UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended December 31, 2025

OR

☐	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)<br><br>Delaware (Kimco Realty OP, LLC)	13-2744380<br><br>92-1489725
(State or other jurisdiction of<br><br>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)

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<br><br>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% <br>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% <br>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% <br>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<br><br>which registered
None	N/A	N/A

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

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

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

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

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Kimco Realty Corporation ☑	Kimco Realty OP, LLC ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Kimco Realty Corporation ☐	Kimco Realty OP, LLC ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

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 Act).

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

The aggregate market value of the voting and non-voting common equity held by non-affiliates of Kimco Realty Corporation was approximately $14.2 billion based upon the closing price on the New York Stock Exchange for such equity on June 30, 2025.

(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 February 10, 2026, Kimco Realty Corporation had 674,066,654 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates certain information by reference to the Kimco Realty Corporation's definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 21, 2026.

Index to Exhibits begins on page 51.

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

ANNUAL REPORT ON FORM 10-K

FISCAL YEAR ENDED DECEMBER 31, 2025

EXPLANATORY NOTE

This report combines the Annual Reports on Form 10-K for the year ended December 31, 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") for U.S. federal income tax purposes, 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 interest of Kimco OP.

The Parent Company is a REIT and is the managing member of Kimco OP. As of December 31, 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. 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 Consolidated Financial Statements of the Parent Company and those of Kimco OP. Kimco OP’s Members' 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 members' 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 Annual Reports on Form 10-K 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 Annual 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 Annual Report refers to actions or holdings of Parent Company and/or Kimco OP as being the actions or holdings of the Company (either directly or through its subsidiaries, including Kimco OP).

TABLE OF CONTENTS

Item No.	Form 10-K<br>Report Page
PART I	4
Item 1. Business	4
Item 1A. Risk Factors	10
Item 1B. Unresolved Staff Comments	22
Item 1C. Cybersecurity	22
Item 2. Properties	23
Item 3. Legal Proceedings	26
Item 4. Mine Safety Disclosures	26
PART II	27
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	27
Item 6. Reserved	29
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	30
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	46
Item 8. Financial Statements and Supplementary Data	47
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	47
Item 9A. Controls and Procedures	47
Item 9B. Other Information	48
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	48
PART III	49
Item 10. Directors, Executive Officers and Corporate Governance	49
Item 11. Executive Compensation	49
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	49
Item 13. Certain Relationships and Related Transactions, and Director Independence	49
Item 14. Principal Accountant Fees and Services	49
PART IV	50
Item 15. Exhibits and Financial Statement Schedules	50
Item 16. Form 10-K Summary	50

FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K (“Form 10-K”), together with other statements and information publicly disseminated by the Company, 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, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xii) collectability of mortgage and other financing receivables, (xiii) impairment charges, (xiv) criminal cybersecurity attack disruptions, data loss or other security incidents and breaches, (xv) risks related to artificial intelligence, (xvi) impact of natural disasters and weather and climate-related events, (xvii) pandemics or other health crises, (xviii) our ability to attract, retain and motivate key personnel, (xix) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xx) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or maintain certain debt until maturity, (xxiii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxiv) other risks and uncertainties identified under Item 1A, “Risk Factors” and elsewhere in this Form 10-K and in the Company’s other filings with the Securities and Exchange Commission (“SEC”). Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K that the Company files with the SEC. Certain forward-looking and other statements in this Annual Report on Form 10-K, or other locations, such as our corporate website, contain various corporate responsibility standards and frameworks (including standards for the measurement of underlying data) and the interests of various stakeholders. As such, such information may not be, and should not be interpreted as necessarily being, “material” under the federal securities laws for SEC reporting purposes, even if we use the word “material” or “materiality” in this document. Corporate Responsibility information is also often reliant on third-party information or methodologies that are subject to evolving expectations and best practices, and our approach to and discussion of these matters may continue to evolve as well. For example, our disclosures may change due to revisions in framework requirements, availability of information, changes in our business or applicable governmental policies, or other factors, some of which may be beyond our control.

secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying assets, however, these investments are subject to volatility within the equity and debt markets.

At December 31, 2025, the Parent Company is the managing member of Kimco OP and owns 99.79% of the limited liability company interests of, and exercises exclusive control over, Kimco OP as described in detail in the Explanatory Note to this Form 10-K.

As of December 31, 2025, the Company had interests in 565 shopping center properties, aggregating 100.2 million square feet of GLA, located in 29 states. In addition, the Company had 66 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.4 million square feet of GLA.

Economic Uncertainty

The economy continues to face challenges, which could adversely impact the Company and its tenants, including elevated inflation and interest rates, tenant bankruptcies, tariffs or other trade restrictions, geopolitical uncertainties and government shutdowns. These factors could slow economic growth and materially increase the cost of goods and services offered by the Company’s tenants, leading to lower profits. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which could result in tenant bankruptcies, amongst other things, and could weaken demand by those tenants for our real estate and adversely impact the Company. In addition, these challenges could negatively affect the overall demand for retail space, including the demand for leasable space in the Company’s properties. Any of these factors could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.

Business Objective and Strategies

The Company has developed a strong nationally diversified portfolio of open-air, grocery anchored shopping centers located in drivable first-ring suburbs primarily within 19 major metropolitan Sun Belt and coastal markets, which are supported by strong demographics, significant projected population growth, and where the Company perceives significant barriers to entry. As of December 31, 2025, the Company derived 82% of its proportionate share of annualized base rental revenues from these top major metro markets. The Company’s shopping centers provide essential, necessity-based goods and services to the local communities and are primarily anchored by a grocery store, home improvement center, off-price retailer, discounter and/or service-oriented tenant.

The Company’s focus on high-quality locations has led to significant opportunities for value creation through the reinvestment in its assets to add density, replace outdated shopping center concepts, and better meet changing consumer demands. In order to add density to existing properties, the Company has obtained multi-family entitlements for 14,196 units, of which 3,505 units have been constructed as of December 31, 2025. The Company continues to place strategic emphasis on live/work/play environments and in reinvesting in its existing assets, while building shareholder value.

The Company's focus on open-air shopping centers designed to deliver elevated retail experiences and drive superior tenant performance is demonstrated by the Company's Lifestyle CollectionTM. Each upscale property in this curated portfolio features thoughtfully designed common areas, experiential programming, premium fashion and lifestyle brands, and elevated food and beverage offerings alongside everyday essentials - resulting in increased foot traffic, longer dwell times, and stronger tenant sales. Every center in the Lifestyle Collection is intentionally crafted to reflect the unique identity and aspirations of our brand partners, catering to a sophisticated consumer base through a thoughtfully composed tenant mix and a strong sense of place. Beyond the individual assets, the Lifestyle Collection serves as a gateway to the Company's broader national footprint, offering growth-minded brands a seamless path to scale within the open-air retail space. This integrated approach strengthens long-term partnerships and maximizes visibility, impact, and success for our tenants across the evolving retail landscape.

The strength and security of the Company’s balance sheet remains central to its strategy. The Company’s strong balance sheet and liquidity position are evidenced by its investment grade unsecured debt ratings (A-/A-/A3) by three major ratings agencies. The Company maintains one of the longest weighted average debt maturity profiles in the REIT industry, now at 7.9 years. The Company expects to continue to operate in a manner that fosters strong debt and fixed charge coverage metrics.

Business Objective

The Company’s primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers, and mixed-use assets, in the U.S. The Company believes it can achieve this objective by:

• increasing the value of its existing portfolio of properties and generating higher levels of portfolio growth;

• increasing cash flows for reinvestment and/or for distribution to shareholders while maintaining conservative payout ratios;

• maintaining strong debt metrics and its A-/A-/A3 unsecured debt ratings;

• continuing growth in desirable demographic areas with successful retailers, primarily focused on grocery anchors; and

• increasing the number of entitlements for residential use.

Business Strategies

The Company believes it is well positioned to achieve sustainable growth, with its strong core portfolio and its recent acquisitions allowing the Company to achieve higher occupancy levels, increased rental rates and rental growth in the future. To further achieve the Company's business objectives it has identified the following strategic goals:

• Capitalizing on efficiencies and advantages of scale to serve as the best-in-class operator for tenants.
• Providing essential, necessity-based goods and services to local communities.
• Maintaining a strong balance sheet with ample liquidity.
• Expanding a nationally diversified portfolio located in the high barrier to entry, first-ring suburbs within key major metropolitan Sun Belt and coastal markets.
• Unlocking the highest and best use of real estate through its entitlement program and redevelopment projects through a disciplined capital allocation strategy.
• Leading in corporate responsibility, delivering value to investors, tenants, employees and communities.
• Investing in selective transactions through the Company's structured investment portfolio.
• Utilizing data and technology to enhance operational efficiencies.

The Company has identified the following four strategic pillars, which the Company believes positions it for sustainable growth in the future.

High Quality, Diversified Portfolio	• Well positioned, grocery anchored portfolio in major Sun Belt and coastal markets, with 91% of the portfolio within the Sun Belt and/or coastal markets<br>• Highly diversified tenant base led by healthy mix of essential, necessity-based tenants and omni channel retailers<br><br>• Provide critical last-mile solution to its diverse pool of tenants
Accretive Capital Allocation	• Generate additional internal and external growth through accretive acquisitions and (re)development<br><br>• Growth through a curated collection of mixed-use projects and redevelopments<br><br>• Opportunistic acquisition and structured investment platform (“Plus”) business focused on accretive unique opportunities
Significant Financial Strength	• Maintain a strong balance sheet and liquidity position with an emphasis on reduced leverage and a sustainable and growing dividend<br><br>• Over $2.2 billion of immediate liquidity, including the Company's $2.0 billion unsecured revolving credit facility<br><br>• 7.9-year consolidated weighted average debt maturity profile<br><br>• Over 525 unencumbered properties, representing approximately 91% of the centers in the Company's portfolio
Corporate Responsibility Leadership	• Over 65 years of delivering value to investors, tenants, employees, and communities<br><br>• Corporate Responsibility approach is aligned with core business strategy<br><br>• Proactive approach to assessing, disclosing and managing climate, reputational and other risks

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2025, no single open-air shopping center accounted for more than 1.2% of the Company's annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest, or more than 1.3% of the Company’s total shopping center GLA. Furthermore, at December 31, 2025, the Company’s single largest tenant represented only 3.8%, and the Company’s five largest tenants aggregated to only 10.9%, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

As one of the original participants in the growth of the shopping center industry and the nation's largest owner and operator of open-air shopping centers, the Company has established close relationships with major national and regional retailers and maintains a broad network of industry contacts. Management is associated with and/or actively participates in many shopping center and REIT industry organizations. Notwithstanding these relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.

The Company’s executive and senior management teams are seasoned real estate operators with extensive retail and public company leadership experience. The Company’s management has a deep industry knowledge and well-established relationships with retailers, brokers, and vendors through many years of operational and transactional experience, as well as significant capital markets capabilities. The Company believes that management’s expertise, experience, reputation, and key relationships in the retail real estate industry provides it with a significant competitive advantage in attracting new business opportunities.

Government Regulation

Compliance with various governmental regulations has an impact on our business, including our capital expenditures, earnings and competitive position, which can be material. We incur costs to monitor and take actions to comply with governmental regulations that are applicable to our business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, international tariffs and other trade restrictions, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property and the Americans with Disabilities Act of 1990.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law, which included certain modifications to U.S. tax law, including certain provisions that affect the taxation of REITs and their investors. The OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017 and were generally set to expire for taxable years beginning after December 31, 2025. Such extensions included the permanent extension of the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers. The OBBBA also increased the percentage limit under the REIT asset test applicable to TRSs (the permissible value of TRS securities that a REIT may hold) from 20% to 25% of the value of the REIT’s total assets for taxable years beginning after December 31, 2025. The OBBBA did not have a material impact on the Company’s financial condition and/or results of operations.

In addition, see Item 1A. Risk Factors for a discussion of material risks to us, including, to the extent material, to our competitive position, relating to governmental regulations, and see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” together with our audited consolidated financial statements and the related notes thereto for a discussion of material information relevant to an assessment of our financial condition and results of operations, including, to the extent material, the effects that compliance with governmental regulations may have upon our capital expenditures and earnings.

Human Capital Resources

The Company believes that its associates are one of its strongest resources. The Company is committed to best practices in all phases of the associate life cycle, including recruitment, training, development and promotion. By cultivating high levels of associate satisfaction, management’s goal is to ensure the Company remains a significant driving force in commercial real estate well into the future.

The Company is an equal opportunity employer committed to hiring, developing, and supporting a collaborative workforce. The Company takes steps to support its commitment that employment decisions (including how persons are recruited, hired, assigned and promoted) are not made on the basis of any legally protected characteristic. All of our employees must adhere to a Code of Business Conduct and Ethics that sets standards for appropriate behavior and includes required, regular internal training on preventing, identifying, reporting and stopping any type of discrimination and/or retaliation.

To attract and retain high performing individuals, we are committed to partnering with our associates to provide opportunities for their professional development and promote their health and well-being. We offer a broad range of benefits, and we believe our compensation package and benefits are competitive with others in our industry. In addition to base salary, many of our associates participate in an annual bonus plan and receive annual equity awards. Our benefits programs include a robust offering of medical, dental, vision, life, disability and a number of exciting ancillary benefits, all of which require modest associate contributions or are offered at no cost to associates. The Company also provides a Safe Harbor 401(k) program with both pretax and Roth offerings including a robust, fully vested matching contribution.

The Company has earned Great Place to Work certification for eight consecutive years and has been recognized as a recipient of Best Workplaces in Real Estate, Best Workplaces in New York, and Best Workplaces for Millennials.

The Company operates under a hybrid work model, which balances valuable face-to-face interactions with individual preferences for ideal work conditions. By focusing on communication, collaboration, and innovation, and by encouraging associates to be deliberate in where and how they choose to work, the model results in an engaged, satisfied and efficient workforce.

The Company’s executive and management team promotes a true “open door” environment in which all feedback and suggestions are welcome. Whether it be through regular face-to-face discussion, all employee calls, department meetings, frequent training sessions, Coffee Connections with the executive team, use of our BRAVO recognition program, participation in our leadership development programs, or suggestions through the Company's internet portal, associates are encouraged to be inquisitive and share ideas. Those ideas have resulted in a number of programs and benefit enhancements.

The Company promotes physical and mental health, including access to a national gym membership program and no cost access to numerous health and wellness applications for associates and their family members. It supports an internal Wellness Council and hosts regular wellness and nutrition seminars and health screenings.

Engaging in the community is important to the Company and its associates. Across the Company's numerous offices, associates host volunteer and social activities. The Company promotes and supports associate volunteerism with two volunteer days off per year and a Company matching program in support of each associate's charitable endeavors. Employees may participate in KIMunity Councils focused in the areas of culture, charitable and in-kind giving, wellness, sustainability, and tenant engagement.

The Company's executive offices are located at 500 North Broadway, Suite 201, Jericho, NY 11753, a mixed-use property that is wholly-owned by the Company, and its telephone number is 516-869-9000 or 1-800-764-7114. Nearly all corporate functions, including legal, data processing, finance and accounting are administered by the Company from its executive offices in Jericho, New York and supported by the Company’s regional offices. As of December 31, 2025, a total of 710 persons were employed by the Company, of which 32% were located in our corporate office with the remainder located in 30 offices throughout the United States or working remotely. The average tenure of our employees was 10.1 years.

Corporate Responsibility Programs

The Company strives to build a thriving and viable business, one that succeeds by delivering long-term value for its stakeholders. We believe that the Company’s Corporate Responsibility programs are aligned with its core business strategy of creating destinations for everyday living that inspire a sense of community and deliver value to its many stakeholders.

The Company’s Board of Directors sets the objectives for Company’s overall Corporate Responsibility programs and oversees enterprise risk management. The Nominating and Corporate Governance Committee of the Board of Directors is responsible for overseeing the Company’s efforts with regard to the Company’s Corporate Responsibility matters.

As a real estate portfolio owner, the Company works to monitor physical and transition risks as well as opportunities posed to its business by climate change and quantifies and discloses the climate information regarding its activities. Climate risks and opportunities are generally evaluated at both the corporate and individual asset level. The following table summarizes relevant climate risks identified as a part of the Company’s ongoing risk assessment process. The Company may be subject to other climate risks not included below.

Climate Risk		Description
Physical Risk
	Acute Hazards - Windstorms	Increased frequency and intensity of windstorms, such as hurricanes, could lead to property damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
	Acute Hazards - Flooding	Change in rainfall conditions leading to increased frequency and severity of flooding could lead to property damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
	Acute Hazards and Chronic Stressors - Wildfires	Change in fire potential could lead to permanent loss of property, stress on human health (air quality) and stress on ecosystem services.
	Chronic Stressors - Sea Level Rise	Rising sea levels could lead to storm surge and other potential impacts for low-lying coastal properties leading to damage, loss of property value, increased operating and capital costs and insurance premiums, and interruptions to business operations.
	Chronic Stressors - Heat and Water Stress	Increases in temperature could lead to droughts and decreased available water supply could lead to higher utility usage and supply interruptions.
Transition Risk
	Policy and Legal	Regulations at the federal, state and local levels, in addition to stakeholder adherence to international regulations, could impose additional operating and capital costs associated with utilities, energy efficiency, building materials and building design.
	Reputation and Market	Increased interest among retail tenants in building efficiency, sustainable design criteria and "green leases," which incorporate provisions intended to promote sustainability at the property, could result in decreased demand for outdated space. Potential for fluctuating costs for carbon intensive raw materials used to construct and renovate properties.
	Technology	Increasing market and regulatory expectations may result in increased investment in upgrading technology and assets, including training and startup costs.

The Company’s approach in mitigating these risks includes, but is not limited to (i) carrying additional insurance coverage relating to flooding and windstorms, (ii) maintaining a geographically diversified portfolio, which limits exposure to event driven risks, (iii) creating a form “green lease” for its tenants, which incorporates varied criteria that align landlord and tenant sustainability priorities as well as establishing green construction criteria and (iv) implementing emergency preparedness and operational energy and water efficiency programs.

In 2020, the Company issued $500.0 million in 2.70% notes due 2030 in its first green bond offering. The net proceeds were allocated to finance or refinance eligible green projects, aligned with the Green Bond Principles, 2018 as administered by the International Capital Market Association. As of June 30, 2024, the Company reached full allocation of the $500.0 million green bond. Additionally, the Company’s $2.0 billion Credit Facility is a green credit facility, which incorporates rate adjustments associated with attainment (or non-attainment) of Scope 1 and 2 greenhouse gas ("GHG") emissions reductions. The Company, at December 31, 2025, also has a credit agreement in which $310.0 million in term loans have rate adjustments that are also tied to the attainment (or non-attainment) of Scope 1 and 2 GHG emissions. During 2025, the Company attained the Scope 1 and 2 GHG emissions targets and achieved the maximum interest rate adjustment to its Credit Facility and certain of its term loans.

Additional information about our approach to corporate responsibility, including our corporate responsibility targets, is available in our Corporate Responsibility Report, which can be found on the Company’s website. Such information is not incorporated by reference into, and is not part of, this annual report on Form 10-K.

Information About Our Executive Officers

The following table sets forth information with respect to the executive officers of the Company as of December 31, 2025:

Name	Age	Position	Joined Kimco
Conor C. Flynn	45	Chief Executive Officer and Director	2003
Ross Cooper	43	President, Chief Investment Officer and Director	2006
Glenn G. Cohen	61	Executive Vice President, Chief Financial Officer	1995
David Jamieson	45	Executive Vice President, Chief Operating Officer	2007

Available Information

The Company’s website is located at http://www.kimcorealty.com. The information contained on our website does not constitute part of this Form 10-K. On the Company’s website you can obtain, free of charge, a copy of this Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable, after we file such material electronically with, or furnish it to, the SEC. The public may read and obtain a copy of any materials we file electronically with the SEC at

http://www.sec.gov

.

Item 1A. Risk Factors

We are subject to certain business and legal risks, including, but not limited to, the following:

Risks Related to Our Business and Operations

Adverse global market and economic conditions may impede our ability to generate sufficient income and maintain our properties.

Our properties consist primarily of open-air shopping centers, including mixed-use assets, and other retail properties. Our performance, therefore, is generally linked to economic conditions in the market for retail space. The economic performance and value of our properties is subject to all of the risks associated with owning and operating real estate, including, but not limited to:

• changes in the national, regional and local economic climate;
• local conditions, including an oversupply of, or a reduction in demand for, space in properties like those that we own or operate;
• changes in demand for retail spaces, such as smaller store sizes as retailers reduce inventory and develop new prototypes;
• customers' use of e-commerce and online store sites;
• the attractiveness of our properties to tenants;
• market disruptions due to global pandemics or other health epidemics;
• the ability of tenants to pay rent, particularly national tenants with leases in multiple locations;
• tenants who may declare bankruptcy and/or close stores;
• competition from other available properties to attract and retain tenants;
• changes in market rental rates;
• the need to periodically pay for costs to repair, renovate and re-let space;
• ongoing consolidation in the retail sector;
• the excess amount of retail space in a number of markets;
• changes in operating costs, including costs for maintenance, insurance and real estate taxes;
• the expenses of owning and operating properties, which are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the properties;
• changes in laws and government policy and regulations, including those governing usage, zoning, the environment and taxes;
• changes in property taxes including from impacts of inflation as property values are reassessed;
• acts of terrorism and war and acts of God, including physical and weather-related damage to our properties;
• the continued service and availability of key personnel; and
• the risk of functional obsolescence of properties over time.

Competition may limit our ability to purchase new properties or generate sufficient income from tenants and may decrease the occupancy and rental rates for our properties.

Numerous commercial developers and real estate companies compete with us in seeking tenants for our existing properties and properties for acquisition. Open-air shopping centers, including mixed-use assets, or other retail shopping centers with more convenient locations or better rents may attract tenants or cause them to seek more favorable lease terms at or prior to renewal. Retailers at our properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, and other forms of marketing goods, such as direct mail and internet marketing, all of which could (i) reduce rents payable to us, (ii) reduce our ability to attract and retain tenants at our properties; or (iii) lead to increased vacancy rates at our properties. We may fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general downturn in our tenants’ businesses, which may cause tenants to close stores or default in payment of rent.

We face competition in the acquisition or development of real property from others engaged in real estate investment that could increase our costs associated with purchasing and maintaining assets. Some of these competitors may have greater financial resources than we do. This could result in competition for the acquisition of properties for tenants who lease or consider leasing space in our existing and subsequently acquired properties and for other investment or development opportunities.

Our performance depends on our ability to collect rent from tenants, our tenants’ financial condition and our tenants maintaining leases for our properties.

At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions, which have impacted us and will continue to impact us from time

to time, could result in the termination of tenants’ leases and the loss of rental income attributable to these tenants’ leases. In the event of a default by a tenant, we may experience delays and costs in enforcing our rights as landlord under the terms of the leases.

In addition, multiple lease terminations by tenants, or a failure by multiple tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping centers under the terms of some leases. In that event, we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease. The occurrence of any of the situations described above, particularly involving a substantial tenant with leases in multiple locations, could have a material adverse effect on our financial condition, results of operations and cash flows.

A tenant that files for bankruptcy protection may not continue to pay us rent. A bankruptcy filing by, or relating to, one of our tenants or a lease guarantor would bar all efforts by us to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their property, unless the bankruptcy court permits us to do so. A tenant bankruptcy could delay our efforts to collect past due balances under the relevant leases and could ultimately preclude collection of these sums. If a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold, if at all.

Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and financial condition. The success of our business, and the success of our tenants in operating their businesses and their corresponding ability to pay us rent continue to be significantly impacted by many current economic challenges, which impact the performance of their businesses, including, but not limited to, inflation, labor shortages, including as a result of changes in immigration laws or their enforcement, tariffs or other trade restrictions, supply chain constraints, decreasing consumer confidence and discretionary spending, and elevated energy prices and interest rates.

E-commerce and other changes in consumer buying practices present challenges for many of our tenants and may require us to modify our properties, diversify our tenant composition and adapt our leasing practices to remain competitive.

Many of our tenants face strong competition from e-commerce and other sources that could cause them to reduce their size, limit the number of locations and/or suffer a general downturn in their businesses and ability to pay rent. We may also fail to anticipate the effects of changes in consumer buying practices, particularly of online sales and the resulting change in retailing practices and space needs of our tenants, which could have an adverse effect on our results of operations and cash flows. We are focused on anchoring and diversifying our properties with tenants that are more resistant to competition from e-commerce (e.g., groceries, essential retailers, restaurants and service providers), but there can be no assurance that we will be successful in modifying our properties, diversifying our tenant composition and/or adapting our leasing practices.

Our expenses may remain constant or increase, even if income from our real estate portfolio decreases, which could adversely affect our financial condition, results of operations and cash flows.

Costs associated with our business, such as common area expenses, utilities, insurance, real estate taxes, mortgage payments, and corporate expenses are relatively inflexible and generally do not decrease in the event that a property is not fully occupied, rental rates decrease, a tenant fails to pay rent or other circumstances cause our revenues to decrease. In addition, elevated or increased inflation could result in higher operating costs. If we are unable to lower our operating costs when revenues decline and/or are unable to pass along cost increases to our tenants, our financial condition, results of operations and cash flows could be adversely impacted.

We may be unable to sell our real estate property investments when appropriate or on terms favorable to us.

Real estate property investments are illiquid and generally cannot be disposed of quickly. The capitalization rates at which properties may be sold could be higher than historic rates, thereby reducing our potential proceeds from sale. In addition, the Code includes certain restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on terms favorable to us within a time frame that we would need. All of these factors reduce our ability to respond to changes in the performance of our investments and could adversely affect our business, financial condition and results of operations.

Certain properties we own have a low tax basis, which may result in a taxable gain on sale. We may utilize like-kind exchanges qualifying under Section 1031 of the Code (“1031 Exchanges”) to mitigate taxable income; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions. In the event that we do not utilize 1031 Exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments.

From time to time, we acquire or develop properties or acquire other real estate related companies, and this creates risks.

We acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or development is consistent with our business strategies. We may not succeed in consummating desired acquisitions or in completing developments on time or within budget. When we do pursue a project or acquisition, we may not succeed in leasing newly developed or acquired properties at rents sufficient to cover the costs of acquisition or development and operations. Difficulties in integrating acquisitions may prove costly or time-consuming and could divert management’s attention from other activities. Acquisitions or developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated performance. We may also abandon acquisition or development opportunities that management has begun pursuing and consequently fail to recover expenses already incurred and will have devoted management’s time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some of which we may not be aware of at the time of the acquisition. In addition, development of our existing properties presents similar risks.

Newly acquired or re-developed properties may have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management. As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate our new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties, particularly in secondary markets. Also, newly acquired properties may not perform as expected.

We face risks associated with the development of mixed-use commercial properties.

We operate, are currently developing, and may in the future develop, properties either alone or through joint ventures and preferred equity investments with other persons that are known as “mixed-use” developments. This means that, in addition to the development of retail space, the project may also include space for residential, office, hotel or other commercial purposes. We have less experience in developing and managing non-retail real estate than we do with retail real estate. As a result, if a development project includes a non-retail use, we may seek to develop that component ourselves, sell the rights to that component to a third-party developer with experience developing properties for such use or partner with such a developer. If we do not sell the rights or partner with such a developer, or if we choose to develop the other component ourselves, we would be exposed not only to those risks typically associated with the development of commercial real estate generally, but also to specific risks associated with the development and ownership of non-retail real estate. In addition, even if we sell the rights to develop the other component or elect to participate in the development through a joint venture and preferred equity investments, we may be exposed to the risks associated with the failure of the other party to complete the development as expected. These include the risk that the other party would default on its obligations necessitating that we complete the other component ourselves, including providing any necessary financing. In the case of residential properties, these risks include competition for prospective residents from other operators whose properties may be perceived to offer a better location or better amenities or whose rent may be perceived as a better value given the quality, location and amenities that the resident seeks. We will also compete against condominiums and single-family homes that are for sale or rent. In the case of office properties, the risks also include changes in space utilization by tenants due to technology, economic conditions and business culture, declines in financial condition of these tenants and competition for credit worthy office tenants. In the case of hotel properties, the risks also include elevated or increased inflation and utilities that may not be offset by increases in room rates. We are also dependent on business and commercial travelers and tourism. Because we have less experience with residential, office and hotel properties than with retail properties, we expect to retain third parties to manage our residential and other non-retail components as deemed warranted. If we decide to not sell or participate in a joint venture or preferred equity investment and instead hire a third-party manager, we would be dependent on them and their key personnel who provide services to us, and we may not find a suitable replacement if the management agreement is terminated, or if key personnel leave or otherwise become unavailable to us.

Construction projects are subject to risks that materially increase the costs of completion.

From time to time, we decide to develop a vacant land parcel or redevelop existing properties, which subjects us to risks and uncertainties associated with construction and development. These risks include, but are not limited to, risks related to obtaining all necessary zoning, land-use, building occupancy and other governmental permits and authorizations, risks related to the environmental concerns of government entities or community groups, risks related to changes in economic and market conditions, especially in an inflationary environment, between development commencement and stabilization, risks related to construction labor disruptions, adverse weather, natural disasters, acts of God or shortages of materials and labor, which could cause construction delays and risks related to increases in the cost of labor and materials, which could cause construction costs to be greater than projected and adversely impact the amount of our development fees or our financial condition, results of operations and cash flows.

Supply chain disruptions and unexpected construction expenses and delays could impact our ability to timely deliver spaces to tenants and/or our ability to achieve the expected value of a construction project or lease, thereby adversely affecting our profitability.

The construction and building industry, similar to many other industries, is experiencing worldwide supply chain disruptions due to a multitude of factors that are beyond our control. Materials, parts and labor have also increased in cost over the past year or more, sometimes significantly and over a short period of time. We may incur costs for a property renovation or tenant buildout that exceeds our original estimates due to increased costs for materials or labor or other costs that are unexpected. We also may be unable to complete renovation of a property or tenant space on schedule due to supply chain disruptions or labor shortages, including as a result of changes in immigration laws or their enforcement, which could result in increased debt service expense or construction costs. Additionally, some tenants may have the right to terminate their leases if a renovation project is not completed on time. The time frame required to recoup our renovation and construction costs and to realize a return on such costs can often be significant and materially adversely affect our profitability.

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, have adversely impacted and in the future could adversely impact our business. Many of our tenants sell imported goods, and tariffs or other trade restrictions have materially increased costs for these tenants and could continue to materially increase costs in the future. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations have been, and in the future could be, adversely impacted, which among other things, could weaken demand by those tenants for our real estate. If the operations of potential future tenants are similarly adversely impacted, overall demand for our real estate may also weaken. In addition, international trade disputes, including those related to tariffs, have resulted and in the future could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our redevelopment projects. Trade disputes have adversely impacted global supply chains which could further increase costs for us and our tenants or delay delivery of key inventories and supplies.

The Americans with Disabilities Act of 1990 could require us to take remedial steps with respect to existing or newly acquired properties.

Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 (the “ADA”). Investigation of a property may reveal non-compliance with the ADA. The requirements of the ADA, or of other federal, state or local laws or regulations, also may change in the future and restrict further renovations of our properties with respect to access for disabled persons. From time to time, we have made changes to properties to comply with the ADA, and future compliance with the ADA may require expensive changes to our properties.

We do not have exclusive control over our joint venture and preferred equity investments, such that we are unable to ensure that our objectives will be pursued.

We have invested in some properties as a co-venturer or a partner, instead of owning directly. In these investments, we do not have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result, the co-venturer or partner might have interests or goals that are inconsistent with ours, take action contrary to our interests or otherwise impede our objectives. These investments involve risks and uncertainties. The co-venturer or partner may fail to provide capital or fulfill its obligations, which may result in certain liabilities to us for guarantees and other commitments. Conflicts arising between us and our partners may be difficult to manage and/or resolve, and it could be difficult to manage or otherwise monitor the existing business arrangements. The co-venturer or partner also might become insolvent or bankrupt, which may result in significant losses to us.

In addition, joint venture arrangements may decrease our ability to manage risk and implicate additional risks, such as:

• our joint venture partner having potentially inferior financial capacity or diverging business goals and strategies, which could lead to actions not aligned with our interests;
• our inability to take actions with respect to the joint venture activities that we believe are favorable to us if our joint venture partner does not agree;
• our inability to control the legal entity that has title to the real estate associated with the joint venture;
• our lenders may not be easily able to sell our joint venture assets and investments or may view them less favorably as collateral, which could negatively affect our liquidity and capital resources;
• our joint venture partners can take actions that we may not be able to anticipate or prevent, which could result in negative impacts on our debt and equity; and
• our joint venture partners’ business decisions or other actions or omissions may result in harm to our reputation or adversely affect the value of our investments.

Our joint venture and preferred equity investments generally own real estate properties for which the economic performance and value are subject to all the risks associated with owning and operating real estate as described above.

We may not be able to recover our investments in mortgage and other financing receivables or other investments, which may result in significant losses to us.

Our investments in mortgage and other financing receivables are subject to specific risks relating to the borrower and the underlying collateral. In the event of a default by a borrower, it may be necessary for us to foreclose our mortgage or engage in costly negotiations. Delays in liquidating defaulted mortgage loans and repossessing and selling the underlying properties could reduce our investment returns. Furthermore, in the event of default, the actual value of the property collateralizing the mortgage may decrease. A decline in real estate values will adversely affect the value of our loans and the value of the properties collateralizing our loans.

Our mortgage receivables may be or become subordinated to mechanics' or materialmen's liens or property tax liens. In these instances, we may need to protect a particular investment by making payments to maintain the current status of a prior lien or discharge it entirely. Where that occurs, the total amount we recover may be less than our total investment, resulting in a loss. In the event of a major loan default or several loan defaults resulting in losses, our investments in mortgage receivables would be materially and adversely affected.

The economic performance and value of our other investments, which we do not control, are subject to risks associated with owning and operating retail businesses, including:

• changes in the national, regional and local economic climate;
• the adverse financial condition of some large retailing companies;
• increasing use by customers of e-commerce and online store sites; and
• ongoing consolidation in the retail sector.

The Company is required under generally accepted accounting principles in the United States of America (“GAAP”) to provide allowances for credit losses, under the current expected credit loss model (“CECL”), on certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity debt securities, including related future funding commitments and accrued interest receivable. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement takes place at the time the financial asset is first added to the balance sheet and updated quarterly thereafter. This differs significantly from the “incurred loss” model previously required under GAAP, which delayed recognition until it was probable a loss had been incurred. The CECL model has affected, and will continue to affect, how we determine our credit loss provision and has required us, and could continue to require us, to significantly increase our allowance for credit losses and recognize provisions for credit losses earlier in the lending cycle. Moreover, the CECL model creates more volatility in the level of our credit loss provisions. If we are required to materially increase our future level of credit loss allowances for any reason, such increase could adversely affect our business, results of operations and financial condition.

Our real estate assets may be subject to impairment charges.

We periodically assess whether there are any indicators that the value of our real estate assets may be impaired. A property’s value is considered to be impaired only if the estimated aggregate future undiscounted property cash flows are less than the carrying value of the property. In our estimate of cash flows, we consider factors such as trends and prospects and the effects of demand and competition on expected future operating income. If we are evaluating the potential sale of an asset or redevelopment alternatives, the undiscounted future cash flows consider the most likely course of action as of the balance sheet date based on current plans, intended holding periods and available market information. We are required to make subjective assessments as to whether there are impairments in the value of our real estate assets. There can be no assurance that we will not take additional charges in the future related to the impairment of our assets. Impairment charges upon recognition could have a material adverse effect on our results of operations in the period in which the charge is taken.

We may not be able to recover our investments, which may result in significant losses to us.

There can be no assurance that we will be able to recover the current carrying amount of all of our properties and investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize impairment charges for the period in which we reached that conclusion, which could materially and adversely affect our financial condition, results of operations and cash flows.

We have completed our efforts to exit Mexico and Canada, however, we cannot predict the impact of laws and regulations affecting these international operations, including the United States Foreign Corrupt Practices Act, or the potential that we may face regulatory sanctions.

Our international operations had included properties in Mexico and Canada and are subject to a variety of United States and foreign laws and regulations, including the United States Foreign Corrupt Practices Act and foreign tax laws and regulations. Although we have completed our efforts to exit our investments in Mexico and Canada, we cannot assure you that our past practices will continue to be found to be in compliance with such laws or regulations. In addition, we cannot predict the manner in which such laws or regulations might be administered or interpreted, or when, or the potential that we may face regulatory sanctions or tax audits as a result of our former international operations.

Cybersecurity attacks and incidents could materially impact our business, financial condition and results of operations.

Our information technology (“IT”) networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations and, in some cases, may be critical to the operations of certain of our tenants. While we maintain some of our own critical IT networks and related systems, we also depend on third parties to provide important software, technologies, tools and a broad array of services and operational functions, including payroll, human resources, electronic communications and finance functions. In the ordinary course of our business, we and our third-party service providers collect, process, transmit and store sensitive information and data, including intellectual property, our proprietary business information and that of our customers, suppliers and business partners, as well as personally identifiable information.

We, and our third-party service providers, like all businesses, are subject to cyberattacks and security incidents that threaten the confidentiality, integrity, and availability of our IT systems and information resources. Cyberattacks and security incidents include intentional or unintentional acts by employees, customers, contractors or third parties, who seek to gain unauthorized access to our or our service providers’ systems to disrupt operations, corrupt data, or steal confidential or personal information through malware, computer viruses, ransomware, software or hardware vulnerabilities, social engineering (e.g., phishing attachments to e-mails) or other vectors.

Cyberattacks are becoming more challenging to identify, investigate and remediate, because attackers increasingly use techniques and tools, including artificial intelligence, that circumvent controls, avoid detection, and remove or obscure forensic evidence, including as a result of the intensification of state-sponsored cybersecurity attacks during periods of geopolitical conflict. There can be no assurance that our cybersecurity risk management program, security controls and security processes, or those of our third-party service providers will be fully implemented, complied with, or effective or that security breaches or disruptions will not materially impact our business. For example, scanning tools deployed in our IT environment allows us to identify and track certain known security vulnerabilities, but we cannot guarantee that patches or mitigating measures will be applied before vulnerabilities can be exploited by a threat actor.

We have experienced cybersecurity incidents that to date have not resulted in, and are not expected to result in, a material impact on the Company’s business operations or financial results. For example, we are regularly subject to phishing attempts, certain of our third-party service providers have experienced incidents, and in February 2023, the Company experienced a criminal ransomware attack affecting data contained on legacy servers of Weingarten Realty Investors (“WRI”), which the Company acquired in August 2021. Although none of these incidents materially impacted the Company, we cannot guarantee that material incidents will not occur in the future. Moreover, we have acquired in the past and may acquire in the future companies with cybersecurity vulnerabilities or unsophisticated security measures, which could expose us to significant cybersecurity, operational, and financial risks.

A cyber incident could materially affect our operations and financial condition by:

• disrupting the proper functioning of our networks and systems and, therefore, our operations and/or those of certain of our tenants;
• resulting in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
• resulting in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
• resulting in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;
• resulting in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;
• requiring significant management attention and resources to remediate systems, fulfill compliance requirements and/or to remedy any damages that result;
• subjecting us to regulatory enforcement, including investigative costs and fines or penalties;
• subjecting us to litigation claims for negligence, breach of contract or other agreements or other causes of action, potentially resulting in remedies such as damages, credits, penalties or termination of leases or other agreements; or
• damaging our reputation among our tenants, investors and associates.

In addition, federal and state governments and agencies have enacted, and continue to develop, broad data protection legislation, regulations, and guidance that require companies to increasingly implement, monitor and enforce reasonable cybersecurity measures.

These governmental entities and agencies are aggressively investigating and enforcing such legislation, regulations and guidance across industry sectors and companies. We may be required to expend significant capital and other resources to address an attack or incident and our insurance may not cover some or all of our losses resulting from an attack or incident. These losses may include payments for investigations, forensic analyses, legal advice, public relations advice, system repair or replacement, or other services, in addition to any remedies or relief that may result from legal proceedings. The incurrence of these losses, costs or business interruptions may adversely affect our reputation as well as our financial condition, results of operations and cash flows.

Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information, and personal data.

Issues in the development and use of artificial intelligence, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations. As with many technological innovations, artificial intelligence presents risks and challenges that could impact our business. We have adopted generative artificial intelligence tools into our systems for specific use cases, subject to the artificial intelligence use policies that have been established by our legal and information security teams, and we are continuing to evaluate additional uses for generative artificial intelligence. Moreover, artificial intelligence or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, some of which may appear correct. Due to these issues, these models could lead us to make flawed decisions that could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, and legal liability. Our vendors or other third-party partners may incorporate generative artificial intelligence tools into their services and deliverables without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors’ ability to maintain an adequate level of service and experience. If we, our vendors, or our third-party partners experience an actual or perceived breach or a privacy or security incident because of the use of generative artificial intelligence, we may lose valuable intellectual property and confidential information, and our reputation and the public perception of the effectiveness of our security measures could be harmed. Additionally, the incorporation of artificial intelligence by our clients, vendors, contractors and other third parties into their products or services, with or without our knowledge, could give rise to issues pertaining to ethical, data privacy, information security and intellectual property considerations.

Further, bad actors around the world use increasingly sophisticated methods, including the use of artificial intelligence, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property. In addition, uncertainty in the legal regulatory regime relating to artificial intelligence may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be determined at this time. Legal and regulatory obligations related to artificial intelligence may prevent or limit our ability to use artificial intelligence in our business, lead to regulatory fines or penalties, require implementation of costly compliance measures, or require us to change our business practices. If we cannot use artificial intelligence, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business.

We may be subject to liability under environmental laws, ordinances and regulations.

Under various federal, state, and local laws, ordinances and regulations, we may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our property, as well as certain other potential costs relating to hazardous or toxic substances (including governmental fines and injuries to persons and property). This liability may be imposed whether or not we knew about, or were responsible for, the presence of hazardous or toxic substances. The Company has environmental insurance coverage on certain of its properties, however, this coverage may not be sufficient to cover any or all expenses associated with the aforementioned risks.

Natural disasters, severe weather conditions and the effects of climate change could have an adverse impact on our financial condition, results of operations and cash flows.

Our operations are located in areas that are subject to natural disasters and severe weather conditions such as hurricanes, tornados, earthquakes, snowstorms, floods and fires, and the frequency of these natural disasters and severe weather conditions may increase due to climate change. The occurrence of natural disasters, severe weather conditions and the effects of climate change, including extreme temperatures or changes to meteorological or hydrological patterns, can delay new development or redevelopment projects, decrease the attractiveness of locations, increase investment costs to repair or replace damaged properties (or make repair or replacement impossible), increase operation costs, including the cost of energy at our properties, increase costs for future property insurance, negatively impact the tenant demand for lease space and cause substantial damages or losses to our properties, which could exceed any applicable insurance coverage. The incurrence of any of these losses, costs or business interruptions may adversely affect our financial condition, results of operations and cash flows.

We anticipate the potential effects of climate change will increasingly impact the decisions and analysis we make with respect to our properties, since climate change considerations can impact the relative desirability of locations and the cost of operating and insuring real estate properties. In addition, changes in government legislation and regulation on climate change could result in increased capital expenditures to improve the energy efficiency of our existing properties and could also require us to spend more on our development or redevelopment projects without a corresponding increase in revenues, which may adversely affect our financial condition, results of operations and cash flows. Transition impacts of climate change may subject us to increased regulations, reporting requirements (such as California’s climate disclosure rules), standards, or expectations regarding the environmental impacts of our or our tenants’ business. Failure to disclose accurate information in a timely manner may also adversely affect our reputation, business, or financial performance. For more information on potential climate-related risks, please refer to our disclosures titled “Corporate Responsibility Programs” above.

Pandemics or other health crises may adversely affect our tenants’ financial condition and the profitability of our properties.

Our business and the businesses of our tenants could be materially and adversely affected by the risks, or the public perception of the risks, related to a pandemic or other health crisis, such as the COVID-19 pandemic.

Such events could result in the complete or partial closure of one or more of our tenants’ manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants’ supply chains from local and international suppliers, and/or delays in the delivery of our tenants’ inventory.

The profitability of our properties depends, in part, on the willingness of customers to visit our tenants’ businesses. The risk, or public perception of the risk, of a pandemic or media coverage of infectious diseases could cause employees or customers to avoid our properties, which could adversely affect foot traffic to our tenants’ businesses and our tenants’ ability to adequately staff their businesses. Such events could adversely impact tenants’ sales and/or cause the temporary closure of our tenants’ businesses, which could severely disrupt their operations and have a material adverse effect on our business, financial condition, results of operations and cash flows.

Financial disruption, geopolitical challenges, or economic downturn could materially and adversely affect the Company’s business.

Worldwide financial markets have experienced periods of extraordinary disruption and volatility, resulting in heightened credit risk, reduced valuation of investments and decreased economic activity. Moreover, many companies have experienced reduced liquidity and uncertainty as to their ability to raise capital during such periods of market disruption and volatility. In the event that these conditions recur or result in a prolonged economic downturn, our results of operations, financial condition or liquidity could be materially and adversely affected. These market conditions may affect the Company's ability to access debt and equity capital markets. In addition, as a result of recent financial events, we may face increased regulation.

Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

From time to time, we use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk. These and similar hedging arrangements involve risks, including the risks that counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that the amount of income we earn from hedging transactions may be limited by federal tax provisions governing REITs, and that these arrangements may reduce the benefits to us if interest rates decline. Developing and implementing an interest rate risk strategy is complex, and there can be no assurance that our hedging activities will be completely effective at insulating us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial effect on our results of operations or financial condition. Further, should we choose to terminate a hedging agreement, there could be significant costs and cash requirements involved to fulfill our obligations under such agreement.

We are subject to risks and costs arising from disclosures, commitments, evaluations and other items related to sustainability or corporate responsibility.

Scrutiny from investors and other stakeholders on how companies address a variety of sustainability-related matters, such as climate and human capital management, has increased in recent years. We engage in certain initiatives, including disclosures, to address such matters and related stakeholder expectations; however, such initiatives can be costly and may not have the desired effect. For example, as part of our sustainability efforts, we have adopted certain corporate responsibility goals, including GHG emissions reduction targets and other initiatives. If we cannot meet these goals fully or on time, we may face reputational damage. Moreover, many corporate responsibility initiatives leverage methodologies and data that are complex, and in some cases subjective or prone to error or misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many corporate responsibility matters. For example, various relevant third-party standards continue to evolve, including those regarding the monitoring and accounting of GHG emissions and reductions, including the standards and/or targets issued by the GHG

Protocol. Our approach to corporate responsibility matters evolves, and we cannot guarantee that our approach will align with any particular stakeholder’s expectations or preferences or will meet the expectations or requirements of the various third-party standards. We continue to evaluate our strategy and goals and may choose to update our targets and goals. We may face reputational damage, including impacts to any related ratings, or additional costs in the event our sustainability procedures, goals or standards do not meet the standards set by various constituencies, and any failure to successfully navigate competing stakeholder interests may also result in adverse impacts to our business. Both advocates and opponents to certain corporate responsibility matters are increasingly resorting to a range of activism forms, including media campaigns and litigation, to advance their perspectives, and corporate responsibility matters have attracted negative commentary and regulatory attention in the broader business sector. To the extent we are subject to such activism, it may require us to incur costs or otherwise adversely impact our business.

In addition, we expect there will likely be increasing levels of regulation, disclosure-related and otherwise, with respect to corporate responsibility matters. For example, while some policymakers (such as the State of California) have adopted or are considering adopting requirements for various disclosures or actions on climate or other sustainability matters, policymakers in other jurisdictions have adopted laws to constrain consideration of such matters in certain circumstances. Increased regulation will likely lead to increased compliance costs as well as scrutiny that could heighten all of the risks identified in this risk factor. Such corporate responsibility matters may also impact our suppliers or customers, which may adversely impact our business, financial condition, or results of operations.

Our success depends largely on the continued service and availability of key personnel.

We depend on the deep industry knowledge and efforts of key personnel, including our executive officers, to manage our day-to-day operations and strategic business direction. Our ability to attract, retain and motivate key personnel may significantly impact our future performance, and if any of our executive officers or other key personnel depart the Company, for any reason, we may not be able to easily replace such individual. The loss of the services of our executive officers and other key personnel could have a material adverse effect on our financial condition, results of operations and cash flows.

Retail operating conditions may adversely affect our results of operations.

A retail property’s revenues and value may be adversely affected by a number of factors, many of which apply to real estate investment generally, but which also include trends in the retail industry and perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property. Our retail properties are public locations, and any incidents of crime or violence, including acts of terrorism, could result in a reduction of business traffic to tenant stores in our properties. Any such incidents may also expose us to civil liability or harm our reputation. In addition, to the extent that the investing public has a negative perception of the retail sector, the value of our retail properties may be negatively impacted.

Our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure may result in potential conflicts of interest with members of Kimco OP, whose interests may not be aligned with those of our stockholders.

Our directors and officers have duties to our corporation and our stockholders under Maryland law in connection with their management of the corporation. At the same time, we, as managing member of Kimco OP, our operating company, have fiduciary duties under Delaware law to our operating company and to its members in connection with the management of our operating company. Our duties as managing member of our operating company and to its members may come into conflict with the duties of our directors and officers to the corporation and our stockholders. While the operating agreement contains provisions limiting the fiduciary duties of the managing member to the operating company and its members, the provisions of Delaware law that allow for such limitations have not been fully tested in a court of law.

Risks Related to Our Debt and Equity Securities

We may be unable to obtain financing through the debt and equity markets, which could have a material adverse effect on our growth strategy, our financial condition and our results of operations.

From time to time, we have accessed the credit and/or equity markets to obtain additional debt or equity financing. We cannot assure you that we will be able to obtain additional debt or equity financing in the future or that we will be able to obtain financing on terms favorable to us. The inability to obtain financing on a timely basis could have negative effects on our business, such as:

• we could have difficulty acquiring or developing properties, which would materially adversely affect our investment strategy;
• our liquidity could be adversely affected;
• we may be unable to repay or refinance our indebtedness;
• we may need to make higher interest and principal payments or sell some of our assets on terms unfavorable to us to fund our indebtedness; or
• we may need to issue additional capital stock, which could further dilute the ownership of our existing stakeholders.

Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on terms favorable to us, if at all, and could significantly reduce the market price of our publicly traded securities.

We are subject to financial covenants that may restrict our operating and acquisition activities.

Our Credit Facility, bank term loans and the indentures under which our senior unsecured debt is issued contain certain financial and operating covenants, including, among other things, certain coverage ratios and limitations on our ability to incur debt, make dividend payments, sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions. These covenants may restrict our ability to pursue certain business initiatives or certain acquisition transactions that might otherwise be advantageous. In addition, failure to meet any of the financial covenants could cause an event of default under our Credit Facility, bank term loans and the indentures and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.

We have a substantial amount of indebtedness and may need to incur more indebtedness in the future.

We have substantial indebtedness. The level of indebtedness could have adverse consequences on our business, such as:

• requiring the Company to use a substantial portion of our cash flow from operations to service our indebtedness, which reduces the available cash flow to fund working capital, capital expenditures, development projects, and other general corporate purposes and reduce cash for distributions;
• limiting our ability to obtain additional financing to fund our working capital needs, acquisitions, capital expenditures, or other debt service requirements or for other purposes;
• increasing our costs of incurring additional debt;
• subjecting us to floating interest rates;
• limiting our ability to compete with other companies that are not as leveraged, as we may be less capable of responding to adverse economic and industry conditions;
• restricting the Company from making strategic acquisitions, developing properties, or exploiting business opportunities;
• restricting the way in which we conduct our business due to financial and operating covenants in the agreements governing our existing and future indebtedness;
• exposing the Company to potential events of default (if not cured or waived) under covenants contained in our debt instruments that could have a material adverse effect on our business, financial condition, and results of operations;
• increasing our vulnerability to a downturn in general economic conditions; and
• limiting our ability to react to changing market conditions in its industry.

The impact of any of these potential adverse consequences could have a material adverse effect on our results of operations, financial condition, and liquidity.

We are exposed to interest rate risk, and there can be no assurance that we will manage or mitigate this risk effectively.

We are exposed to interest rate risk, primarily through our unsecured revolving credit facility. Borrowings under our unsecured revolving credit facility and commercial paper program bear interest at a floating rate, and as a result, elevated or increased interest rates will increase the amount of interest we must pay. Our interest rate risk may materially change in the future if we increase our borrowings under this facility. A significant increase in interest rates could also make it more difficult to find alternative financing on desirable terms. Increases in interest rates on any of our variable-rate debt would result in an increase in interest expense, which could have an adverse effect on our results of operations, financial condition, and liquidity. For additional information with respect to interest rate risk, see “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in this Form 10-K.

Changes in market conditions could adversely affect the market price of our publicly traded securities.

The market price of our publicly traded securities depends on various market conditions, which may change from time-to-time. Among the market conditions that may affect the market price of our publicly traded securities are the following:

• the extent of institutional investor interest in us;

• the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;

• the attractiveness of the securities of REITs in comparison to securities issued by other entities, including securities issued by other real estate companies;

• our financial condition and performance;

• the market’s perception of our growth potential, potential future cash dividends and risk profile;

• an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for our shares; and

• general economic and financial market conditions.

We may change the dividend policy for our common stock in the future.

The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our Board of Directors and will depend on our earnings, operating cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness, including preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our Board of Directors deems relevant or are requirements under the Code or state or federal laws. Any negative change in our dividend policy could have a material adverse effect on the market price of our common stock.

Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction, even if such a change in control may be in our best interest, and as a result may depress the market price of our securities.

Our charter contains certain ownership limits. Our charter contains various provisions that are intended to preserve our qualification as a REIT and, subject to certain exceptions, authorize our directors to take such actions as are necessary or appropriate to preserve our qualification as a REIT. For example, our charter prohibits the actual, beneficial or constructive ownership by any person of more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock, and more than 9.8% in value of the aggregate outstanding shares of all classes and series of our stock. Our Board of Directors, in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from these ownership limits if certain conditions are satisfied. The restrictions on ownership and transfer of our stock may:

• discourage a tender offer or other transactions or a change in management or of control that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interests; or
• result in the transfer of shares acquired in excess of the restrictions to a trust for the benefit of a charitable beneficiary and, as a result, the forfeiture by the acquirer of the benefits of owning the additional shares.

Risks Related to Our Status as a REIT and Related U.S. Federal Income Tax Matters

Loss of our tax status as a REIT or changes in U.S. federal income tax laws, regulations, administrative interpretations or court decisions relating to REITs could have significant adverse consequences to us and the value of our securities.

We have elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. We believe that we are organized and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT under the Code. However, there can be no assurance that we have qualified or will continue to qualify as a REIT for U.S. federal income tax purposes.

Qualification as a REIT involves the application of highly technical and complex Code provisions, for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the U.S. Internal Revenue Service (the “IRS”) and U.S. Department of the Treasury. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, regulations, administrative interpretations or court decisions could significantly and negatively change the tax laws with respect to qualification as a REIT, the U.S. federal income tax consequences of such qualification or the desirability of an investment in a REIT relative to other investments.

In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock, the composition of our assets and the sources of our gross income. Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. Furthermore, we own a direct or indirect interest in certain subsidiary REITs which have elected to be taxed as REITs for U.S. federal income tax purposes under the Code. Provided that each subsidiary REIT qualifies as a REIT, our interest in such subsidiary REIT will be treated as a qualifying real estate asset for purposes of the REIT asset tests. To qualify as a REIT, the subsidiary REIT must independently satisfy all of the REIT qualification requirements. The failure of a subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT.

If we were to lose our REIT status, we would face serious tax consequences that would substantially reduce the funds available to pay distributions to stockholders for each of the years involved because:

• we would not be allowed a deduction for dividends to stockholders in computing our taxable income, and we would be subject to the regular U.S. federal corporate income tax;

• we could possibly be subject to a federal alternative minimum tax or increased state and local taxes;

• unless we were entitled to relief under statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified; and

• we would not be required to make distributions to stockholders.

Our failure to qualify as a REIT or new legislation or changes in U.S. federal income tax laws, including with respect to qualification as a REIT or the tax consequences of such qualification, could also impair our ability to expand our business or raise capital and have a materially adverse effect on the value of our securities.

To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, which could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.

To qualify as a REIT, we generally must distribute annually to our stockholders at least 90% of our REIT taxable income determined without regard to the dividends paid deduction and, excluding any net capital gain, and we will be subject to regular U.S. federal corporate income taxes to the extent we distribute for any year less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. While we have historically satisfied these distribution requirements by making cash distributions to our stockholders, a REIT is permitted to satisfy these requirements by making distributions of cash or other property, including, in limited circumstances, its own stock. Assuming we continue to satisfy these distribution requirements with cash, we may need to borrow funds to meet the REIT distribution requirements and avoid the payment of income and excise taxes even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from differences in timing between the actual receipt of cash and inclusion of income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of cash reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market's perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.

If Kimco OP were to fail to qualify as a partnership for federal income tax purposes, the Parent Company would fail to qualify as a REIT and suffer other adverse consequences.

We believe that Kimco OP is treated as a partnership, and not an association or publicly traded partnership taxable as a corporation, for federal income tax purposes. As an entity treated as a partnership for federal income tax purposes, Kimco OP is not subject to federal income tax on its income. Instead, each of its partners, including the Parent Company, is allocated, and may be required to pay tax with respect to, that partner’s share of Kimco OP’s income. No assurance can be provided, however, that the IRS will not challenge Kimco OP’s status as a partnership for federal income tax purposes or that a court would not sustain such a challenge. If the IRS were successful in treating Kimco OP as an association or publicly traded partnership taxable as a corporation for federal income tax purposes, the Parent Company would fail to meet certain of the gross income tests and asset tests applicable to REITs and, accordingly, would cease to qualify as a REIT. Such REIT qualification failure could impair our ability to expand our business and raise capital, and would materially adversely affect the value of the Parent Company’s stock and the OP Units. Also, the failure of Kimco OP to qualify as a partnership would cause it to become subject to federal corporate income tax, which could reduce significantly the amount of its cash available for debt service and for distribution to its partners, including the Parent Company.

Tax liabilities and attributes inherited in connection with acquisitions may adversely impact our business.

From time to time, we may acquire other corporations or entities and, in connection with such acquisitions, we may succeed to the tax attributes and liabilities of such entities. For example, if we acquire a C corporation and subsequently dispose of its assets within five years of the acquisition, we could be required to pay tax on any built-in gain attributable to such assets determined as of the date on which we acquired the assets. In addition, in order to qualify as a REIT, at the end of any taxable year, we must not have any earnings and profits accumulated in a non-REIT year. As a result, if we acquire a C corporation, we must distribute the corporation’s earnings and profits accumulated prior to the acquisition before the end of the taxable year in which we acquire the corporation. We also could be required to pay the acquired entity’s unpaid taxes even though such liabilities arose prior to the time we acquired the entity.

The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes.

A REIT's net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business, which under prior applicable law was set to expire for taxable years beginning after December 31, 2025. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, or is held through a taxable REIT subsidiary, such characterization is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.

Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.

The maximum tax rate applicable to “qualified dividend income” payable to U.S. stockholders that are individuals, trusts and estates is 20%. Dividends payable by REITs, however, generally are not eligible for these reduced rates. U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (i.e., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT. The OBBBA, enacted on July 4, 2025, permanently extends the 20% deduction. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to corporate dividends that constitute qualified dividend income. Accordingly, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends treated as qualified dividend income, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our common stock.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

Our cybersecurity risk management program leverages the National Institute of Standards and Technology (“NIST”) cybersecurity framework, which organizes cybersecurity risks into six categories: govern, identify, protect, detect, respond and recover. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include, but are not limited to, the following:

• risk assessments designed to help identify material cybersecurity risks to our critical systems and information, including ongoing vulnerability analysis assessments and penetration testing conducted by a third party;
• a security team principally responsible for managing (i) our cybersecurity risk assessment processes, (ii) our security controls, and (iii) our response to cybersecurity incidents;
• the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes;
• semi-annual cybersecurity awareness training for all employees including senior management;
• periodic internal assessments of our cybersecurity controls, processes and infrastructure;
• a cybersecurity incident response plan, which is exercised annually with senior management, that includes procedures for responding to cybersecurity incidents; and
• a third-party risk management process for critical service providers based on each provider's respective risk profile.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We have in the past experienced adverse events that have not resulted, and are not expected to result, in a material impact on the Company’s business

operations or financial results. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors – We have experienced cybersecurity attacks and could in the future be subject to significant disruption, data loss or other security incidents or breaches”.

Cybersecurity Governance and Oversight

Our Board of Directors (“Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to its Audit Committee oversight of cybersecurity and other information technology risks. Our Audit Committee oversees management’s implementation of our cybersecurity risk management program. Our Audit Committee receives quarterly briefings from our Chief Information Security Officer regarding the emerging cybersecurity threat and risk landscape as well as our cybersecurity risk management program and related readiness, resiliency, and response efforts. In addition, management will update the Audit Committee, as necessary, regarding significant cybersecurity incidents. Our Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The Board also receives briefings from management on our cybersecurity risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.

We have a Cyber Risk Committee (“Cyber Committee”) which reviews and reports on cybersecurity risks and related issues. Chaired by the Chief Information Security Officer ("CISO"). The Cyber Committee is comprised of senior management from various business units within the Company and meets at least quarterly to review the status of the Company’s overall cybersecurity risk management program, as well as controls and procedures and to stay up to date regarding relevant legislative, regulatory, and technical developments. The Cyber Committee is responsible for assessing and managing our material risks from cybersecurity threats. The Cyber Committee oversees our cybersecurity risk management program in conjunction with our CISO. The day-to-day management of cybersecurity is the responsibility of our Vice President, CISO, who reports directly to the Chief Innovation and Transformation Officer. Our CISO has over 25 years of experience in information technology and cybersecurity and holds the following credentials: Certified Information Systems Security Professional (CISSP) and Certified Chief Information Security Officer (CCISO). Our CISO supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. The Cyber Committee is informed about and monitors the prevention, detection, mitigation, and remediation of key cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants.

We utilize a variety of administrative, technical and physical safeguards that take into account the nature of our IT environment, information assets and cybersecurity risks posed by both internal and external threats. We have incorporated cybersecurity coverage in our insurance policies, and our goal is to keep our data and systems, as well as our employees, safe from cybersecurity threats.

The Company conducts mandatory semi-annual employee cybersecurity awareness training and internal phishing exercises for employees, supplemented by regular communications to employees on the escalation process for reporting incidents, vulnerabilities, or suspicious activities to the appropriate information technology stakeholders. When security issues arise, the Company conducts a prompt investigation and initiates response protocols and other measures to protect the Company and its valued employees and key stakeholders.

During the year ended December 31, 2025, the Company did not experience any cybersecurity incidents that had a material impact on the Company’s business strategy, results of operations, or financial condition. Additionally, the Company did not experience any known material third-party information security breaches during the year ended December 31, 2025.

Item 2. Properties

Real Estate Portfolio

As of December 31, 2025, the Company had interests in 565 shopping center properties aggregating 100.2 million square feet of GLA located in 29 states. In addition, the Company had 66 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.4 million square feet of GLA. Open-air shopping centers comprise the primary focus of the Company's current portfolio. As of December 31, 2025, the Company’s proportionate share of its portfolio occupancy was 96.4%.

The Company's open-air shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of 177,308 square feet as of December 31, 2025. The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with redevelopment, major renovations and refurbishing to preserve and increase the value of its properties. This includes renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2025, the Company expended $192.6 million in connection with property redevelopments and renovations and $155.0 million related to tenant improvements and allowances.

The Company's management believes its experience in the real estate industry and its relationships with numerous national and regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners. The Company's open-air shopping centers are usually "anchored" by a grocery store, home improvement center, off-price retailer, discounter or service-oriented tenant. As one of the original participants in the growth of the shopping center industry and the nation's largest owner and operator of shopping centers, the Company has established close relationships with a large number of major national and regional retailers. Some of the major national and regional companies that are tenants in the Company's shopping center properties include The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, Albertsons Companies, Inc., PetSmart, The Home Depot, Ahold Delhaize, Dick's Sporting Goods, and Kroger.

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2025, no single open-air shopping center accounted for more than 1.2% of the Company's annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest, or more than 1.3% of the Company’s total shopping center GLA. At December 31, 2025, the Company’s five largest tenants were The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, and Albertsons Companies, Inc., which represented 3.8%, 1.9%, 1.8%, 1.8% and 1.7%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of annualized base rental revenues from properties in which the Company has less than a 100% economic interest.

The following table shows the number of properties, total proportionate share of GLA and total proportionate share of annualized base rental revenues (including % of total) for the Company’s top 10 major metropolitan markets by total proportionate share of annualized based rent as of December 31, 2025. Amounts for GLA and annualized base rent in thousands:

Market	Rank	Number of<br>Properties		Total<br>Proportionate<br>Share of GLA		Total<br>Proportionate<br>Share of<br>Annualized<br>Base Rent		% of Gross <br>Annualized<br> Base Rent
New York	1		72		6,828	$	175,412		10.1	%
Baltimore, Washington D.C.	2		47		8,125	$	169,736		10.0	%
Los Angeles, Orange County, San Diego	3		47		7,391	$	153,935		9.1	%
Miami, Ft. Lauderdale	4		47		7,198	$	150,944		8.9	%
Houston	5		31		6,073	$	130,490		7.7	%
San Francisco, Sacramento, San Jose	6		24		3,032	$	81,916		4.8	%
Phoenix	7		23		4,534	$	66,173		3.9	%
Philadelphia	8		21		3,041	$	59,299		3.5	%
Orlando	9		12		2,422	$	59,156		3.5	%
Atlanta	10		19		3,231	$	52,720		3.1	%

A substantial portion of the Company's income consists of rent received under long-term leases. Most of the leases provide for the payment of fixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes, insurance,

utilities and common area maintenance expenses incurred in operating the shopping centers (certain of the leases provide for the payment of a fixed-rate reimbursement of these such expenses). Although many of the leases require the Company to make roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company may be reimbursed by the tenant for its proportionate share of common area maintenance. Additionally, many of the leases provide for reimbursements by the tenant of capital expenditures.

Minimum base rental revenues, operating expense reimbursements, and percentage rents accounted for 98% of the Company's total revenues from rental properties for the year ended December 31, 2025. The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth. Additionally, a majority of the Company’s leases have provisions requiring contractual rent increases. The Company’s leases may also include escalation clauses, which provide for increases based upon changes in the consumer price index or similar inflation indices.

As of December 31, 2025, the Company’s consolidated operating portfolio, comprised of 458 shopping center properties aggregating 79.5 million square feet of GLA, was 96.6% leased. The consolidated operating portfolio consists entirely of properties located in the U.S., inclusive of Puerto Rico. For the period of January 1, 2025 to December 31, 2025, the Company increased the average base rent per leased square foot, which includes the impact of tenant concessions, in its consolidated portfolio of open-air shopping centers from $20.36 to $21.05, an increase of $0.69. This increase primarily consists of (i) a $0.52 increase relating to rent step-ups within the portfolio and new leases signed, net of leases vacated, (ii) a $0.10 increase relating to acquisitions and (iii) a $0.07 increase relating to dispositions.

The Company has a total of 9,444 leases in the consolidated operating portfolio. The following table sets forth the aggregate lease expirations for each of the next ten years, assuming no renewal options are exercised. For purposes of the table, the total annualized base rent expiring represents annualized rental revenue, excluding the impact of straight-line rent, for each lease that expires during the respective year. Amounts in thousands, except for number of leases data:

Year Ending<br>December 31,	Number of Leases <br>Expiring		Square Feet <br>Expiring		Total Annualized<br> Base Rent Expiring		% of Gross<br>Annual Rent
(1)		166		633	$	13,093		0.9	%
2026		903		6,629	$	116,489		7.6	%
2027		1,370		9,977	$	191,902		12.5	%
2028		1,448		11,308	$	227,247		14.8	%
2029		1,297		9,697	$	198,452		12.9	%
2030		1,164		8,710	$	189,439		12.3	%
2031		813		6,461	$	129,356		8.4	%
2032		482		3,752	$	73,006		4.7	%
2033		475		3,695	$	73,310		4.8	%
2034		432		3,433	$	77,069		5.0	%
2035		404		3,613	$	76,073		4.9	%

• Leases currently under a month-to-month lease or in process of renewal.

During 2025, the Company executed 1,557 leases totaling approximately 10.8 million square feet in the Company’s consolidated operating portfolio comprised of 502 new leases and 1,055 renewals and options. The leasing costs associated with these new leases are estimated to aggregate $149.2 million, or $41.65 per square foot. These costs include $115.6 million of tenant improvements and $33.6 million of external leasing commissions. The average rent per square foot for (i) new leases was $22.61 and (ii) renewals and options was $21.50. The Company will seek to obtain rents that are higher than amounts within its expiring leases, however, there are many variables and uncertainties which can significantly affect the leasing market at any time; as such, the Company cannot guarantee that future leases will continue to be signed for rents that are equal to or higher than current amounts.

Ground-Leased Properties

The Company has interests in 36 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company primarily to construct and/or operate a shopping center. The Company pays rent for the use of the land and generally is responsible for all costs and expenses associated with the building and improvements. At the end of these long-term leases, unless extended, the land together with all improvements reverts to the landowner.

More specific information with respect to each of the Company's property interests is set forth in Exhibit 99.1, which is incorporated herein by reference.

Item 3. Legal Proceedings

The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries that, in management's opinion, would result in any material effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's insurance.

Item 4. Mine Safety Disclosures

Not applicable.

of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the year ended December 31, 2025, the Company repurchased 6.1 million shares of common stock for an aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.

During the year ended December 31, 2025, the Company also repurchased 544,716 shares of the Company’s common stock for an aggregate purchase price of $12.1 million (weighted average price of $22.20 per share) in connection with shares of common stock surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with equity-based compensation plans.

The following table presents information regarding the shares of common stock repurchased by the Company during the three months ended December 31, 2025.

Period	Total<br>Number of<br>Shares<br>Purchased		Average<br>Price<br>Paid per<br>Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs<br>(in millions)
October 1, 2025 - October 31, 2025		-	$	-		-	$	166.0
November 1, 2025 - November 30, 2025		686,769		19.98		669,936	$	736.6
December 1, 2025 - December 31, 2025		2,414,234		19.96		2,410,233	$	688.5
Total		3,101,003	$	19.96		3,080,169

Total Stockholder Return Performance: The following performance chart compares, over the five years ended December 31, 2025, the cumulative total stockholder return on the Company’s common stock with the cumulative total return of the S&P 500 Index and the cumulative total return of the NAREIT Equity REITs Index (the “NAREIT Equity REITs”) prepared and published by the National Association of Real Estate Investment Trusts (“NAREIT”). The NAREIT Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.

Stockholder return performance, presented annually for the five years ended December 31, 2025, is not necessarily indicative of future results. All stockholder return performance assumes the reinvestment of dividends. The information in this paragraph and the following performance chart are deemed to be furnished, not filed.

Comparison of 5 year cumulative total return data points
	Dec-20		Dec-21		Dec-22		Dec-23		Dec-24		Dec-25
Kimco Realty Corporation	$	100	$	169	$	151	$	160	$	184	$	167
S&P 500	$	100	$	129	$	105	$	133	$	166	$	196
NAREIT Equity REITs	$	100	$	143	$	108	$	123	$	134	$	138

Item 6. Reserved

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this Form 10-K. Historical results and percentage relationships set forth in the Consolidated Statements of Income contained in the Consolidated Financial Statements, including trends, should not be taken as indicative of future operations.

The Consolidated Financial Statements of the Company include the accounts of the Company, its wholly owned subsidiaries and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification. The Company applies these provisions to each of its joint venture investments to determine whether the cost, equity or consolidation method of accounting is appropriate. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with GAAP.

Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying Consolidated Financial Statements and related notes. In preparing these financial statements, management has made its best estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates are based on, but not limited to, historical results, industry standards and current economic conditions, giving due consideration to materiality. The Company’s significant accounting policies are more fully described in Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K. The Company is required to make subjective assessments, of which, the most significant assumptions and estimates relate to the recoverability of trade accounts receivable, depreciable lives, valuation of real estate and intangible assets and liabilities, and valuation of joint venture investments and other investments. The Company’s reported net earnings are directly affected by management’s estimate of impairments. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could materially differ from these estimates.

Trade Accounts Receivable

The Company reviews its trade accounts receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company evaluates the probability of the collection of the lessee’s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. The Company’s analysis of its accounts receivable included (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. The Company includes provision for doubtful accounts in Revenues from rental properties, net. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease and will only recognize lease income on a cash basis. In addition to the lease-specific collectability assessment, the analysis also recognizes a general reserve, as a reduction to Revenues from rental properties, net for its portfolio of operating lease receivables, which are not expected to be fully collectible based on the Company’s historical and current collection experience and the potential for settlement of arrears. Although the Company estimates uncollectible receivables and provides for them through charges against Revenues from rental properties, net actual results may differ from those estimates. For example, in the event that the Company’s collectability determinations are not accurate, and the Company is required to write off additional receivables equaling 1% of the outstanding Accounts and other receivables, net balance at December 31, 2025, the Company’s rental income and net income would decrease by $3.7 million for the year ended December 31, 2025. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, any outstanding lease receivables (including straight-line rent receivables) are reinstated with a corresponding increase to rental income.

Real Estate

Valuation of Real Estate, and Intangible Assets and Liabilities

The Company’s investments in real estate properties are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.

Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be business combinations are expensed as incurred. Also, upon acquisition of real estate operating properties in either an asset acquisition or business combination, the Company estimates the fair value of acquired

tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, and in-place leases, where applicable), any assumed debt and/or redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of any tangible and intangible assets and liabilities acquired are determined by utilizing various valuation techniques and other information, including replacement cost, direct capitalization method, discounted cash flow method, sales comparison approach, similar fair value models, or executed purchase and sale agreements. Fair value estimates determined using the direct capitalization and discounted cash flow methods employ significant assumptions, such as normalized net operating income, stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, estimates of future cash flows, and other market data. In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings and building improvements (in years)	5 to 50
Fixtures, leasehold and tenant improvements (including certain identified<br><br>intangible assets)	Terms of leases or useful lives, whichever is shorter

The Company is required to make subjective assessments as to the useful lives of its properties for purposes of determining the amount of depreciation to reflect on an annual basis with respect to those properties. These assessments have a direct impact on the Company’s net earnings.

During 2025, the Company acquired properties for a net real estate fair value of $286.5 million, of which $1.1 million, or less than 1% of the net real estate fair value, was allocated to above-market leases and $9.4 million, or 3% of the net real estate fair value, was allocated to below-market leases. If the amounts allocated in 2025 to above-market and below-market leases were each reduced by 1% of the net real estate fair value, the net annual market lease amortization through rental income would decrease by $0.6 million (using the weighted average useful life of above-market and below-market leases at each respective acquired property).

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows, net of anticipated construction and leasing costs (undiscounted and unleveraged), of the property over its anticipated hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future costs of materials and labor, operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to reflect the estimated fair value of the property. The Company’s estimated fair values are primarily based upon estimated sales prices from signed contracts or letters of intent from third-parties, discounted cash flow models or third-party appraisals. Estimated fair values that are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

See Footnotes 2, 4 and 6 of the Notes to Consolidated Financial Statements included in this Form 10-K for further discussion.

Valuation of Joint Venture Investments and Other Investments

On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period, capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K for further discussion of the Company’s accounting policies and estimates.

Executive Overview

Kimco Realty Corporation is the leading owner and operator of high-quality open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company.

Financial Highlights

The following highlights the Company’s significant transactions, events and results that occurred during the year ended December 31, 2025:

Financial and Portfolio Information:

• Net income available to the Company’s common shareholders was $554.4 million, or $0.82 per diluted share, for the year ended December 31, 2025 as compared to $375.7 million, or $0.55 per diluted share, for the year ended December 31, 2024.
• Funds From Operations ("FFO"), a supplemental non-GAAP financial measure of REIT performance, available to the Company’s common shareholders was $1.19 billion, or $1.76 per diluted share, for the year ended December 31, 2025, as compared to $1.11 billion, or $1.65 per diluted share, for the corresponding period in 2024 (see additional disclosure on FFO beginning on page 44).
• Same property net operating income (“Same property NOI”) was $1.57 billion and $1.52 billion for the years ended December 31, 2025 and 2024, respectively, an increase of 3.0% (see additional disclosure on Same property NOI beginning on page 45).
• Executed 1,557 new leases, renewals and options totaling approximately 10.8 million square feet in the consolidated operating portfolio during the year ended December 31, 2025.
• Consolidated operating portfolio occupancy at December 31, 2025 was 96.6% as compared to 96.4% at December 31, 2024.

Acquisitions, Dispositions and Other Activity (see Footnotes 2, 4, 5, and 7 of the Notes to Consolidated Financial Statements included in this Form 10-K):

• Acquired two operating properties and two parcels, in separate transactions, for $209.3 million.
• Acquired an operating property for an aggregate purchase price of $77.2 million from a joint venture in which the Company previously held a noncontrolling ownership interest.
• Disposed of four operating properties and six parcels, in separate transactions, for an aggregate sales price of $109.3 million, which resulted in aggregate gains of $62.7 million, before noncontrolling interests and taxes.

