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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended September 30, 2025


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

For the transition period from _________to_________

Commission File Number: 1-10899 (Kimco Realty Corporation)

Commission File Number: 333-269102-01 (Kimco Realty OP, LLC)

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

(Exact name of registrant as specified in its charter)

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

      13-2744380
92-1489725

      (State or other jurisdiction of incorporation or organization)

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

500 North Broadway, Suite 201, Jericho, NY 11753

(Address of principal executive offices) (Zip Code)

(516) 869-9000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year,

if changed since last report)

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

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).


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

(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 October 22, 2025, Kimco Realty Corporation had 677,195,122 shares of common stock outstanding.

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

QUARTERLY REPORT ON FORM 10-Q

QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2025, of Kimco Realty Corporation (the “Parent Company”) and Kimco Realty OP, LLC (“Kimco OP”). Unless stated otherwise or the context requires, references to “Kimco Realty Corporation” or the “Parent Company” mean Kimco Realty Corporation and its subsidiaries, and references to “Kimco Realty OP, LLC” or “Kimco OP” mean Kimco Realty OP, LLC and its subsidiaries. The terms the “Company,” “we,” “our” or “us” refer to the Parent Company and its business and operations conducted through its directly or indirectly owned subsidiaries, including Kimco OP; and in statements regarding qualification as a Real Estate Investment Trust ("REIT"), such terms refer solely to the Parent Company. References to “shares” and “shareholders” refer to the shares and shareholders of the Parent Company and not the limited liability company interests of Kimco OP.

The Parent Company is a REIT and is the managing member of Kimco OP. As of September 30, 2025, the Parent Company owned 99.79% of the outstanding limited liability company interests (the "OP Units") in Kimco OP. Noncontrolling OP Unit interests are owned by third parties and certain officers and directors of the Company.

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

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

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

The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and Kimco OP into this single report provides the following benefits:

•

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

•

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

•

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

In order to highlight the differences between the Parent Company and Kimco OP, there are sections in this Quarterly 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 Quarterly Report refers to actions or holdings of the Parent Company and/or Kimco OP as being the actions or holdings of the Company (either directly or through its subsidiaries, including Kimco OP).


PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	4

Condensed Consolidated Financial Statements of Kimco Realty Corporation and Subsidiaries (unaudited)

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	4

	Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024	6

	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024	7

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	9

Condensed Consolidated Financial Statements of Kimco Realty OP, LLC and Subsidiaries (unaudited)

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	10

	Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2025 and 2024	11

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024	12

	Condensed Consolidated Statements of Changes in Capital for the Three and Nine Months Ended September 30, 2025 and 2024	13

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	15

Kimco Realty Corporation and Subsidiaries and Kimco Realty OP, LLC and Subsidiaries

	Notes to Condensed Consolidated Financial Statements (unaudited)	16

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	42

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	56

Item 4.	Controls and Procedures.	57

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings.	58

Item 1A.	Risk Factors.	58

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	58

Item 3.	Defaults Upon Senior Securities.	58

Item 4.	Mine Safety Disclosures.	58

Item 5.	Other Information.	58

Item 6.	Exhibits.	59

Signatures		60

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share information)


	September 30, 2025			December 31, 2024
Assets:
Real estate, net of accumulated depreciation and amortization of $4,717,097 and $4,360,239, respectively	$	16,750,039		$	16,810,333
Investments in and advances to real estate joint ventures		1,454,358			1,487,675
Other investments		109,334			107,347
Cash, cash equivalents and restricted cash		160,481			689,731
Mortgage and other financing receivables, net		623,237			444,966
Accounts and notes receivable, net		351,719			340,469
Operating lease right-of-use assets, net		129,217			126,441
Other assets		301,654			302,934
Total assets (1)	$	19,880,039		$	20,309,896

Liabilities:
Notes payable, net	$	7,754,717		$	7,964,738
Mortgages payable, net		470,123			496,438
Accounts payable and accrued expenses		316,485			281,867
Dividends payable		6,364			6,409
Operating lease liabilities		121,265			117,199
Other liabilities		526,083			597,456
Total liabilities (1)		9,195,037			9,464,107
Redeemable noncontrolling interests		46,783			47,877

Commitments and Contingencies (Footnote 19)

Stockholders' equity:
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 20,748 and 20,806 shares, respectively; Aggregate liquidation preference $553,196 and $556,113, respectively		21			21
Common stock, $.01 par value, authorized 1,500,000,000 shares; Issued and outstanding 677,195,722 and 679,493,522 shares, respectively		6,772			6,795
Paid-in capital		10,984,725			11,033,485
Cumulative distributions in excess of net income		(496,466	)		(398,792	)
Accumulated other comprehensive (loss)/income		(8,844	)		11,038
Total stockholders' equity		10,486,208			10,652,547
Noncontrolling interests		152,011			145,365
Total equity		10,638,219			10,797,912
Total liabilities and equity	$	19,880,039		$	20,309,896

(1)

Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2025 and December 31, 2024 of $353,262 and $334,859, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at September 30, 2025 and December 31, 2024 of $161,221 and $161,577, respectively. See Footnote 14 of the Notes to Condensed Consolidated Financial Statements.

