Kimco Realty Corporation (hc) · NYSE:KIM
Kimco Realty Corporation (hc) — Q4 2025 Earnings Presentation
29 slides from Kimco Realty Corporation (hc)'s earnings presentation, Feb 12, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
Peachtree Hill Duluth, Georgia Investor Presentation Fourth Quarter 25
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: Strategy Overview
Strategy Overview • Providing essential, necessity-based goods 1958 / 1991 KIM A- / A- / A3 and services to local communities. Founded / IPO NYSE Listed S&P / Fitch / Moody’s Credit Ratings • Capitalize on our efficiencies and advantages 565 / 100M $22.6B S&P500 Properties/Total GLA1 Total Capitaliz
Slide 4: Above-Sector Growth at a Below-Sector Multiple
Kimco Realty® at a Glance Above-Sector Growth at a Below-Sector Multiple One of the only Shopping Center REITs to achieve >5% FFO growth in ‘24 and >6% in ‘25 10% Highest Growth Lowest Cost ’24 – ‘25 Nareit FFO Growth KIM PECO REG 5% BRX IVT FRT AVG KRG 0% UE AKR -5% -10% 10x 11x 12x 13x 14x 15x 16x
Slide 5: 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 6: 2025 Financial Snapshot
Kimco Realty® at a Glance 2025 Financial Snapshot 1. Incl. preferred stock & pro-rata JV net debt As of 12/31/2025 6.7% A-/A3 ~80% ~$150M Credit ratings from Annual free cash Growth in FFO/ S&P/Fitch/Moody’; Recurring AFFO diluted share Dividend Payout flow after dividends 1 of a select group and le
Slide 7: Strong Operating Environment Driving New Records
Kimco Realty® at a Glance Strong Operating Environment Driving New Records Record High Portfolio Occupancy with Further Upside 96.4% 96.3% 96.4% 96.2% 96.0% 95.8% 95.8% 95.7% 95.4% 94.4% 93.9% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Record Highs +90bps 86% $73M 1.2M 30 92.7% Highest q
Slide 8: 2026 Earnings Guidance Summary
Kimco Realty® at a Glance 2026 Earnings Guidance Summary 2025 Actuals 2026 Outlook Net income: $0.82 $0.80 to $0.84 FFO: $1.76 $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): Same property NOI growth
Slide 9: Strong Shopping Center Fundamentals
Quail Corners Charlotte, NC Strong Shopping Center Fundamentals
Slide 10: 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 Feasible2 3.5% 97% 100% 3.0% 96% 90% ~65% ~$450/SF 80% market rent increase avg cost of ground-up 2.5% 95% 70% needed in the T
Slide 11: Ecommerce Boosts Demand for Physical Stores
Strong Shopping Center Fundamentals Ecommerce Boosts Demand for Physical Stores Physical stores provide convenience that online-only channels cannot, serving as hubs for same-day pickup, returns, and click-and-collect, while reducing last-mile costs and driving incremental sales. Physical Stores Ful
Slide 12: 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 12 | kimcorealty.com Investor Presentation: Fourth Quarter 2025
Slide 13: High Quality, Necessity-based Operating Portfolio
San Marcos Plaza San Marcos, CA High Quality, Necessity-based Operating Portfolio
Slide 14: 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 • $21.20 ABR/SF 1 Boston New York • 86% of ABR from grocery-anchored San Franc
Slide 15: The Sweet Spot of Retail
High-Quality, Necessity-Based Operating Platform The Sweet Spot of Retail Where Operational Excellence Meets Market Fundamentals First-Ring Suburbs: Optimal Zone The convergence of strong demographics, operational efficiency, & scalable economics—with minimal complexity. • High population density an
Slide 16: The Sweet Spot of Retail: Where Consumers Spend Most Consistently
High-Quality, Necessity-Based Operating Platform The Sweet Spot of Retail Positioned Where Consumers Spend Most Consistently Grocery Off-Price Services 86% 7 of 10 70% Grocery-anchored Top Tenants of new leases were service- ABR as % of total Grocery or Off-Price based over the TTM* Portfolio concen