Capital Activity (for additional details see Liquidity and Capital Resources below):

• Issued $500.0 million of 5.30% unsecured notes maturing February 2036.
• Repaid $740.5 million of unsecured notes, which bore interest at rates ranging from 3.30% to 3.85% with maturity dates ranging from February 2025 to June 2025.
• Assumed $31.4 million of mortgage debt through the acquisition of an operating property, and repaid $48.9 million of mortgage debt that encumbered three operating properties.
• Repurchased 6.1 million common shares for an aggregate cost of $120.3 million.
• Repurchased 58,342 Class N Preferred Stock depositary shares for an aggregate cost of $3.5 million.
• As of December 31, 2025, had $2.2 billion in immediate liquidity, including $212.8 million of cash, cash equivalents and restricted cash.

As a result of the above debt activity, the Company’s consolidated debt maturity profile, including extension options as of December 31, 2025, is as follows:

• As of December 31, 2025, the Company’s consolidated debt had a weighted average interest rate of 4.00% and a weighted average maturity profile of 7.9 years.

The Company faces external factors which may influence its future results from operations. There remains significant uncertainty in the current macro-economic environment, driven by inflationary pressure and elevated interest rates. These factors have impacted, and are expected to continue to impact, consumer discretionary spending and many of our tenants. The convenience and availability of e-commerce has continued to impact the retail sector, which could affect our ability to increase or maintain rental rates and our ability to renew expiring leases and/or lease available space. To better position itself, the Company’s strategy has been to attract local area customers to its properties by providing a diverse and robust tenant base across a variety of retailers, including grocery stores, off-price retailers, discounters and service-oriented tenants, which offer buy online and pick up in store, off-price merchandise and day-to-day necessities.

The Company’s portfolio is focused on first-ring suburbs around major metropolitan-area U.S. markets, predominantly on the east and west coasts and in the Sun Belt region, which are supported by strong demographics, significant projected population growth, and where the Company perceives significant barriers to entry. The Company owns a predominantly grocery-anchored portfolio clustered in the nation’s top markets. The Company believes it can continue to increase its occupancy levels, rental rates and overall rental growth. In addition, the Company, on a selective basis, has developed or redeveloped projects, which include residential and mixed-use components.

As part of the Company’s investment strategy, each property is evaluated for its highest and best use, which may include residential and mixed-use components. In addition, the Company may consider other opportunistic investments related to retailer controlled real estate, such as, repositioning underperforming retail locations, retail real estate financing and bankruptcy transaction support. The Company may dispose of certain properties. If the estimated fair value for any of these assets is less than their net carrying values, the Company would be required to take impairment charges and such amounts could be material. For a further discussion of these and other factors that could impact our future results, performance or transactions, see Item 1A. Risk Factors.

Results of Operations

Comparison of the years ended December 31, 2025 and 2024

The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended December 31, 2025, as compared to the corresponding period in 2024 (in thousands, except per share data):

	Year Ended December 31,
	2025			2024			Change
Revenues
Revenues from rental properties, net	$	2,121,400		$	2,019,065		$	102,335
Management and other fee income		18,716			17,949			767
Operating expenses
Rent (1)		(16,776	)		(16,837	)		61
Real estate taxes		(277,478	)		(261,700	)		(15,778	)
Operating and maintenance (2)		(368,080	)		(359,116	)		(8,964	)
General and administrative (3)		(133,015	)		(138,140	)		5,125
Impairment charges		(9,517	)		(4,476	)		(5,041	)
Merger charges		-			(25,246	)		25,246
Depreciation and amortization		(627,090	)		(603,685	)		(23,405	)
Gain on sale of properties		62,663			1,274			61,389
Other income/(expense)
Other income, net		2,047			28,074			(26,027	)
Mortgage and other financing income, net		50,958			29,531			21,427
Gain/(loss) on marketable securities, net		3			(27,679	)		27,682
Interest expense		(330,196	)		(307,806	)		(22,390	)
Provision for income taxes, net		(1,046	)		(25,417	)		24,371
Equity in income of joint ventures, net		96,781			83,827			12,954
Equity in income of other investments, net		3,440			9,821			(6,381	)
Net income attributable to noncontrolling interests		(8,069	)		(8,654	)		585
Preferred stock redemption charges		-			(3,304	)		3,304
Preferred dividends, net		(30,311	)		(31,763	)		1,452
Net income available to the Company's common shareholders	$	554,430		$	375,718		$	178,712
Net income available to the Company's common shareholders:
Diluted per share	$	0.82		$	0.55		$	0.27

• Rent expense relates to ground lease payments for which the Company is the lessee.
• Operating and maintenance expense consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses.
• General and administrative expense includes employee-related expenses (including salaries, bonuses, equity awards, benefits, severance costs and payroll taxes), professional fees, office rent, travel and entertainment costs and other company-specific expenses.

Net income available to the Company’s common shareholders was $554.4 million for the year ended December 31, 2025, as compared to $375.7 million for the comparable period in 2024. On a diluted per share basis, Net income available to the Company’s common shareholders for the year ended December 31, 2025 was $0.82, as compared to $0.55 for the comparable period in 2024. For additional disclosure, see Footnote 28 of the Notes to Consolidated Financial Statements included in this Form 10-K.

The following describes the changes of certain line items included on the Company’s Consolidated Statements of Income that the Company believes changed significantly and affected Net income available to the Company’s common shareholders during the year ended December 31, 2025, as compared to the corresponding period in 2024:

Revenues from rental properties, net –

The increase in Revenues from rental properties, net of $102.3 million is primarily from (i) a net increase in revenues from tenants of $55.8 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $38.4 million due to properties acquired during 2025 and 2024, (iii) an increase in lease termination fee income of $6.2 million and (iv) an increase in net straight-line rental income of $5.0 million, primarily due to changes in reserves, partially offset by (v) a decrease in revenues of $3.1 million due to dispositions in 2025 and 2024.

Real estate taxes –

The increase in Real estate taxes of $15.8 million is primarily due to (i) an increase of $4.5 million due to properties acquired during 2025 and 2024, (ii) an overall increase in assessed values in the current portfolio and (iii) timing of real estate tax refunds.

Operating and maintenance –

The increase in Operating and maintenance expense of $9.0 million is primarily due to (i) an increase of $5.5 million resulting from properties acquired during 2025 and 2024, (ii) an overall increase in operating costs of $4.5 million, (iii) an increase in snow removal costs of $1.9 million and (iv) an increase in repairs and maintenance expense of $1.1 million, partially offset by (v) lower insurance expense of $4.0 million.

General and administrative –

The decrease in General and administrative expense of $5.1 million is primarily due to a decrease in employee-related benefit expenses of $4.9 million.

Impairment charges –

During the years ended December 31, 2025 and 2024, the Company recognized impairment charges of $9.5 million and $4.5 million, respectively, primarily related to adjustments to property carrying values for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third-party offers. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions. Certain of the calculations to determine fair values utilized unobservable inputs and, as such, were classified as Level 3 of the FASB’s fair value hierarchy. For additional disclosure, see Footnotes 6 and 18 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Merger charges –

During the year ended December 31, 2024, the Company incurred costs of $25.2 million, associated with the RPT Merger, primarily comprised of severance and professional and legal fees (see Footnote 2 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Depreciation and amortization –

The increase in Depreciation and amortization of $23.4 million is primarily due to (i) an increase of $32.5 million due to depreciation commencing on certain redevelopment and tenant improvement projects that were placed into service during 2025 and 2024 and (ii) an increase of $21.2 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $30.3 million due to fully depreciated assets and write-offs, primarily from vacated tenants, dispositions, and demolition during 2025 and 2024.

Gain on sale of properties –

During 2025, the Company disposed of four operating properties and six parcels, in separate transactions, for an aggregate sales price of $109.3 million, which resulted in aggregate gains of $62.7 million. During 2024, the Company disposed of 11 operating properties and 10 parcels, in separate transactions, for an aggregate sales price of $255.1 million, which resulted in aggregate gains of $1.3 million.

Other income, net –

The decrease in Other income, net of $26.0 million is primarily due to (i) a decrease in interest income of $14.9 million resulting from lower cash balances during 2025 as compared to 2024, (ii) $6.9 million in higher costs associated with potential transactions for which the Company is no longer pursuing, (iii) a decrease of $1.9 million from insurance proceeds received from 2025 as compared to 2024, (iv) a decrease of $1.5 million from settlement proceeds of a contract during 2024, (v) an increase in environmental remediation costs of $1.2 million, and (vi) a decrease in dividend income of $1.2 million, primarily due to the sale of the remaining shares of ACI common stock held by the Company during 2024, partially offset by (vii) an increase of $2.2 million due to mark-to-market fluctuations of an embedded derivative liability.

Mortgage and other financing income, net –

The increase in Mortgage and other financing income, net of $21.4 million is primarily due to (i) the Company’s origination of new loan financings during 2025 and 2024 and (ii) a change in allowance for credit losses, net of $6.9 million, partially offset by (iii) loan repayments during 2025 and 2024.

Gain/(loss) on marketable securities, net –

The change in gain/(loss) on marketable securities, net of $27.7 million is primarily the result of mark-to-market fluctuations and the sale of the Company's remaining shares of ACI common stock during 2024.

Interest expense –

The increase in Interest expense of $22.4 million is primarily due to (i) the issuance of unsecured notes and assumption of mortgage loans during 2025 and 2024, partially offset by (ii) the paydown of lower coupon unsecured notes and repayment of mortgage loans during 2025 and 2024.

Provision for income taxes, net –

The decrease in Provision for income taxes, net of $24.4 million is primarily due to the Company's sale of shares of ACI common stock during 2024, which generated taxable long-term capital gains.

Equity in income of joint ventures, net –

The increase in Equity in income of joint ventures, net of $13.0 million is primarily due to (i) higher gains of $5.1 million primarily due to a gain on change in control from the purchase of an additional interest in an operating property, (ii) higher equity in income of $4.4 million, primarily due to the restructuring of a joint venture, and (iii) a decrease in interest expense of $3.5 million.

Equity in income of other investments, net –

The decrease in Equity in income of other investments, net of $6.4 million is primarily due to (i) a decrease in profit participation and lower equity in income of $8.0 million, resulting primarily from the sale of properties within the Company’s Preferred Equity Program during 2024, partially offset by (ii) impairments of $1.6 million.

Preferred stock redemption charges –

During 2024, the Company incurred preferred stock redemption charges of $3.3 million in connection with the tender offer to purchase any and all outstanding Class N Preferred Stock depositary shares, which expired on December 12, 2024 ("Class N Tender Offer").

Comparison of the years ended December 31, 2024 and 2023

Information pertaining to fiscal year 2023 was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which was filed with the SEC on February 21, 2025.

Liquidity and Capital Resources

The Company’s capital resources include accessing the public debt and equity capital markets, unsecured term loans, mortgages and construction loan financing, and immediate access to the Credit Facility with bank commitments of $2.0 billion, which can be increased to $2.75 billion through an accordion feature. During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the "Commercial Paper Program"). The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program.

The Company’s cash flow activities are summarized as follows (in thousands):

	Year Ended December 31,
	2025			2024
Cash, cash equivalents and restricted cash, beginning of year	$	689,731		$	783,757
Net cash flow provided by operating activities		1,120,015			1,005,621
Net cash flow used for investing activities		(376,815	)		(318,541	)
Net cash flow used for financing activities		(1,220,137	)		(781,106	)
Net change in cash, cash equivalents and restricted cash		(476,937	)		(94,026	)
Cash, cash equivalents and restricted cash, end of year	$	212,794		$	689,731

Operating Activities

The Company anticipates that cash on hand, net cash flow provided by operating activities, borrowings under its Credit Facility and Commercial Paper Program, and the issuance of equity, public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current economic environment, interest rates, inflation, international tariffs or other trade restrictions, and other risks detailed in Part I, Item 1A. Risk Factors.

Net cash flow provided by operating activities for the year ended December 31, 2025 was $1.1 billion, as compared to $1.0 billion for the comparable period in 2024. The increase of $0.1 billion is primarily attributable to:

• additional operating cash flow generated by operating properties acquired, partially offset by the disposition of operating properties during 2025 and 2024;
• new leasing, expansion and re-tenanting of core portfolio properties;
• merger costs incurred in connection with the RPT Merger during 2024;
• operating cash flow from new mortgage and other financing receivables provided during 2025 and 2024; and
• changes in assets and liabilities due to timing of receipts and payments; partially offset by
• a decrease in interest income due to lower cash balances during 2025 as compared to 2024; and
• a decrease in distributions from the Company’s joint venture programs and other investments.

Investing Activities

Net cash flow used for investing activities was $376.8 million for 2025, as compared to $318.5 million for 2024.

Investing activities during 2025 consisted primarily of:

Cash inflows:

• $341.9 million from collection of mortgage and other financing receivables;
• $108.6 million in proceeds from the sale of four operating properties and six land parcels;
• $25.8 million in reimbursements of investments in and advances to real estate joint ventures and other investments;
• $3.5 million from principal payments of securities held-to-maturity; and
• $2.5 million in proceeds from insurance casualty claims.

Cash outflows:

• $347.6 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;
• $264.5 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;
• $218.4 million for the acquisition/consolidation of three operating properties;
• $22.4 million for investments in and advances to real estate joint ventures and other investments; and
• $5.9 million for investment in preferred stock and cost method investments.

Investing activities during 2024 consisted primarily of:

Cash inflows:

• $301.5 million in proceeds from the sale of marketable securities, primarily due to the sale of 14.2 million shares of ACI common stock;

• $108.4 million from collection of mortgage and other financing receivables;

• $71.3 million in proceeds from the sale of 11 operating properties and 10 land parcels;

• $29.9 million in reimbursements of investments in and advances to real estate joint ventures and other investments, primarily due to the sale of properties within the investments;

• $7.6 million in proceeds from insurance casualty claims; and

• $5.4 million from principal payments of securities held-to-maturity.

Cash outflows:

• $324.5 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and the Company’s active redevelopment pipeline;
• $202.5 million for investment in mortgage and other financing receivables, primarily related to new mortgage and other financing receivables;
• $152.9 million primarily for the acquisition of an operating property;
• $149.1 million for the acquisition of RPT; and
• $12.1 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios.

Acquisitions of Operating Real Estate and Other Related Net Assets

During the years ended December 31, 2025 and 2024, the Company expended $218.4 million and $152.9 million, respectively, towards the acquisition/consolidation of operating real estate properties. The Company anticipates spending approximately $300.0 million to $500.0 million towards the acquisition of, or the purchase of additional interests in, operating properties during 2026. The Company intends to fund these potential acquisitions with net cash flow provided by operating activities, cash on hand, proceeds from property dispositions, and/or availability under its Credit Facility and Commercial Paper Program.

Improvements to Operating Real Estate

During the years ended December 31, 2025 and 2024, the Company expended $347.6 million and $324.5 million, respectively, towards improvements to operating real estate. These amounts consist of the following (in thousands):

	Year Ended December 31,
	2025		2024
Redevelopment and renovations	$	192,555	$	156,240
Tenant improvements and tenant allowances		155,061		168,225
Total improvements	$	347,616	$	324,465

The Company, on a selective basis, will redevelop projects or re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio, including residential and mixed-use components, which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for 2026 will be approximately $250.0 million to $300.0 million. The funding of these capital requirements will be from net cash flow provided by operating activities, cash on hand, proceeds from property dispositions, and/or availability under the Company’s Credit Facility and Commercial Paper Program.

Financing Activities

Net cash flow used for financing activities was $1.2 billion for 2025, as compared to $781.1 million for 2024.

Financing activities during 2025 primarily consisted of the following:

Cash inflows:

• $500.0 million in proceeds from issuance of unsecured notes.

Cash outflows:

• $740.5 million for repayment of unsecured notes;

• $714.6 million of dividends paid;

• $120.3 million repurchase of common stock;

• $61.1 million in principal payment on debt (related to the repayment of debt on three encumbered properties), including normal amortization of rental property debt;

• $39.9 million in redemptions of or distributions to noncontrolling interests;

• $24.4 million principal payments under finance lease obligations for the acquisition of the fee interest in two properties;

• $12.1 million in shares repurchased for employee tax withholding on equity awards; and

• $8.0 million in financing origination costs.

Financing activities during 2024 primarily consisted of the following:

Cash inflows:

• $860.0 million in proceeds from issuance of unsecured term loans;
• $500.0 million in proceeds from issuance of unsecured notes;
• $135.8 million in proceeds from the issuance of common stock from the Company's at-the-market continuous offering program (the “ATM Program”) net of commissions and related expenses; and
• $3.1 million from changes in tenants’ security deposits.

Cash outflows:

• $1.2 billion for repayment of unsecured notes;
• $685.9 million of dividends paid;
• $310.0 million in repayments of unsecured term loans;
• $52.9 million in redemptions of or distributions to noncontrolling interests;
• $26.7 million for repurchase of preferred stock primarily due to the Class N Tender Offer;
• $22.1 million in principal payment on debt (related to the repayment of debt on three encumbered properties), including normal amortization of rental property debt;
• $15.8 million in shares repurchased for employee tax withholding on equity awards; and
• $8.9 million in financing origination costs related to new unsecured term loans and unsecured notes.

The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable financing and refinancing alternatives that will not materially adversely impact its expected financial results. As of December 31, 2025, the Company had consolidated floating rate debt totaling $16.1 million. The Company continues to pursue borrowing opportunities with large commercial U.S. and global banks, select life insurance companies and certain regional and local banks.

Debt maturities for 2026 consist of $856.4 million of consolidated debt and $327.1 million of unconsolidated joint venture debt, assuming the utilization of extension options where available. The 2026 remaining consolidated debt maturities are anticipated to be repaid with net cash flow provided by operating activities, cash on hand, borrowings under its Credit Facility and Commercial Paper Program and/or debt refinancing, as deemed appropriate. The 2026 debt maturities on properties in the Company’s unconsolidated joint ventures are anticipated to be repaid through net cash flow provided by operating activities, debt refinancing, proceeds from sales, and/or partner capital contributions, as deemed appropriate.

The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintain its unsecured debt ratings. The Company may, from time to time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings, and/or mortgage/construction loan financings and other capital alternatives.

The Company utilizes the public debt and equity markets as its principal source of capital for its expansion needs through offerings of its public unsecured debt and equity. Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air, grocery anchored shopping centers and mixed-use assets, expanding and improving properties in the portfolio and other investments.

During November 2025, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for future unlimited offerings, from time to time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants. The Company, pursuant to this shelf registration statement may, from time to time, offer for sale its senior unsecured debt securities for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company’s debt maturities.

During January 2023, the Company filed a post-effective amendment to a registration statement on Form S-8 for the Kimco Realty Corporation 2020 Equity Participation Plan (the “2020 Plan”), which was previously approved by the Company’s stockholders and is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March 2020. The 2020 Plan provided for a maximum of 10.0 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments, deferred stock awards and long-term incentive plan units.

During February 2025, the Company filed a registration statement on Form S-8 for the Kimco Realty Corporation 2025 Equity Participation Plan (the “2025 Plan”), which was approved by the Company’s stockholders on April 29, 2025 and is a successor to the 2020 Equity Participation Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments, deferred stock awards and long-term incentive plan units. At December 31, 2025, the Company had 16.8 million shares of common stock available for issuance under the 2025 Plan (see Footnote 24 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Preferred Stock –

During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock and 185,000 depositary shares of Class N Preferred Stock, representing an aggregate of up to 2,123 shares of the Company's preferred stock, par value $1.00 per share. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. During the year ended December 31, 2025, the Company repurchased the following preferred stock:

Class of Preferred Stock	Depositary<br>Shares<br>Repurchased		Purchase<br>Price<br>(in thousands)
Class N		58,342	$	3,481

Common Stock –

During November 2025, the Company established a new ATM Program pursuant to which the Company may offer and sell, from time-to-time, shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time, in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may from time to time enter into separate forward sale agreements with one or more banks. This program does not expire. This new ATM Program supersedes and replaces the Company's prior ATM Program established in September 2023. The Company did not issue any shares under the ATM Programs during the year ended December 31, 2025. As of December 31, 2025, the Company had $750.0 million available under this new ATM Program.

During November 2025, the Company established a new common share repurchase program, which supersedes and replaces the Company's prior share repurchase program established in February 2018. Under this new program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the year ended December 31, 2025, the Company repurchased 6.1 million shares of common stock for an aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.

Senior Notes –

The Company’s supplemental indenture governing its senior notes contains the following covenants, all of which the Company is compliant with:

Covenant	Must Be	As of December 31, 2025
Consolidated Indebtedness to Total Assets	<60%	37%
Consolidated Secured Indebtedness to Total Assets	<40%	2%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge	>1.50x	4.6x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness	>1.50x	2.5x

For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993; the First Supplemental Indenture dated August 4, 1994; the Second Supplemental Indenture dated April 7, 1995; the Third Supplemental Indenture dated June 2, 2006; the Fourth Supplemental Indenture dated April 26, 2007; the Fifth Supplemental Indenture dated as of September 24, 2009; the Sixth Supplemental Indenture dated as of May 23, 2013; the Seventh Supplemental Indenture dated as of April 24, 2014; and the Eighth Supplemental Indenture dated as of January 3, 2023, each as filed with the SEC. In connection with the merger with WRI, the Company assumed senior unsecured notes which have covenants that are similar to the Company’s existing debt covenants for its senior unsecured notes. Please refer to the form Indenture included in WRI’s Registration Statement on Form S-3, filed with the SEC on February 10, 1995, the First Supplemental Indenture, dated as of August 2, 2006 filed with WRI’s Current Report on Form 8-K dated August 2, 2006,

and the Second Supplemental Indenture, dated as of October 9, 2012 filed with WRI’s Current Report on Form 8-K dated October 9, 2012, each as filed with the SEC. See the Index to Exhibits included in this Form 10-K for specific filing information.

During June 2025, the Company issued $500.0 million in senior unsecured notes, which are scheduled to mature in February 2036 and accrue interest at a rate of 5.30% per annum. The Company utilized the net proceeds from this offering for the repayment of outstanding borrowings under the Credit Facility and other general corporate purposes.

During 2025, the Company fully repaid the following notes payables (dollars in millions):

Type	Date Paid	Amount Repaid		Interest Rate	Maturity Date
Unsecured note	Feb-25	$	500.0	3.30%	Feb-25
Unsecured note	Jun-25	$	240.5	3.85%	Jun-25

Credit Facility –

As of December 31, 2025, the Company has a $2.0 billion Credit Facility with a group of banks. The Credit Facility is scheduled to expire in March 2027 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2028. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Adjusted Term SOFR, as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets and the Company’s credit rating outlook, as defined in the agreement. As of December 31, 2025, the interest rate on the Credit Facility is Adjusted Term SOFR plus 68.5 basis points (4.47% as of December 31, 2025) after reductions for sustainability metrics achieved and an upgraded credit rating profile. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of December 31, 2025, the Credit Facility had no outstanding balance and no appropriations for letters of credit.

Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to maintenance of various covenants. The Company is currently in compliance with these covenants. The financial covenants for the Credit Facility are as follows:

Covenant	Must Be	As of December 31, 2025
Total Indebtedness to Gross Asset Value (“GAV”)	<60%	36%
Total Priority Indebtedness to GAV	<35%	2%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	4.5x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	4.0x

For a full description of the Credit Facility’s covenants, refer to the Amended and Restated Credit Agreement dated as of February 23, 2023, as filed with the SEC. See the Index to Exhibits included in this Form 10-K for specific filing information.

In February 2026, the Company closed on a new $2.0 billion unsecured revolving credit facility (the "New Credit Facility") with a group of banks. For a full description of the New Credit Facility's terms and covenants, refer to the Amended and Restated Credit Agreement dated as of February 18, 2026, filed as Exhibit 10.33 to this Annual Report.

Term Loans –

As of December 31, 2025, the Company has $310.0 million of unsecured term loans ( the “Term Loans”) with a group of banks, which are scheduled to expire between November 2026 to February 2028. The Term Loans accrue interest at the rate of SOFR plus an applicable spread determined by the Company’s credit rating outlook and sustainability metric targets, as described in the agreement. As of December 31, 2025, the interest rates on the Term Loans is SOFR plus 81.0 basis points after reductions for an upgraded credit rating profile and sustainability metrics achieved. As of December 31, 2025, the Company had 20 swap rate agreements with various lenders swapping the interest rates on the Term Loans to all-in fixed rates ranging from 4.4793% to 4.6801%.

As of December 31, 2025, the Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) pursuant to a credit agreement, among Kimco OP, TD Bank, N.A., as administrative agent, and the other parties thereto maturing in January 2027 (with two one-year options to extend to January 2029). The Term Loan Credit Facility accrues interest at a spread (currently 80.0 basis points after reductions for an upgraded credit rating profile) to the SOFR Rate (as defined in the credit agreement), that fluctuates in accordance with changes in Kimco’s senior debt ratings. As of December 31, 2025, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the Term Loan Credit Facility to an all-in fixed rate of 4.5122%.

Mortgages Payable –

During 2025, the Company (i) assumed $31.4 million of non-recourse mortgage debt (including fair market value adjustment of $0.5 million) through the acquisition of an operating property and (ii) repaid $48.9 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered three operating properties.

In addition to the public equity and debt markets as capital sources, the Company may, from time to time, obtain mortgage financing on selected properties to partially fund the capital needs of its real estate re-development and re-tenanting projects. As of December 31, 2025, the Company had over 525 unencumbered property interests in its portfolio.

Dividends –

In connection with its intention to continue to qualify as a REIT for U.S. federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as it monitors sources of capital and evaluates the impact of the economy and capital markets availability on operating fundamentals. Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a dividend payout ratio which reserves such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate. Cash dividends paid were $714.6 million, $685.9 million and $657.5 million in 2025, 2024 and 2023, respectively.

Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments. The Company’s objective is to establish a dividend level that maintains compliance with the Company’s REIT taxable income distribution requirements. On October 28, 2025, the Company’s Board of Directors declared quarterly dividends with respect to the Company’s classes of preferred shares (Classes L, M and N) which were paid on January 15, 2026, to shareholders of record on January 2, 2026. Additionally, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per common share, representing a 4.0% increase from the prior quarterly dividend of $0.25, which was paid on December 19, 2025, to shareholders of record on December 5, 2025.

On February 10, 2026, the Company’s Board of Directors declared quarterly dividends with respect to the Company’s classes of cumulative redeemable preferred shares (Classes L, M and N), which are scheduled to be paid on April 15, 2026, to shareholders of record on April 1, 2026. Additionally, on February 10, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per common share payable on March 19, 2026 to shareholders of record on March 6, 2026.

Contractual Obligations and Other Commitments

Contractual Obligations

The Company has debt obligations relating to its Credit Facility (no outstanding balance as of December 31, 2025), unsecured senior notes, unsecured term loans and mortgages with maturities ranging from less than two months to 24 years. As of December 31, 2025, the Company’s consolidated total debt had a weighted average term to maturity of 7.9 years. In addition, the Company has non-cancelable leases pertaining to its shopping center portfolio. As of December 31, 2025, the Company had 36 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land or a portion of the underlying land to the Company to construct and/or operate a shopping center. Amounts due in 2026 in connection with these leases aggregate $12.0 million. The following table summarizes the Company’s consolidated debt maturities (excluding extension options, unamortized debt issuance costs of $63.3 million and fair market value of debt adjustments aggregating $3.8 million) and obligations under non-cancelable operating leases as of December 31, 2025:

	Payments due by period (in millions)
	2026		2027		2028		2029		2030		Thereafter		Total
Long-Term Debt:
Principal (1)	$	881.7	$	1,176.5	$	636.8	$	238.6	$	500.3	$	4,811.5	$	8,245.4
Interest (2)	$	321.3	$	258.7	$	237.1	$	225.7	$	217.8	$	1,468.9	$	2,729.5
Non-cancelable Leases (3)	$	12.0	$	12.2	$	12.2	$	11.4	$	10.2	$	251.5	$	309.5

• Maturities utilized do not reflect extension options, which range from one to five years. For 2026, the Company has scheduled principal payments of $823.0 million for consolidated unsecured debt and $58.7 million for consolidated secured debt. The Company anticipates satisfying these remaining 2026 debt obligations with net cash flow provided by operating activities, cash on hand, debt financing, and/or availability under its Credit Facility and Commercial Paper Program.

• For loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2025.

• For leases which have inflationary increases, future ground and office rent expense was calculated using the rent based upon initial lease payment.

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees, primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2025, these letters of credit aggregated $43.9 million.

In addition, the Company provides a guaranty for the payment of any debt service shortfalls on Series A bonds issued by the Sheridan Redevelopment Agency, which are tax increment revenue bonds issued in connection with a property owned by the Company in Sheridan, Colorado. These tax increment revenue bonds have a balance of $31.1 million outstanding at December 31, 2025. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040.

Funding Commitments

The Company has other investments with funding commitments of $26.5 million, of which $22.5 million has been funded as of December 31, 2025. In addition, the Company has mortgage and other financing receivables with undrawn loan advances of $42.8 million as of December 31, 2025.

Other

The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments. See Footnote 13 of the Notes to Consolidated Financial Statements for these unsecured debt instruments.

In connection with the construction of its development/redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2025, the Company had $17.4 million in performance and surety bonds outstanding.

Off-Balance Sheet Arrangements

Unconsolidated Real Estate Joint Ventures

The Company has investments in various unconsolidated real estate joint ventures with varying structures. These joint ventures primarily operate shopping centers or mixed-use properties. The properties owned by the joint ventures are primarily financed with individual non-recourse mortgage loans, however, the Company, on a selective basis, has obtained unsecured financing for certain joint ventures. As of December 31, 2025, the Company did not guarantee any joint venture unsecured debt. Non-recourse mortgage debt is generally defined as debt whereby the lenders’ sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage. The lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower, except for certain specified exceptions listed in the particular loan documents (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2025, aggregated $1.4 billion. As of December 31, 2025, these loans had scheduled maturities ranging from less than three months to 6.2 years and bore interest at rates ranging from 2.81% to 7.14%. Approximately $327.1 million of the aggregate outstanding loan balance matures in 2026. For these maturing loans, the Company will utilize extension options where available or repay them with operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales of properties, and partner capital contributions, as deemed appropriate (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Other Investments

The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Consolidated Balance Sheets. In addition, the Company has provided capital for certain investments, which are primarily accounted for on the equity method of accounting. As of December 31, 2025, the Company’s other investments were $99.9 million, of which the Company’s net investment under the Preferred Equity program was $59.1 million. As of December 31, 2025, these preferred equity investment properties had non-recourse mortgage loans aggregating $136.5 million. These loans have scheduled maturities ranging from 1.8 years to 4.1 years and bear interest at rates ranging from 6.58% to 8.34%. For these maturing loans, the Company will utilize extension options where available or repay them with operating cash flows, debt refinancing, and/or partner capital contributions, as deemed appropriate. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.

Effects of Inflation

Many of the Company’s long-term leases contain provisions designed to help mitigate the adverse impact of inflation. Such provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants’ gross sales above pre-determined thresholds, which generally increase as prices rise, and/or as a result of escalation clauses, which generally increase rental rates during the terms of the leases. Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices. In addition, many of the Company’s leases are for terms of less than 10 years, which permits the Company to seek to increase rents to market rates upon renewal. To assist in partially mitigating the Company’s exposure to increases in costs and operating expenses, including common area maintenance costs, real estate taxes and insurance, resulting from inflation, the Company’s leases typically include provisions that either (i) require the tenant to pay an allocable share of these operating expenses or (ii) contain fixed contractual amounts, which include escalation clauses, to reimburse these operating expenses.

Funds From Operations ("FFO")

FFO is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. NAREIT defines FFO as net income available to the Company’s common shareholders computed in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains or losses from sales of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis. The Company also made an election, in accordance with the NAREIT Funds From Operations White Paper-2018 Restatement, to exclude from its calculation of FFO (i) gains and losses on the sale of assets and impairments of assets incidental to its main business and (ii) mark-to-market changes in the value of its equity securities. As such, the Company does not include gains/impairments on land parcels, mark-to-market gains/losses from derivatives/marketable securities, allowance for credit losses on mortgage receivables, gains/impairments on other investments or other amounts considered incidental to its main business in NAREIT defined FFO, including any applicable tax effect and noncontrolling interest.

The Company presents FFO available to the Company’s common shareholders as it considers it an important supplemental measure of our 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 available to the Company’s common shareholders when reporting results. Comparison of our presentation of FFO available to the Company’s common shareholders 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.

FFO is a supplemental non-GAAP financial measure of real estate companies’ operating performances, which does not represent cash generated from operating activities in accordance with GAAP, and therefore, should not be considered an alternative for net income or cash flows from operations as a measure of liquidity.

The Company’s reconciliation of Net income available to the Company’s common shareholders to FFO available to the Company’s common shareholders is reflected in the table below (amounts presented in thousands, except per share data).

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Net income available to the Company’s common shareholders	$	143,627		$	154,835		$	554,430		$	375,718
Gain on sale of properties		(19,149	)		(330	)		(62,663	)		(1,274	)
Gain on sale of joint venture properties		-			-			(6,587	)		(1,501	)
Depreciation and amortization - real estate related		153,001			154,905			622,530			598,741
Depreciation and amortization - real estate joint ventures		20,951			22,074			84,472			86,235
Impairment charges (including real estate joint ventures)		898			207			9,517			4,485
(Recovery)/provision for loan losses, net		(3,348	)		1,000			(1,448	)		5,500
Profit participation from other investments, net		(1,006	)		240			(100	)		(5,059	)
(Gain)/loss on derivative/marketable securities, net		(494	)		1,627			(2,296	)		27,549
Provision/(benefit) for income taxes, net (1)		603			(46,874	)		(752	)		24,832
Noncontrolling interests (1)		(756	)		(783	)		(3,009	)		(3,150	)
FFO available to the Company’s common shareholders (3) (4)	$	294,327		$	286,901		$	1,194,094		$	1,112,076
Weighted average shares outstanding for FFO calculations:
Basic		673,914			673,676			675,050			671,561
Units		3,319			3,199			3,504			3,206
Convertible preferred shares		3,185			4,100			3,209			4,223
Dilutive effect of equity awards		138			751			138			523
Diluted (2)		680,556			681,726			681,901			679,513
FFO per common share – basic	$	0.44		$	0.43		$	1.77		$	1.66
FFO per common share – diluted (2) (3) (4)	$	0.44		$	0.42		$	1.76		$	1.65

• Related to gains, impairment, depreciation on properties and gains/(losses) on derivatives and marketable securities, where applicable.
• 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 $2,107 and $2,400 for the three months ended December 31, 2025 and 2024, respectively. FFO available to the company's common shareholders would be increased by $8,675 and $9,801 for the years ended December 31, 2025 and 2024, respectively. The effect of other certain convertible securities 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 earnings per share calculations.
• Includes $3.3 million of charges associated with the tender of the Company's Class N Preferred Stock for the three months and year ended December 31, 2024.
• Includes Merger charges of $25.2 million for the year ended December 31, 2024.

Same Property Net Operating Income

Same property 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. The Company considers Same property NOI as an important operating performance measure frequently used by analysts and investors because it includes only the net operating income of operating properties that have been owned and stabilized by the Company for the entire current and prior year reporting periods. It excludes properties under significant redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. 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 revenues from rental properties (excluding straight-line rent adjustments, lease termination fee income, net, and amortization of above/below-market rents) less charges for credit losses, operating and maintenance expense, real estate taxes and rent expense, 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 available to the Company’s common shareholders, may differ from methods used by other REITs and may not be comparable to such other REITs.

The following is a reconciliation of Net income available to the Company’s common shareholders to Same property NOI (in thousands):

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Net income available to the Company’s common shareholders	$	143,627		$	154,835		$	554,430		$	375,718
Adjustments:
Management and other fee income		(4,385	)		(4,333	)		(18,716	)		(17,949	)
General and administrative		36,530			34,902			133,015			138,140
Impairment charges		898			199			9,517			4,476
Merger charges		-			-			-			25,246
Depreciation and amortization		154,045			156,130			627,090			603,685
Gain on sale of properties		(19,149	)		(330	)		(62,663	)		(1,274	)
Other income, net		(1,290	)		(7,310	)		(2,047	)		(28,074	)
Mortgage and other financing income, net		(15,252	)		(10,342	)		(50,958	)		(29,531	)
Loss/(gain) on marketable securities, net		29			66			(3	)		27,679
Interest expense		84,354			83,684			330,196			307,806
Provision/(benefit) for income taxes, net		1,091			(46,938	)		1,046			25,417
Equity in income of other investments, net		(1,803	)		(353	)		(3,440	)		(9,821	)
Net income attributable to noncontrolling interests		2,147			1,961			8,069			8,654
Preferred stock redemption charges		-			3,304			-			3,304
Preferred dividends, net		7,536			7,899			30,311			31,763
RPT same property NOI (1)		-			-			-			606
Non same property net operating income		(20,784	)		(19,270	)		(91,974	)		(59,932	)
Non-operational expense from joint ventures, net		28,092			30,066			103,007			115,695
Same property NOI	$	395,686		$	384,170		$	1,566,880		$	1,521,608

• Amount represents the Same property NOI from RPT properties, not included in the Company's Net income available to the Company's common shareholders.

Same property NOI increased by $11.5 million, or 3.0%, for the three months ended December 31, 2025, as compared to the corresponding period in 2024. This increase is primarily the result of (i) an increase of $8.7 million in minimum rent, primarily related to strong leasing activity and (ii) an increase in other revenues, net of $2.6 million.

Same property NOI increased by $45.3 million, or 3.0%, for the year ended December 31, 2025, as compared to the corresponding period in 2024. This increase is primarily the result of (i) an increase of $39.3 million in minimum rent, primarily related to strong leasing activity, and (ii) an increase in other revenues, net of $8.6 million, partially offset by (iii) an increase in non-recoverable expenses of $2.5 million.

New Accounting Pronouncements

See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The Company’s primary market risk exposure is interest rate risk. The Company periodically evaluates its exposure to short-term interest rates and will, from time-to-time, enter into interest rate protection agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt. As of December 31, 2025, the Company has 26 interest rate swaps with notional amounts aggregating to $860.0 million. The interest rate swap agreements are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. The hedged debt is reflected as fixed rate unsecured debt in the table below. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes.

The following table presents the carrying value of the Company’s aggregate fixed rate and variable rate debt obligations outstanding, including fair market value adjustments and unamortized deferred financing costs, as of December 31, 2025, with corresponding weighted-average interest rates sorted by maturity date. In addition, the following table presents the fair value of the Company’s debt

obligations outstanding, excluding fair market value adjustments and unamortized deferred financing costs. The table does not include extension options where available (amounts in millions).

	2026			2027			2028			2029			2030			Thereafter			Total			Fair Value
Secured Debt
Fixed Rate	$	31.3		$	32.6		$	125.8		$	250.1		$	-		$	11.3		$	451.1		$	439.1
Average Interest Rate		3.49	%		4.01	%		4.46	%		4.51	%		-			3.33	%		4.35	%
Variable Rate	$	16.1		$	-		$	-		$	-		$	-		$	-		$	16.1		$	16.1
Average Interest Rate		5.17	%		-			-			-			-			-			5.17	%
Unsecured Debt
Fixed Rate	$	825.1		$	1,134.3		$	518.3		$	-		$	497.0		$	4,744.0		$	7,718.7		$	7,411.2
Average Interest Rate		3.16	%		4.34	%		2.53	%		-			2.70	%		4.32	%		3.98	%

Based on the Company’s variable-rate debt balances, interest expense would have increased by $0.2 million for the year ended December 31, 2025, if short-term interest rates were 1.0% higher.

Item 8. Financial Statements and Supplementary Data

The response to this Item 8 is included in our audited Consolidated Financial Statements and Notes to Consolidated Financial Statements, which are contained in Part IV, Item 15 of this Form 10-K.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Kimco Realty Corporation

Evaluation of Disclosure Controls and Procedures

The Parent Company’s management, with the participation of the Parent Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Parent Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, the Parent Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Parent Company’s disclosure controls and procedures are effective as of December 31, 2025.

Changes in Internal Control Over Financial Reporting

There have not been any changes in the Parent Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Parent Company’s internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

The Parent Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of Parent Company’s management, including Parent Company’s Chief Executive Officer and Chief Financial Officer, Parent Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation under the framework in Internal Control - Integrated Framework (2013), Parent Company’s management concluded that Parent Company’s internal control over financial reporting was effective as of December 31, 2025.

The effectiveness of Parent Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears under Item 8.

Kimco Realty OP, LLC

Evaluation of Disclosure Controls and Procedures

Kimco OP’s management, with the participation of Kimco OP’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of Kimco OP’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, Kimco OP’s Chief Executive Officer and Chief Financial Officer have concluded that Kimco OP’s disclosure controls and procedures are effective as of December 31, 2025.

Changes in Internal Control Over Financial Reporting

There have not been any changes in Kimco OP’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, Kimco OP’s internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

Kimco OP’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of Kimco OP’s management, including Kimco OP’s Chief Executive Officer and Chief Financial Officer, Kimco OP conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation under the framework in Internal Control - Integrated Framework (2013), Kimco OP’s management concluded that Kimco OP’s internal control over financial reporting was effective as of December 31, 2025.

Item 9B. Other Information

During the three months ended December 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

INDEX TO EXHIBITS

		Incorporated by Reference
Exhibit<br><br>Number	Exhibit Description	Form	File No.	Date of<br><br>Filing	Exhibit<br><br>Number	Filed/<br><br>Furnished<br><br>Herewith	Page<br><br>Number
2.1	Agreement and Plan of Merger, dated as of April 15, 2021, by and between Kimco Realty Corporation and Weingarten Realty Investors	8-K	1-10899	04/15/21	2.1
2.2	Agreement and Plan of Merger, dated December 15, 2022, by and among Kimco, New Kimco and Merger Sub.	8-K	1-10899	12/15/22	2.1
2.3	Agreement and Plan of Merger, dated as of August 28, 2023, by and among Kimco Realty Corporation, Kimco Realty OP, LLC, Tarpon Acquisition Sub, LLC, Tarpon OP Acquisition Sub, LLC, RPT Realty, and RPT Realty, L.P.	8-K	1-10899	08/28/23	2.1
3.1	Articles of Merger	8-K12B	1-10899	01/03/23	3.3
3.2	Articles of Amendment and Restatement of Kimco Realty Corporation	8-K12B	1-10899	01/03/23	3.1
3.3	Articles of Amendment of Kimco Realty Corporation	10-Q	1-10899	08/02/24	3.1
3.4	Articles Supplementary of Kimco Realty Corporation with respect to Kimco Class N Preferred Stock	8-A12B	1-10899	12/29/23	3.2
3.5	Certificate of Correction to Articles Supplementary of Kimco Realty Corporation with respect to Kimco Class N Preferred Stock	10-K	1-10899	02/23/24	3.4
3.6	Amended and Restated Bylaws of Kimco Realty Corporation	10-Q	1-10899	07/28/23	3.1
3.7	Certificate of Formation of Kimco Realty OP, LLC	8-K12B	1-10899	01/03/23	3.4
3.8	Amended and Restated Limited Liability Company Agreement of Kimco Realty OP, LLC, dated as of January 2, 2024	8-K	1-10899	01/02/24	3.1
4.1	Indenture dated September 1, 1993, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	S-3	333-67552	09/10/93	4(a)
4.2	First Supplemental Indenture, dated August 4, 1994, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	10-K	1-10899	03/28/96	4.6
4.3	Second Supplemental Indenture, dated April 7, 1995, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	8-K	1-10899	04/07/95	4(a)
4.4	Third Supplemental Indenture, dated June 2, 2006, between Kimco Realty Corporation and The Bank of New York, as Trustee	8-K	1-10899	06/05/06	4.1
4.5	Fourth Supplemental Indenture, dated April 26, 2007, between Kimco Realty Corporation and The Bank of New York, as Trustee	8-K	1-10899	04/26/07	1.3
4.6	Fourth Supplemental Indenture, dated as of January 3, 2023, between Kimco Realty OP, LLC, as issuer, Kimco Realty Corporation, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee	8-K12B	1-10899	01/03/23	4.2
		Incorporated by Reference
---	---	---	---	---	---	---	---
Exhibit<br><br>Number	Exhibit Description	Form	File No.	Date of<br><br>Filing	Exhibit<br><br>Number	Filed/<br><br>Furnished<br><br>Herewith	Page<br><br>Number
4.7	Fifth Supplemental Indenture, dated September 24, 2009, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee	8-K	1-10899	09/24/09	4.1
4.8	Sixth Supplemental Indenture, dated May 23, 2013, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee	8-K	1-10899	05/23/13	4.1
4.9	Seventh Supplemental Indenture, dated April 24, 2014, between Kimco Realty Corporation and The Bank of New York Mellon, as Trustee	8-K	1-10899	04/24/14	4.1
4.10	Eighth Supplemental Indenture, dated as of January 3, 2023, between Kimco Realty OP, LLC, as issuer, Kimco Realty Corporation, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee	8-K12B	1-10899	01/03/23	4.1
4.11	Form of Indenture for Senior Debt Securities, among Kimco Realty Corporation, an issuer, Kimco Realty OP, LLC, as guarantor, and The Bank of New York Mellon, as Trustee	S-3ASR	333-269102	01/03/23	4(j)
4.12	Description of Securities	10-K	1-10899	02/21/25	4.12
4.13	Form of Indenture for Senior Debt Securities dated as of May 1, 1995 between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	S-3	33-57659	02/10/95	4(a)
4.14	First Supplemental Indenture, dated August 2, 2006, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	8-K	1-09876	08/02/06	4.1
4.15	Second Supplemental Indenture, dated October 9, 2012, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	8-K	1-09876	10/09/12	4.1
4.16	Third Supplemental Indenture, dated August 3, 2021, between Kimco Realty Corporation, Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	10-K	1-10899	02/24/23	4.16
4.17	Fourth Supplemental Indenture, dated January 3, 2023, between Kimco Realty Corporation (successor in interest to Weingarten Realty Investors) and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association)	8-K12B	1-10899	01/03/23	4.2
		Incorporated by Reference
---	---	---	---	---	---	---	---
Exhibit<br><br>Number	Exhibit Description	Form	File No.	Date of<br><br>Filing	Exhibit<br><br>Number	Filed/<br><br>Furnished<br><br>Herewith	Page<br><br>Number
4.18	Form of Deposit Agreement, dated as of January 2, 2024, between Kimco Realty Corporation and Equiniti Trust Company, LLC, and the holders from time to time of the Depositary Receipts described therein, dated as of January 2, 2024	8-K	1-10899	01/03/24	4.1
10.1	Kimco Realty Corporation Executive Severance Plan, dated March 15, 2010	8-K	1-10899	03/19/10	10.5
10.2	Restated Kimco Realty Corporation 2010 Equity Participation Plan	10-K	1-10899	02/27/17	10.6
10.3	Amendment No. 1 to the Kimco Realty Corporation 2010 Equity Participation Plan	10-K	1-10899	02/23/18	10.7
10.4	First Amendment to the Kimco Realty Corporation Executive Severance Plan, dated March 20, 2012	10-Q	1-10899	05/10/12	10.3
10.5	Kimco Realty Corporation 2020 Equity Participation Plan	DEF 14A	1-10899	03/18/20	Annex B
10.6	Kimco Realty Corporation Amended and Restated 2020 Equity Participation Plan	8-K12B	1-10899	01/03/23	10.8
10.7	Kimco Realty Corporation Second Amended and Restated 2020 Equity Participation Plan	10-K	1-10899	02/26/24	10.12
10.8	Form of LTIP Unit Award Agreement (Time-Based)	10-K	1-10899	02/26/24	10.13
10.9	Form of LTIP Unit Award Agreement (Performance-Based)	10-K	1-10899	02/26/24	10.14
10.10	Form of 2025 Equity Participation Plan Performance-Based LTIP Unit Award Agreement	-	-	-	-	*
10.11	Form of 2025 Equity Participation Plan Performance Share Award Agreement	-	-	-	-	*
10.12	Form of Kimco Realty Corporation 2020 Equity Participation Plan Performance Share Award Grant Notice and Performance Share Award Agreement	10-Q	1-10899	08/07/20	10.4
10.13	Form of Kimco Realty Corporation 2020 Equity Participation Plan Restricted Stock Award Grant Notice and Restricted Stock Award Agreement.	10-Q	1-10899	08/07/20	10.5
10.14	Parent Guarantee, dated as of January 1, 2023, by Kimco Realty Corporation	8-K12B	1-10899	01/03/23	10.2
10.15	Form of Indemnification Agreement	10-K	1-10899	02/24/23	10.19
10.16	Amended and Restated Credit Agreement, dated as of February 23, 2023, among Kimco Realty OP, LLC and each of the parties named therein	10-K	1-10899	02/24/23	10.20
10.17	Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024 among Kimco Realty OP, LLC (as successor by assumption to RPT Realty, L.P.), the several banks, financial institutions and other entities from time to time parties thereto, BMO Bank, N.A., as syndication agent, Truist Bank and Regions Bank, as documentation agents, J.P. Morgan Securities LLC, as sustainability structuring agent, and JPMorgan Chase Bank, N.A., as administrative agent	8-K	1-10899	01/03/24	10.1
		Incorporated by Reference
---	---	---	---	---	---	---	---
Exhibit<br><br>Number	Exhibit Description	Form	File No.	Date of<br><br>Filing	Exhibit<br><br>Number	Filed/<br><br>Furnished<br><br>Herewith	Page<br><br>Number
10.18	Parent Guarantee, dated as of January 2, 2024, made by Kimco Realty Corporation in favor of JPMorgan Chase Bank, N.A., as administrative agent	8-K	1-10899	01/03/24	10.2
10.19	Term Loan Agreement, dated as of January 2, 2024 among Kimco Realty O.P., LLC, the several banks, financial institutions and other entities from time to time parties thereto, and TD Bank, N.A., as administrative agent	8-K	1-10899	01/03/24	10.3
10.20	Parent Guarantee, dated as of January 2, 2024, made by Kimco Realty Corporation in favor of TD Bank, N.A., as administrative agent	8-K	1-10899	01/03/24	10.4
10.21	Amendment No. 1 dated May 3, 2024, to Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024, among Kimco Realty, OP LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder	10-Q	1-10899	08/02/24	10.1
10.22	Amendment No. 1, dated May 3, 2024, to Amended and Restated Credit Agreement, dated as of February 23, 2023, among Kimco Realty OP, LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder	10-Q	1-10899	08/02/24	10.2
10.23	Amendment No. 1, dated as of May 3, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto, to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, LLC, TD Bank, N.A., as administrative agent and the lenders party thereto	10-Q	1-10899	08/02/24	10.3
10.24	Amendment No. 2, dated as of July 17, 2024, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto, to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s and Kimco OP’s Current Report on Form 8-K filed on July 19, 2024)	8-K	1-10899	07/19/24	10.1
10.25	Amendment No. 3, dated as of September 3, 2024, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s and Kimco OP’s Current Report on Form 8-K filed on September 5, 2024)	8-K	1-10899	09/05/24	10.1
		Incorporated by Reference
---	---	---	---	---	---	---	---
Exhibit<br><br>Number	Exhibit Description	Form	File No.	Date of<br><br>Filing	Exhibit<br><br>Number	Filed/<br><br>Furnished<br><br>Herewith	Page<br><br>Number
10.26	Amendment No.2 dated November 19, 2025 to Seventh Amended and Restated Credit Agreement, dated as of January 2, 2024, among Kimco Realty, OP LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder	—	—	—	—	*
10.27	Amendment No.4, dated as of November 12, 2025, among Kimco OP, Toronto Dominion (Texas) LLC (successor to TD Bank, N.A.) as administrative agent and the lenders party thereto to the Term Loan Agreement, dated as of January 2, 2024, among Kimco OP, TD Bank, N.A., as administrative agent and the lenders party thereto	—	—	—	—	*
10.28	Kimco Realty Corporation 2025 Equity Participation Plan	DEF 14A	1-10899	03/19/25	Annex B
10.29	Form of Kimco Realty Corporation 2025 Equity Participation Plan Time-Based Restricted Stock Award Agreement	10-Q	1-10899	05/02/25	10.1
10.30	Form of Kimco Realty Corporation 2025 Equity Participation Plan Time-Based LTIP Agreement	10-Q	1-10899	05/02/25	10.2
10.31	Form of Kimco Realty Corporation 2025 Equity Participation Plan Performance Share Agreement	10-Q	1-10899	05/02/25	10.3
10.32	Form of Kimco Realty Corporation 2025 Equity Participation Plan Performance-Based LTIP Agreement	10-Q	1-10899	05/02/25	10.4
10.33	Amended and Restated Credit Agreement, dated as of February 18, 2026, among Kimco Realty OP, LLC and JPMorgan Chase Bank N.A., as administrative agent for the lenders thereunder	—	—	—	—	*
19.1	Insider Trading Policy	10-K	1-10899	02/21/25	19.1
21.1	Significant Subsidiaries of Kimco Realty Corporation and Kimco Realty OP, LLC	—	—	—	—	*
23.1	Consent of PricewaterhouseCoopers LLP - Kimco Realty Corporation	—	—	—	—	*
23.2	Consent of PricewaterhouseCoopers LLP - Kimco Realty OP, LLC	—	—	—	—	*
31.1	Certification of the Chief Executive Officer of Kimco Realty Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
31.2	Certification of the Chief Financial Officer of Kimco Realty Corporation, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
31.3	Certification of the Chief Executive Officer of Kimco Realty OP, LLC, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
31.4	Certification of the Chief Financial Officer of Kimco Realty OP, LLC, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
32.1	Certification of the Chief Executive Officer of Kimco Realty Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**
32.2	Certification of the Chief Financial Officer of Kimco Realty Corporation, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**
		Incorporated by Reference
---	---	---	---	---	---	---	---
Exhibit<br><br>Number	Exhibit Description	Form	File No.	Date of<br><br>Filing	Exhibit<br><br>Number	Filed/<br><br>Furnished<br><br>Herewith	Page<br><br>Number
32.3	Certification of the Chief Executive Officer of Kimco Realty OP, LLC, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**
32.4	Certification of the Chief Financial Officer of Kimco Realty OP, LLC, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**
97.1	Kimco Realty Corporation Policy for Recovery of Erroneously Awarded Compensation	10-K	1-10899	02/26/24	97.1
99.1	Property Chart	—	—	—	—	*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document	—	—	—	—	*
101.SCH	Inline XBRL Taxonomy Extension Schema	—	—	—	—	*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase	—	—	—	—	*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase	—	—	—	—	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase	—	—	—	—	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase	—	—	—	—	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	—	—	—	—	*

* Filed herewith

** Furnished herewith

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

KIMCO REALTY CORPORATION
By:	/s/ Conor C. Flynn
	Conor C. Flynn
	Chief Executive Officer
Dated:	February 20, 2026
---	---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Conor C. Flynn	Chief Executive Officer and Director	February 20, 2026
Conor C. Flynn
/s/ Ross Cooper	President -	February 20, 2026
Ross Cooper	Chief Investment Officer and Director
/s/ David Jamieson	Executive Vice President -	February 20, 2026
David Jamieson	Chief Operating Officer and Director
/s/ Frank Lourenso	Director	February 20, 2026
Frank Lourenso
/s/ Richard Saltzman	Director	February 20, 2026
Richard Saltzman
/s/ Philip Coviello	Director	February 20, 2026
Philip Coviello
/s/ Mary Hogan Preusse	Director	February 20, 2026
Mary Hogan Preusse
/s/ Valerie Richardson	Director	February 20, 2026
Valerie Richardson
/s/ Henry Moniz	Director	February 20, 2026
Henry Moniz
/s/ Nancy Lashine	Director	February 20, 2026
Nancy Lashine
/s/ Glenn G. Cohen	Executive Vice President -	February 20, 2026
Glenn G. Cohen	Chief Financial Officer
/s/ Paul Westbrook	Vice President -	February 20, 2026
Paul Westbrook	Chief Accounting Officer

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

KIMCO REALTY OP, LLC
BY:	KIMCO REALTY CORPORATION, managing member
BY:	/s/ Conor C. Flynn
	Conor C. Flynn
	Chief Executive Officer
Dated:	February 20, 2026
---	---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following directors and officers of Kimco Realty Corporation, the managing member of the registrant, and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Conor C. Flynn	Chief Executive Officer and Director	February 20, 2026
Conor C. Flynn
/s/ Ross Cooper	President -	February 20, 2026
Ross Cooper	Chief Investment Officer and Director
/s/ David Jamieson	Executive Vice President -	February 20, 2026
David Jamieson	Chief Operating Officer and Director
/s/ Frank Lourenso	Director	February 20, 2026
Frank Lourenso
/s/ Richard Saltzman	Director	February 20, 2026
Richard Saltzman
/s/ Philip Coviello	Director	February 20, 2026
Philip Coviello
/s/ Mary Hogan Preusse	Director	February 20, 2026
Mary Hogan Preusse
/s/ Valerie Richardson	Director	February 20, 2026
Valerie Richardson
/s/ Henry Moniz	Director	February 20, 2026
Henry Moniz
/s/ Nancy Lashine	Director	February 20, 2026
Nancy Lashine
/s/ Glenn G. Cohen	Executive Vice President -	February 20, 2026
Glenn G. Cohen	Chief Financial Officer
/s/ Paul Westbrook	Vice President -	February 20, 2026
Paul Westbrook	Chief Accounting Officer

ANNUAL REPORT ON FORM 10-K

ITEM 8, ITEM 15 (a) (1) and (2)

INDEX TO FINANCIAL STATEMENTS

AND

FINANCIAL STATEMENT SCHEDULES

		Form 10-K<br>Page
KIMCO REALTY CORPORATION AND SUBSIDIARIES<br><br>KIMCO REALTY OP, LLC AND SUBSIDIARIES
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) - Kimco Realty Corporation and Subsidiaries		60
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) - Kimco Realty OP, LLC and Subsidiaries		62
Consolidated Financial Statements and Financial Statement Schedules of Kimco Realty Corporation and Subsidiaries:
Consolidated Balance Sheets as of December 31, 2025 and 2024		64
Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023		65
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023		66
Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023		67
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023		69
Consolidated Financial Statements and Financial Statement Schedules of Kimco Realty OP, LLC and Subsidiaries:
Consolidated Balance Sheets as of December 31, 2025 and 2024		70
Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023		71
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023		72
Consolidated Statements of Changes in Capital for the years ended December 31, 2025, 2024 and 2023		73
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023		76
Financial Statement Schedules:
II.	Valuation and Qualifying Accounts for the years ended December 31, 2025, 2024 and 2023	126
III.	Real Estate and Accumulated Depreciation as of December 31, 2025	127
IV.	Mortgage Loans on Real Estate as of December 31, 2025	144

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Kimco Realty Corporation

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Kimco Realty Corporation and its subsidiaries (the "Company") as listed in the accompanying index (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Analysis of Real Estate Properties for Indicators of Impairment

As described in Note 1 to the consolidated financial statements, the net carrying value of the Company’s real estate, net was $16.77 billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in anticipated holding period, and general market conditions, that the carrying value of the Company’s real estate properties may be impaired. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value.

The principal considerations for our determination that performing procedures relating to the analysis of real estate properties for indicators of impairment is a critical audit matter are (i) the significant judgment by management to identify indicators of impairment of the carrying value of real estate properties and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management’s identification of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s analysis of real estate properties for indicators of impairment. These procedures also included, among others (i) testing management’s process for identifying real estate properties for indicators of impairment, (ii) testing the completeness and accuracy of certain underlying data used in the analysis, and (iii) evaluating the reasonableness of management’s identification of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions. Evaluating the reasonableness of management’s identification of impairment indicators involved (i) considering whether the indicators were consistent with evidence obtained in other areas of the audit, (ii) evaluating property operating performance, (iii) evaluating anticipated changes in holding period, including the assessment of management’s intent with respect to holding or disposing of real estate properties, and (iv) assessing management’s considerations of general market conditions and evaluating the consistency with external market and industry data.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 20, 2026

We have served as the Company’s auditor since at least 1991. We have not been able to determine the specific year we began serving as auditor of the Company.

Report of Independent Registered Public Accounting Firm

To the Members of Kimco Realty OP, LLC

Opinion on the Financial Statements

We have audited the consolidated financial statements, including the related notes and financial statement schedules, of Kimco Realty OP, LLC and its subsidiaries (the "Kimco OP") as listed in the accompanying index (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Kimco OP as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of Kimco OP’s management. Our responsibility is to express an opinion on Kimco OP’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Kimco OP in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Kimco OP is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of Kimco OP's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Analysis of Real Estate Properties for Indicators of Impairment

As described in Note 1 to the consolidated financial statements, the net carrying value of Kimco OP’s real estate, net was $16.77 billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in anticipated holding period, and general market conditions, that the carrying value of Kimco OP’s real estate properties may be impaired. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value.

The principal considerations for our determination that performing procedures relating to the analysis of real estate properties for indicators of impairment is a critical audit matter are (i) the significant judgment by management to identify indicators of impairment of the carrying value of real estate properties and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management’s identification of impairment indicators related to property operating performance, changes in anticipated holding period, and general market conditions.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s analysis of real estate properties for indicators of impairment. These procedures also included, among others (i) testing management’s process for identifying real estate properties for indicators of impairment, (ii) testing the completeness and accuracy of certain underlying data used in the analysis, and (iii) evaluating the reasonableness of management’s identification of impairment indicators related to

property operating performance, changes in anticipated holding period, and general market conditions. Evaluating the reasonableness of management’s identification of impairment indicators involved (i) considering whether the indicators were consistent with evidence obtained in other areas of the audit, (ii) evaluating property operating performance, (iii) evaluating anticipated changes in holding period, including the assessment of management’s intent with respect to holding or disposing of real estate properties, and (iv) assessing management’s considerations of general market conditions and evaluating the consistency with external market and industry data.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 20, 2026

We have served as Kimco OP’s or its predecessor’s auditor since at least 1991. We have not been able to determine the specific year we began serving as auditor of the predecessor.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

			December 31, 2024
Assets:
Real estate:
Land	4,552,341		$	4,498,196
Building and improvements	15,839,316			15,425,295
Intangible assets	1,227,199			1,247,081
Real estate	21,618,856			21,170,572
Less: accumulated depreciation and amortization	(4,849,564	)		(4,360,239	)
Total real estate, net	16,769,292			16,810,333
Investments in and advances to real estate joint ventures	1,454,051			1,487,675
Other investments	99,936			107,347
Cash, cash equivalents and restricted cash	212,794			689,731
Mortgage and other financing receivables, net	383,935			444,966
Accounts and other receivables, net	368,964			340,469
Deferred charges and prepaid expenses	177,873			167,041
Operating lease right-of-use assets, net	127,596			126,441
Other assets	93,809			135,893
Total assets (1)	19,688,250		$	20,309,896
Liabilities:
Notes payable, net	7,718,730		$	7,964,738
Mortgages payable, net	467,203			496,438
Accounts payable and accrued expenses	291,537			281,867
Intangible liabilities, net	334,527			366,943
Operating lease liabilities	120,078			117,199
Other liabilities	188,297			236,922
Total liabilities (2)	9,120,372			9,464,107
Redeemable noncontrolling interests	24,506			47,877
Commitments and contingencies (Footnote 23)
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 674,093,047 and 679,493,522 shares, respectively	6,741			6,795
Paid-in capital	10,922,596			11,033,485
Cumulative distributions in excess of net income	(528,730	)		(398,792	)
Accumulated other comprehensive (loss)/income	(8,792	)		11,038
Total stockholders' equity	10,391,836			10,652,547
Noncontrolling interests	151,536			145,365
Total equity	10,543,372			10,797,912
Total liabilities and equity	19,688,250		$	20,309,896

All values are in US Dollars.

• Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2025 and 2024 of $358,236 and $334,859, respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.
• Includes non-recourse liabilities of consolidated VIEs at December 31, 2025 and 2024 of $153,044 and $161,577, respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

	Year Ended December 31,
	2025			2024			2023
Revenues
Revenues from rental properties, net	$	2,121,400		$	2,019,065		$	1,767,057
Management and other fee income		18,716			17,949			16,343
Total revenues		2,140,116			2,037,014			1,783,400
Operating expenses
Rent		(16,776	)		(16,837	)		(15,997	)
Real estate taxes		(277,478	)		(261,700	)		(231,578	)
Operating and maintenance		(368,080	)		(359,116	)		(309,143	)
General and administrative		(133,015	)		(138,140	)		(136,807	)
Impairment charges		(9,517	)		(4,476	)		(14,043	)
Merger charges		-			(25,246	)		(4,766	)
Depreciation and amortization		(627,090	)		(603,685	)		(507,265	)
Total operating expenses		(1,431,956	)		(1,409,200	)		(1,219,599	)
Gain on sale of properties		62,663			1,274			74,976
Operating income		770,823			629,088			638,777
Other income/(expense)
Special dividend income		-			-			194,116
Other income, net		2,047			28,074			27,999
Mortgage and other financing income, net		50,958			29,531			11,961
Gain/(loss) on marketable securities, net		3			(27,679	)		21,262
Interest expense		(330,196	)		(307,806	)		(250,201	)
Income before income taxes, net, equity in income of joint ventures, net, and<br>   equity in income from other investments, net		493,635			351,208			643,914
Provision for income taxes, net		(1,046	)		(25,417	)		(60,952	)
Equity in income of joint ventures, net		96,781			83,827			72,278
Equity in income of other investments, net		3,440			9,821			10,709
Net income		592,810			419,439			665,949
Net income attributable to noncontrolling interests		(8,069	)		(8,654	)		(11,676	)
Net income attributable to the Company		584,741			410,785			654,273
Preferred stock redemption charges		-			(3,304	)		-
Preferred dividends, net		(30,311	)		(31,763	)		(25,021	)
Net income available to the Company's common shareholders	$	554,430		$	375,718		$	629,252
Per common share:
Net income available to the Company's common shareholders
-Basic	$	0.82		$	0.55		$	1.02
-Diluted	$	0.82		$	0.55		$	1.02
Weighted average shares:
-Basic		675,050			671,561			616,947
-Diluted		675,279			672,136			618,199

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

	Year Ended December 31,
	2025			2024			2023
Net income	$	592,810		$	419,439		$	665,949
Other comprehensive (loss)/income:
Change in unrealized gains related to defined benefit plan	-			-				(10,581	)
Change in fair value of cash flow hedges for interest payments		(15,809	)		7,239		-
Equity in change in fair value of cash flow hedges for interest payments<br>   of unconsolidated investees		(4,021	)		470			3,329
Other comprehensive (loss)/income		(19,830	)		7,709			(7,252	)
Comprehensive income		572,980			427,148			658,697
Comprehensive income attributable to noncontrolling interests		(8,069	)		(8,654	)		(11,676	)
Comprehensive income attributable to the Company	$	564,911		$	418,494		$	647,021

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)

	Preferred Stock				Common Stock						Paid-in			Cumulative			Accumulated Other			Total			Noncontrolling			Total
	Issued		Amount		Issued			Amount			Capital			Distributions in<br>Excess of Net Income			Comprehensive <br>Income/(Loss)			Stockholders'<br>Equity			Interests			Equity
Balance at January 1, 2023		19	$	19		618,484		$	6,185		$	9,618,271		$	(119,548	)	$	10,581		$	9,515,508		$	131,401		$	9,646,909
Contributions from noncontrolling interests		-		-		-			-			-			-			-			-			13			13
Net income		-		-		-			-			-			654,273			-			654,273			11,676			665,949
Other comprehensive (loss)/income:
Change in unrealized gains related to <br>   defined benefit plan		-		-		-			-			-			-			(10,581	)		(10,581	)		-			(10,581	)
Equity in change in fair value of cash flow hedges <br>   for interest payments of unconsolidated investees		-		-		-			-			-			-			3,329			3,329			-			3,329
Redeemable noncontrolling interests income		-		-		-			-			-			-			-			-			(5,820	)		(5,820	)
Dividends declared to preferred shares		-		-		-			-			-			(25,021	)		-			(25,021	)		-			(25,021	)
Dividends declared to common shares		-		-		-			-			-			(632,280	)		-			(632,280	)		-			(632,280	)
Repurchase of preferred stock		-		-		-			-			(1,631	)		-			-			(1,631	)		-			(1,631	)
Distributions to noncontrolling interests		-		-		-			-			-			-			-			-			(5,614	)		(5,614	)
Issuance of common stock		-		-		1,988			20			(20	)		-			-			-			-			-
Surrender of restricted common stock		-		-		(774	)		(8	)		(16,319	)		-			-			(16,327	)		-			(16,327	)
Exercise of common stock options		-		-		173			2			3,725			-			-			3,727			-			3,727
Amortization of equity awards		-		-		-			-			33,088			-			-			33,088			-			33,088
Redemption/conversion of noncontrolling interests		-		-		-			-			(112	)		-			-			(112	)		(3,663	)		(3,775	)
Adjustment of redeemable noncontrolling interests <br>   to estimated fair value		-		-		-			-			1,492			-			-			1,492			-			1,492
Balance at December 31, 2023		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		-		-		-			-			-			-			-			-		399				399
Net income		-		-		-			-			-			410,785			-			410,785			8,654			419,439
Other comprehensive income:
Change in fair value of cash flow hedges for <br>   interest payments		-		-		-			-			-			-			7,239			7,239			-			7,239
Equity in change in fair value of cash flow hedges <br>   for interest payments of unconsolidated investees		-		-		-			-			-			-			470			470			-			470
Redeemable noncontrolling interests income		-		-		-			-			-			-			-			-			(4,182	)		(4,182	)
Dividends declared to preferred shares		-		-		-			-			-			(31,782	)		-			(31,782	)		-			(31,782	)
Dividends declared to common shares		-		-		-			-			-			(655,219	)		-			(655,219	)		-			(655,219	)
Repurchase of preferred stock		-		-		-			-			(26,719	)		-			-			(26,719	)		-			(26,719	)
Distributions to noncontrolling interests		-		-		-			-			-			-			-			-			(5,674	)		(5,674	)
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, net		-		-		7,404			74			135,721			-			-			135,795			-			135,795
Noncontrolling interests assumed from <br>   the merger (1)		-		-		-			-			-			-			-			-			20,975			20,975
Surrender of restricted common stock		-		-		(815	)		(8	)		(15,877	)		-			-			(15,885	)		-			(15,885	)
Amortization of equity awards		-		-		-			-			33,247			-			-			33,247			1,690			34,937
Redemption/conversion of noncontrolling interests		-		-		-			-			(178	)		-			-			(178	)		(4,490	)		(4,668	)
Adjustment of redeemable noncontrolling interests to <br>   estimated fair value		-		-		-			-			(3,042	)		-			-			(3,042	)		-			(3,042	)
Balance at December 31, 2024		21		21		679,494			6,795			11,033,485			(398,792	)		11,038			10,652,547			145,365			10,797,912

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)

	Preferred Stock				Common Stock						Paid-in			Cumulative			Accumulated Other			Total			Noncontrolling			Total
	Issued		Amount		Issued			Amount			Capital			Distributions in<br>Excess of Net Income			Comprehensive <br>Income/(Loss)			Stockholders'<br>Equity			Interests			Equity
Contributions from noncontrolling interests		-		-		-			-			-			-			-			-		143				143
Net income		-		-		-			-			-			584,741			-			584,741			8,069			592,810
Other comprehensive loss:
Change in fair value of cash flow hedges for <br>   interest payments		-		-		-			-			-			-			(15,809	)		(15,809	)		-			(15,809	)
Equity in change in fair value of cash flow hedges <br>   for interest payments of unconsolidated investees		-		-		-			-			-			-			(4,021	)		(4,021	)		-			(4,021	)
Redeemable noncontrolling interests income		-		-		-			-			-			-			-			-			(3,021	)		(3,021	)
Dividends declared to preferred shares		-		-		-			-			-			(30,163	)		-			(30,163	)		-			(30,163	)
Dividends declared to common shares		-		-		-			-			-			(684,368	)		-			(684,368	)		-			(684,368	)
Repurchase of preferred stock		-		-		-			-			(3,332	)		(148	)		-			(3,480	)		-			(3,480	)
Distributions to noncontrolling interests		-		-		-			-			-			-			-			-			(5,625	)		(5,625	)
Issuance of equity awards, net		-		-		1,241			12			2,093			-			-			2,105			4,320			6,425
Repurchase of common stock		-		-		(6,080	)		(61	)		(120,268	)		-			-			(120,329	)		-			(120,329	)
Surrender of restricted common stock		-		-		(562	)		(5	)		(12,109	)		-			-			(12,114	)		-			(12,114	)
Amortization of equity awards		-		-		-			-			29,464			-			-			29,464			3,779			33,243
Redemption/conversion of noncontrolling interests		-		-		-			-			(6,806	)		-			-			(6,806	)		(1,494	)		(8,300	)
Adjustment of redeemable noncontrolling interests to <br>   estimated fair value		-		-		-			-			69			-			-			69			-			69
Balance at December 31, 2025		21	$	21		674,093		$	6,741		$	10,922,596		$	(528,730	)	$	(8,792	)	$	10,391,836		$	151,536		$	10,543,372

(1) See Footnotes 1 and 2 of the Notes to Consolidated Financial Statements for further details.

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2025			2024			2023
Cash flow from operating activities:
Net income	$	592,810		$	419,439		$	665,949
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization		627,090			603,685			507,265
Impairment charges		9,517			4,476			14,043
Straight-line rental income adjustments, net		(29,275	)		(23,171	)		(22,517	)
Amortization of above-market and below-market leases, net		(30,744	)		(25,205	)		(17,253	)
Amortization of deferred financing costs and fair value debt adjustments, net		4,236			(762	)		(9,196	)
Equity award expense		33,225			34,900			33,054
Gain on sale of properties		(62,663	)		(1,274	)		(74,976	)
(Gain)/loss on marketable securities, net		(3	)		27,679			(21,262	)
Change in fair value of embedded derivative liability		(2,293	)		(129	)		(734	)
Equity in income of joint ventures, net		(96,781	)		(83,827	)		(72,278	)
Equity in income of other investments, net		(3,440	)		(9,821	)		(10,709	)
Distributions from joint ventures and other investments		96,474			97,723			75,827
Change in accounts and other receivables, net		130			5,993			18,453
Change in accounts payable and accrued expenses		(5,335	)		(21,742	)		5,826
Change in other operating assets		(18,832	)		(3,974	)		(25,767	)
Change in other operating liabilities		5,899			(18,369	)		5,882
Net cash flow provided by operating activities		1,120,015			1,005,621			1,071,607
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(218,377	)		(152,943	)		(277,308	)
Improvements to operating real estate		(347,616	)		(324,465	)		(264,395	)
Acquisition of RPT Realty		-			(149,103	)	-
Investment in marketable securities		(1,356	)		(1,375	)		(3,614	)
Proceeds from sale of marketable securities		1,000			301,463			292,552
Investments in preferred stock and cost method investments		(5,911	)		(79	)		(1,569	)
Investments in and advances to real estate joint ventures		(11,462	)		(4,055	)		(24,494	)
Reimbursements of investments in and advances to real estate joint ventures		23,843			26,974			13,738
Investments in and advances to other investments		(10,950	)		(8,012	)		(18,442	)
Reimbursements of investments in and advances to other investments		1,940			2,946			282
Investment in mortgage and other financing receivables		(264,486	)		(202,483	)		(18,519	)
Collection of mortgage and other financing receivables		341,881			108,399			133
Proceeds from sale of properties		108,627			71,280			160,064
Proceeds from insurance casualty claims		2,522			7,558		-
Principal payments from securities held-to-maturity		3,530			5,354			4,589
Net cash flow used for investing activities		(376,815	)		(318,541	)		(136,983	)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(48,844	)		(11,774	)		(49,460	)
Principal payments on rental property debt		(12,223	)		(10,327	)		(11,308	)
Proceeds from issuance of unsecured term loans		-			860,000		-
Proceeds from issuance of unsecured notes		500,000			500,000			500,000
Repayments of unsecured term loans		-			(310,000	)	-
Repayments of unsecured notes		(740,505	)		(1,157,700	)		-
Financing origination costs		(8,001	)		(8,884	)		(12,481	)
Contributions from noncontrolling interests		143			274			13
Distributions to noncontrolling interests		(8,646	)		(9,856	)		(11,435	)
Redemptions of noncontrolling interests		(31,218	)		(43,031	)		(46,982	)
Dividends paid		(714,576	)		(685,899	)		(657,460	)
Proceeds from issuance of stock, net		-			135,796			3,727
Repurchase of preferred stock		(3,480	)		(26,719	)		(1,491	)
Repurchase of common stock		(120,329	)		-			-
Shares repurchased for employee tax withholding on equity awards		(12,095	)		(15,849	)		(16,293	)
Principal payments under finance lease obligations		(24,362	)		(265	)		-
Change in tenants' security deposits		3,999			3,128			2,474
Net cash flow used for financing activities		(1,220,137	)		(781,106	)		(300,696	)
Net change in cash, cash equivalents and restricted cash		(476,937	)		(94,026	)		633,928
Cash, cash equivalents and restricted cash, beginning of year		689,731			783,757			149,829
Cash, cash equivalents and restricted cash, end of year	$	212,794		$	689,731		$	783,757
Interest paid (net of capitalized interest of $3,247, $2,218 and $2,313, respectively)	$	318,962		$	301,239		$	250,432
Income taxes paid, net of refunds	$	23,462		$	60,936		$	65,267

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

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

	December 31, 2025			December 31, 2024
Assets:
Real estate:
Land	$	4,552,341		$	4,498,196
Building and improvements		15,839,316			15,425,295
Intangible assets		1,227,199			1,247,081
Real estate		21,618,856			21,170,572
Less: accumulated depreciation and amortization		(4,849,564	)		(4,360,239	)
Total real estate, net		16,769,292			16,810,333
Investments in and advances to real estate joint ventures		1,454,051			1,487,675
Other investments		99,936			107,347
Cash, cash equivalents and restricted cash		212,794			689,731
Mortgage and other financing receivables, net		383,935			444,966
Accounts and other receivables, net		368,964			340,469
Deferred charges and prepaid expenses		177,873			167,041
Operating lease right-of-use assets, net		127,596			126,441
Other assets		93,809			135,893
Total assets (1)	$	19,688,250		$	20,309,896
Liabilities:
Notes payable, net	$	7,718,730		$	7,964,738
Mortgages payable, net		467,203			496,438
Accounts payable and accrued expenses		291,537			281,867
Intangible liabilities, net		334,527			366,943
Operating lease liabilities		120,078			117,199
Other liabilities		188,297			236,922
Total liabilities (2)		9,120,372			9,464,107
Redeemable noncontrolling interests		24,506			47,877
Commitments and Contingencies (Footnote 23)
Members' capital:
Preferred units; 20,748 and 20,806 units outstanding, respectively		546,256			549,588
General member; 674,093,047 and 679,493,522 common units outstanding,<br>   respectively		9,854,372			10,091,921
Limited members; 1,444,722 and 1,073,942 common units outstanding; <br>   respectively		30,183			22,276
Accumulated other comprehensive (loss)/income		(8,792	)		11,038
Total members' capital		10,422,019			10,674,823
Noncontrolling interests		121,353			123,089
Total capital		10,543,372			10,797,912
Total liabilities and capital	$	19,688,250		$	20,309,896

• Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2025 and 2024 of $358,236 and $334,859, respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.
• Includes non-recourse liabilities of consolidated VIEs at December 31, 2025 and 2024 of $153,044 and $161,577, respectively. See Footnote 17 of the Notes to Consolidated Financial Statements.