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues
Revenues from rental properties, net	$	531,113		$	502,875		$	1,583,329		$	1,498,001
Management and other fee income		4,748			4,757			14,331			13,616
Total revenues		535,861			507,632			1,597,660			1,511,617

Operating expenses
Rent		(4,164	)		(4,239	)		(12,590	)		(12,744	)
Real estate taxes		(67,384	)		(64,996	)		(203,854	)		(194,538	)
Operating and maintenance		(92,434	)		(88,744	)		(273,056	)		(262,267	)
General and administrative		(29,646	)		(33,850	)		(96,485	)		(103,238	)
Impairment charges		(440	)		(375	)		(8,619	)		(4,277	)
Merger charges		-			-			-			(25,246	)
Depreciation and amortization		(158,269	)		(144,688	)		(473,045	)		(447,555	)
Total operating expenses		(352,337	)		(336,892	)		(1,067,649	)		(1,049,865	)

Gain on sale of properties		3,705			551			43,514			944

Operating income		187,229			171,291			573,525			462,696

Other income/(expense)
Other (expense)/income, net		(2,362	)		10,284			757			20,764
Mortgage and other financing income, net		12,375			11,919			35,706			19,189
Gain/(loss) on marketable securities, net		43			79			32			(27,613	)
Interest expense		(84,261	)		(76,216	)		(245,842	)		(224,122	)

Income before income taxes, net, equity in income of joint ventures, net, and equity in (loss)/income from other investments, net		113,024			117,357			364,178			250,914

Benefit/(provision) for income taxes, net		875			(128	)		45			(72,355	)
Equity in income of joint ventures, net		26,967			20,981			73,640			63,413
Equity in (loss)/income of other investments, net		(811	)		216			1,637			9,468

Net income		140,055			138,426			439,500			251,440

Net income attributable to noncontrolling interests		(2,280	)		(2,443	)		(5,922	)		(6,693	)

Net income attributable to the Company		137,775			135,983			433,578			244,747

Preferred dividends, net		(7,536	)		(7,961	)		(22,775	)		(23,864	)

Net income available to the Company's common shareholders	$	130,239		$	128,022		$	410,803		$	220,883

Per common share:
Net income available to the Company's common shareholders:
-Basic	$	0.19		$	0.19		$	0.61		$	0.32
-Diluted	$	0.19		$	0.19		$	0.60		$	0.32

Weighted average shares:
-Basic		674,639			671,231			675,433			670,851
-Diluted		675,423			671,577			676,286			671,096

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income	$	140,055		$	138,426		$	439,500		$	251,440
Other comprehensive loss
Change in fair value of cash flow hedges for interest payments		(540	)		(22,050	)		(16,249	)		(14,230	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		(514	)		(2,671	)		(3,633	)		(2,584	)
Other comprehensive loss		(1,054	)		(24,721	)		(19,882	)		(16,814	)

Comprehensive income		139,001			113,705			419,618			234,626

Comprehensive income attributable to noncontrolling interests		(2,280	)		(2,443	)		(5,922	)		(6,693	)

Comprehensive income attributable to the Company	$	136,721		$	111,262		$	413,696		$	227,933

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

(in thousands)