Slide 17: Portfolio Breakdown: Anchor & Small Shop Tenancy
High-Quality, Necessity-Based Operating Platform Portfolio Breakdown: Anchor & Small Shop Tenancy 47% of Kimco’s ABR is derived from small shop tenants (<10K SF), comprised primarily of: • Restaurants (quick serve, fast casual and full service) Top 50 Small Shop Tenants • Beauty Supplies and Persona
Slide 18: Continued Strength in Leasing
High-Quality, Necessity-Based Operating Platform Continued Strength in Leasing 3%+ / Future Leasing Upside 29.0% 4%+ Pro-rata rent spread +3% • Spreads on new anchor leases expected to remain on comparable new Annual rent bumps on YoY ABR/SF growth leases 81% / 38% of small elevated shop leases in 4
Slide 19: Visible Future Cash Flow Growth
High-Quality, Necessity-Based Operating Portfolio Visible Future Cash Flow Growth Signed Not Open (SNO) Spread = Embedded Rent Growth Expected Timing of Commencements ($M ABR) Expected Cash Flow Receipts ($M) $73M $59M $63M $51M $22 $12 70% of SNO $30* ABR is $23 expected to $51 $51 commence in $28*
Slide 20: Accretive Capital Allocation
Airport Plaza Farmingdale, NY Accretive Capital Allocation
Slide 21: Accretive Recycling
Accretive Capital Allocation Accretive Recycling External Growth via Capital Recycling Advantage Strategy Capital Allocation and Returns • Sell low-growth, low-cap rate assets 2025: $152M Acquisitions, net • $272M Acqns., 6.5% cap rate • Redeploy into higher growth assets via acquisitions and Struct
Slide 22: Accretive Recycling: Structured Investment Program
Accretive Capital Allocation Accretive Recycling Unique to Kimco: Structured Investment Program Strategy Capital Allocation and Returns • Building a strategic acquisition pipeline 2025: ($80M) Structured Investments, net, 9.1% blended rate • $260M New Capital • Provides capital to third party owners
Slide 23: Value Creation: Grocery-Focused Redevelopment
Accretive Capital Allocation Value Creation: Grocery-Focused Redevelopment 2025 Projects (9 Grocer Conversions in 2025) ABR from grocery-anchored shopping centers 11% Yield on Repositioning 19% Yield on Redev has grown to a record level of 86% 9 Projects / $57M Gross Costs 12 Projects / $22M Gross C
Slide 24: Value Creation: Mixed-Use Redevelopment
Accretive Capital Allocation Value Creation: Mixed-Use Redevelopment Project Spotlights - 7.0% to 9.0% WAVG Blended Stabilized Yield1 2 Preferred equity mixed-use developments with the Bozzuto Group with Kimco contributing entitled land at a marked-up value; reducing capital outlay and earnings drag
Slide 25: Appendix
Wexford Plaza Pittsburgh, Pennsylvania Appendix
Slide 26: 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 27: 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% 3.8% 3.5% 3.0% 2.5% ❖ ❖ ❖ ❖ 2.0% 1.9% 1.8% 1.8% 1.7% 1.6% 1.6% ❖ ❖ 1.5% 1.4% 1.3% 1.2% 1.0% 0.5% 0.0% Leases 183 107 66 33 48 76 23 27 41 38 S&
Slide 28: Well-Staggered Debt Maturity Profile
Significant Financial Strength Well-Staggered Debt Maturity Profile Debt Profile: Consolidated JV1 Capital Markets Strength Fixed Rate (99.8% of outstanding Cons. Debt) 4.00%2 4.84%2 Floating Rate (0.2% of outstanding Cons. Debt) 5.17%2 5.35%2 • 92 bp spread on June 2025, long 10-year refinancing 17
Slide 29: RPT Successful Integration
Accretive Capital Allocation RPT Successful Integration 2024 RPT Merger: Synergies & At Performance Exceed Underwriting Current Gains Acquisition • Swift execution & integration: Acquired RPT Overall Occupancy 96.2% 94.9% +130bps in Jan. 2024 ($2.2B, 56 properties, 13M sf) at ~8.50% implied cap rate
Kimco Realty Corporation (HC) — Q4 2025 Earnings Presentation on 6ix