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

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per unit data)

	Year Ended December 31,
	2025			2024			2023
Revenues
Revenues from rental properties, net	$	2,121,400		$	2,019,065		$	1,767,057
Management and other fee income		18,716			17,949			16,343
Total revenues		2,140,116			2,037,014			1,783,400
Operating expenses
Rent		(16,776	)		(16,837	)		(15,997	)
Real estate taxes		(277,478	)		(261,700	)		(231,578	)
Operating and maintenance		(368,080	)		(359,116	)		(309,143	)
General and administrative		(133,015	)		(138,140	)		(136,807	)
Impairment charges		(9,517	)		(4,476	)		(14,043	)
Merger charges		-			(25,246	)		(4,766	)
Depreciation and amortization		(627,090	)		(603,685	)		(507,265	)
Total operating expenses		(1,431,956	)		(1,409,200	)		(1,219,599	)
Gain on sale of properties		62,663			1,274			74,976
Operating income		770,823			629,088			638,777
Other income/(expense)
Special dividend income		-			-			194,116
Other income, net		2,047			28,074			27,999
Mortgage and other financing income, net		50,958			29,531			11,961
Gain/(loss) on marketable securities, net		3			(27,679	)		21,262
Interest expense		(330,196	)		(307,806	)		(250,201	)
Income before income taxes, net, equity in income of joint ventures, net, and<br>   equity in income from other investments, net		493,635			351,208			643,914
Provision for income taxes, net		(1,046	)		(25,417	)		(60,952	)
Equity in income of joint ventures, net		96,781			83,827			72,278
Equity in income of other investments, net		3,440			9,821			10,709
Net income		592,810			419,439			665,949
Net income attributable to noncontrolling interests		(6,895	)		(7,999	)		(11,676	)
Net income attributable to the Company		585,915			411,440			654,273
Preferred unit redemption charges		-			(3,304	)		-
Preferred distributions, net		(30,311	)		(31,763	)		(25,021	)
Net income available to the Company's common unitholders	$	555,604		$	376,373		$	629,252
Per common unit:
Net income available to the Company's common unitholders
-Basic	$	0.82		$	0.55		$	1.02
-Diluted	$	0.82		$	0.55		$	1.02
Weighted average units:
-Basic		676,042			672,512			616,947
-Diluted		676,270			673,086			618,199

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

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

	Year Ended December 31,
	2025			2024			2023
Net income	$	592,810		$	419,439		$	665,949
Other comprehensive (loss)/income:
Change in unrealized gains related to defined benefit plan	-			-				(10,581	)
Change in fair value of cash flow hedges for interest payments		(15,809	)		7,239		-
Equity in change in fair value of cash flow hedges for interest payments<br>   of unconsolidated investees		(4,021	)		470			3,329
Other comprehensive (loss)/income		(19,830	)		7,709			(7,252	)
Comprehensive income		572,980			427,148			658,697
Comprehensive income attributable to noncontrolling interests		(6,895	)		(7,999	)		(11,676	)
Comprehensive income attributable to the Company	$	566,085		$	419,149		$	647,021

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

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)

	General Member											Limited Members
	Preferred Units					Common Units						Common Units					Accumulated Other			Total Members'			Noncontrolling			Total
	Issued		Amount			Issued			Amount			Issued		Amount			Comprehensive <br>Income/(Loss)			Capital			Interests			Capital
Balance at January 1, 2023		19	$	469,027			618,484		$	9,035,900			-	$	-		$	10,581		$	9,515,508		$	131,401		$	9,646,909
Contributions from noncontrolling interest		-		-			-			-			-		-			-			-			13		13
Net income		-		25,021			-			629,252			-		-			-			654,273			11,676			665,949
Other comprehensive (loss)/income:
Change in unrealized gains related to <br>   defined benefit plan		-		-			-			-			-		-			(10,581	)		(10,581	)		-			(10,581	)
Equity in change in fair value of cash flow <br>   hedges for interest payments of <br>   unconsolidated investees		-		-			-			-			-		-			3,329			3,329			-			3,329
Redeemable noncontrolling interests income		-		-			-			-			-		-			-			-			(5,820	)		(5,820	)
Distributions declared to preferred unitholders		-		(25,021	)		-			-			-		-			-			(25,021	)		-			(25,021	)
Distributions declared to common unitholders		-		-			-			(632,280	)		-		-			-			(632,280	)		-			(632,280	)
Repurchase of preferred units		-		(1,631	)		-			-			-		-			-			(1,631	)		-			(1,631	)
Distributions to noncontrolling interests		-		-			-			-			-		-			-			-			(5,614	)		(5,614	)
Issuance of common units as a result of common <br>   stock issued by Parent Company		-		-			2,161			3,727			-		-			-			3,727			-			3,727
Surrender of restricted common units		-		-			(774	)		(16,327	)		-		-			-			(16,327	)		-			(16,327	)
Amortization of equity awards		-		-			-			33,088			-		-			-			33,088			-			33,088
Redemption/conversion of noncontrolling interests		-		-			-			(112	)		-		-			-			(112	)		(3,663	)		(3,775	)
Adjustment of redeemable noncontrolling interests<br>   to estimated fair value		-		-			-			1,492			-		-			-			1,492			-			1,492
Balance at December 31, 2023		19		467,396			619,871			9,054,740			-		-			3,329			9,525,465			127,993			9,653,458
Contributions from noncontrolling interest		-		-			-			-			-		-			-			-			399			399
Net income		-		31,763			-			379,022			-		655			-			411,440			7,999			419,439
Other comprehensive income:
Change in fair value of cash flow hedges<br>   for interest payments		-		-			-			-			-		-			7,239			7,239			-			7,239
Equity in change in fair value of cash flow<br>   hedges for interest payments of <br>   unconsolidated investees		-		-			-			-			-		-			470			470			-			470
Redeemable noncontrolling interests income		-		-			-			-			-		-			-			-			(4,182	)		(4,182	)
Distributions declared to preferred unitholders		-		(31,763	)		-			-			-		-			-			(31,763	)		-			(31,763	)
Distributions declared to common unitholders		-		-			-			(655,238	)		-		(1,041	)		-			(656,279	)		-			(656,279	)
Repurchase of preferred units		-		(23,415	)		-			(3,304	)		-		-			-			(26,719	)		-			(26,719	)
Distributions to noncontrolling interests		-		-			-			-			-		-			-			-			(4,630	)		(4,630	)
Issuance of preferred units for merger (1)		2		105,607			-			-			-		-			-			105,607			-			105,607
Issuance of common units for merger (1)		-		-			53,034			1,166,764			953		20,975			-			1,187,739			-			1,187,739
Issuance of common units, net		-		-			7,404			135,795			121		-			-			135,795			-			135,795
Redemption of common units		-		-			-			-			-		(3	)		-			(3	)		-			(3	)
Surrender of restricted common units		-		-			(815	)		(15,885	)		-		-			-			(15,885	)		-			(15,885	)
Amortization of equity awards		-		-			-			33,247			-		1,690			-			34,937			-			34,937
Redemption/conversion of noncontrolling interests		-		-			-			(178	)		-		-			-			(178	)		(4,490	)		(4,668	)
Adjustment of redeemable noncontrolling interests <br>   to estimated fair value		-		-			-			(3,042	)		-		-			-			(3,042	)		-			(3,042	)
Balance at December 31, 2024		21		549,588			679,494			10,091,921			1,074		22,276			11,038			10,674,823			123,089			10,797,912

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (continued)

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)

	General Member											Limited Members
	Preferred Units					Common Units						Common Units					Accumulated Other			Total Members'			Noncontrolling			Total
	Issued		Amount			Issued			Amount			Issued		Amount			Comprehensive <br>Income/(Loss)			Capital			Interests			Capital
Contributions from noncontrolling interest		-		-			-			-			-		-			-			-			143			143
Net income		-		30,311			-			554,430			-		1,174			-			585,915			6,895			592,810
Other comprehensive loss:
Change in fair value of cash flow hedges <br>   for interest payments		-		-			-			-			-		-			(15,809	)		(15,809	)		-			(15,809	)
Equity in change in fair value of cash flow <br>   hedges for interest payments of <br>   unconsolidated investees		-		-			-			-			-		-			(4,021	)		(4,021	)		-			(4,021	)
Redeemable noncontrolling interests income		-		-			-			-			-		-			-			-			(3,021	)		(3,021	)
Distributions declared to preferred unitholders		-		(30,181	)		-			-			-		-			-			(30,181	)		-			(30,181	)
Distributions declared to common unitholders		-		-			-			(684,350	)		-		(1,366	)		-			(685,716	)		-			(685,716	)
Repurchase of preferred units		-		(3,462	)		-			(18	)		-		-			-			(3,480	)		-			(3,480	)
Distributions to noncontrolling interests		-		-			-			-			-		-			-			-			(4,259	)		(4,259	)
Issuance of equity awards, net		-		-			1,241			2,105			371		4,320			-			6,425			-			6,425
Repurchase of common units		-		-			(6,080	)		(120,329	)		-		-			-			(120,329	)		-			(120,329	)
Surrender of restricted common units		-		-			(562	)		(12,114	)		-		-			-			(12,114	)		-			(12,114	)
Amortization of equity awards		-		-			-			29,464			-		3,779			-			33,243			-			33,243
Redemption/conversion of noncontrolling interests		-		-			-			(6,806	)		-		-			-			(6,806	)		(1,494	)		(8,300	)
Adjustment of redeemable noncontrolling interests <br>   to estimated fair value		-		-			-			69			-		-			-			69			-			69
Balance at December 31, 2025		21	$	546,256			674,093		$	9,854,372			1,445	$	30,183		$	(8,792	)	$	10,422,019		$	121,353		$	10,543,372

(1) See Footnotes 1 and 2 of the Notes to Consolidated Financial Statements for further details.

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

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2025			2024			2023
Cash flow from operating activities:
Net income	$	592,810		$	419,439		$	665,949
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization		627,090			603,685			507,265
Impairment charges		9,517			4,476			14,043
Straight-line rental income adjustments, net		(29,275	)		(23,171	)		(22,517	)
Amortization of above-market and below-market leases, net		(30,744	)		(25,205	)		(17,253	)
Amortization of deferred financing costs and fair value debt adjustments, net		4,236			(762	)		(9,196	)
Equity award expense		33,225			34,900			33,054
Gain on sale of properties		(62,663	)		(1,274	)		(74,976	)
(Gain)/loss on marketable securities, net		(3	)		27,679			(21,262	)
Change in fair value of embedded derivative liability		(2,293	)		(129	)		(734	)
Equity in income of joint ventures, net		(96,781	)		(83,827	)		(72,278	)
Equity in income of other investments, net		(3,440	)		(9,821	)		(10,709	)
Distributions from joint ventures and other investments		96,474			97,723			75,827
Change in accounts and other receivables, net		130			5,993			18,453
Change in accounts payable and accrued expenses		(5,335	)		(21,742	)		5,826
Change in other operating assets		(18,832	)		(3,974	)		(25,767	)
Change in other operating liabilities		5,899			(18,369	)		5,882
Net cash flow provided by operating activities		1,120,015			1,005,621			1,071,607
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(218,377	)		(152,943	)		(277,308	)
Improvements to operating real estate		(347,616	)		(324,465	)		(264,395	)
Acquisition of RPT Realty		-			(149,103	)	-
Investment in marketable securities		(1,356	)		(1,375	)		(3,614	)
Proceeds from sale of marketable securities		1,000			301,463			292,552
Investments in preferred stock and cost method investments		(5,911	)		(79	)		(1,569	)
Investments in and advances to real estate joint ventures		(11,462	)		(4,055	)		(24,494	)
Reimbursements of investments in and advances to real estate joint ventures		23,843			26,974			13,738
Investments in and advances to other investments		(10,950	)		(8,012	)		(18,442	)
Reimbursements of investments in and advances to other investments		1,940			2,946			282
Investment in mortgage and other financing receivables		(264,486	)		(202,483	)		(18,519	)
Collection of mortgage and other financing receivables		341,881			108,399			133
Proceeds from sale of properties		108,627			71,280			160,064
Proceeds from insurance casualty claims		2,522			7,558		-
Principal payments from securities held-to-maturity		3,530			5,354			4,589
Net cash flow used for investing activities		(376,815	)		(318,541	)		(136,983	)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(48,844	)		(11,774	)		(49,460	)
Principal payments on rental property debt		(12,223	)		(10,327	)		(11,308	)
Proceeds from issuance of unsecured term loans		-			860,000		-
Proceeds from issuance of unsecured notes		500,000			500,000			500,000
Repayments of unsecured term loans		-			(310,000	)	-
Repayments of unsecured notes		(740,505	)		(1,157,700	)		-
Financing origination costs		(8,001	)		(8,884	)		(12,481	)
Payment of early extinguishment of debt charges	-			-			-
Contributions from noncontrolling interests		143			274			13
Distributions to noncontrolling interests		(7,280	)		(9,856	)		(11,435	)
Redemptions of noncontrolling interests		(31,218	)		(43,031	)		(46,982	)
Distributions paid		(715,942	)		(685,899	)		(657,460	)
Proceeds from issuance of units, net		-			135,796			3,727
Repurchase of preferred units		(3,480	)		(26,719	)		(1,491	)
Repurchase of common units		(120,329	)		-			-
Units repurchased for employee tax withholding on equity awards		(12,095	)		(15,849	)		(16,293	)
Principal payments under finance lease obligations		(24,362	)		(265	)		-
Change in tenants' security deposits		3,999			3,128			2,474
Net cash flow used for financing activities		(1,220,137	)		(781,106	)		(300,696	)
Net change in cash, cash equivalents and restricted cash		(476,937	)		(94,026	)		633,928
Cash, cash equivalents and restricted cash, beginning of year		689,731			783,757			149,829
Cash, cash equivalents and restricted cash, end of year	$	212,794		$	689,731		$	783,757
Interest paid (net of capitalized interest of $3,247, $2,218 and $2,313, respectively)	$	318,962		$	301,239		$	250,432
Income taxes paid, net of refunds	$	23,462		$	60,936		$	65,267

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

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amounts relating to the number of buildings, square footage, tenant and occupancy data, joint venture debt and average interest rates and terms on joint venture debt are unaudited.

• Summary of Significant Accounting Policies:

Business and Organization

Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes. Substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company. The Parent Company is the managing member and exercises exclusive control over Kimco OP. As of December 31, 2025, the Parent Company owned 99.79% of the outstanding limited liability company interests (the "OP Units") in Kimco OP. The terms “Kimco”, “the Company” and “our”, each refer to the Parent Company and Kimco OP, collectively, unless the context indicates otherwise. In statements regarding qualification as a REIT for U.S. federal income tax purposes, such terms refer solely to Kimco Realty Corporation.

The Company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The Company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. The Company, its affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, including mixed-use assets, which are anchored primarily by grocery stores, off-price retailers, discounters or service-oriented tenants. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See Footnote 19 of the Notes to Consolidated Financial Statements for further discussion.

The Company elected status as a REIT for federal income tax purposes commencing with its taxable year which began January 1, 1992 and operates in a manner that enables the Company to maintain its status as a REIT. To qualify as a REIT, the Company must meet several organizational and operational requirements, and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deductions and including any net capital gain. In January 2023, the Company reorganized into an umbrella partnership real estate investment trust structure ("UPREIT"). The Company believes it is organized and operates in such a manner to qualify and remain qualified as a REIT, in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company, generally, will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain subsidiaries that have made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), that permit the Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes, when applicable, a provision for taxes in its consolidated financial statements. See Footnote 25 of the Notes to Consolidated Financial Statements for further discussion.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law, which included certain modifications to U.S. tax law, including certain provisions that affect the taxation of REITs and their investors. The OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017 and were generally set to expire for taxable years beginning after December 31, 2025. Such extensions included the permanent extension of the 20% deduction for “qualified REIT dividends” for individuals and other non-corporate taxpayers. The OBBBA also increased the percentage limit under the REIT asset test applicable to TRSs (the permissible value of TRS securities that a REIT may hold) from 20% to 25% of the value of the REIT’s total assets for taxable years beginning after December 31, 2025. The OBBBA did not have a material impact on the Company’s financial condition and/or results of operations.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

RPT Merger

On January 2, 2024, RPT Realty (“RPT”) merged with and into the Company, with the Company continuing as the surviving public company (the “RPT Merger”), pursuant to the definitive merger agreement (the “Merger Agreement”) between the Company and RPT, entered into on August 28, 2023. Under the terms of the Merger Agreement, each RPT common share was converted into 0.6049 of a newly issued share of the Company’s common stock, together with cash in lieu of fractional shares, and each 7.25% Series D Cumulative Convertible Perpetual Preferred Share of RPT was converted into the right to receive one depositary share representing one one-thousandth of a share of the Company’s 7.25% Class N Cumulative Convertible Perpetual Preferred Stock, par value $1.00 per share (“Class N Preferred Stock”). During the year ended December 31, 2024, the Company incurred expenses of $25.2 million associated with the RPT Merger, primarily comprised of severance, legal and professional fees. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the RPT Merger.

Basis of Presentation

This report combines the annual reports on Form 10-K for the annual period ended December 31, 2025, of the Parent Company and Kimco OP into this single report. The accompanying Consolidated Financial Statements include the accounts of the Parent Company and Kimco OP and their consolidated subsidiaries. The Company's subsidiaries include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). The Parent Company serves as the general member of Kimco OP. The limited members of Kimco OP have limited rights over Kimco OP and do not have the power to direct the activities that most significantly impact Kimco OP's economic performance. As such, Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. All inter-company balances and transactions have been eliminated in consolidation.

On January 2, 2024, the Parent Company, as managing member of Kimco OP, entered into an amended and restated limited liability company agreement of Kimco OP (the “Amended and Restated Limited Liability Company Agreement”), providing for, among other things, the creation of Class N Preferred Units of Kimco OP, having the preferences, rights and limitations set forth therein, and certain modifications to the provisions regarding long-term incentive plan units ("LTIP Units"), including provisions governing distribution and tax allocation requirements and the procedures for converting LTIP Units.

Use of Estimates

GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, and the collectability of trade accounts receivable. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements (see Footnotes 13 and 20 of the Notes to Consolidated Financial Statements).

Real Estate and Intangibles

Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.

The Company evaluates each acquisition transaction to determine whether the acquired asset meets the definition of a business and therefore accounted for as a business combination or if the acquisition transaction should be accounted for as an asset acquisition. Under Business Combinations (Topic 805), an acquisition does not qualify as a business when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. In accordance with ASC 805-10, Business Combinations, the Company accounted for the RPT Merger as a business

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

combination using the acquisition method of accounting. See Footnote 2 of the Notes to Consolidated Financial Statements for further details on the RPT Merger.

Transaction costs related to acquisitions that qualify as asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred.

When substantially all of the fair value is not concentrated in a group of similar identifiable assets, the set of assets will generally be considered a business and the Company applies the acquisition method of accounting for business combinations, where all tangible and identifiable intangible assets acquired, and all liabilities assumed are recorded at fair value. In a business combination, the difference, if any, between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain.

In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to buildings and improvements based on various valuation techniques and other information, including replacement cost, direct capitalization method, discounted cash flow method, sales comparison approach, similar fair value models, or executed purchase and sale agreements. The fair value of land is determined using the sales comparison approach. Fair value estimates determined using the direct capitalization and discounted cash flow methods employ significant assumptions, such as normalized net operating income, stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, estimates of future cash flows, and other market data. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. Tangible assets may include land, land improvements, buildings, building improvements and tenant improvements. Intangible assets may include the value of in-place leases, above and below-market leases and other identifiable assets or liabilities based on lease or property specific characteristics.

In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions (e.g., expense recapture, base rental changes), discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and estimating costs to execute new or similar leases includes leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.

The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings and building improvements (in years)	5 to 50
Fixtures, leasehold and tenant improvements<br><br>(including certain identified intangible assets)	Terms of leases or useful<br><br>lives, whichever is shorter

The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and is amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements. The fair value of debt is estimated based upon contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available for debt with similar terms and maturities.

The Company's policy is to classify real estate assets as held-for-sale if the (i) asset is under contract, (ii) the buyer’s deposit is non-refundable, (iii) due diligence has expired and (iv) management believes it is probable that the disposition will occur within one

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

year. When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the fair value. If the fair value of the asset, less cost to sell, is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, and the asset is included within Other assets on the Company’s Consolidated Balance Sheets.

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimated fair value is less than the net carrying value of the property. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from third-party offers or (ii) discounted cash flow models of the property over its remaining hold period. An impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount, at which time, the property is written-down to its estimated fair value. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. In addition, such cash flow models consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers.

Investments in Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control, these entities. These investments are recorded initially at cost and are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, are based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company’s joint ventures primarily consist of co-investments with institutional and other joint venture partners in open-air shopping center or mixed-use properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. On a select basis, certain of these joint ventures have obtained unsecured financing. As of December 31, 2025, the Company did not guaranty any unsecured joint venture debt.

To recognize the character of distributions from equity investees within its Consolidated Statements of Cash Flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.

In a business combination, the fair value of the Company’s investment in an unconsolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which is valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the Company’s equity ownership percentage.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period, and, where applicable, any estimated debt premiums. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

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Other Investments

Other investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s Other investments may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with maturities of three months or less. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Restricted cash is deposits held or restricted for a specific use.

Mortgage and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium and allowance for credit losses. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable.

The Company applies the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors. The Company has determined that it has one portfolio, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The Company utilizes its history of incurred losses as well as external data to perform its expected credit loss calculation using the probability of default (“PD”) and loss given default method (“LGD”). This approach calculates the expected credit loss by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date and any adjustments are included in Mortgage and other financing income, net on the Company’s Consolidated Statements of Income. The reserve is increased through loan loss provision and is decreased by recoveries and charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.

Interest income on performing loans is accrued as earned. Accrued interest receivable is included in Accounts and other receivables, net on the Company’s Consolidated Balance Sheets. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

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Other Assets

Marketable Securities

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income.

Tax Increment Revenue Bonds

Other assets include Series B tax increment revenue bonds issued by the Sheridan Redevelopment Agency in connection with the development of a project in Sheridan, Colorado, which mature on December 15, 2039. These Series B bonds have been classified as held-to-maturity and were recorded at estimated fair value. The fair value estimates of the Company’s held-to-maturity tax increment revenue bonds are based on discounted cash flow analysis, which are based on the expected future sales tax revenues of the project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and inflation rates. Interest on these bonds is recorded at an effective interest rate while cash payments are received at the contractual interest rate.

The held-to-maturity bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is deemed as low risk as the bonds are earmarked for repayments from a government entity which are funded through sales and property taxes.

Deferred Leasing Costs

Initial direct leasing costs include commissions paid to third parties, including brokers, leasing and referral agents and internal leasing commissions paid to employees for successful execution of lease agreements. These initial direct leasing costs are capitalized and generally amortized over the term of the related leases using the straight-line method. These direct leasing costs are included in Other assets, on the Company’s Consolidated Balance Sheets and are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.

Internal employee compensation, payroll-related benefits and certain external legal fees are considered indirect costs associated with the execution of lease agreements. These indirect leasing costs are expensed in accordance with ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) and included in General and administrative expense on the Company’s Consolidated Statements of Income.

Software Development Costs

Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a period of three to ten years. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred. These software development costs are included in Other assets on the Company’s Consolidated Balance Sheets.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages payable, net in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

Revenue, Trade Accounts Receivable and Gain Recognition

The Company determines the proper amount of revenue to be recognized in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“Topic 606”), by performing the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to

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the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of December 31, 2025 and 2024, the Company had no outstanding contract assets or contract liabilities.

The Company’s primary sources of revenues are derived from lease agreements which fall under the scope of ASU 2016-02, Leases (Topic 842), (“Topic 842”), which includes rental income and expense reimbursement income. The Company also has revenues which are accounted for under Topic 606, which include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic 606 are gains on sales of properties and tax increment financing (“TIF”) contracts. The Company presents its revenue streams on the Company’s Consolidated Statements of Income as Revenues from rental properties, net and Management and other fee income.

Revenues from rental properties, net

Revenues from rental properties, net are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. The Company accounts for lease and non-lease components as combined components under Topic 842. Non-lease components include reimbursements paid to the Company from tenants for common area maintenance costs and other operating expenses. The combined components are included in Revenues from rental properties, net on the Company’s Consolidated Statements of Income.

Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may also include payments received in connection with lease termination agreements. Lease termination fee income is recognized when the lessee provides consideration in order to terminate an existing lease agreement and has vacated the leased space. If the lessee continues to occupy the leased space for a period of time after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on the modified lease term. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market intangible asset or liability is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases.

Also included in Revenues from rental properties, net are ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, electric vehicle charging stations, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources is through lease agreements/arrangements and is recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is recognized on a cash basis when received.

Management and other fee income

Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic 606. These fees arise from contractual agreements with third parties or with entities in which the Company has a noncontrolling interest. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling tenant inquiries, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. The time-based output method is used to measure progress over time, as this is representative of the transfer of the services. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly with payment due upon receipt.

Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and none of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly with payment due upon receipt.

Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation upon acquiring control of a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.

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Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services. The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly with payment due upon receipt.

Trade Accounts Receivable

The Company reviews its trade accounts receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company evaluates the probability of the collection of the lessee’s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis. The Company’s analysis of its accounts receivable includes (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. If a lessee’s accounts receivable balance is considered uncollectible, the Company will write-off the uncollectible receivable balances associated with the lease and will only recognize lease income on a cash basis. The Company includes provision for doubtful accounts in Revenues from rental properties, net, in accordance with Topic 842. Lease income will then be limited to the lesser of (i) the straight-line rental income or (ii) the lease payments that have been collected from the lessee. In addition to the lease-specific collectability assessment performed under Topic 842, the analysis also recognizes a general reserve under ASC Topic 450 Contingencies, as a reduction to Revenues from rental properties, net, for its portfolio of operating lease receivables which are not expected to be fully collectible based on the Company’s historical and current collection experience and the potential for settlement of arrears. Although the Company estimates uncollectible receivables and provides for them through charges against revenues from rental properties, actual results may differ from those estimates. If the Company subsequently determines that it is probable it will collect the remaining lessee’s lease payments under the lease term, the Company will then reinstate the straight-line balance.

Gains/losses on sale of properties

Gains and losses from the sale and/or transfer of nonfinancial assets, such as real estate property, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.

Lessee Leases

The Company accounts for its leases in accordance with Topic 842. The Company has right-of-use (“ROU”) assets and lease liabilities on its balance sheet for those leases classified as operating and financing leases where the Company is a lessee. The Company’s leases where it is the lessee primarily consist of ground leases and administrative office leases. The Company classifies leases based on whether the arrangement is effectively a purchase of the underlying asset. Leases that transfer control of the underlying asset to a lessee are classified as finance leases and all other leases as operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

ROU assets and lease liabilities are recognized at the commencement date of the lease and liabilities are determined based on the estimated present value of the Company’s minimum lease payments under its lease agreements. Variable lease payments are excluded from the lease liabilities and corresponding ROU assets, as they are recognized in the period in which the obligation for those payments is incurred. Certain of the Company’s leases have renewal options for which the Company assesses whether it is reasonably certain the Company will exercise these renewal options. Lease payments associated with renewal options that the Company is reasonably certain will be exercised are included in the measurement of the lease liabilities and corresponding ROU assets. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. When calculating the incremental borrowing rates, the Company utilized data from (i) its recent debt issuances, (ii) publicly available data for instruments with similar characteristics, (iii) observable mortgage rates and (iv) unlevered property yields and discount rates. The Company then applies adjustments to account for considerations related to term and security that may not be fully incorporated by the data sets. Rental expense for lease payments is recognized on a straight-line basis over the lease term. See Footnote 11 of the Notes to Consolidated Financial Statements for further details.

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Derivative Instruments & Hedging Activities

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risks primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates and limits the risk by following established risk management policies and procedures, including the use of derivatives.

The Company has interest rate swap agreements that are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized through Interest expense in the Company’s Consolidated Statements of Income. If the hedges are deemed to be effective, the fair value is included within the Accumulated other comprehensive income ("AOCI") on the Company’s Consolidated Balance Sheets, and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The interest rate swaps are measured at fair value using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. See Footnote 15 of the Notes to Consolidated Financial Statements for further details.

Income Taxes

The Company elected to qualify as a REIT for federal income tax purposes commencing with its taxable year January 1, 1992 and operates in a manner that enables the Company to qualify and maintain its status as a REIT. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. The Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. Most states, in which the Company holds investments in real estate, conform to the federal rules recognizing REITs.

The Company maintains certain subsidiaries which made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), which permit the Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements. As such, the Company, through its wholly owned TRSs, has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focus on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company may consider other investments through its TRSs should suitable opportunities arise.

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.

The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.

The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

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Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.

Noncontrolling interests also include amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.

The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets. Units which embody a conditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.

In a business combination, the fair value of the noncontrolling interest in a consolidated joint venture is calculated using the fair value of the real estate held by the joint venture, which are valued using similar methods as described in the Company’s Real Estate policy above, offset by the fair value of the debt on the property which is then multiplied by the partners’ noncontrolling share.

Contingently redeemable noncontrolling interests are recorded at fair value upon issuance. Any change in the fair value or redemption value of these noncontrolling interests is subsequently recognized through Paid-in capital on the Company’s Consolidated Balance Sheets and is included in the Company’s computation of earnings per share (see Footnote 28 of the Notes to Consolidated Financial Statements).

Stock Compensation

In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan that expired in March 2020. The 2020 Plan provided for a maximum of 10,000,000 shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock units, performance awards, dividend equivalents, LTIP Units, stock payments and deferred stock awards. Unless otherwise determined by the Board of Directors at its sole discretion, restricted stock grants under the 2020 Plan generally vest (i) 100% on the fifth anniversary of the grant, (ii) ratably over five years or (iii) over ten years at 20% per year commencing after the fifth year. Performance share awards under the 2020 Plan, which vest over a period of three years, may provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the 2020 Plan provided for the granting of restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permitted such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

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In April 2025, the Company’s stockholders approved the Kimco Realty Corporation 2025 Equity Participation Plan (as amended and/or restated, the “2025 Plan” and, together with the 2020 Plan, the "Plans"), which is the successor to the 2020 Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock (plus a number of shares subject to awards under the 2020 Plan that become available for issuance under the 2025 Plan) to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units (including performance-based LTIP Units), stock payments and deferred stock awards.

The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance, which requires that all share-based payments to employees, including grants of employee stock options, restricted stock, performance shares and LTIP Units, be recognized in the Statements of Income over the service period based on their fair values. Fair value of restricted shares and Time-Based LTIP Units is calculated based on the Company's common stock closing share price on the date of grant. Fair value of performance awards and Perfomanced-Based LTIP Units is determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Granted Time-Based LTIP Units and Performance-Based LTIP Units do not have redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights (see Footnote 24 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

Reclassifications

Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, as of December 31, 2024, the Company reclassified (i) Intangible assets from Building and improvements to a separate line item, (ii) Mortgage and other financing receivables, net from Other assets to a separate line item, (iii) Marketable securities to Other assets, (iv) Intangible liabilities, net from Other liabilities to a separate line item, and (v) Dividends payable to Other liabilities on the Company’s Consolidated Balance Sheet as follows (in thousands):

	As of December 31, 2024
Assets:
Building and improvements	$	(1,247,081	)
Intangible assets	$	1,247,081
Mortgage and other financing receivables, net	$	444,966
Marketable securities	$	(2,290	)
Other assets	$	(442,676	)
Liabilities:
Intangible liabilities, net	$	366,943
Other liabilities	$	(360,534	)
Dividends payable	$	(6,409	)

For comparative purposes, for the years ended December 31, 2024 and 2023, the Company reclassified Mortgage and other financing income, net from Other income, net to a separate line item on the Company’s Consolidated Statements of Income as follows (in thousands):

	Year Ended December 31,
	2024			2023
Mortgage and other financing income, net	$	29,531		$	11,961
Other income, net	$	(29,531	)	$	(11,961	)

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New Accounting Pronouncements

The following table represents Accounting Standards Updates ("ASUs") to the FASB’s ASCs that, as of December 31, 2025, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:

ASU	Description	Effective<br><br>Date	Effect on the financial<br><br>statements or other significant<br><br>matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses<br><br>ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date	These ASUs require additional disclosure about a public business entity’s expenses and more detailed information about the types of expenses in commonly presented expense captions. Such information should allow investors to better understand an entity's performance, assess future cash flows, and compare performance over time and with other entities. The amendments will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's operating expenses.	Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted	The Company is reviewing the extent of new disclosures necessary prior to implementation. Other than additional disclosure, the adoption of these ASUs will not have a material impact on the Company's financial position and/or results of operations.
ASU 2025-03 Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity	The amendments in this ASU revise the guidance for determining the accounting acquirer in the acquisition of a VIE. An entity will be required to consider the factors in ASC 805-10-55-12 through 805-10-55-15 in determining which entity is the accounting acquirer when a VIE is acquired in a business combination effected primarily by exchanging equity interests. Previously, the primary beneficiary was always identified as the accounting acquirer in such transactions. The amendments are required to be applied prospectively to any acquisition transaction that occurs after the initial application date.	January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reporting<br>period	The Company does not expect the adoption of this ASU, which is to be applied prospectively, to have a material impact on the Company’s financial position and/or results of operations.
ASU 2025-05 Financial Instruments - Credit Losses (Topic 326):<br><br>Measurement of Credit Losses for Accounts Receivable and Contract Assets	The amendments in this ASU provide a practical<br>expedient to assume that conditions as of the balance<br>sheet date remain unchanged over the life of the asset<br>when estimating expected credit losses for current<br>accounts receivable and current contract assets<br>arising from transactions accounted for under Topic<br>606. The amendments are to be applied<br>prospectively.	January 1, 2026;<br><br>early adoption is permitted as of the beginning of an interim or annual reporting period	The adoption of this ASU, which is to be applied prospectively, will not have a material impact on the Company’s financial position and/or results of operations.
ASU 2025-06,<br>Intangibles - Goodwill<br>and Other - Internal-Use<br>Software (Subtopic 350-<br>40): Targeted<br>Improvements to the<br>Accounting for Internal-<br>Use Software	This ASU amends the existing standard to remove all<br>references to prescriptive and sequential software<br>development project stages. Under this guidance,<br>eligible software development costs will begin<br>capitalization when management has authorized and<br>committed to funding the software project, and it is<br>probable that the project will be completed and the<br>software will be used to perform the function<br>intended. In evaluating whether it is probable the<br>project will be completed;, management is required<br>to consider whether there is significant uncertainty<br>associated with the development activities of the<br>software. The amendments may be applied on a<br>prospective basis, a modified basis for in-process<br>projects, or a retrospective basis.	January 1, 2028;<br>early adoption is<br>permitted as of the<br>beginning of an<br>annual reporting<br>period	The Company is<br>assessing the impact this<br>ASU will have on the<br>Company’s financial<br>position and/or results of<br>operations.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

ASU	Description	Effective<br><br>Date	Effect on the financial<br><br>statements or other significant<br><br>matters
ASU 2025-07,<br>Derivatives and Hedging<br>(Topic 815) and Revenue<br>from Contracts with<br>Customers (Topic 606):<br>Derivatives Scope<br>Refinements and Scope<br>Clarification for Share-<br>Based Noncash<br>Consideration<br>from a Customer in a<br>Revenue Contract	The new guidance will reduce the number of<br>contracts (or embedded features within instruments)<br>that are accounted for as derivatives under Topic<br>815. This ASU adds a new scope exception to the<br>derivatives guidance for underlyings based on the<br>operations or activities specific to one of the parties<br>to the contract. This ASU also clarifies that share-based<br>noncash consideration received from a<br>customer as consideration for the transfer of goods or<br>services in a revenue contract is subject to the<br>revenue guidance and not the financial instruments<br>guidance unless and until the company’s right to<br>receive or retain the share-based noncash<br>consideration is “unconditional,” as defined in this<br>ASU. The amendments may be applied on a<br>prospective basis or on a modified retrospective basis<br>through a cumulative-effect adjustment to the<br>opening balance of retained earnings.	January 1, 2027;<br>early adoption is<br>permitted as of the<br>beginning of an<br>interim or annual<br>reporting period	The Company is<br>assessing the impact this<br>ASU will have on the<br>Company’s financial<br>position and/or results of<br>operations.
ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans	The new guidance makes significant changes to the accounting for certain acquired seasoned loans subject to CECL. The FASB decided not to change the existing models for originated assets, purchased credit deteriorated assets ("PCD") or other acquired assets.<br><br>Under this ASU, the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the “day-one” credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. The amendments should be applied prospectively to loans that are acquired on or after the initial application date.	January 1, 2027; early adoption is permitted	The Company is<br>assessing the impact this<br>ASU, which is applied prospectively, will have on the Company’s financial<br>position and/or results of<br>operations.
ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	This ASU clarifies certain aspects of the guidance on<br>hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative.<br><br>The five main provisions include:<br><ul><li><span>Similar risk assessment for cash flow hedges</span></li><li><span>Hedging interest payments on choose-your-rate debt</span></li><li><span>Cash flow hedges of non-financial forecasted transactions</span></li><li><span>Net written options as hedging instruments</span></li><li><span>Foreign currency-denominated debt designated as a hedging instrument and a hedged item</span></li></ul><br>The amendments should be applied prospectively, and there are transition provisions designed to assist in migrating existing hedging relationships to the new guidance.	January 1, 2027; early adoption is permitted on any date on or after the<br>issuance of this ASU	The Company is<br>assessing the impact this<br>ASU, which is applied prospectively, will have on the Company’s financial<br>position and/or results of<br>operations.
ASU 2025-11, Interim Reporting (Topic 270): - Narrow-Scope Improvements	This ASU clarifies interim disclosure requirements, including providing a comprehensive list of interim disclosure requirements under U.S. GAAP and a disclosure principle that	January 1, 2028; early adoption is permitted	The Company is<br>assessing the impact this<br>ASU, which can be applied

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

ASU	Description	Effective<br><br>Date	Effect on the financial<br><br>statements or other significant<br><br>matters
	requires entities to disclose events since the last annual reporting period that have a material impact on the entity. The amendments can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.		prospectively, will have on the Company’s financial<br>position and/or results of<br>operations.

The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement	The amendments in this ASU address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. To reduce diversity in practice and provide decision-useful information to a joint venture’s investors, these amendments require that a joint venture apply a new basis of accounting upon formation. By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). Additionally, existing joint ventures have the option to apply the guidance retrospectively.	January 1, 2025	This ASU does not impact accounting for joint ventures by the venturers. As such, the adoption of this ASU did not have an impact on the Company’s financial position and/or results of operations.
ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards	The amendments in this ASU clarify how to determine whether profits interest and similar awards should be accounted for as share-based payment arrangements (ASC 718) or as cash bonus or profit-sharing arrangements (ASC 710, Compensation - General, or other guidance) and apply to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to the illustrative guidance, this ASU modifies the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date.	January 1, 2025	The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The guidance requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.	Fiscal year beginning January 1, 2025	The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.

• RPT Merger:

Overview

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

On January 2, 2024, the Company completed the Merger with RPT, under which RPT merged with and into the Company, with the Company continuing as the surviving public company. The RPT Merger had added 56 open-air shopping centers, 43 of which were wholly-owned and 13 of which were owned through a joint venture, comprising 13.3 million square feet of GLA. In addition, as a result of the RPT Merger, the Company obtained RPT’s 6% stake in a 49-property net lease joint venture.

Under the terms of the Merger Agreement, each RPT common share was converted into 0.6049 of a newly issued share of the Company’s common stock, together with cash in lieu of fractional shares and each 7.25% Series D Cumulative Convertible Perpetual Preferred Share of RPT was converted into the right to receive one depositary share representing one one-thousandth of a share of Class N Preferred Stock of the Company. During the year ended December 31, 2024, the Company incurred expenses of $25.2 million associated with the RPT Merger, primarily comprised of severance, legal and professional fees.

The number of RPT shares/units outstanding that converted to shares of the Company’s shares/units as of January 2, 2024 were determined as follows (amounts presented in thousands, except per share data):

	As of January 2, 2024
	Common Shares (1)		OP Units		Cumulative<br>Convertible<br>Perpetual<br>Preferred Shares
RPT shares/units outstanding		87,675		1,576		1,849
Exchange ratio		0.6049		0.6049		1.0000
Kimco shares/units issued		53,034		953		1,849
Value of Kimco stock per share/unit	$	22.0005	$	22.0005	$	57.13
Equity consideration given from Kimco shares/units issued	$	1,166,775	$	20,975	$	105,607

• The Company paid cash in lieu of issuing fractional Kimco common shares, which is included in “Cash Consideration” caption in the table below.

The following table presents the total value of consideration paid by Kimco at the close of the RPT Merger (in thousands):

	Calculated Value of<br>RPT Consideration		Cash Consideration*		Total Value of<br>Consideration
As of January 2, 2024	$	1,293,357	$	149,103	$	1,442,460

* Amount includes $130.0 million to pay off the outstanding balance on RPT’s credit facility at closing, additional consideration of approximately $19.1 million relating to transaction costs incurred by RPT and $0.1 million of cash paid in lieu of issuing fractional Kimco common shares.

Purchase Price Allocation

In accordance with ASC 805-10, Business Combinations, the Company accounted for the RPT Merger as a business combination using the acquisition method of accounting. Based on the total value of the consideration, the total fair value of the assets acquired and liabilities assumed in the RPT Merger was $1.4 billion.

The fair values of the real estate assets acquired were determined using either (i) the direct capitalization method, (ii) the discount cash flow method or (iii) executed purchase and sales agreements. The sales comparison approach was used in estimating the fair value of the land acquired. The Company determined that these valuation methodologies are classified within Level 3 of the fair value hierarchy. The significant assumptions used in these methodologies include stabilized net operating income, income growth rates, market lease rates, discount rates, terminal capitalization rates, planned capital expenditures, and estimates of future cash flows at the respective properties.

Under the direct capitalization method, the Company derived a normalized net operating income and applied an appropriate terminal capitalization rate for each property. The estimates of normalized net operating income are based on a number of factors, including historical operating results, market lease rates, known and anticipated trends, and market and economic conditions. Terminal capitalization rates utilized to derive these fair values ranged from 5.50% to 7.50%.

The discounted cash flow analyses were based on estimated future cash flows that employ discount rates, terminal capitalization rates and planned capital expenditures. These estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including historical

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

operating results, market lease rates, income growth rates, known and anticipated trends, and market and economic conditions. Terminal capitalization rates and discount rates utilized to estimate fair values ranged from 5.50% to 7.50% and 6.00% to 8.25%, respectively.

The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to buildings and improvements. In allocating the purchase price to identified intangible assets and liabilities of acquired properties, the value of above-market and below-market leases is estimated based on the difference between the contractual amounts, including fixed rate below-market lease renewal options, and management’s estimate of the market lease rates and other lease provisions discounted over a period equal to the estimated remaining term of the lease using an appropriate discount rate. In determining the value of in-place leases, management considers current market conditions, market lease rates, costs to execute new or similar leases and carrying costs during the expected lease-up period from vacant to existing occupancy. The Company determined that these valuation methodologies are classified within Level 2 and Level 3 of the fair value hierarchy.

The following table summarizes the purchase price allocation based on the Company's initial valuation and subsequent adjustments, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands):

	Purchase Price<br>Allocation
Land	$	312,343
Building and improvements		1,343,156
In-place leases		220,231
Above-market leases		12,861
Real estate assets		1,888,591
Investments in and advances to real estate joint ventures		433,345
Investments in and advances to other investments		12,672
Operating lease right-of-use assets, net		6,128
Accounts receivable and other assets		57,529
Total assets acquired		2,398,265
Notes payable		(821,500	)
Accounts payable and other liabilities		(53,213	)
Operating lease liabilities		(13,506	)
Below-market leases		(67,586	)
Total liabilities assumed		(955,805	)
Total purchase price	$	1,442,460

The following table details the weighted average useful lives, in years, of the purchase price allocated to real estate and related intangible assets and liabilities acquired arising from the RPT Merger:

	Weighted Average<br>Useful Life (in Years)
Land	n/a
Buildings		50.0
Building improvements		45.0
Tenant improvements		3.9
In-place leases		3.1
Above-market leases		3.7
Below-market leases		22.1
Operating right-of-use assets		81.3

Since the date of the Merger through December 31, 2024, the revenue and net income from RPT included in the Company’s Consolidated Statements of Income were $178.6 million and $13.4 million (excluding $25.2 million of Merger charges), respectively.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Pro forma Information (Unaudited)

The pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the year ended December 31, 2024 and 2023, adjusted to give effect to these properties acquired as of January 1, 2023. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. Amounts are presented in millions.

	Year Ended December 31,
		2024		2023
Revenues from rental properties, net		$	2,019.1	$	1,945.7
Net income (1)		$	444.7	$	654.1
Net income available to the Company’s common shareholders (1)		$	401.0	$	606.9

• The pro forma net income for the year ended December 31, 2024 was adjusted to exclude $25.2 million of Merger charges, while the pro forma net income for the year ended December 31, 2023 was adjusted to include $25.2 million of Merger charges incurred.

• Real Estate and Intangibles:

The Company’s components of Real estate, net consist of the following (in thousands):

	December 31,
	2025			2024
Land:
Developed land	$	4,536,322		$	4,483,219
Undeveloped land		16,019			14,977
Total land		4,552,341			4,498,196
Buildings and improvements:
Buildings		11,683,629			11,542,812
Building improvements		2,606,812			2,449,924
Tenant improvements		1,501,409			1,387,142
Fixtures and leasehold improvements		47,466			45,417
Total buildings and improvements		15,839,316			15,425,295
Intangible assets:
Above-market leases		179,533			183,599
In-place leases		1,047,666			1,063,482
Total intangible assets		1,227,199			1,247,081
Real estate		21,618,856			21,170,572
Accumulated depreciation and amortization (1)		(4,849,564	)		(4,360,239	)
Total real estate, net	$	16,769,292		$	16,810,333

• The Company had accumulated amortization relating to in-place leases and above-market leases aggregating $934,526 at December 31, 2025 and $858,309 at December 31, 2024.

In addition, at December 31, 2025 and 2024, the Company had intangible liabilities relating to below-market leases from property acquisitions of $334.5 million and $366.9 million, respectively, net of accumulated amortization of $301.7 million and $287.8 million, respectively.

The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2025, 2024 and 2023 resulted in net increases to revenue of $30.7 million, $25.2 million and $17.3 million, respectively. The Company’s amortization expense associated with in-place leases, which is included in depreciation and amortization, for the years ended December 31, 2025, 2024 and 2023 was $110.7 million, $133.7 million and $94.7 million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and in-place leases for the next five years are as follows (in millions):

	2026			2027			2028			2029			2030
Above-market and below-market leases amortization, net	$	21.8		$	14.6		$	14.7		$	14.4		$	14.8
In-place leases amortization	$	(73.3	)	$	(53.4	)	$	(39.4	)	$	(23.8	)	$	(17.2	)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

• Property Acquisitions:

Acquisition/Consolidation of Operating Properties

During the year ended December 31, 2025, the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties held in an unconsolidated joint venture (in thousands):

			Purchase Price
Property Name	Location	Month<br>Acquired	Cash		Debt		Other		Total		GLA
Markets at Town Center (1)	Jacksonville, FL	Jan-25	$	108,238	$	-	$	-	$	108,238		254
College Park Land (2)	Las Vegas, NV	Jan-25		12,746		-		1,428		14,174		-
Francisco Center Land (2)	Las Vegas, NV	Jan-25		11,588		-		593		12,181		-
Tanasbourne Village (3)	Hillsboro, OR	Aug-25		38,171		31,926		7,076		77,173		207
The Shoppes at 82nd Street (4)	Jackson Heights, NY	Dec-25		74,692		-		-		74,692		59
			$	245,435	$	31,926	$	9,097	$	286,458		520

• The Company had a mortgage receivable of $15.0 million related to this property, which was repaid by the seller at closing.
• The Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of a call option for an aggregate purchase price of $24.2 million. In addition, the Company had a mortgage receivable of $3.4 million, which was repaid by the seller at closing. This transaction also resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company’s Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities (included in Other). See Footnote 11 of the Notes to Consolidated Financial Statements for further details.
• Other includes the Company’s previously held equity investment in the Prudential Investment Program and gain on change in control. The Company evaluated this transaction pursuant to the ASC Topic 810 Consolidation. The Company recognized a gain on change in control of interest of $5.7 million, resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is included in Equity in income of joint ventures, net on the Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in this property interest. See Footnote 7 of the Notes to Consolidated Financial Statements.
• The Company had a mortgage receivable of $14.9 million related to this property, which was repaid by the seller at closing.

During the year ended December 31, 2024, the Company acquired Waterford Lakes Town Center, which was comprised of 701,941 square feet of GLA, located in Orlando, Florida, for a purchase price of $322.0 million, including the assumption of a $164.6 million mortgage loan.

Included in the Company’s Consolidated Statements of Income are $14.0 million and $8.0 million in total revenues and $1.1 million and ($1.9) million in net income/(loss) from the date of acquisition through December 31, 2025 and 2024, respectively, for operating properties acquired/consolidated during each of the respective years.

Purchase Price Allocations

The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2025 and 2024, are as follows (in thousands):

	Allocation as of December 31, 2025			Weighted-<br>Average Useful<br>Life (in Years)		Allocation as of December 31, 2024			Weighted-<br>Average Useful<br>Life (in Years)
Land	$	71,443		n/a		$	51,669		n/a
Buildings		179,952			50.0		209,882			50.0
Building improvements		7,742			45.0		14,754			45.0
Tenant improvements		10,015			6.4		13,730			7.5
In-place leases		25,507			6.3		43,173			6.0
Above-market leases		1,063			5.5		6,807			7.5
Below-market leases		(9,436	)		17.1		(15,884	)		9.8
Mortgage fair value adjustment		500			0.8		-			-
Other assets		811			-		-			-
Other liabilities		(1,139	)		-		-			-
Net assets acquired/consolidated	$	286,458				$	324,131

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

• Dispositions of Real Estate:

The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate transactions (dollars in millions):

	Year Ended December 31,
	2025		2024		2023
Aggregate sales price/gross fair value (1) (2) (3)	$	109.3	$	255.1	$	214.2
Gain on sale of properties (4)	$	62.7	$	1.3	$	75.0
Number of operating properties sold/deconsolidated (2)		4		11		6
Number of parcels sold		6		10		13

• During 2024, the Company provided, as a lender, seller financing totaling $175.4 million related to the sale of nine operating properties.

• During 2023, the Company contributed a land parcel and related entitlements, located in Admore, PA, into a preferred equity investment with a gross value of $19.6 million. As a result, the Company no longer consolidates this land parcel and has a noncontrolling interest in this investment.

• During 2023, the Company provided seller financing of $25.0 million related to the sale of an operating property located in Gresham, OR.

• For the years ended December 31, 2025, 2024 and 2023, amounts are before noncontrolling interests of $0.1 million, $0.1 million, and $1.8 million, respectively, and taxes of $0.4 million, $0.2 million and $1.6 million, respectively, after utilization of net operating loss carryforwards where applicable.

• Impairments:

Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.

The Company has a capital recycling program which provides for the disposition of certain properties, typically of lesser quality assets in less desirable locations. The Company adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain operating properties. The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges of $9.5 million, $4.5 million and $14.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts relate to adjustments to property carrying values for properties which the Company has marketed for sale and as such has adjusted the anticipated hold periods for such properties. The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third-party offers, which were less than the carrying value of the assets. See Footnote 18 of the Notes to Consolidated Financial Statements for fair value disclosure.

• Investments in and Advances to Real Estate Joint Ventures:

The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at December 31, 2025 and 2024 (in millions, except number of properties):

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

	Noncontrolling	The Company's Investment
	Ownership Interest	December 31,
Joint Venture	December 31, 2025	2025		2024
Prudential Investment Program	15.0%	$	120.1	$	133.3
Kimco Income Opportunity Portfolio (“KIR”)	52.1%		287.2		289.1
R2G Venture LLC (“R2G”) (1)	51.5%		401.2		411.8
Canada Pension Plan Investment Board (“CPP”)	55.0%		202.3		202.8
Other Institutional Joint Ventures	Various		236.0		237.7
Other Joint Venture Programs (2)	Various		207.3		213.0
Total*		$	1,454.1	$	1,487.7

* Representing 114 property interests, 48 other property interests and 24.4 million square feet of GLA, as of December 31, 2025, and 116 property interests, 48 other property interests and 25.1 million square feet of GLA, as of December 31, 2024.

• In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture with an affiliate of GIC Private Limited, which had a fair market value of $425.9 million at the time of Merger, representing 13 property interests.
• In connection with the RPT Merger, the Company acquired ownership in an unconsolidated joint venture, which had a fair market value of $7.4 million at the time of Merger, representing 49 other property interests.

The table below presents the Company’s share of net income for the above investments, which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):

	Year Ended December 31,
	2025		2024		2023
Prudential Investment Program	$	15.6	$	11.9	$	16.4
KIR		37.5		36.6		34.7
R2G		8.7		9.0		-
CPP		12.3		9.9		8.7
Other Institutional Joint Ventures		5.1		3.7		2.6
Other Joint Venture Programs (1)		17.6		12.7		9.9
Total	$	96.8	$	83.8	$	72.3

• During 2025, the Company recognized $4.7 million of equity in income related to the restructuring of a joint venture.

During 2025, the Company acquired the remaining 85% interest in an operating property from the Prudential Investment Program, with an aggregate gross fair value of $77.2 million. The Company evaluated this transaction pursuant to ASC Topic 810 Consolidation and, as a result, recognized a net gain on change in control of interest of $5.7 million, resulting from the fair value adjustment associated with the Company’s previously held equity interest. See Footnote 4 of the Notes to Consolidated Financial Statements for the operating property acquired by the Company.

In addition, during 2025, certain of the Company's real estate joint ventures disposed of two operating properties and a land parcel, in separate transactions, for an aggregate sales price of $71.6 million. These transactions resulted in an aggregate net gain to the Company of $0.9 million for the year ended December 31, 2025, which is included in Equity in income of joint ventures, net on the Company's Consolidated Statements of Income.

During 2024, certain of the Company’s real estate joint ventures disposed of an operating property and other property interest, in separate transactions, for an aggregate sales price of $19.2 million. These transactions resulted in an aggregate net gain to the Company of $1.4 million for the year ended December 31, 2024.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2025 and 2024 (dollars in millions):

	December 31, 2025							December 31, 2024
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
Prudential Investment Program	$	233.9		5.25	%		22.2	$	268.5		5.47	%		19.6
KIR		274.4		4.58	%		15.2		273.9		5.82	%		27.2
R2G (1)		70.7		2.90	%		62.6		68.7		2.90	%		74.6
CPP		79.3		5.25	%		7.0		80.6		4.88	%		19.0
Other Institutional Joint Ventures		222.7		5.41	%		47.7		234.7		5.76	%		23.7
Other Joint Venture Programs (2)		538.2		5.04	%		33.0		547.3		4.98	%		40.8
Total	$	1,419.2						$	1,473.7

* Includes extension options

• In connection with the RPT Merger, the Company acquired an ownership interest in this joint venture, which had aggregate secured debt of $66.7 million (including a fair market value adjustment of $14.4 million).
• In connection with the RPT Merger, the Company acquired an ownership interest in a joint venture, which had aggregate secured debt of $187.1 million (including a fair market value adjustment of $3.2 million).

Summarized financial information for the Company’s investment in and advances to real estate joint ventures is as follows (in millions):

	December 31,
	2025			2024
Assets:
Real estate, net	$	4,688.7		$	4,919.3
Other assets, net		350.6			322.2
Total Assets	$	5,039.3		$	5,241.5
Liabilities and Members’ Capital:
Notes payable, net	$	583.5		$	583.1
Mortgages payable, net		835.7			890.6
Other liabilities		126.9			133.5
Accumulated other comprehensive (loss)/income		(0.7	)		6.6
Members’ capital		3,493.9			3,627.7
Total Liabilities and Members’ Capital	$	5,039.3		$	5,241.5
	Year Ended December 31,
---	---	---	---	---	---	---	---	---	---
	2025			2024			2023
Revenues, net	$	678.0		$	677.5		$	552.5
Operating expenses		(212.3	)		(208.4	)		(173.3	)
Impairment charges		(1.1	)		(0.1	)		(17.8	)
Depreciation and amortization		(199.5	)		(203.5	)		(146.7	)
Gain on sale of properties		34.8			7.7			48.0
Interest expense		(80.1	)		(87.5	)		(72.2	)
Other (expense)/income, net		(3.0	)		3.3			(7.0	)
Net income	$	216.8		$	189.0		$	183.5

Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include investments in certain real estate joint ventures totaling $0.6 million and $5.1 million at December 31, 2025 and 2024, respectively. The Company has varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2025 and 2024, the Company’s carrying value in these investments was $1.5 billion.

• Other Investments:

The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Consolidated Balance Sheets. In addition, the Company has invested capital in structured investments that are accounted for on the equity method of accounting. As of December 31, 2025 and 2024, the Company’s Other investments were $99.9 million and $107.3 million, respectively, of which the Company’s net investment under the Preferred Equity program were $59.1 million and $70.1 million, respectively. During 2025, 2024 and 2023, the Company recognized equity in income of $3.5 million, $13.8 million and $11.1 million, respectively, from its preferred equity investments.

During 2025, the Company acquired the remaining ownership interest in a preferred equity investment for $3.6 million. As a result, the Company consolidated a $14.9 million mortgage receivable encumbering a property located in Jackson Heights, NY.

During 2024, the Company converted its $50.2 million preferred equity investment into mezzanine loan financing for a property in San Antonio, TX. In addition, the Company acquired the outstanding senior mortgage loan of $146.2 million encumbering the property.

In connection with the RPT Merger, the Company acquired a preferred equity investment of $12.7 million.

As of December 31, 2025, these preferred equity investment properties had non-recourse mortgage loans aggregating $136.5 million. These loans have scheduled maturities ranging from

1.8

years to

4.1

years and bear interest at rates ranging from 6.58% to 8.34%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital.

• Mortgage and Other Financing Receivables:

The Company has various mortgage and other financing receivables, which consist of loans acquired and loans originated by the Company. As of December 31, 2025 and 2024, the Company had mortgage and other financing receivables, net of allowance for credit losses of $383.9 million and $445.0 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recognized mortgage and other financing income, net of credit losses, of $51.0 million, $29.5 million and $12.0 million, respectively. For a complete listing of the Company’s mortgage and other financing receivables at December 31, 2025, see Financial Statement Schedule IV included in this Annual Report on Form 10-K.

During 2025, the Company (i) provided $264.5 million of mortgage and other financing loans, (ii) collected $325.0 million of mortgage and other financing receivables, of which $18.4 million was repaid at closing upon the Company's acquisition of the corresponding properties, and (iii) extended three mortgage loans with an aggregate principal balance of $176.1 million, utilizing extension options ranging from six months to one year.

In addition, the Company consolidated a $14.9 million mortgage receivable encumbering a property located in Jackson Heights, NY relating to a previously held preferred equity investment during 2025. The Company then acquired this property interest and the mortgage receivable was repaid by the seller at closing.

During 2024, the Company (i) provided $202.8 million of mortgage and other financing loans, (ii) issued $175.4 million of seller financing related to the sale of nine operating properties, which were acquired in conjunction with the RPT Merger, (iii) provided $50.2 million of mortgage loan financing related to the Company’s previously held preferred equity investment and (iv) collected $108.4 million of mortgage and other financing receivables.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The following table presents the change in the allowance for loan losses for the years ended December 31, 2025, 2024 and 2023, respectively (dollars in thousands):

	2025			2024		2023
Balance at January 1,	$	6,800		$	1,300	$	1,300
Provision for loan losses		3,162			5,500		-
Recoveries collected		(4,610	)		-		-
Balance at December 31,	$	5,352		$	6,800	$	1,300

• Accounts and Other Receivables:

The components of Accounts and other receivables, net of potentially uncollectible amounts as of December 31, 2025 and 2024, are as follows (in thousands):

	December 31,
	2025		2024
Billed tenant receivables	$	18,242	$	23,011
Unbilled common area maintenance, insurance and tax reimbursements		76,113		67,010
Other receivables		11,500		15,865
Straight-line rent receivables		263,109		234,583
Total accounts and other receivables, net	$	368,964	$	340,469

• Leases:

Lessor Leases

The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent, lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments.

The disaggregation of the Company’s lease income, which is included in Revenue from rental properties, net on the Company’s Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the years ended December 31, 2025, 2024 and 2023, was as follows (in thousands):

	Year Ended December 31,
	2025			2024			2023
Lease income:
Fixed lease income (1)	$	1,672,317		$	1,615,352		$	1,409,609
Variable lease income (2)		432,044			399,627			354,093
Above-market and below-market leases amortization, net		30,744			25,205			17,253
Adjustments for potentially uncollectible lease income or disputed amounts		(13,705	)		(21,119	)		(13,898	)
Total lease income	$	2,121,400		$	2,019,065		$	1,767,057

• Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.
• Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.

Base rental revenues and fixed-rate expense reimbursements from rental properties are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis for the years ended December 31, 2025, 2024 and 2023 was $29.3 million, $23.2 million and $22.5 million, respectively.

The Company is primarily engaged in the operation of shopping centers that are either owned or held under long-term leases that expire at various dates through 2089. The Company, in turn, leases premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from five to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants’ sales volumes. Annual minimum rentals plus incremental rents based on operating expense

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

levels and percentage rents comprised 98% of total revenues from rental properties for each of the three years ended December 31, 2025, 2024 and 2023.

The minimum revenues expected to be received by the Company from rental properties under the terms of all non-cancelable tenant leases for future years, assuming no new or renegotiated leases are executed for such premises and excluding variable lease payments, are as follows (in millions):

	2026		2027		2028		2029		2030		Thereafter
Minimum revenues	$	1,604.5	$	1,473.0	$	1,277.7	$	1,055.6	$	853.7	$	4,029.1

Lessee Leases

The Company currently leases real estate space under non-cancelable operating lease agreements for ground leases and administrative office leases. The Company’s operating leases have remaining lease terms ranging from less than one year to

79.3

years, some of which include options to extend the terms for up to an additional 60 years. During 2025, the Company obtained a $7.4 million operating right-of-use asset in exchange for a new operating lease liability related to an option exercise for a property under an operating ground lease agreement. In connection with the RPT Merger, the Company obtained a $13.5 million operating right-of-use asset (excluding an intangible right-of-use asset of $7.4 million) in exchange for a new operating lease liability related to a property under an operating ground lease agreement. In addition, the Company obtained a finance intangible right-of-use asset of $6.8 million (which is included in Other assets on the Company’s Consolidated Balance Sheets).

The Company had three properties under finance ground lease agreements that consisted of variable lease payments with a bargain purchase option. During 2025, the Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of its call option for an aggregate purchase price of $24.2 million. This transaction resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company's Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities. As of December 31, 2025, the Company has a property under a finance ground lease agreement with a right-of-use asset of $6.8 million, which is included in Other assets on the Company’s Consolidated Balance Sheets.

The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of December 31, 2025 were as follows:

	Operating Leases
Weighted-average remaining lease term (in years)		29.1
Weighted-average discount rate		6.77	%

The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023, were as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Lease cost:
Finance lease cost	$	43	$	1,459	$	1,261
Operating lease cost		14,246		15,107		14,736
Variable lease cost		2,895		2,300		2,241
Total lease cost	$	17,184	$	18,866	$	18,238

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities (in thousands):

Year Ending December 31,
2026	$	12,048
2027		12,189
2028		12,212
2029		11,416
2030		10,160
Thereafter		251,450
Total minimum lease payments	$	309,475
Less imputed interest		(189,397	)
Total operating lease liabilities	$	120,078

• Other Assets:

Marketable Securities

During 2024, the Company sold its remaining 14.2 million shares of common stock of Albertsons Companies Inc. (“ACI”), generating net proceeds of $299.1 million. For tax purposes, the Company recognized a long-term capital gain of $288.7 million during 2024. The Company retained the proceeds from the ACI stock sale and applied available deductions to offset a portion of the gain from the sale and as a result, recorded $26.1 million of federal and state income tax expense.

During 2023, the Company received a $194.1 million special dividend payment on its shares of ACI common stock and recognized this as Special dividend income on the Company’s Consolidated Statements of Income. As a result, the Company’s Board of Directors declared a $0.09 per share of common stock special cash dividend to satisfy the REIT distribution requirements as a REIT. This special dividend was paid on December 21, 2023, to shareholders of record on December 7, 2023.

In addition, during 2023, the Company sold 14.1 million shares of ACI common stock, generating net proceeds of $282.3 million. For tax purposes, the Company recognized a long-term capital gain of $241.2 million. The Company retained the proceeds from this stock sale for general corporate purposes and paid federal and state taxes of $60.9 million on the taxable gain.

The portion of unrealized gain/(loss) on marketable securities for the period that relates to marketable securities still held at the reporting date are as follows (in thousands):

	Year Ended December 31,
	2025			2024			2023
Gain/(loss) on marketable securities, net	$	3		$	(27,679	)	$	21,262
Less: Net (gain)/loss recognized related to marketable securities sold		(2	)		27,652			10,614
Unrealized gain/(loss) related to marketable securities still held	$	1		$	(27	)	$	31,876

Software Development Costs

As of December 31, 2025 and 2024, the Company had unamortized software development costs of $10.8 million and $14.9 million, respectively. The Company expensed $4.0 million, $4.5 million and $4.5 million in amortization of software development costs during the years ended December 31, 2025, 2024 and 2023, respectively.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

• Notes Payable:

As of December 31, 2025 and 2024, the Company’s Notes payable, net consisted of the following, excluding extension options (dollars in millions):

	Carrying Amount at<br>December 31,						Interest Rate at<br>December 31,		Maturity Date at
	2025			2024			2025	2024	December 31, 2025
Senior unsecured notes	$	6,916.3		$	7,156.8		1.90% - 6.88%	1.90% - 6.88%	Jul-26 – Oct-49
Unsecured term loans		860.0			860.0		4.48% - 4.68%	4.58% - 4.78%	Nov-26 – Feb-28
Unsecured Credit Facility (1)		-			-		n/a	n/a	Mar-27
Fair value debt adjustments, net		4.9			12.9		n/a	n/a	n/a
Deferred financing costs, net (2)		(62.5	)		(65.0	)	n/a	n/a	n/a
	$	7,718.7		$	7,964.7		3.97%*	3.86%*

* Weighted-average interest rate

• Accrues interest at a rate of Adjusted Term Secured Overnight Financing Rate (“Adjusted Term

SOFR

”), as defined, plus 68.5 basis points after reductions as of December 31, 2025 and 2024.

• As of December 31, 2025 and 2024, the Company had $2.9 million and $4.8 million, respectively, of deferred financing costs, net related to the Credit Facility that are included in Other assets on the Company’s Consolidated Balance Sheets.

In connection with the RPT Merger, the Company assumed the following notes payable (dollars in millions):

Type	Amount<br>Assumed		Interest Rate	Maturity Date
Unsecured notes (1)	$	511.5	3.64%-4.74%	Jun-25-Nov-31
Unsecured term loan (2)	$	50.0	4.15%	Nov-26
Unsecured term loan (2)	$	100.0	4.11%	Feb-27
Unsecured term loan (2)	$	50.0	3.43%	Aug-27
Unsecured term loan (2)	$	110.0	3.71%	Feb-28

• The Company fully repaid these unsecured notes in January 2024 and incurred a make-whole charge of $0.3 million resulting from this early repayment of these notes, which are included in Merger charges on the Company’s Consolidated Statements of Income.
• The Company entered into a Seventh Amended and Restated Credit Agreement, through which the assumed term loans were terminated (fully repaid) and new term loans were issued to replace the assumed loans. The new term loans retained the amounts and maturities of the assumed term loans, however the rates (Secured Overnight Financing Rate ("

SOFR")

plus 90.5 basis points and fluctuates based on credit rating profile and achieving sustainability metric targets, as described in the agreement) and covenants were revised to match those within the Company’s Credit Facility. As of December 31, 2025, the interest rate on these term loans is

SOFR

plus 81.0 basis points after reductions for sustainability metrics achieved and an upgraded credit rating profile. The Company entered into 20 swap rate agreements with various lenders swapping the interest rates to all-in fixed rates (ranging from 4.4793% to 4.6801% as of December 31, 2025). See Footnote 15 of the Notes to Consolidated Financial Statements for interest rate swap disclosure.

During the years ended December 31, 2025 and 2024, the Company issued the following senior unsecured notes (dollars in millions):

Date Issued	Amount<br>Issued		Interest Rate			Maturity Date
Jun-25	$	500.0		5.300	%	Feb-36
Sept-24	$	500.0		4.850	%	Mar-35

During the years ended December 31, 2025 and 2024, the Company fully repaid the following notes payables (dollars in millions):

Type	Date Paid	Amount<br>Repaid		Interest<br>Rate	Maturity<br>Date
Unsecured note	Jun-25	$	240.5	3.85%	Jun-25
Unsecured note	Feb-25	$	500.0	3.30%	Feb-25
Unsecured note	Mar-24	$	400.0	2.70%	Mar-24
Unsecured note	Jan-24	$	246.2	4.45%	Jan-24

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The scheduled maturities of all notes payable, excluding unamortized fair value debt adjustments of $4.9 million and unamortized debt issuance costs of $62.5 million, as of December 31, 2025, were as follows (in millions):

	2026		2027		2028		2029		2030		Thereafter		Total
Principal payments	$	823.0	$	583.7	$	519.6	$	550.0	$	500.0	$	4,800.0	$	7,776.3

The Company’s supplemental indentures governing its Senior Unsecured Notes contain covenants whereby the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition, the Company is restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined therein, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT provided the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the covenants as of December 31, 2025.

Interest on the Company’s fixed-rate Senior Unsecured Notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

Credit Facility

The Company has a $2.0 billion unsecured revolving credit facility (the "Credit Facility") with a group of banks. The Credit Facility is scheduled to expire in March 2027 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2028. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Adjusted Term SOFR, as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets and the Company's credit rating outlook, as defined in the agreement. As of December 31, 2025, the interest rate on the Credit Facility is Adjusted Term

SOFR

plus 68.5 basis points (4.47% as of December 31, 2025) after reductions for sustainability metrics achieved and an upgraded credit rating profile. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of December 31, 2025, the Credit Facility had no outstanding balance, no appropriations for letters of credit, and the Company was in compliance with its covenants. In February 2026, the Company closed on a new $2.0 billion unsecured revolving credit facility (the "New Credit Facility") with a group of banks. For a full description of the New Credit Facility's terms and covenants, refer to the Amended and Restated Credit Agreement dated as of February 18, 2026, filed as Exhibit 10.33 to this Annual Report.

Commercial Paper Program

During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the "Commercial Paper Program"). The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program.

Term Loan Credit Facility

The Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) with a group of banks, which matures in January 2027 with two one-year options to extend the maturity date, at the Company's discretion, to January 2029. The Term Loan Credit Facility accrues interest at a spread (currently SOFR plus 80.0 basis points after reductions for an upgraded credit rating profile), that fluctuates in accordance with changes in the Company’s senior debt ratings. As of December 31, 2025, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the Term Loan Credit Facility to an all-in fixed rate of 4.5122%. See Footnote 15 of the Notes to Consolidated Financial Statements for interest rate swap disclosure.

The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

• Mortgages Payable:

Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest.

As of December 31, 2025 and 2024, the Company’s Mortgages payable, net consisted of the following (dollars in millions):

	Carrying Amount at<br>December 31,						Interest Rate at<br>December 31,		Maturity Date at
	2025			2024			2025	2024	December 31, 2025
Mortgages payable	$	469.1		$	498.1		3.33% - 7.08%	3.33% - 7.08%	Feb-26 – Jun-31
Fair value debt adjustments, net		(1.1	)		(0.6	)	n/a	n/a	n/a
Deferred financing costs, net		(0.8	)		(1.1	)	n/a	n/a	n/a
	$	467.2		$	496.4		4.39%*	4.39%*

* Weighted-average interest rate

During 2025, the Company (i) assumed $31.4 million of non-recourse mortgage debt (including fair market value adjustment of $0.5 million) through the acquisition of an operating property and (ii) repaid $48.9 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered three operating properties.

During 2024, the Company (i) assumed $164.6 million of non-recourse mortgage debt through the acquisition of an operating property and (ii) repaid $11.8 million of mortgage debt that encumbered three operating properties.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $1.1 million and unamortized debt issuance costs of $0.8 million, as of December 31, 2025, were as follows (in millions):

	2026		2027		2028		2029		2030		Thereafter		Total
Principal payments	$	58.7	$	42.8	$	117.2	$	238.6	$	0.3	$	11.5	$	469.1

• Derivatives:

Derivative Instruments & Hedging Activities

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risks, primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates and limits the risk by following established risk management policies and procedures, including the use of derivative financial instruments.

The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate these risks, the Company only enters into derivative financial instruments with counterparties with major financial institutions. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company's objectives in using interest rate derivatives are to attempt to stabilize interest expense where possible and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

During 2024, the Company entered into 26 interest rate swap agreements with notional amounts aggregating to $860.0 million. The interest rate swap agreements are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. As of December 31, 2025, all interest rate swaps were deemed effective and are therefore included within AOCI. As of December 31, 2025, the Company expects approximately $2.9 million of accumulated comprehensive income on derivative instruments to be reclassified into earnings as a reduction to interest expense during the next 12 months.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The interest rate swaps are measured at fair value using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company classifies the interest rate swaps as Level 2, and the fair value of the interest rate swaps are measured on a recurring basis, see Footnote 18 of the Notes to Consolidated Financial Statements.

The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of December 31, 2025 (amounts in thousands):

Instrument	Number of Swap<br>Agreements	Associated Debt<br>Instrument	Effective Date	Maturity<br>Date	Notional<br>Amount (1)		Derivative <br>Liabilities (2)
Interest rate swap	1	$200.0 Million Term Loan	Jan-24	Jan-29	$	200,000	$	(1,889	)
Interest rate swaps	3	$50.0 Million Term Loan	Jan-24	Nov-26		50,000		(186	)
Interest rate swaps	3	$100.0 Million Term Loan	Jan-24	Feb-27		100,000		(504	)
Interest rate swaps	7	$50.0 Million Term Loan	Jan-24	Aug-27		50,000		(350	)
Interest rate swaps	7	$110.0 Million Term Loan	Jan-24	Feb-28		110,000		(913	)
Interest rate swaps	4	$300.0 Million Term Loan	Jul-24	Jan-29		300,000		(4,619	)
Interest rate swap	1	$50.0 Million Term Loan	Sept-24	Jan-29		50,000		(109	)
					$	860,000	$	(8,570	)

• These interest rate swap agreements utilize a one-month SOFR CME index.
• Included within Other liabilities on the Company’s Consolidated Balance Sheets.

The table below details the location in the financial statements of the (loss)/gain recognized on interest rate swaps designated as cash flow hedges for the year ended December 31, 2025 (amounts in thousands):

	Year Ended December 31,
	2025			2024
Amount of (loss)/gain recognized in AOCI on interest rate swaps, net	$	(11,338	)	$	16,585
Amount reclassified from AOCI into Interest expense as income	$	4,471		$	9,346
Total amount of Interest expense presented in the Consolidated<br>   Statements of Income in which the effects of cash flow hedges<br>   are being recorded	$	(330,196	)	$	(307,806	)

The Company has interests in certain unconsolidated joint ventures, which have cash flow hedges for interest payments. As of December 31, 2025 and 2024, the Company's net share of the fair value of cash flow hedges for interest payments of unconsolidated investees was $0.2 million of losses and $3.8 million of income, respectively, which is included within AOCI on the Company’s Consolidated Balance Sheets.

