAY AT DONNER PASS
CA
4,516
8,319
15,087
8,759
19,163
27,922
4,323
23,599
-
2015(A)
CA
18,372
65,851
(235 )
18,372
65,616
83,988
8,017
75,971
22,765
2021(A)
CA
10,976
27,721
127
10,976
27,848
38,824
4,496
34,328
-
2021(A)
CA
5,346
7,188
(894 )
5,346
6,294
11,640
495
11,145
-
2021(A)
HOME DEPOT PLAZA
CA
4,592
18,345
-
4,592
18,345
22,937
12,695
10,242
-
1998(A)
KENNETH HAHN PLAZA
CA
4,115
7,661
(659 )
-
11,117
11,117
5,907
5,210
-
2010(A)
LA MIRADA THEATRE CENTER CA
8,817
35,260
344
6,889
37,532
44,421
25,741
18,680
-
1998(A)
LA VERNE TOWN CENTER
CA
8,414
23,856
13,598
16,362
29,506
45,868
9,691
36,177
-
2014(A)
LABAND VILLAGE SHOPPING
CENTER
CA
5,600
13,289
(708 )
5,607
12,574
18,181
7,386
10,795
-
2008(A)
LAKEWOOD PLAZA
CA
1,294
3,669
(606 )
-
4,357
4,357
1,111
3,246
-
2014(A)
LAKEWOOD VILLAGE
CA
8,597
24,375
(43 )
11,683
21,246
32,929
7,386
25,543
-
2014(A)
LARWIN SQUARE SHOPPING
CENTER
CA
17,234
39,731
6,501
17,234
46,232
63,466
5,749
57,717
-
2023(A)
LINCOLN HILLS TOWN CENTER CA
8,229
26,127
413
8,229
26,540
34,769
8,825
25,944
-
2015(A)
LINDA MAR SHOPPING CENTER CA
16,549
37,521
5,451
16,549
42,972
59,521
14,094
45,427
-
2014(A)
MADISON PLAZA
CA
5,874
23,476
4,938
5,874
28,414
34,288
17,741
16,547
-
1998(A)
MARINA VILLAGE
CA
14,108
27,414
8,050
14,108
35,464
49,572
5,192
44,380
-
2023(A)
NORTH COUNTY PLAZA
CA
10,205
28,934
1,339
20,895
19,583
40,478
6,253
34,225
-
2014(A)
NOVATO FAIR S.C.
CA
9,260
15,600
1,173
9,260
16,773
26,033
7,683
18,350
-
2009(A)
ON THE CORNER AT STEVENS
CREEK
CA
1,825
4,641
-
1,825
4,641
6,466
578
5,888
-
2021(A)
PLAZA DI NORTHRIDGE
CA
12,900
40,575
4,696
12,900
45,271
58,171
20,109
38,062
-
2005(A)
POWAY CITY CENTRE
CA
5,855
13,792
13,214
7,248
25,613
32,861
12,285
20,576
-
2005(A)
RANCHO PENASQUITOS TOWNE
CTR I
CA
14,852
20,342
943
14,852
21,285
36,137
6,116
30,021
-
2015(A)
GATEWAY PLAZA
GREENHOUSE MARKETPLACE
GREENHOUSE MARKETPLACE II
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
124
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 TWN
CTR II
CA
12,945
20,324
935
12,945
21,259
34,204
6,071
28,133
-
2015(A)
RANCHO PENASQUITOS-VONS
PROP.
CA
2,918
9,146
-
2,918
9,146
12,064
1,489
10,575
-
2019(A)
RANCHO SAN MARCOS
VILLAGE
CA
9,050
29,357
8,142
9,483
37,066
46,549
3,789
42,760
-
2021(A)
REDWOOD CITY PLAZA
CA
2,552
6,215
5,901
2,552
12,116
14,668
4,123
10,545
-
2009(A)
SAN DIEGO CARMEL
MOUNTAIN
CA
5,323
8,874
(1,891 )
5,323
6,983
12,306
2,863
9,443
-
2009(A)
SAN MARCOS PLAZA
CA
1,883
12,044
3,048
1,883
15,092
16,975
1,460
15,515
-
2021(A)
SANTEE TROLLEY SQUARE
CA
40,209
62,964
3,002
40,209
65,966
106,175
24,846
81,329
-
2015(A)
SILVER CREEK PLAZA
CA
33,541
53,176
577
33,541
53,753
87,294
7,212
80,082
-
2021(A)
SOUTH NAPA MARKET PLACE
CA
1,100
22,159
21,943
23,119
22,083
45,202
14,612
30,590
-
2006(A)
SOUTHAMPTON CENTER
CA
10,289
64,096
471
10,289
64,567
74,856
7,520
67,336
19,541
2021(A)
STANFORD RANCH
CA
10,584
30,007
3,210
9,983
33,818
43,801
9,466
34,335
-
2014(A)
STEVENS CREEK CENTRAL S.C. CA
41,818
45,886
814
41,818
46,700
88,518
8,004
80,514
-
2021(A)
CA
10,361
38,054
26
10,361
38,080
48,441
5,234
43,207
-
2021(A)
CA
2,140
28,325
(18,394 )
2,140
9,931
12,071
6,521
5,550
-
2006(A)
CENTER
CA
16,745
30,953
5,870
16,745
36,823
53,568
4,421
49,147
-
2023(A)
WESTLAKE SHOPPING CENTER CA
16,174
64,819
121,783
16,174
186,602
202,776
82,348
120,428
-
2002(A)
WESTMINSTER CENTER
CA
60,428
64,973
657
60,428
65,630
126,058
11,926
114,132
46,828
2021(A)
WHITTWOOD TOWN CENTER
CA
57,136
105,815
5,454
57,139
111,266
168,405
30,559
137,846
-
2017(A)
CROSSING AT STONEGATE
CO
11,909
33,111
66
11,680
33,406
45,086
4,752
40,334
-
2021(A)
DENVER WEST 38TH STREET
CO
161
647
331
161
978
1,139
778
361
-
1998(A)
EAST BANK S.C.
CO
1,501
6,180
8,442
1,501
14,622
16,123
5,867
10,256
-
1998(A)
EDGEWATER MARKETPLACE
CO
7,807
32,706
674
7,807
33,380
41,187
4,465
36,722
-
2021(A)
ENGLEWOOD PLAZA
CO
806
3,233
1,407
806
4,640
5,446
2,807
2,639
-
1998(A)
FRONT RANGE VILLAGE
CO
16,634
122,714
(949 )
16,634
121,765
138,399
8,073
130,326
-
2024(A)
GREELEY COMMONS
CO
3,313
20,070
4,506
3,313
24,576
27,889
8,252
19,637
-
2012(A)
HERITAGE WEST S.C.
CO
1,527
6,124
3,486
1,527
9,610
11,137
5,916
5,221
-
1998(A)
HIGHLANDS RANCH II
CO
3,515
11,756
1,798
3,515
13,554
17,069
4,864
12,205
-
2013(A)
HIGHLANDS RANCH VILLAGE
S.C.
CO
8,135
21,580
2,025
5,337
26,403
31,740
8,214
23,526
-
2011(A)
LOWRY TOWN CENTER
CO
3,271
32,685
1,203
3,271
33,888
37,159
4,080
33,079
-
2021(A)
MARKET AT SOUTHPARK
CO
9,783
20,780
7,167
9,783
27,947
37,730
9,416
28,314
-
2011(A)
NORTHRIDGE SHOPPING
CENTER
CO
4,933
16,496
5,014
8,934
17,509
26,443
8,908
17,535
-
2013(A)
QUINCY PLACE S.C.
CO
1,148
4,608
3,344
1,148
7,952
9,100
5,140
3,960
-
1998(A)
RIVER POINT AT SHERIDAN
CO
13,223
30,444
1,407
12,331
32,743
45,074
6,853
38,221
-
2021(A)
RIVER POINT AT SHERIDAN II
CO
1,255
4,231
-
1,255
4,231
5,486
635
4,851
-
2021(A)
STONY POINT PLAZA
TRUCKEE CROSSROADS
TUSTIN HEIGHTS SHOPPING
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
125
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)
VILLAGE CENTER - HIGHLAND
RANCH
CO
1,140
2,660
284
1,140
2,944
4,084
818
3,266
-
2014(A)
VILLAGE CENTER WEST
CO
2,011
8,361
1,026
2,011
9,387
11,398
2,800
8,598
-
2011(A)
VILLAGE ON THE PARK
CO
2,194
8,886
22,213
3,018
30,275
33,293
10,358
22,935
-
1998(A)
BRIGHT HORIZONS
CT
1,212
4,611
168
1,212
4,779
5,991
1,807
4,184
-
2012(A)
HAMDEN MART
CT
13,668
40,890
4,841
14,226
45,173
59,399
12,500
46,899
16,844
2016(A)
HOME DEPOT PLAZA
CT
7,705
30,798
4,145
7,705
34,943
42,648
23,173
19,475
-
1998(A)
NEWTOWN S.C.
CT
-
15,635
516
-
16,151
16,151
4,151
12,000
-
2014(A)
WEST FARM SHOPPING CENTER CT
5,806
23,348
20,914
7,585
42,483
50,068
25,271
24,797
-
1998(A)
WILTON CAMPUS
CT
10,169
31,893
3,956
10,169
35,849
46,018
11,578
34,440
-
2013(A)
WILTON RIVER PARK SHOPPING
CTR
CT
7,155
27,509
1,510
7,155
29,019
36,174
9,407
26,767
-
2012(A)
BRANDYWINE COMMONS
DE
-
36,057
(547 )
-
35,510
35,510
10,680
24,830
-
2014(A)
ARGYLE VILLAGE
FL
5,228
36,814
296
5,228
37,110
42,338
6,468
35,870
-
2021(A)
BELMART PLAZA
FL
1,656
3,394
5,825
1,656
9,219
10,875
5,532
5,343
-
2014(A)
BOCA LYONS PLAZA
FL
13,280
37,751
554
13,280
38,305
51,585
5,113
46,472
-
2021(A)
FL
574
2,296
977
1,675
2,172
3,847
80
3,767
-
1992(A)
FL
5,220
16,884
4,869
5,220
21,753
26,973
13,876
13,097
-
1997(A)
FL
294
792
6,859
294
7,651
7,945
2,817
5,128
-
1968(C)
CHEVRON OUTPARCEL
FL
531
1,253
-
531
1,253
1,784
509
1,275
-
2010(A)
COLONIAL PLAZA
FL
25,516
54,604
4,648
25,516
59,252
84,768
11,537
73,231
-
2021(A)
CORAL POINTE S.C.
FL
2,412
20,508
1,066
2,412
21,574
23,986
5,762
18,224
-
2015(A)
CORAL SQUARE PROMENADE
FL
710
2,843
4,227
710
7,070
7,780
5,183
2,597
-
1994(A)
CORSICA SQUARE S.C.
FL
7,225
10,757
431
7,225
11,188
18,413
3,538
14,875
-
2015(A)
COUNTRYSIDE CENTRE
FL
11,116
41,581
1,779
11,116
43,360
54,476
6,362
48,114
-
2021(A)
CURLEW CROSSING SHOPPING
CTR
FL
5,316
12,529
1,017
3,312
15,550
18,862
8,480
10,382
-
2005(A)
CYPRESS POINT
FL
4,680
24,662
15
4,680
24,677
29,357
1,366
27,991
-
2024(A)
DANIA POINTE
FL
105,113
-
36,271
26,094
115,290
141,384
16,054
125,330
-
2016(C)
DANIA POINTE - PHASE II (4)
FL
-
-
283,216
26,875
256,341
283,216
26,664
256,552
-
2016(C)
EMBASSY LAKES
FL
6,565
18,104
1,358
6,565
19,462
26,027
2,380
23,647
-
2021(A)
FLAGLER PARK
FL
26,163
80,737
6,480
26,725
86,655
113,380
35,395
77,985
-
2007(A)
FT LAUDERDALE #1, FL
FL
1,003
2,602
18,781
1,774
20,612
22,386
13,450
8,936
-
1974(C)
FT. LAUDERDALE/CYPRESS
CREEK
FL
14,259
28,042
4,618
14,259
32,660
46,919
15,911
31,008
-
2009(A)
GRAND OAKS VILLAGE
FL
7,409
19,654
780
5,846
21,997
27,843
7,383
20,460
-
2011(A)
GROVE GATE S.C.
FL
366
1,049
793
366
1,842
2,208
1,710
498
-
1968(C)
HIGHLAND LAKES PLAZA
FL
2,677
9,660
3,231
2,677
12,890
15,567
601
14,966
-
2024(A)
IVES DAIRY CROSSING
FL
733
4,080
12,132
721
16,224
16,945
11,636
5,309
-
1985(A)
KENDALE LAKES PLAZA
FL
18,491
28,496
(383 )
15,362
31,242
46,604
12,597
34,007
-
2009(A)
LARGO PLAZA
FL
23,571
63,604
2,576
23,571
66,180
89,751
10,279
79,472
-
2021(A)
MAPLEWOOD PLAZA
FL
1,649
6,626
2,251
1,649
8,877
10,526
6,056
4,470
-
1997(A)
CAMINO SQUARE
CARROLLWOOD COMMONS
CENTER AT MISSOURI AVENUE
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
126
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)
MARATHON SHOPPING CENTER FL
2,413
8,069
3,960
1,515
12,927
14,442
2,911
11,531
-
2013(A)
MARKETPLACE OF DELRAY
FL
13,941
24,638
356
13,941
24,993
38,934
2,013
36,921
-
2024(A)
MERCHANTS WALK
FL
2,581
10,366
11,495
2,581
21,861
24,442
13,975
10,467
-
2001(A)
MILLENIA PLAZA PHASE II
FL
7,711
20,703
6,152
7,698
26,868
34,566
12,883
21,683
-
2009(A)
MILLER ROAD S.C.
FL
1,138
4,552
4,859
1,138
9,411
10,549
6,693
3,856
-
1986(A)
MILLER WEST PLAZA
FL
6,726
10,661
435
6,726
11,096
17,822
3,253
14,569
-
2015(A)
MISSION BELL SHOPPING
CENTER
FL
5,056
11,843
8,817
5,067
20,649
25,716
9,637
16,079
-
2004(A)
NASA PLAZA
FL
-
1,754
5,559
-
7,313
7,313
5,363
1,950
-
1968(C)
OAK TREE PLAZA
FL
-
917
2,549
-
3,466
3,466
3,122
344
-
1968(C)
OAKWOOD BUSINESS CTR-
BLDG 1
FL
6,793
18,663
5,051
6,793
23,714
30,507
10,243
20,264
-
2009(A)
OAKWOOD PLAZA NORTH
FL
35,301
141,731
3,758
35,301
145,489
180,790
33,162
147,628
-
2016(A)
OAKWOOD PLAZA SOUTH
FL
11,127
40,592
791
11,127
41,383
52,510
10,043
42,467
-
2016(A)
PALMS AT TOWN & COUNTRY
FL
30,137
94,674
1,996
30,137
96,670
126,807
11,979
114,828
-
2021(A)
PALMS AT TOWN & COUNTRY
FL
26,597
92,088
1,598
26,597
93,686
120,283
12,527
107,756
-
2021(A)
FL
10,764
19,264
2,058
10,764
21,322
32,086
7,728
24,358
-
2011(A)
FL
4,774
18,461
56
4,774
18,516
23,290
902
22,388
-
2024(A)
PHILLIPS CROSSING
FL
-
53,536
179
-
53,715
53,715
8,035
45,680
-
2021(A)
PLANTATION CROSSING
FL
2,782
8,077
3,329
2,782
11,406
14,188
2,945
11,243
-
2017(A)
POMPANO POINTE S.C.
FL
10,517
14,356
641
10,517
14,997
25,514
3,716
21,798
-
2012(A)
RENAISSANCE CENTER
FL
9,104
36,541
46,780
9,123
83,302
92,425
22,959
69,466
-
1998(A)
RIVERPLACE SHOPPING CTR.
FL
7,503
31,011
5,417
7,200
36,731
43,931
14,875
29,056
-
2010(A)
RIVERSIDE LANDINGS S.C.
FL
3,512
14,440
835
3,512
15,275
18,787
4,181
14,606
-
2015(A)
RIVER CITY MARKETPLACE
FL
26,970
115,484
197
26,970
115,681
142,651
9,038
133,613
-
2024(A)
SEA RANCH CENTRE
FL
3,298
21,259
338
3,298
21,597
24,895
3,020
21,875
-
2021(A)
SHOPPES AT DEERFIELD
FL
19,069
69,485
3,943
19,069
73,428
92,497
9,661
82,836
-
2021(A)
SHOPPES AT DEERFIELD II
FL
788
6,388
(29 )
788
6,359
7,147
746
6,401
-
2021(A)
SHOPS AT SANTA BARBARA
PHASE 1
FL
743
5,374
309
743
5,683
6,426
1,605
4,821
-
2015(A)
SHOPS AT SANTA BARBARA
PHASE 2
FL
332
2,489
62
332
2,551
2,883
716
2,167
-
2015(A)
SHOPS AT SANTA BARBARA
PHASE 3
FL
330
2,359
22
330
2,381
2,711
611
2,100
-
2015(A)
SODO S.C.
FL
-
68,139
7,312
142
75,309
75,451
29,619
45,832
-
2008(A)
SOUTH MIAMI S.C.
FL
1,280
5,134
5,124
1,280
10,258
11,538
6,231
5,307
-
1995(A)
SUNSET 19 S.C.
FL
12,460
55,354
303
12,460
55,657
68,117
8,430
59,687
-
2021(A)
TJ MAXX PLAZA
FL
10,341
38,660
205
10,341
38,865
49,206
5,327
43,879
-
2021(A)
TRI-CITY PLAZA
FL
2,832
11,329
24,372
2,832
35,701
38,533
11,254
27,279
-
1992(A)
TUTTLEBEE PLAZA
FL
255
828
3,010
255
3,838
4,093
2,710
1,383
-
2008(A)
UNIVERSITY TOWN CENTER
FL
5,515
13,041
856
5,515
13,897
19,412
5,488
13,924
-
2011(A)
LIFESTYLE
PARK HILL PLAZA
PARKWAY SHOPS
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
127
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)
VILLAGE COMMONS S.C.
FL
2,026
5,106
2,032
2,026
7,138
9,164
2,582
6,582
-
2013(A)
VILLAGE COMMONS SHOPPING
CENTER
FL
2,192
8,774
7,953
2,192
16,727
18,919
9,362
9,557
-
1998(A)
VILLAGE GREEN CENTER
FL
11,405
13,466
69
11,405
13,535
24,940
2,751
22,189
16,378
2021(A)
VIZCAYA SQUARE
FL
5,773
20,965
382
5,773
21,347
27,120
3,277
23,843
-
2021(A)
WATERFORD LAKES TOWN
CENTER
FL
51,669
272,462
14,629
51,669
287,091
338,760
5,564
333,196
163,399
2024(A)
WELLINGTON GREEN
COMMONS
FL
19,528
32,521
45
19,528
32,566
52,094
5,117
46,977
13,823
2021(A)
WELLINGTON GREEN PAD
SITES
FL
3,854
1,777
3,195
3,854
4,972
8,826
492
8,334
-
2021(A)
WEST BROWARD S.C.
FL
4,600
15,372
743
4,600
16,115
20,715
2,724
17,991
-
2024(A)
WINN DIXIE-MIAMI
FL
2,990
9,410
(50 )
3,544
8,806
12,350
2,434
9,916
-
2013(A)
WINTER PARK CORNERS
FL
5,191
42,530
482
5,191
43,012
48,203
5,215
42,988
-
2021(A)
VILLAGE LAKES S.C.
FL
6,583
17,369
128
6,583
17,497
24,080
1,032
23,048
-
2024(A)
BRAELINN VILLAGE
GA
7,315
20,739
144
3,731
24,467
28,198
7,305
20,893
-
2014(A)
GA
593
5,488
91
593
5,579
6,172
674
5,498
-
2021(A)
GA
4,441
38,596
381
4,441
38,977
43,418
5,182
38,236
-
2021(A)
GA
18,147
33,010
5,417
18,161
38,413
56,574
26,169
30,405
-
2008(A)
GRAYSON COMMONS
GA
2,600
13,358
(21 )
2,600
13,337
15,937
1,914
14,023
-
2021(A)
LAKESIDE MARKETPLACE
GA
2,238
28,579
1,116
2,238
29,695
31,933
3,845
28,088
-
2021(A)
LAWRENCEVILLE MARKET
GA
8,878
29,691
1,919
9,060
31,428
40,488
11,820
28,668
-
2013(A)
MARKET AT HAYNES BRIDGE
GA
4,881
21,549
3,379
4,890
24,919
29,809
10,990
18,819
-
2008(A)
NEWNAN PAVILLION
GA
8,793
40,441
(105 )
8,793
40,336
49,129
2,510
46,619
-
2024(A)
PEACHTREE HILL
GA
6,361
16,097
377
6,361
16,474
22,835
1,078
21,757
-
2024(A)
PERIMETER EXPO PROPERTY
GA
14,770
44,295
2,952
16,142
45,875
62,017
12,366
49,651
-
2016(A)
PERIMETER VILLAGE
GA
5,418
67,522
479
5,418
68,001
73,419
9,673
63,746
24,811
2021(A)
PROMENADE AT PLEASANT
HILL
GA
14,480
25,564
517
14,480
26,081
40,561
2,275
38,286
-
2024(A)
RIVERWALK MARKETPLACE
GA
3,512
18,863
403
3,388
19,390
22,778
4,999
17,779
-
2015(A)
ROSWELL CORNERS
GA
4,536
47,054
886
4,536
47,940
52,476
6,084
46,392
-
2021(A)
ROSWELL CROSSING
GA
6,270
45,338
329
6,270
45,667
51,937
6,240
45,697
-
2021(A)
WOODSTOCK SQUARE
GA
8,805
39,829
661
8,805
40,490
49,295
2,357
46,938
-
2024(A)
CLIVE PLAZA
IA
501
2,002
-
501
2,002
2,503
1,484
1,019
-
1996(A)
DEER GROVE CENTER
IL
2,723
20,894
165
2,723
21,059
23,782
1,796
21,986
-
2024(A)
HAWTHORN HILLS SQUARE
IL
6,784
33,034
4,310
6,784
37,344
44,128
15,081
29,047
-
2012(A)
PLAZA DEL PRADO
IL
10,204
28,410
1,737
10,172
30,179
40,351
7,962
32,389
-
2017(A)
SKOKIE POINTE
IL
-
2,276
9,868
2,628
9,516
12,144
5,744
6,400
-
1997(A)
GREENWOOD S.C.
