Kimco Realty Corp 8-K, filed Oct 29, 2026

Kimco Realty Corp (KIM)

8-K 2026-10-29 For: 2026-10-29

Added on October 29, 2026

About this 8-K

Kimco Realty Corp filed this 8-K on October 29, 2026.

Kimco Realty Corporation reported third-quarter FFO of $316.2 million, or $0.47 per diluted share, and record 96.6% occupancy for September 30, 2026, then raised its 2026 FFO outlook to $1.84 to $1.86 per diluted share. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Maryland (Kimco Realty Corporation)	1-10899	13-2744380
Delaware (Kimco Realty OP, LLC)	333-269102-01	92-1489725
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on
Title of each class	Trading Symbol(s)	which registered
Common Stock, par value $.01 per share.	KIM	New York Stock Exchange
Depositary Shares, each representing 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-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-thousandth of a share of 7.250% Class N Cumulative Convertible, Preferred Stock, $1.00 par value per share.	KIMprN	New York Stock Exchange


Title of each class	Trading Symbol(s)	Name of each exchange on
Title of each class	Trading Symbol(s)	which registered
None	N/A	N/A



Date: October 29, 2026

	KIMCO REALTY CORPORATION

	By:	/s/ Glenn G. Cohen
		Name:	Glenn G. Cohen
		Title:	Chief Financial Officer



KIMCO REALTY OP, LLC By: KIMCO REALTY CORPORATION, Managing Member

By:	/s/ Glenn G. Cohen
	Name:	Glenn G. Cohen
	Title:	Chief Financial Officer


	Current	Previous
Net income:	$1.07 to $1.09	$1.00 to $1.03
FFO:	$1.84 to $1.86	$1.83 to $1.84


	YTD Actual Through 9.30.26	Current	Previous
Same property NOI growth	+3.3%	+3.5% to +3.8%	+3.0% to +3.5%
Credit loss as a % of total pro-rata rental revenues	(51bps)	(50bps) to (60bps)	(55bps) to (75bps)
Lease termination income	$9	$10 to $15	$7 to $15
Non-cash GAAP revenues(1)	$49	$57 to $60	$48 to $53
Consolidated G&A expense, net	$97	$128 to $130	$128 to $132
Consolidated interest expense and preferred stock dividends	$276	$369 to $371	$368 to $372
Consolidated mortgage and other financing income, net	$37	Unchanged	$45 to $50
Redevelopment capex(2)	$129	$140 to $150	$125 to $150
Leasing and maintenance capex(3)	$194	Unchanged	$275 to $300
Property acquisitions, net of dispositions Acquisitions, weighted average cap rate Dispositions, weighted average cap rate	($274) $118; 5.8% ($391);5.1%	Net neutral; transaction volume of $400 to $500 ~6.0% ~5.0%	Net neutral; transaction volume of $300 to $500 6.0% to 7.0% 5.0% to 6.0%
Structured investments, net of repayments(4) Weighted average yield	($42) 10.2%	Unchanged ~10.0%	$75 to $125 8.0% to 10.0%


Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)

	September 30, 2026			December 31, 2025
Assets:
Real estate, net of accumulated depreciation and amortization
of $5,016,765 and $4,849,564, respectively	$	16,603,721		$	16,769,292
Investments in and advances to real estate joint ventures		1,248,541			1,454,051
Other investments		153,199			99,936
Cash, cash equivalents and restricted cash		544,916			212,794
Mortgage and other financing receivables, net		339,417			383,935
Accounts and other receivables, net		373,935			368,964
Operating lease right-of-use assets, net		124,444			127,596
Other assets		332,024			271,682
Total assets	$	19,720,197		$	19,688,250

Liabilities:
Notes payable, net	$	8,043,092		$	7,718,730
Mortgages payable, net		428,929			467,203
Accounts payable and accrued expenses		330,546			291,537
Intangible liabilities, net		315,300			334,527
Operating lease liabilities		118,006			120,078
Other liabilities		165,284			188,297
Total liabilities		9,401,157			9,120,372
Redeemable noncontrolling interests		-			24,506

Stockholders' Equity:
Preferred stock, $1.00 par value, authorized 7,054,000 shares;
Issued and outstanding (in series) 18,715 and 20,748 shares, respectively;
Aggregate liquidation preference $483,519 and $553,196, respectively		19			21
Common stock, $.01 par value, authorized 1,500,000,000 shares;
Issued and outstanding 664,490,367 and 674,093,047 shares, respectively		6,645			6,741
Paid-in capital		10,626,500			10,922,596
Cumulative distributions in excess of net income		(490,651	)		(528,730	)
Accumulated other comprehensive income/(loss)		15,028			(8,792	)
Total stockholders' equity		10,157,541			10,391,836
Noncontrolling interests		161,499			151,536
Total equity		10,319,040			10,543,372
Total liabilities and equity	$	19,720,197		$	19,688,250


Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenues
Revenues from rental properties, net	$	539,725		$	531,113		$	1,638,960		$	1,583,329
Management and other fee income		6,422			4,748			16,004			14,331
Total revenues		546,147			535,861			1,654,964			1,597,660
Operating expenses
Rent		(4,226	)		(4,164	)		(12,455	)		(12,590	)
Real estate taxes		(68,015	)		(67,384	)		(212,089	)		(203,854	)
Operating and maintenance		(89,416	)		(92,434	)		(279,776	)		(273,056	)
General and administrative		(29,959	)		(29,646	)		(97,095	)		(96,485	)
Impairment charges		(7,984	)		(440	)		(14,650	)		(8,619	)
Depreciation and amortization		(155,945	)		(158,269	)		(461,450	)		(473,045	)
Total operating expenses		(355,545	)		(352,337	)		(1,077,515	)		(1,067,649	)

Gain on sale of properties		89,382			3,705			106,451			43,514
Operating income		279,984			187,229			683,900			573,525

Other income/(expense)
Other income/(expense), net		3,186			(2,319	)		(63	)		789
Mortgage and other financing income, net		12,630			12,375			36,549			35,706
Interest expense		(87,721	)		(84,261	)		(254,751	)		(245,842	)
Income before income taxes, net, equity in income of joint ventures, net,
and equity in income/(loss) of other investments, net		208,079			113,024			465,635			364,178

(Provision)/benefit for income taxes, net		(149	)		875			86			45
Equity in income of joint ventures, net		73,909			26,967			131,166			73,640
Equity in income/(loss) of other investments, net		229			(811	)		5,491			1,637
Net income		282,068			140,055			602,378			439,500
Net income attributable to noncontrolling interests		(2,994	)		(2,280	)		(5,112	)		(5,922	)
Net income attributable to the company		279,074			137,775			597,266			433,578
Preferred dividends, net		(6,609	)		(7,536	)		(21,681	)		(22,775	)
Net income available to the company's common shareholders	$	272,465		$	130,239		$	575,585		$	410,803

Per common share:
Net income available to the company's common shareholders: (1)
Basic	$	0.41		$	0.19		$	0.86		$	0.61
Diluted (2)	$	0.41		$	0.19		$	0.85		$	0.60
Weighted average shares:
Basic		666,460			674,639			669,814			675,433
Diluted (2)		669,193			675,423			673,989			676,286


(1	)	Adjusted for earnings attributable to participating securities of ($1,401) and ($640) for the three months ended September 30, 2026 and 2025, respectively. Adjusted for earnings attributable to participating securities of ($2,165) and ($1,867) for the nine months ended September 30, 2026 and 2025, respectively.
(2	)	Reflects the potential impact if convertible preferred shares and certain units were converted to common stock at the beginning of the period. The impact of the conversion of preferred shares and certain units would have an anti-dilutive effect on net income and therefore have not been included. Adjusted for distributions on preferred shares and convertible units of $684 and $0 for the three months ended September 30, 2026 and 2025, respectively. Adjusted for distributions on preferred shares and convertible units of $2,771 and $27 for the nine months ended September 30, 2026 and 2025, respectively. Additionally, there were potentially issuable shares related to the Exchangeable Senior Notes that were not dilutive as of September 30, 2026.


Reconciliation of Net Income Available to the Company's Common Shareholders to the FFO Available to the Company's Common Shareholders (1)
(in thousands, except per share data)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income available to the company's common shareholders	$	272,465		$	130,239		$	575,585		$	410,803
Gain on sale of properties		(89,382	)		(3,705	)		(106,451	)		(43,514	)
Gain on sale of joint venture properties		(50,559	)		(5,803	)		(60,496	)		(6,587	)
Depreciation and amortization - real estate related		154,993			157,152			458,494			469,529
Depreciation and amortization - real estate joint ventures		18,989			19,656			58,954			63,521
Impairment charges (including real estate joint ventures)		8,505			440			15,171			8,619
Provision for loan losses, net		-			1,900			-			1,900
Profit participation from other investments, net		755			1,752			(3,500	)		906
Loss/(gain) on marketable securities/derivative, net		65			646			89			(1,802	)
(Benefit)/provision for income taxes, net (2)		(7	)		(1,217	)		1			(1,355	)
Noncontrolling interests (2)		365			(744	)		(1,240	)		(2,253	)
FFO available to the company's common shareholders	$	316,189		$	300,316		$	936,607		$	899,767