Embedded Derivative Liability

The Company evaluates its financial instruments, including equity-linked financial instruments, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). For derivative financial instruments that are classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent changes in fair value recognized in each reporting period as a component of Other income, net on the Company's Consolidated Statements of Income. The classification of freestanding derivative instruments, including whether such instruments should be classified as liabilities or as equity, is evaluated at the end of each reporting period.

During 2022, the Company entered into an agreement to purchase a portfolio of eight properties for a sales price of $376.5 million, which were encumbered by $88.8 million of mortgage debt. The Company paid cash of $152.1 million and issued 6,104,831 preferred units (“Preferred Outside Partner Units”) and 678,306 common units (“Common Outside Partner Units”) with a value of $135.7 million to the sellers (collectively, the “Outside Partner Units”).

The transaction includes a call option for the Company to purchase the Outside Partner Units 10 years from the anniversary date of the agreement. The holders of the Outside Partner Units have a put option that would require the Company to purchase (i) 50% of the holder’s ownership interest after the first anniversary date, (ii) an additional 25% after the second anniversary date and (iii) the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

balance of the units after the third anniversary date. The put and call options cannot be separated from the noncontrolling interest. The noncontrolling interests associated with these units are classified in mezzanine equity as redeemable noncontrolling interests as a result of the put right available to the unit holders in the future, an event that is not solely in the Company’s control.

This arrangement included an embedded derivative which required separate accounting. The initial value of the embedded derivative was a liability of $56.0 million at the date of purchase. The Company estimated the fair value of the derivative liability using a “with-and-without” method. The “with-and-without” methodology involves valuing the whole instrument on an as-is basis and then valuing the instrument without the individual embedded derivative. The difference between the entire instrument with the embedded derivative compared to the instrument without the embedded derivative was the fair value of the derivative liability on issuance. The analysis reflects the contractual terms of the redeemable preferred and common units and the estimated probability and timing of underlying events that trigger the put and call options and the estimated probability and timing of those events are inputs used to determine the estimated fair value of the embedded derivative. The Company has determined the majority of the inputs used to value its embedded derivative fall within Level 3 of the fair value hierarchy, and, as a result, the fair value valuation of its embedded derivative held as of December 31, 2025 was classified as Level 3 in the fair value hierarchy and is required to be measured at fair value on a recurring basis (see Footnote 18 of the Notes to Consolidated Financial Statements). The embedded derivative liability was $5.4 million and $19.9 million at December 31, 2025 and 2024, respectively.

• Noncontrolling Interests and Redeemable Noncontrolling Interests:

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or having determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance. The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.

Noncontrolling interests

As of December 31, 2025, the Parent Company is the managing member of Kimco OP and owns 99.79% of the outstanding OP Units. Noncontrolling OP Units are owned by third parties and certain officers and directors of the Company. During 2024, the Parent Company issued 953,400 OP Units in Kimco OP, which were fully vested upon issuance and had a fair market value of $21.0 million. In addition, the Parent Company has granted to certain employees and directors LTIP Units with time-based vesting requirements (“Time-Based LTIP Units”) and LTIP Units with performance-based vesting requirements (“Performance-Based LTIP Units”), assuming the maximum target performance (see Footnote 24 of the Notes to Consolidated Financial Statements). The OP units are currently redeemable at the option of the holder (subject to restrictions agreed upon at the time of issuance of LTIP Units to certain holders that may restrict such redemption right for a period of time) for the Parent Company’s common stock at a ratio of

1:1

or cash at the option of the Parent Company. As of December 31, 2025, noncontrolling interest relating to the Noncontrolling OP units was $30.2 million and consisted of the following:

Type	Number of Units<br>Remaining		Return Per Annum
Vested OP Units		1,002,014	Equal to the Company’s common stock dividend
Time-Based OP Units		442,708	Equal to the Company’s common stock dividend
Performance-Based OP Units		1,076,361	Dividend equivalent OP Units upon vesting

During 2025, the Company acquired the remaining outside partners’ interests in two consolidated properties for a purchase price of $8.3 million. This transaction resulted in a decrease in Noncontrolling interests of $1.6 million and a corresponding decrease in Paid-in capital of $6.7 million on the Company’s Consolidated Balance Sheets.

During 2024, the Company acquired the remaining outside partners’ interests in a consolidated property for a purchase price of $3.3 million. This transaction resulted in a decrease in Noncontrolling interests of $3.8 million and a corresponding increase in Paid-in capital of $0.5 million on the Company’s Consolidated Balance Sheets.

The Company owns seven shopping center properties located throughout Puerto Rico. These properties were acquired in 2006 partially through the issuance of $158.6 million of non-convertible units and $45.8 million of convertible units. Noncontrolling

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

interests related to these acquisitions totaled $233.0 million of units, including premiums of $13.5 million and a fair market value adjustment of $15.1 million (collectively, the "Units"). Since the acquisition date, the Company has redeemed a substantial portion of these units. As of December 31, 2025 and 2024, noncontrolling interest relating to the remaining units was $3.4 million. These remaining units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. The Units related annual cash distribution rates and related conversion features consisted of the following as of December 31, 2025:

Type	Par Value Per<br>Unit		Number of Units<br>Remaining		Return Per Annum
Class B-1 Preferred Units	$	10,000		142	7.0%
Class C DownREIT Units	$	30.52		35,493	Equal to the Company’s common stock dividend

The Company owns a shopping center located in Bay Shore, NY, which was acquired in 2006 with the issuance of 647,758 redeemable Class B Units at a par value of $37.24 per unit. The units accrue a return equal to the Company’s common stock dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of

1:1

. These units are callable by the Company any time after April 3, 2028 and are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. The redemption value of these units is calculated using the 30-day weighted average closing price of the Company’s common stock prior to redemption. As of December 31, 2025 and 2024, noncontrolling interest relating to the remaining 377,837 Class B Units was $16.1 million. Noncontrolling interests also includes 138,015 convertible units issued during 2006 by the Company, which were valued at $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are currently redeemable at the option of the holder for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock.

The Company acquired in 2021 a consolidated joint venture, the Raleigh Limited Partnership, which was structured as a DownREIT partnership and had 1,813,615 units with a fair value of $38.0 million upon acquisition. This venture allows the outside limited partners to redeem their interest in the partnership (at the Company’s option) in cash or for the Company’s common stock at a ratio of

1:1

. The unit holders are entitled to a distribution equal to the dividend rate of the Company’s common stock. As of December 31, 2025 and 2024, the noncontrolling interest relating to the remaining 1,639,161 units was $34.4 million.

Redeemable noncontrolling interests

Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets.

The Company owns eight shopping center properties located in Long Island, NY, which were acquired during 2022, partially through the issuance of $122.1 million of Preferred Outside Partner Units and $13.6 million of Common Outside Partner Units. The noncontrolling interest is classified as mezzanine equity and included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets as a result of the put right available to the unit holders, an event that is not solely in the Company’s control. The Preferred Outside Partner Units distribute at a rate equal to 3.75% per annum. The Common Outside Partner Units distribute at a rate equal to the Company’s common stock dividend. The Outside Partner Units are as follows (dollars in thousands):

	Common Outside Partner				Preferred Outside Partner
	Units		Noncontrolling<br> Interests<br>Amount (1)		Units		Noncontrolling<br>Interests<br>Amount (1)		Embedded Derivative <br>Liability Amount (2)		Total<br>Amount
As of December 31, 2025		170,585	$	3,458		824,410	$	11,048	$	5,440	$	19,946
As of December 31, 2024		266,531	$	6,245		2,496,707	$	31,631	$	19,864	$	57,740
Redemptions during 2025 (3)		95,946	$	1,986		1,672,297	$	21,316	$	12,130	$	35,432
Redemptions during 2024		355,227	$	8,519		1,481,597	$	18,712	$	10,920	$	38,151

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

• Included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. The Outside Partner Units have a par value of $20.00 per unit.
• Included in Other liabilities on the Company’s Consolidated Balance Sheets.
• Includes $12.5 million related to put option exercise paid in January 2026, which is included in Accounts payable and accrued expenses on the Company’s Consolidated Balance Sheets as of December 31, 2025.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2025 and 2024 (in thousands):

	2025			2024
Balance at January 1,	$	47,877		$	72,277
Net income		3,021			4,182
Distributions		(3,021	)		(4,182	)
Redemption/conversion of noncontrolling interests (1)		(23,302	)		(27,442	)
Adjustment to estimated redemption value		(69	)		3,042
Balance at December 31,	$	24,506		$	47,877

• Includes Preferred and Common Outside Partner Units, which were partially redeemed during 2025 and 2024 described above.

• Variable Interest Entities (“VIE”):

Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. Substantially all of the Parent Company's assets and liabilities are the assets and liabilities of Kimco OP. In addition, included within the Company’s operating properties at December 31, 2025 and 2024, are various consolidated entities, that are VIEs for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At December 31, 2025, total assets of these VIEs were $1.7 billion and total liabilities were $153.0 million. At December 31, 2024, total assets of these VIEs were $1.7 billion and total liabilities were $161.6 million.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience.

Additionally, included within the Company’s real estate at December 31, 2025, is a consolidated development project, which is a VIE for which the Company is the primary beneficiary. This entity was primarily established to develop a real estate property to hold as a long-term investment. The Company’s involvement with this entity is through its majority ownership of the property. This entity is deemed a VIE as the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction, as development costs will be funded by construction loan financing and the partners over the construction period. The Company determined that it was the primary beneficiary of this VIE as a result of its controlling financial interest. At December 31, 2025, total assets of this real estate development VIE were $28.1 million, and there were no outstanding liabilities.

All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by third-party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The table below summarizes the consolidated VIEs and the classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets (dollars in millions):

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

	December 31,
	2025		2024
Number of unencumbered VIEs		23		27
Number of encumbered VIEs		3		2
Total number of consolidated VIEs		26		29
Restricted Assets:
Real estate, net	$	347.8	$	326.1
Cash, cash equivalents and restricted cash		4.6		4.1
Accounts and other receivables, net		3.9		3.4
Other assets		1.9		1.3
Total Restricted Assets	$	358.2	$	334.9
VIE Liabilities:
Mortgages payable, net	$	83.6	$	85.1
Accounts payable and accrued expenses		9.8		11.6
Intangible liabilities, net		44.2		48.2
Operating lease liabilities		1.7		1.8
Other liabilities		13.7		14.9
Total VIE Liabilities	$	153.0	$	161.6

Unconsolidated Redevelopment Investment

Included in the Company’s preferred equity investments at December 31, 2025 is an unconsolidated development project which is a VIE for which the Company is not the primary beneficiary. This preferred equity investment was primarily established to develop real estate property for long-term investment and was deemed a VIE primarily because the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by construction loan financing and the partners over the construction period. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

As of December 31, 2025 and 2024, the Company’s investment in this VIE was $39.8 million and $37.6 million, respectively, which is included in Other investments on the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is the Company’s carrying value in this investment. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with construction loan financing or capital contributions from the Company and the outside partner in accordance with their respective ownership percentages if necessary.

• Fair Value Disclosure of Financial Instruments:

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt and mortgage and other finance receivables is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. The fair value for embedded derivative liability is based on using the “with-and-without” method. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The following table presents the carrying amount and estimated fair value of the Company's financial instruments not measured at fair value as of December 31, 2025 and 2024 (in thousands):

		December 31, 2025				December 31, 2024
	Fair Value<br>Hierarchy	Carrying<br>Amount		Estimated<br>Fair Value		Carrying<br>Amount		Estimated<br>Fair Value
Assets:
Mortgage and other financing receivables (1)	Level 3	$	383,935	$	392,222	$	444,966	$	443,234
Liabilities:
Notes payable, net (2)
Senior unsecured notes	Level 2	$	6,859,458	$	6,550,537	$	7,106,835	$	6,538,784
Unsecured term loans	Level 3	$	859,272	$	860,685	$	857,903	$	861,296
Mortgages payable, net (3)	Level 3	$	467,203	$	455,214	$	496,438	$	469,734

• The carrying value includes allowance for credit losses of $5.4 million and $6.8 million as of December 31, 2025 and 2024, respectively.
• The carrying value includes deferred financing costs of $62.5 million and $65.0 million as of December 31, 2025 and 2024, respectively.
• The carrying value includes deferred financing costs of $0.8 million and $1.1 million as of December 31, 2025 and 2024, respectively.

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities, interest rate swap derivative assets/liabilities and embedded derivative liabilities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level of the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):

	Balance at December 31, 2025		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	2,649	$	2,649	$	-	$	-
Liabilities:
Interest rate swaps derivative liabilities	$	8,570	$	-	$	8,570	$	-
Embedded derivative liability	$	5,440	$	-	$	-	$	5,440
	Balance at December 31, 2024		Level 1		Level 2		Level 3
---	---	---	---	---	---	---	---	---
Assets:
Marketable equity securities	$	2,290	$	2,290	$	-	$	-
Interest rate swaps derivative assets	$	7,239	$	-	$	7,239	$	-
Liabilities:
Embedded derivative liability	$	19,864	$	-	$	-	$	19,864

The significant unobservable input (Level 3 inputs) used in measuring the Company’s embedded derivative liability, which is categorized with Level 3 of the fair value hierarchy, were discount rates of 5.30% and 6.40% as of December 31, 2025 and 2024, respectively.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The table below summarizes the change in the fair value of the embedded derivative liability measured using Level 3 inputs for the years ended December 31, 2025 and 2024 (in thousands):

	Year Ended December 31,
	2025			2024
Balance as of January 1,	$	19,864		$	30,914
Settlements		(12,130	)		(10,920	)
Change in fair value (included in Other income, net)		(2,294	)		(130	)
Balance as of December 31,	$	5,440		$	19,864

Assets measured at fair value on a non-recurring basis at December 31, 2025 are as follows (in thousands):

	Balance at December 31, 2025		Level 1		Level 2		Level 3
Real estate	$	9,718	$	-	$	-	$	9,718

During the years ended December 31, 2025, 2024 and 2023, the Company recognized impairment charges related to adjustments to property carrying values of $9.5 million, $4.5 million and $14.0 million, respectively. The Company’s estimated fair values of these assets were primarily based upon estimated sales prices from signed contracts or letters of intent from third-party offers, which were less than the carrying value of the assets. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third-party offers. Based on these inputs, the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.

• Segment Reporting:

The Company is an owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets of which all the Company's properties are located within the U.S., inclusive of Puerto Rico. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews and evaluates operating and financial data for each property on an individual basis. As a result, each of the Company's individual properties is a separate operating segment. The Company defines its reportable segments to be in accordance with the method of internal reporting and the manner in which the Company's chief operating decision maker ("CODM"), makes key operating decisions, evaluates financial results, allocates resources and manages the Company's business. Accordingly, the Company aggregates its operating segments into a single reportable segment due to the similarities with regard to the nature and economics of its properties, tenants and operations, which are operated using consistent business strategies.

In accordance with ASC 280 Segment Reporting, the Company’s CODM has been identified as the Chief Executive Officer. The CODM evaluates the Company’s portfolio and assesses the ongoing operations and performance of its consolidated properties and the Company's share of unconsolidated joint venture operations. The accounting policies of the reportable segments are the same as the Company’s accounting policies. Net Operating Income ("NOI") is the primary performance measure reviewed by the Company’s CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating expenses from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. The Company’s calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs. The CODM does not review asset information as a measure to assess performance.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The following table presents accrual-based lease revenue and other property related income and operating expenses included in the Company's share of NOI for its consolidated and unconsolidated properties ("NOI at share") for the periods presented (in thousands):

	Year Ended December 31,
	2025			2024			2023
Revenues	$	2,121,400		$	2,019,065		$	1,767,057
Operating expenses
Rent		(16,776	)		(16,837	)		(15,997	)
Real estate taxes		(277,478	)		(261,700	)		(231,578	)
Operating and maintenance		(368,080	)		(359,116	)		(309,143	)
Total operating expenses		(662,334	)		(637,653	)		(556,718	)
NOI from unconsolidated real estate joint ventures		199,788			199,522			158,903
NOI at share	$	1,658,854		$	1,580,934		$	1,369,242

The following table presents the reconciliation of NOI at share to Net income (in thousands):

	Year Ended December 31,
	2025			2024			2023
NOI at share	$	1,658,854		$	1,580,934		$	1,369,242
Adjustments:
Management and other fee income		18,716			17,949			16,343
General and administrative		(133,015	)		(138,140	)		(136,807	)
Impairment charges		(9,517	)		(4,476	)		(14,043	)
Merger charges		-			(25,246	)		(4,766	)
Depreciation and amortization		(627,090	)		(603,685	)		(507,265	)
Gain on sale of properties		62,663			1,274			74,976
Special dividend income		-			-			194,116
Other income, net		2,047			28,074			27,999
Mortgage and other financing income, net		50,958			29,531			11,961
Gain/(loss) on marketable securities, net		3			(27,679	)		21,262
Interest expense		(330,196	)		(307,806	)		(250,201	)
Provision for income taxes, net		(1,046	)		(25,417	)		(60,952	)
Equity in income of joint ventures, net		96,781			83,827			72,278
Equity in income of other investments, net		3,440			9,821			10,709
NOI from unconsolidated real estate joint ventures		(199,788	)		(199,522	)		(158,903	)
Net income	$	592,810		$	419,439		$	665,949

• Preferred Stock, Common Stock and Convertible Unit Transactions:

Preferred Stock

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share, per share data and par values):

As of December 31, 2025
Class of Preferred<br>Stock	Shares<br>Authorized		Shares<br>Issued and<br>Outstanding		Liquidation<br>Preference		Dividend<br>Rate			Annual<br>Dividend per <br>Depositary<br>Share		Par Value		Optional<br>Redemption<br>Date
Class L		10,350		8,902	$	222,543		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,465		261,636		5.250	%	$	1.31250	$	1.00	12/20/2022
Class N		1,849		1,381		69,017		7.250	%	$	3.62500	$	1.00	N/A
				20,748	$	553,196

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

As of December 31, 2024
Class of Preferred<br>Stock	Shares<br>Authorized		Shares<br>Issued and<br>Outstanding		Liquidation<br>Preference		Dividend<br>Rate			Annual<br>Dividend per<br>Depositary<br>Share		Par Value		Optional<br>Redemption<br>Date
Class L		10,350		8,902	$	222,543		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,465		261,636		5.250	%	$	1.31250	$	1.00	12/20/2022
Class N		1,849		1,439		71,934		7.250	%	$	3.62500	$	1.00	N/A
				20,806	$	556,113

The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company's common shares or under certain circumstances by the Company's election, which is subject to adjustment upon occurrence of certain events. As of December 31, 2025, the Class N Preferred Stock was potentially convertible into 3.2 million shares of common stock. The Company’s Class L and Class M Preferred Stock Depositary Shares are not convertible or exchangeable for any other property or securities of the Company.

During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. During the year ended December 31, 2025, the Company repurchased the following preferred stock:

Class of Preferred Stock	Depositary Shares Repurchased		Purchase Price (in thousands)
Class N		58,342	$	3,481

On November 4, 2024, the Company commenced a tender offer to purchase for cash any and all of its outstanding Class N Preferred Stock depositary shares at a price of $62.00 per depositary share, plus any accrued and unpaid dividends ("Class N Tender Offer"). Pursuant to the terms and conditions of the Class N Tender Offer, which expired on December 12, 2024, the Company repurchased 409,772 Class N depositary shares outstanding on December 16, 2024, for an aggregate cost of $26.7 million, of which $3.3 million was recognized as Preferred stock redemption charges on the Company’s Consolidated Statements of Income.

Voting Rights

The Class L, M and N Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

As to any matter on which the Class L, M or N Preferred Stock may vote, including any actions by written consent, each share of the Class L, M or N Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class L, M or N Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L, M or N Preferred Stock). As a result, each Class L, M or N Depositary Share is entitled to one vote.

Liquidation Rights

In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $25,000 per share of Class L Preferred Stock, $25,000 per share of Class M Preferred Stock, and $50,000 per share of Class N Preferred Stock ($25.00 per each Class L and Class M depositary share and $50.00 per Class N depositary share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as to liquidation rights.

Common Stock

During November 2025, the Company established a new common share repurchase program, which supersedes and replaces the Company's prior share repurchase program established in February 2018. Under this new program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the year ended December 31, 2025, the Company repurchased 6.1 million shares of common stock for an

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

aggregate purchase price of $120.3 million (weighted average price of $19.79 per share), of which $61.5 million was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million available under this new common share repurchase program.

During November 2025, the Company established a new at-the-market continuous offering program (the “ATM Program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may, from time to time, enter into separate forward sale agreements with one or more banks. This program does not expire. This new ATM Program supersedes and replaces the Company's prior ATM Program established in September 2023. The Company did not issue any shares under the ATM Programs during the year ended December 31, 2025. As of December 31, 2025, the Company had $750.0 million available under this new ATM Program.

The Company may, from time to time, repurchase shares of its common stock in amounts that offset new issuances of common stock relating to the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During 2025, 2024 and 2023, the Company repurchased 544,716, 792,317 and 761,149 shares, respectively, relating to shares of common stock surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the Company’s equity-based compensation plans.

Convertible Units

The Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote 16 of the Notes to Consolidated Financial Statements). The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2025, is $47.4 million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in common stock, the unit holders would receive 2.3 million shares of common stock. In addition, as of December 31, 2025, the Company has 1.0 million Vested OP units that are redeemable at the option of the holder, for which the Company has the option to settle such redemption in shares of the Company's common stock at a ratio of

1:1

or cash. The amount of consideration that would be paid to the holders of the Vested OP units which are not mandatorily redeemable, as if the redemption of these units occurred on December 31, 2025, is $20.3 million.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Dividends Declared

The following table provides a summary of the dividends declared per share:

	Year Ended December 31,
	2025		2024		2023
Common Stock (1)	$	1.01000	$	0.97000	$	1.02000
Class L Depositary Shares	$	1.28125	$	1.28125	$	1.28125
Class M Depositary Shares	$	1.31250	$	1.31250	$	1.31250
Class N Depositary Shares	$	3.62500	$	3.62500	$	-

• During 2023, the Company’s Board of Directors declared a $0.09 per share of common stock special cash dividend to maintain distribution requirements as a REIT.

• Supplemental Schedule of Non-Cash Investing/Financing Activities:

The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2025, 2024 and 2023 (in thousands):

	2025		2024			2023
Acquisition of Real Estate Interests:
Mortgages payable	$	-	$	164,623		$	-
Accounts receivable and other assets	$	-	$	5,264		$	-
Accounts payable and other liabilities	$	-	$	12,804		$	-
Noncontrolling interests	$	-	$	125		$	-
Lease modification	$	-	$	-		$	12,527
Consolidation of Joint Ventures:
Real estate assets, net	$	76,488	$	-		$	54,345
Mortgages payable	$	31,425	$	-		$	37,187
RPT Merger:
Real estate assets, net	$	-	$	1,821,052		$	-
Investment in real estate joint ventures	$	-	$	433,345		$	-
Investment in other investments	$	-	$	12,672		$	-
Other assets and liabilities, net	$	-	$	(3,109	)	$	-
Notes payable	$	-	$	(821,500	)	$	-
Lease liabilities arising from obtaining operating right-of-use assets	$	-	$	(13,506	)	$	-
Noncontrolling interest/Limited members' capital	$	-	$	(20,975	)	$	-
Preferred stock/units issued in exchange for RPT preferred shares	$	-	$	(105,607	)	$	-
Common stock/units issued in exchange for RPT common shares	$	-	$	(1,166,775	)	$	-
Deconsolidation of real estate interests through contribution to<br>   other investments	$	-	$	-		$	19,618
Disposition of real estate interests through the issuance of mortgage and <br>   other financing receivables	$	-	$	175,420		$	25,000
Proceeds held in escrow through the sale of real estate interests	$	-	$	-		$	3,524
Capital expenditures accrual	$	44,319	$	60,261		$	30,892
Decrease in other investments through the issuance/consolidation of <br>   mortgage and other financing receivable	$	14,917	$	50,219		$	-
Lease liabilities arising from obtaining operating right-of-use assets	$	7,338	$	1,448		$	1,481
Lease liabilities arising from obtaining financing right-of-use assets	$	-	$	-		$	3,161
Decrease in embedded derivative liability from extinguishment	$	-	$	-		$	1,906
Increase in redeemable noncontrolling interests' carrying amount, net	$	6,737	$	3,220		$	414
Surrender of restricted common stock/units	$	12,114	$	15,885		$	16,327
Declaration of dividends paid in succeeding period	$	6,364	$	6,409		$	5,308

The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Consolidated Balance Sheets to the Company’s Consolidated Statements of Cash Flows (in thousands):

	As of December 31, 2025		As of December 31, 2024
Cash and cash equivalents	$	211,648	$	688,622
Restricted cash		1,146		1,109
Total cash, cash equivalents and restricted cash	$	212,794	$	689,731

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

• Transactions with Related Parties:

Joint Ventures

The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnote 7 of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

During 2025, the Company acquired the remaining 85% interest in an operating property from the Prudential Investment Program, with an aggregate gross fair value of $77.2 million. The Company evaluated this transaction pursuant to ASC Topic 810 Consolidation and, as a result, recognized a net gain on change in control of interest of $5.7 million, resulting from the fair value adjustment associated with the Company’s previously held equity interest. See Footnote 4 of the Notes to Consolidated Financial Statements for the operating property acquired by the Company.

Ripco

Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl’s and many others, providing real estate brokerage services and principal real estate investing. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Milton Cooper, who served as Executive Chairman of the Board of Directors of the Company. Effective April 29, 2025, Milton Cooper discontinued his service as a director and as Executive Chairman and as a result, he is no longer considered a related party. During the period January 1, 2025 to April 29, 2025 and the years ended December 31, 2024 and 2023, the Company paid brokerage commissions of $0.2 million, $0.6 million and $0.5 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.

Fifth Wall

Mary Hogan Preusse, a member of the Company’s Board of Directors, is a Senior Advisor at Fifth Wall. The Company holds an investment in the Fifth Wall’s Climate Technology Fund with a commitment of up to $25.0 million, of which $21.3 million has been funded as of December 31, 2025. In addition, the Company has a cost method investment of $1.7 million within Fifth Wall’s Ventures SPV Fund as of December 31, 2025.

• Commitments and Contingencies:

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2025, these letters of credit aggregated $43.9 million.

In addition, the Company provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds, which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $31.1 million outstanding at December 31, 2025. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts the Company may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040.

Funding Commitments

The Company has other investments, including Fifth Wall discussed above, with funding commitments of $26.5 million, of which $22.5 million has been funded as of December 31, 2025. In addition, the Company has mortgage and other financing receivables with undrawn loan advances of $42.8 million as of December 31, 2025.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Other

The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments. See Footnote 13 of the Notes to Consolidated Financial Statements for these unsecured debt instruments.

In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2025, there were $17.4 million in performance and surety bonds outstanding.

The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company taken as a whole as of December 31, 2025.

• Incentive Plans:

In May 2020, the Company’s stockholders approved the 2020 Equity Participation Plan (the “2020 Plan”), which is a successor to the Restated Kimco Realty Corporation 2010 Equity Participation Plan (the “2010 Plan” and together with the 2020 Plan, the “Plan”) that expired in March 2020. The 2020 Plan provided for a maximum of 10.0 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units, stock payments and deferred stock awards.

In April 2025, the Company’s stockholders approved the 2025 Plan, which is the successor to the 2020 Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units (including performance-based LTIP Units), stock payments and deferred stock awards. At December 31, 2025, the Company had 16.8 million shares of common stock available for issuance under the 2025 Plan.

The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share-based payments to employees, including grants of employee stock options, restricted stock, performance shares and LTIP Units, be recognized in the Consolidated Statements of Income over the service period based on their fair values. Fair value of restricted shares and Time-Based LTIP Units are calculated based on the Company’s common stock closing share price on the date of grant. Fair value of performance awards and Performance-Based LTIP Units are determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Granted Time-Based LTIP Units and Performance-Based LTIP Units do not have redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights.

The Company recognized expense associated with its equity awards of $33.2 million, $34.9 million and $33.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company had $37.7 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plan. That cost is expected to be recognized over a weighted-average period of

2.4

years.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Stock Options

During 2025, 2024 and 2023, the Company did not grant any stock options. Cash received from options exercised under the 2010 Plan was $3.7 million for the year ended December 31, 2023.

Restricted Stock

Information with respect to restricted stock under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:

	2025			2024			2023
Restricted stock outstanding as of January 1,		2,745,884			2,746,116			2,605,970
Granted (1)		716,070			872,150			893,880
Vested		(942,556	)		(848,930	)		(740,866	)
Forfeited		(16,296	)		(23,452	)		(12,868	)
Restricted stock outstanding as of December 31,		2,503,102			2,745,884			2,746,116

• The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2025, 2024 and 2023 were $20.08, $19.47 and $21.30, respectively.

Restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. For the years ended December 31, 2025, 2024 and 2023, the dividends paid on unvested restricted shares were $2.8 million, $3.0 million and $3.1 million, respectively.

Performance Shares

Information with respect to performance share awards under the Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:

	2025			2024			2023
Performance share awards outstanding as of January 1,		908,890			989,860			1,004,040
Granted (1)		264,970			377,690			531,200
Vested (2)		(531,200	)		(458,660	)		(545,380	)
Performance share awards outstanding as of December 31,		642,660			908,890			989,860

• The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2025, 2024 and 2023 were $18.84, $18.14 and $42.61, respectively.
• For the years ended December 31, 2025, 2024 and 2023, the corresponding common stock equivalent of these vested awards were 0, 465,540 and 970,231 shares, respectively.

For the years ended December 31, 2025 and 2024, the Company issued 524,636 and 1,094,621 common shares, respectively, in connection with previously vested performance share awards, including performance dividend equivalent shares.

The significant assumptions underlying the determination of fair values using Monte Carlo simulations for these performance share awards granted during 2025, 2024 and 2023 were as follows:

	2025			2024			2023
Stock price	$	19.98		$	19.53		$	21.30
Dividend yield (1)		-			-			-
Risk-free interest rate		3.52	%		4.39	%		4.38	%
Volatility (2)		26.07	%		28.85	%		44.89	%
Term of the award (years)		2.67			2.87			2.87

• Total Shareholder Return, as used in the performance share awards computation, is measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.
• Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Other

The Company maintains a 401(k)-retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation, is fully vested and funded as of December 31, 2025. The Company’s contributions to the plan were $3.7 million, $3.4 million and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, during 2023, the Company provided a discretionary match in the amount of $3.9 million to all participants in the 401(k)-retirement plan.

The Company recognized severance costs associated with employee retirements and terminations during the years ended December 31, 2025, 2024 and 2023, of $7.1 million, $9.8 million (including $6.6 million of severance costs included in Merger charges on the Company's Consolidated Statements of Income), and $0.4 million, respectively.

Time-Based LTIP Units

Information with respect to Time-Based LTIP Units awards with time-based vesting requirements under the Plans for the years ended December 31, 2025 and 2024 is as follows:

	2025			2024
Time-Based LTIP unit awards outstanding as of January 1,		120,700			-
Granted (1)		370,780			120,700
Vested		(48,772	)		-
Time-Based LTIP unit awards outstanding as of December 31,		442,708			120,700

• The weighted average grant-date fair value for Time-Based LTIP Units issued during the years ended December 31, 2025 and 2024 was $20.08 and $19.47 per unit, respectively, which vest ratably over five years subject to continued employment. Compensation expense for these units is being recognized over a five-year period.

Granted Time-Based LTIP Units do not have direct redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights. The Time-Based LTIPs were valued based on the Company’s common stock closing share price on the date of grant.

Performance-Based LTIP Units

Information with respect to Performance-Based LTIP Units under the Plans for the years ended December 31, 2025 and 2024 is as follows:

	2025		2024
Performance-Based LTIP unit awards outstanding as of January 1,		474,611		-
Granted (1)		601,750		474,611
Performance-Based LTIP unit awards outstanding as of December 31,		1,076,361		474,611

• The weighted-average grant date fair value for Performance-Based LTIP Units issued during the years ended December 31, 2025 and 2024 was $9.42 and $9.07, respectively per unit.

Performance-Based LTIP Units are performance-based equity compensation pursuant to which participants have the opportunity to earn LTIP Units based on the total shareholder return of the Company’s common shares relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors, over the defined performance period. Any Performance-Based LTIP Units that are earned vest at the end of the three-year performance period. Compensation expense for these units is recognized over the performance period.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The significant assumptions underlying the determination of fair values using Monte Carlo simulations for the Performance-Based LTIP Units granted during the years ended December 31, 2025 and 2024 were as follows:

	2025			2024
Stock price	$	19.98		$	19.53
Dividend yield (1)		-			-
Risk-free interest rate		3.52	%		4.39	%
Volatility (2)		26.07	%		28.85	%
Term of the award (years)		2.67			2.87

• Total Shareholder Return, as used in the Performance-Based LTIP Unit computation, is measured based on cumulative dividend stock prices, and as such a zero percent dividend yield is utilized.

• Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

• Income Taxes:

The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992. To qualify as a REIT, the Company must meet several organizational and operational requirements, and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. Management intends to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that dividends to its stockholders equal at least the amount of its REIT taxable income. If the Company were to fail to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and would not be permitted to elect REIT status for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through TRSs is subject to federal, state and local income taxes.

Reconciliation between GAAP Net Income and REIT Federal Taxable Income

The following table reconciles GAAP net income to adjusted REIT taxable income for the years ended December 31, 2025, 2024 and 2023 (in thousands):

	2025 (Estimated)			2024 (Actual)			2023 (Actual)
GAAP net income attributable to the Company	$	584,741		$	410,785		$	654,273
GAAP net (loss)/income attributable to TRSs		(988	)		488			(30	)
GAAP net income from REIT operations (1)		583,753			411,273			654,243
Federal income tax accrual		308			21,626			50,686
Net book depreciation in excess of tax depreciation		190,772			135,619			111,124
Deferred/prepaid/above-market and below-market rents, net		(53,504	)		(39,310	)		(30,740	)
Fair market value debt amortization		(10,878	)		(8,026	)		(21,053	)
Book/tax differences from executive compensation		19,063			30,018			31,169
Book/tax differences from equity awards		(199	)		(3,224	)		(7,157	)
Book/tax differences from defined benefit plan		-			-			2,948
Book/tax differences from investments in and advances to real estate joint<br>   ventures		30,084			(8,229	)		(20,271	)
Book/tax differences from sale of properties and marketable equity securities		(53,609	)		302,038			190,048
Book/tax differences from accounts receivable		4,177			4,634			(3,596	)
Book adjustment to property carrying values and marketable equity securities		6,579			63			(24,206	)
Taxable currency exchange gain/(loss), net		-			145			(2,585	)
Tangible property regulation deduction		(8,000	)		(89,869	)		(55,551	)
GAAP change in ownership of joint venture interests		(5,971	)		-			-
Dividends from TRSs		3,836			6,662			13
Severance accrual		2,371			1,587			(724	)
Other book/tax differences, net (2)		(897	)		30,354			11,228
Adjusted REIT taxable income (3)	$	707,885		$	795,361		$	885,576

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Certain amounts in the prior periods have been reclassified to conform to the current year presentation in the table above.

• All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interests and TRSs.
• Includes merger related book/tax differences of $22.4 million and $3.4 million for the years ended December 31, 2024 and 2023, respectively.
• Includes designated long-term capital gain of $104.5 million and $241.2 million for the years ended December 31, 2024 and 2023, respectively, for which the Company elected to pay the associated corporate income taxes.

Characterization of Distributions

The following characterizes distributions paid for tax purposes for the years ended December 31, 2025, 2024 and 2023, (amounts in thousands):

	2025				2024				2023
Preferred L Dividends
Ordinary income	$	11,291	99	%	$	7,755	68	%	$	11,432	100	%
Capital gain		114	1	%		3,650	32	%		-	-
	$	11,405	100	%	$	11,405	100	%	$	11,432	100	%
Preferred M Dividends
Ordinary income	$	13,599	99	%	$	9,340	68	%	$	13,749	100	%
Capital gain		137	1	%		4,396	32	%		-	-
	$	13,736	100	%	$	13,736	100	%	$	13,749	100	%
Preferred N Dividends
Ordinary income	$	5,016	99	%		3,766	68	%		-	-
Capital gain		51	1	%		1,772	32	%		-	-
	$	5,067	100	%		5,538	100	%		-	-
Common Dividends
Ordinary income	$	667,907	98	%	$	443,473	68	%	$	622,885	99	%
Capital gain		6,815	1	%		208,693	32	%		-	-
Return of capital		6,815	1	%		-	-			6,292	1	%
	$	681,537	100	%	$	652,166	100	%	$	629,177	100	%
Total dividends distributed for tax purposes	$	711,745			$	682,845			$	654,358

For the years ended December 31, 2024 and 2023, the Company elected to retain the proceeds from the sale of ACI stock for general corporate purposes in lieu of distributing to its shareholders. The long-term capital gain inherent in the undistributed proceeds is allocated to, and reportable by, each shareholder, and each shareholder is also entitled to claim a federal income tax credit for its allocable share of the federal income tax paid by the Company. The allocable share of the long-term capital gain and the federal tax credit was reported to direct holders of Kimco common shares, on Form 2439, and to others in year-end reporting documents issued by brokerage firms if Kimco shares are held in a brokerage account.

Taxable REIT Subsidiaries and Taxable Entities

The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly-owned subsidiaries of the Company. The Company’s TRSs include Kimco Realty Services II, Inc., Kimco Insurance Company, Weingarten Investments Inc., RPT Realty, Inc., Ramco TRS LLC, and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. On November 12, 2025, FNC Realty Corporation TRS was liquidated through its merger into FNC Legacy, LLC.

During 2024 and 2023, the Company sold shares of ACI common stock and recognized long-term capital gains for tax purposes of $288.7 million and $241.2 million, respectively. During 2024, the Company elected to retain the proceeds from the stock sales for general corporate purposes and, after applying available deductions, also retained net long-term capital gains of $108.2 million and paid corporate income tax on the taxable gain, in the amount of $26.1 million for federal and state income tax purposes. As a result, the Company paid federal income taxes of $21.9 million in January 2025. During 2023, the Company elected to retain the entire proceeds from these stock sales for general corporate purposes and pay corporate income tax on the related taxable gains. During 2023, the Company incurred federal taxes of $50.7 million and state and local taxes of $10.2 million. This undistributed long-term capital gain is allocated to, and reportable by, each shareholder, and each shareholder is also entitled to claim a federal income tax credit for its allocable share of the federal income tax paid by the Company.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities. The Company’s provision/(benefit) for income taxes relating to the Company for the years ended December 31, 2025, 2024 and 2023, are summarized as follows (in thousands):

	2025			2024		2023
TRSs and taxable entities	$	2,177		$	97	$	83
REIT		(1,131	)		25,320		60,869
Total tax provision	$	1,046		$	25,417	$	60,952

Deferred Tax Assets, Liabilities and Valuation Allowances

Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets. The Company’s deferred tax assets and liabilities at December 31, 2025 and 2024, were as follows (in thousands):

	2025			2024
Deferred tax assets:
Tax/GAAP basis differences	$	5,706		$	6,423
Net operating losses (1)		9,761			8,775
Valuation allowance		(11,806	)		(10,327	)
Total deferred tax assets		3,661			4,871
Deferred tax liabilities		(5,890	)		(6,181	)
Net deferred tax liabilities	$	(2,229	)	$	(1,310	)

• At December 31, 2025, there were $2.0 million of net operating losses with expiration dates ranging from

2032

to

2035

and the remaining do not expire.

The major differences between the GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of depreciation and amortization, impairment charges recorded for GAAP purposes, but not recognized for tax purposes, rental revenue recognized on the straight-line method for GAAP, reserves for doubtful accounts, above-market and below-market lease amortization, differences in GAAP and tax basis of assets sold, and the period in which certain gains were recognized for tax purposes, but not yet recognized under GAAP.

Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized.

Uncertain Tax Positions

As of December 31, 2025 and 2024, the Company had no accrual for uncertain tax positions and related interest under the provisions of the authoritative guidance that addresses accounting for income taxes. The Company does not believe that the total amount of unrecognized tax benefits as of December 31, 2025, will significantly increase within the next 12 months.

• Captive Insurance Company:

In October 2007, the Company formed a wholly owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. KIC assumes occurrence basis general liability coverage (not including casualty loss or business interruption) for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

From October 1, 2007 through December 31, 2025, KIC assumes 100% of the first $250,000 per occurrence risk layer. This coverage is subject to annual aggregates ranging between $7.8 million and $20.6 million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between 8.0% and 12.2% of incurred losses for the policy periods ending September 30, 2008 through February 1, 2021. Beginning February 1, 2021 through February 1, 2026, unallocated loss adjustment expenses are billed on a fee per claim basis ranging between $53 and $1,782 based on the claim type. These amounts do not erode the Company’s per occurrence or aggregate limits.

As of December 31, 2025, the Company maintained letters of credit in the amount of $29.2 million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreements with the reinsurance providers.

Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2025 and 2024 is summarized as follows (in thousands):

	2025			2024
Balance at the beginning of the year	$	22,228		$	20,883
Incurred related to:
Current year		8,598			7,526
Prior years (1)		1,617			1,689
Total incurred		10,215			9,215
Paid related to:
Current year		(999	)		(956	)
Prior years		(6,971	)		(6,914	)
Total paid		(7,970	)		(7,870	)
Balance at the end of the year	$	24,473		$	22,228

• Relates to changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses.

• Accumulated Other Comprehensive Income (“AOCI”):

The following table presents the change in the components of AOCI for the years ended December 31, 2025, 2024 and 2023 (in thousands):

	Defined<br>Benefit<br>Plan			Cash Flow<br>Hedges for <br>Interest<br>Payments			Cash Flow<br>Hedges for<br>Interest<br>Payments of<br>Unconsolidated<br>Investee			Total
Balance as of January 1, 2023	$	10,581		$	-		$	-		$	10,581
Other comprehensive income before reclassifications		267			-			3,329			3,596
Amounts reclassified from AOCI		(10,848	)		-			-			(10,848	)
Net current-period other comprehensive (loss)/income		(10,581	)		-			3,329			(7,252	)
Balance as of December 31, 2023		-			-			3,329			3,329
Other comprehensive income before reclassifications		-			16,585			3,929			20,514
Amounts reclassified from AOCI		-			(9,346	)		(3,459	)		(12,805	)
Net current-period other comprehensive income		-			7,239			470			7,709
Balance as of December 31, 2024		-			7,239			3,799			11,038
Other comprehensive loss before reclassifications		-			(11,338	)		(1,910	)		(13,248	)
Amounts reclassified from AOCI		-			(4,471	)		(2,111	)		(6,582	)
Net current-period other comprehensive loss		-			(15,809	)		(4,021	)		(19,830	)
Balance as of December 31, 2025	$	-		$	(8,570	)	$	(222	)	$	(8,792	)

On the Company’s Consolidated Statements of Income, unrealized gains and losses reclassified from AOCI related to (i) settlement of defined benefit plan which is included in Other income, net, (ii) cash flow hedges for interest payments which are included in Interest expense and (iii) cash flow hedges for interest payments of unconsolidated investee which are included in Equity in income of joint ventures, net.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Defined Benefit Plan

In August 2021, the Company assumed sponsorship of Weingarten Realty Investors’ noncontributory qualified cash balance retirement plan (“the Benefit Plan”) in connection with the merger with Weingarten Realty Investors. The Benefit Plan was frozen as of the date of the merger and subsequently terminated as of December 31, 2021. On March 28, 2023, the IRS issued a favorable determination letter for the termination of the Benefit Plan. As a result, the Company elected to settle the Benefit Plan’s obligations through third-party annuity payments, lump sum distributions and direct rollover of funds in an Individual Retirement Account (“IRA Rollovers”) based on elections made by the Benefit Plan’s participants.

During 2023, the Benefit Plan’s obligations were settled through third-party annuity contracts, lump sum distributions and IRA Rollovers. In addition, during 2023, the Benefit Plan transferred excess assets with a value of $3.9 million to the qualified replacement plan managed by the Company and reverted excess assets with a value of $11.0 million to the Company. Upon the liquidation of the Benefit Plan, the Company realized $10.8 million of settlement gains during the year ended December 31, 2023, which are included in Other income, net on the Company’s Consolidated Statements of Income and were previously included in Accumulated other comprehensive income on the Company’s Consolidated Balance Sheets. In addition, the Company incurred excise taxes of $2.2 million resulting from the pension reversion of excess pension plan assets during the year ended December 31, 2023, which are included in Other income, net on the Company’s Consolidated Statements of Income.

The components of net periodic benefit income, included in Other income, net in the Company’s Consolidated Statements of Income for the year ended December 31, 2023 are as follows (in thousands):

	2023
Interest cost	$	(982	)
Expected return on plan assets		1,221
Amortization of net gain		-
Settlement gain		10,848
Total	$	11,087

• Earnings Per Share/Unit:

The following table sets forth the reconciliation of earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):

	For the Year Ended December 31,
	2025			2024			2023
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	554,430		$	375,718		$	629,252
Change in redeemable noncontrolling interests' carrying amount		(732	)		(1,691	)		2,323
Earnings attributable to participating securities		(2,525	)		(2,766	)		(2,819	)
Net income available to the Company’s common shareholders for basic<br>   earnings per share		551,173			371,261			628,756
Distributions on convertible units		36			-			53
Net income available to the Company’s common shareholders for diluted<br>   earnings per share	$	551,209		$	371,261		$	628,809
Weighted average common shares outstanding – basic		675,050			671,561			616,947
Effect of dilutive securities (1):
Equity awards		138			523			1,132
Assumed conversion of convertible units		91			52			120
Weighted average common shares outstanding – diluted		675,279			672,136			618,199
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.82		$	0.55		$	1.02
Diluted earnings per share	$	0.82		$	0.55		$	1.02

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

• The effect of the assumed conversion of certain convertible units/preferred shares had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations.

The following table sets forth the reconciliation of Kimco OP’s earnings and the weighted-average number of units used in the calculation of basic and diluted earnings per unit (amounts presented in thousands except per unit data):

	For the Year Ended December 31,
	2025			2024			2023
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders	$	555,604		$	376,373		$	629,252
Change in redeemable noncontrolling interests' carrying amount		(732	)		(1,691	)		2,323
Earnings attributable to participating securities		(2,861	)		(2,883	)		(2,819	)
Net income available to Kimco OP’s common unitholders<br>   for basic earnings per unit		552,011			371,799			628,756
Distributions on convertible units		36			-			53
Net income available to Kimco OP’s common shareholders for diluted<br>   earnings per unit	$	552,047		$	371,799		$	628,809
Weighted average common units outstanding – basic		676,042			672,512			616,947
Effect of dilutive securities (1):
Equity awards		138			523			1,132
Assumed conversion of convertible units		90			51			120
Weighted average common units outstanding – diluted		676,270			673,086			618,199
Net income available to Kimco OP’s common unitholders:
Basic earnings per unit	$	0.82		$	0.55		$	1.02
Diluted earnings per unit	$	0.82		$	0.55		$	1.02

• The effect of the assumed conversion of certain convertible units/preferred units had an anti-dilutive effect upon the calculation of Net income available to Kimco OP’s common unitholders per unit. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per unit calculations.

The Company's unvested restricted share/unit awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share/unit awards on earnings per share/unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share/unit awards based on dividends declared and the unvested restricted shares/units' participation rights in undistributed earnings.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)

	Balance at<br>beginning<br>of period		Charged to<br>expenses		Adjustments<br>to valuation<br>accounts			Deductions			Balance at<br>end of<br>period
Year Ended December 31, 2025
Allowance for uncollectable accounts (1)	$	6,571	$	-	$	(351	)	$	-		$	6,220
Allowance for deferred tax asset	$	10,327	$	-	$	1,479		$	-		$	11,806
Year Ended December 31, 2024
Allowance for uncollectable accounts (1)	$	4,528	$	-	$	2,043		$	-		$	6,571
Allowance for deferred tax asset	$	3,776	$	-	$	6,551		$	-		$	10,327
Year Ended December 31, 2023
Allowance for uncollectable accounts (1)	$	6,982	$	-	$	-		$	(2,454	)	$	4,528
Allowance for deferred tax asset	$	-	$	-	$	3,776		$	-		$	3,776