IN
423
1,883
22,097
1,641
22,762
24,403
6,745
17,658
-
1970(C)
BUTTERMILK TOWNE CENTER KY
-
29,940
38
-
29,977
29,977
1,622
28,355
-
2024(A)
FESTIVAL ON JEFFERSON
COURT
KY
5,627
26,790
549
5,627
27,339
32,966
4,735
28,231
-
2021(A)
BROWNSVILLE COMMONS
CAMP CREEK MARKETPLACE II
EMBRY VILLAGE
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
128
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)
ADAMS PLAZA
MA
2,089
3,227
257
2,089
3,484
5,573
1,091
4,482
-
2014(A)
BROADWAY PLAZA
MA
6,485
343
-
6,485
343
6,828
270
6,558
-
2014(A)
BROOKLINE VILLAGE
MA
1,760
2,662
(123 )
1,760
2,539
4,299
177
4,122
-
2024(A)
FALMOUTH PLAZA
MA
2,361
13,066
2,159
2,361
15,225
17,586
4,049
13,537
-
2014(A)
FELLSWAY PLAZA
MA
5,300
11,014
1,778
5,300
12,792
18,092
4,099
13,993
-
2014(A)
FESTIVAL OF HYANNIS S.C.
MA
15,038
40,683
3,000
15,038
43,683
58,721
13,956
44,765
-
2014(A)
GLENDALE SQUARE
MA
4,699
7,141
2,868
4,699
10,009
14,708
2,302
12,406
-
2014(A)
LINDEN PLAZA
MA
4,628
3,535
710
4,628
4,245
8,873
2,051
6,822
-
2014(A)
MAIN ST. PLAZA
MA
556
2,139
(33 )
523
2,139
2,662
819
1,843
-
2014(A)
MEMORIAL PLAZA
MA
16,411
27,554
1,333
16,411
28,887
45,298
7,455
37,843
-
2014(A)
MILL ST. PLAZA
MA
4,195
6,203
1,755
4,195
7,958
12,153
2,286
9,867
-
2014(A)
MORRISSEY PLAZA
MA
4,097
3,751
2,771
4,097
6,522
10,619
1,256
9,363
-
2014(A)
NORTHBOROUGH CROSSING
MA
12,711
50,230
341
12,711
50,571
63,282
3,382
59,900
-
2024(A)
NORTH AVE. PLAZA
MA
1,164
1,195
303
1,164
1,498
2,662
507
2,155
-
2014(A)
NORTH QUINCY PLAZA
MA
6,333
17,954
217
3,894
20,610
24,504
5,339
19,165
-
2014(A)
MA
4,183
12,195
1,511
4,183
13,706
17,889
4,438
13,451
-
2014(A)
MA
582
2,095
28
582
2,123
2,705
546
2,159
-
2014(A)
MA
5,545
16,324
919
5,545
17,243
22,788
6,072
16,716
-
2014(A)
MA
11,008
5,652
10,666
12,958
14,368
27,326
5,497
21,829
-
2014(A)
WASHINGTON ST. S.C.
MA
7,381
9,987
3,580
7,381
13,567
20,948
3,826
17,122
-
2014(A)
WAVERLY PLAZA
MA
1,215
3,623
1,186
1,203
4,821
6,024
1,333
4,691
-
2014(A)
CENTRE COURT-GIANT
MD
3,854
12,770
128
3,854
12,898
16,752
4,942
11,810
2,331
2011(A)
CENTRE COURT-OLD
COURT/COURTYD
MD
2,279
5,285
177
2,279
5,462
7,741
1,806
5,935
-
2011(A)
CENTRE COURT-RETAIL/BANK MD
1,035
7,786
892
1,035
8,678
9,713
2,770
6,943
-
2011(A)
COLUMBIA CROSSING
MD
3,613
34,345
5,249
3,613
39,594
43,207
9,633
33,574
-
2015(A)
COLUMBIA CROSSING II
SHOP.CTR.
MD
3,138
19,868
4,931
3,138
24,799
27,937
7,290
20,647
-
2013(A)
COLUMBIA CROSSING
OUTPARCELS
MD
1,279
2,871
49,621
14,855
38,916
53,771
7,720
46,051
-
2011(A)
CROFTON CENTRE
MD
5,379
27,547
1,239
5,379
28,786
34,165
1,650
32,515
-
2024(A)
DORSEY'S SEARCH VILLAGE
CENTER
MD
6,322
27,996
1,332
6,322
29,328
35,650
7,318
28,332
-
2015(A)
ENCHANTED FOREST S.C.
MD
20,124
34,345
2,514
20,124
36,859
56,983
10,430
46,553
-
2014(A)
FULLERTON PLAZA
MD
14,238
6,744
16,824
14,238
23,568
37,806
5,411
32,395
-
2014(A)
GAITHERSBURG S.C.
MD
245
6,788
2,124
245
8,912
9,157
5,779
3,378
-
1999(A)
GREENBRIER S.C.
MD
8,891
30,305
1,314
8,891
31,619
40,510
9,052
31,458
-
2014(A)
HARPER'S CHOICE
MD
8,429
18,374
1,916
8,429
20,290
28,719
5,571
23,148
-
2015(A)
HICKORY RIDGE
MD
7,184
26,948
1,452
7,184
28,400
35,584
6,634
28,950
-
2015(A)
HICKORY RIDGE (SUNOCO)
MD
543
2,122
-
543
2,122
2,665
605
2,060
-
2015(A)
INGLESIDE S.C.
MD
10,417
17,889
1,053
10,417
18,942
29,359
5,621
23,738
-
2014(A)
KENTLANDS MARKET SQUARE MD
20,167
84,615
20,188
20,167
104,803
124,970
21,210
103,760
-
2016(A)
PARADISE PLAZA
VINNIN SQUARE IN-LINE
VINNIN SQUARE PLAZA
WASHINGTON ST. PLAZA
WASHINGTON ST. S.C.
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
129
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)
KINGS CONTRIVANCE
MD
9,308
31,760
1,456
9,308
33,216
42,524
9,465
33,059
-
2014(A)
LAUREL PLAZA
MD
350
1,398
7,210
1,571
7,387
8,958
3,908
5,050
-
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
-
72,398
16,076
77,643
93,719
7,924
85,795
-
2015(C)
MILL STATION
THEATER/RSTRNTS
MD
23,379
1,090
(3,349 )
14,738
6,382
21,120
2,713
18,407
-
2016(C)
PIKE CENTER
MD
-
61,389
22,429
21,850
61,968
83,818
6,750
77,068
-
2021(A)
PUTTY HILL PLAZA
MD
4,192
11,112
1,440
4,192
12,552
16,744
4,714
12,030
-
2013(A)
RADCLIFFE CENTER
MD
12,043
21,188
174
12,043
21,362
33,405
7,073
26,332
-
2014(A)
RIVERHILL VILLAGE CENTER
MD
16,825
23,282
1,266
16,825
24,548
41,373
7,847
33,526
-
2014(A)
SHAWAN PLAZA
MD
4,466
20,222
222
4,466
20,444
24,910
14,788
10,122
-
2008(A)
SHOPS AT DISTRICT HEIGHTS
MD
8,166
21,971
(1,110 )
7,298
21,729
29,027
5,117
23,910
-
2015(A)
SNOWDEN SQUARE S.C.
MD
1,929
4,558
5,187
3,326
8,348
11,674
2,822
8,852
-
2012(A)
TIMONIUM CROSSING
MD
2,525
14,863
1,775
2,525
16,638
19,163
4,257
14,906
-
2014(A)
TIMONIUM SQUARE
MD
6,000
24,283
14,367
7,311
37,339
44,650
20,808
23,842
-
2003(A)
TOWSON PLACE
MD
43,887
101,765
9,582
43,271
111,963
155,234
36,181
119,053
-
2012(A)
MD
3,190
6
20,314
4,829
18,681
23,510
5,061
18,449
-
2003(A)
MD
1,468
5,870
26,902
2,577
31,663
34,240
14,081
20,159
-
2002(A)
MD
9,948
22,126
2,882
9,948
25,008
34,956
6,711
28,245
-
2014(A)
YORK ROAD PLAZA
MD
4,277
37,206
776
4,277
37,982
42,259
9,866
32,393
-
2014(A)
SOUTHFIELD PLAZA
MI
4,372
15,388
(33 )
4,372
15,356
19,728
964
18,764
-
2024(A)
WEST OAKS S.C.
MI
10,430
95,233
680
10,430
95,912
106,342
6,529
99,813
-
2024(A)
WINCESTER CENTER
MI
8,057
44,262
1,743
8,057
46,005
54,062
3,153
50,909
-
2024(A)
CLINTON POINTE
MI
5,608
7,717
179
5,608
7,895
13,503
577
12,926
-
2024(A)
CENTENNIAL SHOPPES
MN
-
35,582
10
-
35,592
35,592
2,293
33,299
-
2024(A)
THE FOUNTAINS AT ARBOR
LAKES
MN
28,585
66,699
16,340
29,485
82,139
111,624
40,430
71,194
-
2006(A)
WOODBURY LAKES
MN
11,392
58,159
2,240
11,392
60,398
71,790
6,228
65,563
-
2024(A)
CENTER POINT S.C.
MO
-
550
-
-
550
550
550
-
-
1998(A)
HERITAGE PLACE
MO
7,570
43,306
284
7,570
43,589
51,159
5,303
45,857
-
2024(A)
BRENNAN STATION
NC
7,750
20,557
1,239
6,322
23,224
29,546
7,879
21,667
-
2011(A)
BRENNAN STATION
OUTPARCEL
NC
628
1,666
(196 )
450
1,648
2,098
524
1,574
-
2011(A)
CAPITAL SQUARE
NC
3,528
12,159
(122 )
3,528
12,037
15,565
2,129
13,436
-
2021(A)
CLOVERDALE PLAZA
NC
541
720
7,434
541
8,154
8,695
4,999
3,696
-
1969(C)
CROSSROADS PLAZA
NC
768
3,099
1,439
768
4,538
5,306
2,921
2,385
-
2000(A)
CROSSROADS PLAZA
NC
13,406
86,456
7,098
13,843
93,117
106,960
26,758
80,202
-
2014(A)
DAVIDSON COMMONS
NC
2,979
12,860
1,018
2,979
13,878
16,857
4,792
12,065
-
2012(A)
FALLS POINTE
NC
4,049
27,415
166
3,990
27,640
31,630
3,623
28,007
-
2021(A)
HIGH HOUSE CROSSING
NC
3,604
10,950
220
3,604
11,170
14,774
1,816
12,959
-
2021(A)
HOPE VALLEY COMMONS
NC
3,743
16,808
184
3,743
16,992
20,735
2,291
18,444
-
2021(A)
JETTON VILLAGE SHOPPES
NC
3,875
10,292
1,151
2,144
13,174
15,318
4,329
10,989
-
2011(A)
VILLAGES AT URBANA
WILDE LAKE
WILKENS BELTWAY PLAZA
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
130
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)
LEESVILLE TOWNE CENTRE
NC
5,693
37,053
141
5,693
37,194
42,887
5,083
37,804
-
2021(A)
MOORESVILLE CROSSING
NC
12,014
30,604
4,301
11,333
35,586
46,919
15,825
31,094
-
2007(A)
NORTHWOODS S.C.
NC
2,696
9,397
80
2,696
9,477
12,173
1,360
10,813
-
2021(A)
PARK PLACE SC
NC
5,461
16,163
4,924
5,470
21,078
26,548
11,570
14,978
-
2008(A)
PLEASANT VALLEY
PROMENADE
NC
5,209
20,886
25,142
5,209
46,028
51,237
28,548
22,689
-
1993(A)
QUAIL CORNERS
NC
7,318
26,676
2,480
7,318
29,156
36,474
8,265
28,209
-
2014(A)
SIX FORKS S.C.
NC
-
78,366
2,690
-
81,056
81,056
10,250
70,806
-
2021(A)
STONEHENGE MARKET
NC
3,848
37,900
2,405
3,848
40,305
44,153
4,557
39,596
-
2021(A)
TYVOLA SQUARE
NC
-
4,736
9,717
-
14,453
14,453
11,619
2,834
-
1986(A)
WOODLAWN MARKETPLACE
NC
919
3,571
3,343
919
6,914
7,833
5,271
2,562
-
2008(A)
WOODLAWN SHOPPING
CENTER
NC
2,011
5,834
2,011
2,011
7,845
9,856
2,816
7,040
-
2012(A)
ROCKINGHAM PLAZA
NH
2,661
10,644
24,709
3,149
34,865
38,014
20,989
17,025
-
2008(A)
THE CROSSINGS
NH
10,532
95,130
570
10,532
95,700
106,232
6,734
99,498
-
2024(A)
WEBSTER SQUARE
NH
11,683
41,708
10,626
11,683
52,334
64,017
14,168
49,849
-
2014(A)
NH
1,346
3,638
132
1,346
3,770
5,116
956
4,160
-
2017(A)
NH
2,163
6,511
326
2,163
6,837
9,000
1,897
7,103
-
2016(A)
NJ
3,170
10,603
2,117
5,145
10,745
15,890
4,933
10,957
-
2013(A)
CLARK SHOPRITE 70 CENTRAL
AVE
NJ
3,497
11,694
995
13,960
2,226
16,186
1,819
14,367
-
2013(A)
COMMERCE CENTER EAST
NJ
1,519
5,080
1,753
7,235
1,117
8,352
954
7,398
-
2013(A)
COMMERCE CENTER WEST
NJ
386
1,290
161
794
1,043
1,837
363
1,474
-
2013(A)
COMMONS AT HOLMDEL
NJ
16,538
38,760
11,397
16,538
50,157
66,695
23,779
42,916
-
2004(A)
EAST WINDSOR VILLAGE
NJ
9,335
23,778
1,423
9,335
25,201
34,536
11,035
23,501
-
2008(A)
GARDEN STATE PAVILIONS
NJ
7,531
10,802
32,018
12,204
38,147
50,351
13,451
36,900
-
2011(A)
HILLVIEW SHOPPING CENTER
NJ
16,008
32,607
2,321
16,008
34,928
50,936
9,493
41,443
-
2014(A)
HOLMDEL TOWNE CENTER
NJ
10,825
43,301
12,568
10,825
55,869
66,694
33,261
33,433
-
2002(A)
MAPLE SHADE
NJ
-
9,958
2,601
-
12,559
12,559
4,728
7,831
-
2009(A)
NORTH BRUNSWICK PLAZA
NJ
3,205
12,820
30,916
3,205
43,736
46,941
28,107
18,834
-
1994(A)
PISCATAWAY TOWN CENTER
NJ
3,852
15,411
1,980
3,852
17,391
21,243
11,795
9,448
-
1998(A)
PLAZA AT HILLSDALE
NJ
7,602
6,994
1,718
7,602
8,712
16,314
3,245
13,069
-
2014(A)
PLAZA AT SHORT HILLS
NJ
20,155
11,062
1,851
20,155
12,913
33,068
4,209
28,859
-
2014(A)
RIDGEWOOD S.C.
NJ
450
2,107
1,321
450
3,428
3,878
2,465
1,413
-
1993(A)
SHOP RITE PLAZA
NJ
2,418
6,364
3,307
2,418
9,671
12,089
7,960
4,129
-
1985(C)
UNION CRESCENT III
NJ
7,895
3,011
18,161
8,697
20,370
29,067
13,884
15,183
-
2007(A)
WESTMONT PLAZA
NJ
602
2,405
21,492
602
23,897
24,499
10,604
13,895
-
1994(A)
WILLOWBROOK PLAZA
NJ
15,320
40,997
11,726
15,320
52,723
68,043
14,948
53,095
-
2009(A)
NORTH TOWNE PLAZA -
ALBUQUERQUE
NM
3,598
33,327
640
3,598
33,967
37,565
4,594
32,971
-
2021(A)
CHARLESTON COMMONS
NV
29,704
24,267
705
29,704
24,972
54,676
7,121
47,555
-
2021(A)
WEBSTER SQUARE - DSW
WEBSTER SQUARE NORTH
CENTRAL PLAZA
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
131
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)
COLLEGE PARK S.C.-N LAS
VEGAS
NV
2,100
18,413
1,290
2,100
19,703
21,803
3,288
18,515
-
2021(A)
D'ANDREA MARKETPLACE
NV
11,556
29,435
980
11,556
30,415
41,971
13,806
28,165
-
2007(A)
DEL MONTE PLAZA
NV
2,489
5,590
1,307
2,210
7,176
9,386
4,057
5,329
-
2006(A)
DEL MONTE PLAZA ANCHOR
PARCEL
NV
6,513
17,600
219
6,520
17,812
24,332
4,086
20,246
-
2017(A)
FRANCISCO CENTER
NV
1,800
10,085
2,786
1,800
12,871
14,671
2,224
12,447
-
2021(A)
GALENA JUNCTION
NV
8,931
17,503
2,588
8,931
20,091
29,022
6,601
22,421
-
2015(A)
MCQUEEN CROSSINGS
NV
5,017
20,779
1,435
5,017
22,214
27,231
10,009
17,222
-
2015(A)
RANCHO TOWNE & COUNTRY
NV
7,785
13,364
90
7,785
13,454
21,239
2,105
19,134
-
2021(A)
REDFIELD PROMENADE
NV
4,415
32,035
(139 )
4,415
31,896
36,311
9,074
27,237
-
2015(A)
SPARKS MERCANTILE
NV
6,222
17,069
438
6,222
17,507
23,729
6,131
17,598
-
2015(A)
501 NORTH BROADWAY
NY
-
1,176
(37 )
-
1,139
1,139
589
550
-
2007(A)
AIRPORT PLAZA
NY
22,711
107,012
7,292
22,711
114,304
137,015
31,922
105,093
-
2015(A)
BELLMORE S.C.
NY
1,272
3,184
1,837
1,272
5,021
6,293
3,132
3,161
-
2004(A)
BIRCHWOOD PLAZA COMMACK NY
3,630
4,775
1,443
3,630
6,218
9,848
2,852
6,996
-
2007(A)
NY
1,812
3,107
43,454
1,858
46,515
48,373
29,635
18,738
-
1972(C)
NY
12,558
37,290
3,239
12,562
40,525
53,087
4,263
48,824
-
2022(A)
CHAMPION FOOD
SUPERMARKET
NY
758
1,875
(25 )
2,241
367
2,608
267
2,341
-
2012(A)
ELMONT S.C.
NY
3,012
7,606
6,885
3,012
14,491
17,503
6,214
11,289
-
2004(A)
ELMSFORD CENTER 2
NY
4,076
15,599
1,118
4,245
16,548
20,793
6,247
14,546
-
2013(A)
FAMILY DOLLAR UNION
TURNPIKE
NY
909
2,250
210
1,057
2,312
3,369
750
2,619
-
2012(A)
FOREST AVENUE PLAZA
NY
4,559
10,441
3,084
4,559
13,525
18,084
5,759
12,325
-
2005(A)
FRANKLIN SQUARE S.C.
NY
1,079
2,517
3,986
1,079
6,503
7,582
2,898
4,684
-
2004(A)
GREAT NECK OUTPARCEL
NY
4,019
-
80
4,019
80
4,099
-
4,099
-
2022(A)
GREENRIDGE PLAZA
NY
2,940
11,812
10,456
3,148
22,060
25,208
12,869
12,339
-
1997(A)
HAMPTON BAYS PLAZA
NY
1,495
5,979
3,972
1,495
9,951
11,446
8,732
2,714
-
1989(A)
HICKSVILLE PLAZA
NY
3,543
8,266
2,729
3,543
10,995
14,538
5,819
8,719
-
2004(A)
INDEPENDENCE PLAZA
NY
12,279
34,814
671
16,132
31,632
47,764
11,685
36,079
-
2014(A)
JERICHO COMMONS SOUTH
NY
12,368
33,071
4,254
12,368
37,325
49,693
16,557
33,136
-
2007(A)
KEY FOOD - 21ST STREET
NY
1,091
2,700
(165 )
1,669
1,957
3,626
631
2,995
-
2012(A)
KEY FOOD - ATLANTIC AVE
NY
2,273
5,625
509
4,809
3,598
8,407
1,415
6,992
-
2012(A)
KEY FOOD - CENTRAL AVE.