													Cumulative			Accumulated
													Distributions			Other			Total
	Preferred Stock				Common Stock					Paid-in			in Excess of			Comprehensive			Stockholders'			Noncontrolling			Total
	Issued		Amount		Issued			Amount		Capital			Net Income			Income/(Loss)			Equity			Interests			Equity
Balance at July 1, 2024		21	$	21		674,112		$	6,741	$	10,914,084		$	(353,310	)	$	11,236		$	10,578,772		$	147,835		$	10,726,607
Contributions from noncontrolling interests		-		-		-			-		-			-			-			-			274			274
Net income		-		-		-			-		-			135,983			-			135,983			2,443			138,426
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments		-		-		-			-		-			-			(22,050	)		(22,050	)		-			(22,050	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-		-			-		-			-			(2,671	)		(2,671	)		-			(2,671	)
Redeemable noncontrolling interests income		-		-		-			-		-			-			-			-			(1,110	)		(1,110	)
Dividends declared to preferred shares		-		-		-			-		-			(7,961	)		-			(7,961	)		-			(7,961	)
Dividends declared to common shares		-		-		-			-		-			(161,779	)		-			(161,779	)		-			(161,779	)
Repurchase of preferred stock		-		-		-			-		(5	)		-			-			(5	)		-			(5	)
Distributions to noncontrolling interests		-		-		-			-		-			-			-			-			(1,178	)		(1,178	)
Surrender of restricted common stock		-		-		(30	)		-		(599	)		-			-			(599	)		-			(599	)
Amortization of equity awards		-		-		-			-		7,662			-			-			7,662			433			8,095
Redemption/conversion of noncontrolling interests		-		-		-			-		(461	)		-			-			(461	)		(2,847	)		(3,308	)
Adjustment of redeemable noncontrolling interests to estimated fair value		-		-		-			-		(3,678	)		-			-			(3,678	)		-			(3,678	)
Balance at September 30, 2024		21	$	21		674,082		$	6,741	$	10,917,003		$	(387,067	)	$	(13,485	)	$	10,523,213		$	145,850		$	10,669,063

Balance at July 1, 2025		21	$	21		677,205		$	6,772	$	10,979,077		$	(457,405	)	$	(7,790	)	$	10,520,675		$	150,735		$	10,671,410
Contributions from noncontrolling interests		-		-		-			-		-			-			-			-			125			125
Net income		-		-		-			-		-			137,775			-			137,775			2,280			140,055
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments		-		-		-			-		-			-			(540	)		(540	)		-			(540	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-		-			-		-			-			(514	)		(514	)		-			(514	)
Redeemable noncontrolling interests income		-		-		-			-		-			-			-			-			(780	)		(780	)
Dividends declared to preferred shares		-		-		-			-		-			(7,536	)		-			(7,536	)		-			(7,536	)
Dividends declared to common shares		-		-		-			-		-			(169,300	)		-			(169,300	)		-			(169,300	)
Distributions to noncontrolling interests		-		-		-			-		-			-			-			-			(1,388	)		(1,388	)
Surrender of restricted common stock		-		-		(9	)		-		(41	)		-			-			(41	)		-			(41	)
Amortization of equity awards		-		-		-			-		5,904			-			-			5,904			1,039			6,943
Adjustment of redeemable noncontrolling interests to estimated fair value		-		-		-			-		(215	)		-			-			(215	)		-			(215	)
Balance at September 30, 2025		21	$	21		677,196		$	6,772	$	10,984,725		$	(496,466	)	$	(8,844	)	$	10,486,208		$	152,011		$	10,638,219

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

(in thousands)



												Cumulative			Accumulated
												Distributions			Other			Total
	Preferred Stock				Common Stock				Paid-in			in Excess of			Comprehensive			Stockholders'			Noncontrolling			Total
	Issued		Amount		Issued		Amount		Capital			Net Income			Income/(Loss)			Equity			Interests			Equity
Balance at January 1, 2024		19	$	19		619,871	$	6,199	$	9,638,494		$	(122,576	)	$	3,329		$	9,525,465		$	127,993		$	9,653,458
Contributions from noncontrolling interests		-		-		-		-		-			-			-			-			274			274
Net income		-		-		-		-		-			244,747			-			244,747			6,693			251,440
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments		-		-		-		-		-			-			(14,230	)		(14,230	)		-			(14,230	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-		-		-		-		-			-			(2,584	)		(2,584	)		-			(2,584	)
Redeemable noncontrolling interests income		-		-		-		-		-			-			-			-			(3,392	)		(3,392	)
Dividends declared to preferred shares		-		-		-		-		-			(23,882	)		-			(23,882	)		-			(23,882	)
Dividends declared to common shares		-		-		-		-		-			(485,356	)		-			(485,356	)		-			(485,356	)
Repurchase of preferred stock		-		-		-		-		(5	)		-			-			(5	)		-			(5	)
Distributions to noncontrolling interests		-		-		-		-		-			-			-			-			(4,519	)		(4,519	)
Issuance of preferred stock for merger (1)		2		2		-		-		105,605			-			-			105,607			-			105,607
Issuance of common stock for merger (1)		-		-		53,034		530		1,166,234			-			-			1,166,764			-			1,166,764
Issuance of common stock		-		-		1,967		20		(20	)		-			-			-			-			-
Noncontrolling interests assumed from the merger (1)		-		-		-		-		-			-			-			-			20,975			20,975
Surrender of restricted common stock		-

KIMCO REALTY CORP 10-Q