• Includes allowances on accounts receivable and straight-line rents.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
SHOPPING CENTERS
ARCADIA BILTMORE PLAZA	AZ	$	850	$	1,212	$	108		$	850	$	1,319	$	2,169	$	399	$	1,770	$	-	2021(A)
BELL CAMINO CENTER	AZ		2,427		6,439		1,252			2,427		7,691		10,117		3,430		6,687		-	2012(A)
BELL CAMINO-SAFEWAY PARCEL	AZ		1,104		4,574		-			1,104		4,574		5,678		933		4,745		-	2019(A)
BROADWAY MARKETPLACE	AZ		3,517		10,303		3,191			3,517		13,495		17,012		1,866		15,146		-	2021(A)
CAMELBACK MILLER PLAZA	AZ		6,236		29,230		1,194			6,236		30,425		36,661		5,709		30,952		-	2021(A)
CAMELBACK VILLAGE SQUARE	AZ		-		13,038		725			-		13,764		13,764		3,096		10,668		-	2021(A)
CHRISTOWN SPECTRUM	AZ		33,831		91,004		29,779			76,638		77,974		154,612		25,114		129,498		-	2015(A)
COLLEGE PARK SHOPPING CENTER	AZ		3,277		7,741		1,042			3,277		8,784		12,061		3,965		8,096		-	2011(A)
DESERT VILLAGE	AZ		6,465		22,025		347			6,465		22,373		28,838		4,280		24,558		-	2021(A)
ENTRADA DE ORO PLAZA	AZ		5,700		11,044		154			5,700		11,198		16,898		2,519		14,379		-	2021(A)
FOUNTAIN PLAZA	AZ		4,794		20,373		279			4,794		20,652		25,446		3,225		22,221		-	2021(A)
MADERA VILLAGE	AZ		3,980		8,110		1,303			3,980		9,413		13,393		1,828		11,565		-	2021(A)
MADISON VILLAGE MARKETPLACE	AZ		4,090		18,343		430			4,090		18,772		22,862		2,936		19,926		-	2021(A)
MESA RIVERVIEW	AZ		15,000		-		151,533			308		166,225		166,533		83,612		82,921		-	2005(C)
METRO SQUARE	AZ		4,101		16,411		3,713			4,101		20,124		24,225		13,665		10,560		-	1998(A)
MONTE VISTA VILLAGE CENTER	AZ		4,064		8,344		841			4,064		9,185		13,249		1,709		11,540		-	2021(A)
NORTH VALLEY	AZ		6,862		18,201		14,593			4,796		34,861		39,657		10,512		29,145		-	2011(A)
PLAZA AT MOUNTAINSIDE	AZ		2,450		9,802		2,785			2,450		12,587		15,037		8,968		6,069		-	1997(A)
PLAZA DEL SOL	AZ		5,325		21,270		3,365			4,578		25,382		29,960		13,355		16,605		-	1998(A)
PUEBLO ANOZIRA	AZ		7,734		27,063		864			7,734		27,926		35,660		5,050		30,610		-	2021(A)
RAINTREE RANCH CENTER	AZ		7,720		30,743		(10	)		7,720		30,733		38,453		4,895		33,558		-	2021(A)
RED MOUNTAIN GATEWAY	AZ		4,653		10,410		4,199			4,653		14,610		19,263		2,071		17,192		-	2021(A)
SCOTTSDALE HORIZON	AZ		8,191		36,728		1,830			8,191		38,558		46,749		6,233		40,516		-	2021(A)
SCOTTSDALE WATERFRONT	AZ		15,872		30,112		(182	)		15,872		29,929		45,801		6,166		39,635		-	2021(A)
SHOPPES AT BEARS PATH	AZ		3,445		2,874		421			3,445		3,295		6,740		616		6,124		-	2021(A)
SQUAW PEAK PLAZA	AZ		2,515		17,021		(179	)		2,515		16,842		19,357		2,682		16,675		-	2021(A)
VILLAGE CROSSROADS	AZ		5,663		24,981		2,201			5,663		27,182		32,845		10,340		22,505		-	2011(A)
280 METRO CENTER	CA		38,735		94,903		(1,256	)		38,735		93,647		132,382		26,550		105,832		-	2015(A)
580 MARKET PLACE	CA		12,769		48,768		303			12,769		49,072		61,841		7,072		54,769		-	2021(A)
8000 SUNSET STRIP S.C.	CA		43,012		85,115		6,387			43,012		91,502		134,514		15,188		119,326		-	2021(A)
AAA BUILDING AT STEVENS CREEK	CA		1,661		3,114		-			1,661		3,114		4,775		554		4,221		-	2021(A)
ANAHEIM PLAZA	CA		34,228		73,765		11,968			34,228		85,733		119,961		15,541		104,420		-	2021(A)
BLACK MOUNTAIN VILLAGE	CA		4,678		11,913		2,491			4,678		14,405		19,083		7,059		12,024		-	2007(A)
BROOKHURST CENTER	CA		10,493		31,358		5,976			22,300		25,528		47,828		8,298		39,530		-	2016(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
BROOKVALE SHOPPING CENTER	CA		14,050		19,771		1,514			14,050		21,286		35,336		5,180		30,156		-	2021(A)
CAMBRIAN PARK PLAZA	CA		41,258		2,015		4,062			41,258		6,077		47,335		731		46,604		-	2021(A)
CENTERWOOD PLAZA	CA		10,981		10,702		252			10,981		10,954		21,935		2,033		19,902		-	2021(A)
CHICO CROSSROADS	CA		9,976		30,535		(1,388	)		7,905		31,218		39,123		13,420		25,703		-	2008(A)
CHINO HILLS MARKETPLACE	CA		17,702		72,529		1,977			17,702		74,506		92,208		12,977		79,231		-	2021(A)
CITY HEIGHTS	CA		10,687		28,325		(317	)		13,909		24,785		38,694		8,247		30,447		-	2012(A)
CORONA HILLS PLAZA	CA		13,361		53,373		13,616			13,361		66,989		80,350		47,691		32,659		-	1998(A)
COSTCO PLAZA - 541	CA		4,996		19,983		(619	)		4,996		19,364		24,360		14,357		10,003		-	1998(A)
CREEKSIDE CENTER	CA		3,871		11,563		3,343			5,154		13,623		18,777		3,675		15,102		-	2016(A)
CROCKER RANCH	CA		7,526		24,878		220			7,526		25,097		32,623		7,588		25,035		-	2015(A)
CUPERTINO VILLAGE	CA		19,886		46,535		30,015			19,886		76,550		96,436		30,631		65,805		-	2006(A)
EL CAMINO PROMENADE	CA		7,372		37,592		5,271			7,372		42,863		50,235		7,746		42,489		-	2021(A)
FREEDOM CENTRE	CA		8,933		18,622		(101	)		8,933		18,521		27,454		3,130		24,324		-	2021(A)
FULTON MARKET PLACE	CA		2,966		6,921		17,406			6,280		21,013		27,293		7,734		19,559		-	2005(A)
GATEWAY AT DONNER PASS	CA		4,516		8,319		15,169			8,759		19,245		28,004		4,924		23,080		-	2015(A)
GATEWAY PLAZA	CA		18,372		65,851		639			18,372		66,489		84,861		9,799		75,062		22,149	2021(A)
GREENHOUSE MARKETPLACE	CA		10,976		27,721		(340	)		10,976		27,381		38,357		4,548		33,809		-	2021(A)
GREENHOUSE MARKETPLACE II	CA		5,346		7,188		(756	)		5,346		6,432		11,778		640		11,138		-	2021(A)
KENNETH HAHN PLAZA	CA		4,115		7,661		(79	)		-		11,696		11,696		6,345		5,351		-	2010(A)
LA MIRADA THEATRE CENTER	CA		8,817		35,260		829			6,889		38,017		44,906		27,170		17,736		-	1998(A)
LA VERNE TOWN CENTER	CA		8,414		23,856		14,487			16,362		30,395		46,757		10,115		36,642		-	2014(A)
LABAND VILLAGE SHOPPING CENTER	CA		5,600		13,289		(684	)		5,607		12,598		18,205		7,592		10,613		-	2008(A)
LAKEWOOD PLAZA	CA		1,294		3,669		(628	)		-		4,335		4,335		1,304		3,031		-	2014(A)
LAKEWOOD VILLAGE	CA		8,597		24,375		(309	)		11,683		20,981		32,664		7,634		25,030		-	2014(A)
LARWIN SQUARE SHOPPING CENTER	CA		17,234		39,731		7,166			17,234		46,897		64,131		7,074		57,057		-	2023(A)
LINCOLN HILLS TOWN CENTER	CA		8,229		26,127		775			8,229		26,903		35,132		9,541		25,591		-	2015(A)
LINDA MAR SHOPPING CENTER	CA		16,549		37,521		3,407			16,549		40,929		57,478		12,860		44,618		-	2014(A)
MADISON PLAZA	CA		5,874		23,476		4,938			5,874		28,414		34,288		18,727		15,561		-	1998(A)
MARINA VILLAGE	CA		14,108		27,414		7,934			14,108		35,349		49,457		6,980		42,477		-	2023(A)
NORTH COUNTY PLAZA	CA		10,205		28,934		2,124			20,895		20,368		41,263		6,723		34,540		-	2014(A)
NOVATO FAIR S.C.	CA		9,260		15,600		1,141			9,260		16,740		26,000		8,072		17,928		-	2009(A)
ON THE CORNER AT STEVENS CREEK	CA		1,825		4,641		(30	)		1,825		4,611		6,436		630		5,806		-	2021(A)
PLAZA DI NORTHRIDGE	CA		12,900		40,575		5,244			12,900		45,819		58,719		21,264		37,455		-	2005(A)
POWAY CITY CENTRE	CA		5,855		13,792		15,527			7,248		27,926		35,174		12,962		22,212		-	2005(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
RANCHO PENASQUITOS TOWNE CTR I	CA		14,852		20,342		1,032			14,852		21,373		36,225		6,588		29,637		-	2015(A)
RANCHO PENASQUITOS TWN CTR II	CA		12,945		20,324		1,043			12,945		21,367		34,312		6,550		27,762		-	2015(A)
RANCHO PENASQUITOS-VONS PROP.	CA		2,918		9,146		-			2,918		9,146		12,064		1,737		10,327		-	2019(A)
RANCHO SAN MARCOS VILLAGE	CA		9,050		29,357		8,275			9,483		37,199		46,682		4,838		41,844		-	2021(A)
REDWOOD CITY PLAZA	CA		2,552		6,215		5,901			2,552		12,116		14,668		4,503		10,165		-	2009(A)
SAN DIEGO CARMEL MOUNTAIN	CA		5,323		8,874		(1,859	)		5,323		7,015		12,338		3,006		9,332		-	2009(A)
SAN MARCOS PLAZA	CA		1,883		12,044		1,976			1,883		14,020		15,903		1,810		14,093		-	2021(A)
SANTEE TROLLEY SQUARE	CA		40,209		62,964		2,825			40,209		65,789		105,998		26,307		79,691		-	2015(A)
SILVER CREEK PLAZA	CA		33,541		53,176		1,165			33,541		54,342		87,883		8,748		79,135		-	2021(A)
SOUTH NAPA MARKET PLACE	CA		1,100		22,159		21,953			23,119		22,093		45,212		15,006		30,206		-	2006(A)
SOUTHAMPTON CENTER	CA		10,289		64,096		772			10,289		64,868		75,157		8,981		66,176		19,014	2021(A)
STANFORD RANCH	CA		10,584		30,007		2,842			9,983		33,450		43,433		8,877		34,556		-	2014(A)
STEVENS CREEK CENTRAL S.C.	CA		41,818		45,886		881			41,818		46,767		88,585		9,865		78,720		-	2021(A)
STONY POINT PLAZA	CA		10,361		38,054		201			10,361		38,254		48,615		6,620		41,995		-	2021(A)
TRUCKEE CROSSROADS	CA		2,140		28,325		(18,465	)		2,140		9,860		12,000		6,492		5,508		-	2006(A)
TUSTIN HEIGHTS SHOPPING CENTER	CA		16,745		30,953		6,083			16,775		37,006		53,781		5,977		47,804		-	2023(A)
WESTLAKE SHOPPING CENTER	CA		16,174		64,819		124,115			24,098		181,011		205,109		78,648		126,461		-	2002(A)
WESTMINSTER CENTER	CA		60,428		64,973		930			60,428		65,904		126,332		13,547		112,785		45,544	2021(A)
WHITTWOOD TOWN CENTER	CA		57,136		105,815		5,732			57,139		111,544		168,683		33,149		135,534		-	2017(A)
CROSSING AT STONEGATE	CO		11,909		33,111		718			11,680		34,057		45,737		5,772		39,965		-	2021(A)
DENVER WEST 38TH STREET	CO		161		647		632			161		1,279		1,440		794		646		-	1998(A)
EAST BANK S.C.	CO		1,501		6,180		8,416			1,501		14,596		16,097		6,240		9,857		-	1998(A)
EDGEWATER MARKETPLACE	CO		7,807		32,706		635			7,807		33,341		41,148		5,628		35,520		-	2021(A)
ENGLEWOOD PLAZA	CO		806		3,233		1,581			806		4,814		5,620		2,935		2,685		-	1998(A)
FRONT RANGE VILLAGE	CO		16,634		122,714		(1,295	)		16,634		121,418		138,052		13,577		124,475		-	2024(A)
GREELEY COMMONS	CO		3,313		20,070		3,913			3,313		23,983		27,296		7,802		19,494		-	2012(A)
HERITAGE WEST S.C.	CO		1,527		6,124		3,644			1,527		9,768		11,295		6,453		4,842		-	1998(A)
HIGHLANDS RANCH II	CO		3,515		11,756		2,191			3,515		13,947		17,462		5,286		12,176		-	2013(A)
HIGHLANDS RANCH VILLAGE S.C.	CO		8,135		21,580		2,083			5,337		26,461		31,798		8,978		22,820		-	2011(A)
LOWRY TOWN CENTER	CO		3,271		32,685		1,174			3,271		33,859		37,130		5,026		32,104		-	2021(A)
MARKET AT SOUTHPARK	CO		9,783		20,780		7,189			9,783		27,968		37,751		10,302		27,449		-	2011(A)
NORTHRIDGE SHOPPING CENTER	CO		4,933		16,496		10,029			8,934		22,524		31,458		8,845		22,613		-	2013(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
QUINCY PLACE S.C.	CO		1,148		4,608		3,272			1,148		7,880		9,028		5,306		3,722		-	1998(A)
RIVER POINT AT SHERIDAN	CO		13,223		30,444		2,864			12,331		34,200		46,531		8,315		38,216		-	2021(A)
RIVER POINT AT SHERIDAN II	CO		1,255		4,231		-			1,255		4,231		5,486		741		4,745		-	2021(A)
VILLAGE CENTER - HIGHLAND RANCH	CO		1,140		2,660		284			1,140		2,944		4,084		879		3,205		-	2014(A)
VILLAGE CENTER WEST	CO		2,011		8,361		1,368			2,011		9,729		11,740		3,093		8,647		-	2011(A)
VILLAGE ON THE PARK	CO		2,194		8,886		22,263			3,018		30,325		33,343		11,312		22,031		-	1998(A)
BRIGHT HORIZONS	CT		1,212		4,611		168			1,212		4,779		5,991		1,905		4,086		-	2012(A)
HAMDEN MART	CT		13,668		40,890		4,802			14,226		45,134		59,360		12,933		46,427		16,147	2016(A)
HOME DEPOT PLAZA	CT		7,705		30,798		4,163			7,705		34,960		42,665		24,394		18,271		-	1998(A)
NEWTOWN S.C.	CT		-		15,635		555			-		16,189		16,189		4,476		11,713		-	2014(A)
WEST FARM SHOPPING CENTER	CT		5,806		23,348		21,068			7,585		42,637		50,222		26,809		23,413		-	1998(A)
WILTON CAMPUS	CT		10,169		31,893		493			10,169		32,386		42,555		8,678		33,877		-	2013(A)
WILTON RIVER PARK SHOPPING CTR	CT		7,155		27,509		2,095			7,155		29,604		36,759		9,930		26,829		-	2012(A)
BRANDYWINE COMMONS	DE		-		36,057		(394	)		-		35,663		35,663		11,583		24,080		-	2014(A)
ARGYLE VILLAGE	FL		5,228		36,814		288			5,228		37,101		42,329		6,743		35,586		-	2021(A)
BELMART PLAZA	FL		1,656		3,394		6,088			1,656		9,482		11,138		2,706		8,432		-	2014(A)
BOCA LYONS PLAZA	FL		13,280		37,751		240			13,280		37,990		51,270		6,162		45,108		-	2021(A)
CAMINO SQUARE	FL		574		2,296		977			1,675		2,172		3,847		129		3,718		-	1992(A)
CARROLLWOOD COMMONS	FL		5,220		16,884		6,457			5,220		23,340		28,560		14,001		14,559		-	1997(A)
CENTER AT MISSOURI AVENUE	FL		294		792		6,848			294		7,640		7,934		2,883		5,051		-	1968(C)
CHEVRON OUTPARCEL	FL		531		1,253		-			531		1,253		1,784		530		1,254		-	2010(A)
COLONIAL PLAZA	FL		25,516		54,604		4,039			25,516		58,642		84,158		13,202		70,956		-	2021(A)
CORAL POINTE S.C.	FL		2,412		20,508		1,126			2,412		21,634		24,046		6,238		17,808		-	2015(A)
CORAL SQUARE PROMENADE	FL		710		2,843		3,742			710		6,586		7,296		4,874		2,422		-	1994(A)
CORSICA SQUARE S.C.	FL		7,225		10,757		401			7,225		11,158		18,383		3,863		14,520		-	2015(A)
COUNTRYSIDE CENTRE	FL		11,116		41,581		2,712			11,116		44,293		55,409		7,507		47,902		-	2021(A)
CURLEW CROSSING SHOPPING CTR	FL		5,316		12,529		878			3,312		15,411		18,723		8,588		10,135		-	2005(A)
CYPRESS POINT	FL		4,680		24,662		19			4,680		24,682		29,362		2,724		26,638		-	2024(A)
DANIA POINTE	FL		105,113		-		36,313			25,974		115,452		141,426		19,422		122,004		-	2016(C)
DANIA POINTE - PHASE II	FL		-		-		296,476			27,182		269,295		296,477		34,797		261,680		-	2016(C)
EMBASSY LAKES	FL		6,565		18,104		1,294			6,565		19,398		25,963		2,952		23,011		-	2021(A)
FLAGLER PARK	FL		26,163		80,737		6,657			26,725		86,832		113,557		37,339		76,218		-	2007(A)
FT LAUDERDALE #1, FL	FL		1,003		2,602		19,263			1,774		21,094		22,868		14,009		8,859		-	1974(C)
FT. LAUDERDALE/CYPRESS CREEK	FL		14,259		28,042		5,869			14,259		33,912		48,171		21,802		26,369		-	2009(A)
GRAND OAKS VILLAGE	FL		7,409		19,654		1,008			5,846		22,225		28,071		7,962		20,109		-	2011(A)
GROVE GATE S.C.	FL		366		1,049		793			366		1,842		2,208		1,720		488		-	1968(C)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
HIGHLAND LAKES PLAZA	FL		2,677		9,660		5,284			2,677		14,943		17,620		1,022		16,598		-	2024(A)
IVES DAIRY CROSSING	FL		733		4,080		12,132			721		16,224		16,945		11,996		4,949		-	1985(A)
KENDALE LAKES PLAZA	FL		18,491		28,496		(1,196	)		15,362		30,429		45,791		12,410		33,381		-	2009(A)
LARGO PLAZA	FL		23,571		63,604		3,615			23,571		67,220		90,791		13,554		77,237		-	2021(A)
MAPLEWOOD PLAZA	FL		1,649		6,626		2,059			1,649		8,686		10,335		5,738		4,597		-	1997(A)
MARATHON SHOPPING CENTER	FL		2,413		8,069		4,705			1,515		13,672		15,187		3,308		11,879		-	2013(A)
MARKETPLACE OF DELRAY	FL		13,941		24,638		2,335			13,941		26,972		40,913		3,726		37,187		-	2024(A)
MARKETS AT TOWN CENTER	FL		22,489		92,066		224			22,489		92,289		114,778		6,790		107,988		-	2025(A)
MERCHANTS WALK	FL		2,581		10,366		11,479			2,581		21,845		24,426		14,599		9,827		-	2001(A)
MILLENIA PLAZA PHASE II	FL		7,711		20,703		6,238			7,698		26,955		34,653		13,737		20,916		-	2009(A)
MILLER ROAD S.C.	FL		1,138		4,552		4,877			1,138		9,429		10,567		6,791		3,776		-	1986(A)
MILLER WEST PLAZA	FL		6,726		10,661		866			6,726		11,527		18,253		3,542		14,711		-	2015(A)
MISSION BELL SHOPPING CENTER	FL		5,056		11,843		8,971			5,067		20,803		25,870		9,816		16,054		-	2004(A)
NASA PLAZA	FL		-		1,754		5,639			-		7,393		7,393		5,671		1,722		-	1968(C)
OAKWOOD BUSINESS CTR-BLDG 1	FL		6,793		18,663		5,352			6,793		24,014		30,807		10,846		19,961		-	2009(A)
OAKWOOD PLAZA NORTH	FL		35,301		141,731		4,766			35,301		146,497		181,798		35,906		145,892		-	2016(A)
OAKWOOD PLAZA SOUTH	FL		11,127		40,592		985			11,127		41,577		52,704		19,021		33,683		-	2016(A)
PALMS AT TOWN & COUNTRY	FL		30,137		94,674		7,076			30,137		101,749		131,886		22,535		109,351		-	2021(A)
PALMS AT TOWN & COUNTRY LIFESTYLE	FL		26,597		92,088		1,625			26,597		93,713		120,310		14,671		105,639		-	2021(A)
PARK HILL PLAZA	FL		10,764		19,264		2,244			10,764		21,507		32,271		8,114		24,157		-	2011(A)
PARKWAY SHOPS	FL		4,774		18,461		72			4,774		18,532		23,306		1,789		21,517		-	2024(A)
PHILLIPS CROSSING	FL		-		53,536		(14	)		-		53,522		53,522		9,569		43,953		-	2021(A)
PLANTATION CROSSING	FL		2,782		8,077		3,256			2,782		11,333		14,115		3,290		10,825		-	2017(A)
POMPANO POINTE S.C.	FL		10,517		14,356		686			10,517		15,042		25,559		4,149		21,410		-	2012(A)
RENAISSANCE CENTER	FL		9,104		36,541		47,877			9,123		84,399		93,522		31,039		62,483		-	1998(A)
RIVERPLACE SHOPPING CTR.	FL		7,503		31,011		3,909			7,200		35,223		42,423		14,162		28,261		-	2010(A)
RIVERSIDE LANDINGS S.C.	FL		3,512		14,440		1,006			3,512		15,445		18,957		4,500		14,457		-	2015(A)
RIVER CITY MARKETPLACE	FL		26,970		115,484		4,189			26,970		119,672		146,642		15,719		130,923		-	2024(A)
SEA RANCH CENTRE	FL		3,298		21,259		469			3,298		21,728		25,026		3,441		21,585		-	2021(A)
SHOPPES AT DEERFIELD	FL		19,069		69,485		6,116			19,069		75,601		94,670		11,824		82,846		-	2021(A)
SHOPPES AT DEERFIELD II	FL		788		6,388		252			788		6,640		7,428		879		6,549		-	2021(A)
SHOPS AT SANTA BARBARA PHASE 1	FL		743		5,374		309			743		5,683		6,426		1,747		4,679		-	2015(A)
SHOPS AT SANTA BARBARA PHASE 2	FL		332		2,489		34			332		2,522		2,854		748		2,106		-	2015(A)
SHOPS AT SANTA BARBARA PHASE 3	FL		330		2,359		39			330		2,398		2,728		656		2,072		-	2015(A)
SODO S.C.	FL		-		68,139		9,553			142		77,550		77,692		30,787		46,905		-	2008(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
SOUTH MIAMI S.C.	FL		1,280		5,134		3,983			1,280		9,117		10,397		6,932		3,465		-	1995(A)
SUNSET 19 S.C.	FL		12,460		55,354		50			12,460		55,405		67,865		10,468		57,397		-	2021(A)
TJ MAXX PLAZA	FL		10,341		38,660		1,235			10,341		39,895		50,236		6,246		43,990		-	2021(A)
TRI-CITY PLAZA	FL		2,832		11,329		24,385			2,832		35,714		38,546		12,296		26,250		-	1992(A)
TUTTLEBEE PLAZA	FL		255		828		3,300			255		4,128		4,383		2,850		1,533		-	2008(A)
UNIVERSITY TOWN CENTER	FL		5,515		13,041		1,504			5,515		14,544		20,059		5,832		14,227		-	2011(A)
VILLAGE COMMONS S.C.	FL		2,026		5,106		1,892			2,026		6,998		9,024		2,585		6,439		-	2013(A)
VILLAGE COMMONS SHOPPING CENTER	FL		2,192		8,774		8,122			2,192		16,897		19,089		9,919		9,170		-	1998(A)
VILLAGE GREEN CENTER	FL		11,405		13,466		307			11,405		13,773		25,178		3,311		21,867		15,886	2021(A)
VIZCAYA SQUARE	FL		5,773		20,965		629			5,773		21,593		27,366		4,083		23,283		-	2021(A)
WATERFORD LAKES TOWN CENTER	FL		51,669		272,462		14,790			51,669		287,252		338,921		23,495		315,426		160,071	2024(A)
WELLINGTON GREEN COMMONS	FL		19,528		32,521		(336	)		19,528		32,186		51,714		6,032		45,682		13,020	2021(A)
WELLINGTON GREEN PAD SITES	FL		3,854		1,777		3,269			3,854		5,046		8,900		610		8,290		-	2021(A)
WEST BROWARD S.C.	FL		4,600		15,372		11,952			4,600		27,324		31,924		4,553		27,371		-	2024(A)
WINN DIXIE-MIAMI	FL		2,990		9,410		(33	)		3,544		8,823		12,367		2,654		9,713		-	2013(A)
WINTER PARK CORNERS	FL		5,191		42,530		434			5,191		42,964		48,155		6,630		41,525		-	2021(A)
VILLAGE LAKES S.C.	FL		6,583		17,369		623			6,583		17,992		24,575		2,025		22,550		-	2024(A)
BRAELINN VILLAGE	GA		7,315		20,739		2,168			3,731		26,492		30,223		7,640		22,583		-	2014(A)
BROWNSVILLE COMMONS	GA		593		5,488		113			593		5,602		6,195		823		5,372		-	2021(A)
CAMP CREEK MARKETPLACE II	GA		4,441		38,596		1,343			4,441		39,939		44,380		6,441		37,939		-	2021(A)
EMBRY VILLAGE	GA		18,147		33,010		5,535			18,161		38,531		56,692		26,867		29,825		-	2008(A)
GRAYSON COMMONS	GA		2,600		13,358		(22	)		2,600		13,335		15,935		2,057		13,878		-	2021(A)
LAKESIDE MARKETPLACE	GA		2,238		28,579		1,159			2,238		29,738		31,976		4,805		27,171		-	2021(A)
LAWRENCEVILLE MARKET	GA		8,878		29,691		1,913			9,060		31,422		40,482		12,817		27,665		-	2013(A)
MARKET AT HAYNES BRIDGE	GA		4,881		21,549		3,383			4,890		24,923		29,813		11,581		18,232		-	2008(A)
NEWNAN PAVILLION	GA		8,793		40,441		381			8,793		40,821		49,614		4,618		44,996		-	2024(A)
PEACHTREE HILL	GA		6,361		16,097		297			6,361		16,394		22,755		2,127		20,628		-	2024(A)
PERIMETER EXPO PROPERTY	GA		14,770		44,295		2,957			16,142		45,880		62,022		13,458		48,564		-	2016(A)
PERIMETER VILLAGE	GA		5,418		67,522		(2,043	)		5,418		65,479		70,897		9,321		61,576		-	2021(A)
PROMENADE AT PLEASANT HILL	GA		14,480		25,564		739			14,480		26,303		40,783		3,905		36,878		-	2024(A)
RIVERWALK MARKETPLACE	GA		3,512		18,863		402			3,388		19,388		22,776		5,536		17,240		-	2015(A)
ROSWELL CORNERS	GA		4,536		47,054		941			4,536		47,996		52,532		7,628		44,904		-	2021(A)
ROSWELL CROSSING	GA		6,270		45,338		632			6,270		45,970		52,240		7,472		44,768		-	2021(A)
WOODSTOCK SQUARE	GA		8,805		39,829		808			8,805		40,638		49,443		4,577		44,866		-	2024(A)
DEER GROVE CENTER	IL		2,723		20,894		854			2,723		21,747		24,470		3,360		21,110		-	2024(A)
HAWTHORN HILLS SQUARE	IL		6,784		33,034		4,892			6,784		37,925		44,709		16,099		28,610		-	2012(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
PLAZA DEL PRADO	IL		10,204		28,410		2,872			10,172		31,313		41,485		8,399		33,086		-	2017(A)
SKOKIE POINTE	IL		-		2,276		9,867			2,628		9,515		12,143		6,018		6,125		-	1997(A)
GREENWOOD S.C.	IN		423		1,883		22,315			1,641		22,980		24,621		7,334		17,287		-	1970(C)
BUTTERMILK TOWNE CENTER	KY		-		29,940		58			-		29,996		29,996		3,237		26,759		-	2024(A)
FESTIVAL ON JEFFERSON COURT	KY		5,627		26,790		465			5,627		27,255		32,882		5,261		27,621		-	2021(A)
ADAMS PLAZA	MA		2,089		3,227		252			2,089		3,480		5,569		1,174		4,395		-	2014(A)
BROADWAY PLAZA	MA		6,485		343		-			6,485		343		6,828		295		6,533		-	2014(A)
BROOKLINE VILLAGE	MA		1,760		2,662		(47	)		1,760		2,614		4,374		230		4,144		-	2024(A)
FALMOUTH PLAZA	MA		2,361		13,066		2,368			2,361		15,434		17,795		4,323		13,472		-	2014(A)
FELLSWAY PLAZA	MA		5,300		11,014		1,876			5,300		12,890		18,190		4,661		13,529		-	2014(A)
FESTIVAL OF HYANNIS S.C.	MA		15,038		40,683		3,397			15,038		44,080		59,118		15,022		44,096		-	2014(A)
GLENDALE SQUARE	MA		4,699		7,141		3,578			4,699		10,719		15,418		2,634		12,784		-	2014(A)
LINDEN PLAZA	MA		4,628		3,535		710			4,628		4,245		8,873		2,134		6,739		-	2014(A)
MAIN ST. PLAZA	MA		556		2,139		(33	)		523		2,139		2,662		853		1,809		-	2014(A)
MEMORIAL PLAZA	MA		16,411		27,554		1,279			16,411		28,833		45,244		7,933		37,311		-	2014(A)
MILL ST. PLAZA	MA		4,195		6,203		1,778			4,195		7,981		12,176		2,680		9,496		-	2014(A)
MORRISSEY PLAZA	MA		4,097		3,751		2,773			4,097		6,524		10,621		1,569		9,052		-	2014(A)
NORTHBOROUGH CROSSING	MA		12,711		50,230		974			12,711		51,205		63,916		6,096		57,820		-	2024(A)
NORTH AVE. PLAZA	MA		1,164		1,195		341			1,164		1,536		2,700		525		2,175		-	2014(A)
NORTH QUINCY PLAZA	MA		6,333		17,954		593			3,894		20,986		24,880		5,825		19,055		-	2014(A)
PARADISE PLAZA	MA		4,183		12,195		1,521			4,183		13,716		17,899		4,802		13,097		-	2014(A)
VINNIN SQUARE IN-LINE	MA		582		2,095		28			582		2,123		2,705		604		2,101		-	2014(A)
VINNIN SQUARE PLAZA	MA		5,545		16,324		1,155			5,545		17,479		23,024		6,553		16,471		-	2014(A)
WASHINGTON ST. PLAZA	MA		11,008		5,652		10,685			12,958		14,387		27,345		6,081		21,264		-	2014(A)
WASHINGTON ST. S.C.	MA		7,381		9,987		3,437			7,381		13,424		20,805		4,104		16,701		-	2014(A)
WAVERLY PLAZA	MA		1,215		3,623		1,186			1,203		4,822		6,025		1,440		4,585		-	2014(A)
CENTRE COURT-GIANT	MD		3,854		12,770		170			3,854		12,941		16,795		5,311		11,484		1,685	2011(A)
CENTRE COURT-OLD COURT/COURTYD	MD		2,279		5,285		154			2,279		5,439		7,718		1,914		5,804		-	2011(A)
CENTRE COURT-RETAIL/BANK	MD		1,035		7,786		864			1,035		8,650		9,685		2,973		6,712		-	2011(A)
COLUMBIA CROSSING	MD		3,613		34,345		5,736			3,613		40,082		43,695		11,005		32,690		-	2015(A)
COLUMBIA CROSSING II SHOP.CTR.	MD		3,138		19,868		5,277			3,138		25,145		28,283		8,137		20,146		-	2013(A)
COLUMBIA CROSSING OUTPARCELS	MD		1,279		2,871		49,621			14,855		38,916		53,771		8,449		45,322		-	2011(A)
CROFTON CENTRE	MD		5,379		27,547		1,626			5,379		29,173		34,552		3,211		31,341		-	2024(A)
DORSEY'S SEARCH VILLAGE CENTER	MD		6,322		27,996		1,508			6,322		29,504		35,826		8,017		27,809		-	2015(A)
ENCHANTED FOREST S.C.	MD		20,124		34,345		3,652			20,124		37,997		58,121		11,317		46,804		-	2014(A)
FULLERTON PLAZA	MD		14,238		6,744		17,240			14,238		23,984		38,222		6,491		31,731		-	2014(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
GAITHERSBURG S.C.	MD		245		6,788		2,241			245		9,029		9,274		6,126		3,148		-	1999(A)
GREENBRIER S.C.	MD		8,891		30,305		1,707			8,891		32,011		40,902		9,941		30,961		-	2014(A)
HARPER'S CHOICE	MD		8,429		18,374		1,880			8,429		20,254		28,683		6,037		22,646		-	2015(A)
HICKORY RIDGE	MD		7,184		26,948		299			7,184		27,247		34,431		7,176		27,255		-	2015(A)
HICKORY RIDGE (SUNOCO)	MD		543		2,122		-			543		2,122		2,665		643		2,022		-	2015(A)
INGLESIDE S.C.	MD		10,417		17,889		1,757			10,417		19,647		30,064		6,083		23,981		-	2014(A)
KENTLANDS MARKET SQUARE	MD		20,167		84,615		21,179			20,167		105,794		125,961		23,704		102,257		-	2016(A)
KINGS CONTRIVANCE	MD		9,308		31,760		2,038			9,308		33,798		43,106		10,378		32,728		-	2014(A)
LAUREL PLAZA	MD		350		1,398		7,517			1,571		7,693		9,264		4,256		5,008		-	1995(A)
LAUREL PLAZA	MD		275		1,101		174			275		1,275		1,550		1,275		275		-	1972(C)
MILL STATION DEVELOPMENT	MD		21,321		-		59,771			13,671		67,421		81,092		8,510		72,582		-	2015(C)
MILL STATION THEATER/RSTRNTS	MD		23,379		1,090		(3,316	)		14,738		6,416		21,154		3,154		18,000		-	2016(C)
PIKE CENTER	MD		-		61,389		22,085			21,850		61,623		83,473		8,378		75,095		-	2021(A)
PUTTY HILL PLAZA	MD		4,192		11,112		1,663			4,192		12,775		16,967		5,014		11,953		-	2013(A)
RADCLIFFE CENTER	MD		12,043		21,188		(36	)		12,043		21,152		33,195		7,626		25,569		-	2014(A)
RIVERHILL VILLAGE CENTER	MD		16,825		23,282		1,351			16,825		24,632		41,457		8,376		33,081		-	2014(A)
SHAWAN PLAZA	MD		4,466		20,222		273			4,466		20,495		24,961		15,277		9,684		-	2008(A)
SHOPS AT DISTRICT HEIGHTS	MD		8,166		21,971		(1,189	)		7,298		21,650		28,948		5,602		23,346		-	2015(A)
SNOWDEN SQUARE S.C.	MD		1,929		4,558		5,187			3,326		8,348		11,674		2,972		8,702		-	2012(A)
TIMONIUM CROSSING	MD		2,525		14,863		1,989			2,525		16,852		19,377		4,620		14,757		-	2014(A)
TIMONIUM SQUARE	MD		6,000		24,283		14,555			7,311		37,528		44,839		21,854		22,985		-	2003(A)
TOWSON PLACE	MD		43,887		101,765		9,800			43,271		112,181		155,452		35,921		119,531		-	2012(A)
VILLAGES AT URBANA	MD		3,190		6		20,356			4,829		18,724		23,553		5,586		17,967		-	2003(A)
WILDE LAKE	MD		1,468		5,870		28,144			2,577		32,905		35,482		14,780		20,702		-	2002(A)
WILKENS BELTWAY PLAZA	MD		9,948		22,126		6,880			9,948		29,006		38,954		7,449		31,505		-	2014(A)
YORK ROAD PLAZA	MD		4,277		37,206		1,212			4,277		38,418		42,695		10,752		31,943		-	2014(A)
WEST OAKS S.C.	MI		10,430		95,233		341			10,430		95,573		106,003		11,166		94,837		-	2024(A)
WINCESTER CENTER	MI		8,057		44,262		2,088			8,057		46,351		54,408		5,689		48,719		-	2024(A)
CLINTON POINTE	MI		5,608		7,717		1,224			5,608		8,939		14,547		1,062		13,485		-	2024(A)
CENTENNIAL SHOPPES	MN		-		35,582		10			-		35,592		35,592		4,501		31,091		-	2024(A)
THE FOUNTAINS AT ARBOR LAKES	MN		28,585		66,699		17,284			29,485		83,083		112,568		42,231		70,337		-	2006(A)
WOODBURY LAKES	MN		11,392		58,159		7,075			11,392		65,233		76,625		10,770		65,856		-	2024(A)
CENTER POINT S.C.	MO		-		550		-			-		550		550		550		-		-	1998(A)
HERITAGE PLACE	MO		7,570		43,306		367			7,570		43,672		51,242		7,580		43,663		-	2024(A)
BRENNAN STATION	NC		7,750		20,557		1,063			6,322		23,048		29,370		8,200		21,170		-	2011(A)
BRENNAN STATION OUTPARCEL	NC		628		1,666		(208	)		450		1,636		2,086		560		1,526		-	2011(A)
CAPITAL SQUARE	NC		3,528		12,159		(129	)		3,528		12,031		15,559		2,516		13,043		-	2021(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
CLOVERDALE PLAZA	NC		541		720		9,555			541		10,275		10,816		5,305		5,511		-	1969(C)
CROSSROADS PLAZA	NC		768		3,099		3,063			768		6,162		6,930		3,010		3,920		-	2000(A)
CROSSROADS PLAZA	NC		13,406		86,456		8,185			13,843		94,204		108,047		29,219		78,828		-	2014(A)
DAVIDSON COMMONS	NC		2,979		12,860		1,551			2,979		14,412		17,391		5,205		12,186		-	2012(A)
FALLS POINTE	NC		4,049		27,415		326			3,990		27,801		31,791		4,616		27,175		-	2021(A)
HIGH HOUSE CROSSING	NC		3,604		10,950		(669	)		3,604		10,281		13,885		1,709		12,177		-	2021(A)
HOPE VALLEY COMMONS	NC		3,743		16,808		352			3,743		17,160		20,903		2,755		18,148		-	2021(A)
JETTON VILLAGE SHOPPES	NC		3,875		10,292		1,390			2,144		13,413		15,557		4,716		10,841		-	2011(A)
LEESVILLE TOWNE CENTRE	NC		5,693		37,053		508			5,693		37,561		43,254		6,312		36,942		-	2021(A)
MOORESVILLE CROSSING	NC		12,014		30,604		4,555			11,333		35,840		47,173		16,871		30,302		-	2007(A)
NORTHWOODS S.C.	NC		2,696		9,397		204			2,696		9,601		12,297		1,681		10,616		-	2021(A)
PARK PLACE SC	NC		5,461		16,163		5,063			5,470		21,216		26,686		12,363		14,323		-	2008(A)
PLEASANT VALLEY PROMENADE	NC		5,209		20,886		26,602			5,209		47,487		52,696		31,136		21,560		-	1993(A)
QUAIL CORNERS	NC		7,318		26,676		2,388			7,318		29,063		36,381		8,945		27,436		-	2014(A)
SIX FORKS S.C.	NC		-		78,366		3,078			-		81,444		81,444		12,202		69,242		-	2021(A)
STONEHENGE MARKET	NC		3,848		37,900		3,657			3,848		41,557		45,405		5,756		39,649		-	2021(A)
TYVOLA SQUARE	NC		-		4,736		9,972			-		14,708		14,708		12,088		2,620		-	1986(A)
WOODLAWN MARKETPLACE	NC		919		3,571		3,345			919		6,916		7,835		5,456		2,379		-	2008(A)
WOODLAWN SHOPPING CENTER	NC		2,011		5,834		2,474			2,011		8,308		10,319		3,023		7,296		-	2012(A)
ROCKINGHAM PLAZA	NH		2,661		10,644		25,210			3,149		35,365		38,514		24,241		14,273		-	2008(A)
THE CROSSINGS	NH		10,532		95,130		2,651			10,532		97,781		108,313		11,376		96,937		-	2024(A)
WEBSTER SQUARE	NH		11,683		41,708		11,454			11,683		53,162		64,845		15,374		49,471		-	2014(A)
WEBSTER SQUARE - DSW	NH		1,346		3,638		132			1,346		3,770		5,116		1,030		4,086		-	2017(A)
WEBSTER SQUARE NORTH	NH		2,163		6,511		404			2,163		6,914		9,077		2,086		6,991		-	2016(A)
CENTRAL PLAZA	NJ		3,170		10,603		1,534			5,145		10,162		15,307		4,688		10,619		-	2013(A)
CLARK SHOPRITE 70 CENTRAL AVE	NJ		3,497		11,694		995			13,960		2,226		16,186		1,981		14,205		-	2013(A)
COMMERCE CENTER EAST	NJ		1,519		5,080		1,753			7,235		1,117		8,352		1,039		7,313		-	2013(A)
COMMERCE CENTER WEST	NJ		386		1,290		162			794		1,044		1,838		381		1,457		-	2013(A)
COMMONS AT HOLMDEL	NJ		16,538		38,760		14,721			16,538		53,481		70,019		25,285		44,734		-	2004(A)
EAST WINDSOR VILLAGE	NJ		9,335		23,778		1,765			9,335		25,543		34,878		11,661		23,217		-	2008(A)
GARDEN STATE PAVILIONS	NJ		7,531		10,802		32,149			12,204		38,278		50,482		13,717		36,765		-	2011(A)
HILLVIEW SHOPPING CENTER	NJ		16,008		32,607		2,741			16,008		35,348		51,356		10,365		40,991		-	2014(A)
HOLMDEL TOWNE CENTER	NJ		10,825		43,301		11,862			10,825		55,162		65,987		33,933		32,054		-	2002(A)
MAPLE SHADE	NJ		-		9,958		2,596			-		12,554		12,554		5,002		7,552		-	2009(A)
NORTH BRUNSWICK PLAZA	NJ		3,205		12,820		30,920			3,205		43,740		46,945		29,657		17,288		-	1994(A)
PISCATAWAY TOWN CENTER	NJ		3,852		15,411		3,089			3,852		18,500		22,352		12,299		10,053		-	1998(A)
PLAZA AT HILLSDALE	NJ		7,602		6,994		1,736			7,602		8,730		16,332		3,527		12,805		-	2014(A)
PLAZA AT SHORT HILLS	NJ		20,155		11,062		2,037			20,155		13,099		33,254		4,618		28,636		-	2014(A)
RIDGEWOOD S.C.	NJ		450		2,107		1,372			450		3,479		3,929		2,577		1,352		-	1993(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
SHOP RITE PLAZA	NJ		2,418		6,364		3,366			2,418		9,730		12,148		8,096		4,052		-	1985(C)
UNION CRESCENT III	NJ		7,895		3,011		20,383			8,697		22,591		31,288		14,745		16,543		-	2007(A)
WESTMONT PLAZA	NJ		602		2,405		21,502			602		23,907		24,509		11,502		13,007		-	1994(A)
WILLOWBROOK PLAZA	NJ		15,320		40,997		16,289			15,320		57,286		72,606		16,334		56,272		-	2009(A)
NORTH TOWNE PLAZA - ALBUQUERQUE	NM		3,598		33,327		797			3,598		34,124		37,722		5,518		32,204		-	2021(A)
CHARLESTON COMMONS	NV		29,704		24,267		1,587			29,704		25,854		55,558		8,256		47,302		-	2021(A)
COLLEGE PARK S.C.-N LAS VEGAS	NV		2,100		18,413		15,656			16,274		19,895		36,169		4,026		32,143		-	2021(A)
D'ANDREA MARKETPLACE	NV		11,556		29,435		1,049			11,556		30,484		42,040		14,675		27,365		-	2007(A)
DEL MONTE PLAZA	NV		2,489		5,590		1,391			2,210		7,261		9,471		4,240		5,231		-	2006(A)
DEL MONTE PLAZA ANCHOR PARCEL	NV		6,513		17,600		565			6,520		18,158		24,678		4,542		20,136		-	2017(A)
FRANCISCO CENTER	NV		1,800		10,085		14,868			13,981		12,771		26,752		2,619		24,133		-	2021(A)
GALENA JUNCTION	NV		8,931		17,503		2,959			8,930		20,462		29,392		7,219		22,173		-	2015(A)
MCQUEEN CROSSINGS	NV		5,017		20,779		1,493			5,017		22,272		27,289		11,058		16,231		-	2015(A)
RANCHO TOWNE & COUNTRY	NV		7,785		13,364		233			7,785		13,596		21,381		2,489		18,892		-	2021(A)
REDFIELD PROMENADE	NV		4,415		32,035		2,879			4,415		34,914		39,329		10,140		29,189		-	2015(A)
SPARKS MERCANTILE	NV		6,222		17,069		672			6,222		17,741		23,963		6,504		17,459		-	2015(A)
501 NORTH BROADWAY	NY		-		1,176		(37	)		-		1,139		1,139		619		520		-	2007(A)
AIRPORT PLAZA	NY		22,711		107,012		7,738			22,711		114,749		137,460		34,788		102,672		-	2015(A)
BELLMORE S.C.	NY		1,272		3,184		1,840			1,272		5,023		6,295		3,227		3,068		-	2004(A)
BIRCHWOOD PLAZA COMMACK	NY		3,630		4,775		1,443			3,630		6,218		9,848		2,999		6,849		-	2007(A)
BRIDGEHAMPTON COMMONS-W&E SIDE	NY		1,812		3,107		44,860			1,858		47,922		49,780		30,936		18,844		-	1972(C)
CARMAN'S PLAZA	NY		12,558		37,290		4,175			12,562		41,461		54,023		5,842		48,181		-	2022(A)
CHAMPION FOOD SUPERMARKET	NY		758		1,875		(25	)		2,241		367		2,608		269		2,339		-	2012(A)
ELMONT S.C.	NY		3,012		7,606		6,885			3,012		14,491		17,503		6,638		10,865		-	2004(A)
ELMSFORD CENTER 2	NY		4,076		15,599		1,118			4,245		16,548		20,793		6,519		14,274		-	2013(A)
FAMILY DOLLAR UNION TURNPIKE	NY		909		2,250		214			1,057		2,316		3,373		798		2,575		-	2012(A)
FOREST AVENUE PLAZA	NY		4,559		10,441		3,134			4,559		13,574		18,133		6,142		11,991		-	2005(A)
FRANKLIN SQUARE S.C.	NY		1,079		2,517		4,041			1,079		6,559		7,638		3,101		4,537		-	2004(A)
GREAT NECK OUTPARCEL	NY		4,019		-		81			4,019		81		4,100		-		4,100		-	2022(A)
GREENRIDGE PLAZA	NY		2,940		11,812		11,982			3,148		23,587		26,735		13,868		12,867		-	1997(A)
HAMPTON BAYS PLAZA	NY		1,495		5,979		3,976			1,495		9,955		11,450		8,840		2,610		-	1989(A)
HICKSVILLE PLAZA	NY		3,543		8,266		1,234			3,543		9,501		13,044		4,561		8,483		-	2004(A)
INDEPENDENCE PLAZA	NY		12,279		34,814		318			16,132		31,279		47,411		12,379		35,032		-	2014(A)
JERICHO COMMONS SOUTH	NY		12,368		33,071		4,514			12,368		37,585		49,953		17,350		32,603		-	2007(A)
KEY FOOD - 21ST STREET	NY		1,091		2,700		(369	)		1,669		1,752		3,421		470		2,951		-	2012(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
KEY FOOD - ATLANTIC AVE	NY		2,273		5,625		509			4,809		3,598		8,407		1,491		6,916		-	2012(A)
KEY FOOD - CENTRAL AVE.	NY		2,788		6,899		(395	)		2,603		6,689		9,292		2,435		6,857		-	2012(A)
KINGS HIGHWAY	NY		2,744		6,811		4,387			2,744		11,197		13,941		5,041		8,900		-	2004(A)
KISSENA BOULEVARD SHOPPING CTR	NY		11,610		2,933		2,439			11,610		5,373		16,983		1,617		15,366		-	2007(A)
LITTLE NECK PLAZA	NY		3,277		13,161		6,279			3,277		19,439		22,716		11,705		11,011		-	2003(A)
MANETTO HILL PLAZA	NY		264		584		18,893			264		19,477		19,741		10,182		9,559		-	1969(C)
MANHASSET CENTER	NY		4,567		19,166		34,152			3,472		54,413		57,885		37,154		20,731		-	1999(A)
MARKET AT BAY SHORE	NY		12,360		30,708		8,297			12,360		39,005		51,365		19,975		31,390		-	2006(A)
MASPETH QUEENS-DUANE READE	NY		1,872		4,828		1,037			1,872		5,865		7,737		2,887		4,850		-	2004(A)
MILLERIDGE INN	NY		7,500		481		44			7,500		526		8,026		92		7,934		-	2015(A)
MINEOLA CROSSINGS	NY		4,150		7,521		1,530			4,150		9,051		13,201		3,686		9,515		-	2007(A)
NORTH MASSAPEQUA S.C.	NY		1,881		4,389		(1,393	)		-		4,877		4,877		4,419		458		-	2004(A)
OCEAN PLAZA	NY		564		2,269		416			564		2,685		3,249		1,329		1,920		-	2003(A)
RALPH AVENUE PLAZA	NY		4,414		11,340		3,937			4,414		15,277		19,691		7,472		12,219		-	2004(A)
RICHMOND S.C.	NY		2,280		9,028		22,840			2,280		31,868		34,148		19,688		14,460		-	1989(A)
ROMAINE PLAZA	NY		782		1,826		588			782		2,414		3,196		1,216		1,980		-	2005(A)
SEQUAMS SHOPPING CENTER	NY		3,971		8,654		337			3,971		8,991		12,962		1,023		11,939		-	2022(A)
SHOPRITE S.C.	NY		872		3,488		-			872		3,488		4,360		2,969		1,391		-	1998(A)
STOP & SHOP	NY		21,661		17,636		-			21,661		17,636		39,297		1,785		37,512		11,333	2022(A)
SMITHTOWN PLAZA	NY		3,528		7,364		730			3,437		8,184		11,621		4,357		7,264		-	2009(A)
SOUTHGATE SHOPPING CENTER	NY		18,822		62,670		1,977			18,829		64,640		83,469		7,533		75,936		19,537	2022(A)
SYOSSET CORNERS	NY		6,169		13,302		755			6,169		14,056		20,225		1,793		18,432		-	2022(A)
SYOSSET S.C.	NY		107		76		3,148			107		3,224		3,331		1,864		1,467		-	1990(C)
THE BOULEVARD	NY		28,724		38,232		269,162			28,724		307,394		336,118		47,721		288,397		-	2006(A)
THE GARDENS AT GREAT NECK	NY		27,956		71,366		2,312			27,962		73,672		101,634		6,966		94,668		16,686	2022(A)
THE GREEN COVE PLAZA	NY		17,017		39,206		2,030			17,017		41,237		58,254		4,588		53,666		-	2022(A)
THE MARKETPLACE	NY		4,498		9,850		412			4,498		10,261		14,759		837		13,922		4,742	2022(A)
THE SHOPPES AT 82ND STREET	NY		12,917		63,985		-			12,917		63,985		76,902		158		76,744		-	2025(A)
TOWNPATH CORNER	NY		2,675		6,408		365			2,675		6,773		9,448		725		8,723		-	2022(A)
TURNPIKE PLAZA	NY		2,472		5,839		1,242			2,472		7,081		9,553		2,765		6,788		-	2011(A)
VETERANS MEMORIAL PLAZA	NY		5,968		23,243		23,380			5,980		46,611		52,591		24,785		27,806		-	1998(A)
WHITE PLAINS S.C.	NY		1,778		4,454		2,977			1,778		7,431		9,209		3,604		5,605		-	2004(A)
WOODBURY COMMON	NY		27,249		28,516		1,460			27,249		29,975		57,224		4,505		52,719		15,169	2022(A)
BRIDGWATER FALLS	OH		7,271		85,626		3,235			7,271		88,860		96,131		10,747		85,384		-	2024(A)
DEERFIELD TOWNE CENTER	OH		6,791		85,154		6,699			6,791		91,853		98,644		13,502		85,142		-	2024(A)
OLENTANGY PLAZA	OH		3,932		42,588		1,693			3,932		44,282		48,214		4,860		43,354		-	2024(A)
SPRING MEADOWS PLACE	OH		2,817		43,345		832			2,817		44,177		46,994		5,297		41,697		-	2024(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
JANTZEN BEACH CENTER	OR		57,575		102,844		11,417			57,588		114,247		171,835		30,865		140,970		-	2017(A)
TANASBOURNE VILLAGE	OR		9,681		68,229		102			9,682		68,331		78,013		1,511		76,502		31,278	2025(A)
CENTER SQUARE SHOPPING CENTER	PA		732		2,928		1,236			691		4,205		4,896		3,368		1,528		-	1996(A)
CRANBERRY TOWNSHIP-PARCEL 1&2	PA		10,271		30,770		3,661			6,070		38,632		44,702		11,131		33,571		-	2016(A)
CROSSROADS PLAZA	PA		789		3,155		14,807			976		17,775		18,751		12,934		5,817		-	1986(A)
DEVON VILLAGE	PA		4,856		25,847		2,849			5,608		27,945		33,553		11,506		22,047		-	2012(A)
FISHTOWN CROSSING	PA		20,398		22,602		608			20,401		23,206		43,607		4,899		38,708		-	2022(A)
HARRISBURG EAST SHOPPING CTR.	PA		453		6,665		12,614			3,003		16,730		19,733		11,229		8,504		-	2002(A)
HORSHAM POINT	PA		3,813		18,189		868			3,813		19,057		22,870		5,095		17,775		-	2015(A)
LINCOLN SQUARE	PA		90,479		-		77,728			10,533		157,674		168,207		24,090		144,117		-	2017(C)
NORRITON SQUARE	PA		686		2,665		9,072			774		11,649		12,423		6,475		5,948		-	1984(A)
POCONO PLAZA	PA		1,050		2,373		18,839			1,050		21,211		22,261		4,060		18,201		-	1973(C)
SHOPPES AT WYNNEWOOD	PA		7,479		-		3,692			7,479		3,692		11,171		939		10,232		-	2015(C)
SHREWSBURY SQUARE S.C.	PA		8,066		16,998		(1,607	)		6,172		17,284		23,456		5,418		18,038		-	2014(A)
SPRINGFIELD S.C.	PA		920		4,982		18,253			920		23,234		24,154		14,598		9,556		-	1983(A)
SUBURBAN SQUARE	PA		70,680		166,351		86,833			71,280		252,584		323,864		92,432		231,432		-	2007(A)
TOWNSHIP LINE S.C.	PA		732		2,928		2			732		2,930		3,662		2,202		1,460		-	1996(A)
WAYNE PLAZA	PA		6,128		15,605		2,218			6,136		17,815		23,951		8,045		15,906		-	2008(A)
WEXFORD PLAZA	PA		6,414		9,775		15,517			6,299		25,407		31,706		9,192		22,514		-	2010(A)
WHITEHALL MALL	PA		-		5,196		2			-		5,198		5,198		3,908		1,290		-	1996(A)
WHITELAND TOWN CENTER	PA		732		2,928		61			732		2,989		3,721		2,261		1,460		-	1996(A)
WHOLE FOODS AT WYNNEWOOD	PA		15,042		-		11,785			13,772		13,055		26,827		2,415		24,412		-	2014(C)
LOS COLOBOS - BUILDERS SQUARE	PR		4,405		9,628		(538	)		4,461		9,034		13,495		8,493		5,002		-	2006(A)
LOS COLOBOS I	PR		12,891		26,047		26,341			18,016		47,262		65,278		24,196		41,082		-	2006(A)
LOS COLOBOS II	PR		14,894		30,681		1,860			15,142		32,293		47,435		18,677		28,758		-	2006(A)
MANATI VILLA MARIA SC	PR		2,781		5,673		2,535			2,607		8,382		10,989		5,176		5,813		-	2006(A)
PLAZA CENTRO - COSTCO	PR		3,628		10,752		(455	)		3,866		10,059		13,925		5,840		8,085		-	2006(A)
PLAZA CENTRO - MALL	PR		19,873		58,719		7,345			19,408		66,529		85,937		32,182		53,755		-	2006(A)
PLAZA CENTRO - RETAIL	PR		5,936		16,510		1,423			6,026		17,843		23,869		9,042		14,827		-	2006(A)
PLAZA CENTRO - SAM'S CLUB	PR		6,643		20,225		(1,170	)		6,520		19,178		25,698		18,182		7,516		-	2006(A)
PONCE TOWNE CENTER	PR		14,433		28,449		7,325			14,903		35,303		50,206		22,704		27,502		-	2006(A)
REXVILLE TOWN CENTER	PR		24,873		48,688		9,172			25,678		57,055		82,733		37,908		44,825		-	2006(A)
TRUJILLO ALTO PLAZA	PR		12,054		24,446		9,973			12,289		34,184		46,473		18,388		28,085		-	2006(A)
WESTERN PLAZA - MAYAGUEZ ONE	PR		10,858		12,253		891			11,242		12,760		24,002		11,679		12,323		-	2006(A)
WESTERN PLAZA - MAYAGUEZ TWO	PR		16,874		19,911		3,587			16,873		23,499		40,372		19,901		20,471		-	2006(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
FOREST PARK	SC		1,920		9,545		658			1,920		10,203		12,123		3,717		8,406		-	2012(A)
ST. ANDREWS CENTER	SC		730		3,132		22,118			730		25,250		25,980		15,416		10,564		-	1978(C)
WESTWOOD PLAZA	SC		1,744		6,986		15,359			1,727		22,361		24,088		9,244		14,844		-	1995(A)
WOODRUFF SHOPPING CENTER	SC		3,110		15,501		1,772			3,465		16,918		20,383		6,992		13,391		-	2010(A)
BELLEVUE PLACE	TN		3,512		9,137		501			3,512		9,638		13,150		988		12,162		-	2024(A)
HIGHLAND SQUARE	TN		1,302		2,130		(3,432	)		-		-		-		-		-		-	2021(A)
MENDENHALL COMMONS	TN		1,272		14,826		150			1,272		14,976		16,248		2,321		13,927		-	2021(A)
OLD TOWNE VILLAGE	TN		-		4,134		4,761			-		8,895		8,895		7,164		1,731		-	1978(C)
PROVIDENCE MARKETPLACE	TN		18,751		84,332		1,349			18,751		85,681		104,432		13,614		90,818		-	2024(A)
THE COMMONS AT DEXTER LAKE	TN		1,554		14,649		2,293			1,554		16,942		18,496		3,265		15,231		-	2021(A)
THE COMMONS AT DEXTER LAKE II	TN		567		8,874		168			567		9,042		9,609		1,672		7,937		-	2021(A)
1350 W. 43RD ST. - WELLS FARGO	TX		3,707		247		1			3,708		247		3,955		136		3,819		-	2022(A)
1934 WEST GRAY	TX		705		4,831		(301	)		705		4,530		5,235		371		4,864		-	2021(A)
1939 WEST GRAY	TX		269		1,731		177			269		1,907		2,176		232		1,944		-	2021(A)
43RD STREET CHASE BANK BLDG	TX		497		1,703		56			497		1,759		2,256		313		1,943		-	2021(A)
ACCENT PLAZA	TX		500		2,831		542			500		3,373		3,873		2,218		1,655		-	1996(A)
ALABAMA SHEPHERD S.C.	TX		4,590		21,368		594			4,590		21,962		26,552		3,666		22,886		-	2021(A)
ATASCOCITA COMMONS SHOP.CTR.	TX		16,323		54,587		8,877			15,580		64,207		79,787		17,597		62,190		-	2013(A)
BAYBROOK GATEWAY	TX		9,441		44,160		1,747			9,441		45,907		55,348		8,218		47,130		-	2021(A)
BAYBROOK WEBSTER PARCEL	TX		-		2,978		11,023			2,978		11,023		14,001		502		13,499		-	2022(A)
BELLAIRE BLVD S.C.	TX		1,334		7,166		319			1,334		7,485		8,819		2,984		5,835		-	2021(A)
BLALOCK MARKET	TX		-		17,283		933			-		18,216		18,216		4,189		14,027		-	2021(A)
CENTER AT BAYBROOK	TX		6,941		27,727		14,662			5,576		43,753		49,329		24,527		24,802		-	1998(A)
CENTER OF THE HILLS	TX		2,924		11,706		15,965			2,773		27,822		30,595		9,908		20,687		-	2008(A)
CITADEL BUILDING	TX		4,046		12,824		(7,660	)		2,169		7,040		9,209		7,031		2,178		-	2021(A)
CONROE MARKETPLACE	TX		18,869		50,757		816			10,842		59,600		70,442		16,747		53,695		-	2015(A)
COPPERFIELD VILLAGE SHOP.CTR.	TX		7,828		34,864		1,525			7,828		36,389		44,217		11,345		32,872		-	2015(A)
COPPERWOOD VILLAGE	TX		13,848		84,184		4,550			13,848		88,734		102,582		25,535		77,047		-	2015(A)
CYPRESS TOWNE CENTER	TX		6,034		-		2,412			2,252		6,193		8,445		2,471		5,974		-	2003(C)
CYPRESS TOWNE CENTER	TX		12,329		36,836		4,480			8,644		45,001		53,645		10,851		42,794		-	2016(A)
CYPRESS TOWNE CENTER (PHASE II)	TX		2,061		6,158		(1,361	)		270		6,588		6,858		2,179		4,679		-	2016(A)
DRISCOLL AT RIVER OAKS-RESI	TX		1,244		145,366		3,813			1,244		149,179		150,423		14,890		135,533		-	2021(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
FIESTA TARGET	TX		6,766		7,334		431			6,766		7,765		14,531		2,239		12,292		-	2021(A)
FIESTA TRAILS	TX		15,185		32,897		3,944			15,185		36,841		52,026		7,416		44,610		-	2021(A)
GALVESTON PLACE	TX		1,661		28,288		7,210			1,661		35,498		37,159		5,369		31,790		-	2021(A)
GATEWAY STATION	TX		1,374		28,145		4,588			1,375		32,732		34,107		11,627		22,480		-	2011(A)
GATEWAY STATION PHASE II	TX		4,140		12,020		1,862			4,143		13,879		18,022		3,656		14,366		-	2017(A)
GRAND PARKWAY MARKET PLACE II	TX		13,436		-		39,573			12,298		40,710		53,008		9,687		43,321		-	2015(C)
GRAND PARKWAY MARKETPLACE	TX		25,364		-		65,129			21,937		68,557		90,494		14,584		75,910		-	2014(C)
HEB - DAIRY ASHFORD & MEMORIAL	TX		1,076		5,324		-			1,076		5,324		6,400		783		5,617		-	2021(A)
HEIGHTS PLAZA	TX		5,423		10,140		108			5,423		10,248		15,671		1,888		13,783		-	2021(A)
INDEPENDENCE PLAZA - LAREDO	TX		4,836		53,564		1,965			4,836		55,529		60,365		8,789		51,576		4,496	2021(A)
INDEPENDENCE PLAZA II - LAREDO	TX		2,482		21,418		267			2,482		21,685		24,167		3,970		20,197		-	2021(A)
KROGER PLAZA	TX		520		2,081		3,292			520		5,372		5,892		3,115		2,777		-	1995(A)
LAKEHILLS PLAZA	TX		5,264		20,661		583			5,264		21,244		26,508		2,049		24,459		-	2024(A)
LAKE PRAIRIE TOWN CROSSING	TX		7,897		-		31,057			6,783		32,171		38,954		11,902		27,052		-	2006(C)
LAS TIENDAS PLAZA	TX		8,678		-		28,616			7,944		29,350		37,294		11,467		25,827		-	2005(C)
MONTGOMERY PLAZA	TX		10,739		63,065		2,639			10,739		65,704		76,443		20,314		56,129		-	2015(A)
MUELLER OUTPARCEL	TX		150		3,351		51			150		3,403		3,553		587		2,966		-	2021(A)
MUELLER REGIONAL RETAIL CENTER	TX		7,352		85,805		5,715			7,352		91,521		98,873		15,191		83,682		-	2021(A)
NORTH CREEK PLAZA	TX		5,044		34,756		156			5,044		34,912		39,956		6,136		33,820		-	2021(A)
OAK FOREST	TX		13,395		25,275		725			13,395		25,999		39,394		4,793		34,601		-	2021(A)
PLANTATION CENTRE	TX		2,325		34,494		993			2,325		35,487		37,812		5,547		32,265		-	2021(A)
PRESTON LEBANON CROSSING	TX		13,552		-		33,261			12,164		34,649		46,813		13,932		32,881		-	2006(C)
RANDALLS CENTER/KINGS CROSSING	TX		3,717		21,363		8,772			3,717		30,135		33,852		4,988		28,864		-	2021(A)
RICHMOND SQUARE	TX		7,568		15,432		2,680			7,568		18,112		25,680		2,413		23,267		-	2021(A)
RIVER OAKS S.C. EAST	TX		5,766		13,882		980			5,766		14,861		20,627		2,226		18,401		-	2021(A)
RIVER OAKS S.C. WEST	TX		14,185		138,022		11,179			14,185		149,201		163,386		21,113		142,273		-	2021(A)
ROCK PRAIRIE MARKETPLACE	TX		-		8,004		195			-		8,199		8,199		1,108		7,091		-	2021(A)
SHOPPES AT MEMORIAL VILLAGES	TX		-		41,493		728			-		42,222		42,222		7,525		34,697		-	2021(A)
SHOPS AT HILSHIRE VILLAGE	TX		11,206		19,092		929			11,206		20,021		31,227		3,873		27,354		-	2021(A)
SHOPS AT KIRBY DRIVE	TX		969		5,031		(23	)		969		5,009		5,978		773		5,205		-	2021(A)
SHOPS AT THREE CORNERS	TX		7,094		59,795		825			7,094		60,619		67,713		10,039		57,674		-	2021(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
STEVENS RANCH	TX		18,143		6,407		671			18,143		7,078		25,221		1,415		23,806		-	2021(A)
THE CENTRE AT COPPERFIELD	TX		6,723		22,525		937			6,723		23,462		30,185		7,684		22,501		-	2015(A)
THE CENTRE AT POST OAK	TX		12,642		100,658		(25	)		12,642		100,633		113,275		15,695		97,580		-	2021(A)
THE SHOPPES @ WILDERNESS OAKS	TX		4,359		8,964		(12,427	)		896		-		896		-		896		-	2021(A)
TOMBALL CROSSINGS	TX		8,517		28,484		2,386			7,965		31,422		39,387		9,280		30,107		-	2013(A)
TOMBALL MARKETPLACE	TX		4,280		31,793		1,685			4,280		33,478		37,758		5,962		31,796		-	2021(A)
TRENTON CROSSING - NORTH MCALLEN	TX		6,279		29,686		3,245			6,279		32,930		39,209		6,067		33,142		-	2021(A)
VILLAGE PLAZA AT BUNKER HILL	TX		21,320		233,086		3,431			21,320		236,518		257,838		35,836		222,002		70,446	2021(A)
WESTCHASE S.C.	TX		7,547		35,653		6,770			7,547		42,424		49,971		6,855		43,116		-	2021(A)
WESTHILL VILLAGE	TX		11,948		26,479		607			11,948		27,086		39,034		4,785		34,249		-	2021(A)
WOODBRIDGE SHOPPING CENTER	TX		2,569		6,814		628			2,569		7,442		10,011		2,972		7,040		-	2012(A)
BURKE TOWN PLAZA	VA		-		43,240		(4,668	)		-		38,572		38,572		11,539		27,033		-	2014(A)
CENTRO ARLINGTON	VA		3,937		35,103		1,412			3,937		36,515		40,452		4,615		35,837		-	2021(A)
CENTRO ARLINGTON-RESI	VA		15,012		155,639		2,356			15,012		157,995		173,007		13,328		159,679		-	2021(A)
DOCSTONE COMMONS	VA		3,839		11,468		719			3,904		12,123		16,027		3,487		12,540		-	2016(A)
DOCSTONE O/P - STAPLES	VA		1,425		4,318		(828	)		1,168		3,747		4,915		1,171		3,744		-	2016(A)
DULLES TOWN CROSSING	VA		53,285		104,176		3,523			52,726		108,257		160,983		33,451		127,532		-	2015(A)
GORDON PLAZA	VA		-		3,331		7,336			5,573		5,094		10,667		2,627		8,040		-	2017(A)
HILLTOP VILLAGE CENTER	VA		23,409		93,673		425			23,409		94,098		117,507		13,448		104,059		-	2021(A)
OLD TOWN PLAZA	VA		4,500		41,570		(14,002	)		3,053		29,015		32,068		10,522		21,546		-	2007(A)
POTOMAC RUN PLAZA	VA		27,370		48,451		4,106			27,370		52,558		79,928		24,074		55,854		-	2008(A)
STAFFORD MARKETPLACE	VA		26,893		86,450		17,559			29,486		101,416		130,902		27,677		103,225		-	2015(A)
STONEBRIDGE AT POTOMAC TOWN CENTER	VA		52,190		73,877		62,900			52,190		136,776		188,966		26,626		162,340		-	2023(A)
WEST ALEX - RETAIL	VA		6,043		55,434		3,651			6,043		59,086		65,129		6,651		58,478		-	2021(A)
WEST ALEX-OFFICE	VA		1,479		10,458		1,623			1,479		12,082		13,561		1,412		12,149		-	2021(A)
WEST ALEX-RESI	VA		15,892		65,282		2,228			15,892		67,510		83,402		8,547		74,855		-	2021(A)
AUBURN NORTH	WA		7,786		18,158		13,144			7,786		31,302		39,088		13,408		25,680		-	2007(A)
COVINGTON ESPLANADE	WA		6,009		47,941		322			6,009		48,263		54,272		6,463		47,809		-	2021(A)
FRANKLIN PARK COMMONS	WA		5,419		11,989		13,091			5,419		25,080		30,499		7,775		22,724		-	2015(A)
FRONTIER VILLAGE SHOPPING CTR.	WA		10,751		44,861		3,306			10,751		48,167		58,918		14,314		44,604		-	2012(A)
GATEWAY SHOPPING CENTER	WA		6,938		11,270		9,869			6,938		21,139		28,077		5,666		22,411		-	2016(A)
SILVERDALE PLAZA	WA		3,875		33,109		1,213			3,756		34,441		38,197		11,400		26,797		-	2012(A)
THE MARKETPLACE AT FACTORIA	WA		60,502		92,696		29,206			65,782		116,623		182,405		36,587		145,818		-	2013(A)
THE WHITTAKER	WA		15,799		23,508		(63	)		15,799		23,445		39,244		3,848		35,396		-	2021(A)

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

						COST CAPITALIZED											TOTAL COST,				DATE OF
		INITIAL COST				SUBSEQUENT											NET OF				ACQUISITION(A)
DESCRIPTION	State	LAND		BUILDING AND<br>IMPROVEMENTS		TO<br>ACQUISITION (1)			LAND		BUILDING AND<br>IMPROVEMENTS		TOTAL		ACCUMULATED <br>DEPRECIATION (2)		ACCUMULATED<br>DEPRECIATION		ENCUMBRANCES<br>(3)		CONSTRUCTION<br>(C)
OTHER PROPERTY INTERESTS
ASANTE RETAIL CENTER	AZ		8,703		3,406		(11,939	)		170		-		170		-		170		-	2004(C)
HOMESTEAD-WACHTEL LAND LEASE	FL		150		-		-			150		-		150		-		150		-	2013(A)
RAMCO DUVAL LAND TRS	MI		3,522		-		-			3,522		-		3,522		-		3,522		-	2024(A)
RAMCO RIVER CITY LAND	MI		4,890		-		2			4,892		-		4,892		-		4,892		-	2024(A)
PALM COAST LANDING OUTPARCELS	FL		1,460		-		212			1,460		212		1,672		-		1,672		-	2021(A)
LAKE WALES S.C.	FL		601		-		-			601		-		601		-		601		-	2009(A)
FLINT - VACANT LAND	MI		101		-		(101	)		-		-		-		-		-		-	2012(A)
CHARLOTTE SPORTS & FITNESS CTR	NC		501		1,859		1,180			501		3,039		3,540		2,234		1,306		-	1986(A)
SURF CITY CROSSING	NC		5,260		-		(3,565	)		1,695		-		1,695		-		1,695		-	2021(A)
THE SHOPPES AT CAVENESS FARMS	NC		5,470		-		47			5,470		47		5,517		1		5,516		-	2021(A)
WAKEFIELD COMMONS III	NC		6,506		-		(5,397	)		787		322		1,109		321		788		-	2001(C)
WAKEFIELD CROSSINGS	NC		3,414		-		(3,277	)		137		-		137		-		137		-	2001(C)
HILLSBOROUGH PROMENADE	NJ		11,887		-		(6,632	)		5,006		249		5,255		163		5,093		-	2001(C)
JERICHO ATRIUM	NY		10,624		20,065		6,235			10,624		26,300		36,924		10,014		26,910		-	2016(A)
KEY BANK BUILDING	NY		1,500		40,487		(6,898	)		669		34,420		35,089		23,841		11,248		-	2006(A)
MANHASSET CENTER (RESIDENTIAL)	NY		950		-		-			950		-		950		-		950		-	2012(A)
MERRY LANE (PARKING LOT)	NY		1,486		2		1,362			1,486		1,364		2,850		-		2,850		-	2007(A)
NORTHPORT LAND PARCEL	NY		-		14		82			-		96		96		16		80		-	2012(A)
MCMINNVILLE PLAZA	OR		4,062		-		479			4,062		479		4,541		-		4,541		-	2006(C)
1935 WEST GRAY	TX		780		-		14			780		14		794		1		793		-	2021(A)
2503 MCCUE, LLC	TX		-		2,287		-			-		2,287		2,287		1,997		291		-	2021(A)
NORTH TOWNE PLAZA - BROWNSVILLE	TX		1,517		-		1,017			1,517		1,017		2,534		99		2,435		-	2021(A)
RICHMOND SQUARE - PAD	TX		570		-		157			570		157		727		-		727		-	2021(A)
TEXAS CITY LAND	TX		1,000		-		-			1,000		-		1,000		-		1,000		-	2021(A)
WESTOVER SQUARE	TX		1,520		-		(785	)		735		-		735		-		735		-	2021(A)
BLUE RIDGE	Various		12,347		71,530		(50,787	)		3,511		29,584		33,095		21,952		11,143		-	2005(A)
BALANCE OF PORTFOLIO (4)	Various		1,909		65,127		(35,427	)		-		31,618		31,618		10,565		21,054		-
TOTALS		$	4,570,877	$	13,665,782	$	3,382,197		$	4,552,341	$	17,066,515	$	21,618,856	$	4,849,564	$	16,769,292	$	467,203

• The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment.
• The Company had accumulated amortization relating to in-place leases and above-market leases aggregating $934,526.
• Includes fair market value of debt adjustments, net and deferred financing costs, net.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

(in thousands)

• Includes fixtures, leasehold improvements and other costs capitalized.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows:

Buildings and building improvements (in years)	5 to 50
Fixtures, building and leasehold improvements	Terms of leases or useful lives, whichever is shorter
(including certain identified intangible assets)

The aggregate cost for Federal income tax purposes was approximately $19.4 billion at December 31, 2025.

The changes in total real estate assets for the years ended December 31, 2025, 2024 and 2023 are as follows:

	2025			2024			2023
Balance, beginning of period	$	21,170,572		$	18,937,794		$	18,457,242
Additions during period:
Acquisitions		217,811			1,977,992			208,001
Improvements		332,281			337,729			263,171
Transfers from unconsolidated joint ventures		77,912			-			166,490
Deductions during period:
Sales and assets held-for-sale		(67,608	)		(8,549	)		(85,541	)
Write-off of assets		(103,721	)		(62,358	)		(59,832	)
Adjustment to property carrying values		(8,391	)		(12,036	)		(11,737	)
Balance, end of period	$	21,618,856		$	21,170,572		$	18,937,794

The changes in accumulated depreciation and amortization for the years ended December 31, 2025, 2024 and 2023 are as follows:

	2025			2024			2023
Balance, beginning of period	$	4,360,239		$	3,842,869		$	3,417,414
Additions during period:
Depreciation for year		605,201			581,429			492,434
Deductions during period:
Sales and assets held-for-sale		(19,014	)		(116	)		(7,147	)
Write-off of assets		(96,862	)		(63,943	)		(59,832	)
Balance, end of period	$	4,849,564		$	4,360,239		$	3,842,869

Reclassifications: Certain amounts in the prior period have been reclassified in order to conform with the current period's presentation.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

As of December 31, 2025

(in thousands)

Description	Interest Rate			Final<br>Maturity Date	Periodic<br>Payment<br>Terms (a)	Prior Liens		Original Face<br>Amount<br>of Mortgages		Carrying<br>Amount of<br>Mortgages (b)			Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail 1st Mortgage
Waldorf, MD (c)		9.00	%	Jul-27	I	$	-	$	107,000	$	97,000		$	-
Pompano Beach, FL		8.00	%	Mar-27	I		-		35,000		35,000			-
Ballwin, MO		6.35	%	Mar-29	I		-		11,970		11,970			-
Individually < 3% (d) (e)	(f)			(g)	I		-		39,939		21,992			-
Retail 2nd Mortgage
St. Louis Park, MN (h)		9.25	%	Aug-32	I		-		34,350		25,600			-
Lynwood, CA		9.00	%	Jul-26	I		-		16,463		16,463			-
Fairfax, VA		8.00	%	May-29	I		-		14,000		14,000			-
Cape Coral, FL		12.50	%	Sep-27	I		-		12,500		12,500			-
Individually < 3% (i)	(j)			(k)	I		-		91,217		79,227			-
Nonretail
Individually < 3% (l)	(m)			(n)	P&I; PIK		-		3,854		2,167			-
Other Financing Loans:
Retail
Borrower A	(o)			Aug-29	P&I		-		75,000		73,125			-
Nonretail
Borrower B		7.00	%	Mar-31	P&I		-		397		243			-
Allowance for Credit Losses							-		-		(5,352	)		-
						$	-	$	441,690	$	383,935		$	-

• I = Interest only; P&I = Principal & Interest; PIK = Paid in Kind at Maturity.
• The aggregate cost for Federal income tax purposes was approximately $383.9 million as of December 31, 2025.
• There was an outstanding undrawn mortgage loan balance of $10.0 million as of December 31, 2025, for which the Company earns interest at a rate of 1.0% annum.
• Comprised of four separate loans with original loan amounts ranging from $2.8 million to $8.6 million.
• There was an outstanding undrawn mortgage loan balance of $3.7 million as of December 31, 2025, for which the Company earns interest at a rate of 1.0% annum.
• Interest rates range from 10.00% to 12.50%.
• Maturity dates range from August 2028 to September 2031.
• There was an outstanding undrawn mortgage loan balance of $8.8 million as of December 31, 2025 for which the Company earns interest at a rate of 1.0% annum.
• Comprised of 10 separate loans with original loan amounts ranging from $3.1 million to $10.9 million.
• Interest rates range from 9.50% to 12.00%.
• Maturity dates range from November 2026 to October 2034.
• Comprised of three separate loans with original loan amounts ranging from $30.7 thousand to $2.0 million.
• Interest rates range from 6.88% to 12.00%.
• Maturity dates range from October 2026 to December 2030.
• Interest rate is SOFR plus 7.75% (11.92% as of December 31, 2025).

The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2025, the Company had a total of 26 loans, all of which were performing. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, guarantees of the borrower and the prospects of the borrower.

The following table reconciles mortgage loans and other financing receivables from January 1, 2023 to December 31, 2025 (in thousands):

Balance at January 1,		444,966			130,745			87,359
Additions:
New mortgage and other loans		279,403			428,121			43,519
Deductions:
Loan repayments		(324,983	)		(108,297	)		(35	)
Collections of principal		(16,899	)		(103	)		(98	)
Recovery/(provision) for credit losses		1,448			(5,500	)
Balance at December 31,		383,935			444,966			130,745

All values are in US Dollars.

EX-10.10

Exhibit 10.10

KIMCO REALTY CORPORATION

2025 EQUITY PARTICIPATION PLAN

PERFORMANCE-BASED LTIP UNIT AWARD GRANT NOTICE

Pursuant to the 2025 Equity Participation Plan, as amended and/or restated from time to time (the “Plan”), of Kimco Realty Corporation, a Maryland corporation (the “Company”), Kimco Realty OP, LLC, a Delaware limited liability company (the “Partnership”), hereby grants to the holder listed below (“Participant”), a performance-based LTIP Unit Award (the “Award”). This Award is subject to all of the terms and conditions set forth herein and in the Performance-Based LTIP Unit Award Agreement attached hereto as Exhibit A (the “LTIP Unit Award Agreement”) and the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the LTIP Unit Award Agreement.

Participant:	[____________]
Grant Date:	[____________]
Total Number of LTIP Units Granted:	[____________]
Base Number of LTIP Units Subject to the Award:	[____________]
Performance Period:	[____________]
Performance Goals:	The LTIP Units granted hereunder (the “LTIP Units”) will be eligible to vest upon the Vesting Date based upon the Company’s attainment of the Performance Goals set forth in the attached Exhibit B during the Performance Period. The Performance Goals applicable to this Award relate to the Company’s achievement of the performance metrics described in Exhibit B.
Termination:	Except as otherwise set forth in the LTIP Unit Award Agreement, Participant shall forfeit all LTIP Units upon Participant’s Termination of Service prior to the applicable Valuation Date.

Award Acceptance:

The Participant may accept the Award and agree to be bound by the terms and conditions of the Plan, the LTIP Unit Award Agreement and this Grant Notice by electronically acknowledging and accepting the Award in the manner prescribed by the Company following the date of the Company’s electronic or other written notification to the Participant of the grant of the Award (the “Notification Date”).

In addition, the Participant will be deemed to have accepted the Award and agreed to be bound by the terms and conditions of the Plan, the LTIP Unit Award Agreement and this Grant Notice, unless the Participant informs the Company in writing within 30 days immediately following the Notification Date that the Participant wishes to reject the Award. Failure to notify the Company in writing of the Participant’s rejection of the Award during this 30-day period will result in the Participant’s acceptance of the Award and the Participant’s agreement to be bound by the terms and conditions of the Plan, the LTIP Unit Award Agreement and this Grant Notice.

The Participant will accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the LTIP Unit Award Agreement. Participant must file a Section 83(b) Election within 30 days of the Grant Date, as described in the LTIP Unit Award Agreement.

Kimco Realty Corporation: Participant:

By: ________________________ ________________________

Name: Name:

Title:

Kimco Realty OP, LLC:

By: Kimco Realty Corporation, managing member

By: ________________________

Name:

Title:

EXHIBIT A

TO PERFORMANCE-BASED LTIP UNIT AWARD GRANT NOTICE

KIMCO REALTY CORPORATION

Performance-BASED LTIP UNIT AWARD AGREEMENT

Pursuant to the Performance-Based LTIP Unit Award Grant Notice (the “Grant Notice”) to which this Performance-Based LTIP Unit Award Agreement (this “Agreement”) is attached, Participant is hereby granted an award (the “Award”) of LTIP Units (the “LTIP Units”) in Kimco Realty OP, LLC, a Delaware limited liability company (the “Partnership”) under the 2025 Equity Participation Plan of Kimco Realty Corporation (the “Company”), as amended and/or restated from time to time (the “Plan”).

WHEREAS, the Company and the Partnership wish to carry out the Plan, the terms of which are hereby incorporated by reference and made a part of this Agreement;

WHEREAS, Section 8.6 of the Plan permits the issuance of LTIP Units to Eligible Individuals for the performance of services to or for the benefit of the Partnership in the Eligible Individual’s capacity as a member of the Partnership; and

WHEREAS, the Administrator appointed to administer the Plan has determined that it would be to the advantage and in the best interest of the Company to issue the Award (as defined below) to the Participant as an inducement to enter into or remain in the service of the Company, the Partnership or any Subsidiary (together, “Kimco”), and as an additional incentive during such service, and has advised Kimco thereof;

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

ARTICLE I

DEFINITIONS

Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary. All capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Plan and/or the Operating Agreement, as applicable.

• “Award” shall have the meaning set forth in the Preamble hereto.

• “Base Number of LTIP Units” shall mean the base number of LTIP Units set forth in the Grant Notice.

• “Cause” shall mean (i) “Cause” as defined (A) in the Kimco Realty Corporation Executive Severance Plan (the “Severance Plan”) if the Participant is a participant in the Severance Plan or, (B) if the Participant is not a participant in the Severance Plan, in the Participant’s applicable employment or severance agreement with Kimco if such an agreement exists and contains a definition of Cause, or (ii) if no such agreement exists or such agreement does not contain a definition of Cause and the Participant is not a participant in the Severance Plan, then Cause shall mean (A) conviction of a crime (including conviction on a nolo contendere plea) involving the commission by the Participant of a felony or of a criminal act involving, in the good faith judgment of the Company, fraud, dishonesty, or moral turpitude; (B) the Participant’s deliberate and continual refusal to perform employment duties reasonably requested by the Company or an Affiliate (other than as a result of vacation, sickness, illness or injury); (C) prior to the occurrence of a Change in Control, the Participant’s continued unsatisfactory performance and/or behavior following issuance of progressive performance warnings and reasonable time to improve; (D) fraud or embezzlement by the Participant determined in accordance with the Company’s normal, internal investigative procedures consistently applied in comparable circumstances; (E) the Participant’s misconduct or negligence in connection with the business of the Company or an Affiliate which has a substantial adverse effect on the Company or the Affiliate; (F) a breach of fiduciary duty by the Participant to Kimco; or (G) the Participant’s violation of any

  A-1

• of the Kimco policies prohibiting harassment or discrimination in the workplace. Determination of Cause shall be made by the Administrator in its sole discretion.

• “Company” shall mean Kimco Realty Corporation, a Maryland corporation.

• “Disability” shall mean that the Participant suffers from a physical or mental condition which, in the reasonable judgment of a physician selected by the Company, prevents the Participant from performing the Participant’s usual and customary duties for Kimco, with or without reasonable accommodation, and is expected to result in death or can be expected to last for a continuous period of not less than twelve months. The Participant’s receipt of disability benefits for a period of not less than three months under Kimco’s long-term disability benefits plan or receipt of Social Security disability benefits shall be deemed conclusive evidence of Disability for purposes of this Agreement.

• “Distribution Equivalent Units” means a number of LTIP Units equal to the quotient obtained by dividing (i) the excess of (A) the value of all dividends paid by the Company with an ex-dividend date that occurs during the period beginning on the Performance Commencement Date and ending on the Vesting Date (the “Distribution Measurement Period”) in respect of that number of shares of Common Stock equal to the number of LTIP Units that have become Vested Base Units as of the Vesting Date, over (B) the amount of any distributions made by the Partnership to the Participant pursuant to Section 5.1 and Section 16.4 of the Operating Agreement with respect to the Distribution Measurement Period in respect of such LTIP Units, plus (or minus) the amount of gain (or loss) on such excess dividend amounts had they been reinvested in Common Stock on the date that they were paid (at a price equal to the closing price of the Common Stock on the applicable dividend payment date) and plus, without duplication, the value of any dividends on the notional shares resulting from the hypothetical reinvestment of distributions with an ex-dividend date on or after the hypothetical issuance of such notional shares and on or prior to the last day of the Distribution Measurement Period (the amount in this clause (i), the “Net Dividend Amount”), by (ii) the Fair Market Value on the Vesting Date.

• “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

• “Good Reason” A Participant shall have “Good Reason” to terminate his or her employment with the Company following a Change in Control upon the occurrence (without the Participant’s prior written consent) of (a) a diminution in the base salary paid to a Participant on an annual basis, exclusive of any bonus payments, commission payments or additional payments under any benefit plan of the Company, (b) a material diminution in the Participant’s authority, duties or responsibilities, (c) a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Participant is required to report, (d) a material change in the geographic location at which the Participant must perform the services, or (e) any other action or inaction that constitutes a material breach by the Company of any written agreement under which the Participant provides services; provided, however, that, notwithstanding the foregoing, the Participant may not resign his or her employment for Good Reason unless (i) the Participant has provided the Company with at least thirty (30) days prior written notice of his or her intent to resign for Good Reason (which notice must be provided within ninety (90) days following the occurrence of the event(s) purported to constitute Good Reason); and (ii) the Company has not remedied the alleged violation(s) within the thirty-day period following its receipt of such notice.

• “Grant Date” shall mean the date of this Agreement as set forth in the Grant Notice.

• “Grant Notice” shall have the meaning set forth in the Preamble hereto.

• “Measurement Date” shall mean the last December 31st of the Performance Period.

• “Operating Agreement” shall mean the Limited Liability Company Agreement of the Partnership, as amended and/or restated from time to time.

• “Participant” shall have the meaning set forth in the Grant Notice.

  A-2

• “Peer Group” shall mean the Company’s peer group set forth on Exhibit C to the Agreement; provided, however, that if a constituent company in the Peer Group ceases to be actively traded, due, for example, to merger or bankruptcy or the Committee otherwise reasonably determines that it is no longer suitable for the purposes of this Agreement, then such company shall be removed from the Peer Group.

• “Performance Commencement Date” shall mean the first date of the Performance Period.

• “Performance Goals” shall mean, collectively, the goals described in Exhibit B, each of which shall be measured with respect to the period beginning on the Performance Commencement Date and ending on the Valuation Date.

• “Performance Period” shall mean the Performance Period set forth in the Grant Notice.

• “Plan” shall have the meaning set forth in the Preamble hereto.

• “Qualifying Termination” shall mean (i) Participant incurs a Termination of Service as a result of death or Disability, (ii) Participant is entitled to a Severance Payment under the Company’s Executive Severance Plan and complies with Section 3.03 of such plan no later than fifty-five (55) days following such Termination of Service, (iii) Participant incurs a Termination of Service due to Retirement or (iv) Participant incurs a Termination of Service by the Company without Cause or as a result of the Participant’s resignation for Good Reason and, in either case, executes (and does not revoke) a release of claims in a form acceptable to the Company within sixty (60) days following the date of such Termination of Service.

• “Restrictions” shall mean the exposure to forfeiture set forth in Article 3.

• “Total Number of LTIP Units” shall mean the Total Number of LTIP Units as set forth in the Grant Notice.

• “Total Number of Vested Units” shall mean (i) the Vested Base Units plus (ii) the Distribution Equivalent Units.

• “Secretary” shall mean the Secretary of the Company.

• “Subsidiary” shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

• “Valuation Date” shall mean, with respect to the Performance Period, the earliest of (i) the Measurement Date or (ii) the date upon which a Change in Control shall occur.

• “Vested Base Units” shall mean the Base Number of LTIP Units that become vested pursuant to Exhibit B, which shall not exceed 100% of the Base Number of LTIP Units.

• “Vesting Date” shall mean the date the Administrator determines the extent to which the Award has vested, pursuant to Exhibit B, which date shall be no later than sixty (60) days after the Valuation Date.

• “83(b) Election” shall have the meaning set forth in Section 4.6.

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ARTICLE II. LTIP UNIT AWARD

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• Award of LTIP Units. Pursuant to the Plan, in consideration of the Participant’s active employment with or service to Kimco, and for other good and valuable consideration, the Partnership hereby (a) issues to the Participant an award of LTIP Units equal to the Total Number of LTIP Units and (b) if not already a member, admits the Participant as a member of the Partnership on the terms and conditions set forth herein, in the Plan and in the Operating Agreement. The Total Number of LTIP Units and the Base Number of LTIP Units subject to the Award are set forth in the Grant Notice. The Partnership and the Participant acknowledge and agree that the LTIP Units are hereby issued to the Participant for the performance of services to or for the benefit of the Partnership in his or her capacity as a member or in anticipation of the Participant becoming a member. Upon receipt of the Award, the Participant shall, automatically and without further action on his or her part, be deemed to be a party to, signatory of and bound by the Operating Agreement. At the request of the Partnership, the Participant shall execute the Operating Agreement or a joinder or counterpart signature page thereto. The Participant acknowledges that the Partnership may from time to time issue or cancel (or otherwise modify) LTIP Units in accordance with the terms of the Operating Agreement. The Award shall have the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein, in the Plan and in the Operating Agreement. For the avoidance of doubt, the Award shall constitute an award of Performance LTIP Units under the Plan and the Operating Agreement.
• Fractional Units. For purposes of this Agreement, any fractional LTIP Units that vest or become entitled to distributions pursuant to the Operating Agreement will be rounded down as determined by the Company or the Partnership. Furthermore, in no event shall the aggregate number of LTIP Units that vest or become entitled to such distributions exceed the Total Number of Vested Units.
• Award Subject to Plan. The Award granted hereunder is subject to the terms and provisions of the Plan, including without limitation, Article 12 thereof.

ARTICLE III. RESTRICTIONS

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• LTIP Units Subject to Operating Agreement; Transfer Restrictions.

(a) The Award and the LTIP Units are subject to the terms of the Plan and the terms of the Operating Agreement, including, without limitation, the restrictions on transfer of Units (including, without limitation, LTIP Units) set forth therein. Any permitted transferee of the Award or LTIP Units shall take such Award or LTIP Units subject to the terms of the Plan, this Agreement, and the Operating Agreement. Any such permitted transferee must, upon the request of the Partnership, agree to be bound by the Plan, the Operating Agreement, and this Agreement, and shall execute the same on request, and must agree to such other waivers, limitations, and restrictions as the Partnership or the Company may reasonably require. Any Transfer of the Award or LTIP Units which is not made in compliance with the Plan, the Operating Agreement and this Agreement shall be null and void and of no effect.

(b) Without the consent of the Administrator (which it may give or withhold in its sole discretion), the Participant shall not sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) any unvested LTIP Units or any portion of the Award attributable to such unvested LTIP Units (or any securities into which such unvested LTIP Units are converted or exchanged), other than by will or pursuant to the laws of descent and distribution (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested LTIP Units or of the Award to the Partnership or the Company.

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• Vesting.

• Subject to Section 3.3 below, the Award shall vest and the Restrictions shall lapse and the LTIP Units will vest and become non-forfeitable on the Vesting Date as described in Exhibit B. The vesting of the LTIP Units is contingent on the attainment of the Performance Goals set forth in Exhibit B. Accordingly, the LTIP Units subject to this Agreement shall not become vested unless and until the Administrator determines whether and to what extent the Performance Goals have been attained. Upon such determination by the Administrator and subject to the provisions of the Plan and this Agreement, Participant shall be eligible to vest in a portion of the LTIP Units calculated based upon the Company’s attainment of the Performance Goals (as determined by the Administrator in its sole discretion) as described in Exhibit B, and any LTIP Units granted hereby which do not become vested as of the Vesting Date shall automatically be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such LTIP Units. For the avoidance of doubt, the maximum number of LTIP Units that may become vested hereunder with respect to the Performance Period shall not exceed the Total Number of LTIP Units, and no additional LTIP Units above the Total Number of Vested Units shall be awarded if the applicable performance goals are attained at greater than the maximum levels (the limitations described in this sentence, the “Limitation Provisions”).

• For the avoidance of doubt, that number of LTIP Units, if any, that constitute Distribution Equivalent Units as of the Vesting Date shall thereupon vest in full on the Vesting Date. Participant shall not be entitled to any payment for a Distribution Equivalent Unit with respect to any dividend with a record date that occurs prior to the Performance Commencement Date or after the Vesting Date for any reason, whether due to payment, forfeiture or otherwise. If any portion of the Base Number of LTIP Units to which the Distribution Equivalent Units are linked fails to vest and is forfeited for any reason, then (i) the applicable number of Distribution Equivalent Units shall be forfeited as well, (ii) any amounts otherwise payable in respect of such Distribution Equivalent Units shall be forfeited without payment, and (iii) the Company shall have no further obligations in respect of such Distribution Equivalent Units.

• Forfeiture.

• Termination of Service. Subject to Section 3.3(b) below, any portion of the Award (including any Distribution Equivalent Units) which is not vested upon the Participant’s Termination of Service that occurs prior to the Valuation Date shall thereupon be forfeited immediately and without any further action by the Company.

• Qualifying Termination. Notwithstanding Section 3.3(a), in the event of a Termination of Service as a result of a Qualifying Termination, Participant shall remain eligible to vest in the LTIP Units (including any Distribution Equivalent Units) subject to the terms of Section 3.2 above (calculated in accordance with Exhibit B) without regard to the continued employment condition. Any such vesting shall occur on the applicable Vesting Date. Any LTIP Units granted hereunder that do not become fully vested in accordance with the preceding sentence shall automatically be cancelled and forfeited as of the completion of the Performance Period without payment of any consideration therefor, and the Participant shall have no further right or interest in or with respect to such LTIP Units.

• Change in Control. Notwithstanding any contrary provision of this Agreement, in the event of a Change in Control at any time prior to the Measurement Date, that number of LTIP Units determined pursuant to Exhibit B (including any Distribution Equivalent Units) for the period beginning on the Performance Commencement Date and ending on the date of the Change in Control shall continue to vest over the remainder of the Performance Period (such LTIP Units, the “Restricted Units”), subject to (i) immediate vesting of the Restricted Units in the event of a Qualifying Termination (before or after the Change in Control), (ii) immediate vesting of the Restricted Units in the event the successor corporation (or any of its parent entities) does not assume or substitute the Restricted Units for equivalent rights in connection with such Change in Control, and (iii) immediate vesting of the Restricted Units on the earlier of (A) the date of the Change in Control if Participant is eligible for Retirement on such date, or (B) the date Participant becomes eligible for Retirement if Participant is not eligible for Retirement on

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• the date of the Change in Control. If Participant incurs a Termination of Service that does not qualify as a Qualifying Termination, all outstanding Restricted Units shall be immediately forfeited. Any LTIP Units that are not Restricted Units as of a Change in Control shall be forfeited.

• Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the LTIP Units in such circumstances as it, in its sole discretion, may determine. In addition, upon the occurrence of certain events relating to the shares of the Common Stock contemplated by Section 12.2 of the Plan or equity securities of the Partnership, the Administrator shall make such adjustments as the Administrator deems appropriate in the number of LTIP Units then outstanding and the number and kind of securities that may be issued in respect of the LTIP Units. Participant acknowledges that the LTIP Units are subject to amendment, modification and termination in certain events as provided in this Agreement, Section 12.2 of the Plan and the Operating Agreement.

• Distribution Equivalent Unit Cash Payment. If, but for the effect of the Limitation Provisions, the total number of Distribution Equivalent Units calculated in accordance with the definition set forth in the definition of “Distribution Equivalent Units” would have resulted in the Total Number of Vested Units to exceed the Total Number of LTIP Units (such hypothetical excess, the “Shortfall Units”), then the Partnership (or another Kimco entity designated by the Partnership) shall pay to the Participant a cash amount equal to the Net Dividend Amount attributable solely to the Shortfall Units (and not, for the avoidance of doubt, any Net Dividend Amount attributable to the Distribution Equivalent Units), less any tax withholdings required by law (the “DEU Cash Payment”). The DEU Cash Payment shall be paid no later than March 15 of the calendar year following the calendar year in which the Valuation Date occurs.

ARTICLE IV. OTHER PROVISIONS

Section 4.1 Execution and Return of Documents and Certificates. At the Company’s or the Partnership’s request, the Participant hereby agrees to promptly execute, deliver and return to the Partnership any and all documents or certificates that the Company or the Partnership deems necessary or desirable to effectuate the cancellation and forfeiture of the unvested LTIP Units and the portion of the Award attributable to the unvested LTIP Units, or to effectuate the transfer or surrender of such unvested LTIP Units and portion of the Award to the Partnership.

Section 4.2 Determinations by Administrator. Notwithstanding anything contained herein, all determinations, interpretations and assumptions relating to the vesting of the Award (including, without limitation, determinations, interpretations and assumptions with respect to the calculation of the extent to which the Performance Goals have been attained (if at all)) shall be made by the Administrator. In making such determinations, the Administrator may employ attorneys, consultants, accountants, appraisers, brokers, or other persons, and the Administrator, the Board, the Company, the Partnership and their officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good faith and absent manifest error shall be final and binding upon the Participant, the Company and all other interested persons. In addition, the Administrator, in its discretion, may adjust or modify the methodology for calculations relating to the vesting of the Award (including, without limitation, the methodology for calculating the Performance Goals), as necessary or desirable to account for events affecting the value of the Common Stock which, in the discretion of the Administrator, are not considered indicative of Company performance, which may include events such as the issuance of new Common Stock, stock repurchases, stock splits, issuances and/or exercises of stock grants or stock options, and similar events, all in order to properly reflect the Company’s intent with respect to the performance objectives underlying the Award or to prevent dilution or enlargement of the benefits or potential benefits intended to be made available with respect to the Award.

Section 4.3 Covenants, Representations and Warranties. The Participant hereby represents, warrants, covenants, acknowledges and agrees on behalf of the Participant and his or her spouse, if applicable, that:

(a) Investment. The Participant is holding the Award and the LTIP Units for the Participant’s own account, and not for the account of any other Person. The Participant is holding the Award and the LTIP Units

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for investment and not with a view to distribution or resale thereof except in compliance with applicable laws regulating securities.

(b) Relation to the Partnership. The Participant is presently an executive officer and Employee of, or Consultant to, the Partnership, or is otherwise providing services to or for the benefit of the Partnership, and in such capacity has become personally familiar with the business of the Partnership.

(c) Access to Information. The Participant has had the opportunity to ask questions of, and to receive answers from, the Partnership with respect to the terms and conditions of the transactions contemplated hereby and with respect to the business, affairs, financial conditions, and results of operations of the Partnership.

(d) Registration. The Participant understands that the LTIP Units have not been registered under the Securities Act, and the LTIP Units cannot be transferred by the Participant unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Partnership has made no agreements, covenants or undertakings whatsoever to register the transfer of the LTIP Units under the Securities Act. The Partnership has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act, will be available. If an exemption under Rule 144 is available at all, it will not be available until at least six (6) months from issuance of the Award and then not unless the terms and conditions of Rule 144 have been satisfied.

(e) Public Trading. None of the Partnership’s securities are presently publicly traded, and the Partnership has made no representations, covenants or agreements as to whether there will be a public market for any of its securities.

(f) Tax Advice. The Partnership has made no warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement (including, without limitation, with respect to the decision of whether to make an election under Section 83(b) of the Code), and the Participant is in no manner relying on the Partnership or its representatives for an assessment of such tax consequences. The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her ownership of the LTIP Units.

Section 4.4 Capital Account. The Participant shall make no contribution of capital to the Partnership in connection with the Award and, as a result, the Participant’s Capital Account (as defined in the Operating Agreement) balance in the Partnership immediately after its receipt of the LTIP Units shall be equal to zero, unless the Participant was a member in the Partnership prior to such issuance, in which case the Participant’s Capital Account balance shall not be increased as a result of the Partnership’s receipt of the LTIP Units.

Section 4.5 Conversion Rights. Notwithstanding any contrary terms in the Operating Agreement, Common Units (as defined in the Operating Agreement) that are acquired upon the conversion of the LTIP Units shall not, without the consent of the Partnership (which may be given or withheld in its sole discretion), be redeemed pursuant to Section 15.1 of the Operating Agreement within two (2) years of the date of the issuance of such LTIP Units.

Section 4.6 Section 83(b) Election. The Participant covenants that the Participant shall make a timely election under Section 83(b) of the Code (and any comparable election in the state of the Participant’s residence) with respect to the LTIP Units covered by the Award, and the Partnership hereby consents to the making of such election(s). In connection with such election, the Participant and the Participant’s spouse, if applicable, shall promptly provide a copy of such election to the Partnership. A form of election under Section 83(b) of the Code is attached hereto as Exhibit D. The Participant represents that the Participant is hereby advised to consult a tax advisor(s) that the Participant deems advisable in connection with the filing of an election under Section 83(b) of the Code and similar state tax provisions.

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THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S OR THE PARTNERSHIP’S OR ITS SUBSIDIARIES’ OR AFFILIATES’ OR THEIR RESPECTIVE REPRESENTATIVES’ RESPONSIBILITY TO TIMELY FILE THE ELECTION UNDER CODE SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THAT THE COMPANY, THE PARTNERSHIP, ITS SUBSIDIARIES OR AFFILIATES OR THEIR RESPECTIVE REPRESENTATIVES TO MAKE THIS FILING ON PARTICIPANT’S BEHALF.

Section 4.7 Ownership Information. The Participant hereby covenants that so long as the Participant holds any LTIP Units, at the request of the Partnership, the Participant shall disclose to the Partnership in writing such information relating to the Participant’s ownership of the LTIP Units as the Partnership reasonably believes to be necessary or desirable to ascertain in order to comply with the Code or the requirements of any other appropriate taxing authority.