Weighted average shares outstanding for FFO calculations:
Basic		666,460			674,639			669,814			675,433
Units		3,792			3,576			3,814			3,297
Convertible preferred shares		1,767			3,185			2,708			3,217
Dilutive effect of equity awards		878			732			859			762
Diluted (3)		672,897			682,132			677,195			682,709

FFO per common share - basic	$	0.47		$	0.45		$	1.40		$	1.33
FFO per common share - diluted (3)	$	0.47		$	0.44		$	1.39		$	1.33


(1)	The company considers FFO to be an important supplemental measure of its 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 when reporting results. Comparison of the company's presentation of FFO 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.
(2)	Related to gains, impairments, depreciation on properties and gains/(losses) on marketable securities and derivatives, where applicable.
(3)	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 $1,799 and $2,186 for the three months ended September 30, 2026 and 2025, respectively. FFO available to the company's common shareholders would be increased by $6,353 and $6,233 for the nine months ended September 30, 2026 and 2025, respectively. The effect of other certain convertible units 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 FFO per share calculations. Additionally, there were potentially issuable shares related to the Exchangeable Senior Notes that were not dilutive as of September 30, 2026.


Reconciliation of Net Income Available to the Company's Common Shareholders
to Same Property NOI (1)(2)
(in thousands)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income available to the company's common shareholders	$	272,465		$	130,239		$	575,585		$	410,803
Adjustments:
Management and other fee income		(6,422	)		(4,748	)		(16,004	)		(14,331	)
General and administrative		29,959			29,646			97,095			96,485
Impairment charges		7,984			440			14,650			8,619
Depreciation and amortization		155,945			158,269			461,450			473,045
Gain on sale of properties		(89,382	)		(3,705	)		(106,451	)		(43,514	)
Other (income)/expense, net		(3,186	)		2,319			63			(789	)
Mortgage and other financing income, net		(12,630	)		(12,375	)		(36,549	)		(35,706	)
Interest expense		87,721			84,261			254,751			245,842
Provision/(benefit) for income taxes, net		149			(875	)		(86	)		(45	)
Equity in (income)/loss of other investments, net		(229	)		811			(5,491	)		(1,637	)
Net income attributable to noncontrolling interests		2,994			2,280			5,112			5,922
Preferred dividends, net		6,609			7,536			21,681			22,775
Non same property net operating income		(22,738	)		(29,003	)		(82,896	)		(78,526	)
Non-operational expense from joint ventures, net		(24,237	)		21,003			19,785			74,913
Same property NOI	$	405,002		$	386,098		$	1,202,695		$	1,163,856


(1)	Same property Net Operating Income (“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 as a measure of liquidity. Same property NOI is considered by management to be an important operating performance measure frequently used by analysts and investors because it includes only the NOI of operating properties that have been owned and stabilized for the entire current and prior year reporting periods. Same property NOI assists in eliminating disparities due to the development, redevelopment, acquisition and disposition of properties during the periods presented and thus provides a more consistent performance measure for the comparison of the Company's properties. Same property NOI is calculated using rental property revenues (excluding straight-line rent adjustments, lease termination income, net, and amortization of above/below market rents), less charges for credit losses, operating and maintenance expenses, real estate taxes, and rent expenses, 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, which may differ from methods used by other REITs and may not be comparable to them, discloses with and without the impact from redevelopment projects.
(2)	Amounts represent the company's pro-rata share.


Reconciliation of the Projected Range of Net Income Available to the Company's Common Shareholders
to Funds From Operations Available to the Company's Common Shareholders
(unaudited, all amounts shown are per diluted share)

	Projected Range
	Full Year 2026
	Low			High
Net income available to the company's common shareholders	$	1.07		$	1.09

Gain on sale of properties		(0.16	)		(0.18	)

Gain on sale of joint venture properties		(0.09	)		(0.10	)

Depreciation & amortization - real estate related		0.90			0.92

Depreciation & amortization - real estate joint ventures		0.11			0.12

Impairment charges (including real estate joint ventures)		0.02			0.02

Profit participation from other investments, net		(0.01	)		(0.01	)

FFO available to the company's common shareholders	$	1.84		$	1.86

Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, international tariffs, selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management’s estimate of results based upon these assumptions as of the date of this press release.