NY
2,788
6,899
(395 )
2,603
6,689
9,292
2,248
7,044
-
2012(A)
KINGS HIGHWAY
NY
2,744
6,811
2,328
2,744
9,139
11,883
4,788
7,095
-
2004(A)
KISSENA BOULEVARD
SHOPPING CTR
NY
11,610
2,933
1,902
11,610
4,835
16,445
1,527
14,918
-
2007(A)
LITTLE NECK PLAZA
NY
3,277
13,161
6,676
3,277
19,837
23,114
11,662
11,452
-
2003(A)
MANETTO HILL PLAZA
NY
264
584
19,264
264
19,848
20,112
9,647
10,465
-
1969(C)
MANHASSET CENTER
NY
4,567
19,166
33,700
3,472
53,961
57,433
36,165
21,268
-
1999(A)
BRIDGEHAMPTON COMMONS-
W&E SIDE
CARMAN'S PLAZA
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
132
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)
MARKET AT BAY SHORE
NY
12,360
30,708
8,143
12,360
38,851
51,211
19,138
32,073
-
2006(A)
MASPETH QUEENS-DUANE
READE
NY
1,872
4,828
1,037
1,872
5,865
7,737
2,784
4,953
-
2004(A)
MILLERIDGE INN
NY
7,500
481
34
7,500
515
8,015
84
7,931
-
2015(A)
MINEOLA CROSSINGS
NY
4,150
7,521
1,100
4,150
8,621
12,771
3,439
9,332
-
2007(A)
NORTH MASSAPEQUA S.C.
NY
1,881
4,389
(1,616 )
-
4,654
4,654
4,383
271
-
2004(A)
OCEAN PLAZA
NY
564
2,269
73
564
2,342
2,906
1,271
1,635
-
2003(A)
RALPH AVENUE PLAZA
NY
4,414
11,340
4,234
4,414
15,574
19,988
7,547
12,441
-
2004(A)
RICHMOND S.C.
NY
2,280
9,028
22,252
2,280
31,280
33,560
19,058
14,502
-
1989(A)
ROMAINE PLAZA
NY
782
1,826
588
782
2,414
3,196
1,173
2,023
-
2005(A)
SEQUAMS SHOPPING CENTER
NY
3,971
8,654
349
3,971
9,003
12,974
730
12,244
-
2022(A)
SHOPRITE S.C.
NY
872
3,488
-
872
3,488
4,360
2,875
1,485
-
1998(A)
STOP & SHOP
NY
21,661
17,636
-
21,661
17,636
39,297
1,221
38,076
11,176
2022(A)
SMITHTOWN PLAZA
NY
3,528
7,364
726
3,437
8,181
11,618
4,188
7,430
-
2009(A)
SOUTHGATE SHOPPING CENTER NY
18,822
62,670
1,146
18,829
63,809
82,638
5,326
77,312
19,509
2022(A)
SYOSSET CORNERS
NY
6,169
13,302
610
6,169
13,912
20,081
1,253
18,828
-
2022(A)
NY
107
76
3,046
107
3,122
3,229
1,701
1,528
-
1990(C)
NY
28,724
38,232
264,478
28,724
302,710
331,434
39,793
291,641
-
2006(A)
K NY
27,956
71,366
1,467
27,962
72,827
100,789
5,138
95,651
16,796
2022(A)
THE GREEN COVE PLAZA
NY
17,017
39,206
1,354
17,017
40,560
57,577
3,400
54,177
-
2022(A)
THE MARKETPLACE
NY
4,498
9,850
1,095
4,498
10,945
15,443
740
14,703
4,932
2022(A)
TOWNPATH CORNER
NY
2,675
6,408
199
2,675
6,607
9,282
521
8,761
-
2022(A)
TURNPIKE PLAZA
NY
2,472
5,839
1,142
2,472
6,981
9,453
2,581
6,872
-
2011(A)
VETERANS MEMORIAL PLAZA
NY
5,968
23,243
23,164
5,980
46,395
52,375
23,261
29,114
-
1998(A)
WHITE PLAINS S.C.
NY
1,778
4,454
2,964
1,778
7,418
9,196
3,415
5,781
-
2004(A)
WOODBURY COMMON
NY
27,249
28,516
838
27,249
29,354
56,603
3,169
53,434
15,851
2022(A)
BRIDGWATER FALLS
OH
7,271
85,626
1,328
7,271
86,953
94,224
5,888
88,336
-
2024(A)
DEERFIELD TOWNE CENTER
OH
6,791
85,154
5,040
6,791
90,194
96,985
7,932
89,053
-
2024(A)
OLENTANGY PLAZA
OH
3,932
42,588
1,185
3,932
43,773
47,705
2,556
45,149
-
2024(A)
SPRING MEADOWS PLACE
OH
2,817
43,345
361
2,817
43,706
46,523
2,899
43,624
-
2024(A)
JANTZEN BEACH CENTER
OR
57,575
102,844
10,921
57,588
113,752
171,340
27,400
143,940
-
2017(A)
CENTER SQUARE SHOPPING
CENTER
PA
732
2,928
1,225
691
4,194
4,885
3,288
1,597
-
1996(A)
CRANBERRY TOWNSHIP-
PARCEL 1&2
PA
10,271
30,770
3,667
6,070
38,638
44,708
9,947
34,761
-
2016(A)
CROSSROADS PLAZA
PA
789
3,155
14,767
976
17,735
18,711
12,486
6,225
-
1986(A)
DEVON VILLAGE
PA
4,856
25,847
1,655
5,608
26,750
32,358
9,847
22,511
-
2012(A)
FISHTOWN CROSSING
PA
20,398
22,602
282
20,401
22,881
43,282
3,808
39,474
-
2022(A)
HARRISBURG EAST SHOPPING
CTR.
PA
453
6,665
12,519
3,003
16,634
19,637
10,695
8,942
-
2002(A)
HORSHAM POINT
PA
3,813
18,189
829
3,813
19,018
22,831
4,653
18,178
-
2015(A)
LINCOLN SQUARE
PA
90,479
-
77,156
10,533
157,102
167,635
20,809
146,826
-
2017(C)
SYOSSET S.C.
THE BOULEVARD
THE GARDENS AT GREAT NEC
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
133
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)
NORRITON SQUARE
PA
686
2,665
6,318
774
8,895
9,669
6,030
3,639
-
1984(A)
POCONO PLAZA
PA
1,050
2,373
18,802
1,050
21,175
22,225
3,586
18,639
-
1973(C)
SHOPPES AT WYNNEWOOD
PA
7,479
-
3,676
7,479
3,676
11,155
834
10,321
-
2015(C)
SHREWSBURY SQUARE S.C.
PA
8,066
16,998
(1,721 )
6,172
17,171
23,343
5,051
18,292
-
2014(A)
SPRINGFIELD S.C.
PA
920
4,982
14,617
920
19,599
20,519
13,871
6,648
-
1983(A)
SUBURBAN SQUARE
PA
70,680
166,351
87,507
71,280
253,258
324,538
86,858
237,680
-
2007(A)
TOWNSHIP LINE S.C.
PA
732
2,928
-
732
2,928
3,660
2,127
1,533
-
1996(A)
WAYNE PLAZA
PA
6,128
15,605
1,874
6,136
17,471
23,607
7,488
16,119
-
2008(A)
WEXFORD PLAZA
PA
6,414
9,775
15,113
6,299
25,003
31,302
8,458
22,844
-
2010(A)
WHITEHALL MALL
PA
-
5,196
-
-
5,196
5,196
3,775
1,421
-
1996(A)
WHITELAND TOWN CENTER
PA
732
2,928
59
732
2,987
3,719
2,186
1,533
-
1996(A)
WHOLE FOODS AT
WYNNEWOOD
PA
15,042
-
11,786
13,772
13,056
26,828
2,154
24,674
-
2014(C)
LOS COLOBOS - BUILDERS
SQUARE
PR
4,405
9,628
(538 )
4,461
9,034
13,495
8,473
5,022
-
2006(A)
LOS COLOBOS - KMART
PR
4,595
10,120
(14,715 )
-
-
-
-
-
-
2006(A)
PR
12,891
26,047
21,186
18,016
42,108
60,124
23,674
36,450
-
2006(A)
PR
14,894
30,681
1,468
15,142
31,901
47,043
18,143
28,900
-
2006(A)
PR
2,781
5,673
1,851
2,607
7,698
10,305
5,079
5,226
-
2006(A)
PLAZA CENTRO - COSTCO
PR
3,628
10,752
(455 )
3,866
10,059
13,925
5,700
8,225
-
2006(A)
PLAZA CENTRO - MALL
PR
19,873
58,719
6,692
19,408
65,876
85,284
31,118
54,166
-
2006(A)
PLAZA CENTRO - RETAIL
PR
5,936
16,510
1,306
6,026
17,726
23,752
8,627
15,125
-
2006(A)
PLAZA CENTRO - SAM'S CLUB
PR
6,643
20,225
(1,170 )
6,520
19,178
25,698
18,130
7,568
-
2006(A)
PONCE TOWNE CENTER
PR
14,433
28,449
5,884
14,903
33,863
48,766
22,093
26,673
-
2006(A)
REXVILLE TOWN CENTER
PR
24,873
48,688
8,650
25,678
56,533
82,211
37,052
45,159
-
2006(A)
TRUJILLO ALTO PLAZA
PR
12,054
24,446
9,787
12,289
33,998
46,287
17,748
28,539
-
2006(A)
WESTERN PLAZA - MAYAGUEZ
ONE
PR
10,858
12,253
891
11,242
12,760
24,002
11,471
12,531
-
2006(A)
WESTERN PLAZA - MAYAGUEZ
TWO
PR
16,874
19,911
3,479
16,873
23,391
40,264
19,513
20,751
-
2006(A)
FOREST PARK
SC
1,920
9,545
630
1,920
10,175
12,095
3,443
8,652
-
2012(A)
ST. ANDREWS CENTER
SC
730
3,132
22,296
730
25,428
26,158
14,910
11,248
-
1978(C)
WESTWOOD PLAZA
SC
1,744
6,986
15,445
1,727
22,448
24,175
8,643
15,532
-
1995(A)
WOODRUFF SHOPPING CENTER SC
3,110
15,501
1,772
3,465
16,918
20,383
6,630
13,753
-
2010(A)
BELLEVUE PLACE
TN
3,512
9,137
10
3,512
9,147
12,659
500
12,159
-
2024(A)
HIGHLAND SQUARE
TN
1,302
2,130
(3,432 )
-
-
-
-
-
-
2021(A)
MENDENHALL COMMONS
TN
1,272
14,826
(22 )
1,272
14,804
16,076
2,012
14,064
-
2021(A)
OLD TOWNE VILLAGE
TN
-
4,134
4,824
-
8,958
8,958
7,063
1,895
-
1978(C)
PROVIDENCE MARKETPLACE
TN
18,751
84,332
546
18,751
84,878
103,629
7,545
96,084
-
2024(A)
THE COMMONS AT DEXTER
LAKE
TN
1,554
14,649
2,070
1,554
16,719
18,273
2,753
15,520
-
2021(A)
LOS COLOBOS I
LOS COLOBOS II
MANATI VILLA MARIA SC
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
134
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)
THE COMMONS AT DEXTER
LAKE II
TN
567
8,874
168
567
9,042
9,609
1,311
8,298
-
2021(A)
1350 W. 43RD ST. - WELLS
FARGO
TX
3,707
247
1
3,708
247
3,955
97
3,858
-
2022(A)
1934 WEST GRAY
TX
705
4,831
(301 )
705
4,530
5,235
287
4,948
-
2021(A)
1939 WEST GRAY
TX
269
1,731
(183 )
269
1,548
1,817
159
1,658
-
2021(A)
43RD STREET CHASE BANK
BLDG
TX
497
1,703
56
497
1,759
2,256
240
2,016
-
2021(A)
ACCENT PLAZA
TX
500
2,831
542
500
3,373
3,873
2,091
1,782
-
1996(A)
ALABAMA SHEPHERD S.C.
TX
4,590
21,368
405
4,590
21,773
26,363
3,173
23,190
-
2021(A)
ATASCOCITA COMMONS
SHOP.CTR.
TX
16,323
54,587
8,413
15,580
63,743
79,323
15,970
63,353
-
2013(A)
BAYBROOK GATEWAY
TX
9,441
44,160
19
9,441
44,179
53,620
6,988
46,632
-
2021(A)
BAYBROOK WEBSTER PARCEL TX
-
2,978
9,961
2,978
9,961
12,939
180
12,759
-
2022(A)
BELLAIRE BLVD S.C.
TX
1,334
7,166
27
1,334
7,193
8,527
759
7,768
-
2021(A)
BLALOCK MARKET
TX
-
17,283
584
-
17,867
17,867
3,839
14,028
-
2021(A)
K
TX
6,941
27,727
11,599
6,928
39,339
46,267
23,362
22,905
-
1998(A)
TX
2,924
11,706
14,844
2,773
26,701
29,474
9,128
20,346
-
2008(A)
ILDING
TX
4,046
12,824
(7,651 )
2,169
7,050
9,219
5,413
3,806
-
2021(A)
CONROE MARKETPLACE
TX
18,869
50,757
(1,150 )
10,842
57,634
68,476
15,263
53,213
-
2015(A)
COPPERFIELD VILLAGE
SHOP.CTR.
TX
7,828
34,864
1,573
7,828
36,437
44,265
10,441
33,824
-
2015(A)
COPPERWOOD VILLAGE
TX
13,848
84,184
3,093
13,848
87,277
101,125
23,256
77,869
-
2015(A)
CYPRESS TOWNE CENTER
TX
6,034
-
2,421
2,252
6,203
8,455
2,284
6,171
-
2003(C)
CYPRESS TOWNE CENTER
TX
12,329
36,836
4,428
8,644
44,949
53,593
9,654
43,939
-
2016(A)
CYPRESS TOWNE CENTER
(PHASE II)
TX
2,061
6,158
(1,361 )
270
6,588
6,858
2,070
4,788
-
2016(A)
DRISCOLL AT RIVER OAKS-RESI TX
1,244
145,366
2,398
1,244
147,764
149,008
11,390
137,618
-
2021(A)
FIESTA TARGET
TX
6,766
7,334
309
6,766
7,643
14,409
1,725
12,684
-
2021(A)
FIESTA TRAILS
TX
15,185
32,897
3,393
15,185
36,290
51,475
5,946
45,529
-
2021(A)
GALVESTON PLACE
TX
1,661
28,288
6,781
1,661
35,069
36,730
4,311
32,419
-
2021(A)
GATEWAY STATION
TX
1,374
28,145
5,211
1,375
33,355
34,730
10,764
23,966
-
2011(A)
GATEWAY STATION PHASE II
TX
4,140
12,020
1,148
4,143
13,165
17,308
3,199
14,109
-
2017(A)
GRAND PARKWAY MARKET
PLACE II
TX
13,436
-
39,397
12,298
40,535
52,833
8,329
44,504
-
2015(C)
GRAND PARKWAY
MARKETPLACE
TX
25,364
-
65,008
21,937
68,435
90,372
12,712
77,660
-
2014(C)
HEB - DAIRY ASHFORD &
MEMORIAL
TX
1,076
5,324
-
1,076
5,324
6,400
606
5,794
-
2021(A)
HEIGHTS PLAZA
TX
5,423
10,140
75
5,423
10,215
15,638
1,535
14,103
-
2021(A)
INDEPENDENCE PLAZA -
LAREDO
TX
4,836
53,564
310
4,836
53,874
58,710
7,052
51,658
6,330
2021(A)
CENTER AT BAYBROO
CENTER OF THE HILLS
CITADEL BU
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
135
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)
INDEPENDENCE PLAZA II -
LAREDO
TX
2,482
21,418
17
2,482
21,435
23,917
3,529
20,388
-
2021(A)
KROGER PLAZA
TX
520
2,081
3,184
520
5,265
5,785
2,874
2,911
-
1995(A)
LAKEHILLS PLAZA
TX
5,264
20,661
251
5,264
20,912
26,176
1,027
25,149
-
2024(A)
LAKE PRAIRIE TOWN CROSSING TX
7,897
-
30,871
6,783
31,985
38,768
11,081
27,687
-
2006(C)
LAS TIENDAS PLAZA
TX
8,678
-
28,269
7,944
29,003
36,947
10,639
26,308
-
2005(C)
MONTGOMERY PLAZA
TX
10,739
63,065
1,991
10,739
65,056
75,795
19,056
56,739
-
2015(A)
MUELLER OUTPARCEL
TX
150
3,351
40
150
3,391
3,541
480
3,061
-
2021(A)
MUELLER REGIONAL RETAIL
CENTER
TX
7,352
85,805
4,628
7,352
90,433
97,785
12,010
85,775
-
2021(A)
NORTH CREEK PLAZA
TX
5,044
34,756
456
5,044
35,212
40,256
5,319
34,937
-
2021(A)
OAK FOREST
TX
13,395
25,275
688
13,395
25,963
39,358
3,791
35,567
-
2021(A)
PLANTATION CENTRE
TX
2,325
34,494
978
2,325
35,472
37,797
4,853
32,944
-
2021(A)
PRESTON LEBANON CROSSING TX
13,552
-
30,886
12,164
32,274
44,438
12,936
31,502
-
2006(C)
RANDALLS CENTER/KINGS
CROSSING
TX
3,717
21,363
8,915
3,717
30,278
33,995
3,798
30,197
-
2021(A)
TX
7,568
15,432
2,673
7,568
18,105
25,673
1,843
23,830
-
2021(A)
TX
5,766
13,882
253
5,766
14,135
19,901
1,760
18,141
-
2021(A)
TX
14,185
138,022
8,226
14,185
146,248
160,433
16,768
143,665
-
2021(A)
ROCK PRAIRIE MARKETPLACE TX
-
8,004
196
-
8,200
8,200
868
7,332
-
2021(A)
SHOPPES AT MEMORIAL
VILLAGES
TX
-
41,493
877
-
42,370
42,370
6,257
36,113
-
2021(A)
SHOPS AT HILSHIRE VILLAGE
TX
11,206
19,092
1,017
11,206
20,109
31,315
3,439
27,876
-
2021(A)
SHOPS AT KIRBY DRIVE
TX
969
5,031
(20 )
969
5,011
5,980
621
5,359
-
2021(A)
SHOPS AT THREE CORNERS
TX
7,094
59,795
225
7,094
60,020
67,114
8,613
58,501
-
2021(A)
STEVENS RANCH
TX
18,143
6,407
527
18,143
6,934
25,077
1,189
23,888
-
2021(A)
THE CENTRE AT COPPERFIELD TX
6,723
22,525
944
6,723
23,469
30,192
7,233
22,959
-
2015(A)
THE CENTRE AT POST OAK
TX
12,642
100,658
(1,305 )
12,642
99,353
111,995
12,960
99,035
-
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
1,774
7,965
30,810
38,775
8,666
30,109
-
2013(A)
TOMBALL MARKETPLACE
TX
4,280
31,793
1,339
4,280
33,132
37,412
5,053
32,359
-
2021(A)
TRENTON CROSSING - NORTH
MCALLEN
TX
6,279
29,686
2,403
6,279
32,089
38,368
5,306
33,062
-
2021(A)
VILLAGE PLAZA AT BUNKER
HILL
TX
21,320
233,086
3,390
21,320
236,476
257,796
29,335
228,461
70,748
2021(A)
WESTCHASE S.C.
TX
7,547
35,653
5,185
7,547
40,838
48,385
5,167
43,218
13,004
2021(A)
WESTHILL VILLAGE
TX
11,948
26,479
937
11,948
27,416
39,364
4,412
34,952
-
2021(A)
WOODBRIDGE SHOPPING
CENTER
TX
2,569
6,814
440
2,569
7,254
9,823
2,948
6,876
-
2012(A)
BURKE TOWN PLAZA
VA
-
43,240
(5,101 )
-
38,139
38,139
10,704
27,435
-
2014(A)
CENTRO ARLINGTON
VA
3,937
35,103
1,370
3,937
36,473
40,410
3,443
36,967
-
2021(A)
RICHMOND SQUARE
RIVER OAKS S.C. EAST
RIVER OAKS S.C. WEST
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
136
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)
CENTRO ARLINGTON-RESI
VA
15,012
155,639
1,688
15,012
157,327
172,339
10,017
162,322
-
2021(A)
DOCSTONE COMMONS
VA
3,839
11,468
645
3,904
12,048
15,952
3,106
12,846
-
2016(A)
DOCSTONE O/P - STAPLES
VA
1,425
4,318
(828 )
1,168
3,747
4,915
1,100
3,815
-
2016(A)
DULLES TOWN CROSSING
VA
53,285
104,176
4,233
53,285
108,409
161,694
30,904
130,790
-
2015(A)
GORDON PLAZA
VA
-
3,331
6,055
5,573
3,813
9,386
951
8,435
-
2017(A)
HILLTOP VILLAGE CENTER
VA
23,409
93,673
470
23,409
94,143
117,552
10,837
106,715
-
2021(A)
OLD TOWN PLAZA
VA
4,500
41,570
(14,221 )
3,053
28,796
31,849
9,762
22,087
-
2007(A)
POTOMAC RUN PLAZA
VA
27,370
48,451
4,314
27,370
52,765
80,135
22,809
57,326
-
2008(A)
STAFFORD MARKETPLACE
VA
26,893
86,450
16,797
29,486
100,654
130,140
25,305
104,835
-
2015(A)
STONEBRIDGE AT POTOMAC
TOWN CENTER
VA
52,190
73,877
57,632
52,190
131,509
183,699
15,553
168,146
-
2023(A)
WEST ALEX - RETAIL
VA
6,043
55,434
3,428
6,043
58,862
64,905
5,100
59,805
-
2021(A)
WEST ALEX-OFFICE
VA
1,479
10,458
1,601
1,479
12,059
13,538
1,016
12,522
-
2021(A)
WEST ALEX-RESI
VA
15,892
65,282
1,331
15,892
66,613
82,505
7,154
75,351
-
2021(A)
AUBURN NORTH
WA
7,786
18,158
12,173
7,786
30,331
38,117
12,468
25,649
-
2007(A)
COVINGTON ESPLANADE
WA
6,009
47,941
201
6,009
48,142
54,151
5,085
49,066
-
2021(A)
WA
5,419
11,989
8,976
5,419
20,965
26,384
6,536
19,848
-
2015(A)
WA
10,751
44,861
3,111
10,751
47,972
58,723
13,234
45,489
-
2012(A)
GATEWAY SHOPPING CENTER
WA
6,938
11,270
9,758
6,938
21,028
27,966
4,965
23,001
-
2016(A)
SILVERDALE PLAZA
WA
3,875
33,109
1,858
3,756
35,086
38,842
11,348
27,494
-
2012(A)
THE MARKETPLACE AT
FACTORIA
WA
60,502
92,696
28,100
65,782
115,516
181,298
34,919
146,379
-
2013(A)
THE WHITTAKER
WA
15,799
23,508
(42 )
15,799
23,466
39,265
3,085
36,180
-
2021(A)
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)
HARTLAND TOWNE SQUARE
LAND
MI
2,544
-
5
2,544
5
2,549
-
2,549
-
2024(A)
HOLCOMB CENTER
GA
4,402
-
4
4,402
4
4,406
1
4,405
-
2024(A)
RAMCO DUVAL LAND TRS
MI
3,522
-
-
3,522
-
3,522
-
3,522
-
2024(A)
RAMCO RM HARTLAND
DISPOSITION LLC
MI
2,446
-
-
2,446
-
2,446
-
2,446
-
2024(A)
RAMCO HARTLAND TRS, INC.
