Kimco Realty Corporation (hc) · NYSE:KIM
Kimco Realty Corporation (hc) — Kimco Realty — Q1 2026 Earnings Presentation
32 slides from Kimco Realty Corporation (hc)'s earnings presentation, 2026
Slide 1: Investor Presentation
Dublin Retail Center Investor Presentation Dublin, California First Quarter 2026 kimcorealty.com kimcorealty.com
Slide 2: Safe Harbor and Non-GAAP Disclosures
Safe Harbor and Non-GAAP Disclosures Forward-Looking Statement and Risk Factors This communication 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, a
Slide 3: Kimco at a Glance
Kimco at a Glance Necessity-Based Focus Providing essential, necessity-based goods and services to local communities. NYSE: KIM S&P 500 Best in-Class Operations A- / A3 Credit Rated Capitalizing on our efficiencies and advantages of scale to serve as the best-in-class operator for tenants. 565 Prope
Slide 4: 2026 Strategic Pillars
2026 Strategic Pillars 01 02 03 Embedded Platform Power Intelligent Growth Engine & Efficiency Capital Allocation • Contractual rent bumps • Sector-low overhead ratio with • Disciplined, accretive capital national scale recycling: Sell low-growth, low- cap rate assets, redeploy into • Mark-to-market
Slide 5: Consistently Strong FFO Growth at a Discounted Multiple
Growth at a Reasonable Price (GARP) Consistently Strong FFO Growth at a Discounted Multiple One of the only Shopping Center REITs to achieve >5% FFO growth in ‘24 and >6% in ’25 FFO Multiple vs. 3 Year Avg. Nareit FFO Growth (2024-2026E) 12% Cheap / high growth Expensive / high growth 10% Broader RE
Slide 6: National Presence with Specialized Local Insight
High-Quality, Necessity-Based Operating Platform National Presence with Specialized Local Insight 82% of Annual Base Rent (ABR) from Top Major Metro Markets1 Denver Portfolio Statistics • 565 Properties Seattle • 100M GLA • $21.37 ABR/SF 1 Boston New York • 86% of ABR from grocery-anchored San Franc
Slide 7: The Sweet Spot of Retail
High-Quality, Necessity-Based Operating Platform The Sweet Spot of Retail Where Operational Excellence Meets Market Fundamentals First-Ring Suburbs: Optimal Zone The convergence of strong demographics, operational efficiency, & scalable economics—with minimal complexity. • High population density an
Slide 8: Positioned Where Consumers Spend Most Consistently
High-Quality, Necessity-Based Operating Platform Positioned Where Consumers Spend Most Consistently Grocery Off-Price Services 86% 7 of 10 70% Grocery-anchored Top Tenants of new leases were service- ABR as % of total Grocery or Off-Price based over the TTM1 Portfolio concentration supports resilien
Slide 9: Multiple Cashflow Growth Drivers
Kimco Realty® at a Glance Multiple Cashflow Growth Drivers Est. Portfolio Avg: ~1.5% per year: Contractual Rent Growth • Small shop: 3% to 5% per year • Anchors: 10% to 12% (every 5 Years) Small Shop and Anchor Leasing Upside Leasing Mark-To-Market Quarterly new leasing spreads: >10% since 4Q21 Net
Slide 10: 2026 Financial Snapshot
Kimco Realty® at a Glance 2026 Financial Snapshot 1. Incl. preferred stock & pro-rata JV net debt As of 3/31/2026 4.5% A-/A3 $750M Growth in FFO/diluted Credit ratings from Commercial Paper Program share over Q1’25 S&P/Fitch/Moody’s; established in 1Q; 1 of a select group of REITs rated A2/P2 5.5x $
Slide 11: Strong Operating Environment Driving New Records
Kimco Realty® at a Glance Strong Operating Environment Driving New Records Portfolio Occupancy Remains Near All-Time Highs 96.4% 96.3% 96.4% 96.3% 96.2% 95.7% 94.4% 93.9% 2019 2020 2021 2022 2023 2024 2025 1Q2026 Highlights 4.4M $28.99 11.3% 92.5% 97.9% 92% Square feet of Record-high Pro-rata blende
Slide 12: Strong Shopping Center Fundamentals
Quail Corners Charlotte, NC Strong Shopping Center Fundamentals
Slide 13: New Development at Historic Lows
