Kimco Realty — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income available to common shareholders was $272.5 million ($0.41 per diluted share) for the three months ended September 30, 2026, compared to $130.2 million ($0.19 per diluted share) in the prior year period.
• Funds From Operations (FFO) was $316.2 million ($0.47 per diluted share), representing a 6.8% year-over-year increase from $300.3 million ($0.44 per diluted share) in the prior year.
• Net income growth was primarily driven by a $122.4 million increase in gains on sales of properties, net of impairments.
• Same property Net Operating Income (NOI) grew 4.9% year-over-year, driven by a 3.2% increase in minimum rents.
• Credit loss as a percentage of total pro-rata rental revenues was 45 basis points for the quarter.
• Total revenues were $546.1 million, up from $535.9 million in the prior year period.
• Operating expenses were $355.5 million, compared to $352.3 million in the prior year period.
• Gain on sale of properties was $89.4 million for the quarter, compared to $3.7 million in the prior year.
• Interest expense was $87.7 million for the quarter, compared to $84.3 million in the prior year.
• As of September 30, 2026, total assets were $19.72 billion and total liabilities were $9.40 billion.
• Cash, cash equivalents, and restricted cash totaled $544.9 million.
• Notes payable, net, increased to $8.04 billion from $7.72 billion at December 31, 2025.

Guidance and Future Outlook:

• Raised 2026 Net income guidance to $1.07 to $1.09 per diluted share (previously $1.00 to $1.03).
• Raised 2026 FFO guidance to $1.84 to $1.86 per diluted share (previously $1.83 to $1.84).
• Updated 2026 Same property NOI growth guidance to +3.5% to +3.8% (previously +3.0% to +3.5%).
• Updated 2026 Credit loss guidance to (50bps) to (60bps) of total pro-rata rental revenues (previously (55bps) to (75bps)).
• Updated 2026 Lease termination income guidance to $10 to $15 million (previously $7 to $15 million).
• Updated 2026 Non-cash GAAP revenues guidance to $57 to $60 million (previously $48 to $53 million).
• Updated 2026 Consolidated G&A expense guidance to $128 to $130 million (previously $128 to $132 million).
• Updated 2026 Consolidated interest expense and preferred stock dividends guidance to $369 to $371 million (previously $368 to $372 million).
• Updated 2026 Redevelopment capex guidance to $140 to $150 million (previously $125 to $150 million).
• Updated 2026 Leasing and maintenance capex guidance to remain unchanged at $194 million (previously $275 to $300 million).
• Updated 2026 Property acquisitions, net of dispositions guidance to net neutral with transaction volume of $400 to $500 million (previously $300 to $500 million).
• Updated 2026 Structured investments, net of repayments guidance to remain unchanged (previously $75 to $125 million).
• Management expects to drive results higher with $76 million of annual base rent from leases signed but yet to commence.
• Management anticipates a third consecutive year of FFO per share growth above 5%.

Business Segments and Product Lines:

• Portfolio occupancy reached an all-time high of 96.6%, up 90 basis points year-over-year.
• Small-shop occupancy reached a record 92.9%, up 40 basis points year-over-year.
• Pro-rata anchor occupancy increased to 98.2%, up 120 basis points year-over-year.
• Executed 444 leases totaling 2.7 million square feet.
• Achieved blended pro-rata cash rent spreads of 12% on comparable spaces, including 31.5% on new leases, 7.3% on renewals, and 7.7% on options.
• Sold The Witmer, a 440-unit multifamily building at Pentagon Centre, for $211.5 million (cap rate approx. 5.1%).
• Sold four Costco-anchored assets for an aggregate price of approximately $127 million.
• Acquired Pompano Marketplace, a 239,000-square-foot Walmart-anchored center in Florida, for $53 million.
• Acquired Sunshine Plaza, a 241,000-square-foot Publix-anchored center in Florida, for $56 million.
• Sold three shopping centers and two land parcels for an aggregate price of $51.8 million.
• Acquired the leasehold interest of BJ's Wholesale Club at Home Depot Plaza in Connecticut for $8.5 million.
• Structured Investment Program received $114.6 million in repayments and deployed $38.8 million in new capital during the quarter.
• Subsequently made two new structured investments totaling $48.6 million.

Market and Competitive Landscape:

• Portfolio is concentrated in first-ring suburbs of top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities.
• Tenant mix focuses on essential, necessity-based goods and services.
• The spread between pro-rata leased and economic occupancy rates was 390 basis points, representing $76 million in future rents.
• Company owns interests in 561 U.S. shopping centers and mixed-use assets comprising 99 million square feet of gross leasable space.

Risks and Challenges:

• Forward-looking statements involve risks including financial disruption, changes in trade policies, geopolitical challenges, and economic downturns.
• Risks include competition, availability of acquisition opportunities, and costs associated with purchasing and maintaining assets.
• Risks include inability of major tenants to pay rent due to bankruptcy or business downturns.
• Risks include reduction in income from multiple lease terminations or tenant vacancies.
• Risks include the impact of e-commerce, changing consumer buying practices, and retail industry trends.
• Risks include inflation, supply chain disruptions, and rising operating costs.
• Risks include development of mixed-use commercial properties and non-retail real estate ownership.
• Risks include changes in governmental laws regarding data privacy, environmental issues, and climate change.
• Risks include valuation and performance of joint venture and preferred equity investments.
• Risks include cybersecurity attacks, data loss, and security incidents.
• Risks include natural disasters, weather events, and pandemics.
• Risks include financing risks, interest rate volatility, and ability to maintain REIT status.

Management Commentary and Tone:

• CEO Conor Flynn stated results reflect "strong execution, with record occupancy, significant pricing power on new leases and further acceleration in same property NOI growth."
• Management highlighted the ability to recycle lower-growth ground leases into higher-growth grocery-anchored centers.
• Management noted the sale of a multifamily property at a 5% cap rate and redeployment of capital to repurchase common stock at an implied cap rate in the mid-7% range.
• Management expressed confidence in driving results higher and creating long-term shareholder value.
• Management confirmed the third consecutive year of FFO per share growth above 5%.

Other Key Points:

• Repurchased 6.3 million shares of common stock totaling $150 million.
• Repurchased approximately $74 million of preferred stock (753,707 Class N shares, 624,716 Class L shares, and 654,969 Class M shares).
• Repaid two unsecured notes totaling $266.0 million at a blended coupon of 3.45%.
• Subsequent to quarter end, repaid a $500 million unsecured note with a 2.80% coupon.
• Board declared a quarterly cash dividend of $0.28 per common share, a 7.7% increase year-over-year, payable December 18, 2026.
• Board declared quarterly dividends on Class L, Class M, and Class N preferred shares, payable January 15, 2027.
• Company maintains over $2.5 billion in immediate liquidity, including $545 million in cash and full availability under a $2.0 billion unsecured revolving credit facility.
• The company is a REIT included in the S&P 500 Index.