MI
880
-
-
880
-
880
-
880
-
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
-
26
1,460
26
1,486
-
1,486
-
2021(A)
LAKE WALES S.C.
FL
601
-
-
601
-
601
-
601
-
2009(A)
FLINT - VACANT LAND
MI
101
-
(101 )
-
-
-
-
-
-
2012(A)
FRANKLIN PARK COMMONS
FRONTIER VILLAGE SHOPPING
CTR.
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
137
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)
CHARLOTTE SPORTS & FITNESS
CTR
NC
501
1,859
1,104
501
2,963
3,464
2,137
1,327
-
1986(A)
SURF CITY CROSSING
NC
5,260
-
(2,822 )
2,438
-
2,438
-
2,438
-
2021(A)
THE SHOPPES AT CAVENESS
FARMS
NC
5,470
-
21
5,470
21
5,491
-
5,491
-
2021(A)
WAKE FOREST CROSSING II -
LAND ONLY
NC
520
-
-
520
-
520
-
520
-
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
147
5,109
-
2001(C)
JERICHO ATRIUM
NY
10,624
20,065
6,018
10,624
26,083
36,707
9,095
27,612
-
2016(A)
KEY BANK BUILDING
NY
1,500
40,487
(7,105 )
669
34,213
34,882
23,228
11,654
-
2006(A)
MANHASSET CENTER
(RESIDENTIAL)
NY
950
-
-
950
-
950
-
950
-
2012(A)
MERRY LANE (PARKING LOT)
NY
1,486
2
1,447
1,486
1,449
2,935
-
2,935
-
2007(A)
NORTHPORT LAND PARCEL
NY
-
14
82
-
96
96
14
82
-
2012(A)
OR
4,062
-
479
4,062
479
4,541
-
4,541
-
2006(C)
TX
780
-
14
780
14
794
-
794
-
2021(A)
TX
-
2,287
-
-
2,287
2,287
1,540
748
-
2021(A)
NORTH TOWNE PLAZA -
BROWNSVILLE
TX
1,517
-
305
1,517
305
1,822
52
1,770
-
2021(A)
RICHMOND SQUARE - PAD
TX
570
-
132
570
131
701
-
701
-
2021(A)
TEXAS CITY LAND
TX
1,000
-
-
1,000
-
1,000
-
1,000
-
2021(A)
WESTOVER SQUARE
TX
1,520
-
(665 )
855
-
855
-
855
-
2021(A)
BLUE RIDGE
Various
12,347
71,530
(51,732 )
3,512
28,633
32,145
21,486
10,659
-
2005(A)
BALANCE OF PORTFOLIO (5)
Various
1,909
65,127
(38,623 )
-
28,413
28,413
9,166
19,248
-
TOTALS
$ 4,550,642 $
13,488,275 $
3,131,656 $
4,498,196 $
16,672,376 $ 21,170,572 $
4,360,239 $ 16,810,333 $
496,438
(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 $858,309.
(3) Includes fair market value of debt adjustments, net and deferred financing costs, net.
(4) Shopping center includes land held for development.
(5) 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)
MCMINNVILLE PLAZA
1935 WEST GRAY
2503 MCCUE, LLC
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2024
(in thousands)
138
The aggregate cost for Federal income tax purposes was approximately $19.3 billion at December 31, 2024.
The changes in total real estate assets for the years ended December 31, 2024, 2023 and 2022 are as follows:
2024
2023
2022
Balance, beginning of period
$
18,937,794
$
18,457,242
$
18,052,271
Additions during period:
Acquisitions
1,977,992
208,001
542,789
Improvements
337,729
263,171
183,561
Transfers from unconsolidated joint ventures
-
166,490
-
Deductions during period:
Sales and assets held-for-sale
(8,549 )
(85,541 )
(271,347 )
Adjustment for fully depreciated assets
(62,358 )
(59,832 )
(36,032 )
Adjustment of property carrying values
(12,036 )
(11,737 )
(14,000 )
Balance, end of period
$
21,170,572
$
18,937,794
$
18,457,242
amortization for the years ended December 31, 2024, 2023 and 2022 are as follows:
2024
2023
2022
Balance, beginning of period
$
3,842,869
$
3,417,414
$
3,010,699
Additions during period:
Depreciation for year
581,429
492,434
493,075
Deductions during period:
Sales and assets held-for-sale
(116 )
(7,147 )
(50,328 )
Adjustment for fully depreciated assets/other
(63,943 )
(59,832 )
(36,032 )
Balance, end of period
$
4,360,239
$
3,842,869
$
3,417,414
Reclassifications:
Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation.
The changes in accumulated depreciation and
KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2024
(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
San Antonio, TX
9.00 %
Jun-25
I
$
- $
146,158 $
146,158 $
-
Individually < 3% (c) (d)
(e)
(f)
I
-
42,589
38,888
-
Retail 2nd Mortgage
San Antonio, TX
12.00 %
Jun-34
I
-
50,219
50,219
-
San Antonio, TX
11.00 %
Sep-27
I
-
21,500
19,758
-
Euless, TX
10.00 %
Jun-29
I
-
19,600
19,600
-
Lynwood, CA
9.00 %
Jul-25
I
-
16,462
16,462
-
Jacksonville, FL
10.00 %
Nov-26
I
-
15,000
15,000
-
Fairfax, VA
8.00 %
May-29
I
-
14,000
14,000
-
Individually < 3% (g)
(h)
(i)
I
-
132,901
129,164
-
Nonretail
Individually < 3% (j)
(k)
(l)
P&I; PIK
-
3,854
2,238
-
Other Financing Loans:
Nonretail
Borrower A
7.00 %
Mar-31
P&I
-
397
279
-
Allowance for Credit losses:
-
-
(6,800 )
-
$
- $
462,680 $
444,966 $
-
(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 $445.0 million as of December 31, 2024.
(c) Comprised of four separate loans with original loan amounts ranging from $5.3 million to $13.0 million.
(d) There was an outstanding undrawn mortgage loan balance of $3.7 million as of December 31, 2024, for which the Company earns interest at a
rate of 1.0% annum.
(e) Interest rates range from 6.35% to 11.00%.
(f) Maturity dates range from August 2028 to March 2034.
(g) Comprised of 16 separate loans with original loan amounts ranging from $3.1 million to $12.5 million.
(h) Interest rates range from 7.00% to 14.00%.
(i) Maturity dates range from June 2025 to October 2053.
(j) Comprised of three separate loans with original loan amounts ranging from $0.5 million to $2.0 million.
(k) Interest rates range from 6.88% to 12.00%.
(l) Maturity dates range from October 2026 to December 2030.
The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2024, the Company
had a total of 31 loans, all of which are 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,
the personal guarantees of the borrower and the prospects of the borrower.
139
The following table reconciles mortgage loans and other financing receivables from January 1, 2022 to December 31, 2024 (in
thousands):
2024
2023
2022
Balance at January 1,
$
130,745 $
87,359 $
73,102
Additions:
New mortgage and other loans
428,121
43,519
75,063
Deductions:
Loan repayments
(108,297 )
(35 )
(60,211 )
Collections of principal
(103 )
(98 )
(95 )
Allowance for credit losses
(5,500 )
-
(500 )
Other adjustments
-
-
-
Balance at December 31,
$
444,966 $
130,745 $
87,359
140
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-269102) and Form S-8 (Nos.
333-238131, 333-85659, 333-167265, and 333-184776) of Kimco Realty Corporation of our report dated February 21, 2025 relating to
the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears
in this Form 10-K.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 21, 2025
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No. 333-269102) of Kimco Realty
OP, LLC of our report dated February 21, 2025 relating to the financial statements and financial statement schedules, which appears in
this Form 10-K.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 21, 2025
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Conor C. Flynn, certify that:
1. I have reviewed this Annual Report on Form 10-K of Kimco Realty Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, 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;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: February 21, 2025
/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Glenn G. Cohen, certify that:
1.
I have reviewed this Annual Report on Form 10-K of Kimco Realty Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, 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;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: February 21, 2025
/s/ Glenn G. Cohen
Glenn G. Cohen
Chief Financial Officer
Exhibit 31.3
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Conor C. Flynn, certify that:
1. I have reviewed this Annual Report on Form 10-K of Kimco Realty OP, LLC;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, 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;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: February 21, 2025
/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer
Exhibit 31.4
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Glenn G. Cohen, certify that:
1. I have reviewed this Annual Report on Form 10-K of Kimco Realty OP, LLC;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, 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;
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: February 21, 2025
/s/ Glenn G. Cohen
Glenn G. Cohen
Chief Financial Officer
Exhibit 32.1
Section 1350 Certification
Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Kimco
Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:
(i)
the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2024 (the “Report”)
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Company.
Date: February 21, 2025
/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer
Exhibit 32.2
Section 1350 Certification
Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Kimco
Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:
(i)
the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2024 (the “Report”)
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Company.
Date: February 21, 2025
/s/ Glenn G. Cohen
Glenn G. Cohen
Chief Financial Officer
Exhibit 32.3
Section 1350 Certification
Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Kimco
Realty OP, LLC (“Kimco OP”) hereby certifies, to such officer’s knowledge, that:
(i)
the accompanying Annual Report on Form 10-K of Kimco OP for the year ended December 31, 2024 (the “Report”) fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of Kimco OP.
Date: February 21, 2025
/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer
Exhibit 32.4
Section 1350 Certification
Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Kimco
Realty OP, LLC (“Kimco OP”) hereby certifies, to such officer’s knowledge, that:
(i)
the accompanying Annual Report on Form 10-K of Kimco OP for the year ended December 31, 2024 (the “Report”) fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii)
the information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of Kimco OP.
Date: February 21, 2025
/s/ Glenn G. Cohen
Glenn G. Cohen
Chief Financial Officer
Exhibit 99.1
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
ARIZONA
CHANDLER
RAINTREE RANCH CENTER
2021
129,822
100.0 MY SISTER’S ATTIC
15,533
WHOLE FOODS MARKET
60,000
MESA
MESA RIVERVIEW
2005
1,104,872
98.6 BASS PRO SHOPS OUTDOOR WORLD
170,000 HOME DEPOT
102,589 WALMART
208,000
MESA
RED MOUNTAIN GATEWAY
2021
75,128
100.0 BURLINGTON
29,781 ULTA
10,000 TARGET (4)
125,527
MESA
MONTE VISTA VILLAGE
CENTER
2021
45,751
100.0 PETER PIPER PIZZA
10,000
ORO VALLEY
ENTRADA DE ORO PLAZA
2021
88,665
96.1
WALMART
NEIGHBORHOOD MARKET
45,163
PEORIA
NORTH VALLEY S.C.
2011
177,078
98.3 URBAN AIR
53,984 JOANN
40,734 TARGET (4)
151,457
PHOENIX
METRO SQUARE
1998
218,608
100.0 BURLINGTON
98,054 MICHAELS
23,190
PHOENIX
PLAZA DEL SOL
1998
226,591
100.0 COSTCO
141,659 ROSS DRESS FOR LESS
24,254 RANCH MARKET (4)
103,909
PHOENIX
PLAZA @ MOUNTAINSIDE
1997
131,621
99.3
SAFEWAY
62,573
PHOENIX
VILLAGE CROSSROADS
2011
184,292
100.0 MICHAELS
25,666 MICHAELS
25,666 WALMART
110,627
PHOENIX
CHRISTOWN SPECTRUM
2015
837,864
96.8 AMERICAN FURNITURE WAREHOUSE
149,609 HARKINS THEATRES
62,322 WALMART
251,361
PHOENIX
CAMELBACK VILLAGE
SQUARE
2021
132,731
100.0 SKY ZONE
22,403
FRY'S FOOD & DRUG STORE
82,838
PHOENIX
SQUAW PEAK PLAZA
2021
61,102
100.0
SPROUTS FARMERS
MARKET
32,725
PHOENIX
MADISON VILLAGE
MARKETPLACE
2021
90,264
100.0
SAFEWAY
49,364
SCOTTSDALE
FOUNTAIN PLAZA
2021
112,055
100.0 DOLLAR TREE
12,000
FRY'S FOOD & DRUG STORE
63,805
SCOTTSDALE
SCOTTSDALE HORIZON
2021
153,739
98.9 CVS
16,853
SAFEWAY
55,255
SCOTTSDALE
DESERT VILLAGE
2021
101,685
96.8 CVS
16,856 MY SISTER'S CLOSET
12,114 AJ’S FINE FOOD
26,381
SCOTTSDALE
SCOTTSDALE
WATERFRONT
2021
93,334
97.3
MOUNTAINSIDE FITNESS EXECUTIVE
CLUB
15,238 URBAN OUTFITTERS
11,144
SCOTTSDALE
CAMELBACK MILLER
PLAZA
2021
144,427
100.0 TJ MAXX
34,255 PETSMART
28,033
SPROUTS FARMERS
MARKET
28,500
SCOTTSDALE
THE SUMMIT AT
SCOTTSDALE
OIP
2021
190,493
98.5 OFFICEMAX
15,147 CVS
13,813 SAFEWAY
64,500
SUN CITY
BELL CAMINO CENTER
2012
107,680
100.0 CVS
24,519
SAFEWAY
45,121
TEMPE
COLLEGE PARK S.C. -
TEMPE
2011
62,285
92.6 PHYSIQ FITNESS
32,306
TEMPE
BROADWAY
MARKETPLACE
2021
82,507
96.9 EOS FITNESS
29,331 ACE HARDWARE
16,235
TEMPE
PUEBLO ANOZIRA
2021
156,441
96.6 PETCO
15,000 DOLLAR TREE
11,524 FRY’S FOOD & DRUG STORE
61,143
TUCSON
SHOPPES AT BEARS PATH
2021
43,838
81.5
TUCSON
MADERA VILLAGE
2021
96,697
95.8 WORKOUT ANYTIME
14,000 DOLLAR TREE
10,800 SAFEWAY
40,723
CALIFORNIA
ALHAMBRA
COSTCO PLAZA -
ALHAMBRA
1998
182,073
96.6 JOANN
13,472
COSTCO
157,019
ANAHEIM
ANAHEIM PLAZA
2021
342,245
98.5 CRUNCH FITNESS
42,250 ROSS DRESS FOR LESS
27,200 EL SUPER
54,087
ANAHEIM
BROOKHURST CENTER
2016
154,465
100.0 BURLINGTON
18,235 BLINK FITNESS
16,310 RALPH'S
45,000
ANAHEIM
SYCAMORE PLAZA
PRU
2006
105,338
100.0 HARBOR FREIGHT TOOLS
17,459 DOLLAR TREE
10,797 STATER BROTHERS
37,440
BELLFLOWER
LAKEWOOD PLAZA
2014
113,233
89.4 BEST BUY
64,039 PLANET FITNESS
29,025
BELLFLOWER
CENTERWOOD PLAZA
2021
75,486
100.0 DOLLAR TREE
10,000
SUPERIOR GROCERS
30,800
BENICIA
SOUTHAMPTON CENTER
2021
162,026
94.6 ACE HARDWARE
13,923
RALEY'S
60,000
CARLSBAD
NORTH COUNTY PLAZA
2014
158,431
73.0 MARSHALLS
27,000 DOLLAR TREE
16,610
CARMICHAEL
MADISON PLAZA
1998
212,754
96.2 HOME DEPOT
110,861 ROSS DRESS FOR LESS
21,890
WALMART
NEIGHBORHOOD MARKET
44,257
CASTRO VALLEY
580 MARKET PLACE
2021
100,097
100.0 24 HOUR FITNESS
14,335
SAFEWAY
36,110
CHICO
CHICO CROSSROADS
2008
244,950
93.0 EVANS FURNITURE GALLERIES (2)
38,250 REI
25,002 FOOD MAXX
54,239
CHINO HILLS
LABAND VILLAGE S.C.
2008
73,352
96.8
STATER BROTHERS
43,235
CHINO HILLS
CHINO HILLS
MARKETPLACE
2021
310,612
89.2 24 HOUR FITNESS
35,000 DOLLAR TREE
15,494 SMART & FINAL
47,616
COLMA
280 METRO CENTER
2015
218,332
98.6 MARSHALLS
32,000 ASHLEY
30,809
CORONA
CORONA HILLS PLAZA
1998
489,151
99.7 COSTCO
114,112 HOME DEPOT
100,000 99 RANCH MARKET (4)
42,630
COVINA
COVINA TOWN SQUARE
KIR
2000
277,603
99.5 LOWE'S HOME CENTER
111,348 SKY ZONE
25,608 ALDI
17,508
CUPERTINO
CUPERTINO VILLAGE (3)
2006
126,296
91.6
99 RANCH MARKET
29,657
DALY CITY
WESTLAKE S.C.
2002
555,171
92.3 HOME DEPOT
109,000 ROSS DRESS FOR LESS
39,050 SAFEWAY
57,817
DUBLIN
DUBLIN RETAIL CENTER
PRU
2006
154,428
100.0 MARSHALLS
32,000 ROSS DRESS FOR LESS
31,060 H MART
35,787
EL CAJON
RANCHO SAN DIEGO
CPP
2010
98,316
91.6 RITE AID
27,642 ROSS DRESS FOR LESS
24,000
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
ELK GROVE
BEL AIR VILLAGE S.C.
PRU
2006
137,035
100.0 24 HOUR FITNESS
22,000
BEL AIR MARKET
56,435
ENCINITAS
EL CAMINO PROMENADE
2021
128,740
93.9 TJ MAXX
26,943 BURLINGTON
24,190
ESCONDIDO
DEL NORTE PLAZA
PRU
2006
223,203
95.9 LA FITNESS
40,000 ROSS DRESS FOR LESS
24,729 VONS
40,000
FREEDOM
FREEDOM CENTRE
2021
150,865
75.1 RITE AID
21,440
SAFEWAY
55,747
FREMONT
FREMONT HUB
PRU
2007
504,666
82.7 MARSHALLS
30,028 ROSS DRESS FOR LESS
30,000 SAFEWAY
54,741
FREMONT
BROOKVALE S.C.
2021
129,916
100.0 CVS
24,437 PLANET FITNESS
24,145 LUCKY
48,000
FREMONT
GATEWAY PLAZA (3)
2021
165,554
95.1 CINELOUNGE FREMONT 7
25,988
RALEY'S
62,418
GARDENA
GARDENA GATEWAY
CENTER
PRU
2006
65,987
100.0 DAISO JAPAN
19,300
99 RANCH MARKET
22,000
HAYWARD
CREEKSIDE CENTER (3)
2016
74,876
93.5 DOLLAR TREE
29,300
LAS MONTANAS
SUPERMARKET
23,334
HUNTINGTON
BEACH
MARINA VILLAGE
2006
148,805
98.5 CVS
20,120 CRUNCH FITNESS
16,609 VONS
40,800
LA MIRADA
LA MIRADA THEATER
CENTER
1998
264,513
99.0 UFC GYM
45,388 U.S. POSTAL SERVICE
26,577 ALBERTSONS (4)
47,199
LA VERNE
LA VERNE TOWNE CENTER
2014
226,872
95.3 MARSHALLS
27,764 STAPLES
15,661 TARGET
114,732
LINCOLN
LINCOLN HILLS TOWN
CENTER
2015
119,559
97.7 CVS
23,077
SAFEWAY
55,342
LIVERMORE
PLAZA 580 S.C.
PRU
2006
104,165
96.6 ROSS DRESS FOR LESS
24,000 DOLLAR TREE
12,061 TARGET (4)
112,739
LOS ANGELES
KENNETH HAHN PLAZA
2010
151,160
87.0 DD'S DISCOUNTS
22,041 PLANET FITNESS
18,000 FOOD 4 LESS
38,950
LOS ANGELES
8000 SUNSET STRIP S.C.
2021
145,643
93.6 CRUNCH FITNESS
33,329 LANDMARK THEATRES
24,693 TRADER JOE'S
13,860
MONTEBELLO
MONTEBELLO TOWN
SQUARE
KIR
2000
251,489
100.0 ALTAMED
105,000 HOBBY LOBBY
46,270
NAPA
SOUTH NAPA MARKET
PLACE
2006
349,530
100.0 TARGET
116,000 HOME DEPOT
100,238 RALEY'S
60,890
NORTHRIDGE
PLAZA DI NORTHRIDGE
2005
163,941
98.4 DSW
32,400 BURLINGTON
24,053 SUPER KING MARKET
39,348
NOVATO
NOVATO FAIR S.C.
2009
133,485
78.1 DOLLAR TREE
15,708
SAFEWAY
51,199
OCEANSIDE
EL CAMINO NORTH
PRU
2006
353,004
93.3
AMERICAN FREIGHT - APPLIANCE
FURNITURE MATTRESS
38,902 ROSS DRESS FOR LESS
30,000
OCEANSIDE
FIRE MOUNTAIN CENTER
PRU
2006
93,810
97.2 LAMPS PLUS
11,000
TRADER JOE'S
12,881
PACIFICA
LINDA MAR S.C.