Strong Shopping Center Fundamentals New Development at Historic Lows Strip Center Supply Growth vs. Leased Rates Rent Increase Needed to Make Stable Development Economically 3.5% 97% Feasible2 100% 3.0% 96% 2.5% 95% 90% ~65% ~$450/SF 80% market rent increase avg cost of ground-up 70% needed in the T
Slide 14: Physical Stores Drive Retailer Profitability
Strong Shopping Center Fundamentals Physical Stores Drive Retailer Profitability THE CHALLENGE THE SOLUTION THE MULTIPLIER E-Commerce Is Essential, Stores Solve the Stores Compound But Fulfillment Is Costly Fulfillment Equation Online Growth 25-30% → 50%+ → +13.9% of an item’s value is lost to retur
Slide 15: Retailer Expansion Drives Growth
Strong Shopping Center Fundamentals Retailer Expansion Drives Growth Grocers Anchor (10K+ SQFT) Small Shop (<10K SQFT) Source: Company releases, media reports 15 | kimcorealty.com Investor Presentation: First Quarter 2026
Slide 16: High Quality, Necessity-based Operating Portfolio
San Marcos Plaza San Marcos, CA High Quality, Necessity-based Operating Portfolio
Slide 17: Continued Strength in Leasing
High-Quality, Necessity-Based Operating Platform Continued Strength in Leasing 3%+ / Future Leasing Upside 23.8% 4%+ +3% Pro-rata rent spread on comparable new Annual rent bumps on YoY ABR/SF • Spreads on new anchor leases expected to remain 85% / 38% of small growth leases shop leases in 1Q elevate
Slide 18: Visible Future Cash Flow Growth
High-Quality, Necessity-Based Operating Portfolio Visible Future Cash Flow Growth Signed Not Open (SNO) Spread = Embedded Rent Growth Expected Timing of Commencements ($M ABR) Expected Incremental Cash Flow Receipts ($M) $46 $77 $2 $29 $31 $49 63% of SNO $13 ABR is $44 expected to $34 $49 commence i
Slide 19: Accretive Capital Allocation
Airport Plaza Farmingdale, NY Accretive Capital Allocation
Slide 20: 2026 Capital Allocation (Base Plan)
Strategy 2026 Capital Allocation (Base Plan) Sources of Capital Amount (in millions) Implied Yield Free Cash Flow1 $150 to $165 0.00% Asset Sales $300 to $500 5.0% to 6.0% Total for Accretive Deployment $450 to $665 3.2% to 4.5% Allocation of Capital Amount (in millions) Implied Yield Acquisitions &
Slide 21: Disposition Priorities
Disposition Priorities Increasing FFO Growth Increasing NOI Growth Improving Operating Margins Recycling flat-growth assets into Selling lower-growth assets improves Shedding management-intensive, accretive deployments drives same property NOI trajectory across lower-margin assets improves G&A compo
Slide 22: Case Study: Accretive Recycling in Action
Accretive Capital Allocation Case Study: Accretive Recycling in Action SOLD AQUIRED Home Depot Plaza Tanasbourne Village1 Santa Ana, CA Hillsboro, OR Transaction Sold Acquired using 1031 proceeds Cap Rate 5.2% 6.2% (+100bps) Expected CAGR 1% 3% (+200bps) Total pro-rata $50M2 $66M ($38M net of debt)
Slide 23: Case Studies: Invest → Convert to Acquisition
Accretive Capital Allocation Case Studies: Invest → Convert to Acquisition The Markets at Town Center Shoppes at 82nd Street Jacksonville, FL Jackson Heights, NY 97%-occupied, 254K SF, Sprouts-anchored 100%-occupied, 59K SF, Target-anchored $15M Investment → $108M Purchase +$93M $15M Investment → $7
Slide 24: Value Creation: Grocery-Focused Redevelopment
Accretive Capital Allocation Value Creation: Grocery-Focused Redevelopment 2026 Completed Projects (incl. 3 Grocer Conversions) ABR from grocery-anchored shopping centers 20.5% Yield on 11.5% Yield on Redev has grown to a record level of 86% Repositioning 4 Projects / $22M Gross Costs 2 Projects / $
Slide 25: Value Creation: Mixed-Use Redevelopment
Accretive Capital Allocation Value Creation: Mixed-Use Redevelopment Project Spotlights Program Summary • Preferred equity mixed-use developments with best-in-class residential developers • Kimco contributing entitled land at a marked-up value; reducing capital outlay and earnings drag • 7.0% to 9.0
Slide 26: Why Kimco Realty?