Section 4.8 Taxes. The Partnership and the Participant intend that (i) the LTIP Units be treated as “profits interests” as defined in Internal Revenue Service Revenue Procedure 93-27, as clarified by Revenue Procedure 2001-43, (ii) the issuance of such units not be a taxable event to the Partnership or the Participant as provided in such revenue procedure, and (iii) the Operating Agreement, the Plan and this Agreement be interpreted consistently with such intent. In furtherance of such intent, effective immediately prior to the issuance of the LTIP Units, the Partnership may revalue all Partnership assets to their respective gross fair market values, and make the resulting adjustments to the Capital Accounts of the partners, in each case as set forth in the Operating Agreement. The Company, the Partnership or any Subsidiary may withhold from the Participant’s wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the issuance of the Award hereunder, from the vesting or lapse of any restrictions imposed on the Award, or from the ownership or disposition of the LTIP Units.

Section 4.9 Remedies. The Participant shall be liable to the Partnership for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the LTIP Units which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Partnership shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant will not urge as a defense that there is an adequate remedy at law.

Section 4.10 Restrictive Legends. Certificates evidencing the Award, to the extent such certificates are issued, may bear such restrictive legends as the Partnership and/or the Partnership’s counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:

“The securities represented hereby have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Any transfer of such securities will be invalid unless a Registration Statement under the Securities Act is in effect as to such transfer or in the opinion of counsel for Kimco Realty OP, LLC (the “Partnership”) such registration is unnecessary in order for such transfer to comply with the Securities Act.”

“The securities represented hereby are subject to forfeiture, transferability and other restrictions as set forth in (i) a written agreement with the Partnership, (ii) the Kimco Realty Corporation 2025 Equity Participation Plan and (iii) the Limited Liability Company Agreement of the Partnership, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents.”

Section 4.11 Restrictions on Public Sale by the Participant. To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or distribution of the LTIP Units or any similar security of the

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Company or the Partnership, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the fourteen (14) days prior to, and during the up to 180-day period beginning on, the date of the pricing of any public or private debt or equity securities offering by the Company or the Partnership (except as part of such offering), if and to the extent requested in writing by the Partnership or the Company in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Partnership or the Company, which consent may be given or withheld in the Partnership’s or the Company’s sole and absolute discretion, in the case of an underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided by the Company, the Partnership, managing underwriter or underwriters, or initial purchaser or purchasers as the case may be).

Section 4.12 Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of all applicable federal and state laws, rules and regulations (including, but not limited to the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, including without limitation the applicable exemptive conditions of Rule 16b-3 of the Exchange Act) and to such approvals by any listing, regulatory or other governmental authority as may, in the opinion of counsel for the Partnership or the Company, be necessary or advisable in connection therewith. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award of LTIP Units is made, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan, this Agreement and the Award shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

Section 4.13 No Right to Continued Service. Nothing in this Agreement shall confer upon the Participant any right to continue as an Eligible Individual of the Company, the Partnership or any Subsidiary, or shall interfere with or restrict in any way the rights of the Company, the Partnership or any Subsidiary, which rights are hereby expressly reserved, to discharge the Participant at any time for any reason whatsoever, with or without cause.

Section 4.14 Non-Solicitation.

(a) During the Participant’s active period of employment with or service to the Company or any of its Affiliates and during the two year period immediately following the Participant’s Termination of Service (the “Restricted Period”), the Participant shall not (i) in any capacity, solicit for employment, or recommend that another person solicit for employment, any person who is an active employee of the Company at the time of said solicitation or (ii) on behalf of the Participant, or any other person, firm or corporation, solicit for competitive purposes, directly or indirectly, any of the Company’s customers, clients, tenants, and business or joint venture partners with whom Participant had contact while working for the Company or any of its Affiliates. For purposes of this Section 4.14(a), the term “contact” shall mean engaging in any communication, whether written or oral, with the customer, client, tenant, supplier and business or joint venture partner or representative thereof that results or is reasonably expected to result in a material loss of existing business for the Company or any of its Affiliates. If Participant breaches this Section 4.14(a), the Restricted Period for non-solicitation shall not expire until Participant is out of breach for a period of one (1) year (or, if longer, the end of the Restricted Period). The Participant acknowledges that the provisions of this Section 4.14 are reasonable and shall be in addition to any similar provisions the Participant may have entered into with the Company or any of its Affiliates.

(b) In the event the terms of this Section 4.14 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.

Section 4.15 Miscellaneous.

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(a) Incorporation of the Plan. This Agreement is made under and subject to and governed by all of the terms and conditions of the Plan. In the event of any discrepancy or inconsistency between this Agreement and the Plan, the terms and conditions of the Plan shall control. By signing this Agreement, the Participant confirms that he or she has received access to a copy of the Plan and has had an opportunity to review the contents thereof.

(b) Clawback. This Award shall be subject to any clawback or recoupment policy currently in effect or as may be adopted by the Company or the Partnership, in each case, as may be amended from time to time.

(c) Successors and Assigns. Subject to the limitations set forth in this Agreement, this Agreement shall be binding upon, and inure to the benefit of, the executors, administrators, heirs, legal representatives, successors and assigns of the parties hereto, including, without limitation, any business entity that succeeds to the business of the Company or the Partnership.

(d) Entire Agreement and Waivers. This Agreement (including the exhibits attached hereto), together with the Plan and the Operating Agreement, constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties. In the event that the provisions of such other agreement or letter conflict or are inconsistent with the provisions of this Agreement, the provisions of this Agreement shall control. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

(e) Amendment, Suspension and Termination. The Award may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided, that, except as may otherwise be provided by the Plan, neither the amendment, suspension nor termination of this Agreement shall, without the consent of the Participant, alter or impair any rights or obligations under the Award.

(f) Survival of Representations and Warranties. The representations, warranties and covenants contained in Section 4.3 hereof shall survive the later of the date of execution and delivery of this Agreement or the issuance of the Award.

(g) Severability. If for any reason one or more of the provisions contained in this Agreement or in any other instrument referred to herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other such instrument.

(h) Titles. The titles, captions or headings of the Sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

(i) Counterparts. This Agreement may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile (including, without limitation, transfer by .pdf), and each of which shall be deemed to be an original, but all of which together shall be deemed to be one and the same instrument..

(j) Governing Law. This laws of the State of New York shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

(k) Notices. Notices required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail, with postage and fees prepaid, electronic mail or facsimile addressed to the Participant to the Participant’s address, email address or facsimile number shown in the Company records, and to the Company at its principal executive office or the Secretary’s then-current email address or facsimile number.

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(l) Electronic Communications. The Company and its Affiliates may choose to deliver any documents related to the Participant’s current or future participation in the Plan by electronic means. By accepting the Award, the Participant consents and agrees to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents, including all materials required to be distributed pursuant to applicable securities laws. The Company has established procedures for an electronic signature system for delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan). The Participant consents to such procedures and agrees to participate in the Plan through an online or electronic system established and maintained by the Company, one of its Affiliates or a third party designated by the Company or any of its Affiliates. The Participant agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. The Participant understands that, unless earlier revoked by the Participant, this consent shall be effective for the duration of the Agreement and that he or she shall have the right at any time to request written copies of any and all materials referred to above.

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EXHIBIT B

Performance Conditions for LTIP Units

[______________]

EXHIBIT C

[______________]

EXHIBIT D

SECTION 83(b) ELECTION

[To Be Attached]

EX-10.11

Exhibit 10.11

kimco realty corporation 2025 EQUITY PARTICIPATION PLAN

PERFORMANCE SHARE AWARD GRANT NOTICE

Kimco Realty Corporation, a Maryland corporation (the “Company”), pursuant to its 2025 Equity Participation Plan, as amended and/or restated from time to time (the “Plan”), hereby grants to the holder listed below (“Participant”), a Performance Share Award (“Performance Shares”). Each Performance Share represents the right to receive one Share (as defined in the Plan) upon the achievement of certain performance goals (“Restricted Shares”). This award is subject to all of the terms and conditions set forth herein and in the Performance Share Award Agreement attached hereto as Exhibit A (the “Performance Share Award Agreement”) and the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Performance Share Award Agreement.

Participant:	[_________]
Grant Date:	[_________]
Total Target Number of Performance Shares:	[_________]
Performance Period:	[_________]
Performance Goals:	Participant is eligible to be awarded Shares as of the applicable Payment Date based upon the Company’s attainment of the Performance Goals set forth in the attached Exhibit B during the Performance Period.<br><br>The Performance Goals applicable to this Performance Share Award relate to the Company’s achievement of the performance metrics described in Exhibit B.
Termination:	Except as otherwise set forth in the Performance Share Award Agreement, Participant shall forfeit all Performance Shares upon Participant’s Termination of Service prior to the applicable Payment Date.

Award Acceptance:

The Participant may accept the award of Performance Shares and agree to be bound by the terms and conditions of the Plan, the Performance Share Award Agreement and this Grant Notice by electronically acknowledging and accepting the award of Performance Shares in the manner prescribed by the Company following the date of the Company’s electronic or other written notification to the Participant of the grant of the award of Performance Shares (the “Notification Date”).

In addition, the Participant will be deemed to have accepted the award of Performance Shares and agreed to be bound by the terms and conditions of the Plan, the Performance Share Award Agreement and this Grant Notice, unless the Participant informs the Company in writing within 30 days immediately following the Notification Date that the Participant wishes to reject the award of Performance Shares. Failure to notify the Company in writing of the Participant’s rejection of the award of Performance Shares during this 30-day period will result in the Participant’s acceptance of the award of Performance Shares

and the Participant’s agreement to be bound by the terms and conditions of the Plan, the Performance Share Award Agreement and this Grant Notice.

The Participant will accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Performance Share Award Agreement.

Kimco Realty Corporation: Participant:

________________________ ________________________

[____________] Name:

[____________]

EXHIBIT A

TO PERFORMANCE SHARE AWARD GRANT NOTICE

KIMCO REALTY CORPORATION PERFORMANCE SHARE AWARD AGREEMENT

Pursuant to the Performance Share Award Grant Notice (the “Grant Notice”) to which this Performance Share Award Agreement (this “Agreement”) is attached, Kimco Realty Corporation, a Maryland corporation (the “Company”), has granted to Participant a performance share award (“Performance Shares”) under the Kimco Realty Corporation 2025 Equity Participation Plan, as amended and/or restated from time to time (the “Plan”).

• GENERAL
• Defined Terms. Wherever the following terms are used in this Agreement they shall have the meanings specified below, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice.
• “Cause” shall mean (i) “Cause” as defined (A) in the Kimco Realty Corporation Executive Severance Plan (the “Severance Plan”) if the Participant is a participant in the Severance Plan or, (B) if the Participant is not a participant in the Severance Plan, in the Participant’s applicable employment or severance agreement with the Company if such an agreement exists and contains a definition of Cause, or (ii) if no such agreement exists or such agreement does not contain a definition of Cause and the Participant is not a participant in the Severance Plan, then Cause shall mean (a) conviction of a crime (including conviction on a nolo contendere plea) involving the commission by the Participant of a felony or of a criminal act involving, in the good faith judgment of the Company, fraud, dishonesty, or moral turpitude; (b) the Participant’s deliberate and continual refusal to perform employment duties reasonably requested by the Company or an Affiliate (other than as a result of vacation, sickness, illness or injury); (c) prior to the occurrence of a Change in Control, the Participant’s continued unsatisfactory performance and/or behavior following issuance of progressive performance warnings and reasonable time to improve; (d) fraud or embezzlement by the Participant determined in accordance with the Company’s normal, internal investigative procedures consistently applied in comparable circumstances; (e) the Participant’s misconduct or negligence in connection with the business of the Company or an Affiliate which has a substantial adverse effect on the Company or the Affiliate; (f) a breach of fiduciary duty by the Participant to the Company; or (g) the Participant’s violation of any of the Company policies prohibiting harassment or discrimination in the workplace. Determination of Cause shall be made by the Administrator in its sole discretion.
• “Disability” shall mean that the Participant suffers from a physical or mental condition which, in the reasonable judgment of a physician selected by the Company, prevents the Participant from performing the Participant’s usual and customary duties for the Company, with or without reasonable accommodation, and is expected to result in death or can be expected to last for a continuous period of not less than twelve months. The Participant’s receipt of disability benefits for a period of not less than three months under the Company’s long-term disability benefits plan or receipt of Social Security disability benefits shall be deemed conclusive evidence of Disability for purposes of this Agreement.
• “Good Reason” A Participant shall have “Good Reason” to terminate his or her employment with the Company following a Change in Control upon the occurrence (without the Participant’s prior written consent) of (a) a diminution in the base salary paid to a Participant on an annual basis, exclusive of any bonus payments, commission payments or additional payments under any benefit

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• plan of the Company, (b) a material diminution in the Participant’s authority, duties or responsibilities, (c) a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Participant is required to report, (d) a material change in the geographic location at which the Participant must perform the services, or (e) any other action or inaction that constitutes a material breach by the Company of any written agreement under which the Participant provides services; provided, however, that, notwithstanding the foregoing, the Participant may not resign his or her employment for Good Reason unless (i) the Participant has provided the Company with at least thirty (30) days prior written notice of his or her intent to resign for Good Reason (which notice must be provided within ninety (90) days following the occurrence of the event(s) purported to constitute Good Reason); and (ii) the Company has not remedied the alleged violation(s) within the thirty-day period following its receipt of such notice.
• “Measurement Date” shall mean the last December 31st of the Performance Period.
• “Payment Date” shall mean the date the Administrator determines that the Shares payable with respect to the Performance Shares, as calculated pursuant to Exhibit B, shall be awarded to Participant, which date shall be no later than sixty (60) days after the Valuation Date (for the avoidance of doubt, this deadline is intended to comply with the “short-term deferral” exception from Section 409A of the Code).
• “Peer Group” shall mean the Company’s peer group set forth on Exhibit C to the Agreement; provided, however, that if a constituent company in the Peer Group ceases to be actively traded, due, for example, to merger or bankruptcy or the Committee otherwise reasonably determines that it is no longer suitable for the purposes of this Agreement, then such company shall be removed from the Peer Group.
• “Performance Commencement Date” shall mean the first date of the Performance Period.
• “Performance Goals” shall mean, collectively, the goals described in Exhibit B, each of which shall be measured with respect to the period beginning on the Performance Commencement Date and ending on the Valuation Date.
• “Performance Period” shall mean the Performance Period set forth in the Grant Notice.
• “Qualifying Termination” shall mean (i) Participant incurs a Termination of Service as a result of death or Disability, (ii) Participant is entitled to a Severance Payment under the Company’s Executive Severance Plan and complies with Section 3.03 of such plan no later than fifty-five (55) days following such Termination of Service, (iii) Participant incurs a Termination of Service due to Retirement or (iv) Participant incurs a Termination of Service by the Company without Cause or as a result of the Participant’s resignation for Good Reason and, in either case, executes (and does not revoke) a release of claims in a form acceptable to the Company within sixty (60) days following the date of such Termination of Service.
• “Restrictions” shall mean the restrictions on sale or other transfer of the Restricted Shares set forth in Section 4.2, and the exposure to forfeiture of the Restricted Shares set forth in Section 2.5.

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• “Valuation Date” shall mean, with respect to the Performance Period, the earliest of (i) the Measurement Date or (ii) the date upon which a Change in Control shall occur.
• Incorporation of Terms of Plan. The Performance Shares and any Shares paid with respect to the Performance Shares are subject to the terms and conditions of the Plan which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
• GRANT OF PERFORMANCE SHARES
• Grant of Performance Shares. In consideration of Participant’s active employment with or service to the Company or an Affiliate and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company grants to Participant an award of Performance Shares as set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement.
• Performance Conditions. The payment of Shares with respect to Participant’s Performance Shares is contingent on the attainment of the Performance Goals set forth in Exhibit B. Accordingly, Participant will not become entitled to payment with respect to the Performance Shares subject to this Agreement unless and until the Administrator determines whether and to what extent each of the Performance Goals have been attained. Upon such determination by the Administrator and subject to the provisions of the Plan and this Agreement, Participant shall be entitled to payment of a portion of the Performance Shares calculated based upon the Company’s attainment of the Performance Goals (as determined by the Administrator in its sole discretion) as described in Exhibit B.
• Effect of Termination of Service.
• Notwithstanding any contrary provision of this Agreement, upon Participant’s Termination of Service for any or no reason prior to the Valuation Date, all rights with respect to any unpaid Performance Shares shall immediately terminate, and Participant shall not be entitled to any payments or benefits with respect thereto.
• Notwithstanding Section 2.3(a), in the event of a Termination of Service as a result of a Qualifying Termination, Participant shall remain eligible to receive payment from the Performance Shares calculated in accordance with Exhibit B without regard to the continued employment condition. Any such payments shall occur on the applicable Payment Date set forth in Section 2.4 below.
• Payment of Restricted Shares. The number of Shares to be paid with respect to the Performance Shares, calculated in accordance with this Agreement (including Exhibit B), shall be awarded to Participant on the Payment Date, subject to Sections 2.5 and 2.7, below.
• Change in Control. Notwithstanding any contrary provision of this Agreement, in the event of a Change in Control at any time prior to the Measurement Date, that number of Shares determined pursuant to Exhibit B for the period beginning on the Performance Commencement Date and ending on the date of the Change in Control shall be issued to Participant immediately prior to (and subject to the consummation of) such Change in Control. The Shares issued to Participant immediately prior such Change in Control shall continue to vest over the remainder of the Performance Period (such unvested Shares, the

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• “Restricted Shares”), subject to (i) immediate vesting of the Restricted Shares in the event of a Qualifying Termination (before or after the Change in Control), (ii) immediate vesting of the Restricted Shares in the event the successor corporation (or any of its parent entities) does not assume or substitute the Restricted Shares for equivalent rights in connection with such Change in Control, and (iii) immediate vesting of the Restricted Shares on the earlier of (A) the date of the Change in Control if Participant is eligible for Retirement on such date, or (B) the date Participant becomes eligible for Retirement if Participant is not eligible for Retirement on the date of the Change in Control. If Participant incurs a Termination of Service that does not qualify as a Qualifying Termination, all outstanding Restricted Shares shall be immediately forfeited.
• Consideration to the Company. In consideration of the grant of the award of Performance Shares by the Company, Participant agrees to render faithful and efficient services to the Company or any Affiliate. Nothing in the Plan or this Agreement shall confer upon Participant any right to continue in the employ or service of the Company or any Affiliate or shall interfere with or restrict in any way the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or an Affiliate and Participant.
• Rights as Stockholder. The holder of the Performance Shares shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of the Performance Shares and any Shares underlying the Performance Shares and deliverable hereunder unless and until such Shares shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company); provided, however, that any and all cash dividends paid on Restricted Shares and any and all shares of Common Stock, capital stock or other securities received by or distributed to Participant with respect to the Restricted Shares as a result of any stock dividend, stock split, reverse stock split, recapitalization, combination, reclassification, or similar change in the capital structure of the Company (“Distributions”) shall also be subject to the Restrictions until such restrictions on the such Restricted Shares lapse or are removed pursuant to this Agreement (at which point such portion of the Distributions held by the Company that was paid on those Restricted Shares as to which the Restrictions lapse or are removed shall also be released to Participant (provided that in no event shall more than 100% of the Distributions be paid to Participant)) and any other Distributions shall be forfeited at such time as the corresponding Restricted Shares are forfeited by Participant pursuant to this Agreement. Until the Restricted Shares vest, any certificates representing the Restricted Shares may bear such legends evidencing Restrictions as may be determined by the Company in its discretion.
• Award of Shares. On the applicable Payment Date, the Company shall cause that number of Shares to be registered in the name of Participant (which shall be entered in book entry form or held in custody by the Company or its designee, as determined by the Company in its sole discretion, until such time as the Restricted Shares become vested pursuant to Section 2.5) equal to the number of Performance Shares subject to this award that are payable pursuant to the achievement of the Performance Goals as set forth in Exhibit B. Notwithstanding the foregoing, in the event Shares cannot be issued pursuant to Section 2.9(a), (b) or (c) hereof, then the Shares shall be issued pursuant to the preceding sentence as soon as administratively practicable after the Administrator determines that Shares can again be issued in accordance with Sections 2.9(a), (b) and (c) hereof.
• Conditions to Delivery of Shares. The Shares deliverable hereunder, or any portion thereof, may be either previously authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company. Such shares of Common Stock shall be

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• fully paid and nonassessable. The Company shall not be required to issue or deliver any Shares deliverable hereunder or portion thereof prior to fulfillment of all of the following conditions:
• The admission of such shares of Common Stock to listing on all stock exchanges on which such shares of Common Stock are then listed;
• The completion of any registration or other qualification of such shares of Common Stock under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable;
• The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; and
• The receipt by the Company of full payment for such shares of Common Stock, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.5 hereof.
• No 83(b) Election. Participant covenants that he or she will not make an election under Section 83(b) of the Code with respect to the receipt of any Restricted Shares without the consent of the Administrator, which the Administrator may grant or withhold in its sole discretion.
• Fractional Shares. For purposes of this Agreement, any fractional Performance Shares that vest or become payable will be rounded down as determined by the Company.

DIVIDEND EQUIVALENTS

• Grant of Dividend Equivalents. The Company hereby grants to Participant an award of Dividend Equivalents as set forth in this Article 3 (the “Dividend Equivalents”), subject to all of the terms and conditions in this Agreement and the Plan. The Dividend Equivalents hereunder shall remain outstanding from the Grant Date through the earlier to occur of (a) the termination or forfeiture for any reason of the Performance Shares to which such Dividend Equivalent corresponds, or (b) the delivery to Participant of the Shares, whether vested or unvested, underlying the Performance Shares to which such Dividend Equivalent corresponds. Participant shall not be entitled to any payment under a Dividend Equivalent with respect to any dividend with a record date that occurs prior to the Performance Commencement Date or after the termination of such Performance Shares for any reason, whether due to payment, forfeiture or otherwise. If any Performance Share linked to a Dividend Equivalent fails to vest and is forfeited for any reason, then (a) the linked Dividend Equivalent shall be forfeited as well, (b) any amounts otherwise payable in respect of such Dividend Equivalent shall be forfeited without payment, and (c) the Company shall have no further obligations in respect of such Dividend Equivalent.
• Payment of Dividend Equivalents. Dividend Equivalents shall be paid in Shares (or Restricted Shares to the extent the related Shares are paid in the form of Restricted Shares) only on the number of Shares underlying the Performance Shares that vest in accordance with this Agreement by determining (a) the sum of the dividends paid or payable on such number of Shares with respect to each record date that occurs between the Performance Commencement Date and the date on which the

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• Performance Shares are settled pursuant to Section 2.4 (without any interest or compounding), divided (to the third decimal point) by (b) the Fair Market Value of the Common Stock on the date on which the Performance Shares are settled pursuant to Section 2.4 and rounding down to the nearest whole share. The issuance of Shares in settlement of the Dividend Equivalents shall occur at the same time as the vested Performance Shares to which such Dividend Equivalents correspond are settled pursuant to Section 2.4. In no event will fractional shares be issued upon settlement of the Dividend Equivalents.
• Separate Payments. Dividend Equivalents and any amounts that may become distributable in respect thereof shall be treated separately from the Performance Shares and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A of the Code.

OTHER PROVISIONS

• Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Participant, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Performance Shares.
• Grant is Not Transferable. During the lifetime of Participant, neither the Performance Shares nor the Restricted Shares may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the Performance Shares have been issued, and all restrictions, including vesting restrictions, applicable to such Shares have lapsed. Neither the Performance Shares, the Restricted Shares nor any interest or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.
• Binding Agreement. Subject to the limitation on the transferability of the Performance Shares contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
• Adjustments Upon Specified Events. The Administrator may accelerate payment of the Performance Shares in such circumstances as it, in its sole discretion, may determine. In addition, upon the occurrence of certain events relating to the shares of the Common Stock contemplated by Section 12.2 of the Plan, the Administrator shall make such adjustments as the Administrator deems appropriate in the number of Performance Shares then outstanding and the number and kind of securities that may be issued in respect of the Performance Shares. Participant acknowledges that the Performance Shares are subject to amendment, modification and termination in certain events as provided in this Agreement and Section 12.2 of the Plan.

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• Withholding.
• Notwithstanding anything to the contrary in this Agreement, the Company shall be entitled to require payment by Participant of any sums required by applicable law to be withheld with respect to the grant of the Performance Shares or the issuance or vesting of the Shares. Such payment shall be made by deduction from other compensation payable to Participant or in such other form of consideration acceptable to the Company which may, in the sole discretion of the Administrator, include:
• Cash or check;
• Surrender of shares of Common Stock (including, without limitation, Shares otherwise payable pursuant to the Performance Shares) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the applicable amount required to be withheld by statute; or
• Other property acceptable to the Administrator (including, without limitation, through the delivery of a notice that Participant has placed a market sell order with a broker with respect to Shares payable pursuant to the Performance Shares, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of its withholding obligations; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the settlement of such sale).
• The Company shall not be obligated to deliver any new certificate representing Shares to Participant or Participant’s legal representative or enter such Shares in book entry form unless and until Participant or Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of Participant resulting from the grant of the Performance Shares or the issuance of Shares pursuant to the Performance Shares.
• Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company at its principal executive office or the Secretary’s then-current email address or facsimile number, and any notice to be given to Participant shall be addressed to Participant at Participant’s last address, email address or facsimile number reflected on the Company’s records. By a notice given pursuant to this Section 4.6, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.
• Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
• Governing Law. The laws of the State of Maryland shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
• Clawback. This Award shall be subject to any clawback or recoupment policy currently in effect or as may be adopted by the Company, in each case, as may be amended from time to time.
• Conformity to Securities Laws. Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange

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• Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Performance Shares are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
• Amendments, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Performance Shares in any material way without the prior written consent of Participant.
• Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 4.2 hereof, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.
• Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Performance Shares and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
• Entire Agreement. The Plan, the Grant Notice and this Agreement (including the exhibits attached hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.
• Section 409A. The Performance Shares and Restricted Shares are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, “Section 409A”). However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that the Performance Shares and/or the Restricted Shares (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for the Performance Shares and/or Restricted Shares to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.
• Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Performance Shares and the Shares, and rights no greater than the right to receive shares of Common Stock as a general unsecured creditor with respect to the Performance Shares and/or the Shares,

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• as and when payable hereunder. Nothing in the Plan or this Agreement shall confer upon Participant any right to continue in the employ or service of the Company or any Affiliate or shall interfere with or restrict in any way the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or an Affiliate and Participant.

* * * * *

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EXHIBIT B

Performance Conditions for PErformance Shares

[_____________]

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EXHIBIT C

PEeR Group

[____________]

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EX-10.26

Exhibit 10.26

AMENDMENT NO. 2 TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

This AMENDMENT NO. 2 TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as of November 19, 2025 (this “Amendment No. 2”), is by and among KIMCO REALTY OP, LLC, a Delaware limited liability company (the “Borrower”), the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders defined below (the “Administrative Agent”). Reference is made to that certain Seventh Amended and Restated Credit Agreement dated as of January 2, 2024, as amended by Amendment No. 1 to Seventh Amended and Restated Credit Agreement dated as of May 3, 2024 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, the several banks, financial institutions and other entities from time to time party thereto (collectively, the “Lenders”), and the Administrative Agent. Capitalized terms used herein without definition shall have the same meanings as set forth in the Credit Agreement, as amended hereby.

RECITALS

WHEREAS, the Borrower has requested that the Lenders make certain amendments to the Credit Agreement in order to remove the credit spread adjustment from SOFR-based interest rates, and the Lenders party hereto constituting all of the Lenders are willing to make the requested amendments as set forth herein;

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

• AMENDMENT TO CREDIT Agreement. As of the Amendment Effective Date (as defined in Section 3 hereof), the Credit Agreement is hereby amended to restate the definitions of “Adjusted Daily Simple RFR” and “Adjusted Term SOFR Rate” in Section 1.1 of the Credit Agreement in its entirety to read as follows:

“Adjusted Daily Simple RFR”: with respect to any RFR Borrowing denominated in Dollars, an interest rate per annum equal to the Daily Simple RFR for Dollars; provided that if the Adjusted Daily Simple RFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

“Adjusted Term SOFR Rate”: with respect to any Term Benchmark Borrowing denominated in Dollars for any Interest Period, an interest rate per annum equal to the Term SOFR Rate for such Interest Period; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.”

• REPRESENTATIONS AND WARRANTIES OF THE BORROWER TC

In connection with this Amendment No. 2, the Borrower represents and warrants to the Administrative Agent and the Lenders as follows:

(i) The Borrower has the corporate power and authority , and the legal right, to make, deliver and perform each of this Amendment No. 2 and the Credit Agreement, as amended by this Amendment No. 2 (the “Amended Credit Agreement”) (collectively, the “Amendment Documents”), and the Borrower has taken all necessary corporate action to authorize the execution, delivery and performance of this Amendment No. 2. This Amendment No. 2 has been duly executed and delivered on behalf of the Borrower; and

(ii) Each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents are true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) on and as of the date hereof and will be true on and as of the Amendment Effective Date (after giving effect to the inclusion of this Amendment No. 2 as a “Loan Document”) as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date.

(iii) At the time of and immediately after effectiveness of this Amendment No. 2, no Default or Event of Default has occurred and is continuing.

• CONDITIONS TO EFFECTIVENESS TC

This Amendment No. 2 shall become effective only upon the satisfaction of the following conditions precedent (the “Amendment Effective Date”):

• The Administrative Agent (or its counsel) shall have received from each of the Ultimate Parent, the Borrower, the Administrative Agent and each of the Lenders, either (x) a counterpart of this Amendment No. 2 signed on behalf of such party or (y) written evidence reasonably satisfactory to the Administrative Agent (which may include delivery of a signed signature page of this Amendment No. 2 by facsimile or other means of electronic transmission (e.g., “pdf”)) that such party has signed a counterpart of this Amendment No. 2; and
• The Administrative Agent shall have received all reasonable out-of-pocket costs and expenses for which the Borrower is responsible pursuant to Section 10.5 of the Credit Agreement and for which invoices have been presented (including the reasonable fees and expenses of legal counsel to the Administrative Agent for which the Borrower agrees it is responsible pursuant to Section 10.5 of the Credit Agreement), incurred in connection with this Amendment No. 2.
• The representations and warranties of the Borrower in Section 2 are true and correct.
• At the time of and immediately after effectiveness of this Amendment No. 2, no Default or Event of Default shall have occurred and be continuing.

Upon satisfaction of the foregoing conditions, the Administrative Agent shall deliver written notice to the Borrower and the Lenders of the Amendment Effective Date.

• ACKNOWLEDGEMENT AND CONSENT OF THE GUARANTOR

The Ultimate Parent (for purposes of this Amendment No. 2, the “Guarantor”) has read this Amendment No. 2 and consents to the terms hereof and further hereby confirms and agrees that, notwithstanding the effectiveness of this Amendment No. 2, the obligations of the Guarantor under the Parent Guarantee dated as of January 2, 2024 (the “Guaranty”) and each of the other Loan Documents to which the Guarantor is a party shall not be impaired by this Amendment No. 2, and each of the Guaranty and the other Loan Documents to which the Guarantor is a party is, and shall continue to be, in full force and effect immediately after giving effect to this Amendment No. 2 and is hereby confirmed and ratified in all respects.

Each of the Guarantor and the Borrower hereby acknowledges and agrees that the Obligations guaranteed under the Guaranty will include all Obligations under, and as defined in, the Credit Agreement as amended by this Amendment No. 2.

• MISCELLANEOUS TC
• Reference to and Effect on the Credit Agreement and the Other Loan Documents.

(i) On and after the effective date of this Amendment No. 2, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement. This Amendment No. 2 shall be deemed to be a “Loan Document” under the Credit Agreement.

(ii) Except as specifically amended by this Amendment No. 2, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.

(iii) The execution, delivery and performance of this Amendment No. 2 shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender or Issuing Lender under the Credit Agreement or any of the other Loan Documents.

(iv) In the event of any conflict between the terms of this Amendment No. 2 and the terms of the Credit Agreement or the other Loan Documents, the terms hereof shall control.

• Headings. Section and subsection headings in this Amendment No. 2 are included herein for convenience of reference only and shall not constitute a part of this Amendment No. 2 for any other purpose or be given any substantive effect.

• Applicable Law TC . THIS AMENDMENT NO. 2 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

• Counterparts; Effectiveness. This Amendment No. 2 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of an executed counterpart of a signature page to this Amendment No. 2 by telecopy, emailed .pdf or other electronic means in accordance with Section 10.12 of the Credit Agreement shall be effective as delivery of a manually executed counterpart of this Amendment No. 2.

• Jurisdiction; Waivers. The provisions of Section 10.16 and 10.18 of the Credit Agreement shall apply to this Amendment No. 2 and are hereby incorporated by reference.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

BORROWER: KIMCO REALTY OP, LLC

By: Kimco Realty Corporation, its managing member

By:/s/

Name: Kathleen Thayer

Title: Senior Vice President and Treasurer

GUARANTOR: KIMCO REALTY CORPORATION

By: /s/

Name: Kathleen Thayer

Title: Senior Vice President and Treasurer

[Signature Page to Amendment No. 2 to Seventh Amended and Restated Credit Agreement]

JPMORGAN CHASE BANK, N.A., as Administrative Agent and Lender

By: /s/ Name: Jason Baeten Title: Executive Director [Signature Page to Amendment No. 2 to Seventh Amended and Restated Credit Agreement]

BANK OF AMERICA, N.A.

By: /s/

Name: Cheryl Sneor Title: Vice President

[Signature Page to Amendment No. 2 to Seventh Amended and Restated Credit Agreement]

REGIONS BANK

By: /s/

Name: Nicholas R. Frerman Title: Senior Vice President

[Signature Page to Amendment No. 2 to Seventh Amended and Restated Credit Agreement]

TRUIST BANK

By: /s/

Name: Ryan Almond Title: Director

[Signature Page to Amendment No. 2 to Seventh Amended and Restated Credit Agreement]

MIZUHO BANK, LTD.

By: /s/

Name: Donna DeMagistris Title: Managing Director

[Signature Page to Amendment No. 2 to Seventh Amended and Restated Credit Agreement]

BMO BANK, N.A.

By: /s/

Name: Rebecca Liu Chabanon Title: Director

[Signature Page to Amendment No. 2 to Seventh Amended and Restated Credit Agreement]

GOLDMAN SACHS BANK USA

By: /s/

Name: Priyankush Goswami Title: Authorized Signatory

[Signature Page to Amendment No. 2 to Seventh Amended and Restated Credit Agreement]

EX-10.27

Exhibit 10.27

AMENDMENT NO. 4 TO TERM LOAN AGREEMENT

This AMENDMENT NO. 4 TO TERM LOAN AGREEMENT(this “Amendment No. 4”), dated as of November 12, 2025 (such date, the “Amendment Effective Date”), is by and among KIMCO REALTY OP, LLC, a Delaware limited liability company (the “Borrower”), each of the Lenders party hereto, and Toronto Dominion (Texas) LLC, as administrative agent for the Lenders defined below (the “Administrative Agent”). Reference is made to that certain Term Loan Agreement dated as of January 2, 2024, as amended by Amendment No. 1 to Term Loan Agreement dated as of May 3, 2024, Amendment No. 2 to Term Loan Agreement dated as of July 17, 2024 and Amendment No. 3 to Term Loan Agreement dated as of September 3, 2024 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, the several banks, financial institutions and other entities from time to time party thereto (collectively, the “Lenders”), and Toronto Dominion (Texas) LLC, as administrative agent. Capitalized terms used herein without definition shall have the same meanings as set forth in the Credit Agreement, as amended hereby.

RECITALS

WHEREAS, the Borrower has requested that the Lenders make certain amendments to the Credit Agreement in order to remove the credit spread adjustment from SOFR-based interest rates, and the Lenders party hereto constituting all of the Lenders are willing to make the requested amendments as set forth herein;

WHEREAS, pursuant to Section 10.1 of the Credit Agreement, the Lenders party to this Amendment No. 4 consent to the amendments set forth herein;

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

• AMENDMENT TO CREDIT Agreement. As of the Amendment Effective Date, the Credit Agreement is hereby amended in accordance with Section 10.1 of the Credit Agreement to restate the definition of “Adjusted Term SOFR Rate” in Section 1.1 of the Credit Agreement in its entirety to read as follows:

“Adjusted Term SOFR Rate”: with respect to any Term Benchmark Borrowing denominated in Dollars for any Interest Period, an interest rate per annum equal to the Term SOFR Rate for such Interest Period; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

• REPRESENTATIONS AND WARRANTIES OF THE BORROWER TC

In order to induce the Lenders and Administrative Agent to enter into this Amendment No. 4, the Borrower represents and warrants to the Lenders and the Administrative Agent as follows:

(i) The Borrower has the limited liability company power and authority, and the legal right, to make, deliver and perform each of this Amendment No. 4 and the Credit

Agreement, as amended by this Amendment No. 4 (the “Amended Credit Agreement”) (collectively, the “Amendment Documents”), and the Borrower has taken all necessary limited liability company action to authorize the execution, delivery and performance of this Amendment No. 4. Amendment No. 4 has been duly executed and delivered on behalf of the Borrower;

(ii) Each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents are true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) on and as of the date hereof and will be true on and as of the Amendment Effective Date (after giving effect to the inclusion of this Amendment No. 4 as a “Loan Document’) as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date; and

(iii) No Default or Event of Default has occurred and is continuing, or will occur after giving effect to this Amendment No. 4.

• CONDITIONS TO EFFECTIVENESS TC

This Amendment No. 4 shall become effective on the Amendment Effective Date only upon the satisfaction of the following conditions precedent:

• The Borrower, the Administrative Agent and each of the Lenders shall have indicated their consent hereto by the execution and delivery of the signature pages hereof to the Administrative Agent.
• The Administrative Agent shall have received all reasonable and documented out-of-pocket costs and expenses for which the Borrower is responsible pursuant to Section 10.5 of the Credit Agreement and for which invoices have been presented (including the reasonable fees and expenses of legal counsel to the Administrative Agent for which the Borrower agrees it is responsible pursuant to Section 10.5 of the Credit Agreement), incurred in connection with this Amendment No. 4;
• Each of the representations and warranties made by the Borrower in or pursuant to the Loan Documents are true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) on and as of the Amendment Effective Date as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date; and
• No Default or Event of Default has occurred and is continuing on the Amendment Effective Date or after giving effect thereto.

Upon satisfaction of the foregoing conditions, the Administrative Agent shall deliver written notice to the Borrower and the Lenders of the Amendment Effective Date.

• ACKNOWLEDGEMENT AND CONSENT OF THE GUARANTOR

The Ultimate Parent (for purposes of this Amendment No. 4, the “Guarantor”) has read this Amendment No. 4 and consents to the terms hereof and further hereby confirms and agrees that, notwithstanding the effectiveness of this Amendment No. 4, the obligations of the Guarantor under the Parent Guarantee dated as of January 2, 2024 (the “Guaranty”) and each of the other Loan Documents to which the Guarantor is a party shall not be impaired by this Amendment No. 4, and each of the Guaranty and the other Loan Documents to which the Guarantor is a party is, and shall continue to be, in full force and effect immediately after giving effect to this Amendment No. 4 and is hereby confirmed and ratified in all respects.

Each of the Guarantor and the Borrower hereby acknowledges and agrees that the Obligations guaranteed under the Guaranty will include all Obligations under, and as defined in, the Credit Agreement as amended by this Amendment No. 4.

• MISCELLANEOUS TC
• Reference to and Effect on the Credit Agreement and the Other Loan Documents.

(i) On and after the effective date of this Amendment No. 4, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement. This Amendment No. 4 shall be deemed to be a “Loan Document” under the Credit Agreement.

(ii) Except as specifically amended by this Amendment No. 4, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.

(iii) The execution, delivery and performance of this Amendment No. 4 shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any of the other Loan Documents.

• Headings. Section and subsection headings in this Amendment No. 4 are included herein for convenience of reference only and shall not constitute a part of this Amendment No. 4 for any other purpose or be given any substantive effect.

• Applicable Law TC . THIS AMENDMENT NO. 4 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

• Counterparts; Effectiveness. This Amendment No. 4 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together

• shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of an executed counterpart of a signature page to this Amendment No. 4 by telecopy, emailed .pdf or other electronic means in accordance with Section 10.12 of the Credit Agreement shall be effective as delivery of a manually executed counterpart of this Amendment No. 4.

• Jurisdictions; Waivers. The provisions of Section 10.16 and 10.18 of the Credit Agreement shall apply to this Amendment No. 4 and are hereby incorporated by reference.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 4 to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

BORROWER: KIMCO REALTY OP, LLC

By: Kimco Realty Corporation, its managing member

By:/s/

Name: Kathleen Thayer

Title: Senior Vice President and Treasurer

GUARANTOR: KIMCO REALTY CORPORATION

By:/s/

Name: Kathleen Thayer

Title: Senior Vice President and Treasurer

[Signature Page to Amendment No. 4 to Term Loan Agreement]

TD BANK, N.A., as Lender

By: /s/

Name: George Skoufis Title: Vice President

[Signature Page to Amendment No. 4 to Term Loan Agreement]

TORONTO DOMINION (TEXAS) LLC, as Administrative Agent

By: /s/

Name: Ronald Davis

Title: Authorized Signatory

[Signature Page to Amendment No. 4 to Term Loan Agreement]

ROYAL BANK OF CANADA, as Lender

By: /s/

Name: William Behuniak Title: Authorized Signatory

[Signature Page to Amendment No. 4 to Term Loan Agreement]

U.S. BANK NATIONAL ASSOCIATION, as Lender

By: /s/

Name: Patrick T. Brooks

Title: Vice President

[Signature Page to Amendment No. 4 to Term Loan Agreement]

BNP PARIBAS, as Lender

By: /s/

Name: James Goodall

Title: Managing Director

By: /s/

Name: Kyle Fitzpatrick

Title: Director

[Signature Page to Amendment No. 4 to Term Loan Agreement]

SCOTIA FINANCING (USA) LLC, as Lender

By: /s/

Name: David Dewar

Title: Authorized Signatory

[Signature Page to Amendment No. 4 to Term Loan Agreement]

REGIONS BANK, as Lender

By: /s/

Name: Nicholas R. Frerman

Title: Senior Vice President

[Signature Page to Amendment No. 4 to Term Loan Agreement]

EX-10.33

Exhibit 10.33

$2,000,000,000

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of February 18, 2026

among

KIMCO REALTY OP, LLC (as successor by conversion to Kimco Realty Corporation),

The Subsidiary Borrowers from time to time party hereto,

The Several Lenders from time to time party hereto,

JPMORGAN CHASE BANK, N.A., WELLS FARGO BANK, NATIONAL ASSOCIATION, PNC BANK, NATIONAL ASSOCIATION, and ROYAL BANK OF CANADA, as Issuing Lenders,

JPMORGAN CHASE BANK, N.A., as Administrative Agent,

WELLS FARGO BANK, NATIONAL <br>ASSOCIATION, PNC BANK, NATIONAL ASSOCIATION, RBC CAPITAL MARKETS1,<br>and THE BANK OF NOVA SCOTIA<br>as Syndication Agents,	BANCO SANTANDER, S.A., NEW YORK BRANCH, BANK OF AMERICA, N.A., BANK OF MONTREAL, THE BANK OF NEW YORK MELLON, BARCLAYS BANK, PLC, <br>BNP PARIBAS, CITIBANK, N.A.,<br>MIZUHO BANK, LTD., REGIONS BANK, <br>TD BANK, N.A., TRUIST BANK, and U.S. BANK NATIONAL ASSOCIATION, <br>as Documentation Agents,
GOLDMAN SACHS BANK USA and<br><br>MORGAN STANLEY SENIOR FUNDING, INC.<br>as Senior Managing Agents	ASSOCIATED BANK,<br>DEUTSCHE BANK SECURITIES INC. and<br><br>LANDESBANK BADEN-WÜRTTEMBERG, NEW YORK BRANCH<br>as Managing Agents,<br><br><br><br>J.P. MORGAN SECURITIES LLC,<br>as Sustainability Structuring Agent

JPMORGAN CHASE BANK, N.A., WELLS FARGO SECURITIES, LLC, PNC CAPITAL MARKETS LLC and RBC CAPITAL MARKETS, as Joint Bookrunners

JPMORGAN CHASE BANK, N.A., WELLS FARGO SECURITIES, LLC, PNC CAPITAL MARKETS LLC, RBC CAPITAL MARKETS, BANCO SANTANDER, S.A., NEW YORK BRANCH, THE BANK OF NEW YORK MELLON, THE BANK OF NOVA SCOTIA, BOFA SECURITIES, INC., CITIGROUP GLOBAL MARKETS INC., MIZUHO BANK, LTD., REGIONS CAPITAL MARKETS, U.S. BANK NATIONAL ASSOCIATION, BARCLAYS BANK PLC, TD BANK, N.A., TRUIST SECURITIES, INC., BNP PARIBAS SECURITIES CORP. and BMO CAPITAL MARKETS CORP. as Joint Lead Arrangers

---

1 RBC Capital Markets is a marketing name for the investment banking activities of Royal Bank of Canada and its affiliates.

Table of Contents

Page

Article I DEFINITIONS	2
Section 1.1 Defined Terms.	2
Section 1.2 Other Definitional Provisions; Interpretation.	46
Section 1.3 Accounting Terms; GAAP.	47
Section 1.4 Exchange Rates.	47
Section 1.5 Interest Rates; Benchmark Notification	48
Section 1.6 Letter of Credit Amounts.	48
Section 1.7 Divisions.	48
Article II THE LOANS	48
Section 2.1 Competitive Bid Procedure.	48
Section 2.2 Loans; Etc.	50
Section 2.3 Prepayments.	53
Section 2.4 Conversion and Continuation Options.	54
Section 2.5 Fees.	55
Section 2.6 Interest Rates and Payment Dates.	55
Section 2.7 Computation of Interest and Fees.	56
Section 2.8 Market Disruption and Alternate Rate of Interest.	57
Section 2.9 Pro Rata Treatment and Payments.	61
Section 2.10 Illegality.	62
Section 2.11 Requirements of Law.	62
Section 2.12 Taxes.	64
Section 2.13 Indemnity.	67
Section 2.14 Change of Lending Office.	67
Section 2.15 Replacement of Lenders under Certain Circumstances.	68
Section 2.16 Additional Reserve Costs.	68
Section 2.17 Defaulting Lenders.	69
Section 2.18 Reallocation of Tranche A Commitments and Tranche B Commitments.	71
Section 2.19 Sustainability Adjustments.	71
Article III LETTERS OF CREDIT	74
Section 3.1 L/C Commitment.	74
Section 3.2 Procedure for Issuance of Letters of Credit.	75
Section 3.3 Fees and Other Charges.	75

i

Table of Contents

(continued)

Page

Section 3.4 L/C Participations.	76
Section 3.5 Reimbursement Obligation of the Borrowers.	77
Section 3.6 Obligations Absolute.	77
Section 3.7 Letter of Credit Payments.	78
Section 3.8 Applications.	78
Section 3.9 Replacement of the Issuing Lender; Alternate Issuing Lender.	79
Section 3.10 Existing Letters of Credit.	79
Section 3.11 Increase of L/C Commitment	79
Section 3.12 Letters of Credit Issued for Account of Subsidiaries	80
Article IV REPRESENTATIONS AND WARRANTIES	80
Section 4.1 Financial Condition.	80
Section 4.2 No Change.	81
Section 4.3 Corporate Existence; Compliance with Law.	81
Section 4.4 Corporate Power; Authorization; Enforceable Obligations.	81
Section 4.5 No Legal Bar.	82
Section 4.6 No Material Litigation.	82
Section 4.7 No Default.	82
Section 4.8 Ownership of Property.	82
Section 4.9 Intellectual Property.	82
Section 4.10 No Burdensome Restrictions; Disclosure.	83
Section 4.11 Taxes.	83
Section 4.12 Federal Regulations.	83
Section 4.13 ERISA.	83
Section 4.14 Investment Company Act.	84
Section 4.15 Anti-Corruption Laws and Sanctions.	84
Section 4.16 Purpose.	84
Section 4.17 Environmental Matters.	84
Section 4.18 Insurance.	85
Section 4.19 Condition of Properties.	85
Section 4.20 [Reserved].	86
Section 4.21 REIT Status.	86
Section 4.22 Solvency.	86

ii

Table of Contents

(continued)

Page

Section 4.23 Affected Financial Institutions	86
Article V CONDITIONS	86
Section 5.1 Conditions to Effectiveness / Effective Date.	86
Section 5.2 Conditions to Each Extension of Credit.	88
Article VI AFFIRMATIVE COVENANTS	89
Section 6.1 Financial Statements.	89
Section 6.2 Certificates; Other Information.	90
Section 6.3 Payment of Obligations.	90
Section 6.4 Maintenance of Existence, etc.	90
Section 6.5 Maintenance of Property; Insurance.	91
Section 6.6 Inspection of Property; Books and Records; Discussions.	91
Section 6.7 Notices.	91
Section 6.8 Environmental Laws.	92
Article VII NEGATIVE COVENANTS	93
Section 7.1 Financial Covenants.	93
Section 7.2 Limitation on Certain Fundamental Changes.	94
Section 7.3 Anti-Corruption Laws and Sanctions	94
Section 7.4 [Reserved].	94
Section 7.5 Limitation on Transactions with Affiliates.	94
Section 7.6 Limitation on Changes in Fiscal Year.	95
Section 7.7 Limitation on Lines of Business; Negative Pledges; Swap Agreements.	95
Article VIII EVENTS OF DEFAULT	95
Article IX THE AGENTS	99
Section 9.1 The Agents.	99
Section 9.2 Indemnification.	104
Section 9.3 The Syndication Agents, Documentation Agents, Managing Agents, Sustainability Structuring Agent, Joint Lead Arrangers, and Bookrunners.	104
Section 9.4 Certain ERISA Matters.	105
Section 9.5 Erroneous Payments.	106
Article X MISCELLANEOUS	107
Section 10.1 Amendments and Waivers.	107
Section 10.2 Notices.	108

iii

Table of Contents

(continued)

Page

Section 10.3 No Waiver; Cumulative Remedies.	112
Section 10.4 Survival of Representations and Warranties.	112
Section 10.5 Payment of Expenses and Taxes.	112
Section 10.6 Successors and Assigns.	113
Section 10.7 Disclosure.	116
Section 10.8 Increases of Loan Commitments.	116
Section 10.9 Extension of Maturity Date.	118
Section 10.10 Subsidiary Borrowers and Subsidiary Guarantors.	118
Section 10.11 Adjustments; Set-off.	120
Section 10.12 Counterparts; Electronic Execution.	121
Section 10.13 Severability.	121
Section 10.14 Integration.	121
Section 10.15 GOVERNING LAW.	122
Section 10.16 Submission to Jurisdiction; Waivers.	122
Section 10.17 Acknowledgments.	123
Section 10.18 WAIVERS OF JURY TRIAL.	123
Section 10.19 Confidentiality.	123
Section 10.20 Judgment Currency.	124
Section 10.21 USA Patriot Act.	125
Section 10.22 Sharing Event.	125
Section 10.23 Amendment and Restatement; Transitional Agreements.	127
Section 10.24 Interest Rate Limitation	128
Section 10.25 Acknowledgement and Consent to Bail-In of Affected Financial Institutions	128
Section 10.26 Acknowledgement Regarding Any Supported QFCs.	128
Article XI GUARANTEE BY KIMCO	130
Section 11.1 Guarantee.	130
Section 11.2 Guaranteed Obligations Not Waived.	130
Section 11.3 Guarantee of Payment.	130
Section 11.4 No Discharge or Diminishment of Guarantee.	131
Section 11.5 Defenses Waived; Maturity of Guaranteed Obligations.	131
Section 11.6 Agreement to Pay; Subordination.	132
Section 11.7 Reinstatement.	132

iv

Table of Contents

(continued)

Page

Section 11.8 Information.	132

v

EXHIBITS:

Exhibit A -- Form of Assignment and Assumption

Exhibit B-1 -- Form of Revolving Credit Note

Exhibit B-2 -- Form of Competitive Loan Note

Exhibit C -- Form of Subsidiary Guarantee

Exhibit E -- Form of Closing Certificate of a Borrower

Exhibit F -- Form of Compliance Certificate

Exhibit G -- Form of Adherence Agreement

Exhibit H1-H4 -- Forms of U.S. Tax Certificate

Exhibit I -- Form of Pricing Certificate

SCHEDULES:

Schedule 1.1A -- Lenders and Revolving Commitments Immediately After Giving Effect to Effective Date

Schedule 3.10 -- Existing Letters of Credit

Schedule 4.1 -- Certain Financial Disclosure

Schedule 4.19 -- Condemnation Proceedings

Schedule 7.2 -- Transaction(s) Referred to in Section 7.2

Schedule 7.5 -- Transaction(s) Referred to in Section 7.5

Schedule 7.7 -- Restrictive Agreements

Schedule ST Sustainability Table

vi

AMENDED AND RESTATED CREDIT AGREEMENT, dated as of February 18, 2026 among Kimco Realty OP, LLC (as successor to Kimco Realty Corporation), a Delaware limited liability company, as successor by conversion to Kimco Realty Corporation (“Kimco”), the Subsidiaries of Kimco from time to time parties hereto (collectively, as further defined in Section 10.10, the “Subsidiary Borrowers”; together with Kimco, the “Borrowers”), the several banks, financial institutions and other entities from time to time parties to this Agreement (collectively, the “Lenders”), the Issuing Lenders party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, PNC BANK, NATIONAL ASSOCIATION, RBC CAPITAL MARKETS, and THE BANK OF NOVA SCOTIA, as Syndication Agents (in such capacity, collectively, the “Syndication Agents”), BANCO SANTANDER, S.A., NEW YORK BRANCH, BANK OF AMERICA, N.A., BANK OF MONTREAL, THE BANK OF NEW YORK MELLON, BARCLAYS BANK, PLC, BNP PARIBAS, CITIBANK, N.A., MIZUHO BANK, LTD., REGIONS BANK, TD BANK, N.A., TRUIST BANK, and U.S. BANK NATIONAL ASSOCIATION, as Documentation Agents (in such capacity, collectively, the “Documentation Agents”), GOLDMAN SACHS BANK USA and MORGAN STANLEY SENIOR FUNDING, INC., as Senior Managing Agents, ASSOCIATED BANK, DEUTSCHE BANK SECURITIES INC. and LANDESBANK BADEN-WÜRTTEMBERG, NEW YORK BRANCH, as Managing Agents (in such capacity, collectively, the “Managing Agents”), J.P. MORGAN SECURITIES LLC, as Sustainability Structuring Agent, and JPMORGAN CHASE BANK, N.A., a national banking association, as administrative agent for the Lenders hereunder (in such capacity, the “Administrative Agent”).

RECITALS

WHEREAS, pursuant to an Amended and Restated Credit Agreement dated as of February 23, 2023 (as amended and in effect immediately before giving effect to the amendment and restatement contemplated hereby, the “Existing Revolving Credit Agreement”) by and among the Borrowers, JPMorgan Chase Bank, N.A., as administrative agent and the other parties thereto, the lenders party thereto made loans and other extensions of credit available to the Borrowers for the purposes set forth therein;

WHEREAS, the Borrowers have requested to amend and restate the Existing Revolving Credit Agreement, and the Lenders, the Administrative Agent and the Issuing Lenders are willing to amend and restate the Existing Revolving Credit Agreement and to continue to provide financing to the Borrowers on the terms and conditions set forth herein; and

WHEREAS, the Lenders party hereto constitute all Existing Revolving Lenders and, in their capacity as such, together with each Existing Issuing Lender and the Administrative Agent, consent to amend and restate the Existing Revolving Credit Agreement on the terms and conditions set forth herein;

NOW, THEREFORE, the Borrowers, the Lenders, the Administrative Agent and the Issuing Lenders each agree that on and as of the Effective Date (as hereinafter defined), the Existing Revolving Credit Agreement is hereby amended and restated in its entirety on the terms set forth herein, and in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

Article I

DEFINITIONS

Section 1.1 Defined Terms.

As used in this Agreement, the following terms shall have the following meanings:

“ABR”: for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1% and (c) the Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; provided that for the purpose of this definition, the Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Term SOFR Rate, respectively. If the ABR is being used as an alternate rate of interest pursuant to Section 2.8 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.8(c)), then the ABR shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the ABR as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

“ABR Loans”: Revolving Credit Loans (or Competitive Loans affected by Section 2.10) the rate of interest applicable to which is based upon the ABR.

“Acceptable Jurisdiction”: a jurisdiction (other than the United States) acceptable to the Administrative Agent in its sole discretion, including, if requested by the Administrative Agent in its sole discretion, based on satisfactory advice received by it from local counsel in such jurisdiction with respect to the procedure for enforcement of a U.S. judgment in such jurisdiction, and the collection of such judgment from assets located there.

“Adherence Agreement”: an agreement substantially in the form of Exhibit G executed and delivered by Kimco and a Subsidiary Borrower to the Administrative Agent in connection with the admission of such Subsidiary Borrower as a Borrower hereunder.

“Adjusted EURIBOR Rate”: with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per annum equal to (a) the EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted EURIBOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

“Adjusted Net Income”: for any period, as to Kimco and the Consolidated Entities, Consolidated Net Income; provided that there shall be excluded the income (or deficit) of any Person other than Ultimate Parent accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with Ultimate Parent or any of its Subsidiaries.

“Adjusted TIBOR Rate”: with respect to any Term Benchmark Borrowing denominated in Yen for any Interest Period, an interest rate per annum equal to (a) the TIBOR Rate for such Interest

Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted TIBOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

“Administrative Agent”: as defined in the introductory paragraph hereof. With respect to Alternate Currency Borrowings, the Administrative Agent may be an Affiliate of JPMCB for purposes of administering such Borrowings, and all references herein to the term “Administrative Agent” shall be deemed to refer to the Administrative Agent in respect of the applicable Borrowing or to all Administrative Agents, as the context requires; provided that in the event an Affiliate of JPMCB is designated as an Administrative Agent hereunder with respect to any Alternate Currency Borrowings, the Borrowers shall only be obligated to deal with JPMCB as Administrative Agent hereunder with respect to matters other than requests for Alternate Currency Loans or conversions or continuations thereof or requests for the issuance, renewal, extension or amendment of Letters of Credit denominated in Alternate Currencies, and all actions and other decisions taken and/or made by JPMCB as Administrative Agent hereunder shall be binding upon such Affiliate of JPMCB in its capacity as an Administrative Agent hereunder.

“Administrative Questionnaire”: as defined in Section 10.6.

“Affected Financial Institution”: (a) any EEA Financial Institution or (b) any UK Financial Institution.

“Affiliate”: as to any Person, any other Person which, directly or indirectly, is in Control of, is Controlled by, or is under common Control with, such Person.

“Agent Parties”: as defined in Section 10.2(d)(iii).

“Agreed Currency”: Dollars and each Alternate Currency.

“Agreement”: this Amended and Restated Credit Agreement.

“Alternate Currency”: (a) EURO, Sterling, Yen or Canadian Dollars or (b) any other currency (other than dollars) that is freely tradable and exchangeable into dollars and approved in writing as an Alternate Currency by the Borrowers, the Administrative Agent and all the Lenders who have then-outstanding Tranche B Commitments or Tranche B Loans in each of their sole discretion.

“Alternate Currency Loan”: a Tranche B Loan denominated in an Alternate Currency.

“Alternate Issuing Lender”: as defined in Section 3.9(c).

“Anti-Corruption Laws”: the U.S. Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act of 2010, the Corruption of Foreign Public Officials Act (Canada), and the rules and regulations promulgated thereunder, and all other laws, rules, and regulations of any jurisdiction applicable to the Borrowers and their respective Affiliates from time to time concerning or relating to bribery or corruption.

“Applicable Margin”: with respect to each Revolving Credit Loan at any date, the applicable percentage per annum set forth below based upon the Status on such date:

	Level I<br>Status	Level II <br>Status	Level III Status	Level IV Status	Level V Status	Level VI Status	Level VII Status
Term Benchmark Loans, RFR Loans, and Short Term Loans	0.625%	0.650%	0.675%	0.725%	0.800%	1.000%	1.350%
ABR Loans, CBR Loans and Canadian Prime Rate Loans	0.000%	0.000%	0.000%	0.000%	0.000%	0.000%	0.350%

It is hereby understood and agreed that the Applicable Margin with respect to ABR Loans, Term Benchmark Loans, RFR Loans, CBR Loans, Short Term Loans and Canadian Prime Rate Loans shall be adjusted from time to time based upon the Sustainability Rate Adjustment (to be calculated and applied as set forth in Section 2.19); provided that in no event shall the Applicable Margin be less than zero.

“Applicable Percentage”: as to any Lender at any time, the percentage which such Lender’s Revolving Commitment, Tranche A Commitment or Tranche B Commitment, as applicable, then constitutes of the aggregate Revolving Commitments, Tranche A Commitments or Tranche B Commitments, as applicable, of all Lenders (or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Exposure, Tranche A Exposure or Tranche B Exposure, as applicable, then outstanding constitutes of the aggregate principal amount of the Revolving Exposure, Tranche A Exposure or Tranche B Exposure, as applicable, of all Lenders (disregarding any Defaulting Lender’s Revolving Exposure, Tranche A Exposure or Tranche B Exposure) then outstanding (for purposes of this definition, treating the Issuing Lender as if it were a L/C Participant)); provided that when used in Section 2.17, the term “Applicable Percentage” shall mean the percentage of the total Revolving Commitments, Tranche A Commitments or Tranche B Commitments, as applicable, of all Lenders (disregarding any Defaulting Lender’s Revolving Commitment, Tranche A Commitment or Tranche B Commitment).

“Application”: an application, in such form as the Issuing Lender may specify from time to time, requesting the Issuing Lender to issue a Letter of Credit.

“Approved Borrower Portal”: as defined in Section 10.2(e).

“Approved Fund”: any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

“Assignment and Assumption”: as defined in Section 10.6.

“Available Commitment”: as to any Lender, at any time of determination, an amount equal to such Lender’s Revolving Commitment at such time minus such Lender’s Revolving Exposure at such time.

“Available Tenor”: as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of Section 2.8.

“Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Bail-In Legislation”: (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

“Bankruptcy Event”: with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, so long as such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

“Baseline Conditions”: as to any Wholly Owned Subsidiary, in connection with the incurrence by such Subsidiary of any obligations in respect of the Revolving Credit Facility, that such Subsidiary (a) at the time of the delivery by such Wholly Owned Subsidiary of its Adherence Agreement or Subsidiary Guarantee, as applicable, pursuant to Section 10.10, can truthfully and correctly make each of the Baseline Representations and Warranties in all material respects and (b) if such Subsidiary is not organized under the laws of any state of the United States, (i) shall be organized under the laws of an Acceptable Jurisdiction and (ii) shall have submitted for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, including for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof.

“Baseline Representations and Warranties”: as defined in the first paragraph of Article IV.

“Benchmark”: initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii) Term Benchmark Loan, the Relevant Rate for such Agreed Currency; provided that if a Benchmark Transition Event or a Term CORRA Reelection

Event, and the related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (c) of Section 2.8.

“Benchmark Replacement”: for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Loan denominated in Dollars or an Alternate Currency (other than any Loan denominated in Canadian Dollars), “Benchmark Replacement” shall mean the alternative set forth in (2) below:

(1) in the case of any Loan denominated in Canadian Dollars, the Daily Simple RFR for Canadian Dollars; or

(2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment;

provided that notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term CORRA Reelection Event, and the delivery of a Term CORRA Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the Term CORRA Rate.

If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

“Benchmark Replacement Adjustment”: with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable Agreed Currency at such time.

“Benchmark Replacement Conforming Changes”: with respect to any Benchmark Replacement and/or any Term Benchmark Loan denominated in Dollars, any technical, administrative or operational changes (including changes to the definition of “ABR,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “RFR Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of

lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent in its reasonable discretion, in consultation with Borrower, decides may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent in its reasonable discretion, in consultation with Borrower, determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent, in consultation with Borrower, decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

“Benchmark Replacement Date”: with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if such Benchmark (or component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date; or

(3) in the case of a Term CORRA Reelection Event, the date that is thirty (30) days after the date a Term CORRA Notice (if any) is provided to the Lenders and the Borrower pursuant to Section 2.8(d).

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Transition Event”: with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no

successor administrator that will continue to provide such Benchmark (or component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof);

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the Agreed Currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or

(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Unavailability Period”: with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.8 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.8.

“Benefit Plan”: any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

“Board”: the Board of Governors of the Federal Reserve System of the United States of America (or any successor).

“Borrowers”: as defined in the introductory paragraph hereof.

“Borrowing”: (a) Tranche A Loans of the same Type, made, converted or continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect, (b) Tranche B Loans of the same Type, made, converted or continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect, and (c) a Competitive Loan or a group of Competitive Loans of the same Type made on the same date and as to which a single Interest Period is in effect.

“Borrowing Date”: any Business Day specified in a notice pursuant to Section 2.2(d) as a date on which any Borrower requests the Lenders to make Revolving Credit Loans hereunder.

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City or Chicago are authorized or required by law to close; provided that when used in connection with (a) a Term Benchmark Loan denominated in Canadian Dollars, the term “Business Day” shall also exclude any day on which commercial banks are not open for dealings in deposits of Canadian Dollars in Toronto, (b) any Loan denominated in EURO and in relation to the computation or calculation of EURIBOR, the term “Business Day” shall also exclude any day which is not a TARGET Day, (c) any Loan denominated in Sterling, the term “Business Day” shall exclude any day on which banks are not open for business in London, (d) any Loan denominated in Yen and in relation to the calculation or computation of TIBOR or the Japanese Prime Rate, the term “Business Day” shall exclude any day on which banks are not open for business in Japan, (e) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan, the term “Business Day” shall exclude any such day that is not an RFR Business Day and (f) in relation to Loans referencing the Term SOFR Rate and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans referencing the Term SOFR Rate or any other dealings of such Loans referencing the Term SOFR Rate, the term “Business Day” shall exclude any such day that is not a U.S. Government Securities Business Day.

“Calculation Date”: (a) with respect to any Loan denominated in any Alternate Currency, each of the following: (i) the date of the Borrowing of such Loan and (ii) each date of a conversion into or continuation of such Loan pursuant to the terms of this Agreement; and (b) with respect to any Letter of Credit denominated in an Alternate Currency, each of the following: (i) the date on which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect of increasing the face amount thereof.

“Canadian Dollars”: lawful currency of Canada.

“Canadian Prime Rate”: on any day, the rate determined by the Administrative Agent to be the rate equal to the PRIMCAN Index rate that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN Index is not published by Bloomberg, any other information services that publishes such index from time to time, as selected by the Administrative Agent in its reasonable discretion); provided that if any the above rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Any change in the Canadian Prime Rate due to a change in the PRIMCAN Index shall be effective from and including the effective date of such change in the PRIMCAN Index.

“Canadian Prime Rate Loan”: Revolving Credit Loans denominated in Canadian Dollars the rate of interest applicable to which is based upon the Canadian Prime Rate.

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing.

“Cash Equivalents”: (a) securities denominated in Dollars or any other currency of any Qualified Jurisdiction (any of the foregoing, “Currency”), in any event issued or directly and fully guaranteed or insured by the United States Government or any other Qualified Jurisdiction, as applicable, or any agency or instrumentality of any of them, having maturities of not more than one year from the date of acquisition, (b) time deposits and certificates of deposit denominated in Currency having maturities of not more than one year from the date of acquisition of any Lender or of any domestic commercial bank the senior long-term unsecured debt of which is rated at least A- or the equivalent thereof by S&P or A3 or the equivalent thereof by Moody’s and having capital and surplus in excess of $500,000,000 (or the equivalent in the applicable Currency), (c) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (a) and (b) entered into with any bank meeting the qualifications specified in clause (b) above, (d) commercial paper denominated in Currency rated at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s and in either case maturing within 90 days after the date of acquisition and (e) investments in money market funds that have assets in excess of $2,000,000,000 (or the equivalent in the applicable Currency), are managed by recognized and responsible institutions and invest all of their assets in any one or more of (i) obligations of the types referred to in clauses (a), (b), (c) and (d) above and (ii) commercial paper denominated in Currency having at least the rating described in clause (d) above and maturing within 270 days after the date of acquisition.

“CBR Loan”: a Loan that bears interest at a rate determined by reference to the Central Bank Rate or the Japanese Prime Rate.

“CBR Spread”: the Applicable Margin applicable to such Loan that is replaced by a CBR Loan.

“Central Bank Rate”: (A) the greater of (i) for any Loan denominated in (a) Sterling, the Bank of England (or any successor thereto)’s “Bank Rate” as published by the Bank of England (or any successor thereto) from time to time, (b) Euro, one of the following three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto) from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time, and (c) any other Alternate Currency determined after the Effective Date, a central bank rate as determined by the Administrative Agent in its reasonable discretion and (ii) 0.00%; plus (B) the applicable Central Bank Rate Adjustment.

“Central Bank Rate Adjustment”: for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the EURIBOR Rate for the five most recent Business Days preceding such day for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest EURIBOR Rate applicable during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Business Day in such period, (b) Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of SONIA for the five most recent RFR Business Days preceding such day for which SONIA was available (excluding, from such averaging, the highest

and the lowest SONIA applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Sterling in effect on the last RFR Business Day in such period, and (c) any other Alternate Currency determined after the Effective Date, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on such day at approximately the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a maturity of one month; provided that if such rate shall be less than 0.00%, such rate shall be deemed to be 0.00%.

“Change in Control”: (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934, as amended, and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of Capital Stock representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of Ultimate Parent; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of Ultimate Parent by Persons who were neither (i) nominated or approved by the board of directors of Ultimate Parent nor (ii) appointed by directors so nominated or approved or (c) the Ultimate Parent ceases to own and Control, beneficially and of record, at least 75% of the Capital Stock of Kimco (and its managing member or the equivalent).

“Change in Law”: the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following: (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Lender (or, for purposes of Section 2.11(b), by any lending office of such Lender or by such Lender’s or the Issuing Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any central bank or other Governmental Authority made or issued after the date of this Agreement; provided, however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case referred to in clause (i) or (ii) be deemed to be a “Change in Law”, regardless of the date enacted, adopted, implemented or issued.

“Class”: when used in reference to any Loan, refers to whether such Loan is a Revolving Credit Loan or Competitive Loan.

“CME Term SOFR Administrator”: CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

“Code”: the Internal Revenue Code of 1986, as amended from time to time.

“Commitment Period”: the period from and including the date of this Agreement to but not including the Termination Date.

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

“Commonly Controlled Entity”: an entity, whether or not incorporated, which is under common control with Ultimate Parent within the meaning of Section 4001 of ERISA or is part of a group which includes Ultimate Parent and which is treated as a single employer under Section 414 of the Code.

“Communications”: as defined in Section 10.2(d)(iii).

“Competitive Bid”: an offer by a Lender to make a Competitive Loan in accordance with Section 2.1.

“Competitive Bid Rate”: with respect to any Competitive Bid, the Margin or Fixed Rate, as applicable, offered by the Lender making such Competitive Bid.

“Competitive Bid Request”: a request by Kimco for Competitive Bids in accordance with 2.1.

“Competitive Loan Notes”: as defined in Section 2.2(b).

“Competitive Loans”: a Loan made pursuant to Section 2.1.

“Consolidated Entities”: as of any date of determination, any entities whose financial results are consolidated with those of Ultimate Parent in accordance with GAAP. For the avoidance of doubt, Consolidated Entities shall include the Ultimate Parent.

“Consolidated Net Income”: for any period, net income (or loss) of Kimco and the Consolidated Entities for such period determined on a consolidated basis in accordance with GAAP.

“Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

“Control”: the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

“Control Approach” as described in the GHG Protocol Corporate Reporting and Accounting Standard.

“CORRA”: the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).

“CORRA Administrator”: the Bank of Canada (or any successor administrator).

“CORRA Determination Date”: as defined in the definition of “Daily Simple CORRA”.

“CORRA Rate Day”: as defined in the definition of “Daily Simple CORRA”.

“Corresponding Tenor”: with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

“Credit Parties”: as defined in Section 10.17.

“Currency”: as defined in the definition of the term “Cash Equivalents”.

“Daily Simple CORRA”: for any day (a “CORRA Rate Day”), a rate per annum equal to CORRA for the day (such day “CORRA Determination Date”) that is five (5) RFR Business Days prior to (i) if such CORRA Rate Day is an RFR Business Day, such CORRA Rate Day or (ii) if such CORRA Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such CORRA Rate Day, in each case, as such CORRA is published by the CORRA Administrator on the CORRA Administrator’s website. Any change in Daily Simple CORRA due to a change in CORRA shall be effective from and including the effective date of such change in CORRA without notice to the Borrower. If by 5:00 p.m. (Toronto time) on any given CORRA Determination Date, CORRA in respect of such CORRA Determination Date has not been published on the CORRA Administrator’s website and a Benchmark Replacement Date with respect to the Daily Simple CORRA has not occurred, then CORRA for such CORRA Determination Date will be CORRA as published in respect of the first preceding RFR Business Day for which such CORRA was published on the CORRA Administrator’s website, so long as such first preceding RFR Business Day is not more than five (5) Business Days prior to such CORRA Determination Day.

“Daily Simple RFR”: for any day (an “RFR Interest Day”), an interest rate per annum equal to, for any RFR Loan denominated in (i) Sterling, SONIA for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day, (ii) Dollars, Daily Simple SOFR, and (iii) Canadian Dollars, Daily Simple CORRA (following a Benchmark Transition Event and a Benchmark Replacement Date with respect to Term CORRA); provided that if the Daily Simple RFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

“Daily Simple SOFR”: for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day that is (i) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

“Default”: any of the events specified in Article VIII, whether or not any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.

“Defaulting Lender”: any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Lender Party any other amount so required to be funded or paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular facts or circumstances giving rise to such failure to satisfy a condition precedent) has not been satisfied, (b) has notified Kimco or any Lender Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent or the Issuing Lender, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to

meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the receipt by the Administrative Agent and the Issuing Lender of such certification in form and substance reasonably satisfactory to the Administrative Agent and the Issuing Lender, (d) has become the subject of a Bankruptcy Event or (e) has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

“Documentation Agents”: as defined in the introductory paragraph hereof.

“Dollar Equivalent”: on any date of determination, (a) with respect to any amount in dollars, such amount, and (b) with respect to any amount in an Alternate Currency, the equivalent in dollars of such amount, determined by the Administrative Agent pursuant to Section 1.4(b) using the Exchange Rate with respect to such Alternate Currency at the time in effect under the provisions of such Section.

“Dollars”, “dollars” and “$”: lawful currency of the United States of America.

“EBITDA”: for any Person, the consolidated net income of such Person and its Subsidiaries before any provision or benefit for income taxes, interest, depreciation, amortization, gains or losses on sales of operating real estate and marketable securities, noncash impairment charges, and gains or losses on extraordinary items in accordance with GAAP and gains or losses on early extinguishment of debt.

“EEA Financial Institution”: (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent;

“EEA Member Country”: any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority”: any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“Effective Date”: the date on which the conditions set forth in Section 5.1 shall be satisfied (or waived in accordance with Section 10.1).

“Electronic Signature”: an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

“Electronic System”: any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site chosen by the Administrative Agent to be its electronic transmission system, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Lender and any of their respective Related Persons or any other Person, providing for access to data protected by passcodes or other security system.

“Entity”: as of any date of determination, any Consolidated Entity or Unconsolidated Entity.

“Environmental Laws”: any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials, as now or may at any time hereafter be in effect, in each case to the extent the foregoing are applicable to Kimco, any Entity or any of their respective assets or properties.

“Equity Forward Contract”: a forward equity contract entered into by the Ultimate Parent and a Person that is not a Subsidiary of the Ultimate Parent with respect to common equity interests of the Ultimate Parent.

“ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time.

“EU Bail-In Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

“EURIBOR Rate”: with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate, two TARGET Days prior to the commencement of the applicable Interest Period.

“EURIBOR Screen Rate”: the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters as published at approximately 11:00 a.m. Brussels time on such date of determination. If such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Borrower. If the EURIBOR Screen Rate shall be less than 0.00%, the EURIBOR Screen Rate shall be deemed to be 0.00% for purposes of this Agreement.

“EURO”: the single currency of the Participating Member States.

“Event of Default”: any of the events specified in Article VIII, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.

“Exchange Rate”: on any day, with respect to any Alternate Currency the rate of exchange for the purchase of dollars with the Alternate Currency last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Reuters source on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of dollars with the Alternate Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its reasonable discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in dollars as determined by the Administrative Agent using any reasonable method of determination); provided that the Administrative Agent shall not make any such choices or determinations pursuant to this definition in any manner that is less favorable to the Borrowers than the determinations or choices that the

Administrative Agent is generally making in respect of similar provisions in credit facilities to which JPMorgan Chase Bank, N.A. serves as administrative agent with borrowers similarly situated to and of similar creditworthiness to the Borrowers, but not necessarily all such credit facilities with respect to which JPMorgan Chase Bank, N.A. serves as administrative agent; provided, further, that nothing in this definition shall obligate the Administrative Agent to disclose any information regarding other borrowers or facilities.

“Excluded Borrowing”: any Borrowing which is solely refinancing an existing Borrowing and is not increasing the aggregate outstanding principal amount of Loans hereunder (including, for the avoidance of doubt, a conversion of Loans from one Type to another Type or a continuation of a Term Benchmark Loan).

“Excluded Swap Obligation”: with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation or (b) in the case of a Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Guarantor is a “financial entity,” as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange Act (or any successor provision thereto), at the time the guarantee of such Subsidiary Guarantor becomes or would become effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal.