2014
168,231
93.4 ROSS DRESS FOR LESS
24,246 RITE AID
19,085 SAFEWAY
45,892
POWAY
POWAY CITY CENTRE
2005
122,070
93.6 HOMEGOODS
26,210 ROSS DRESS FOR LESS
21,830 TRADER JOE'S
17,700
REDWOOD CITY
REDWOOD CITY PLAZA
2009
45,870
100.0 OUTDOOR SUPPLY HARDWARE
42,509
COSTCO (4)
132,067
ROSEVILLE
STANFORD RANCH
2014
188,493
98.9 DICK'S SPORTING GOODS
55,377 ROSS DRESS FOR LESS
27,471 AMAZON FRESH (4)
45,000
ROSEVILLE
CROCKER RANCH
2015
81,171
94.0
SAFEWAY
55,146
SAN DIEGO
VISTA BALBOA CENTER
KIR
2000
117,410
93.9 24 HOUR FITNESS
66,851
H MART
38,359
SAN DIEGO
MORENA PLAZA
CPP
2010
412,674
100.0 PRICE SELF STORAGE
120,962 COSTCO REGIONAL OFFICE
50,000 COSTCO
153,095
SAN DIEGO
CARMEL MOUNTAIN PLAZA
2009
24,400
100.0
COSTCO (4)
133,087
SAN DIEGO
LOMA SQUARE
PRU
2006
205,853
98.3 TJ MAXX
31,152 HOMEGOODS
30,619
SPROUTS FARMERS
MARKET
19,225
SAN DIEGO
BLACK MOUNTAIN
VILLAGE
2007
48,169
100.0
NAMASTE PLAZA INDIAN
SUPERMARKET
10,439
SAN DIEGO
RANCHO PENASQUITOS
TOWNE CTR.
2015
156,775
95.4
VONS
39,981
SAN DIEGO
CITY HEIGHTS CENTER
2012
108,741
94.8
ALBERTSONS
66,284
SAN DIEGO
FASHION VALLEY S.C.
OJV
2007
225,919
100.0 NORDSTROM
225,919
SAN JOSE
STEVENS CREEK CENTRAL
S.C.
2021
210,666
97.9 MARSHALLS
36,139 TOTAL WINE & MORE
25,653 SAFEWAY
59,139
SAN JOSE
CAMBRIAN PARK PLAZA (3)
2021
58,939
100.0 DOLLAR TREE
30,000
SAN JOSE
SILVER CREEK PLAZA
2021
131,821
99.8 WALGREENS
16,000
SPROUTS FARMERS
MARKET
30,130
SAN LEANDRO
FASHION FAIRE PLACE
PRU
2006
95,255
88.1 ROSS DRESS FOR LESS
26,706 MICHAELS
19,020
SAN LEANDRO
GREENHOUSE
MARKETPLACE
2021
142,598
78.3 JOANN
25,000 ACE HARDWARE
18,520 SAFEWAY (4)
44,692
SAN MARCOS
RANCHO SAN MARCOS
VILLAGE (3)
2021
111,083
89.4 PLANET FITNESS
24,100 DOLLAR TREE
12,620 ALDI
21,687
SAN MARCOS
SAN MARCOS PLAZA
2021
34,880
75.8
ALBERTSONS (4)
44,296
SAN RAMON
MAGNOLIA SQUARE S.C.
KIR
1999
46,147
91.4 ULTA
10,709 PETCO
10,000
SANTA ANA
HOME DEPOT PLAZA -
SANTA ANA
1998
134,400
100.0 HOME DEPOT
134,400
SANTA ROSA
FULTON MARKET PLACE
2005
102,478
93.6 ACE HARDWARE
12,100
RALEY'S
60,913
SANTA ROSA
STONY POINT PLAZA
2021
194,569
97.8 ROSS DRESS FOR LESS
28,106 GOODWILL INDUSTRIES
27,895 FOOD MAXX
57,897
SANTEE
SANTEE TROLLEY SQUARE
2015
312,754
97.7 24 HOUR FITNESS
36,000 MACY’S
30,000 TARGET (4)
126,587
TEMECULA
PALM PLAZA S.C.
KIR
1999
342,000
97.3 AT HOME
86,479 TEMEKU CINEMAS
29,650 FOOD 4 LESS
52,640
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
TEMECULA
REDHAWK TOWNE CENTER
CPP
2010
519,018
100.0 WALMART
221,639 KOHL'S
88,728
SPROUTS FARMERS
MARKET
25,647
TORRANCE
TORRANCE PROMENADE
KIR
2000
270,749
97.1 BURLINGTON
43,595 UFC GYM
42,575 TRADER JOE'S
10,004
TRUCKEE
TRUCKEE CROSSROADS
2006
26,553
90.7
SAVE MART (4)
29,572
TRUCKEE
GATEWAY AT DONNER
PASS
2015
81,449
87.6
SAFEWAY
40,300
TUSTIN
LARWIN SQUARE S.C.
2006
193,415
84.3 CRUNCH FITNESS
16,520 GOODWILL INDUSTRIES
11,000 99 RANCH MARKET
41,430
TUSTIN
TUSTIN HEIGHTS S.C.
2006
137,287
100.0 MICHAELS
22,364 PETCO
11,550 SMART & FINAL
36,400
TUSTIN
THE DISTRICT @ TUSTIN
LEGACY
OJV
2018
687,683
95.6 TARGET
134,639 AMC THEATRES
68,159 WHOLE FOODS MARKET
60,550
UPLAND
MOUNTAIN SQUARE
PRU
2006
273,149
91.5 HOME DEPOT
98,064 HOBBY LOBBY
63,748
VALENCIA
GRANARY SQUARE
PRU
2006
138,778
91.0 CVS
25,500
RALPH'S
45,579
WESTMINSTER
PAVILIONS PLACE
PRU
2006
205,066
96.7 HOWARD’S
17,962
H MART
69,445
WESTMINSTER
WESTMINSTER CENTER
2021
417,567
94.5 HOME DEPOT
102,220 REGENCY THEATRES
35,000 ALBERTSONS
50,000
WHITTIER
WHITTWOOD TOWN
CENTER
2017
681,420
99.3 TARGET
141,900 SEARS
137,985 VONS
51,011
WINDSOR
LAKEWOOD VILLAGE
2014
123,427
94.3 CVS
19,950
SAFEWAY
52,610
COLORADO
ARVADA
NORTHRIDGE S.C. –
ARVADA
2013
127,641
87.5
TARGET (4)
128,000
AURORA
VILLAGE ON THE PARK
1998
158,303
98.4 ROSS DRESS FOR LESS
30,187 TJ MAXX
28,140
AURORA
QUINCY PLACE S.C.
1998
42,977
95.1
KING SOOPERS (4)
56,959
AURORA
EAST BANK S.C. (3)
1998
53,426
86.1
DENVER
WEST 38TH STREET S.C.
1998
18,405
100.0
LOCAVORE
18,405
DENVER
LOWRY TOWN CENTER
2021
62,603
87.7
SAFEWAY (4)
53,208
EDGEWATER
EDGEWATER
MARKETPLACE
2021
144,553
99.2 ACE HARDWARE
18,800
KING SOOPERS
76,560
ENGLEWOOD
ENGLEWOOD PLAZA (3)
1998
7,650
100.0
FORT COLLINS
FRONT RANGE VILLAGE
2024
404,097
93.2 URBAN AIR
64,815 ZONE ATHLETIC CLUBS
28,000
SPROUTS FARMERS
MARKET (5)
24,288
GREELEY
GREELEY COMMONS
2012
138,818
100.0 BURLINGTON
27,974 MICHAELS
21,323
SPROUTS FARMERS
MARKET
21,236
HIGHLANDS RANCH HIGHLANDS RANCH S.C.
2011
208,092
98.7 ACE HARDWARE
33,450 TJ MAXX
30,000 KING SOOPERS
77,696
LAKEWOOD
HERITAGE WEST S.C.
1998
82,581
95.9
SAFEWAY
49,788
LITTLETON
MARKET AT SOUTHPARK
2011
191,268
99.2 PLANET FITNESS
25,267 ARC THRIFT STORES
19,831 KING SOOPERS
64,532
PARKER
CROSSING AT STONEGATE
2021
120,502
98.9
KING SOOPERS
65,972
SHERIDAN
RIVER POINT AT SHERIDAN
2021
333,342
84.6 REGAL CINEMAS
55,455 BURLINGTON
40,000 COSTCO (4)
152,000
CONNECTICUT
BRANFORD
BRANHAVEN PLAZA
KIR
2000
190,738
94.6 KOHL'S
86,830 FIVE BELOW
10,284 BIG Y
46,669
DANBURY
NEWTOWN S.C.
2014
136,209
100.0 MARSHALLS
30,954
WALMART
105,255
FARMINGTON
WEST FARM S.C.
1998
210,305
100.0 BURLINGTON
51,240 NORDSTROM RACK
35,834
HAMDEN
HAMDEN MART
2016
345,679
82.6 WALMART
89,750 BURLINGTON
47,738 ALDI
19,927
NORTH HAVEN
HOME DEPOT PLAZA -
NORTH HAVEN
1998
338,666
98.7 HOME DEPOT
111,500 DICK'S SPORTING GOODS
48,265 BJ'S WHOLESALE CLUB
109,920
WILTON
WILTON RIVER PARK S.C.
(3)
2012
93,456
96.6
STOP & SHOP
46,764
DELAWARE
WILMINGTON
BRANDYWINE COMMONS II
2014
165,792
100.0 BURLINGTON
42,443 RAYMOUR & FLANIGAN FURNITURE
36,000 SHOPRITE
58,236
FLORIDA
ALTAMONTE
SPRINGS
RENAISSANCE CENTRE
1998
192,090
100.0 PGA TOUR SUPERSTORE
38,292 DSW
23,990 WHOLE FOODS MARKET
40,000
BOCA RATON
BOCA LYONS PLAZA
2021
117,597
99.2 ROSS DRESS FOR LESS
33,575 DOLLAR TREE
10,000 AROMA MARKET
16,484
BOCA RATON
CAMINO SQUARE
1967
-
BOCA RATON
MISSION BAY PLAZA
R2G
2024
261,476
100.0 DICK'S SPORTING GOODS
45,962 LA FITNESS
38,312 THE FRESH MARKET
21,782
BOYNTON BEACH
BOYNTON WEST S.C.
KIR
1999
195,786
98.6 BEALLS
103,479 BURLINGTON
51,195
BRANDON
PLAZA AT BRANDON TOWN
CENTER
KIR
2001
143,785
98.1 BOWLERO
40,000 ROSS DRESS FOR LESS
25,106 TARGET (4)
107,648
CAPE CORAL
SHOPS AT SANTA BARBARA
2015
42,030
100.0
CAPE CORAL
CORAL POINTE S.C.
2015
125,108
98.4 ROSS DRESS FOR LESS
32,265 STAPLES
20,347 PUBLIX
44,684
CLEARWATER
CURLEW CROSSING S.C.
2005
112,188
95.5 JOANN
49,865 STAPLES
17,055
CLEARWATER
COUNTRYSIDE CENTRE
2021
248,348
96.1 DICK’S SPORTING GOODS
54,563 TJ MAXX
30,107
CLEARWATER
SUNSET POINT 19 S.C.
2021
267,819
98.4 HOBBY LOBBY
55,000 SCANDINAVIAN DESIGNS
33,330
SPROUTS FARMERS
MARKET
31,998
CLEARWATER
CYPRESS POINT
2024
168,863
100.0 AT HOME
82,136 CHUCK E CHEESE
14,901 THE FRESH MARKET
24,500
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
CLERMONT
CLERMONT LANDING
OJV
2021
178,301
95.6 ROSS DRESS FOR LESS
30,187 TJ MAXX
26,000
COCONUT CREEK
CORAL CREEK SHOPS
R2G
2024
112,736
95.1
PUBLIX
42,112
COOPER CITY
EMBASSY LAKES
2021
131,751
80.2 DOLLAR TREE
11,126
BRAVO SUPERMARKET
46,328
CORAL SPRINGS
CORAL SQUARE
PROMENADE
1994
55,089
100.0 BIG LOTS
33,517
CORAL SPRINGS
MAPLEWOOD PLAZA
1997
86,342
100.0 TJ MAXX
29,500 DISCOVERY CLOTHING CO.
15,000
DANIA BEACH
DANIA POINTE
2016
740,630
86.4 BRANDSMART U.S.A
91,347 REGAL CINEMAS
63,531
SPROUTS FARMERS
MARKET
29,645
DEERFIELD BEACH
SHOPPES AT DEERFIELD
2021
409,227
95.6 BURLINGTON
35,004 PARAGON THEATERS
32,368 PUBLIX
42,112
DELRAY BEACH
MARKETPLACE OF DELRAY
2024
213,202
89.7 ROSS DRESS FOR LESS
27,625 OFFICE DEPOT
26,500
FORT LAUDERDALE
CYPRESS CREEK STATION
(3)
2009
200,105
96.5 REGAL CINEMAS
52,936 LA FITNESS
48,479
HOLLYWOOD
OAKWOOD PLAZA NORTH
2016
898,913
96.3 HOME DEPOT
142,280 BJ'S WHOLESALE CLUB
120,251 NET COST MARKET
24,950
HOLLYWOOD
HOLLYWOOD HILLS PLAZA
OIP
2021
377,543
100.0 TARGET
119,454 CHEWY.COM
100,928 PUBLIX
42,112
HOMESTEAD
HOMESTEAD TOWNE
SQUARE
OJV
1972
205,614
98.9 MARSHALLS
29,575 HOMEGOODS
23,500 PUBLIX
56,077
HOMESTEAD
HOMESTEAD-WACHTEL
LAND LEASE
1972
3,600
100.0
PUBLIX (4)
56,077
JACKSONVILLE
RIVERPLACE S.C.
2010
257,566
98.9 HOMESENSE
36,000
AMERICAN FREIGHT - APPLIANCE
FURNITURE MATTRESS
28,020
JACKSONVILLE
ARGYLE VILLAGE
2021
306,506
100.0 SERVICE MERCHANDISE
50,000 JOANN
48,945 PUBLIX
51,420
JACKSONVILLE
ATLANTIC WEST
OJV
2021
92,268
100.0 TJ MAXX
28,000 HOMEGOODS
18,021 WALMART (4)
206,265
JACKSONVILLE
KERNAN VILLAGE
OJV
2021
85,158
94.9 ROSS DRESS FOR LESS
30,187 PETCO
15,000 WALMART (4)
206,265
JACKSONVILLE
RIVER CITY MARKETPLACE
2024
632,050
98.0 ASHLEY
41,820 BURLINGTON
39,991 BJ'S WHOLESALE CLUB
103,005
JACKSONVILLE
PARKWAY SHOPS
2024
144,114
98.9 HOBBY LOBBY
55,000 DICK'S SPORTING GOODS
45,000 ALDI (5)
26,454
KEY LARGO
TRADEWINDS S.C.
KIR
2000
160,651
94.9 BURLINGTON
23,603 TJ MAXX
23,000 PUBLIX
64,080
LAKELAND
MERCHANTS WALK
2001
236,522
99.5 HOBBY LOBBY
53,271 ROSS DRESS FOR LESS
30,846
LAND O'LAKES
VILLAGE LAKES S.C.
2024
170,473
98.3 BEALLS OUTLET
25,817 MARSHALLS
24,009
LARGO
CENTER AT MISSOURI
AVENUE
1968
131,067
100.0 OLD TIME POTTERY
58,374 UFC GYM
25,121 ALDI
20,800
LARGO
TRI-CITY PLAZA
1992
221,429
100.0 LA FITNESS
33,490 BURLINGTON
30,302 PUBLIX
42,112
LARGO
LARGO PLAZA
2021
376,664
94.4 BEALLS
35,550 REGAL CINEMAS
29,224 PUBLIX (4)
120,180
LAUDERHILL
FT. LAUDERDALE PLAZA
1974
181,576
94.6 BURLINGTON
44,450 STAPLES
23,500 FESTIVAL SUPERMARKET
22,772
MARATHON
MARATHON S.C.
2013
107,816
100.0 SURF STYLE
55,096
WINN-DIXIE
38,400
MELBOURNE
NASA PLAZA
1968
168,737
99.5 RADIAL
69,900 WALGREENS
15,525
MIAMI
GROVE GATE S.C.
1968
107,000
100.0 HOME DEPOT
105,154
MILAN'S MARKET
10,947
MIAMI
CORAL WAY PLAZA
OJV
1965
74,148
100.0 YOUFIT HEALTH CLUBS
30,000
FRESCO Y MAS (4)
55,944
MIAMI
CORAL WAY PLAZA
OJV
2003
87,305
100.0 ORCHARD SUPPLY HARDWARE
29,111
FRESCO Y MAS
55,944
MIAMI
MILLER ROAD S.C.
1986
87,069
100.0 WALGREENS
14,468
PUBLIX
46,810
MIAMI
SOUTH MIAMI S.C.
1995
64,007
80.7 PETCO
22,418 PARTY CITY
15,611
MIAMI
CORAL WAY PLAZA
OJV
2016
1,615
100.0
FRESCO Y MAS (4)
55,944
MIAMI
KENDALE LAKES PLAZA
2009
293,001
99.4 KMART
114,000 HOBBY LOBBY
40,000
MIAMI
MILLER WEST PLAZA
2015
63,563
98.2
PUBLIX
44,271
MIAMI
CORSICA SQUARE S.C.
2015
60,280
100.0
PUBLIX
45,600
MIAMI
FLAGLER PARK PLAZA
2007
355,051
91.7 BURLINGTON
29,953 YOUFIT HEALTH CLUBS
24,757 PUBLIX
56,000
MIAMI
PARK HILL PLAZA
2011
110,169
100.0 LITTLE VILLAGE LEARNING CENTER
10,000
FRESCO Y MAS
34,890
MIAMI
WINN DIXIE - MIAMI
2013
61,837
100.0
WINN-DIXIE
61,837
MIAMI
TJ MAXX PLAZA
2021
161,429
100.0 TJ MAXX
32,800 DOLLAR TREE
10,000 FRESCO Y MAS
37,794
MIAMI
PALMS AT TOWN &
COUNTRY
2021
659,284
95.8 KOHL'S
88,709 MARSHALLS/HOMEGOODS
50,877 PUBLIX
39,795
MIAMI
TAMIAMI TRAIL SHOPS
OIP
2021
110,952
96.6 CANO HEALTH
11,234 CVS
10,356 PUBLIX
42,112
MIAMI
MARY BRICKELL VILLAGE
R2G
2024
198,694
93.8 LA FITNESS
35,295
PUBLIX
29,203
NORTH MIAMI
BEACH
IVES DAIRY CROSSING
1985
108,795
97.2 WALGREENS
15,930
PUBLIX
51,420
OAKLAND PARK
NORTHRIDGE S.C. –
OAKLAND PARK
OIP
2021
234,199
95.3 ROSS DRESS FOR LESS
29,561 YOUFIT HEALTH CLUBS
28,752 PUBLIX
44,123
ORLANDO
BAYHILL PLAZA
KIR
2000
189,148
100.0 FITNESS CF
56,000 PGA TOUR SUPERSTORE
50,239
SPROUTS FARMERS
MARKET
26,556
ORLANDO
SODO S.C.
2008
179,074
97.9 LA FITNESS
49,875 TJ MAXX
26,843 TARGET (4)
184,782
ORLANDO
MILLENIA PLAZA
2009
156,061
100.0 MARSHALLS
30,027 HOMEGOODS
24,991 TARGET (4)
187,166
ORLANDO
GRAND OAKS VILLAGE
2011
86,269
95.9
THE FRESH MARKET
18,400
ORLANDO
PHILLIPS CROSSING
2021
145,644
96.4 MICHAELS
21,012 GOLF GALAXY
16,375 WHOLE FOODS MARKET
52,549
ORLANDO
COLONIAL PLAZA
2021
491,707
89.7 HOBBY LOBBY
53,065 BARNES & NOBLE
35,131
SPROUTS FARMER'S
MARKET
23,000
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
ORLANDO
THE MARKETPLACE AT DR
PHILLIPS
OIP
2021
326,729
95.5 CRUNCH FITNESS
37,080 HOMEGOODS
25,512 PUBLIX
64,850
ORLANDO
WATERFORD LAKES TOWN
CENTER
2024
701,941
98.2 REGAL CINEMAS
86,231 BEST BUY
46,094 TARGET
186,600
OVIEDO
RIVERSIDE LANDINGS
2015
78,093
100.0
PUBLIX
44,270
PALM HARBOR
HIGHLAND LAKES PLAZA
2024
79,310
86.3 BARNES & NOBLE
21,725 MICHAELS
18,780 TRADER JOE'S
13,045
PALM HARBOR
EAST LAKE WOODLANDS
R2G
2024
104,431
85.9 WALGREENS
13,000
WALMART
NEIGHBORHOOD MARKET
48,758
PEMBROKE PINES
PEMBROKE COMMONS
OIP
2021
303,127
86.8 LA FITNESS
39,850 ROSS DRESS FOR LESS
25,010 PUBLIX
65,537
PEMBROKE PINES
FLAMINGO PINES
OIP
2021
131,664
89.4
PUBLIX
55,000
PENSACOLA
UNIVERSITY TOWN CENTER
2011
101,377
97.0
PUBLIX
61,389
PLANTATION
PLANTATION COMMONS
2017
60,414
97.8
ENSON MARKET
41,440
PLANTATION
VIZCAYA SQUARE
2021
110,081
98.1
WINN-DIXIE
54,307
PLANTATION
WEST BROWARD S.C.