Why Kimco Realty? High-Quality Necessity-Based Portfolio Generating Consistent, Visible Growth at a Discounted Price Sector-Leading FFO Growth at Below-Sector Multiple Best-in Class Grocery Anchor Quality • One of the only Shopping Center REITs to achieve >5% FFO growth in ‘24 • 86% grocery-anchored
Slide 27: Appendix
Wexford Plaza Pittsburgh, Pennsylvania Appendix
Slide 28: 2026 Earnings Guidance Summary
Kimco Realty® at a Glance 2026 Earnings Guidance Summary 1Q 2026 Actual Current Previous Net income: $0.83 to $0.87 $0.80 to $0.84 FFO: $1.81 to $1.84 $1.80 to $1.84 The company’s full year outlook is based on the following assumptions (pro-rata share unless otherwise stated, dollars in millions): S
Slide 29: Portfolio Breakdown: Retailer Categories
High-Quality, Necessity-Based Operating Platform Portfolio Breakdown: Retailer Categories 78% of ABR from Discount & Necessity Goods and Services DISCOUNT & NECESSITY GOODS: 40% Beauty / Personal Care Supplies 2% Entertainment / Gathering Place 2% SERVICE: 38% Furniture / Home Furnishings 3% OTHER:
Slide 30: Portfolio Breakdown: Anchor & Small Shop Tenancy
High-Quality, Necessity-Based Operating Platform Portfolio Breakdown: Anchor & Small Shop Tenancy 47% of Kimco’s ABR is derived from small shop tenants (<10K SF), comprised primarily of: • Restaurants (quick serve, fast casual and full service) Top 50 Small Shop Tenants • Beauty Supplies and Persona
Slide 31: Highly Diversified Tenant Base
High-Quality, Necessity-Based Operating Platform Highly Diversified Tenant Base Strong Credit Profile with 7 of 10 Top Tenants Grocery or Off-Price ❖ ❖ 4.0% 3.7% 3.5% 3.0% 2.5% ❖ ❖ ❖ ❖ 2.0% 2.0% 1.8% 1.8% ❖ 1.6% 1.6% 1.6% ❖ ❖ ❖ 1.4% 1.3% 1.5% ❖ ❖ 1.2% 1.0% ❖ ❖ 0.5% 0.0% Leases 181 108 68 34 48 23 76
Slide 32: Well-Staggered Debt Maturity Profile
Significant Financial Strength Well-Staggered Debt Maturity Profile Debt Profile: Consolidated JV1 Capital Markets Strength Fixed Rate (~100% of outstanding Cons. Debt) 3.99%2 4.54%2 Floating Rate 4.87%2 5.35%2 • 92 bp spread on June 2025, long 10-year refinancing 17% WAVG Term 7.8yrs 3.3yrs • A-/A3