“Excluded Taxes”: with respect to any payment made by any Loan Party under this Agreement or the other Loan Documents, any of the following Taxes imposed on or with respect to a Recipient, (a) income or franchise Taxes (i) imposed on (or measured by) net income by the United States of America, or by the jurisdiction under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction in which the applicable Borrower is located, (c) withholding Taxes resulting from any law in effect on the date such Recipient becomes a party to this Agreement (or designates a new lending office) except to the extent that such Recipient (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from any Borrower with respect to such withholding Taxes pursuant to Section 2.12(a); provided that Excluded Taxes shall not include withholding Taxes required to be withheld and paid by a Foreign Subsidiary Borrower in connection with payments made under this Agreement, (d) any Tax that is imposed as a result of a Recipient’s failure to comply with Section 2.12(d), and (e) any Taxes imposed under FATCA, including as a result of such Recipient’s failure to comply with Section 2.12(d)(iii).

“Existing Guaranteed Obligations”: the “Guaranteed Obligations” as defined in the Existing Revolving Credit Agreement.

“Existing Issuing Lender”: an “Issuing Lender” under the Existing Revolving Credit Agreement immediately prior to the effectiveness of the amendment and restatement contemplated hereby.

“Existing Loan Documents”: the “Loan Documents” as defined in the Existing Revolving Credit Agreement.

“Existing Obligations”: the “Obligations” as defined in the Existing Revolving Credit Agreement.

“Existing Revolving Credit Agreement”: as defined in the recitals of this Agreement.

“Existing Revolving Lender”: each lender under the Existing Revolving Credit Agreement immediately prior to the effectiveness of the amendment and restatement contemplated hereby.

“Existing Revolving Loans”: the loans made by the Existing Revolving Lenders that are outstanding under the Existing Revolving Credit Agreement immediately prior to the effectiveness of the amendment and restatement contemplated hereby.

“Extension Conditions”: (a) each of the representations and warranties made by Kimco in or pursuant to the Loan Documents shall be true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) on and as of the applicable extension date as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) as of such earlier date; (b)(i) no Default or Event of Default shall have occurred and be continuing as of the applicable extension date and (ii) Kimco would be in compliance with each financial covenant set forth in paragraphs (a) through (f) of Section 7.1 if the ratio or amount referred to therein were to be calculated as of the applicable extension date (provided that for the purposes of determining such compliance, Gross Asset Value and, for the avoidance of doubt, the ratios set forth in Section 7.1(e) and (f), shall be determined for the most recent Test Period as to which a compliance certificate has been delivered pursuant to Section 6.2(b)); and (c) on or prior to the applicable extension date, Kimco shall have paid to the Administrative Agent for the account of the Lenders (i) in connection with the extension of the Revolving Credit Facility to the First Extended Maturity Date, a nonrefundable extension fee in an amount equal to 0.05% of the aggregate amount of the Revolving Commitments in effect on the Original Maturity Date, whether used or unused, and (ii) in connection with the extension of the Revolving Credit Facility to the Second Extended Maturity Date, a nonrefundable extension fee in an amount equal to 0.075% of the aggregate amount of the Revolving Commitments in effect on the First Extended Maturity Date, whether used or unused. For purposes hereof and of Section 10.9, the term “applicable extension date” shall mean, in connection with any extension of the Maturity Date pursuant to Section 10.9, the first date upon which both of the following shall have occurred: (a) Kimco shall have delivered its Maturity Extension Notice with respect to such extension and (b) Kimco shall have made the applicable payment described in clause (c) of the previous sentence in respect of such extension.

“Facility Fee Rate”: the applicable percentage per annum set forth below based upon the Status on the date of the relevant facility fee payment:

Level I<br>Status	Level II<br>Status	Level III <br>Status	Level IV <br>Status	Level V <br>Status	Level VI <br>Status	Level VII <br>Status
0.100%	0.100%	0.125%	0.150%	0.200%	0.250%	0.300%

It is hereby understood and agreed that the Facility Fee Rate shall be adjusted from time to time based upon the Sustainability Facility Fee Adjustment (to be calculated and applied as set forth in Section 2.19); provided that in no event shall the Facility Fee Rate be less than zero.

“FATCA”: Section 1471 through 1474 of the Code, as of the date of this Agreement (or any amended and successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements implementing any of the foregoing, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any of the foregoing.

“Federal Funds Effective Rate”: for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the Federal Reserve Bank of New York’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate, provided that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

“Federal Reserve Bank of New York’s Website”: the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

“Fee Letter”: collectively, (a) the fee letter dated January 22, 2026 among Kimco, JPMCB, Wells Fargo and Wells Fargo Securities, LLC, (b) the fee letter dated January 22, 2026 between Kimco and Royal Bank of Canada and (c) the fee letter dated January 22, 2026 among Kimco, PNC Capital Markets LLC and PNC Bank, National Association, in each case regarding certain fees payable in connection with the Revolving Credit Facility.

“Final Date”: as defined in Section 2.11(d).

“Financing Lease”: any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP (subject, for the avoidance of doubt, to Section 1.3) to be capitalized on a balance sheet of such lessee.

“First Extended Maturity Date”: as defined in Section 10.9.

“Fitch”: Fitch Ratings Inc.

“Fixed Rate”: with respect to any Competitive Loan (other than a Competitive Loan which is a Term Benchmark Loan), the fixed rate of interest per annum specified by the Lender making such Competitive Loan in its related Competitive Bid.

“Fixed Rate Loan”: a Competitive Loan bearing interest at a Fixed Rate.

“Floor”: the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted TIBOR Rate, the Japanese

Prime Rate, Term CORRA Rate, each Daily Simple RFR or the Central Bank Rate, as applicable. For the avoidance of doubt the initial Floor for each of Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted TIBOR Rate, the Japanese Prime Rate, Term CORRA Rate, each Daily Simple RFR or the Central Bank Rate shall be 0%.

“Foreign Subsidiary Borrower”: as defined in Section 10.10(a).

“GAAP”: generally accepted accounting principles in the United States of America.

“GHG Emissions”: as defined in the definition of Sustainability Metric.

“GHG Protocol Corporate Reporting and Accounting Standard”: a corporate accounting and reporting standard for greenhouse gas emissions published by World Business Council for Sustainable Development and the World Resources Institute, as in effect on the date hereof.

“Governmental Authority”: any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

“Gross Asset Value”: as of any relevant date, an amount equal to (I) the sum, without duplication, of (a) Total Adjusted EBITDA, calculated with respect to the most recent Test Period ended on or before such date annualized and capitalized at 6.25% for all components (or, at the option of the Borrowers, 5.75% for the multifamily component), plus (b) Unrestricted Cash and Cash Equivalents of Kimco and the Consolidated Entities as of such date, plus (c) the sum of the following items of Kimco and the Consolidated Entities: (i) land and development projects as of such date valued at the lower of “cost” or book value, and (ii) mezzanine and mortgage loan receivables valued at the lower of cost or market at such date and marketable securities at the value reflected in the consolidated financial statements of Ultimate Parent as of such date, plus (d) Ultimate Parent’s investments in and advances to the Unconsolidated Entities valued at the lower of cost or market as reflected in the consolidated financial statements of Ultimate Parent as of such date, plus (e) at the option of the Borrowers, 100% of the bona fide purchase price of Properties acquired within 24 months prior to such date plus (f) the aggregate positive amount of net cash proceeds that would be due to the Ultimate Parent from all Equity Forward Contracts that have not yet settled as of such date, calculated as if such Equity Forward Contracts were settled by the Ultimate Parent’s delivery of its common shares as of, and such net cash proceeds were actually received on, the last day of the then most recently ended fiscal quarter; provided that such calculation shall exclude each Equity Forward Contract, if any, with respect to which either (a) the Ultimate Parent or the counterparty would not reasonably be expected for any reason, to be able to fulfill its obligations thereunder or (b) the Ultimate Parent no longer intends to issue shares sufficient to realize such proceeds, minus (II) as applicable, (a) the amount, if any, excluded from the amount of Total Indebtedness for purposes of calculating the ratio of Total Indebtedness to Gross Asset Value as set forth in the proviso of Section 7.1(a), or (b) the amount, if any, excluded from the amount of Total Priority Indebtedness for purposes of calculating the ratio of Total Priority Indebtedness to Gross Asset Value as set forth in the proviso of Section 7.1(b); provided that (1) the items described in clause (I)(d) shall not be taken into account to the extent that the amount thereof exceeds 30% of Gross Asset Value, and (2) the items described in clauses (I)(c) and (I)(d) (other than mortgage loan receivables valued at the lower of cost or market at such date and marketable securities at the value reflected in the consolidated financial statements of Ultimate Parent as of such date) shall not be taken into account to the extent that the amounts thereof exceed, in the aggregate, 40% of Gross Asset Value (it being understood that if Kimco has a long-term senior unsecured debt rating of “A3” or “A-” or better assigned by two of S&P, Moody’s or Fitch, the limitations set forth in the foregoing clauses (1) and (2) of this proviso shall not apply).

“Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the maximum stated amount of the primary obligation relating to such Guarantee Obligation (or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee Obligation); provided that in all events (and regardless of the existence of a stated liability amount), the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by Kimco in good faith.

“Guarantor”: at any particular time, (a) Ultimate Parent (b) Kimco and/or (c) each Subsidiary that is a party to a Subsidiary Guarantee at such time.

“Hazardous Materials”: all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

“Incremental Commitments”: as defined in Section 10.8.

“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), to the extent such obligations constitute indebtedness for the purposes of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (d) all obligations of such Person under Financing Leases, (e) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (f) all Guarantee Obligations of such Person, (g) all reimbursement obligations for letters of credit, (h) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof equal to an amount that would be the maximum reasonably anticipated liability in respect thereof as determined by Kimco in good faith (or, if lesser, the fair market value of the assets subject to such Lien, as determined by Kimco in good faith), and (i) the net obligations (contingent or otherwise) of such Person at such date under interest rate hedging agreements.

“Indemnified Taxes”: Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by any Loan Party under this Agreement and the other Loan Documents.

“Ineligible Institution”: (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) any Loan Party or any Affiliate of any Loan Party, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof; provided that, such company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Revolving Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business.

“Initial KPI Metrics Report”: the Sustainability Report including the Sustainability Assurance Provider’s verification statement of the method of calculation of the KPI as of December 31, 2021, dated July 2022.

“Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

“Insolvent”: pertaining to a condition of Insolvency.

“Intellectual Property”: as defined in Section 4.9.

“Interest Payment Date”: (a) as to any ABR Loan, the last day of each calendar quarter to occur while such ABR Loan is outstanding and the Termination Date, (b) as to any Canadian Prime Rate Loan, the last day of each calendar quarter to occur while such Canadian Prime Rate Loan is outstanding and the Termination Date, (c) as to any Term Benchmark Loan, the last day of the Interest Period with respect thereto and, in the case of a Term Benchmark Loan with an Interest Period of more than three (3) months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three (3) months’ duration after the first day of such Interest Period and the Termination Date, (d) as to any RFR Loan denominated in Sterling or Canadian Dollars, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and the Termination Date, (e) as to any RFR Loan denominated in Dollars, the fifth (5th) Business Day of each calendar month and the Termination Date, (f) as to any Short Term Loan, the Short Term Loan Maturity Date applicable thereto, and (g) as to any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Fixed Rate Loan is a part and, in the case of a Fixed Rate Loan with an Interest Period of more than 90 days’ duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the last day of such Interest Period that occurs at intervals of 90 days’ duration after the first day of such Interest Period, and any other days that are specified in the applicable Competitive Bid Request as Interest Payment Dates with respect to such Fixed Rate Loan.

“Interest Period”:

(a) with respect to any Term Benchmark Loan:

(i) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Term Benchmark Loan and ending one (1) week (only in the case of a Competitive Loan) or two (2) weeks (only in the case of a Competitive Loan) or one (1), three (3) or (except for Loans subject to the Term CORRA Rate) six (6) months thereafter, as selected by the applicable Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto (in each case, subject to the availability of the Benchmark applicable to such Loan for any Agreed Currency); and

(ii) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Term Benchmark Loan and ending one (1) week (only in the case of a Competitive Loan) or two (2) weeks (only in the case of a Competitive Loan) or one (1), three (3) or (except for Loans subject to the Term CORRA Rate) six (6) months thereafter, as selected by the applicable Borrower by irrevocable notice to the Administrative Agent not less than three Business Days prior to the last day of the then current Interest Period with respect thereto (in each case, subject to the availability of the Benchmark applicable to such Loan for any Agreed Currency); and

(b) with respect to any Fixed Rate Loan: each period, which shall not be less than 7 days or more than 180 days, commencing on the date of such Borrowing and ending on the date specified in the applicable Competitive Bid Request;

provided that all of the foregoing provisions relating to Interest Periods are subject to the following:

(1) if any Interest Period pertaining to a Term Benchmark Loan would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

(2) any Interest Period (other than for a Competitive Loan having an Interest Period of one (1) or two (2) weeks’ duration) pertaining to a Term Benchmark Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month at the end of such Interest Period) shall end on the last Business Day of such last calendar month;

(3) in no event shall any Interest Period end on a day subsequent to the Termination Date; and

(4) no tenor that has been removed from this definition pursuant to Section 2.8 shall be available for such Term Benchmark Loan.

“Investment Entity”: as to any Person, a corporation, limited liability company, partnership or other entity in which Ultimate Parent has a direct or indirect interest, but which is not a Subsidiary.

“IRS”: the United States Internal Revenue Service.

“ISP”: the International Standby Practices (1998), International Chamber of Commerce Publication No. 590, and, if acceptable to the Issuing Lender in its sole discretion, as the same may be amended or revised from time to time.

“Issuing Lender”: any Lead Lender, in its capacity as issuer of any Letter of Credit, and any Alternate Issuing Lender appointed pursuant to Section 3.9(c); individually and collectively referred to herein as “Issuing Lender”, and shall be interpreted throughout this Agreement as either one particular Issuing Lender or two or more Issuing Lenders, as the context may require. The Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Lender (provided that such designation (a) does not result in any increased cost or liability to any Borrower in any underlying transaction supported by such Letter of Credit as opposed to the cost or liability to such Borrower of a Letter of Credit issued by such Issuing Lender or (b) is approved in writing by the applicable Borrower or Kimco), in which case the term “Issuing Lender” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

“Issuing Lender Affiliate”: as defined in Section 10.6.

“Issuing Lender Commitment”: with respect to each Issuing Lender, the commitment of such Issuing Lender to issue Letters of Credit hereunder, as adjusted in accordance with this Agreement (including Section 3.11). As of the date hereof, each Issuing Lender Commitment of each Lead Lender in its capacity as Issuing Lender is $25,000,000. The Issuing Lender Commitment of any Alternate Issuing Lender shall be set forth in a written notice from such Alternate Issuing Lender to the Administrative Agent on or prior to the date that such Person becomes an Alternate Issuing Lender.

“Japanese Prime Rate”: for any Loan denominated in Yen the greater of (a) (i) the Japanese local bank prime rate plus (ii) the Japanese Prime Rate Adjustment and (b) the Floor.

“Japanese Prime Rate Adjustment”: for any day, for any Loan denominated in Yen, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the Adjusted TIBOR Rate for the five most recent Business Days preceding such day for which the TIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted TIBOR Rate applicable during such period of five Business Days) minus (ii) the Japanese Prime Rate in effect on the last Business Day in such period. For purposes of this definition, the TIBOR Rate on any day shall be based on the TIBOR Screen Rate on such day at approximately the time referred to in the definition of such term for deposits in Yen for a maturity of one month.

“Joint Lead Arrangers”: collectively, JPMCB, Wells Fargo Securities, LLC, PNC Capital Markets LLC, RBC Capital Markets, Banco Santander, S.A., New York Branch, The Bank of New York Mellon, The Bank of Nova Scotia, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Bank, Ltd., Regions Capital Markets, U.S. Bank National Association, Barclays Bank PLC, TD Bank, N.A., Truist Securities, Inc., BNP Paribas Securities Corp., and BMO Capital Markets Corp.

“JPMCB”: JPMorgan Chase Bank, N.A.

“Kimco”: as defined in the introductory paragraph hereof.

“KPI”: the cumulative reduction, measured as a percentage, in the Sustainability Metric from the Sustainability Baseline specified in the Sustainability Table for the applicable calendar year.

“KPI Applicable Margin Adjustment Amount”: Subject to Section 2.19(g), with respect to any period between Sustainability Pricing Adjustment Dates, commencing with the 2025 calendar year, (i) positive 0.04%, if the KPI for such period as set forth in the KPI Metrics Report is less than the KPI Threshold for such period, (ii) 0.00%, if the KPI for such period as set forth in the KPI Metrics Report is greater than or equal to the KPI Threshold but less than the KPI Target for such period, and (iii) negative 0.04%, if the KPI for such period as set forth in the KPI Metrics Report is greater than or equal to the KPI Target for such period.

“KPI Facility Fee Adjustment Amount”: Subject to Section 2.19(g), with respect to any period between Sustainability Pricing Adjustment Dates, commencing with the 2025 calendar year, (a) positive 0.01%, if the KPI for such period as set forth in the KPI Metrics Report is less than the KPI Threshold for such period, (b) 0.00%, if the KPI for such period as set forth in the KPI Metrics Report is greater than or equal to the KPI Threshold but less than the KPI Target for such period, and (c) negative 0.01%%, if the KPI for such period as set forth in the KPI Metrics Report is greater than or equal to KPI Target for such period.

“KPI L/C Fee Adjustment Amount”: Subject to Section 2.19(g), with respect to any period between Sustainability Pricing Adjustment Dates, commencing with the 2025 calendar year, (i) positive 0.04%, if the KPI for such period as set forth in the KPI Metrics Report is less than the KPI Threshold for such period, (ii) 0.00%, if the KPI for such period as set forth in the KPI Metrics Report is greater than or equal to the KPI Threshold but less than the KPI Target for such period, and (iii) negative 0.04%%, if the KPI for such period as set forth in the KPI Metrics Report is greater than or equal to the KPI Target for such period.

“KPI Metrics Report”: an annual report (it being understood that this annual report may take the form of the annual Sustainability Report) audited by the Sustainability Assurance Provider that sets forth the calculations for the KPI for a specific calendar year.

“KPI Target”: with respect to any calendar year, the KPI Target for such calendar year as set forth in the Sustainability Table.

“KPI Threshold”: with respect to any calendar year, the KPI Threshold for such calendar year as set forth in the Sustainability Table.

“L/C Commitment”: $100,000,000, as such amount may be increased in accordance with Section 3.11.

“L/C Exposure”: as to any Lender at any time, such Lender’s Applicable Percentage of the L/C Obligations outstanding at such time.

“L/C Fee Payment Date”: with respect to each Letter of Credit, the fifteenth day of each January, April, July and October to occur while such Letter of Credit is outstanding.

“L/C Fee Rate”: with respect to each Letter of Credit at any date, the applicable percentage per annum set forth below based upon the Status on such date:

Level I<br>Status	Level II<br>Status	Level III <br>Status	Level IV <br>Status	Level V <br>Status	Level VI <br>Status	Level VII <br>Status
0.625%	0.650%	0.675%	0.725%	0.800%	1.000%	1.350%

It is hereby understood and agreed that the L/C Fee Rate shall be adjusted from time to time based upon the Sustainability Rate Adjustment (to be calculated and applied as set forth in Section 2.19); provided that in no event shall the L/C Fee Rate be less than zero.

“L/C Obligations”: at any time, an amount equal to the sum of (a) the Tranche A L/C Obligations and (b) the Tranche B L/C Obligations at such time.

“L/C Participants”: the collective reference to all the Lenders other than the Issuing Lender.

“Lead Lenders”: collectively, JPMCB, Wells Fargo, PNC Bank, National Association and Royal Bank of Canada.

“Lender Parent”: with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

“Lender Party”: each of the Administrative Agent, the Issuing Lender and the Lenders.

“Lenders”: as defined in the introductory paragraph hereof.

“Letters of Credit”: the Tranche A Letters of Credit and the Tranche B Letters of Credit.

“Level I Status”: as defined in the definition of “Status” in this Section 1.1.

“Level II Status”: as defined in the definition of “Status” in this Section 1.1.

“Level III Status”: as defined in the definition of “Status” in this Section 1.1.

“Level IV Status”: as defined in the definition of “Status” in this Section 1.1.

“Level V Status”: as defined in the definition of “Status” in this Section 1.1.

“Level VI Status”: as defined in the definition of “Status” in this Section 1.1.

“Level VII Status”: as defined in the definition of “Status” in this Section 1.1.

“Leverage Ratio”: as defined in Section 7.1(a).

“Lien”: any mortgage, pledge, hypothecation, assignment (including any collateral assignment but excluding any assignment of an asset made in lieu of a sale thereof where the assignor is paid the fair market value of such asset by the assignee and the assignee assumes all of the rights and obligations attributable to ownership of such asset), deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any Financing Lease having substantially the same economic effect as any of the foregoing).

“Loan”: each loan made by the Lenders to any Borrower pursuant to this Agreement, including any Competitive Loans, any Tranche A Loans, any Tranche B Loans and any New Term Loans (whether such Loans are Fixed Rate Loans, Term Benchmark Loans, RFR Loans, ABR Loans, or Short Term Loans).

“Loan Documents”: this Agreement, the Notes, the Applications, each Subsidiary Guarantee (if any), the guaranty made by Ultimate Parent, and the Fee Letter, and any instrument or agreement waiving, amending, or supplementing any Loan Document.

“Loan Parties”: as of any applicable date of determination, (a) Ultimate Parent (b) Kimco, (c) each other applicable Borrower and (d) each applicable Guarantor other than Kimco and the Ultimate Parent.

“Major Acquisitions”: with respect to any applicable period, one or more acquisitions by Ultimate Parent, Kimco or any of their respective Subsidiaries during such period of the Capital Stock and/or assets of another Person that (a) are otherwise permitted by this Agreement and the other Loan Documents and (b) involve the payment by Ultimate Parent, Kimco or any of their respective Subsidiaries of consideration (whether in the form of cash or non-cash consideration) in excess of $500,000,000 in the aggregate for all such acquisitions during such period.

“Managing Agents”: as defined in the introductory paragraph hereof.

“Margin”: with respect to any Competitive Loan bearing interest at a rate based on the Term SOFR Rate, the marginal rate of interest, if any, to be added to or subtracted from the Term SOFR Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid.

“Material Adverse Effect”: a material adverse effect on (a) the business, operations, property or financial condition of Ultimate Parent, Kimco and their respective Subsidiaries taken as a whole, (b) the ability of Ultimate Parent or Kimco to perform its obligations under the Loan Documents or (c) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder.

“Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

“Maturity Date”: (i) March 17, 2030 or (ii) if the term of the Revolving Credit Facility is extended pursuant to Section 10.9, the First Extended Maturity Date or the Second Extended Maturity Date, as applicable; provided that references hereunder to the Maturity Date shall be to the Maturity Date specified in clause (i) unless and until extended in accordance with Section 10.9.

“Maturity Extension Notice”: as defined in Section 10.9.

“Moody’s”: Moody’s Investors Service, Inc.

“Multiemployer Plan”: a Plan which is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

“New Revolving Commitments”: as defined in Section 10.8.

“New Revolving Lender”: as defined in Section 10.8.

“New Revolving Loans”: as defined in Section 10.8.

“New Term Commitments”: as defined in Section 10.8.

“New Term Lender”: as defined in Section 10.8.

“New Term Loans”: as defined in Section 10.8.

“Non-Recourse Indebtedness”: Indebtedness the documentation with respect to which expressly provides that (a) the lender(s) thereunder (and any agent for such lender(s)) may not seek a money judgment against the Person issuing such Indebtedness or (b) recourse for payment in respect of such Indebtedness is limited to those assets or Capital Stock of the Person issuing such Indebtedness which secure such Indebtedness (except in the case of customary indemnities or customary potential recourse carve-outs contained in such documentation, provided that if a claim is made in connection with such indemnities or potential recourse carve-outs, such claim shall not constitute Non-Recourse Indebtedness for the purposes of this Agreement); provided further that, notwithstanding the foregoing, any Indebtedness which would otherwise constitute Recourse Indebtedness (or which would not constitute Non-Recourse Indebtedness hereunder), shall be included as Non-Recourse Indebtedness for all purposes hereunder if and to the extent such Indebtedness is not recourse (either contractually or by

operation of law) to Kimco (except in the case of customary indemnities or customary potential recourse carve-outs contained in the applicable documentation, provided that if a claim is made in connection with such indemnities or potential recourse carve-outs, such claim shall not constitute Non-Recourse Indebtedness for the purposes of this Agreement).

“Notes”: the collective reference to the Revolving Credit Notes and any Competitive Loan Notes.

“NYFRB”: The Federal Reserve Bank of New York.

“NYFRB Rate”: for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

“Obligated Property Owner”: as defined in the definition of the term “Unencumbered Properties”.

“Obligations”: with respect to any Borrower, all obligations, liabilities and Indebtedness of every nature of such Borrower from time to time owing to any Lender, the Issuing Lender, or the Administrative Agent, under or in connection with this Agreement or any other Loan Document, in each case whether primary, secondary, direct, indirect, contingent, fixed or otherwise, including interest accruing at the rate provided in the applicable Loan Document on or after the commencement of any bankruptcy or insolvency proceeding, whether or not allowed or allowable; provided, however, that, for purposes of determining any obligations of any Guarantor, “Obligations” shall not include any Excluded Swap Obligations.

“Original Maturity Date”: as defined in Section 10.9.

“Other Connection Taxes”: with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced, this Agreement or the other Loan Documents, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document).

“Other Taxes”: any present or future stamp, court, documentary, intangible, recording, filing, or similar excise or property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Loan Documents, except any such Taxes that are Excluded Taxes imposed with respect to an assignment (other than an assignment under Section 2.15).

“Overnight Bank Funding Rate”: for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the Federal Reserve Bank of New York’s Website from time to time, and published on the next succeeding Business Day by

the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

“Overnight Rate”: for any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any amount denominated in an Alternate Currency, an overnight rate determined by the Administrative Agent or the Issuing Lender, as the case may be, in accordance with banking industry rules on interbank compensation.

“Ownership Percentage”: (a) in respect of Kimco or a Wholly Owned Subsidiary, 100%, and (b) in respect of (i) any other Consolidated Entity (other than Kimco or a Wholly Owned Subsidiary) or (ii) an Unconsolidated Entity, the greater of Ultimate Parent’s and Kimco’s direct and indirect percentage interest in such entity determined in accordance with GAAP.

“Participant”: as defined in Section 10.6.

“Participant Register”: as defined in Section 10.6(c).

“Participating Member State”: any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

“Patriot Act”: as defined in Section 10.21.

“Payment”: has the meaning assigned to it in Section 9.5(a).

“Payment Notice”: has the meaning assigned to it Section 9.5(b).

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

“Periodic Term CORRA Determination Day”: as defined in the definition of “Term CORRA”.

“Permitted Convertible Indebtedness”: senior convertible or exchangeable debt securities of Kimco or the Ultimate Parent (a) that are unsecured, (b) that do not have the benefit of any Guarantee Obligation of any Subsidiary of Kimco, (c) that are not subject to any sinking fund or any prepayment, redemption or repurchase requirements, whether scheduled, triggered by specified events or at the option of the holders thereof (but excluding, for the avoidance of doubt, any redemption right at the option of the obligor of the Permitted Convertible Indebtedness) (it being understood that none of (i) a “change in control” or “fundamental change” or similar put, (ii) a right to convert or exchange such securities into common stock of the Ultimate Parent, cash or a combination thereof or (iii) an acceleration upon an event of default will be deemed to constitute such a sinking fund or prepayment, redemption or repurchase requirement) and (d) that are settled upon conversion or exchange by the holders thereof in cash or shares of common stock of the Ultimate Parent or any combination thereof (including convertible securities that require payment of at least the principal thereof in cash upon a conversion or exchange).

“Permitted Encumbrances”: (a) Liens imposed by law for taxes (i) that are not yet due and delinquent, or (ii) where (A) the validity or amount thereof is being contested in good faith by appropriate proceedings, (B) the Person responsible for such taxes is Ultimate Parent, Kimco or a Wholly Owned Subsidiary and such Person has set aside on its books adequate reserves with respect thereto in accordance with GAAP, and (C) the failure to make payment pending such contest could not reasonably

be expected to have a Material Adverse Effect, (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days, except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) the Person responsible for the charges so secured is Ultimate Parent, Kimco or a Wholly Owned Subsidiary and such Person has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (iii) the failure to make payment pending such contest could not reasonably be expected to have a Material Adverse Effect, (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations, (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business, and (e) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of Ultimate Parent, Kimco or of any Wholly Owned Subsidiary that has any direct or indirect interest in any Unencumbered Property; provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.

“Person”: an individual, partnership, limited liability company, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

“Plan”: at a particular time, any employee benefit plan which is covered by ERISA and in respect of which Kimco or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Plan Asset Regulations”: 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

“Pricing Certificate”: a certificate substantially in the form of Exhibit I executed by a Responsible Officer of Kimco and attaching (a) true and correct copies of the KPI Metrics Report for the most recently ended calendar year and setting forth the Sustainability Rate Adjustment, the Sustainability L/C Fee Adjustment and the Sustainability Facility Fee Adjustment, in each case for the period covered thereby and computations in reasonable detail in respect thereof and (b) a review report of the Sustainability Assurance Provider confirming that the Sustainability Assurance Provider is not aware of any modifications that should be made to such computations in order for them to be presented in all material respects in conformity with the GHG Protocol Corporate Reporting and Accounting Standard.

“Prime Rate”: the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

“Property”: real property owned by the Ultimate Parent or any of the Entities, or in which the Ultimate Parent or any of the Entities has a leasehold interest.

“Property Gross Revenues”: with respect to any Property, for any period, all gross income, revenues and consideration, of whatever form or nature, received by or paid to or for the account or benefit of the Person owning such Property, in each instance during such period, in connection with the ownership, operation, leasing and occupancy of such Property, including the following: (a) amounts earned under leases, including base rent, escalation, overage, additional, participation, percentage and similar rentals, late charges and interest payments and amounts received on account of maintenance or service charges, real estate taxes, assessments, utilities, air conditioning and heating, insurance premiums and other administrative, management, operating, leasing and maintenance expenses for such property, but excluding until earned security deposits, prepaid rents and other refundable receipts, (b) rents and receipts from licenses, concessions, vending machines and similar items, (c) parking fees and rentals, (d) other fees, charges or payments not denominated as rental of office, retail, storage, parking or other space in such Property, and (e) payments received as consideration, in whole or in part, for the cancellation, modification, extension or renewal of leases; but in any event excluding the proceeds of any financing or asset sales in respect of all or any portion of such Property.

“Property NOI”: with respect to any Property, for any period, an amount equal to the excess, if any, of (a) Property Gross Revenues in respect of such Property for such period over (b) Property Operating Expenses in respect of such Property for such period.

“Property Operating Expenses”: with respect to any Property, for any period, the sum of all expenses incurred during such period with respect to the ownership, operation, leasing and occupancy of such Property, including the following: (a) real estate taxes; (b) special assessments or similar charges paid during such period; (c) personal property taxes; (d) costs of utilities, air conditioning and heating; (e) maintenance and repair costs of a non-capital nature; (f) operating expenses and fees; (g) wages and salaries of on-site employees engaged in the operation and management of such Property, including employer’s social security taxes and other taxes, insurance benefits and the like, levied on or with respect to such wages or salaries; (h) premiums payable for insurance carried on or with respect to such Property; (i) advertising and promotion costs; (j) rental expense; and (k) in the case of any Property owned or operated by an Investment Entity, any obligation of Ultimate Parent or any of its Subsidiaries (contingent or otherwise) to contribute funds to such Investment Entity. The following shall be excluded from Property Operating Expenses: (1) foreign, U.S., state and local income taxes, franchise taxes or other taxes based on income, (2) depreciation, amortization and any other non-cash deduction for income tax purposes, (3) interest expenses of the Person owning such Property, (4) property management fees payable to Ultimate Parent or its Affiliates, and (5) any expenditures made for capital improvements and the cost of leasing commissions.

“Protesting Lender”: as defined in Section 10.10(a).

“PTE”: a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

“Qualified Jurisdiction”: at any time of determination, any jurisdiction in which Ultimate Parent, Kimco or any of its Subsidiaries is doing business at such time the government of which jurisdiction is internationally recognized at such time, including by the United States Government.

“Quotation Day”: with respect to any Term Benchmark Loan for any Interest Period, (a) if the currency is Canadian Dollars, the first day of such Interest Period and (b) if the currency is Dollars, two Business Days prior to the commencement of such Interest Period (unless, in each case, market practice differs in the relevant market where the Term Benchmark Rate for such currency is to be determined, in which case the Quotation Day will be determined by the Administrative Agent in

accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)).

“Recipient”: as applicable, (a) the Administrative Agent, (b) any Lender and (c) the Issuing Lender.

“Recourse Indebtedness”: any Indebtedness of any Person, (A) to the extent that Kimco is liable for direct claims for payment of such debt, or (B) to the extent that the payment of such debt is guaranteed by Kimco or that Kimco otherwise stands as a surety or accommodation party for such debt (provided that the amount of any such obligation shall be deemed, for the purpose of this definition, to be Kimco’s maximum reasonably anticipated liability in respect thereof as determined by Kimco in good faith), or (C) as to which a Lien securing such debt has been placed against any assets of Kimco (excluding from this clause (C) Non-Recourse Indebtedness of Kimco). (Any such Indebtedness shall not be treated as Recourse Indebtedness solely because of customary potential recourse carveouts contained in documentation, provided that if a claim is made in connection with such potential recourse carve-outs, such claim shall constitute Recourse Indebtedness for the purposes of this Agreement).

“Reference Time”: with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting, (2) if such Benchmark is EURIBOR Rate, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting, (3) if the RFR for such Benchmark is SONIA, then four RFR Business Days prior to such setting, (4) if the RFR for such Benchmark is Daily Simple SOFR, then the next RFR Business Day after such setting, (5) if such Benchmark is the TIBOR Rate, 11:00 a.m. Japan time two Business Days preceding the date of such setting, (6) if such Benchmark is Term CORRA, 1:00 p.m. Toronto local time on the date that is two Business Days preceding the date of such setting, (7) if, following a Benchmark Transition Event and Benchmark Replacement Date with respect to Term CORRA, the RFR for such Benchmark is Daily Simple CORRA, then four RFR Business Days prior to such setting, or (8) if such Benchmark is none of the Term SOFR Rate, the EURIBOR Rate, SONIA, Daily Simple SOFR, the TIBOR Rate, Term CORRA or Daily Simple CORRA, the time determined by the Administrative Agent in its reasonable discretion.

“Register”: as defined in Section 10.6.

“Regulation U”: Regulation U of the Board as in effect from time to time.

“Reimbursement Obligation”: the obligation of any Borrower to reimburse the Issuing Lender pursuant to Section 3.5(a) for amounts drawn under Letters of Credit.

“Related Parties”: as defined in Section 9.1.

“Relevant Governmental Body”: (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, the CME Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto, (ii) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto, (iii) with respect to a Benchmark Replacement in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto, (iv) with respect to a Benchmark Replacement in respect of Loans denominated in Yen, the Bank of Japan, or a committee officially endorsed or convened by the Bank of Japan, or, in each case, any successor thereto, and (v) with respect to a Benchmark Replacement in respect of Loans denominated in

any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof.

“Relevant Rate”: (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Rate, (ii) with respect to any Term Benchmark Borrowing denominated in Euros, the Adjusted EURIBOR Rate, (iii) with respect to any Term Benchmark Borrowing denominated in Canadian Dollars, the Term CORRA Rate, (iv) with respect to any Term Benchmark Borrowing denominated in Yen, the Adjusted TIBOR Rate or (v) with respect to any Borrowing denominated in Sterling, Dollars or Canadian Dollars, the applicable Daily Simple RFR, as applicable.

“Relevant Screen Rate”: (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Reference Rate, (ii) with respect to any Term Benchmark Borrowing denominated in Euros, the EURIBOR Screen Rate, (iii) with respect to any Term Benchmark Borrowing denominated in Canadian Dollars, Term CORRA or (iv) with respect to any Term Benchmark Borrowing denominated in Yen, the TIBOR Screen Rate, as applicable.

“Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.

“Reportable Event”: any of the events set forth in Section 4043(b) of ERISA, other than those events as to which the thirty day notice period is waived under Sections .13, .14, .16, .18, .19 or .20 of PBGC Reg. § 2615.

“Representation and Warranty Date”: (a) the date of the making of any Loan (excluding the date of any Excluded Borrowing), (b) the date of issuance, renewal, extension or amendment of any Letter of Credit (including any Letter of Credit issued, renewed, extended or amended on the Effective Date), and (c) in connection with any extension of the Maturity Date pursuant to Section 10.9 hereof, each applicable extension date (as defined in the definition of Extension Conditions) .

“Required Lenders”: at any time, the holders of at least 51% of the aggregate Revolving Commitments and outstanding New Term Loans (if any), or, if the Revolving Commitments have been terminated, the sum of the aggregate unpaid principal amount of the Competitive Loans, New Term Loans (if any) and the Revolving Exposure at such time.

“Requirement of Law”: as to any Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

“Resolution Authority”: an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

“Responsible Officer”: with respect to any Person, the chief executive officer and the president of such Person or, with respect to financial matters, the chief financial officer or the treasurer of such Person.

“Reuters”: as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.

“Revolving Commitment”: as to any Lender, the sum of such Lender’s Tranche A Commitment and Tranche B Commitment, as such amount may be changed from time to time in accordance with the provisions of this Agreement. The initial aggregate amount of the Lenders’ Revolving Commitments is $2,000,000,000.

“Revolving Credit Facility”: the revolving credit facility established pursuant to this Agreement.

“Revolving Credit Loans”: as defined in Section 2.2(a)(i).

“Revolving Credit Note”: as defined in Section 2.2(b).

“Revolving Exposure”: as to any Lender at any time, an amount equal to the sum of such Lender’s Tranche A Exposure and Tranche B Exposure at such time.

“RFR”: for any RFR Loan denominated in (a) Sterling, SONIA, (b) Dollars, Daily Simple SOFR and (c) Canadian Dollars (solely following a Benchmark Transition Event and a Benchmark Replacement Date with respect to Term CORRA), Daily Simple CORRA.

“RFR Borrowing”: as to any Borrowing, the RFR Loans comprising such Borrowing.

“RFR Business Day”: for any Loan denominated in (a) Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London, (b) Dollars, a U.S. Government Securities Business Day and (c) Canadian Dollars, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which commercial banks in Toronto are authorized or required by law to remain closed.

“RFR Interest Day”: has the meaning specified in the definition of “Daily Simple RFR”.

“RFR Loan”: a Loan that bears interest at a rate based on the Daily Simple RFR.

“S&P”: S&P Global Ratings and any successor thereto.

“Sanctioned Country”: a country, region or territory which is the subject or target of any Sanctions (at the time of this Agreement, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea, Zaporizhzhia and Kherson Regions of Ukraine, Cuba, Iran, and North Korea).

“Sanctioned Person”: at any time any Person subject or target of any Sanctions, including, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the U.S. government, including the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, the Canadian government or His Majesty’s Treasury of the United Kingdom, (b) any Person operating, organized or resident in a Sanctioned Country, or (c) any Person owned or controlled by any Person described in (a) or (b).

“Sanctions”: economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the

United Nations Security Council, the European Union, the Canadian government or His Majesty’s Treasury of the United Kingdom.

“Second Extended Maturity Date”: as defined in Section 10.9.

“Series”: as defined in Section 10.8.

“Sharing Event”: (a) the occurrence of an Event of Default described in paragraph (f) of Article VIII; (b) the acceleration of any Loans and L/C Obligations pursuant to Article VIII; or (c) the occurrence of an Event of Default described in paragraph (a) of Article VIII that continues after the Maturity Date.

“Short Term Loan Maturity Date”: with respect to any Short Term Loan, the maturity date requested by the applicable Borrower in connection therewith (which date shall in no event be later than the earlier of (a) 29 days after the Borrowing Date thereof and (b) the Termination Date).

“Short Term Loans”: Revolving Credit Loans denominated in Dollars the rate of interest applicable to which is based upon the Short Term Rate.

“Short Term Rate”: with respect to any proposed Short Term Loan, an interest rate equal to (a) the quoted rate per annum determined by the Administrative Agent with respect thereto by interpolating between SOFR and the one month Term SOFR Rate for the term of such Short Term Loan, no later than 10:00 A.M., New York City time, on the requested Borrowing Date, plus (b) 0.10% per annum.

“Short Term Tranche”: the collective reference to Short Term Loans having the same Borrowing Date and Short Term Loan Maturity Date.

“Single Employer Plan”: any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

“SOFR”: a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

“SOFR Administrator”: the NYFRB (or a successor administrator of the secured overnight financing rate).

“SOFR Administrator’s Website”: the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

“SOFR Rate Day”: specified in the definition of “Daily Simple SOFR”.

“Solvent”: as to any Person, that, as of any date of determination, (a) the amount of the present fair saleable value of the assets of such Person will, as of such date, exceed the amount of all liabilities of such Person, contingent or otherwise, as of such date, as determined in accordance with applicable U.S. federal and state laws (or analogous applicable foreign laws) governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its existing or anticipated debts as such debts become absolute and matured, and (c) such Person will not have as of such date, an unreasonably small amount of capital with which to conduct its business.

“SONIA”: with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business Day.

“SONIA Administrator”: the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

“SONIA Administrator’s Website”: the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

“Status”: as to Ultimate Parent, the existence of Level I Status, Level II Status, Level III Status, Level IV Status, Level V Status, Level VI Status, or Level VII Status, as the case may be.

As used in this definition:

“Level I Status” exists at any date if, at such date, Kimco has a long-term senior unsecured debt rating of A+ or better by S&P and A1 or better by Moody’s.

“Level II Status” exists at any date if, at such date, Level I Status does not exist and Kimco has a long-term senior unsecured debt rating of A or better by S&P and A2 or better by Moody’s;

“Level III Status” exists at any date if, at such date, neither Level I Status nor Level II Status exists and Kimco has a long-term senior unsecured debt rating of A- or better by S&P and A3 or better by Moody’s;

“Level IV Status” exists at any date if, at such date, none of Level I Status, Level II Status or Level III Status exists and Kimco has a long-term senior unsecured debt rating of BBB+ or better by S&P and Baa1 or better by Moody’s;

“Level V Status” exists at any date if, at such date, none of Level I Status, Level II Status, Level III Status or Level IV Status exists and Kimco has a long-term senior unsecured debt rating of BBB or better by S&P and Baa2 or better by Moody’s;

“Level VI Status” exists at any date if, at such date, none of Level I Status, Level II Status, Level III Status or Level IV Status or Level V Status exists and Kimco has a long-term senior unsecured debt rating of BBB- or better by S&P and Baa3 or better by Moody’s; and

“Level VII Status” exists at any date if, at such date, none of Level I Status, Level II Status, Level III Status, Level IV Status, Level V Status or Level VI Status exists;

provided that (i) in the event of a “split” rating, the Applicable Margin, Facility Fee Rate, and L/C Fee Rate shall be based upon the higher of the two ratings, (ii) if Kimco, at its option, (A) obtains a debt rating from a third nationally-recognized rating agency (it being understood that Fitch is a nationally‑recognized rating agency), and (B) delivers a written notice to the Administrative Agent that it would like to include such debt rating for purposes of determining Status, then the Applicable Margin, Facility Fee Rate, and L/C Fee Rate shall be based on (x) the highest rating, if the difference between the highest and second-highest ratings is one ratings category or (y) the average of the two highest ratings, if the difference between the highest and second-highest ratings is two or more ratings categories, and (iii) if S&P and/or Moody’s shall cease to issue ratings of debt securities of real estate investment trusts generally, then the

Administrative Agent and Kimco shall negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of such substitute rating agency with that of the rating agency for which it is substituting) and (a) until such substitute rating agency or agencies are agreed upon, Status shall be determined on the basis of the rating assigned by the other rating agency (or, if both S&P and Moody’s shall have so ceased to issue such ratings, on the basis of the Status in effect immediately prior thereto) and (b) after such substitute rating agency or agencies are agreed upon, Status shall be determined on the basis of the rating assigned by the other rating agency and such substitute rating agency or the two substitute rating agencies, as the case may be.

Notwithstanding the foregoing, if and for so long as (i) the Leverage Ratio as of the last day of the most recently ending fiscal quarter of Kimco as set forth in the corresponding compliance certificate delivered pursuant to Section 6.2 is equal to or less than 0.32 to 1.0 or, for only one fiscal quarter ending on or following March 31, 2026, greater than 0.32 to 1.0 but less than or equal to 0.35 to 1.0 and (ii) Kimco has a long-term senior unsecured debt rating of BBB+ by S&P and Baa1 by Moody’s, then Level III Status shall apply.

Each change in the Applicable Margin, Facility Fee Rate and L/C Fee Rate shall be effective commencing on the third Business Day following the date on which notice of the applicable change in Kimco’s long-term senior unsecured debt rating is first announced by the applicable rating agency, irrespective of whether and when notice of such change shall have been furnished by the Borrower to the Administrative Agent (or, if the Leverage Ratio is applicable pursuant to the sentence above, three Business Days after the delivery by Kimco of the Administrative Agent pursuant to Section 6.2(b) of the compliance certificate for the relevant quarterly period). If Kimco fails to timely deliver a compliance certificate pursuant to Section 6.2(b), the Applicable Margin, Facility Fee Rate and L/C Fee Rate shall be determined without reference to the sentence above until the first Business Day of the calendar month immediately following the month that the required compliance certificate is delivered.

“Statutory Reserve Rate”: a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted EURIBOR Rate or Adjusted TIBOR Rate, as applicable, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve percentage shall include those imposed pursuant to Regulation D or any other reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans denominated in Euros or Yen. Term Benchmark Loans for which the associated Benchmark is adjusted by reference to the Statutory Reserve Rate (per the related definition of such Benchmark) shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

“Sterling”: the lawful money of the United Kingdom.

“Subsidiary”: as to any Person, a corporation, limited liability company, partnership or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.

Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a direct or indirect Subsidiary or Subsidiaries of Kimco.

“Subsidiary Borrower Representation and Warranty Date”: the date of the making of any Loan (other than the date of an Excluded Borrowing) to, or the issuance, renewal, extension or amendment of any Letter of Credit for the account of, any Subsidiary Borrower.

“Subsidiary Borrowers”: as defined in Section 10.10.

“Subsidiary Guarantee”: each guarantee, substantially in the form of Exhibit C, executed and delivered by a Subsidiary Guarantor, in accordance with the terms of this Agreement.

“Subsidiary Guarantor”: as defined in Section 10.10.

“Sustainability Assurance Provider”: a qualified external reviewer, independent of Ultimate Parent and its Subsidiaries, with relevant expertise, such as an auditor, environmental consultant and/or independent ratings agency of recognized national standing that shall apply auditing standards and methodology consistent with the GHG Protocol Corporate Reporting and Accounting Standard. As of the date hereof, the term Sustainability Assurance Provider means Cventure LLC; provided that a replacement Sustainability Assurance Provider may be designated from time to time by Ultimate Parent or Kimco if any such replacement Sustainability Assurance Provider (a) shall be (i) a qualified external reviewer, independent of Ultimate Parent and its Subsidiaries, with relevant expertise, such as an auditor, environmental consultant and/or independent ratings agency of recognized national standing or (ii) another firm designated by Ultimate Parent or Kimco and approved by the Required Lenders, and (b) shall apply substantially the same auditing standards and methodology used in the Initial KPI Metrics Report, except for any changes to such standards and/or methodology that (i) are consistent with then generally accepted industry standards or (ii) if not so consistent, are proposed by Ultimate Parent or Kimco and approved by the Required Lenders.

“Sustainability Baseline”: as of any determination date shall mean the Sustainability Metric for the Sustainability Metric Base Year, as such amount shall be adjusted to reflect dispositions or acquisitions of properties or assets by Kimco, any of its Consolidated Entities or any of its Unconsolidated Entities since the Sustainability Metric Base Year, in accordance with GHG Protocol Corporate Reporting and Accounting Standard.

“Sustainability Facility Fee Adjustment”: with respect to any KPI Metrics Report, for any period between Sustainability Pricing Adjustment Dates, commencing with the 2025 calendar year (subject to Section 2.19(g)), an amount (whether positive, negative or zero), expressed as a percentage, equal to the KPI Facility Fee Adjustment Amount (whether positive, negative or zero) for such period.

“Sustainability L/C Fee Adjustment”: with respect to any KPI Metrics Report, for any period between Sustainability Pricing Adjustment Dates, commencing with the 2025 calendar year (subject to Section 2.19(g)), an amount (whether positive, negative or zero), expressed as a percentage, equal to the KPI L/C Fee Adjustment Amount (whether positive, negative or zero) for such period.

“Sustainability Metric”: for any fiscal year of Ultimate Parent, (a) the total Direct (Scope 1) & Energy Direct (Scope 2) Greenhouse Gas Emissions (“GHG Emissions”), measured in metric tonnes CO2 (carbon dioxide) equivalent, of Kimco together with the Consolidated Entities and the Unconsolidated Entities during such fiscal year (determined and calculated according to the GHG Protocol Corporate Reporting and Accounting Standard using the Control Approach for defining relevant emissions sources) minus (b) qualified emissions offsets (such as renewable energy certificates (RECs))

of Kimco together with the Consolidated Entities and the Unconsolidated Entities during such fiscal year (including any such offsets in which Kimco, any of its Consolidated Entities or any of its Unconsolidated Entities has an interest including as a result of purchasing environmental attributes of projects other than those owned directly by Kimco, any of its Consolidated Entities or any of its Unconsolidated Entities). GHG Emissions will be quantified after the end of each fiscal year based on invoice data collected in Kimco’s utility management system. Such determination shall be verified by an independent third party in accordance with Tier II of the Emission Reduction Ton standard corporate greenhouse gas verification guideline as described in the GHG Protocol Corporate Reporting and Accounting Standard, or in accordance with another CDP-approved standard identified by Kimco.

“Sustainability Metric Base Year”: the fiscal year ended on December 31, 2018.

“Sustainability Pricing Adjustment Date”: specified in Section 2.19(a).

“Sustainability Rate Adjustment”: with respect to any KPI Metrics Report, for any period between Sustainability Pricing Adjustment Dates, an amount (whether positive, negative or zero), expressed as a percentage, equal to the KPI Applicable Margin Adjustment Amount (whether positive, negative or zero) for such period.

“Sustainability Report”: the annual non-financial disclosure report prepared in accordance with the GHG Protocol Corporate Reporting and Accounting Standard publicly reported by Ultimate Parent or Kimco and published on an Internet or intranet website to which each Lender and the Administrative Agent have been granted access free of charge (or at the expense of Ultimate Parent or Kimco).

“Sustainability Table”: the Sustainability Table set forth on Schedule ST.

“Swap Agreement”: any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Kimco or any Affiliate thereof shall be a Swap Agreement.

“Swap Obligation”: with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

“Syndication Agents”: as defined in the introductory paragraph hereof.

“T2”: the real time gross settlement system operated by the Eurosystem, or any successor system.

“TARGET Day”: any day on which T2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

“Taxes”: any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

“Term Benchmark Borrowing”: any Borrowing that bears interest at a rate determined by reference to the Term SOFR Rate, the Term CORRA Rate, the Adjusted EURIBOR Rate or the Adjusted TIBOR Rate.

“Term Benchmark Loans”: Revolving Credit Loans and Competitive Loans, the rate of interest applicable to which is based upon the Term SOFR Rate, the Term CORRA Rate, the Adjusted EURIBOR Rate or the Adjusted TIBOR Rate.

“Term Benchmark Tranche”: the collective reference to Term Benchmark Loans the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day).

“Term CORRA”: for any calculation with respect to any Term Benchmark Borrowing denominated in Canadian Dollars, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than five (5) Business Days prior to such Periodic Term CORRA Determination Day.

“Term CORRA Administrator”: Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

“Term CORRA Notice”: a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term CORRA Reelection Event.

“Term CORRA Rate”: for purposes of any calculation, the rate per annum equal to Term CORRA for such calculation; provided that if the Term CORRA Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

“Term CORRA Reelection Event”: the determination by the Administrative Agent that (a) Term CORRA has been recommended for use by the Relevant Governmental Body, (b) the administration of Term CORRA is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.8(b) that is not Term CORRA.

“Term CORRA Reference Rate”: the forward-looking term rate based on CORRA.

“Term SOFR Determination Day”: assigned to it under the definition of Term SOFR Reference Rate.

“Term SOFR Rate”: with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two (2) U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by

the CME Term SOFR Administrator; provided that if the Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

“Term SOFR Reference Rate”: for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

“Termination Date”: the date that is the earliest to occur of (a) the Maturity Date, (b) the date on which the Revolving Commitments hereunder shall be terminated or otherwise permanently reduced to zero pursuant to this Agreement, and (c) the date on which the Loans shall become due and payable hereunder by acceleration.

“Test Period”: a period of four (4) consecutive fiscal quarters of Ultimate Parent.

“TIBOR Rate”: with respect to any Term Benchmark Borrowing denominated in Yen and for any Interest Period, the TIBOR Screen Rate two Business Days prior to the commencement of such Interest Period.

“TIBOR Screen Rate”: the Tokyo interbank offered rate administered by the Ippan Shadan Hojin JBA TIBOR Administration (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on page DTIBOR01 of the Reuters screen (or, in the event such rate does not appear on such Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as selected by the Administrative Agent from time to time in its reasonable discretion) as published at approximately 1:00 p.m. Japan time on the applicable date of determination. If the TIBOR Screen Rate shall be less than 0.00%, the TIBOR Screen Rate shall be deemed to be 0.00% for purposes of this Agreement.

“Total Adjusted EBITDA”: for any Test Period, Total EBITDA for such period minus (without duplication) (i) replacement reserves of $0.15 per square foot of gross leasable area per annum, pro-rated for the applicable period, (ii) non-cash revenue and expense for such period attributable to straight-lining of rents, (iii) EBITDA for such period attributable to Unconsolidated Entities, (iv) income for such period from mezzanine and mortgage loan receivables, (v) dividend and interest income from marketable securities, (vi) EBITDA for such period attributable to Properties acquired within 24 months prior to the last day of such Test Period, and (vii) Ultimate Parent’s and its Affiliates’ management fee income and other income (excluding all items referred to in any other clause of this definition) for such period not attributable to Properties to the extent that such items referred to in this clause (vii), in the aggregate, exceed 15% of Total EBITDA (it being understood that if Kimco has a long-term senior unsecured debt rating of “A3” or “A-” or better assigned by two of S&P, Moody’s or Fitch, the limitations set forth in this clause (vii) shall not apply).

“Total Adjusted Interest Expense”: actual interest expense (accrued, paid, capitalized, and reduced by forgiven accrued amounts) of Kimco and the Consolidated Entities but excluding (i) non-cash interest expense with respect to convertible debt, (ii) amortization of above/below-market debt amounts and of deferred financing costs, (iii) facility fees attributable to the Revolving Credit Facility, and (iv) prepayment penalties.

“Total Debt Service”: in respect of any Test Period, Total Adjusted Interest Expense plus scheduled principal debt amortization for Kimco and the Consolidated Entities on the aggregate principal amount of their respective Indebtedness (provided that there shall be excluded optional prepayments and balloon payments due at maturity, and non-cash interest expense with respect to convertible debt, and provided, further, that the amount of any scheduled principal debt amortization payment paid during such Test Period with respect to Indebtedness related to a property acquired during such Test Period or otherwise assumed in connection with an acquisition consummated during such Test Period shall be limited, for purposes of calculating Total Debt Service, in proportion to the fraction of such Test Period during which Kimco or another Consolidated Entity owned such property or had assumed such Indebtedness, as applicable), plus preferred stock dividends paid during such Test Period.

“Total EBITDA”: for any period, Adjusted Net Income of Kimco and the Consolidated Entities before any provision or benefit for income taxes, interest expense, depreciation, amortization, gains or losses on (i) sales of operating real estate and (ii) marketable securities, noncash impairment charges, acquisition costs, gains or losses on extraordinary items and gains or losses on early extinguishment of debt, plus, without duplication, EBITDA of Unconsolidated Entities.

“Total Indebtedness”: as of any date of determination, the principal amount of all Indebtedness of Kimco, of any Wholly Owned Subsidiaries and of any other Consolidated Entities, outstanding at such date.

“Total Priority Indebtedness”: as of any date of determination, the aggregate of (a) Indebtedness of Kimco or of any of the Consolidated Entities outstanding as of such date, secured by any asset of Kimco or the Consolidated Entities, and (b) all unsecured third party Indebtedness of the Consolidated Entities to Persons other than Kimco or any Consolidated Entity outstanding as of such date except to the extent that such unsecured third party Indebtedness is unconditionally and irrevocably guaranteed by Ultimate Parent or Kimco.

“Total Unsecured Interest Expense”: actual interest expense (accrued, paid, or capitalized) on all Unsecured Debt of Kimco or any Consolidated Entity, but excluding (i) non-cash interest expense with respect to convertible debt, (ii) amortization of above/below-market debt amounts and of deferred financing costs, (iii) facility fees attributable to the Revolving Credit Facility and (iv) prepayment penalties.

“Tranche”: any Term Benchmark Tranche or Short Term Tranche.

“Tranche A Commitment”: as to any Lender, the obligation (if any) to make Tranche A Loans to and/or issue or participate in Tranche A Letters of Credit issued on behalf of Borrowers hereunder in an aggregate principal and/or face amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.1A under the heading “Tranche A Commitment (Dollars Only),” as such amount may be changed from time to time in accordance with the provisions of this Agreement. The initial aggregate amount of the Lenders’ Tranche A Commitments is $1,750,000,000.

“Tranche A Exposure”: as to any Lender at any time, an amount equal to the sum of (a) the outstanding aggregate amount of such Lender’s Tranche A Loans at such time and (b) such Lender’s Applicable Percentage of the Tranche A L/C Obligations then outstanding.

“Tranche A L/C Obligations”: at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Tranche A Letters of Credit and (b) the aggregate amount of drawings under Tranche A Letters of Credit that have not then been reimbursed pursuant to Section 3.5(a).

“Tranche A Letters of Credit”: letters of credit issued by the Issuing Lender pursuant to this Agreement, to the extent such Letters of Credit are deemed, pursuant to the provisions of this Agreement, to be a use of the Tranche A Commitment, including the letters of credit referred to in Schedule 3.10.

“Tranche A Loans”: Revolving Credit Loans made by the Lenders pursuant to this Agreement, to the extent such Loans are deemed, pursuant to the provisions of this Agreement, to be a use of the Tranche A Commitment.

“Tranche B Commitment”: as to any Lender, the obligation (if any) to make Tranche B Loans to and/or issue or participate in Tranche B Letters of Credit issued on behalf of Borrowers hereunder in an aggregate principal and/or face amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.1A under the heading “Tranche B Commitment (Dollars or Alternate Currency),” as such amount may be changed from time to time in accordance with the provisions of this Agreement, including any pre-approved increases pursuant to Section 2.18. The initial aggregate amount of the Lenders’ Tranche B Commitments is $250,000,000.

“Tranche B Exposure”: as to any Lender at any time, an amount equal to the sum of (a) the Dollar Equivalent of the outstanding aggregate amount of such Lender’s Tranche B Loans at such time and (b) such Lender’s Applicable Percentage of the Tranche B L/C Obligations then outstanding.

“Tranche B L/C Obligations”: at any time, an amount equal to the sum of (a) the Dollar Equivalent of the aggregate then undrawn and unexpired amount of the then outstanding Tranche B Letters of Credit and (b) the Dollar Equivalent of the aggregate amount of drawings under Tranche B Letters of Credit that have not then been reimbursed pursuant to Section 3.5(a).

“Tranche B Letters of Credit”: letters of credit issued by the Issuing Lender pursuant to this Agreement, to the extent such Letters of Credit are deemed, pursuant to the provisions of this Agreement, to be a use of the Tranche B Commitment, including the letters of credit referred to in Schedule 3.10.

“Tranche B Loans”: Revolving Credit Loans made by the Lenders pursuant to this Agreement, to the extent such Loans are deemed, pursuant to the provisions of this Agreement, to be a use of the Tranche B Commitment.

“Transferee”: as defined in Section 10.7.

“Type”: as to any Revolving Credit Loan, its nature as an ABR Loan, a Term Benchmark Loan, RFR Loan, a Canadian Prime Rate Loan or a Short Term Loan; and as to any Competitive Loan, its nature as a Term Benchmark Loan or a Fixed Rate Loan.

“UK Financial Institution”: any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

“UK Resolution Authority”: the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

“Ultimate Parent”: Kimco Realty Corporation, a Maryland corporation.

“Unadjusted Benchmark Replacement”: the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

“Unconsolidated Entity”: as of any date of determination, a corporation, partnership, limited liability company, trust, joint venture, or other business entity in which Ultimate Parent, directly or indirectly through ownership of one or more intermediary entities, owns an equity interest but that is not required in accordance with GAAP to be consolidated with Ultimate Parent for financial reporting purposes (including, for the avoidance of doubt, (i) any entity in which the only investment by Ultimate Parent or any Affiliate thereof consists of preferred stock or securities of another entity having characteristics analogous to those of preferred stock, and (ii) any entity as to which Ultimate Parent (together with its Affiliates) does not have the power to direct the acquisition, financing, disposition and other major decisions regarding property owned by such entity).

“unencumbered”: with respect to any asset, as of any date of determination, the circumstance that such asset on such date (a) is not subject to any Liens or claims (including restrictions on transferability or assignability) of any kind (excluding Permitted Encumbrances), (b) is not subject to any agreement (including (i) any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset and (ii) if applicable, the organizational documents of any Entity) which prohibits or restricts in a material manner Ultimate Parent or any of the Entities from creating, incurring, assuming or suffering to exist any Lien upon, or conveying, selling, leasing, transferring or otherwise disposing of, any assets or Capital Stock of Ultimate Parent or any of the Entities (excluding any agreement which limits generally the amount of secured Indebtedness which may be incurred by Ultimate Parent and the Entities) and (c) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which entitles any Person to the benefit of any Lien (other than Permitted Encumbrances) on any assets or Capital Stock of Ultimate Parent or any of the Entities, or would entitle any Person to the benefit of any Lien (other than Permitted Encumbrances) on such assets or Capital Stock upon the occurrence of any contingency (other than pursuant to an “equal and ratable” clause contained in any agreement governing Indebtedness).

“Unencumbered Assets NOI”: for any period, Unencumbered Property NOI, plus (a) 75% of management fee revenues earned by Ultimate Parent and the Wholly Owned Subsidiaries in respect of properties owned by any Unconsolidated Entity, plus (b) the sum of dividend and interest income from unencumbered marketable securities and unencumbered mezzanine and mortgage loan receivables; provided that management fee revenues earned in respect of properties owned by any Unconsolidated Entity, dividend and interest income from unencumbered mezzanine loan receivables shall not be taken into account to the extent the sum of all such items exceeds 30% of Unencumbered

Assets NOI for the applicable period (it being understood that if Kimco has a long-term senior unsecured debt rating of “A3” or “A-” or better assigned by two of S&P, Moody’s or Fitch, the limitations set forth in this proviso shall not apply).

“Unencumbered Properties”: (a) Properties wholly owned by Ultimate Parent, Kimco or by a Wholly Owned Subsidiary (or in which Ultimate Parent, Kimco or a Wholly Owned Subsidiary has a leasehold interest to the extent eligible pursuant to clause (b) of the second sentence of the definition of the term “Unencumbered Property NOI”), as to which Ultimate Parent or Kimco has control, which Properties are unencumbered (including freedom from restrictions, whether on the Property itself or the entity holding such Property, on pledging such Property or the stock, limited liability company interests, partnership interests, or other ownership interests of any Person having an ownership interest in such Property as collateral or selling such Property), and (b) other unencumbered Properties as to which Ultimate Parent, Kimco or a Wholly Owned Subsidiary owns (directly or through the ownership of an interest in a Consolidated Entity) a majority of the equity interests or has a leasehold interest, as above, and has the power to direct acquisition, disposition, financing, and other major property decisions (which shall not include Properties owned by or through Unconsolidated Entities); provided that no such Property shall be treated as an Unencumbered Property at any time during which any Person (other than Ultimate Parent or Kimco) having any direct or indirect ownership interest in such Property has any Indebtedness or has any obligation or liability, whether primary, secondary, direct, indirect, fixed, contingent, or otherwise (including as a guarantor or other surety or accommodation party, as the general partner of a partnership that has Recourse Indebtedness, under applicable law, or otherwise) in respect of any Indebtedness (an “Obligated Property Owner”), unless at such time each such Obligated Property Owner is a Wholly Owned Subsidiary and a Subsidiary Guarantor pursuant to an effective Subsidiary Guarantee.

“Unencumbered Property NOI”: for any period, Property NOI for such period of Unencumbered Properties net of (x) management fees of 3% of revenues and (y) replacement reserves of $0.15 per square foot per annum (pro-rated for the applicable Test Period) of gross leasable area, from Unencumbered Properties. For the purpose of determining Unencumbered Property NOI, (a) no property owned by any Unconsolidated Entity shall be included and (b) leasehold positions will be eligible if (i) with respect to the lease term, either (x) more than 25 years remains in such lease term or (y) such lease term is renewable in the sole discretion of Ultimate Parent or Kimco for one or more successive periods aggregating (together with the remaining current lease term) more than 25 years so long as, in the case of this clause (y), periodic rent increases shall be at levels comparable to those that are customarily applicable to leases having initial terms in excess of 25 years, and (ii) such leasehold position is mortgageable and the terms of the lease include customary secured lender protections (including that (A) the lessor shall notify any holder of a security interest in such leasehold interest of the occurrence of any default by the lessee under such lease and shall afford such holder the right to cure such default, and (B) in the event that such lease is terminated, such holder shall have the option to enter into a new lease having terms substantially identical to those contained in the terminated lease).

“Uniform Customs”: the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, and if acceptable to the Issuing Lender in its sole discretion, as the same may be amended or revised from time to time.

“United States”: the United States of America, including the States and the District of Columbia, but excluding its territories and possessions.

“Unrestricted Cash and Cash Equivalents”: as of any date of determination, the sum of (a) the Dollar Equivalent of the aggregate amount of Unrestricted cash then held by Kimco or any of the Consolidated Entities and (b) the Dollar Equivalent of the aggregate amount of Unrestricted Cash

Equivalents (valued at the lower of cost and fair market value) then held by Kimco or any of the Consolidated Entities. As used in this definition, “Unrestricted” means, with respect to any asset, the circumstance that such asset is not subject to any Liens or claims of any kind in favor of any Person.

“Unsecured Debt”: all Indebtedness which is not secured by a Lien on any income, Capital Stock, property or asset; provided that Unsecured Debt shall not include any Indebtedness included in the calculation of Total Priority Indebtedness.

“U.S. Government Securities Business Day”: any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

“U.S. Person”: a “United States person” within the meaning of Section 7701(a)(30) of the Code.

“U.S. Tax Certificate”: as defined in Section 2.12(d)(ii)(D).

“Wells Fargo”: Wells Fargo Bank, National Association.

“Wholly Owned Subsidiary”: as to any Person, any entity all of the capital stock of which and any and all equivalent ownership interests of which (other than directors’ qualifying shares required by law) are owned by such Person directly or indirectly through one or more of such Person’s Wholly Owned Subsidiaries. Unless otherwise qualified, all references to a “Wholly Owned Subsidiary” or to “Wholly Owned Subsidiaries” in this Agreement shall be a collective reference to, without duplication, all (a) Wholly Owned Subsidiaries of Ultimate Parent and (b) Wholly Owned Subsidiaries of Kimco.

“Withholding Agent”: any Loan Party and the Administrative Agent.

“Write-Down and Conversion Powers”: (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

“Yen”: the lawful money of Japan.

Section 1.2 Other Definitional Provisions; Interpretation.

(a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in any other Loan Document or any certificate or other document made or delivered pursuant hereto or thereto.

(b) Without limiting Section 1.3, as used herein and in any other Loan Document, and any certificate or other document made or delivered pursuant hereto or thereto, accounting terms

relating to Kimco and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP.

(c) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

(e) Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.

(f) The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.

(g) The word “will” shall be construed to have the same meaning and effect as the word “shall”.

(h) Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, and (iii) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

Section 1.3 Accounting Terms; GAAP.

Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if Kimco notifies the Administrative Agent that Kimco requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies Kimco that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective (and the Administrative Agent, the Lenders and the Borrowers shall negotiate in good faith to amend such provision to preserve the original intent thereof in light of such change in GAAP) until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the audited consolidated financial statements of Kimco for the fiscal year December 31, 2015 for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the requisite parties hereto shall enter into a mutually acceptable amendment addressing such changes.

Section 1.4 Exchange Rates.

(a) Not later than 12:00 noon, New York City time, three (3) Business Days prior to each Calculation Date beginning with the date that is the earlier of the date on which the initial Alternate Currency Borrowing is made or the initial Letter of Credit denominated in an Alternate Currency is issued, as the case may be, the Administrative Agent shall determine the Exchange Rate as of such Calculation Date with respect to each relevant Alternate Currency. The Exchange Rates so determined shall become effective on the relevant Calculation Date, shall remain effective until the next succeeding Calculation Date, and shall for all purposes of this Agreement (other than Section 2.2, Section 10.20, or any other provision expressly requiring the use of a current Exchange Rate) be the Exchange Rates employed in converting any amounts between dollars and any Alternate Currency.

(b) Not later than 5:00 p.m., New York City time, on each Calculation Date, the Administrative Agent shall determine the aggregate amount of the Dollar Equivalents of the principal amounts of Alternate Currency Loans or L/C Obligations then outstanding (after giving effect to any Alternate Currency Loans made or repaid on such date or any L/C Obligations incurred or repaid on such date). The Administrative Agent shall determine the aggregate amount of the Dollar Equivalent of all other amounts denominated in an Alternate Currency at the applicable time provided for its making such determination pursuant to this Agreement (and such determinations shall be conclusive and binding on the parties hereto in the absence of manifest error).

Section 1.5 Interest Rates; Benchmark Notification. The interest rate on a Loan denominated in Dollars or an Alternate Currency may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event or a Term CORRA Reelection Event, Section 2.8(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

Section 1.6 Letter of Credit Amounts.

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.

Section 1.7 Divisions.

For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its equity interests at such time.

Article II

THE LOANS

Section 2.1 Competitive Bid Procedure.

(a) Subject to the terms and conditions set forth herein, from time to time during the Commitment Period, Kimco may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans denominated in Dollars in an aggregate principal amount outstanding at any time not to exceed fifty percent (50%) of the aggregate Revolving Commitments; provided that after giving effect thereto the sum of the total Revolving Exposure of all the Lenders plus the aggregate principal amount of outstanding Competitive Loans shall not exceed the total Revolving Commitments. Competitive Loans shall not be available in any Alternate Currency. To request Competitive Bids, Kimco shall notify the Administrative Agent of such request by telephone (x) in the case of a borrowing of Competitive Loans based on an Term SOFR Rate, not later than 11:00 a.m. (New York City time) four (4) Business Days before the date of the proposed borrowing, and (y) in the case of a borrowing of Fixed Rate Loans, not later than 10:00 a.m. (New York City time), one (1) Business Day before the date of the proposed borrowing; provided that Kimco may submit up to (but not more than) three (3) Competitive Bid Requests on the same day, but a Competitive Bid Request shall not be made within two (2) Business Days after the date of any previous Competitive Bid Request, unless any and all such previous Competitive Bid Requests shall have been withdrawn or all Competitive Bids received in response thereto rejected. Each such telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in a form approved by the Administrative Agent and signed by Kimco. Each such telephonic and written Competitive Bid Request shall specify the following information:

(i) the aggregate amount of the requested Borrowing, which shall be in Dollars;

(ii) the date of such Borrowing, which shall be a Business Day;

(iii) whether such Borrowing is to be based on an Term SOFR Rate or at a Fixed Rate;

(iv) the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by the definition of the term “Interest Period”;

(v) the date of maturity of such Borrowing; and

(vi) the location and number of Kimco’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.2(d).

Promptly following receipt of a Competitive Bid Request in accordance with this Section, the Administrative Agent shall notify the Lenders of the details thereof by telecopy, inviting the Lenders to submit Competitive Bids.

(b) Each Lender may (but shall not have any obligation to) make one or more Competitive Bids to Kimco in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent and must be received by the Administrative Agent by telecopy (x) in the case of a borrowing of a Competitive Loan at a rate based on the Term SOFR Rate, not later than 11:00 a.m. (New York City time) three (3) Business Days before the proposed date of such borrowing, and (y) in the case of a borrowing of a Fixed Rate Loan, not later than 10:00 a.m. (New York City time) on the proposed date of such borrowing. Competitive Bids that do not conform substantially to the form approved by the Administrative Agent may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. Each Competitive Bid shall specify (i) the principal amount (which shall be a minimum of $5,000,000 and an integral multiple of $1,000,000 and which may equal the entire principal amount of the borrowing of a Competitive Loan requested by Kimco) of the Competitive Loan or Loans that the applicable Lender is willing to make, (ii) the Competitive Bid Rate or Rates (including, in the case of a Competitive Loan based on the Term SOFR Rate, the Term SOFR Rate quoted by such Lender for the requested Interest Period) at which such Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof.

(c) The Administrative Agent shall promptly notify Kimco by telecopy of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid.

(d) Subject only to the provisions of this paragraph, Kimco may accept or reject any Competitive Bid. Kimco shall notify the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid (x) in the case of a Competitive Loan based on an Term SOFR Rate, not later than 12:00 p.m. (New York City time) three (3) Business Days before the date of the proposed borrowing, and (y) in the case of a Fixed Rate Loan, not later than 12:00 p.m. (New York City time) on the proposed date of the borrowing; provided that (i) the failure of Kimco to give any such notice shall be deemed to be a rejection of each Competitive Bid, (ii) Kimco shall not accept a Competitive Bid made at a particular Competitive Bid Rate if Kimco rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by Kimco shall not exceed the aggregate amount of the requested borrowing for Competitive Loans specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, Kimco may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive

Bid, and (v) except pursuant to clause (iv) above, no Competitive Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided, further, that if a Competitive Loan must be in an amount less than $5,000,000 because of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a manner determined by Kimco. A notice given by Kimco pursuant to this paragraph shall be irrevocable.

(e) The Administrative Agent shall promptly notify each bidding Lender by telecopy whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of which its Competitive Bid has been accepted.

(f) If the entity which is the Administrative Agent shall elect to submit a Competitive Bid in its capacity as a Lender, it shall submit such Competitive Bid directly to Kimco at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph (b) of this Section.

Section 2.2 Loans; Etc.

(a) Revolving Commitments.

(i) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans (“Revolving Credit Loans”) to the Borrowers, without double-counting (i.e., amounts advanced by a Lender in respect of its Tranche A Commitment shall not be counted in reduction of its Tranche B Commitment, or vice versa) (x) in the case of Lenders with a Tranche A Commitment, in Dollars only, from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender’s Applicable Percentage of the then outstanding Tranche A L/C Obligations, does not exceed the amount of such Lender’s Tranche A Commitment, and (y) in the case of Lenders with a Tranche B Commitment, in Dollars or in an Alternate Currency, from time to time during the Commitment Period in an aggregate principal amount at any one time outstanding the Dollar Equivalent of which, when added to such Lender’s Applicable Percentage of the then outstanding Tranche B L/C Obligations, does not exceed the amount of such Lender’s Tranche B Commitment; provided that no Short Term Loan shall be available in an Alternate Currency. During the Commitment Period the Borrowers may use the Revolving Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. Notwithstanding anything to the contrary contained in this Agreement, in no event shall, at any time, the sum of the Revolving Exposure of all of the Lenders plus the aggregate principal amount of outstanding Competitive Loans exceed the aggregate Revolving Commitments then in effect.

(ii) Each Revolving Credit Loan shall be made as part of a Borrowing consisting of Revolving Credit Loans made by the Lenders in accordance with their respective Applicable Percentages of the Tranche A Commitments or the Tranche B Commitments, as applicable, and to the extent such Revolving Credit Loan is made shall constitute a use of the Tranche A Commitment or the Tranche B Commitment, as applicable. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.1. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Revolving Commitments and Competitive Bids of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

(iii) Subject to Section 2.8 and Section 2.10, (x) Revolving Credit Loans denominated in Dollars may from time to time be Term Benchmark Loans, ABR Loans, RFR Loans, or Short Term Loans or a combination thereof, as determined by the applicable Borrower and notified to the Administrative Agent in accordance with Sections 2.2(d) and 2.4, and (y) Revolving Credit Loans denominated in Canadian Dollars may from time to time be Term Benchmark Loans or Canadian Prime Rate Loans, provided that no such Revolving Credit Loan described in this sentence shall be made as a Term Benchmark Loan after the day that is one (1) month prior to the Termination Date. Revolving Credit Loans denominated in an Alternate Currency (other than Canadian Dollars) shall be composed entirely of Term Benchmark Loans or RFR Loans, as applicable, and Revolving Credit Loans denominated in an Alternate Currency shall only be made using Tranche B Commitments. Each Lender at its option may make any Revolving Credit Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Agreement; provided, further, that each applicable Lender shall at all times comply with the requirements of this Agreement in respect thereto, including Section 2.12, and no Lender shall make any such election if and to the extent the same would cause the applicable Borrower to increase its payment obligations hereunder. Subject to Section 2.8 and Section 2.10, any Competitive Loan may from time to time be a Term Benchmark Loans or a Fixed Rate Loan as the applicable Borrower may request in accordance with Section 2.1.