2024
139,732
86.2 ROSS DRESS FOR LESS
21,965 BADCOCK HOME FURNITURE
21,646 PUBLIX
29,365
POMPANO BEACH
POMPANO POINTE S.C.
2012
77,352
100.0 HOMEGOODS
20,280 ULTA
11,224 WHOLE FOODS MARKET
40,100
ROYAL PALM BEACH THE CROSSROADS
R2G
2024
128,401
99.2 WALGREENS
13,000 DOLLAR TREE
10,251 PUBLIX
55,454
SAINT PETERSBURG OAK TREE PLAZA
1968
118,574
86.9 OLLIE'S BARGAIN OUTLET
45,871 YOUFIT HEALTH CLUBS
22,000
SARASOTA
TUTTLEBEE PLAZA
2008
100,237
100.0 TJ MAXX
29,825 OFFICEMAX
23,800
SEA RANCH LAKES
SEA RANCH CENTRE
2021
90,956
97.1 CVS
14,273 DOLLAR TREE
10,000 PUBLIX
28,606
SOUTH PASADENA
SOUTH PASADENA S.C.
R2G
2024
163,746
96.5 BEALLS OUTLET
26,250 CVS
12,000
WALMART
NEIGHBORHOOD MARKET
41,884
TALLAHASSEE
VILLAGE COMMONS S.C.
1998
190,811
99.3 TOTAL WINE & MORE
31,920 HOMEGOODS
24,471 THE FRESH MARKET
22,300
TAMPA
THE PLAZA AT CITRUS
PARK
KIR
2001
340,000
84.9 BEST BUY
46,121 JOANN
45,965
TAMPA
CARROLLWOOD COMMONS
1997
206,564
100.0 AMERICAN SIGNATURE
49,106 ROSS DRESS FOR LESS
26,250
SPROUTS FARMERS
MARKET
27,000
TAMPA
MISSION BELL S.C.
2004
197,181
100.0 LOWE'S HOME CENTER
167,000
WELLINGTON
VILLAGE GREEN CENTER
2021
70,240
100.0
TRADER JOE’S
12,500
WELLINGTON
WELLINGTON GREEN
COMMONS
2021
125,847
100.0
WHOLE FOODS MARKET
49,979
WEST PALM BEACH BELMART PLAZA
2014
66,440
91.9
PUBLIX
28,800
WEST PALM BEACH
MCDONALD'S - BELVEDERE
PLAZA
1997
3,787
100.0
PUBLIX (4)
28,800
WINTER PARK
WINTER PARK CORNERS
2021
95,211
98.9 ORANGE COUNTY, FLORIDA
10,500
SPROUTS FARMERS
MARKET
30,348
GEORGIA
ACWORTH
LAKESIDE MARKETPLACE
2021
137,498
98.6 ROSS DRESS FOR LESS
30,222 MICHAELS
23,921 TARGET (4)
169,120
ATLANTA
EMBRY VILLAGE
2008
208,657
97.6 PLANET FITNESS
19,838 MR. CUE'S BILLIARDS & BURGERS
14,870 KROGER
102,877
ATLANTA
PERIMETER EXPO
2016
175,835
100.0 ONELIFE FITNESS
53,851 MARSHALLS
36,598
ATLANTA
PERIMETER VILLAGE
2021
378,321
97.1 HOBBY LOBBY
40,000 DSW
19,920 WALMART (2)
183,500
ATLANTA
CAMP CREEK
MARKETPLACE II
2021
196,283
98.1 AMERICAN SIGNATURE
50,134 LA FITNESS
45,000
ATLANTA
PUBLIX AT PRINCETON
LAKES
OIP
2021
68,407
100.0
PUBLIX
45,600
DECATUR
NORTH DECATUR STATION
OIP
2021
88,779
100.0
WHOLE FOODS MARKET
35,097
DULUTH
RIVERWALK
MARKETPLACE
2015
78,025
100.0
WHOLE FOODS MARKET
70,125
DULUTH
PEACHTREE HILL
2024
89,075
95.9 LA FITNESS
45,000
KROGER (5)
65,625
DULUTH
PROMENADE AT PLEASANT
HILL
2024
257,972
95.6 K1 SPEED
55,797 LA FITNESS
40,221 PUBLIX
65,920
GRAYSON
GRAYSON COMMONS
2021
76,581
100.0
KROGER
46,581
JOHNS CREEK
MARKET AT HAYNES
BRIDGE
2008
130,390
95.7
KROGER
62,000
LAWRENCEVILLE
LAWRENCEVILLE MARKET
2013
285,656
100.0 HOBBY LOBBY
67,400 AMC THEATRES
65,442 TARGET (4)
116,400
NEWNAN
NEWNAN PAVILION
2024
353,393
89.3 KOHL'S
86,584 ACADEMY SPORTS & OUTDOORS
73,418 ALDI
23,320
PEACHTREE CITY
BRAELINN VILLAGE
2014
266,005
81.9 ACE PICKLEBALL CLUB
40,000
KROGER
108,127
POWDER SPRINGS
BROWNSVILLE COMMONS
2021
27,747
84.5
KROGER (4)
54,166
ROSWELL
ROSWELL CORNERS
2021
145,496
98.5 TJ MAXX
30,000
THE FRESH MARKET
23,923
ROSWELL
ROSWELL CROSSING
2021
191,170
97.9 PIKE FAMILY NURSERIES
45,116 OFFICEMAX
23,500 TRADER JOE'S
11,606
WOODSTOCK
WOODSTOCK SQUARE
2024
218,859
98.4 KOHL'S
86,584 OFFICE DEPOT
23,500 TARGET (4)
188,000
IOWA
CLIVE
CLIVE PLAZA
1996
90,000
100.0 KMART
90,000
ILLINOIS
CHAMPAIGN
PINETREE PLAZA
KIR
2001
111,720
100.0 BEST BUY
45,350 ROSS DRESS FOR LESS
30,247
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
GLENVIEW
PLAZA DEL PRADO
2017
141,721
96.6
JEWEL OSCO
59,171
PALATINE
DEER GROVE CENTRE
2024
209,220
95.1 HOBBY LOBBY
55,000 TJ MAXX
50,000 ALDI (5)
20,388
SKOKIE
SKOKIE POINTE
1997
62,983
100.0 MARSHALLS
30,406 OLD NAVY
28,049 JEWEL OSCO (4)
70,630
VERNON HILLS
HAWTHORN HILLS SQUARE
S.C.
2012
192,624
93.2 DICK'S SPORTING GOODS
54,997 PETSMART
27,518
INDIANA
GREENWOOD
GREENWOOD S.C.
1970
217,876
100.0 BIG LOTS
47,000 MARSHALLS/HOMEGOODS
42,000
FRESH THYME FARMERS
MARKET
29,979
KENTUCKY
CRESCENT SPRINGS
BUTTERMILK TOWNE
CENTER
2024
183,020
97.9 FIELD & STREAM
50,380 LA FITNESS
45,867 REMKE MARKETS
47,527
LOUISVILLE
FESTIVAL ON JEFFERSON
COURT
2021
169,783
98.5 NADIA BEAUTY SUPPLY
19,200 PARTY CITY
14,420 KROGER
59,976
MASSACHUSETTS
BEDFORD
BEDFORD MARKETPLACE
R2G
2024
153,738
95.9 MARSHALLS
44,790
WHOLE FOODS MARKET
40,175
BRIGHTON
WASHINGTON ST. PLAZA (3)
2014
20,350
100.0
WHOLE FOODS MARKET
20,350
BROOKLINE
BROOKLINE VILLAGE
2024
5,361
100.0
CAMBRIDGE
MEMORIAL PLAZA
2014
62,555
100.0 MICRO CENTER
41,724
TRADER JOE'S
11,065
CANTON
VILLAGE SHOPPES OF
CANTON
R2G
2024
255,059
91.6 MARSHALLS
37,300 WOW! WORK OUT WORLD
22,900 SHAW'S SUPERMARKET
64,000
CHATHAM
MAIN ST. PLAZA
2014
24,432
100.0 OCEAN STATE JOB LOT
24,432
DEDHAM
DEDHAM POINTE
R2G
2024
511,097
95.0 AT HOME
93,279 DICK'S SPORTING GOODS
52,046 STOP & SHOP
74,236
DORCHESTER
MORRISSEY PLAZA
2014
84,470
100.0 FLOOR & DECOR
84,470
EVERETT
GLENDALE SQUARE
2014
41,278
92.7 WALGREENS
14,707
EL VALLE DE LA SULTANA
MARKET
6,950
FALMOUTH
FALMOUTH PLAZA
2014
88,976
81.1 STAPLES
24,652 PLANET FITNESS
12,368 ALDI (4)
23,350
FRAMINGHAM
WAVERLY PLAZA
2014
26,482
100.0
AJ SEABRA SUPERMARKET
9,615
HYANNIS
FESTIVAL AT HYANNIS S.C.
2014
231,883
98.3 HOBBY LOBBY
46,932 HOMEGOODS
24,904 SHAW'S SUPERMARKET
54,712
MEDFORD
FELLSWAY @ 630
2014
56,215
100.0 LOWE'S OUTLET
22,478
ALDI
21,952
NORTHBOROUGH
NORTHBOROUGH
CROSSING
2024
323,651
98.6 KOHL'S
87,428 MARSHALLS
30,000 WEGMANS (5)
139,449
QUINCY
NORTH QUINCY PLAZA
2014
80,510
100.0 MING SEAFOOD RESTAURANT CORP.
14,247
99 RANCH MARKET
55,087
QUINCY
ADAMS PLAZA
2014
24,469
100.0 WALGREENS
12,607
REVERE
BROADWAY PLAZA
2014
15,272
100.0 WALGREENS
15,272
SALEM
PARADISE PLAZA
2014
48,587
90.2 STAPLES
17,001
SWAMPSCOTT
VINNIN SQUARE PLAZA
2014
63,975
100.0 CVS
11,060 PETCO
10,250
WAKEFIELD
NORTH AVE. PLAZA
2014
15,984
100.0 MG FITNESS
15,984
WALTHAM
LINDEN PLAZA
2014
24,284
100.0 PETCO
13,650
WOBURN
WASHINGTON ST. S.C.
2014
123,681
100.0 KOHL'S
93,705 ULTA
10,483
WORCESTER
MILL ST. PLAZA
2014
66,281
100.0 HARBOR FREIGHT TOOLS
18,859 DOLLAR TREE
10,541 ASIAN SUPERMARKET
21,521
MARYLAND
BALTIMORE
FULLERTON PLAZA
2014
158,422
100.0 LA FITNESS
34,000
WEIS MARKETS
67,520
BALTIMORE
INGLESIDE S.C.
2014
114,045
100.0 MODERN BUFFET
11,868 DOLLAR TREE
10,000 SAFEWAY
54,200
BALTIMORE
WILKENS BELTWAY PLAZA
2014
100,616
100.0
GIANT FOOD
65,425
BALTIMORE
YORK ROAD PLAZA
2014
90,903
98.7
GIANT FOOD
56,892
BALTIMORE
PUTTY HILL PLAZA
2013
90,777
94.5
GIANT FOOD
43,136
BEL AIR
GREENBRIER S.C.
2014
130,193
93.0 CVS
10,125 DOLLAR TREE
10,000 SAFEWAY
55,032
CLARKSVILLE
RIVER HILL VILLAGE
CENTER
2014
105,907
98.1
GIANT FOOD
62,943
COLUMBIA
SNOWDEN SQUARE S.C.
2012
75,000
100.0 MICHAELS
26,706 PETSMART
25,000 BJ'S WHOLESALE CLUB (4)
109,384
COLUMBIA
HICKORY RIDGE
2015
100,803
93.6
GIANT FOOD
57,994
COLUMBIA
KINGS CONTRIVANCE
2014
98,399
86.6
HARRIS TEETER
56,905
COLUMBIA
HARPERS CHOICE
2015
91,165
87.3
SAFEWAY
55,164
COLUMBIA
THE SHOPPES AT WILDE
LAKE
2002
69,903
94.5 CVS
13,225
GROCERY OUTLET
BARGAIN MARKET
15,079
COLUMBIA
COLUMBIA CROSSING
2015
404,258
100.0 ASHLEY
63,062 DICK'S SPORTING GOODS
60,840 TARGET (4)
130,604
CROFTON
CROFTON CENTRE
2024
252,230
97.6 AT HOME
95,810 GOLD'S GYM
32,859 GIANT FOOD
54,800
DISTRICT HEIGHTS
THE SHOPS AT DISTRICT
HEIGHTS
2015
90,865
100.0
GIANT FOOD
64,333
ELLICOTT CITY
DORSEY'S SEARCH
VILLAGE CENTER
2015
86,456
100.0
GIANT FOOD
55,000
ELLICOTT CITY
ENCHANTED FOREST S.C.
2014
142,052
100.0 PETCO
12,400
SAFEWAY
50,093
ELLICOTT CITY
LONG GATE S.C.
PRU
2007
429,030
100.0 TARGET
146,773 KOHL'S
106,889 SAFEWAY
55,164
FREDERICK
VILLAGES AT URBANA
2003
111,033
95.0
GIANT FOOD
56,166
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
GAITHERSBURG
GAITHERSBURG S.C.
1999
88,277
100.0 FLOOR & DECOR
60,102 MATTRESS & FURNITURE MART
10,026
GAITHERSBURG
KENTLANDS MARKET
SQUARE
2016
238,298
95.6 CINEPOLIS LUXURY CINEMAS
34,052 MICHAELS
23,296 WHOLE FOODS MARKET
35,868
HUNT VALLEY
SHAWAN PLAZA
2008
94,653
100.0
GIANT FOOD
55,330
LAUREL
LAUREL PLAZA
1964
162,144
100.0 2ND AVE VALUE STORES
81,550 PLANET FITNESS
21,000
OWINGS MILLS
MILL STATION
DEVELOPMENT
2016
606,703
98.8 COSTCO
148,000 LOWE'S HOME CENTER
111,238 GIANT FOOD
66,450
PASADENA
PATRIOTS PLAZA
OJV
2003
38,766
88.2 DAVITA
10,496
PIKESVILLE
CENTRE COURT-
RETAIL/BANK
2011
105,223
98.9
GIANT FOOD
63,529
ROCKVILLE
PIKE CENTER
2021
80,869
89.8 LUNA HALL
12,700 GOLFDOM
10,909
TIMONIUM
TIMONIUM CROSSING
2014
53,914
100.0 AMERICAN RADIOLOGY
14,849
TIMONIUM
TIMONIUM SQUARE
2003
191,561
91.2 STAPLES
15,000
GIANT FOOD
61,941
TOWSON
RADCLIFFE CENTER
2014
88,405
100.0 4 WHEEL PARTS
11,500 CVS
10,125 SAFEWAY
59,180
TOWSON
TOWSON PLACE
2012
682,651
96.2 WALMART (2)
154,828 TARGET
132,608 WEIS MARKETS
55,452
MICHIGAN
CLINTON TOWNSHIP CLINTON POINTE
2024
135,450
95.6 TJ MAXX
24,145 PLANET FITNESS
23,425 TARGET (4)
116,000
NOVI
WEST OAKS S.C.
2024
259,183
100.0 GARDNER WHITE
60,817 NORDSTROM RACK
33,420
NOVI
WEST OAKS II S.C.
2024
191,015
92.7 JOANN
49,675 BURLINGTON
25,755
ROCHESTER HILLS
WINCHESTER CENTER
2024
315,856
100.0 DICK'S SPORTING GOODS
60,365 MARSHALLS
50,079
SOUTHFIELD
SOUTHFIELD PLAZA
2024
190,099
95.2 BURLINGTON
67,541 FORMAN MILLS
42,671
TROY
TROY MARKETPLACE
R2G
2024
249,483
100.0 LA FITNESS
45,000 NORDSTROM RACK
36,383
WEST BLOOMFIELD
THE SHOPS AT OLD
ORCHARD
R2G
2024
96,822
97.5 WITBECK HOME APPLIANCE MART
10,223
PLUM MARKET
36,044
MINNESOTA
EDINA
CENTENNIAL SHOPS
2024
85,230
100.0 PINSTRIPES
32,414 THE CONTAINER STORE
22,040
MAPLE GROVE
ARBOR LAKES RETAIL
CENTER
KIR
2001
450,981
99.2 BEST BUY
45,953 JOANN
45,940 BYERLY'S
55,043
MAPLE GROVE
THE FOUNTAINS AT ARBOR
LAKES
2006
481,032
99.2 LOWE'S HOME CENTER
137,933 DICK'S SPORTING GOODS
51,182 COSTCO (4)
139,262
MINNETONKA
RIDGEDALE FESTIVAL
CENTER
KIR
1998
121,066
100.0 HOBBY LOBBY
62,204 TOTAL WINE & MORE
25,775
WOODBURY
WOODBURY LAKES
2024
357,359
95.3 ALAMO DRAFTHOUSE CINEMA
43,392 PUBLIC LANDS
28,785 TRADER JOE'S (4)
9,800
MISSOURI
CREVE COEUR
HERITAGE PLACE
2024
269,245
98.4 TJ MAXX
30,025 MARSHALLS
27,550 DIERBERGS MARKETS
74,721
SAINT CHARLES
CENTER POINT S.C.
1998
84,460
100.0 KOHL'S
84,460
TOWN & COUNTRY
TOWN & COUNTRY
CROSSING
R2G
2024
187,984
100.0 REI
23,358 HOMEGOODS
19,672 WHOLE FOODS MARKET
55,012
NORTH CAROLINA
CARY
CENTRUM @ CROSSROADS
KIR
2001
315,977
100.0 BJ'S WHOLESALE CLUB
108,532 KOHL'S
86,584 BJ'S WHOLESALE CLUB
108,532
CARY
CROSSROADS PLAZA -
CARY
2000
586,786
98.1 DICK'S SPORTING GOODS
55,000 BEST BUY
51,259
CARY
NORTHWOODS S.C.
2021
77,802
97.0
WALMART
NEIGHBORHOOD MARKET
39,680
CARY
HIGH HOUSE CROSSING
2021
80,040
95.8 TRIUMPH GYMNASTICS
15,748
LIDL (2)
26,543
CHARLOTTE
WOODLAWN
MARKETPLACE
1968
241,432
97.8 HOME DEPOT
85,600 BURLINGTON
48,000
CHARLOTTE
TYVOLA SQUARE
1986
228,538
99.1 ROSS DRESS FOR LESS
32,003 K&G FASHION SUPERSTORE
28,109 COMPARE FOODS
24,928
CHARLOTTE
QUAIL CORNERS
2014
106,219
97.8
HARRIS TEETER
51,486
CORNELIUS
JETTON VILLAGE SHOPPES
2011
80,600
100.0
HARRIS TEETER
57,260
DAVIDSON
DAVIDSON COMMONS
2012
83,938
98.5
HARRIS TEETER
48,000
DURHAM
NEW HOPE COMMONS
KIR
2002
408,065
100.0 WALMART
149,929 BEST BUY
45,000 WALMART
149,929
DURHAM
HOPE VALLEY COMMONS
2021
81,327
96.6
HARRIS TEETER
48,505
MOORESVILLE
MOORESVILLE CROSSING
2007
165,798
100.0 BEST BUY
30,000 NORDSTROM RACK
28,000
MORRISVILLE
PARK PLACE S.C.
2008
169,901
96.0 CARMIKE CINEMAS
60,124 O2 FITNESS CLUBS
36,000 FOOD LION
36,427
RALEIGH
PLEASANT VALLEY
PROMENADE
1993
355,902
70.3 GOLF GALAXY
59,719 ROSS DRESS FOR LESS
30,187
RALEIGH
BRENNAN STATION
2011
128,392
100.0 OFFICE DEPOT
22,391 TOWN AND COUNTRY HARDWARE
12,000 TRADER JOE’S
14,679
RALEIGH
FALLS POINTE
2021
109,501
100.0
HARRIS TEETER
54,314
RALEIGH
CAPITAL SQUARE
2021
143,063
72.7 IT'S FASHION METRO
14,694 IBEAUTY
14,000 FOOD LION
39,301
RALEIGH
LEESVILLE TOWNE CENTRE
2021
127,106
99.2 DUKE PRIMARY CARE
12,711
HARRIS TEETER
46,479
RALEIGH
SIX FORKS STATION S.C.
2021
468,314
100.0 HOME DEPOT
117,424 TARGET
113,849 FOOD LION
44,213
RALEIGH
STONEHENGE MARKET
2021
188,623
100.0 PAINTED TREE BOUTIQUES
34,097
HARRIS TEETER
58,000
WINSTON-SALEM
CLOVERDALE PLAZA
1969
132,590
97.7 DOLLAR TREE
14,849
HARRIS TEETER
60,279
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
NEW HAMPSHIRE
NASHUA
WEBSTER SQUARE
2014
215,640
96.8 TJ MAXX
25,219 MICHAELS
24,300 TRADER JOE'S
13,800
NEWINGTON
THE CROSSINGS
2024
509,749
100.0 KOHL'S
96,183 REGAL CINEMAS
57,371 ALDI
27,741
SALEM
ROCKINGHAM PLAZA
1994
350,451
81.2 KOHL'S
91,282 BOB'S DISCOUNT FURNITURE
51,507
NEW JERSEY
BRIDGEWATER
BRIDGEWATER
PROMENADE
KIR
2001
241,884
100.0 BURLINGTON
40,415 MARSHALLS
39,562 TRADER JOE'S
12,820
CHERRY HILL
BRACE ROAD STATION
1985
124,750
100.0
HUNG VUONG
SUPERMARKET
62,532
CHERRY HILL
HILLVIEW S.C.
2014
216,219
100.0 KOHL'S
86,770 HOBBY LOBBY
44,675 TARGET (4)
130,915
CHERRY HILL
GARDEN STATE PAVILIONS
2011
381,020
97.8 BURLINGTON
70,500 GABE'S (2)
39,610 SHOPRITE
86,076
CLARK
CENTRAL CENTER-
SHOPRITE
2013
85,000
100.0
SHOPRITE
85,000
CLARK
COMMERCE CENTER EAST
2013
52,812
100.0
BRIXMOR
52,812
CLARK
CENTRAL PLAZA
2013
41,537
100.0 AHS HOSPITAL
28,000 WALGREENS
13,537
EAST WINDSOR
EAST WINDSOR VILLAGE
2008
248,727
100.0 TARGET
126,200 KOHL'S
30,257 PATEL BROTHERS
22,310
EDGEWATER
EDGEWATER COMMONS
PRU
2007
426,864
100.0 TARGET
113,156 TJ MAXX
35,000 ACME MARKETS
63,966
HILLSDALE
PLAZA AT HILLSDALE
2014
60,432
100.0 WALGREENS
16,332
KINGS SUPERMARKET
30,811
HOLMDEL
HOLMDEL TOWNE CENTER
2007
299,723
100.0 HOBBY LOBBY
56,021 MARSHALLS/HOMEGOODS
48,833
HOLMDEL
COMMONS AT HOLMDEL
2007
235,694
96.0 BEST BUY
30,109 MICHAELS
25,482
MILLBURN
PLAZA AT SHORT HILLS
2014
89,321
98.4 CITYMD
17,139 PET SUPPLIES PLUS
10,158 KINGS SUPERMARKET
40,024
MOORESTOWN
MAPLE SHADE
2009
201,351
100.0 LOWE'S HOME CENTER
135,198 SKY ZONE
42,173
NORTH BRUNSWICK NORTH BRUNSWICK PLAZA
1994
429,293
98.4 WALMART
184,648 BURLINGTON
64,676 WALMART
181,957
PISCATAWAY
PISCATAWAY TOWN
CENTER
1998
97,134
65.6
PATEL BROTHERS
31,000
RIDGEWOOD
RIDGEWOOD S.C.
1994
24,280
100.0
WHOLE FOODS MARKET
24,280
UNION
UNION CRESCENT PLAZA
2007
98,193
100.0
WHOLE FOODS MARKET
60,000
WAYNE
WILLOWBROOK PLAZA
2009
401,574
100.0 FLOOR & DECOR
93,704 LIFE STORAGE LP
85,063
WESTMONT
WESTMONT PLAZA
1994
156,613
100.0 TARGET
48,142 DOLLAR TREE
12,000
SPROUTS FARMERS
MARKET
22,360
ALBUQUERQUE
NORTH TOWNE PLAZA -
ALBUQUERQUE
2021
118,721
100.0 HOMEGOODS
22,514
WHOLE FOODS MARKET
34,020
NEVADA
LAS VEGAS
RANCHO TOWNE &
COUNTRY
2021
84,670
100.0
SMITH'S
55,096
LAS VEGAS
FRANCISCO CENTER
2021
116,756
95.4 DD'S DISCOUNTS
19,350
LA BONITA
36,800
LAS VEGAS
CHARLESTON COMMONS
2021
330,815
100.0 WALMART
116,792 BURLINGTON
29,442
GROCERY OUTLET
BARGAIN MARKET
29,849
NORTH LAS VEGAS
COLLEGE PARK S.C. - N LAS
VEGAS
2021
167,160
92.8 CVS
24,100 WSS
14,924 EL SUPER
36,983
RENO
DEL MONTE PLAZA
2006
119,377
96.5 SIERRA TRADING POST
31,000 FIVE BELOW
10,542 WHOLE FOODS MARKET
51,758
RENO
REDFIELD PROMENADE
2015
152,639
87.6 NORDSTROM RACK
31,038 BOB'S DISCOUNT FURNITURE
28,788 NATURAL GROCERS
16,198
RENO
MCQUEEN CROSSINGS S.C.
2015
104,319
100.0
RALEY'S
65,519
RENO
GALENA JUNCTION S.C.
2015
118,012
100.0 SHELL OIL
10,000
RALEY'S
61,570
SPARKS
D'ANDREA MARKETPLACE
2007
119,601
96.9 CVS
18,990
SAFEWAY
56,061
SPARKS
SPARKS MERCANTILE
2015
113,759
92.2
RALEY'S
63,476
NEW YORK
BAY SHORE
MARKET AT BAY SHORE
2006
176,831
100.0 BEST BUY
45,499 BURLINGTON
43,123 ALDI
18,635
BELLMORE
BELLMORE S.C.
2004
15,445
100.0 PETSMART
12,052
BRIDGEHAMPTON
BRIDGEHAMPTON
COMMONS
2009
304,959
100.0 KMART
89,935 TJ MAXX
26,768 KING KULLEN
61,892
BRONX
CONCOURSE PLAZA
OJV
2013
224,959
66.7 BLINK FITNESS
18,119 EXTREME DEPARTMENT STORE, LLC
15,003 FOOD BAZAAR
51,680
BROOKLYN
MILL BASIN PLAZA
KIR
2000
80,708
97.3 HOME DEPOT
58,200 WALGREENS
11,050
BROOKLYN
OCEAN PLAZA
2003
10,000
-
BROOKLYN
KINGS HIGHWAY S.C.
2004
29,671
65.3
CENTER FOR ALLIED HEALTH
EDUCATION
19,371
BROOKLYN
RALPH AVENUE PLAZA
2004
40,373
100.0 DUANE READE
15,638 PARTY CITY
13,424
BROOKLYN HEIGHTS
KEY FOOD - ATLANTIC
AVENUE
2012
7,200
100.0
KEY FOOD
7,200
COMMACK
VETERANS MEMORIAL
PLAZA
1998
251,254
100.0 HOBBY LOBBY
42,970 BURLINGTON
40,471 WHOLE FOODS MARKET
45,000
COMMACK
BIRCHWOOD PLAZA
2007
24,617
100.0 DOLLAR TREE
14,137
NEW MEXICO
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
COPIAGUE
HOME DEPOT PLAZA -
COPIAGUE
KIR
1998
135,436
100.0 HOME DEPOT
112,000
TARGET (4)
130,417
EAST NORTHPORT
NORTHPORT CENTER
2012
3,827
100.0
ELMONT
ELMONT S.C.
2004
27,078
100.0 TJ MAXX
21,178
ELMSFORD
ELMSFORD CENTER 2
2013
58,838
100.0 AUTONATION
58,838
FARMINGDALE
AIRPORT PLAZA
2015
413,830
100.0 HOME DEPOT
116,790 PETSMART
30,235 STEW LEONARD'S
60,000
FLUSHING
KISSENA BLVD S.C.
2007
22,416
100.0 FRUIT VALLEY PRODUCE
17,300
FRUIT VALLEY PRODUCE
17,300
FRANKLIN SQUARE
FRANKLIN SQUARE S.C.
2004
17,789
100.0 PHENIX SALON SUITES
11,857
FREEPORT
MEADOWBROOK
COMMONS
KIR
2000
173,002
98.5 TARGET
46,753 VORNADO REALTY TRUST
37,328 TARGET
46,753
GLEN COVE
NORTH SHORE TRIANGLE
KIR
2000
49,212
87.8 STAPLES
24,880 PETSMART
13,482
GREAT NECK
THE GARDENS AT GREAT
NECK
2022
111,463
59.5 PLANET FITNESS
22,000 RITE AID
11,700
GREENVALE
THE GREEN COVE PLAZA
2022
86,446
97.1 TJ MAXX
30,992 EQUINOX FITNESS CLUB
24,000
HAMPTON BAYS
HAMPTON BAYS PLAZA
1989
70,990
100.0 MACY'S
50,000 PETCO
11,890
HICKSVILLE
HICKSVILLE PLAZA
2004
35,736
100.0 PETCO (2)
12,919 DOLLAR TREE
10,481
VILLAGER'S FARMER
MARKET
12,919
HUNTINGTON
STATION
TURNPIKE PLAZA
2011
52,973
79.2
LIDL
30,700
JERICHO
JERICHO COMMONS SOUTH
2007
171,180
100.0 MARSHALLS
33,600 MILLERIDGE
20,466 WHOLE FOODS MARKET
39,504
KEW GARDENS
HILLS
FAMILY DOLLAR UNION
TURNPIKE
2012
9,140
100.0
LITTLE NECK
LITTLE NECK PLAZA
2003
48,275
100.0
LITTLE NECK GROCERY
8,750
LONG ISLAND CITY
KEY FOOD - 21ST STREET
2012
6,065
100.0
KEY FOOD
5,621
MANHASSET
MANHASSET CENTER
1999
155,321
100.0 MARSHALLS
40,114 NORDSTROM RACK
34,257 KING KULLEN
37,570
MASPETH
GRAND PLAZA
2004
22,500
100.0
KEY FOOD
22,500
MASSAPEQUA
CARMANS PLAZA
2022
182,081
94.1 PLANET FITNESS
19,870 DMV
19,310 KEY FOOD
32,570
MASSAPEQUA PARK
SOUTHGATE SHOPPING
CENTER
2022
111,776
96.3
KING KULLEN
51,283
MERRICK
MERRICK COMMONS
KIR
2000
108,876
100.0 HOMEGOODS
24,836 PLANET FITNESS
15,038 LIDL
31,478
MINEOLA
MINEOLA CROSSINGS
2007
26,747
100.0
NORTH SHORE FARMS
10,000
MUNSEY PARK
MUNSEY PARK PLAZA
KIR
2000
72,748
100.0 THEODORE ALEXANDER
41,393
WHOLE FOODS MARKET
20,000
NESCONSET
SMITHTOWN PLAZA
2009
55,968
100.0 PETSMART
28,916 BOB'S DISCOUNT FURNITURE
27,052 COSTCO (4)
122,475
NORTH
MASSAPEQUA
NORTH MASSAPEQUA S.C.
2004
29,599
100.0 DOLLAR TREE
13,965
PLAINVIEW
MANETTO HILL PLAZA
1969
88,118
90.5 PLANET FITNESS
17,464
AMAZON FRESH
33,342
SELDEN
INDEPENDENCE PLAZA -
SELDEN
2014
236,130
100.0 HOME DEPOT
102,220 TARGET
52,250 TARGET
52,250
STATEN ISLAND
FOREST AVENUE S.C.
KIR
2000
189,968
99.0 LA FITNESS
34,000 TJ MAXX/HOMEGOODS
26,962
STATEN ISLAND
RICHMOND S.C.
1989
268,362
100.0 TARGET
139,839 REGENCY FURNITURE
29,216 TARGET
139,839
STATEN ISLAND
GREENRIDGE PLAZA
1997
97,959
100.0 LA FITNESS
33,180
ALDI
21,317
STATEN ISLAND
THE BOULEVARD
2006
410,189
97.6 ALAMO DRAFTHOUSE CINEMA
45,485 LA FITNESS
37,583 SHOPRITE
67,868
STATEN ISLAND
FOREST AVENUE PLAZA
2005
46,063
100.0 TARGET
46,063
TARGET
63,062
STATEN ISLAND
2424 HYLAN BOULEVARD
2020
56,500
100.0 ISLAND TOYOTA
56,500
SYOSSET
SYOSSET S.C.
1967
32,124
100.0 PLANET FITNESS
16,664
SYOSSET
SYOSSET CORNERS
2022
25,442
100.0
VALLEY STREAM
KEY FOOD - CENTRAL
AVENUE
2012
27,924
100.0
KEY FOOD
27,924
WEST ISLIP
SEQUAMS SHOPPING
CENTER
2022
24,149
100.0
SOUTHDOWN MARKET
11,575
WHITE PLAINS
WHITE PLAINS S.C.
2004
14,450
100.0 DOLLAR TREE
14,450
WOODBURY
WOODBURY COMMON
2022
84,222
82.7
FRESH MARKET (2)
19,800
WOODBURY
THE MARKETPLACE
2022
35,737
91.1 ACTION BLACK
15,177 PARTY CITY
12,000
WOODBURY
STOP & SHOP
2022
55,000
100.0
STOP & SHOP
55,000
WOODSIDE
MET FRESH
2012
7,500
100.0
MET FRESH
7,500
YONKERS
SHOPRITE S.C.
1995
43,560
100.0
SHOPRITE
43,560
YONKERS
ROMAINE PLAZA
2005
10,329
100.0 ADVANCE AUTO PARTS
10,329
OHIO
COLUMBUS
OLENTANGY PLAZA
2024
252,512
96.8 MICRO CENTER
47,090 MARSHALLS
28,000
DAYOU INTERNATIONAL
MARKET
32,563
HAMILTON
BRIDGEWATER FALLS
2024
503,861
95.8 JCPENNEY
98,250 DICK'S SPORTING GOODS
50,000 TARGET (4)
124,544
HOLLAND
SPRING MEADOWS PLACE
2024
314,513
92.9 ASHLEY
36,320 TJ MAXX
32,152 TARGET (4)
104,000
MASON
DEERFIELD TOWNE
CENTER
2024
469,440
93.2 REGAL CINEMAS
65,139 DICK'S SPORTING GOODS
48,000 WHOLE FOODS MARKET
28,158
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
UPPER ARLINGTON
THE SHOPS ON LANE
AVENUE
R2G
2024
183,437
80.1 ULTA
12,500 COHATCH
10,733 WHOLE FOODS MARKET
35,709
OREGON
CLACKAMAS
CLACKAMAS PROMENADE
PRU
2007
235,116
95.9 HOBBY LOBBY
45,461 NORDSTROM RACK
27,766 TARGET (4)
125,923
GRESHAM
GRESHAM TOWN FAIR
PRU
2006
264,634
84.4 MADRONA WATUMULL
55,120 ROSS DRESS FOR LESS
26,832
HAPPY VALLEY
CLACKAMAS SQUARE
OIP
2021
73,951
88.1 TJ MAXX
25,404
WINCO FOODS (4)
64,255
HILLSBORO
TANASBOURNE VILLAGE
PRU
2008
206,691
97.0 RITE AID
27,465 DSW
19,949 SAFEWAY
53,000
MILWAUKIE
MILWAUKIE
MARKETPLACE
PRU
2007
185,760
81.4 RITE AID (2)
31,472 PLANET FITNESS
25,000 NEW SEASONS MARKET
42,630
PORTLAND
JANTZEN BEACH CENTER
2017
741,227
96.6 HOME DEPOT
106,500 BURLINGTON
70,501 TARGET
138,700
PORTLAND
RALEIGH HILLS PLAZA
OIP
2021
39,520
100.0 WALGREENS
15,120
NEW SEASONS MARKET
22,822
PENNSYLVANIA
ARDMORE
SUBURBAN SQUARE
2007
309,371
93.8 LIFE TIME FITNESS
78,363 WEST ELM
10,543 TRADER JOE'S
12,548
BLUE BELL
CENTER SQUARE S.C.
1996
120,211
100.0 KOHL'S
93,444 HOMEGOODS
26,767
MCCAFFREY'S FOOD
MARKETS (4)
88,842
CHAMBERSBURG
WAYNE PLAZA
2008
131,623
89.1 WINE & SPIRITS SHOPPE
11,309
GIANT
67,521
DEVON
DEVON VILLAGE
2012
68,935
100.0 WINE & SPIRITS SHOPPE
10,394
WHOLE FOODS MARKET
33,504
EAST NORRITON
NORRITON SQUARE
1984
131,962
100.0 HAIR BUZZ
18,025 JOANN
12,250 ACME MARKETS
66,506
EAST STROUDSBURG POCONO PLAZA
1973
143,790
94.7 HOMEGOODS
22,500 WINE & SPIRITS SHOPPE
11,388 GIANT
66,479
EXTON
WHITELAND TOWN CENTER
1996
85,184
100.0 KOHL'S
85,184
HARRISBURG
HARRISBURG EAST S.C.
1972
192,078
100.0 VALUE CITY FURNITURE
48,884 TOUCH OF COLOR FLOORING
31,167 GIANT
72,251
HAVERTOWN
TOWNSHIP LINE S.C.
1996
80,938
100.0 KOHL'S
80,938
HORSHAM
HORSHAM POINT
2015
71,737
100.0
GIANT
48,820
MONTGOMERYVILLE MONTGOMERY SQUARE
KIR
2002
254,432
98.9 DICK'S SPORTING GOODS
60,929 PETSMART
26,340 GIANT
67,179
PHILADELPHIA
CASTOR PLACE
OJV
1983
184,097
98.2 BURLINGTON
70,723 RAYMOUR & FLANIGAN FURNITURE
33,000
PHILADELPHIA
COTTMAN & BUSTLETON
CENTER
OJV
1995
332,812
99.3 TARGET
137,000 PEP BOYS
20,800 ACME MARKETS
66,703
PHILADELPHIA
LINCOLN SQUARE
2017
101,226
100.0 TARGET
36,215 PETSMART
15,360
SPROUTS FARMERS
MARKET
32,000
PHILADELPHIA
FISHTOWN CROSSING
2022
133,784
98.4 PEP BOYS
20,615 FIVE BELOW
11,948 IGA SUPERMARKET
40,000
PITTSBURGH
WEXFORD PLAZA
2010
156,295
95.6 ARHAUS FURNITURE
18,500 THE TILE SHOP
16,059 WHOLE FOODS MARKET
45,367
PITTSBURGH
CRANBERRY COMMONS
2016
165,920
100.0 TJ MAXX
30,000 STAPLES
23,884
FRESH THYME FARMERS
MARKET
31,296
RICHBORO
CROSSROADS PLAZA -
RICHBORO
1986
111,982
100.0
ACME MARKETS
55,537
SHREWSBURY
SHREWSBURY SQUARE S.C.
2014
94,706
98.4
GIANT
61,185
SPRINGFIELD
SPRINGFIELD S.C.
1983
175,068
100.0 STAPLES
26,535 EMPIRE BEAUTY SCHOOL
11,472 GIANT
66,825
WHITEHALL
WHITEHALL CENTER
1996
84,524
100.0 KOHL'S
84,524
WYNNEWOOD
WHOLE FOODS AT
WYNNEWOOD
2014
55,911
100.0
WHOLE FOODS MARKET
45,453
PUERTO RICO
BAYAMON
REXVILLE TOWN CENTER
2006
185,689
90.8 PLANET FITNESS
18,100 CHUCK E CHEESE
13,600 PUEBLO
35,588
CAGUAS
PLAZA CENTRO - COSTCO
2006
599,409
97.5 COSTCO
134,881 JCPENNEY
98,348 SAM'S CLUB
138,622
CAROLINA
LOS COLOBOS (3)
2006
573,790
99.5 HOME DEPOT
109,800 MAX'S
99,577 ECONO RIAL
56,372
MANATI
MANATI VILLA MARIA S.C.
2006
69,640
84.5 PLANET FITNESS
20,350 FARMACIAS SAVIA
11,525
MAYAGUEZ
WESTERN PLAZA
2006
354,675
100.0 HOME DEPOT
109,800 CARIBBEAN CINEMA
45,126 SAM'S CLUB
100,408
PONCE
PONCE TOWNE CENTER
2006
191,680
100.0 2000 CINEMA CORP.
60,000 GOLDEN CORRAL
13,559 SUPERMERCADOS MAXIMO
35,651
TRUJILLO ALTO
TRUJILLO ALTO PLAZA
2006
194,130
100.0 GRAND STORES
35,000 ME SALVE
22,415 PUEBLO
26,869
SOUTH CAROLINA
CHARLESTON
ST. ANDREWS CENTER
1978
187,905
100.0 BURLINGTON
35,351 PETCO
15,314 HARRIS TEETER
52,334
CHARLESTON
WESTWOOD PLAZA
1995
180,845
100.0 BARNES & NOBLE
25,389 TJ MAXX
25,240 HARRIS TEETER
53,000
GREENVILLE
WOODRUFF S.C.
2010
118,452
100.0 ACADEMY SPORTS & OUTDOORS
89,510
TRADER JOE'S
12,836
GREENVILLE
FOREST PARK
2012
51,103
100.0
THE FRESH MARKET
20,550
TENNESSEE
CORDOVA
THE COMMONS AT DEXTER
LAKE
2021
228,796
97.8 CRUNCH FITNESS
36,000 MARSHALLS
30,000 KROGER
69,300
MADISON
OLD TOWNE VILLAGE
1978
175,593
100.0 OLD TIME POTTERY
99,400
WALMART
NEIGHBORHOOD MARKET
39,687
MEMPHIS
MENDENHALL COMMONS
2021
88,108
100.0
KROGER
74,685
MT. JULIET
PROVIDENCE
MARKETPLACE
2024
623,233
100.0 JCPENNEY
98,994 BELK
74,985 KROGER (4)
97,000
NASHVILLE
BELLEVUE PLACE
2024
77,166
97.9 PLANET FITNESS
23,852 HARBOR FREIGHT TOOLS
20,469
TEXAS
AMARILLO
WESTGATE PLAZA
KIR
1997
488,022
98.8 HOME DEPOT
109,800 KOHL'S
94,680
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
AUSTIN
CENTER OF THE HILLS
1998
135,327
92.6 TESLA
64,310 PETCO
13,108
AUSTIN
SUNSET VALLEY
MARKETFAIR
PRU
2007
213,352
98.1 PAINTED TREE BOUTIQUES
42,098 HOMESENSE
28,730
AUSTIN
MUELLER REGIONAL
RETAIL CENTER
2021
357,087
100.0 HOME DEPOT
113,341 BEST BUY
29,404
SPROUTS FARMERS
MARKET
20,171
AUSTIN
LAKEHILLS PLAZA
2024
75,914
93.0 TRUFUSION
12,582
TARGET (4)
102,000
AUSTIN
HOMESTEAD S.C.
OJV
2011
88,824
98.3 BARNES & NOBLE
24,685 PETCO
12,350
AUSTIN
ROUND ROCK S.C.
OJV
2011
131,039
100.0 GATTI LAND EATER-TAINMENT
31,094 O'REILLY AUTO PARTS
29,678
AUSTIN
CENTURY SOUTH S.C.
OJV
2011
207,538
95.8 ACADEMY SPORTS & OUTDOORS
61,452 PACIFIC RESOURCES ASSOCIATES
46,690
BELLAIRE
BELLAIRE BLVD S.C.
2021
37,699
9.6
BROWNSVILLE
LAS TIENDAS PLAZA
2005
238,683
100.0 BURLINGTON
80,274 TJ MAXX
28,460 NATURAL GROCERS
18,100
BROWNSVILLE
NORTH TOWNE PLAZA -
BROWNSVILLE
2021
27,846
65.7 FIRST NATIONAL BANK TEXAS
14,680
BURLESON
GATEWAY STATION
2011
367,552
98.0 KOHL'S
86,584 ROSS DRESS FOR LESS
30,187 ALBERTSONS (4)
54,340
COLLEGE STATION
ROCK PRAIRIE
MARKETPLACE
2021
31,603
61.7
CONROE
CONROE MARKETPLACE
2015
289,322
99.5 ASHLEY
48,000 TJ MAXX
32,000
DALLAS
CITYPLACE MARKET
KIR
1998
83,868
100.0 ROSS DRESS FOR LESS
28,160 OFFICEMAX
23,500 TARGET (4)
130,715
DALLAS
PRESTON FOREST VILLAGE
PRU
2007
171,143
97.0 CVS
16,799 RALLY HOUSE
10,800 NATURAL GROCERS
15,130
FORT WORTH
MONTGOMERY PLAZA
2015
286,737
96.9 MARSHALLS/HOMEGOODS
38,032 ROSS DRESS FOR LESS
30,079 TARGET (4)
173,890
FRISCO
PRESTON LEBANON
CROSSING
2006
241,509
96.9 HOBBY LOBBY / MARDELS
81,392 EOS FITNESS
50,000
SPROUTS FARMERS
MARKET
26,043
GALVESTON
GALVESTON PLACE
2021
209,152
99.0 SPEC'S LIQUOR
29,845 BURLINGTON
29,813 RANDALL'S
52,550
GRAND PRAIRIE
LAKE PRAIRIE TOWNE
CROSSING
2006
243,940
94.8 24 HOUR FITNESS
30,000 ROSS DRESS FOR LESS
29,931 TARGET (4)
173,890
HOUSTON
CYPRESS TOWNE CENTER
2005
279,210
99.1 TJ MAXX
32,000 ROSS DRESS FOR LESS
30,187 TARGET (4)
125,400
HOUSTON
THE CENTRE AT
COPPERFIELD
2015
144,055
100.0 BEST BUY
35,317 HOMEGOODS
31,620
HOUSTON
COPPERWOOD VILLAGE
2015
350,787
91.2 MARSHALLS
30,382 CRUNCH FITNESS
26,535 FOOD TOWN (4)
57,539
HOUSTON
TOMBALL CROSSING
2013
149,065
95.3 ROSS DRESS FOR LESS
30,176 OLD NAVY
19,222
HOUSTON
COPPERFIELD VILLAGE
2015
163,648
96.1 ROSS DRESS FOR LESS
26,000 TOTAL WINE & MORE
23,608
SPROUTS FARMERS
MARKET
29,582
HOUSTON
RIVER OAKS S.C. WEST
2021
315,177
93.4 BARNES & NOBLE
33,179 RIVER OAKS THEATER
13,779 KROGER
55,670
HOUSTON
HEIGHTS PLAZA
2021
71,277
94.5 GOODWILL INDUSTRIES
24,841
KROGER
32,390
HOUSTON
WESTHILL VILLAGE
2021
130,851
95.7 ROSS DRESS FOR LESS
27,685 BURLINGTON
24,061
HOUSTON
BLALOCK MARKET
2021
97,277
100.0
99 RANCH MARKET
83,791
HOUSTON
THE CENTRE AT POST OAK
2021
183,940
81.1 MARSHALLS
40,000 NORDSTROM RACK
30,017
HOUSTON
RICHMOND SQUARE
2021
89,822
100.0 BEST BUY
58,321 BURLINGTON
26,941
HOUSTON
ALABAMA SHEPHERD S.C.
2021
59,120
100.0 PETSMART
22,283 WHOLE EARTH PROVISION CO.
16,218 TRADER JOE’S
14,566
HOUSTON
SHOPPES AT MEMORIAL
VILLAGES
2021
166,777
94.4 GULF COAST VETERINARY SPECIALI
82,658
HOUSTON
HEB - DAIRY ASHFORD &
MEMORIAL
2021
36,874
100.0
H-E-B
36,874
HOUSTON
SHOPS AT HILSHIRE
VILLAGE
2021
119,082
96.2 WALGREENS
15,120
KROGER
63,373
HOUSTON
VILLAGE PLAZA AT
BUNKER HILL
2021
491,686
98.9 ACADEMY SPORTS & OUTDOORS
86,120 BURLINGTON
40,000 H-E-B
127,983
HOUSTON
WESTCHASE S.C.
2021
223,656
100.0 PAINTED TREE BOUTIQUES
38,800 NORDSTROM RACK
30,400 WHOLE FOODS MARKET
45,489
HOUSTON
OAK FOREST
2021
161,687
100.0 ROSS DRESS FOR LESS
27,955 DOLLAR TREE
15,120 KROGER
65,206
HOUSTON
SHOPS AT KIRBY DRIVE
2021
10,000
100.0
HOUSTON
SHOPS AT THREE CORNERS
2021
251,972
98.9 ROSS DRESS FOR LESS
30,187 BURLINGTON
22,050 FIESTA
80,676
HUMBLE
ATASCOCITA COMMONS
2013
316,574
99.0 KOHL'S
88,827 DICK’S SPORTING GOODS
50,530 TARGET (4)
180,000
KINGWOOD
KINGS CROSSING
2021
127,296
100.0 CLUB STUDIO
40,000 ACE HARDWARE
29,199
LAREDO
NORTH CREEK PLAZA
2021
240,265
97.7 BEST BUY
45,699 MARSHALLS
40,000 H-E-B (4)
59,840
LAREDO
PLANTATION CENTRE
2021
137,177
92.8
H-E-B
86,536
LAREDO
INDEPENDENCE PLAZA -
LAREDO
2021
347,339
100.0 HOBBY LOBBY
55,000 ROSS DRESS FOR LESS
30,187 H-E-B
147,324
MCALLEN
TRENTON CROSSING -
NORTH MCALLEN
2021
265,566
88.8 HOBBY LOBBY
55,000 ROSS DRESS FOR LESS
30,164 TARGET (4)
123,693
MCALLEN
OLD NAVY - MCALLEN
OJV
2021
15,000
100.0 OLD NAVY
15,000
MCALLEN
MARKET AT NOLANA
OJV
2021
41,138
88.8
WALMART (4)
205,113
MCALLEN
LAS TIENDAS S.C.
OJV
2021
287,952
98.4 DICK'S SPORTING GOODS
76,100 TOTAL WINE & MORE
33,574
MCALLEN
NORTHCROSS S.C.
OJV
2021
74,765
81.5 BARNES & NOBLE
24,864
MCALLEN
MCALLEN CENTER
OJV
2021
103,631
46.9 TRUFIT ATHLETIC CLUB
48,631
MAJOR LEASES
GROCER
LOCATION
BUILDING NAME
PORTFOLIO
YEAR
DEVELOPED
OR
ACQUIRED
LEASABLE
AREA
(SQ.FT.)
PERCENT
LEASED
(1)
TENANT NAME
GLA
TENANT NAME
GLA
TENANT NAME
GLA
MESQUITE
KROGER PLAZA
1974
79,550
100.0
KROGER
51,000
MISSION
SHARYLAND TOWNE
CROSSING
OJV
2021
360,889
96.7 ROSS DRESS FOR LESS
29,798 TJ MAXX
28,000 H-E-B
148,270
MISSION
MARKET AT SHARYLAND
PLACE
OJV
2021
107,912
95.4 KOHL'S
89,912 DOLLAR TREE
10,000 WALMART (4)
186,000
PASADENA
FAIRWAY PLAZA
KIR
1999
410,071
99.2 BEST BUY
36,896 ROSS DRESS FOR LESS
30,187
PLANO
ACCENT PLAZA
1996
100,598
100.0 PGA TOUR SUPERSTORE
97,798
RIO GRANDE CITY
STARR PLAZA
OJV
2021
176,443
99.1 ROSS DRESS FOR LESS
26,502 MARSHALLS
24,000 H-E-B
109,121
SAN ANTONIO
FIESTA TRAILS
2021
362,020
98.3 BOB MILLS FURNITURE
96,000 BEST BUY
37,000 H-E-B (4)
78,000
SAN ANTONIO
STEVENS RANCH
2021
32,611
100.0
H-E-B (4)
100,000
SPRING
GRAND PARKWAY
MARKETPLACE
2014
583,699
97.9 ACADEMY SPORTS & OUTDOORS
63,182 HOBBY LOBBY
55,000 TARGET (4)
126,844
SUGAR LAND
WOODBRIDGE S.C.
2012
96,623
96.1
KROGER
64,842
TOMBALL
TOMBALL MARKETPLACE
2021
168,733
93.0 ROSS DRESS FOR LESS
25,000 MARSHALLS
25,000
WEBSTER
CENTER AT BAYBROOK
2006
363,830
90.5 HOBBY LOBBY
100,086 BEL FURNITURE
58,842
WEBSTER
BAYBROOK GATEWAY
2021
268,002
97.5 ASHLEY
45,000 BARNES & NOBLE
32,000
VIRGINIA
ALEXANDRIA
HILLTOP VILLAGE CENTER
2021
250,811
100.0 LA FITNESS
35,000
WEGMANS
128,357
ALEXANDRIA
WEST ALEX-RETAIL
2021
97,977
97.9
HARRIS TEETER
61,816
ARLINGTON
CENTRO ARLINGTON
2021
72,367
95.6
HARRIS TEETER
51,518
BURKE
BURKE TOWN PLAZA
2014
124,148
97.1 CVS
12,380
SAFEWAY
53,495
FAIRFAX
COSTCO PLAZA - FAIRFAX
KIR
1998
341,727
100.0 HOME DEPOT
126,290 24 HOUR FITNESS
42,837 COSTCO
139,658
FAIRFAX
MAIN STREET
MARKETPLACE
PRU
2007
96,862
100.0 TJ MAXX
27,888 WALGREENS
15,230
FAIRFAX
OLD TOWN PLAZA
2007
52,946
97.2
LEESBURG
BATTLEFIELD S.C.
PRU
2007
317,392
94.0 DICK'S SPORTING GOODS
43,149 ROSS DRESS FOR LESS
25,994
SPROUTS FARMERS
MARKET
24,770
PENTAGON CITY
PENTAGON CENTRE
CPP
2010
351,484
99.4 MARSHALLS
42,142 BEST BUY
36,532 COSTCO
171,286
STAFFORD
DOC STONE COMMONS
2016
101,042
100.0 STAPLES
23,942 PETCO
12,000 GIANT FOOD
61,500
STAFFORD
STAFFORD MARKETPLACE
2015
417,827
100.0 KOHL'S
87,101 TJ MAXX
30,545 SHOPPERS FOOD
67,995
STERLING
POTOMAC RUN PLAZA
2008
361,110
100.0 REGENCY FURNITURE
45,210 MICHAELS
35,333 TARGET (4)
125,204
STERLING
DULLES TOWN CROSSING
2015
808,442
100.0 WALMART
209,613 LOWE'S HOME CENTER
135,197 SAM'S CLUB
135,193
WOODBRIDGE
GORDON PLAZA (3)
2017
16,530
100.0
ALDI
16,530
WOODBRIDGE
SMOKETOWN STATION
KIR
1998
503,788
99.8 HOBBY LOBBY
63,971 DICK'S SPORTING GOODS
57,437 LIDL
24,510
WOODBRIDGE
STONEBRIDGE AT
POTOMAC TOWN CENTER
2023
504,327
97.2 ONELIFE FITNESS
42,401 ALAMO DRAFTHOUSE CINEMA
40,980 WEGMANS
138,500
WASHINGTON
AUBURN
AUBURN NORTH
2007
172,203
74.4 LA FITNESS
34,500 OFFICE DEPOT
23,070
BELLEVUE
THE MARKETPLACE AT
FACTORIA
2013
508,173
94.7 TARGET
101,495 NORDSTROM RACK
41,258 T&T SUPERMARKET
76,207
COVINGTON
COVINGTON ESPLANADE
2021
187,388
97.2 HOME DEPOT
130,948
FEDERAL WAY
PAVILIONS CENTRE
KIR
2000
202,322
100.0 JOANN
43,506 BARNES & NOBLE
24,987 H MART
55,069
KENT
CANYON RIDGE PLAZA
PRU
2006
86,909
94.7 ROSS DRESS FOR LESS
27,200 OLD NAVY
12,500 TARGET (4)
115,900
LAKE STEVENS
FRONTIER VILLAGE S.C.
2012
188,259
98.1 MICHAELS
22,389 ROSS DRESS FOR LESS
22,354 SAFEWAY
61,000
MILL CREEK
GATEWAY S.C.
2016
96,671
100.0 PLANET FITNESS
25,333
SPROUTS FARMERS
MARKET
29,942
PUYALLUP
MERIDIAN TOWN CENTER
OIP
2021
77,666
100.0 JOANN
35,023 ACE HARDWARE
20,849 SAFEWAY (4)
65,691
PUYALLUP
SOUTH HILL CENTER
OIP
2021
134,010
77.0 BEST BUY
45,365 ROSS DRESS FOR LESS
30,139
SEATTLE
JEFFERSON SQUARE
PRU
2006
87,347
97.2 BARTELL DRUGS
13,327
SAFEWAY
39,556
SEATTLE
THE WHITTAKER
2021
63,663
96.0
WHOLE FOODS MARKET
41,000
SEATTLE
QUEEN ANNE
MARKETPLACE
OIP
2021
80,488
75.7
METROPOLITAN MARKET
48,350
SEATTLE
RAINIER VALLEY SQUARE
OIP
2021
110,803
98.9 ROSS DRESS FOR LESS
25,692
SAFEWAY
64,186
SEATTLE
2200 WESTLAKE RETAIL
OIP
2021
87,014
94.8
WHOLE FOODS MARKET
47,367
SILVERDALE
SILVERDALE PLAZA
2012
170,403
94.0 JOANN
29,903 RITE AID
23,470 SAFEWAY
55,000
SPOKANE
FRANKLIN PARK S.C.
2015
124,954
97.0 ROSS DRESS FOR LESS
25,000 BURLINGTON
22,855 TRADER JOE'S
12,052
TUKWILA
PARKWAY SUPER CENTER
KIR
2003
468,857
94.6 DICK'S SPORTING GOODS
53,545 MACY'S FURNITURE
48,670 LAM'S SEAFOOD MARKET
28,136
TOTAL 575 SHOPPING CENTER PROPERTY INTERESTS (6)
103,260,771
(1) Percent leased information as of December 31, 2024.
(2) Denotes tenants who are Dark & Paying.
(3) Denotes projects which exclude GLA of units being held for redevelopment.
(4) Denotes tenants who are Shadow Anchors.
(5) Denotes tenants under RGMZ Venture REIT.
(6) Does not include 60 properties, primarily through the Company’s preferred equity investments, other real estate investments and non-retail properties, totaling approximately
3.3 million square feet of GLA.
CPP Denotes property interest in Canada Pension Plan.
KIR Denotes property interest in Kimco Income REIT.
OIP Denotes property interest in Other Institutional Programs.
OJV Denotes property interest in Other US Joint Ventures.
PRU Denotes property interest in Prudential Investment Program.
R2G Denotes property interest in R2G Venture LLC.
Counsel
Latham & Watkins LLP
Washington, DC
Auditors
PricewaterhouseCoopers LLP
New York, NY
Registrar and Transfer Agent
EQ Shareowner Services
P.O. Box 64874
St. Paul, MN 55164-0854
1-866-557-8695
Website: www.shareowneronline.com
Stock Listings
NYSE—Symbols
KIM, KIMprL,
KIMprM, KIMprN
Investor Relations
A copy of the Company’s Annual Report
on Form 10-K may be obtained at no cost
to stockholders by writing to:
David F. Bujnicki
Senior Vice President,
Investor Relations & Strategy
Kimco Realty Corporation
500 North Broadway, Suite 201
Jericho, NY 11753
1-866-831-4297
E-mail: ir@kimcorealty.com
Annual Meeting of Stockholders
All stockholders are cordially invited to
attend the 2025 annual meeting, which
will be conducted via a live broadcast on
April 29, 2025. The company has embraced
the environmentally-friendly virtual
meeting format, which it believes enables
increased stockholder attendance and
participation. During this virtual meeting,
you may ask questions and will be able
to vote your shares electronically. You
may also submit questions in advance
of the 2025 annual meeting by visiting
www.virtualshareholdermeeting.com/
KIM2025. The company will respond to
as many inquiries at the 2025 annual
meeting as time allows.
If you plan to attend the 2025 annual
meeting online, you will need the 16-digit
control number included in your Notice
of Internet Availability of Proxy Materials,
on your proxy card or on the instructions
that accompany your proxy materials.
The 2025 annual meeting will begin
promptly at 10:00 a.m. (Eastern Time),
and you should allow ample time for
the online check-in procedures.
Annual Report to Stockholders
Our Annual Report on Form 10-K filed with
the Securities and Exchange Commission
(SEC) is included in this 2024 Annual
Report and forms our annual report
to security holders within the meaning
of SEC rules.
Dividend Reinvestment and
Common Stock Purchase Plan
The Company’s Dividend Reinvestment
and Common Stock Purchase Plan
provides stockholders with an opportunity
to conveniently and economically acquire
Kimco common stock. Stockholders
may have their dividends automatically
directed to our transfer agent to purchase
common shares without paying any
brokerage commissions. Requests for
booklets describing the Plan, enrollment
forms and any correspondence or
questions regarding the Plan should be
directed to:
EQ Shareowner Services
P.O. Box 64856
St. Paul, MN 55164-0856
1-866-557-8695
Holders of Record
Holders of record of the Company’s
common stock, par value $0.01 per share,
totaled 2,715 as of March 4, 2025.
Stockholder Information
Offices
Executive Offices
500 North Broadway
Suite 201
Jericho, NY 11753
516-869-9000
www.kimcorealty.com
The Company maintains 31 regional
and satellite offices throughout the
United States.
Kimco Realty Corporation and Subsidiaries
Other Offices
Board of Directors
Milton Cooper
Executive Chairman
Kimco Realty Corporation
Ross Cooper
President &
Chief Investment Officer
Kimco Realty Corporation
Philip E. Coviello (1)(3)
Partner*
Latham & Watkins LLP
Conor C. Flynn
Chief Executive Officer
Kimco Realty Corporation
Nancy Lashine (1)(2)
Founder & Managing Partner
Park Madison Partners
Frank Lourenso (1)(2)
Executive Vice President*
JPMorgan Chase & Co.
Henry Moniz (1)(3)
Chief Compliance Officer
Meta
Mary Hogan Preusse (2)(3v)
Lead Independent Director
Kimco Realty Corporation
Managing Director and
Co-Head of Americas Real Estate*
APG Asset Management US Inc.
Valerie Richardson (2v)(3)
Chief Operating Officer
International Council of
Shopping Centers
Richard B. Saltzman (1v)(2)(3)
Former CEO and President
Colony Capital
Executive and
Senior Management
Milton Cooper
Executive Chairman
Conor C. Flynn
Chief Executive Officer
Ross Cooper
President &
Chief Investment Officer
Glenn G. Cohen
Executive Vice President &
Chief Financial Officer
David Jamieson
Executive Vice President &
Chief Operating Officer
Bruce Rubenstein
Executive Vice President,
General Counsel & Secretary
Raymond Edwards
Executive Vice President
Retailer Services
Leah Landro
Executive Vice President &
Chief Human Resources Officer
Thomas Taddeo
Executive Vice President &
Chief Information Officer
David F. Bujnicki
Senior Vice President
Investor Relations & Strategy
Scott Gerber
Senior Vice President
Risk
Geoffrey Glazer
Senior Vice President
National Development
Brett N. Klein
Senior Vice President
Financial Planning & Analysis
Jennifer Maisch
Senior Vice President
Marketing & Retail Partnerships
William Teichman
Senior Vice President
Strategic Operations
Kathleen Thayer
Senior Vice President & Treasurer
Corporate Accounting
Harvey G. Weinreb
Senior Vice President
Tax
Paul Westbrook
Vice President &
Chief Accounting Officer
U.S. Regional Management
Carmen Decker
President
Western Region
Wilbur E. Simmons, III
President
Southern Region
Joshua Weinkranz
President
Eastern Region
Corporate Management
Barbara E. Briamonte
Vice President
Legal
Tamara Chernomordik
Vice President
Corporate Responsibility
David Domb
Vice President
Research & Data Analytics
Paul C. Dooley
Vice President
Real Estate Tax & Insurance
Kraig Elliot
Vice President &
Chief Information Security Officer
Kenneth Fisher
Vice President
Chief Technology Officer
Christopher Freeman
Senior Vice President
Property Management
Marissa Garcia
Vice President
Investments
Jason Lee
Vice President
Legal
Heather Medica
Vice President
Human Resources
Jonathon Siswick
Vice President
Lease Administration
Corporate Directory
* Retired
(1) Audit Committee
(2) Executive Compensation
Committee
(3) Nominating and Corporate
Governance Committee
(v) Chairman
500 North Broadway, Suite 201, Jericho, NY 11753 | (833) 800-4343
kimcorealty.com