(b) Notes. The Revolving Credit Loans made by each Lender shall be evidenced by a promissory note executed and delivered by the applicable Borrower at the request of such Lender, substantially in the form of Exhibit B-1, with appropriate insertions as to payee and date (a “Revolving Credit Note”), payable to the order of such Lender in a principal amount equal to the aggregate unpaid principal amount of all Revolving Credit Loans made by such Lender. The Competitive Loans made by each Lender shall be evidenced by a promissory note executed and delivered by Kimco at the request of such Lender, substantially in the form of Exhibit B-2, with appropriate insertions as to payee and date (a “Competitive Loan Note”), payable to the order of such Lender. Each Lender is hereby authorized to record, as applicable, the date, Type and amount of each Revolving Credit Loan or Competitive Loan made by such Lender, each continuation thereof, each conversion of all or a portion thereof to another Type, the date and amount of each payment or prepayment of principal thereof and, in the case of Fixed Rate Loans and Term Benchmark Loans, the length of each Interest Period with respect thereto and, in the case of Short Term Loans, the Short Term Loan Maturity Date with respect thereto, on the schedule (including any continuation thereof) annexed to and constituting a part of its Revolving Credit Note or Competitive Loan Note, as the case may be, and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded; provided that the failure by any Lender to make any such recordation or any error in such recordation shall not affect the obligations of any Borrower under this Agreement or the Notes.

(c) Repayment of Loans. Kimco shall pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Competitive Loan on the last day of the Interest Period applicable to such Loan. Each Borrower shall repay all then outstanding Revolving Credit Loans and Competitive Loans made to such Borrower on the Termination Date (or, if earlier, the applicable Short Term Loan Maturity Date in respect of a Short Term Loan) to the Administrative Agent for the account of each Lender in the currency in which such Loan was made.

(d) Procedure for Borrowing Revolving Credit Loans. The Borrowers may borrow Revolving Credit Loans during the Commitment Period on any Business Day, provided that the applicable Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, (i) three (3) Business Days (or, in the case of any requested Borrowing in an Alternate Currency, four (4) Business Days) prior

to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Term Benchmark Loans, (ii) five (5) Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially RFR Loans denominated in Sterling or Canadian Dollars (only if a Benchmark Transition Event with respect to Term CORRA has occurred), (iii) two (2) Business Days prior to the requested Borrowing Date, if all or any part of the requested Revolving Credit Loans are to be initially Short Term Loans, or (iv) on the Business Day which is the requested Borrowing Date, if the requested Revolving Credit Loans are to be initially ABR Loans, RFR Loans denominated in Dollars or Canadian Prime Rate Loans), specifying (A) the aggregate amount to be borrowed, (B) whether the amount to be borrowed will use the Tranche A Commitments or the Tranche B Commitments or, if a combination thereof, indicating the respective amounts thereof, (C) the requested Borrowing Date and, in the case of each Short Term Loan, the requested Short Term Loan Maturity Date, (D) whether the Borrowing is to be of Term Benchmark Loans, RFR Loans, ABR Loans, Short Term Loans, Canadian Prime Rate Loans or a combination thereof, (E) if a Term Benchmark Loan, the currency of such requested Revolving Credit Loan (which must be Dollars in the case of Revolving Credit Loans using the Tranche A Commitments), and (F) if the borrowing is to be entirely or partly of Term Benchmark Loans the respective amounts of each such Type of Revolving Credit Loan and the respective lengths of the initial Interest Periods therefor. Each borrowing under the Revolving Commitments shall be in an amount equal to (i) in the case of ABR Loans, RFR Loans denominated in Dollars or Canadian Prime Rate Loans, $5,000,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available Commitments are less than $5,000,000, such lesser amount) and (ii) in the case of Term Benchmark Loans, RFR Loans denominated in Sterling or Short Term Loans, $5,000,000 or a whole multiple of $100,000 in excess thereof or the Dollar Equivalent in an Alternate Currency, in each case subject to Section 2.2(e). Upon receipt of any such notice from the applicable Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its pro rata share of each such borrowing available to the Administrative Agent for the account of the applicable Borrower at the office of the Administrative Agent specified in Section 10.2 prior to 1:00 P.M., New York City time (or (i) in the case of Short Term Loans having a Short Term Loan Maturity Date of six (6) days or less from the relevant Borrowing Date, 3:00 P.M., New York City time and (ii) in the case of an Alternate Currency Borrowing, local time for the principal market of such currency), on the Borrowing Date requested by the applicable Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the applicable Borrower by the Administrative Agent crediting the account of the applicable Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. In no event may the number of Short Term Loans requested in any calendar month exceed four (4). In no event may the number of Short Term Loans requested in any calendar year exceed thirty (30).

(e) Tranches. Notwithstanding anything to the contrary in this Agreement, all Borrowings, prepayments, conversions and continuations of Revolving Credit Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, (i) the aggregate principal amount of the Revolving Credit Loans comprising each Tranche of Tranche A Loans and each Tranche of Tranche B Loans shall be equal to $5,000,000 or a whole multiple of $100,000 in excess thereof or the Dollar Equivalent in an Alternate Currency, and (ii) there shall be no more than fifteen (15) Term Benchmark Tranches and RFR Borrowings outstanding at any one time.

(f) Termination or Reduction of Revolving Commitments. Kimco shall have the right, upon not less than three (3) Business Days’ notice to the Administrative Agent (which shall promptly notify each Lender thereof), to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Tranche A Commitments and/or the Tranche B Commitments (as designated by Kimco); provided that no such termination or reduction shall be permitted if, after giving effect thereto

and to any payments of the Revolving Credit Loans made on the effective date thereof, (i) the sum of the Tranche A Exposure of all the Lenders would exceed the Tranche A Commitments of all the Lenders, (ii) the sum of the Tranche B Exposure of all the Lenders would exceed the Tranche B Commitments of all the Lenders, (iii) the sum of the Revolving Exposure, plus the aggregate principal amount of the Competitive Loans then outstanding, would exceed the total Revolving Commitments then in effect or (iv) the Available Commitment of any Lender would be less than zero. Any such notice may state that it is conditioned upon the occurrence or non-occurrence of any event specified therein, in which case such notice may be revoked by the applicable Borrower (by written notice to the Administrative Agent on or before the specified date of reduction or termination) if such condition is not satisfied. Any such reduction (other than, for the avoidance of doubt, pursuant to Section 10.10(a)) shall be in an amount equal to $50,000,000 or a whole multiple of $10,000,000 in excess thereof and shall reduce permanently the Revolving Commitments then in effect.

Section 2.3 Prepayments.

(a) Optional. Each Borrower may at any time and from time to time prepay the Revolving Credit Loans of such Borrower (subject, in the case of Term Benchmark Loans, RFR Loans and Short Term Loans to compliance with the terms of Section 2.2(e) and Section 2.13), in whole or in part, without premium or penalty, upon notice to the Administrative Agent, specifying the date and amount of prepayment and whether the prepayment is of Tranche A Loans, Tranche B Loans, Term Benchmark Loans, RFR Loans, ABR Loans, Short Term Loans, Canadian Prime Rate Loans or a combination thereof, and, if of a combination thereof, the amount allocable to each. Such notice shall be made by the Borrower (i)(v) in the case of prepayment of (1) a Term Benchmark Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment or (2) an RFR Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, one Business Date before the date of prepayment, (w) in the case of prepayment of a Term Benchmark Borrowing denominated in Euros, Yen or Canadian dollars, not later than 12:00 p.m., New York City time, three Business Days before the date of prepayment, (x) in the case of prepayment of an RFR Borrowing denominated in Sterling, not later than 11:00 a.m., New York City time, 5 RFR Business Days before the date of prepayment, and (y) in the case of prepayment of an RFR Revolving Borrowing denominated in Canadian dollars, 5 RFR Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing or Canadian Prime Rate Borrowing or Short Term Borrowing not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Kimco may not prepay any Competitive Loan without the prior consent of the relevant Lender(s) thereof, except in connection with a prepayment pursuant to Section 10.10(a) hereof. Any such notice may state that it is conditioned upon the occurrence or non-occurrence of any event specified therein, in which case such notice may be revoked by the applicable Borrower (by written notice to the Administrative Agent on or before the specified date of prepayment) if such condition is not satisfied. Upon receipt of any notice of prepayment, the Administrative Agent shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with any amounts payable pursuant to Section 2.13. Subject to Section 2.2(e) and except in connection with a prepayment pursuant to Section 10.10(a), partial prepayments shall be in an aggregate principal amount of $5,000,000 (or, in the case of prepayments of any Alternate Currency Loans, the Dollar Equivalent of $5,000,000 at the time of such prepayment) or a whole multiple of $1,000,000 (or, in the case of prepayments of any Alternate Currency Loans, the Dollar Equivalent of $1,000,000 at the time of such prepayment) in excess thereof (or, if less, the aggregate outstanding principal amount of the Revolving Credit Loans).

(b) Mandatory. If, on any Calculation Date, for any reason, the sum of the Lenders’ aggregate Tranche B Exposure exceeds one hundred five percent (105%) of the Lenders’ aggregate Tranche B Commitments, then the applicable Borrower shall promptly prepay the Tranche B Loans (or if

no Tranche B Loans are outstanding, cash collateralize Tranche B Letters of Credit (in the manner provided in Article VIII), if any, which shall then be treated solely for purposes of this paragraph as no longer outstanding to the extent so cash collateralized) in an aggregate amount sufficient such that, after giving effect thereto, the sum of the Lenders’ aggregate Tranche B Exposure does not exceed one hundred percent (100%) of the Lenders’ aggregate Tranche B Commitments.

Section 2.4 Conversion and Continuation Options.

(a) The applicable Borrower may elect from time to time to convert Term Benchmark Loans denominated in Dollars to ABR Loans or RFR Loans (or, with respect to Loans denominated in Canadian Dollars, Canadian Prime Rate Loans), by giving the Administrative Agent at least two (2) Business Days’ prior irrevocable notice of such election; provided that any such conversion of Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The applicable Borrower may elect from time to time to convert ABR Loans, RFR Loans denominated in Dollars or Canadian Prime Rate Loans to Term Benchmark Loans by giving the Administrative Agent at least three (3) Business Days’ prior irrevocable notice of such election. The applicable Borrower may elect from time to time to convert ABR Loans to RFR Loans denominated in Dollars or to convert RFR Loans denominated in Dollars to ABR Loans, in each case by giving the Administrative Agent at least one (1) Business Days’ prior irrevocable notice of such election. Any such notice of conversion to Term Benchmark Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each affected Lender thereof. All or any part of the outstanding Term Benchmark Loans, ABR Loans, RFR Loans denominated in Dollars and Canadian Prime Rate Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion that such a conversion is not appropriate, (ii) any such conversion may only be made if, after giving effect thereto, Section 2.2(e) would not be contravened, and (iii) no Revolving Credit Loan may be converted into a Term Benchmark Loan after the date that is one (1) month prior to the Termination Date.

(b) Any Term Benchmark Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the applicable Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Term Benchmark Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion that such a continuation is not appropriate, (ii) if, after giving effect thereto, Section 2.2(e) would be contravened, or (iii) after the date that is one month prior to the Termination Date, and provided, further, that if such Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans (or, in the case of Loans denominated in Canadian Dollars, Canadian Prime Rate Loans) on the last day of such then expiring Interest Period. Upon receipt of any notice pursuant to this Section 2.4(b), the Administrative Agent shall promptly notify each Lender thereof.

(c) Notwithstanding anything herein to the contrary, Sections 2.4(a) and (b) shall not apply to Competitive Loans, which may not be converted or continued.

Section 2.5 Fees.

(a) Kimco agrees to pay to the Administrative Agent, for the account of each Lender, a facility fee at a per annum rate for the period from and including the first day of the Commitment Period to but excluding the Termination Date, computed at the Facility Fee Rate on the daily amount of the Revolving Commitment of such Lender, whether used or unused; provided that if such Lender continues to have any Revolving Exposure or outstanding Competitive Loans after its Revolving Commitment terminates, then such facility fee shall continue to accrue at the Facility Fee Rate on the average daily amount of such Lender’s Revolving Exposure and Competitive Loans from and including the date on which its Revolving Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Exposure or outstanding Competitive Loans. Facility fees accrued through and including the last day of March, June, September and December of each year shall be payable in arrears on the fifteenth day following such last day and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any facility fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.

(b) Kimco shall pay to the Lead Lenders, for their respective own accounts (as applicable), and, to the extent mutually agreed upon by the Lead Lenders and the other Lenders, for the account of the Lenders, the fees in the amounts and on the dates previously agreed to in writing by Kimco pursuant to the Fee Letter.

Section 2.6 Interest Rates and Payment Dates.

(a) Each Loan (other than Competitive Loans) denominated in Dollars shall bear interest (i) if a Term Benchmark Loan, for each day during each Interest Period with respect thereto at a rate per annum equal to the Term SOFR Rate determined for such day plus the Applicable Margin, (ii) if an ABR Loan, at a rate per annum equal to the ABR plus the Applicable Margin and (iii) if a RFR Loan, at a rate per annum equal to the applicable Daily Simple RFR Rate plus the Applicable Margin.

(b) Each Loan denominated in an Alternate Currency other than Canadian Dollars shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the (i) in the case of Loans denominated in Euros, the Adjusted EURIBOR Rate determined for such day plus the Applicable Margin, (ii) in the case of Loans denominated in Yen, the Adjusted TIBOR Rate determined for such day plus the Applicable Margin, and (iii) in the case of Loans denominated in Sterling, the Daily Simple RFR plus the Applicable Margin.

(c) Each Loan denominated in Canadian Dollars shall bear interest (i) if a Term Benchmark Loan, for each day during each Interest Period with respect thereto at a rate per annum equal to the Term CORRA Rate determined for such day plus the Applicable Margin and (ii) if a Canadian Prime Rate Loan, at a rate per annum equal to the Canadian Prime Rate plus the Applicable Margin.

(d) Each Short Term Loan shall bear interest at a rate per annum equal to the Short Term Rate applicable thereto plus the Applicable Margin.

(e) Each Competitive Loan (other than a Fixed Rate Loan) shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Term SOFR Rate determined for such day plus (or minus, as applicable) the Margin applicable thereto. Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable thereto.

(f) If all or a portion of (i) the principal amount of any Revolving Credit Loan, Short Term Loan or Competitive Loan, (ii) any interest payable thereon or (iii) any fee or other amount payable

hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.6 plus 2% or (y) in the case of any overdue interest, fee or other amount, the rate described in Section 2.6(a)(ii) plus 2%, in each case from the date of such non-payment to the date on which such amount is paid in full (as well after as before judgment).

(g) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to Section 2.6(f) shall be payable from time to time on demand.

Section 2.7 Computation of Interest and Fees.

(a) Facility fees and interest (other than interest calculated on the basis of the Prime Rate, the Canadian Prime Rate, the Term CORRA Rate, Daily Simple CORRA, the TIBOR Rate, or with respect to RFR Loans denominated in Sterling) shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest calculated on the basis of the Prime Rate, the Canadian Prime Rate, the Term CORRA Rate, Daily Simple CORRA, the TIBOR Rate, or with respect to RFR Loans denominated in Sterling shall be calculated on the basis of a 365- (or 366-, as the case may be (other than with respect to the Term CORRA Rate or Daily Simple CORRA)) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the applicable Borrowers and the Lenders of each determination of a Term SOFR Rate, Term CORRA Rate, TIBOR Rate, RFR Rate, EURIBOR Rate or Short Term Rate. Any change in the interest rate on a Revolving Credit Loan (or a Competitive Loan subject to Section 2.10) resulting from a change in the ABR shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the applicable Borrowers and the Lenders of the effective date and the amount of each such change in interest rate.

(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrowers and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrowers, deliver to the Borrowers a statement showing the quotations used by the Administrative Agent in determining any interest rate with respect to any Term Benchmark Loan or RFR Loan.

Section 2.8 Market Disruption and Alternate Rate of Interest.

(a) If at the time that the Administrative Agent shall seek to determine the Relevant Screen Rate on the Quotation Day or other applicable date set forth in the Relevant Screen Rate for any Interest Period for a Borrowing of Term Benchmark Loans or RFR Loans the applicable Relevant Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such Borrowing of Term Benchmark Loans or RFR Loans for any reason (which conclusion shall be conclusive and binding absent manifest error), then (i) if such Borrowing shall be requested in Dollars, then such Borrowing shall be made as an ABR Loan at the ABR (without prejudicing the Borrower’s right to thereafter request a Short Term Loan), (ii) if such Borrowing shall be requested in Canadian Dollars, then such Borrowing shall be made as a Canadian Prime Rate Loan at the Canadian Prime Rate and (iii) if such Borrowing shall be requested in any Alternate Currency (other than Canadian Dollars), the interest rate for such Borrowing shall be equal to the Central Bank Rate (or in the case of Yen, the Japanese Prime Rate) for such Alternate Currency plus the CBR Spread (unless the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for such Alternate Currency cannot be determined, in which case such request shall be ineffective).

(b) Subject to clauses (c), (d), (e), (f) and (g) of this Section 2.8, if prior to the first day of any Interest Period for a Term Benchmark Borrowing or in connection with an existing or proposed RFR Loan:

(i) the Administrative Agent determines (which determination shall be conclusive and binding upon the Borrowers) that adequate and reasonable means do not exist (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, for ascertaining the Term SOFR Rate, Term CORRA Rate, Adjusted EURIBOR Rate or Adjusted TIBOR Rate for a Loan in the applicable currency or for the applicable Interest Period or (B) for ascertaining the Daily Simple RFR for a RFR Loan in the applicable currency (including in each case because the Relevant Screen Rate is not available or published on a current basis); or

(ii) the Administrative Agent is advised by the Required Lenders (or, in the case of a Competitive Loan, the Lender that is required to make such Competitive Loan) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that the Term SOFR Rate, Term CORRA Rate, Adjusted EURIBOR Rate or Adjusted TIBOR Rate for a Loan in the applicable currency or for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) (as conclusively certified by such Lenders or Lender, as the case may be) of making or maintaining their affected Revolving Credit Loans (or its Competitive Loan) during such Interest Period or (B) that the Daily Simple RFR for a Loan in the applicable currency will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected RFR Loans,

then the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrowers and the Lenders as soon as practicable thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any interest election request pursuant to Section 2.4 that requests continuation of (or conversion to) any Term Benchmark Loan in the affected currencies or for such applicable Interest Period and/or conversion of any Loan to a RFR Loan shall be ineffective, (B) if Dollars are the applicable currency described in the foregoing clause (b)(i) and a Borrowing of a Term Benchmark Loan or RFR Loan is requested in Dollars, such Borrowing shall be made as (x) an RFR Borrowing denominated in Dollars so long as the Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.8(b)(i) or (ii) above or (y) ABR if the Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.8(b)(i) or (ii) above (without prejudicing the Borrower’s right to thereafter request a Short Term Loan), (C) if Canadian Dollars are the applicable currency described in the foregoing clause (b)(i) and a Term Benchmark Loan is requested in Canadian Dollars, such Borrowing shall be made as a Canadian Prime Rate Loan and (D) if any Alternate Currency (other than Canadian Dollars) is the applicable currency described in the foregoing clause (b)(i) and a Borrowing of a Term Benchmark Loan is requested in any such Alternate Currency, then such request shall be ineffective; provided, further that (A) if the circumstances giving rise to such notice do not affect all the Lenders, then requests by Kimco for Competitive Borrowings may be made to Lenders that are not affected thereby and (B) if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.8(b) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) if such Term Benchmark Loan is denominated in Dollars, (A) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.8(b)(i) or (ii) above or (y) an ABR Loan if the Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.8(b)(i) or (ii) above, on such day, and

(B) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan, (ii) if such Term Benchmark Loan is denominated in any Agreed Currency other than Dollars, then such Loan shall, on the last day of the Interest Period applicable to such Loan bear interest at (x) if denominated in Canadian Dollars, the Canadian Prime Rate or (y) if denominated in any other Alternate Currency, the Central Bank Rate (or in the case of Yen, the Japanese Prime Rate) for the applicable Agreed Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate (or in the case of Yen, the Japanese Prime Rate) for the applicable Agreed Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Agreed Currency other than Dollars shall, at the Borrower’s election prior to such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Agreed Currency other than Dollars shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time or (iii) if such RFR Loan is denominated in any Agreed Currency other than Dollars, then such Loan shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Margin; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected RFR Loans denominated in any Agreed Currency other than Dollars, at the Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternate Currency) immediately or (B) be prepaid in full immediately. The Administrative Agent shall not make a determination described in Section 2.8(b)(i), and no Lender shall advise the Administrative Agent as described in Section 2.8(b)(ii) unless the Administrative Agent or such Lender, as applicable, is then generally making similar determinations or delivering similar advice, in each case, under other credit facilities to which it is a party with borrowers or account parties that are similarly situated to and of similar creditworthiness to the Borrowers.

(c) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” with respect to Canadian Dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of “Benchmark Replacement” with respect to any Agreed Currency for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

(d) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, with respect to a Loan denominated in Canadian Dollars, if a Term

CORRA Reelection Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (d) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term CORRA Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term CORRA Notice after the occurrence of a Term CORRA Reelection Event and may do so in its sole discretion.

(e) The Administrative Agent will promptly notify the Borrowers and the Lenders of (i) any occurrence of a Benchmark Transition Event Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.8, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.8.

(f) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate, EURIBOR Rate, TIBOR Rate or Term CORRA) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

(g) Upon Kimco’s receipt of notice of the commencement of a Benchmark Unavailability Period, (A) any interest election request pursuant to Section 2.4 that requests continuation of (or conversion to) any Term Benchmark Loan in the affected currencies or for such applicable Interest Period and/or conversion of any Loan to a RFR Loan shall be ineffective, (B) if Dollars are the affected currency and a Borrowing of a Term Benchmark Loan is requested in Dollars, such Borrowing shall be made as (1) an RFR Borrowing denominated in Dollars so long as the Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (2) an ABR Borrowing if the Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event (without prejudicing the Borrower’s right to thereafter request a Short Term Loan), (C) if Canadian Dollars are the affected currency and a Term Benchmark Loan is requested in Canadian Dollars, such Borrowing shall be made as a Canadian Prime Rate Loan, (D) if any Alternate Currency (other than Canadian Dollars) is the affected currency and a Borrowing of a Term Benchmark Loan or RFR Loan is requested in any such affected Alternate Currency, then such request shall be ineffective and (E) any request by Kimco for a Competitive Loan based on the Term Benchmark Rate shall be ineffective; provided, further that (A) if

the circumstances giving rise to such notice do not affect all the Lenders, then requests by Kimco for Competitive Borrowings may be made to Lenders that are not affected thereby and (B) if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this Section 2.8, (i) if such Term Benchmark Loan is denominated in Dollars, then on the last day of the Interest Period applicable to such Loan, such Loan shall be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event, on such day, (ii) any RFR Loan denominated in Dollars shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan, (iii) if such Term Benchmark Loan is denominated in any Agreed Currency other than Dollars, then such Loan shall, on the last day of the Interest Period applicable to such Loan bear interest at (x) if denominated in Canadian Dollars, the Canadian Prime Rate or (y) if denominated in any other Alternate Currency, the Central Bank Rate (or in the case of Yen, the Japanese Prime Rate) for the applicable Agreed Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate (or in the case of Yen, the Japanese Prime Rate) for the applicable Agreed Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Agreed Currency other than Dollars shall, at the Borrower’s election prior to such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Agreed Currency other than Dollars shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time or (iv) if such RFR Loan is denominated in any Agreed Currency other than Dollars, then such Loan shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Margin; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected RFR Loans denominated in any Agreed Currency, at the Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternate Currency) immediately or (B) be prepaid in full immediately.

(h) Notwithstanding the foregoing provisions of this Section 2.8 or anything in any Loan Document to the contrary, any Benchmark Replacement and Benchmark Replacement Adjustment agreed upon by the Administrative Agent and the Borrowers and any Benchmark Replacement Conforming Changes shall be on terms no less favorable to the Borrowers than corresponding terms in credit facilities to which JPMorgan Chase Bank, N.A. serves as administrative agent with borrowers similarly situated to and of similar creditworthiness to the Borrowers, in general, but not necessarily all such credit facilities with respect to which JPMorgan Chase Bank, N.A. serves as administrative agent; provided, further, that nothing in this clause (g) shall obligate the Administrative Agent to disclose any information regarding other borrowers or facilities.

Section 2.9 Pro Rata Treatment and Payments.

(a) Each borrowing by any Borrower of Revolving Credit Loans using the Tranche A Commitments or the Tranche B Commitments, as applicable, each payment by any Borrower on account of any fees hereunder and any reduction of the Tranche A Commitments or Tranche B Commitments (other than pursuant to Section 10.10(a)), as applicable, shall be made pro rata according to the respective Applicable Percentages of the Lenders. Each payment (including each prepayment) by any Borrower on account of principal of and interest on the Tranche A Loans or Tranche B Loans, as applicable, shall be made pro rata according to the respective outstanding principal amounts of such Borrower’s Tranche A Loans or Tranche B Loans, as applicable, then held by the Lenders in the currency in which such Revolving Credit Loan was made. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed Letter of Credit drawings, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed Letter of Credit drawings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed Letter of Credit drawings then due to such parties. All payments (including prepayments) to be made by the Borrowers hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, or, if the payment is due in an Alternate Currency, local time for the principal market of such currency, on the due date thereof to the Administrative Agent, for the account of the applicable Lenders, at (x) in the case of payments due in Dollars the Administrative Agent’s office specified in Section 10.2 in immediately available funds and (y) in the case of payments due in an Alternate Currency, to such office as the Administrative Agent may hereafter specify by notice to the Borrowers. It is understood that, if any payment of principal is made on any day in accordance with the preceding sentence, no interest shall accrue on such day in respect of such principal. The Administrative Agent shall distribute such payments to the applicable Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on Term Benchmark Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a Term Benchmark Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day (and, with respect to any such payments of principal, interest thereon shall be payable at the then applicable rate during such extension) unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.

(b) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the Overnight Rate for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section 2.9(b) shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three (3) Business Days of such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per

annum applicable to the rate per annum applicable to such Borrowing, on demand, from the applicable Borrower.

Section 2.10 Illegality.

Notwithstanding any other provision herein, if the adoption of or any Change in Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Term Benchmark Loans or RFR Loans as contemplated by this Agreement, (a) the commitment of such Lender hereunder to make Term Benchmark Loans or RFR Loans, to continue Term Benchmark Loans or RFR Loans as such, or to convert ABR Loans to Term Benchmark Loans or RFR Loans shall forthwith be cancelled, (b) such Lender’s Revolving Credit Loans then outstanding as Term Benchmark Loans or RFR Loans, if any, shall be converted automatically to ABR Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law and (c) such Lender’s Competitive Loans then outstanding as Term Benchmark Loans, if any, shall, if required by law, be converted automatically to ABR Loans. If any such conversion of a Term Benchmark Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the applicable Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.13.

Section 2.11 Requirements of Law.

(a) If any Change in Law:

(i) shall impose, modify or hold applicable any reserve (except to the extent that such reserve is specifically subject to Section 2.11(c)), special deposit, liquidity, compulsory loan, insurance charge, or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any relevant office of such Lender or Issuing Lender which is not otherwise included in the determination of the Term CORRA Rate, the Adjusted EURIBOR Rate, the Adjusted TIBOR Rate, the Short Term Rate or the Fixed Rate;

(ii) shall impose on such Lender or Issuing Lender any other condition, cost or expense affecting this Agreement (other than Taxes); or

(iii) subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (other than (x) Indemnified Taxes and (y) Excluded Taxes);

and the result of any of the foregoing is to increase the cost to such Lender, the Issuing Lender or such other Recipient, by an amount which such Lender, the Issuing Lender or such other Recipient, as the case may be, deems to be material, of making, converting into, continuing or maintaining Term Benchmark Loans, RFR Loans, Short Term Loans or Fixed Rate Loans or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, (x) each Borrower shall promptly pay such Lender, the Issuing Lender or such other Recipient, upon its demand, any additional amounts necessary to compensate such Lender, the Issuing Lender or such other Recipient, as the case may be, for such increased cost or reduced amount receivable solely with respect to such Borrower’s Loans and Letters of Credit and (y) the Borrowers agree, jointly and severally, to pay such Lender, the Issuing Lender or such other Recipient, upon its demand, any additional amounts necessary to compensate such Lender, the Issuing Lender or such other Recipient, as the case may be, for such increased cost or reduced amount receivable with respect to this Agreement or the Revolving Commitments generally and not solely with respect to any particular Borrower’s Loans and Letters of

Credit. If any Lender, the Issuing Lender or any other Recipient becomes entitled to claim any additional amounts pursuant to this Section 2.11(a), it shall promptly notify the Borrowers, through the Administrative Agent, of the event by reason of which it has become so entitled, provided that such amounts shall be no greater than amounts that such Lender, the Issuing Lender or such other Recipient is generally charging other borrowers or account parties similarly situated to and of similar creditworthiness to the Borrowers.

(b) If any Lender or the Issuing Lender shall have determined that the application of any Requirement of Law or any Change in Law regarding capital adequacy or liquidity or compliance by such Lender or the Issuing Lender or any corporation controlling such Lender or the Issuing Lender with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any Governmental Authority does or shall have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s or such corporation’s capital or liquidity as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or the Issuing Lender or such corporation could have achieved but for such application or compliance (taking into consideration such Lender’s or the Issuing Lender’s or such corporation’s policies with respect to capital adequacy and liquidity and such Lender’s or the Issuing Lender’s treatment of its Revolving Commitments and Letters of Credit for internal purposes as of the date on which it became a party hereto) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender or the Issuing Lender to the Borrowers (with a copy to the Administrative Agent) of a written request therefor (setting forth in reasonable detail the basis for such request), (i) each Borrower shall pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such corporation, as the case may be, for such reduction solely with respect to such Borrower’s Loans and Letters of Credit and (ii) the Borrowers shall, jointly and severally, pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such corporation, as the case may be, for such reduction with respect to this Agreement or the Revolving Commitments generally and not solely with respect to any particular Borrower’s Loans and Letters of Credit; provided that such amounts shall be no greater than amounts that such Lender or the Issuing Lender is generally charging other borrowers or account parties similarly situated to and of similar creditworthiness to the Borrowers.

(c) [Reserved.]

(d) A certificate as to any additional amounts payable pursuant to this Section 2.11 submitted by any Lender, through the Administrative Agent, to the Borrowers shall be conclusive in the absence of manifest error. The agreements in this Section 2.11 shall survive the termination of this Agreement, the expiration, cancellation, or other termination of the Letters of Credit, and the payment of the Revolving Credit Loans, the Competitive Loans and all other amounts payable hereunder (the date on which all of the foregoing shall have occurred, the “Final Date”), until the first anniversary of the Final Date. Notwithstanding anything contained in this Section 2.11, no Borrower shall be obligated to pay any greater amounts than such Lender(s) or Issuing Lender(s) is (are) generally charging other borrowers or account parties similarly situated to and of similar creditworthiness to the Borrowers.

(e) For the avoidance of doubt, this Section 2.11 (i) shall not entitle any Recipient to compensation in respect of any Excluded Taxes, (ii) shall not apply to (A) Indemnified Taxes imposed on payments by or on account of any obligations of the Borrowers hereunder or under any Loan Document or (B) Other Taxes, it being understood that such Indemnified Taxes and Other Taxes shall be governed exclusively by Section 2.12, and (iii) shall not relieve any Lender or Issuing Lender of any obligation pursuant to Section 2.12.

Section 2.12 Taxes.

(a) All payments made by any Loan Party under this Agreement and the Notes shall be made without withholding for any Taxes, unless such withholding is required by any law. If any Withholding Agent determines in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by any Loan Party shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the applicable Recipient receives the amount it would have received had no such withholding been made. Each Loan Party shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. As soon as practicable after any payment of Indemnified Taxes by any Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

(b) Indemnification by each Loan Party. Without duplication of any payments made pursuant to Section 2.12(a), each Loan Party shall jointly and severally indemnify each Recipient for any Indemnified Taxes that are directly paid or payable by such Recipient or required to be withheld or deducted from a payment to such Recipient in connection with this Agreement and the other Loan Documents (including amounts paid or payable under this Section 2.12(b)) and any reasonable expenses arising therefrom or with respect thereto. The indemnity under this Section 2.12(b) shall be paid within 10 days after the Recipient delivers to the applicable Loan Party a certificate stating the amount of any Indemnified Taxes so paid or payable by such Recipient and describing the basis for the indemnification claim. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent.

(c) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that the applicable Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of such Loan Party to do so) attributable to such Lender that are paid or payable by the Administrative Agent in connection with this Agreement and the other Loan Documents and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.12(c) shall be paid within 10 days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error.

(d) Status of Lenders.

(i) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to any payments under this Agreement and the other Loan Documents shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such Lender is subject to any withholding (including backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.12(d)(ii)(A) through (E) below) shall not be required if in the

Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of the Borrowers or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this Section 2.12(d). If any form or certification previously delivered pursuant to this Section expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify the Borrowers and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so.

(ii) Without limiting the generality of the foregoing, if the applicable Borrower or Loan Party (or, if such Borrower or Loan Party is disregarded as an entity separate from its owner for U.S. federal income tax purposes, its sole owner) is a U.S. Person, any Lender (or if such Lender is disregarded as an entity separate from its owner for U.S. Federal income tax purposes, its sole owner) with respect to such Borrower shall, if it is legally eligible to do so, deliver to such Borrower and the Administrative Agent (in such number of copies reasonably requested by such Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable:

(A) IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax;

(B) (1) with respect to payments of interest under this Agreement and the other Loan Documents, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (2) with respect to any other applicable payments under this Agreement and the other Loan Documents, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

(C) IRS Form W-8ECI;

(D) (1) IRS Form W-8BEN or IRS Form W-8BEN-E and (2) a certificate substantially in the form of Exhibit H (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the applicable Borrower within the meaning of Section 881(c)(3)(B) of the Code, (c) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected;

(E) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this subsection (d)(ii) that would be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more of its partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or

(F) any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together with such supplementary documentation necessary to enable such Borrower or Loan Party or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld.

(iii) If a payment made to a Lender under this Agreement and the other Loan Documents would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.12(d)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

(e) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified pursuant to this Section 2.12 (including by the payment of additional amounts pursuant to this Section 2.12), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.12 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 2.12(e) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.12(e), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.12(e) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

(f) Survival. Each party’s obligation under this Section 2.12 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of this Agreement, the expiration, cancellation, or other termination of the Letters of Credit, and the payment of the Revolving Credit Loans, the Competitive Loans and all other amounts payable hereunder.

(g) Defined Terms. For purposes of this Section 2.12, the term “Lender” includes any Issuing Lender.

Section 2.13 Indemnity.

Each Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss or expense (including post-judgment expenses) which such Lender may sustain or incur as a consequence of (a) default by such Borrower in making a borrowing of Term Benchmark Loans, RFR Loans, Short Term Loans or Fixed Rate Loans or in the conversion into or continuation of Term Benchmark Loans after such Borrower has given a notice requesting or accepting the same in accordance with the provisions of this Agreement, (b) default by such Borrower in making any prepayment after such Borrower has given a notice thereof in accordance with the provisions of this Agreement, or (c) the

making of a prepayment or conversion of Term Benchmark Loans, RFR Loans, Short Term Loans or Fixed Rate Loans on a day which is not the last day of an Interest Period (or the Interest Payment Date, in the case of RFR Loans) or the Short Term Loan Maturity Date, as the case may be, with respect thereto. Such indemnification may, at the option of any Lender, include an amount equal to the excess, if any, of (i) the amount of interest which would have accrued on the amount so prepaid or converted, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of the relevant Interest Period or the relevant Short Term Loan Maturity Date, as the case may be (or proposed Interest Period or proposed Short Term Loan Maturity Date, as the case may be), in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin or Margin) over (ii) the amount of interest (as reasonably determined by such Lender) which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank market or other relevant market. This covenant shall survive the termination of this Agreement, the expiration, cancellation, or other termination of the Letters of Credit, and the payment of the Revolving Credit Loans, the Competitive Loans and all other amounts payable hereunder, until the first anniversary of the Final Date.

Section 2.14 Change of Lending Office.

Each Lender and each Transferee agrees that, upon the occurrence of any event giving rise to the operation of Section 2.10, 2.11 or 2.12 with respect to such Lender or Transferee, it will, if requested by any Borrower, use reasonable efforts (subject to overall policy considerations of such Lender or Transferee) to designate another lending office for any Revolving Credit Loans or Competitive Loans affected by such event with the object of avoiding the consequences of such event; provided that such designation is made on terms that, in the sole judgment of such Lender or Transferee, cause such Lender or Transferee and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section 2.14 shall affect or postpone any of the obligations of any Borrower or the rights of any Lender or Transferee pursuant to Sections 2.10, 2.11 and 2.12.

Section 2.15 Replacement of Lenders under Certain Circumstances.

Kimco shall be permitted to replace any Lender which (a) requests reimbursement for amounts owing pursuant to Section 2.11 (other than Section 2.11(c)) or 2.12, (b) is affected in the manner described in Section 2.10 and as a result thereof any of the actions described in Section 2.10 is required to be taken, (c) becomes a Defaulting Lender, (d) does not consent to any amendment, waiver, supplement or modification to any Loan Document for which the consent of the Required Lenders has been obtained but that requires the consent of additional Lenders pursuant to any Loan Document, or (e) is a Protesting Lender, with a replacement bank or other financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) the Borrowers shall repay (or the replacement bank or institution shall purchase, at par) all Revolving Credit Loans and other amounts (other than Competitive Loans) owing to such replaced Lender prior to the date of replacement, (iv) the applicable Borrowers shall be liable to such replaced Lender under Section 2.13 if any Term Benchmark Loan, Short Term Loan or Fixed Rate Loan owing to such replaced Lender shall be prepaid (or purchased) other than on the last day of the Interest Period or the Short Term Loan Maturity Date, as the case may be, relating thereto, (v) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be satisfactory to the Administrative Agent and the Issuing Lender, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that Kimco shall be obligated to pay the registration and processing fee referred to therein), (vii) the replaced Lender shall (except as provided in the following clause (ix)) be released from its obligations under this Agreement, (viii) until such time as such replacement shall be consummated, the applicable Borrowers shall pay all additional amounts (if any) required pursuant to Section 2.11 or 2.12, as the case may be, and

(ix) any such replacement shall not be deemed to be a waiver of any rights which any Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender if it defaulted in its obligation to make Revolving Credit Loans hereunder.

Section 2.16 Additional Reserve Costs.

(a) If and so long as any Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the European Central Bank or the European System of Central Banks, in respect of any of such Lender’s Alternate Currency Loans, such Lender may require the applicable Borrower to pay, contemporaneously with each payment of interest on each of such Lender’s Alternate Currency Loans (to the extent such Loans were made to such Borrower) subject to such requirements, additional interest on such Alternate Currency Loan at a rate per annum specified by such Lender to be the cost to such Lender of complying with such requirements in relation to such Alternate Currency Loan.

(b) Any additional interest owed pursuant to paragraph (a) above shall be determined by the relevant Lender, which determination shall be conclusive absent manifest error, and notified (which notice shall show the basis for the calculation of such additional interest) to the applicable Borrower (with a copy to the Administrative Agent) at least five Business Days before each date on which interest is payable for the relevant Alternate Currency Loan, and such additional interest so notified by such Lender shall be payable to the Administrative Agent for the account of such Lender on each date on which interest is payable for such Alternate Currency Loan. Notwithstanding anything contained in this Section 2.16, no Borrower shall be obligated to pay any greater amounts than such Lender(s) is (are) generally charging other borrowers similarly situated to and of similar creditworthiness to the Borrowers.

Section 2.17 Defaulting Lenders.

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

(a) fees shall cease to accrue on the Revolving Commitment of such Defaulting Lender pursuant to Section 2.5(a);

(b) the Revolving Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.1); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby;

(c) if any L/C Exposure exists at the time such Lender becomes a Defaulting Lender then:

(i) all or any part of the L/C Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent (x) the conditions set forth in Section 5.2 are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), (y) the sum of all non-Defaulting Lenders’ Revolving Exposures plus such Defaulting Lender’s L/C Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving

Commitments, and (z) any non-Defaulting Lender’s Revolving Exposure does not exceed such non‑Defaulting Lender’s Revolving Commitment;

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, such Defaulting Lender’s L/C Exposure shall be cash collateralized for the benefit of the Issuing Lender (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with clause (e) of this Section 2.17 for so long as such L/C Exposure is outstanding;

(iii) to the extent any portion of such Defaulting Lender’s L/C Exposure is cash collateralized pursuant to clause (e) or (c)(v) of this Section 2.17, the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3 with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s L/C Exposure is cash collateralized;

(iv) to the extent the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.5 and Section 3.3 shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages as reallocated;

(v) if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then the applicable Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize for the benefit of the Issuing Lender only such Borrower’s obligations corresponding to such Defaulting Lender’s L/C Exposure incapable of being reallocated pursuant to clause (i) or (ii) above; and

(vi) if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated nor cash collateralized pursuant to clause (i), (ii) or (v) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender pursuant to Section 2.5(a) (solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such L/C Exposure) and Letter of Credit Fees payable under Section 3.3 with respect to such Defaulting Lender’s L/C Exposure shall be payable to the Issuing Lender until and to the extent that such L/C Exposure is reallocated and/or cash collateralized;

(d) so long as such Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding L/C Exposure will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section 2.17(c), and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.17(c)(i) or cash collateralized in a manner consistent with Section 2.17(c)(ii) or (v) (and such Defaulting Lender shall not participate therein); and

(e) any amount payable by the Borrowers to a Defaulting Lender under this Agreement (whether on account of principal, interest, fees or otherwise) shall, in lieu of being distributed to such Defaulting Lender when paid by the Borrowers, and in satisfaction of any such payment obligation, be retained by the Administrative Agent in a segregated account and, subject to any requirements of applicable law, be applied at such time or times as may be determined by the Administrative Agent in its discretion (i) first, to the funding of any Loan or the funding or cash collateralization of any participating interest in any Letter of Credit in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent, (ii) second, if so determined by the Administrative Agent and Kimco, held in such

account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, (iii) third, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder, (iv) fourth, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender hereunder, (v) fifth, to the payment of any amounts owing to the Lenders or the Issuing Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document, (vi) sixth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document, and (vii) seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that, if such payment is a prepayment of the principal amount of any Loans or reimbursement obligations in respect of the Letters of Credit which a Defaulting Lender has not funded, such payment shall be applied solely to prepay the Loans of, and reimbursement obligations owed to, all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or reimbursement obligations owed to, any Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.17 shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

In the event that the Administrative Agent, the Borrowers and the Issuing Lender each agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender (provided that the consent of the Borrowers shall not be required if an Event of Default has occurred and is continuing at such time), then the Revolving Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Competitive Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.

Section 2.18 Reallocation of Tranche A Commitments and Tranche B Commitments.

(a) Kimco may, from time to time during the Commitment Period, by written notice to the Administrative Agent (a “Reallocation Notice”), increase the aggregate Tranche B Commitments with a corresponding reduction in the aggregate Tranche A Commitments (and without any change in the aggregate Revolving Commitments), and each Tranche B Lender hereby agrees that its Tranche B Commitment will be automatically increased and its Tranche A Commitment will be automatically decreased in an amount equal to its Applicable Percentage of the amount specified in such Reallocation Notice, subject to satisfaction of the following conditions:

(i) in such Reallocation Notice, Kimco shall specify the amount of the increase in the aggregate Tranche B Commitments (and the corresponding decrease in the aggregate Tranche A Commitments), which shall be in a minimum amount of $25,000,000 and integral multiples of $5,000,000 in excess thereof and shall not exceed $250,000,000 in the aggregate for all such requested reallocations during the Commitment Period (resulting in aggregate Tranche B Commitments not to exceed $500,000,000);

(ii) Kimco may make a maximum of three (3) reallocation requests during the term of this Agreement;

(iii) no reallocation shall be permitted if, after giving effect thereto and to any concurrent prepayments hereunder, the aggregate Tranche A Exposure would exceed the aggregate

Tranche A Commitments or the aggregate Tranche B Exposure would exceed the aggregate Tranche B Commitments;

(iv) no Default exists as of the applicable Reallocation Effective Date; and

(v) the Borrowers shall prepay any Revolving Credit Loans outstanding on the Reallocation Effective Date (as defined below) (and pay any additional amounts required by Section 2.13) to the extent necessary to keep the outstanding Tranche A Loans and Tranche B Loans ratable with the revised Tranche A Commitments and Tranche B Commitments.

(b) Kimco (in consultation with the Administrative Agent) shall determine the effective date (the “Reallocation Effective Date”) of any reallocation requested in accordance with Section 2.18(a), and the Administrative Agent shall notify Kimco and the Lenders of the Reallocation Effective Date of such reallocation and shall provide Kimco and the Lenders with a revised Schedule 1.1A that sets forth the Tranche A Commitment and Tranche B Commitment of each Lender resulting from such reallocation.

Section 2.19 Sustainability Adjustments.

(a) Following the date on which Kimco provides a Pricing Certificate in respect of the most recently ended calendar year, (i) the Applicable Margin shall be increased or decreased (or neither increased nor decreased), as applicable, pursuant to the Sustainability Rate Adjustment as set forth in such Pricing Certificate, (ii) the Facility Fee Rate shall be increased or decreased (or neither increased nor decreased), as applicable, pursuant to the Sustainability Facility Fee Adjustment as set forth in such Pricing Certificate and (iii) the L/C Fee Rate shall be increased or decreased (or neither increased nor decreased), as applicable, pursuant to the Sustainability L/C Fee Adjustment as set forth in such Pricing Certificate. For purposes of the foregoing, (A) the Sustainability Rate Adjustment, Sustainability Facility Fee Adjustment and the Sustainability L/C Fee Adjustment shall be applied as of the fifth Business Day following receipt by the Administrative Agent of a Pricing Certificate delivered pursuant to Section 2.19(f) based upon the KPI set forth in such Pricing Certificate and the calculations of the Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment and the Sustainability L/C Fee Adjustment therein (such day, the “Sustainability Pricing Adjustment Date”) and (B) each change in the Applicable Margin, the Facility Fee Rate and L/C Fee Rate resulting from a Pricing Certificate shall be effective during the period commencing on and including the applicable Sustainability Pricing Adjustment Date and ending on the date immediately preceding the next such Sustainability Pricing Adjustment Date (or, in the case of non-delivery of a Pricing Certificate, the last day such Pricing Certificate could have been delivered pursuant to the terms of Section 2.19(f)).

(b) For the avoidance of doubt, only one Pricing Certificate may be delivered in respect of any calendar year. It is further understood and agreed that the Applicable Margin and L/C Fee Rate will never be reduced or increased by more than 0.04% and that the Facility Fee Rate will never be reduced or increased by more than 0.01%, pursuant to the Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment and the Sustainability L/C Fee Adjustment, respectively, during any calendar year. For the avoidance of doubt, any adjustment to the Applicable Margin, L/C Fee Rate or Facility Fee Rate by reason of meeting the KPI in any year shall not be cumulative year-over-year. Each applicable adjustment shall only apply until the date on which the next adjustment is due to take place.

(c) It is hereby understood and agreed that if no such Pricing Certificate is delivered by Kimco (or if any Pricing Certificate shall be incomplete and fail to satisfy the requirements set forth in the definition of “Pricing Certificate”) with regard to a particular calendar year commencing with the 2025 calendar year, the Sustainability Rate Adjustment will be positive 0.04%, the Sustainability Facility

Fee Adjustment will be positive 0.01%, and the Sustainability L/C Fee Adjustment will be positive 0.04% commencing on the last day such Pricing Certificate could have been delivered pursuant to the terms of Section 2.19(f) and continuing until Kimco delivers a Pricing Certificate to the Administrative Agent for the applicable calendar year.

(d) If (i)(A) any Lender becomes aware of any material inaccuracy in the Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment, Sustainability L/C Fee Adjustment or the KPI as reported in a Pricing Certificate (any such material inaccuracy, a “Pricing Certificate Inaccuracy”) and such Lender delivers, not later than 10 Business Days after obtaining knowledge thereof, a written notice to the Administrative Agent and Kimco describing such Pricing Certificate Inaccuracy in reasonable detail, or (B) Kimco becomes aware of a Pricing Certificate Inaccuracy and Kimco and the Administrative Agent shall mutually agree that there was a Pricing Certificate Inaccuracy at the time of delivery of a Pricing Certificate, and (ii) a proper calculation of the Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment, Sustainability L/C Fee Adjustment or the KPI would have resulted in an increase in the Applicable Margin, L/C Fee Rate or Facility Fee Rate for any period, Kimco shall be obligated to pay to the Administrative Agent for the account of the applicable Lenders promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code (or any comparable event under non-U.S. Debtor Relief Laws), automatically and without further action by the Administrative Agent or any Lender), but in any event within 10 Business Days after Kimco has received written notice of (in the case of clause (d)(i)(A) above), or has agreed in writing that there was (in the case of clause (d)(i)(B) above), a Pricing Certificate Inaccuracy, an amount equal to the excess of (1) the amount of interest and fees that should have been paid for such period over (2) the amount of interest and fees actually paid for such period. Notwithstanding the foregoing or anything to the contrary herein, any information in a Pricing Certificate shall be deemed to be not materially inaccurate (and no Pricing Certificate Inaccuracy shall be deemed to have occurred in respect thereof), and any calculation of the Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment, the Sustainability L/C Fee Adjustment or the KPI shall be deemed proper, and in each case shall not implicate this Section 2.19(d), if such information or calculation was made by Kimco in good faith based on information reasonably available to Kimco at the time that such calculation was made.

It is understood and agreed that any Pricing Certificate Inaccuracy shall not constitute a Default or Event of Default; provided, that, Kimco complies with the terms of this Section 2.19 and Section 6.7(f) with respect to such Pricing Certificate Inaccuracy. Notwithstanding anything to the contrary herein, unless such amounts shall be due upon the occurrence of an actual or deemed entry of an order for relief with respect to a Borrower under the Bankruptcy Code (or any comparable event under non-U.S. Debtor Relief Laws), (a) any additional amounts required to be paid pursuant to the immediately preceding paragraph shall not be due and payable until the earlier to occur of (i) written demand for such payment by the Administrative Agent in accordance with such paragraph or (ii) 10 Business Days after Kimco has received written notice of (in the case of clause (d)(i)(A) above), or has agreed in writing that there was (in the case of clause (d)(i)(B) above), a Pricing Certificate Inaccuracy (such date, the “Certificate Inaccuracy Payment Date”), (b) any nonpayment of such additional amounts prior to the Certificate Inaccuracy Payment Date shall not constitute a Default (whether retroactively or otherwise) and (c) none of such additional amounts shall be deemed overdue prior to the Certificate Inaccuracy Payment Date or shall accrue interest at the Default Rate prior to the Certificate Inaccuracy Payment Date.

(e) Each party hereto hereby agrees that none of the Sustainability Structuring Agent, the Administrative Agent, any Joint Lead Arranger or any Lender shall have (x) any duty to ascertain, inquire into or otherwise independently verify any Sustainability Report, Pricing Certificate or any other information or materials provided by Kimco and used in connection with the sustainability provisions of the credit facility described in this Agreement, including with respect to the applicable

Sustainability Metrics nor (y) any responsibility for (or liability in respect of) the completeness or accuracy of such information nor (z) any responsibility for (or liability in respect of) reviewing, auditing or otherwise evaluating any calculation by Kimco of any Sustainability Rate Adjustment, Sustainability L/C Fee Adjustment or Sustainability Facility Fee Adjustment (or any of the data or computations that are part of or related to any such calculation) set forth in any Pricing Certificate (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry).

(f) As soon as available and in any event within 240 days following the end of each calendar year (commencing with the calendar year ending December 31, 2025), Kimco shall deliver to the Administrative Agent and the Lenders a Pricing Certificate for the most recently ended calendar year; provided, that, for any calendar year Kimco may elect not to deliver a Pricing Certificate, and such election shall not constitute a Default or Event of Default (but such failure to so deliver a Pricing Certificate by the end of such 240-day period shall result in the Sustainability Rate Adjustment, the Sustainability Facility Fee Adjustment and the Sustainability L/C Fee Adjustment being applied as set forth in clause (c) above.

(g) Notwithstanding the foregoing, the provisions of Section 2.19 of the Existing Revolving Credit Agreement (including the definitions from the Existing Revolving Credit Agreement used therein) shall continue to apply to this Agreement from the Effective Date through the date immediately preceding the first Sustainability Pricing Adjustment Date (or, in the case of non-delivery of a Pricing Certificate, the last day such Pricing Certificate could have been delivered pursuant to the terms of Section 2.19(f)) under this Agreement, including any Sustainability Rate Adjustment, any Sustainability Facility Fee Adjustment and any Sustainability L/C Fee Adjustment under and as defined in the Existing Revolving Credit Agreement resulting from the Pricing Certificate (as defined in the Existing Revolving Credit Agreement) most recently delivered under the Existing Revolving Credit Agreement prior to the Effective Date with respect to the calendar year ended December 31, 2024.

Article III

LETTERS OF CREDIT

Section 3.1 L/C Commitment.

(a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the Lenders set forth in Section 3.4(a), agrees to issue Letters of Credit requested by any Borrower as the applicant thereof to support its or its Subsidiaries’ obligations on any Business Day during the Commitment Period other than the last ten (10) Business Days thereof in such form as may be acceptable from time to time to such Issuing Lender; provided that no Issuing Lender shall issue any Letter of Credit if, after giving effect to such issuance, (i) the sum of the L/C Exposure of all the Lenders would exceed the L/C Commitment, (ii) the sum of the Tranche A Exposure of all the Lenders would exceed the sum of the Tranche A Commitments of all the Lenders, (iii) the sum of the Tranche B Exposure of all the Lenders would exceed the sum of the Tranche B Commitments of all the Lenders, (iv) the Available Commitment of any Lender would be less than zero, (v) the sum of the Revolving Exposure of all the Lenders plus the aggregate principal amount of all outstanding Competitive Loans would exceed the aggregate Revolving Commitments, (vi) unless such Issuing Lender otherwise agrees, the L/C Obligations with respect to all Letters of Credit issued by such Issuing Lender would exceed its Issuing Lender Commitment or (vii) more than a total of fifty (50) Letters of Credit would be outstanding at such time. No Issuing Lender shall have any obligation to issue, amend or extend any Letter of Credit (A) the beneficiary of which is a Sanctioned Person, (B) to fund any prohibited activity or business with any Sanctioned Person, or in any country or territory, that at the time of such issuance is the subject of any

Sanctions or (C) in any manner that would result in a violation of any Sanctions by any party to this Agreement.

(b) Each Letter of Credit (i) shall be denominated (x) in the case of Tranche A Letters of Credit, only in Dollars, or (y) in the case of Tranche B Letters of Credit, in Dollars or in an Alternate Currency, (ii) shall be available by sight payment (rather than by acceptance, by deferred payment or by negotiation), (iii) shall be a standby letter of credit issued to support obligations of Kimco and its Subsidiaries, contingent or otherwise, incurred in the ordinary course of business and (iv) shall expire no later than ten (10) Business Days prior to the Termination Date (such expiration date, the “Letter of Credit Expiration Date”); provided, that a Letter of Credit may expire after the Letter of Credit Expiration Date if (x) such Letter of Credit shall be cash collateralized (or backstopped by another letter of credit in a manner reasonably acceptable to the Issuing Lender and from a financial institution reasonably acceptable to the Issuing Lender) on or before the date that is ten (10) Business Days prior to the Termination Date in an amount equal to 103% of the face amount of such Letter of Credit and on customary terms reasonably satisfactory to the Administrative Agent and (y) such Letter of Credit shall expire no later than one year after the date of issuance of such Letter of Credit (or in the case of any renewal or extension thereof, one year after such renewal or extension).

(c) Each Letter of Credit shall be subject to the Uniform Customs or the ISP and, to the extent not inconsistent therewith, the laws of the State of New York or any other jurisdiction requested by the applicable Borrower and acceptable to the Administrative Agent and the Issuing Lender in their sole discretion.

(d) The Issuing Lender shall not at any time be obligated to issue, amend or extend any Letter of Credit hereunder if (i) such issuance, amendment or extension would conflict with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law or (ii) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing, amending or extending such Letter of Credit or request that such Issuing Lender refrain from issuing, amending or extending such Letter of Credit, or any law applicable to such Issuing Lender shall prohibit the issuance, amendment or extension of letters of credit generally or such Letter of Credit in particular, or any such order, judgment, decree or law shall impose upon such Issuing Lender with respect to such Letter of Credit any restriction, reserve or capital or liquidity requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Effective Date and that is material to such Issuing Lender, or shall impose upon such Issuing Lender any unreimbursed loss, cost or expense that was not applicable on the Effective Date and that is material to such Issuing Lender.

Section 3.2 Procedure for Issuance of Letters of Credit.

Each Borrower may from time to time request that the Issuing Lender issue (or amend, renew or extend) a Letter of Credit by delivering to the Issuing Lender, with a copy to the Administrative Agent, in each case, at the applicable address for notices specified herein (i) an Application therefor, specifying whether such Letter of Credit is to be a Tranche A Letter of Credit (in which case such Letter of Credit when issued shall be deemed to use the Tranche A Commitments to the extent of the amount of such Letter of Credit) or a Tranche B Letter of Credit (in which case such Letter of Credit when issued shall be deemed to use the Tranche B Commitments to the extent of the amount of each Letter of Credit) and otherwise completed to the satisfaction of the Issuing Lender, and (ii) such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any Application, the Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the limitations contained in Section 3.1(a) shall not be violated and shall then process such Application and the certificates, documents and other papers and information delivered to it in connection

therewith in accordance with its customary procedures and shall promptly issue (or amend, renew or extend) the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue (or amend, renew or extend) any Letter of Credit earlier than three (3) Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit (or amendment, renewal or extension) to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender and the applicable Borrower. The Issuing Lender shall furnish a copy of such Letter of Credit (or amendment, renewal or extension) to the applicable Borrower and the Administrative Agent promptly following the issuance thereof, and the Administrative Agent shall promptly notify the Lenders thereof.

Section 3.3 Fees and Other Charges.

(a) The applicable Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants (in the case of a Tranche A Letter of Credit, having Tranche A Commitments, and, in the case of a Tranche B Letter of Credit, having Tranche B Commitments), a letter of credit fee with respect to each Letter of Credit issued for its account at a per annum rate, for each day during the period from and including the date of issuance of such Letter of Credit to and including the first date thereafter on which such Letter of Credit shall expire or be cancelled or fully drawn, equal to the L/C Fee Rate in effect on such day, calculated on the basis of a 360-day year, of the Dollar Equivalent of the aggregate amount available to be drawn under such Letter of Credit on such day. In addition, the applicable Borrower shall pay to the Issuing Lender for its own account a fronting fee of 0.100% per annum on the Dollar Equivalent of the undrawn and unexpired amount of each Letter of Credit issued for its account. Letter of credit fees and fronting fees pursuant to this paragraph accrued through and including the last day of March, June, September and December of each year shall be payable in Dollars in arrears on each L/C Fee Payment Date to occur while the relevant Letter of Credit is outstanding and shall be nonrefundable; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.

(b) In addition to the foregoing fees, the applicable Borrower shall pay or reimburse the Issuing Lender in Dollars for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit issued for its account.

(c) The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the applicable L/C Participants all fees received by the Administrative Agent for their respective accounts pursuant to this Section 3.3.

Section 3.4 L/C Participations.

(a) The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant (in the case of a Tranche A Letter of Credit, having Tranche A Commitments, and, in the case of a Tranche B Letter of Credit, having Tranche B Commitments), and, to induce the Issuing Lender to issue Letters of Credit hereunder, each applicable L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Applicable Percentage of the Tranche A Commitments or Tranche B Commitments, as applicable, in the Issuing Lender’s obligations and rights in respect of each Letter of Credit issued hereunder (and in respect of each amendment to a Letter of Credit increasing the amount thereof in accordance with the provisions of this Agreement) and the amount of each draft or other demand for payment paid by the Issuing Lender thereunder. Each applicable L/C Participant unconditionally and

irrevocably agrees with the Issuing Lender that, if the Issuing Lender notifies it that a draft or other demand for payment has been paid under any Letter of Credit for which the Issuing Lender has not been reimbursed in full by the applicable Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Applicable Percentage of the Tranche A Commitments or the Tranche B Commitments, as applicable, of the amount of such draft or other demand for payment, or any part thereof, which is not so reimbursed.

(b) If any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit is paid to the Issuing Lender within three (3) Business Days after the date such payment is due, such L/C Participant shall pay to the Issuing Lender on demand an amount equal to the product of (i) the Dollar Equivalent of such amount, times (ii) the daily average Federal Funds Effective Rate, as quoted by the Issuing Lender, during the period from and including the date such payment is required to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not in fact made available to the Issuing Lender by such L/C Participant within three (3) Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans hereunder (or, if such Letter of Credit is denominated in an Alternate Currency, the rate per annum applicable to Term Benchmark Loans for Interest Periods of one month). A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error.

(c) Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with this Section 3.4, the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the applicable Borrower or otherwise, including proceeds of any collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will promptly distribute to such L/C Participant its pro rata share thereof; provided that in the event that any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the Issuing Lender to it.

Section 3.5 Reimbursement Obligation of the Borrowers.

(a) Each Borrower agrees to reimburse the Issuing Lender on each date on which the Issuing Lender notifies such Borrower of the date and amount of a draft or other demand for payment presented under any Letter of Credit issued for its account and paid by the Issuing Lender for the amount in the currency of such Letter of Credit of (i) such draft or other demand so paid (which reimbursement may be effected through the procedure described in Section 3.5(c)) and (ii) any taxes, fees, charges or other costs or expenses (including post-judgment taxes, fees, charges or other costs or expenses) incurred by the Issuing Lender in connection with such payment. Each such payment shall be made to the Issuing Lender at its address for notices specified herein in the currency of such Letter of Credit and in immediately available funds.

(b) Interest shall be payable on the Dollar Equivalent of any and all amounts remaining unpaid by the applicable Borrower under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full at the rate which would be payable on any outstanding ABR Loans which were then overdue.

(c) Each drawing under any Letter of Credit denominated in Dollars shall constitute a request by the applicable Borrower to the Administrative Agent for a borrowing pursuant to Section 2.2(d) of ABR Loans in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the date of such drawing.

Section 3.6 Obligations Absolute.

(a) Each Borrower’s obligations under this Article III shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which such Borrower may have or have had against the Issuing Lender, any L/C Participant or any beneficiary of a Letter of Credit.

(b) Each Borrower also agrees that the Issuing Lender and the L/C Participants shall not be responsible for, and such Borrower’s Reimbursement Obligations under Section 3.5(a) shall not be affected by, among other things, (i) the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or (ii) any dispute between or among such Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred, (iii) any claims whatsoever of such Borrower against any beneficiary of such Letter of Credit or any such transferee, (iv) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, or (v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of a Borrower’s obligations hereunder.

(c) The Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for direct damages resulting from errors or omissions caused by the Issuing Lender’s gross negligence, willful misconduct or material breach of its obligations under this Agreement (as determined by a final and non-appealable judgment of a court of competent jurisdiction).

(d) Each Borrower agrees that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit issued for its account or the related drafts or documents, if done in the absence of gross negligence or willful misconduct and in accordance with any applicable standard of care specified in the Uniform Commercial Code of the State of New York (or other law applicable to such Letters of Credit), shall be binding on such Borrower and shall not result in any liability of the Issuing Lender or any L/C Participant to such Borrower. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that (i) with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Lender may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit, (ii) the Issuing Lender may, in its sole discretion, (x) assert or waive application of Article 17 and Article 45 of the Uniform Customs, or (y) accept as a draft any written demand or request for payment under a Letter of Credit even if non-negotiable or not in the form of a draft, and (iii) with respect to documents presented which the Issuing Lender determines do not appear on their face to comply with the terms of a Letter of Credit, the Issuing Lender may, in its sole discretion, approach the applicable Borrower for a waiver of the discrepancy(ies), but neither requesting such a waiver from such Borrower nor receiving such a waiver from such Borrower shall obligate the Issuing Lender to make payment against such documents. The applicable Borrower will notify the Issuing Lender in writing of any objection such Borrower may have to the Issuing Lender’s issuance or amendment of any Letter of Credit, the Issuing Lender’s honor or dishonor of any presentation under any Letter of Credit, or any other action or inaction taken or proposed to be taken by the Issuing Lender under

or in connection with this Agreement or any Letter of Credit. The applicable Borrower’s notice of objection must be delivered to the Issuing Lender within five (5) Business Days after such Borrower receives notice of the action or inaction it objects to. Any Borrower’s failure to give such notice of objection within five (5) Business Days after such Borrower’s actual receipt of notice of the action or inaction it objects to shall automatically waive such Borrower’s objection, authorize or ratify the Issuing Lender’s action or inaction, and preclude such Borrower from raising the objection as a defense or claim against the Issuing Lender.

Section 3.7 Letter of Credit Payments.

If any draft or other demand for payment shall be presented for payment under any Letter of Credit, the Issuing Lender shall, within the time allowed by applicable law or the terms of the Letter of Credit, examine all documents purporting to be a demand for payment and promptly after such examination notify the applicable Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the applicable Borrower in connection with any draft or other demand for payment presented for payment under any Letter of Credit issued for such Borrower’s account shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft or other demand for payment) delivered under such Letter of Credit in connection with such presentment appear on their face to be in conformity with the terms and conditions of such Letter of Credit.

Section 3.8 Applications.

To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.

Section 3.9 Replacement of the Issuing Lender; Alternate Issuing Lender.

(a) The Issuing Lender may be replaced at any time by written agreement among the Borrowers, the Administrative Agent, the replaced Issuing Lender and the successor Issuing Lender. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Lender. At the time any such replacement shall become effective, the Borrowers shall, jointly and severally, pay all unpaid fees accrued for the account of the replaced Issuing Lender. From and after the effective date of any such replacement, (i) the successor Issuing Lender shall have all the rights and obligations of the Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

(b) Subject to the appointment and acceptance of a successor Issuing Lender, any Issuing Lender may resign as an Issuing Lender at any time upon thirty days’ prior written notice to the Administrative Agent, Kimco and the Lenders, in which case, such resigning Issuing Lender shall be replaced in accordance with Section 3.9(a) above.

(c) Kimco may request that a Lender other than one of the Lead Lenders (such Lender, an “Alternate Issuing Lender”) be an Issuing Lender; provided that (i) no Lender shall have any obligation to serve as such Alternate Issuing Lender, (ii) any such Alternate Issuing Lender must agree to such customary record-keeping and reporting requirements relating to the applicable Letter(s) of Credit as

the Administrative Agent shall reasonably require in connection with the Revolving Credit Facility and (iii) such Alternate Issuing Lender shall deliver a notice to the Administrative Agent on or prior to the date that such Lender becomes an Alternate Issuing Lender setting forth such Alternate Issuing Lender’s Issuing Lender Commitment.

Section 3.10 Existing Letters of Credit.

Schedule 3.10 (existing Letters of Credit) contains a schedule of certain letters of credit issued by the applicable Existing Issuing Lender prior to the effectiveness of the amendment and restatement contemplated hereby for the account of the applicable account parties under the Existing Revolving Credit Agreement. Upon the effectiveness of the amendment and restatement contemplated hereby, such letters of credit, to the extent outstanding, shall be deemed, automatically and without further action by the parties thereto, to be Tranche A Letters of Credit or Tranche B Letters of Credit, as shown on such Schedule, issued by the applicable Issuing Lender pursuant to this Article III and subject to the provisions hereof.

Section 3.11 Increase of L/C Commitment. Kimco may from time to time request increases in the amount of the L/C Commitment, in minimum increments of $5,000,000 (or whole multiples of $1,000,000 in excess of $5,000,000), provided that the total amount by which the L/C Commitment may be increased under this Section 3.11 shall be limited to $150,000,000 in the aggregate (resulting in a total L/C Commitment not to exceed $250,000,000). Any Issuing Lender or, with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) and Kimco, any additional bank, financial institution or other entity that is not then an Issuing Lender may elect to become an Issuing Lender hereunder and may increase its (or make an) Issuing Lender Commitment. No Issuing Lender or Lender shall have any obligation to increase its Issuing Lender Commitment. The form of documentation pursuant to which any such Issuing Lender Commitments and L/C Commitment are increased or obtained shall be customary and must be acceptable to Kimco and the Administrative Agent (each acting reasonably). Each increase of the Issuing Lender Commitments and L/C Commitment under this Section 3.11 is subject to the following conditions:

(a) Each of the representations and warranties made by Kimco in or pursuant to the Loan Documents shall be true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) on and as of the date of such increase as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date; and

(b) No Default or Event of Default shall have occurred and be continuing on the date of such increase, after giving effect thereto.

Section 3.12 Letters of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,” “customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing Lender (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter of Credit, Kimco (i) shall reimburse, indemnify and compensate the applicable Issuing Lender hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account of Kimco and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. Kimco hereby acknowledges that the issuance of such

Letters of Credit for its Subsidiaries inures to the benefit of Kimco, and that Kimco’s business derives substantial benefits from the businesses of such Subsidiaries.

Article IV

REPRESENTATIONS AND WARRANTIES

To induce the Administrative Agent, the Issuing Lender, and the Lenders to enter into this Agreement, to make or maintain the Revolving Credit Loans and Competitive Loans, and to issue or participate in the Letters of Credit, Kimco hereby represents and warrants, on the Effective Date and (other than with respect to the representations and warranties contained in Sections 4.2, 4.6 and 4.22) on each Representation and Warranty Date, as to itself only, and not as to any other Loan Party (and, solely with respect to the representations and warranties contained in Sections 4.3(b) (only as to itself and not as to its Subsidiaries), 4.4, 4.5(b), 4.13, 4.14, 4.15, 4.16 and 4.22 (the “Baseline Representations and Warranties”), on any applicable Subsidiary Borrower Representation and Warranty Date in respect of a specific Subsidiary Borrower, such Subsidiary Borrower hereby represents and warrants as to itself) to the Administrative Agent, the Issuing Lender, and each Lender that:

Section 4.1 Financial Condition.

The consolidated balance sheet of Kimco and its subsidiaries as at December 31, 2023 and December 31, 2024 and the related consolidated statements of income and of cash flows for the respective fiscal years ended on such dates, reported on by PricewaterhouseCoopers, LLP, copies of which have heretofore been furnished to the Lenders, are complete and correct and present fairly the consolidated financial condition of Kimco and its subsidiaries as at such dates, as applicable and the consolidated results of their operations and their consolidated cash flows for the applicable fiscal year then ended. All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved. Except as set forth on Schedule 4.1, neither Kimco nor any of the Consolidated Entities has, at the Effective Date, any material Indebtedness, Guarantee Obligation, contingent liability or liability for taxes, or any unusual forward or long-term commitment, including any interest rate or foreign currency swap or exchange transaction, which is not reflected in the foregoing statements or in the notes thereto. Except as set forth on Schedule 4.1, during the period from September 30, 2025 to and including the Effective Date there has been no sale, transfer or other disposition by Kimco or any of the Consolidated Entities of any material part of its business or property and no purchase or other acquisition of any business or property (including any capital stock of any other Person) material in relation to the consolidated financial condition of Kimco and the Consolidated Entities at September 30, 2025.

Section 4.2 No Change.

Since September 30, 2025, there has been no development or event nor any prospective development or event, which has had or could reasonably be expected to have a Material Adverse Effect.

Section 4.3 Corporate Existence; Compliance with Law.

(a) Kimco (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (ii) has the power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (iii) is duly qualified and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except to the extent the failure to be so qualified and in good standing could not, in the aggregate, reasonably be

expected to have a Material Adverse Effect, and (iv) is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

(b) Each Subsidiary (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (ii) has the corporate (or limited partnership or limited liability company or other form of organization, as applicable) power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (iii) is duly qualified as a foreign corporation (or limited partnership or limited liability company or other form of organization, as applicable) and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, and (iv) is in compliance with all Requirements of Law except, in the case of clauses (i), (ii), (iii) or (iv) above, as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 4.4 Corporate Power; Authorization; Enforceable Obligations.

Each applicable Loan Party has the corporate (or limited partnership or limited liability company or other form of organization, as applicable) power and authority, and the legal right, to make, deliver and perform each Loan Document to which it is a party and, in the case of each applicable Borrower, to borrow and request the issuance of Letters of Credit hereunder, and each applicable Loan Party has taken all necessary corporate (or limited partnership or limited liability company or other form of organization, as applicable) action to authorize the execution, delivery and performance of each Loan Document to which it is a party and, in the case of each applicable Borrower, the borrowings and requests for Letters of Credit on the terms and conditions of this Agreement. No consent or authorization of, filing with or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings and requests for Letters of Credit hereunder or with the execution, delivery, performance, validity or enforceability of any Loan Document. Each Loan Document has been duly executed and delivered on behalf of each applicable Loan Party party thereto. Each Loan Document constitutes a legal, valid and binding obligation of each applicable Loan Party party thereto enforceable against each such Loan Party in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles (whether sought by proceedings in equity or at law).

Section 4.5 No Legal Bar.

(a) The execution, delivery and performance of the Loan Documents and the Borrowings and requests for Letters of Credit hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of Kimco and will not result in, or require, the creation or imposition of any Lien on any of its properties or revenues pursuant to any such Requirement of Law or Contractual Obligation, except, in each case, where the same could not reasonably be expected to have a Material Adverse Effect.

(b) The execution, delivery and performance of the Loan Documents and the Borrowings and requests for Letters of Credit hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of the applicable Loan Party other than Kimco and will not result in, or require, the creation or imposition of any Lien on any of its properties or revenues pursuant to any such Requirement of Law or Contractual Obligation, except, in each of the foregoing cases, where the same could not reasonably be expected to have a Material Adverse Effect.

Section 4.6 No Material Litigation.

No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the actual knowledge of Kimco, threatened in writing by or against Ultimate Parent, Kimco or any of its Subsidiaries or against any of its or their respective properties or revenues which could reasonably be expected to have a Material Adverse Effect.

Section 4.7 No Default.

Neither Kimco nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect which could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing.

Section 4.8 Ownership of Property.

Each of Kimco and its Subsidiaries has good record title in fee simple to, or a valid leasehold interest in, all of its material real property, and good title to all of its other material property, except, in each case, where failure to do so could not reasonably be expected to have a Material Adverse Effect.

Section 4.9 Intellectual Property.

Kimco and each of its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, technology, know-how and processes (“Intellectual Property”) necessary for the conduct of its business as currently conducted except for those the failure to own or license which could not reasonably be expected to have a Material Adverse Effect. No claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does Kimco know of any valid basis for any such claim, except, in each case, for any claim that could not reasonably be expected to have a Material Adverse Effect. The use of such Intellectual Property by Kimco and its Subsidiaries does not infringe on the rights of any Person, except for such claims and infringements that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

Section 4.10 No Burdensome Restrictions; Disclosure.

No Requirement of Law or Contractual Obligation of Kimco or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. No written information, other than financial projections and information of a general economic or industry nature, furnished by Kimco or by any of its representatives on Kimco’s behalf to the Administrative Agent, the Issuing Lender or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), when furnished and when taken as a whole, contained any untrue statement of material fact or omitted to state any material fact necessary to make the statements therein, taken as a whole, not materially misleading in the light of the circumstances under which they were made; provided that, with respect to financial projections made available by Kimco or by any of its representatives on Kimco’s behalf to the Administrative Agent, the Issuing Lender or any Lender in connection with the negotiation of this Agreement or delivered hereunder, Kimco represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time when made, it being understood and agreed that projections are by their nature inherently uncertain and are not a guarantee of financial performance, that actual results may differ from projections and that such differences may be material

Section 4.11 Taxes.

Each of Kimco and its Subsidiaries has filed or caused to be filed all tax returns which, to the actual knowledge of Kimco, are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than (a) any taxes, fees, or other charges the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of Kimco or its Subsidiaries, as the case may be or (b) to the extent that the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect); no tax Lien has been filed, and, to the actual knowledge of Kimco, no claim is being asserted, with respect to any such tax, fee or other charge.

Section 4.12 Federal Regulations.

No part of the proceeds of any Revolving Credit Loan or Competitive Loan and no Letter of Credit will be used for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of the Board as now and from time to time hereafter in effect or for any purpose which violates the provisions of the Regulations of the Board. If requested by the Administrative Agent, each Borrower will furnish to the Administrative Agent a statement to the foregoing effect in conformity with the requirements of FR Form U-1 referred to in said Regulation U.

Section 4.13 ERISA.

No Reportable Event has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code. The present value of all accrued benefits under each Single Employer Plan maintained by Kimco or any Commonly Controlled Entity (based on those assumptions used to fund the Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits. Neither any Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan, and neither any Borrower nor any Commonly Controlled Entity would become subject to any liability under ERISA if such Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made. No such Multiemployer Plan is in Reorganization or Insolvent. The present value (determined using actuarial and other assumptions which are reasonable in respect of the benefits provided and the employees participating) of the liability of the Borrowers and each Commonly Controlled Entity for post-retirement benefits to be provided to their current and former employees under Plans which are welfare benefit plans (as defined in Section 3(1) of ERISA) equals or exceeds the assets under all such Plans allocable to such benefits.

Section 4.14 Investment Company Act.

No Loan Party is an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.

Section 4.15 Anti-Corruption Laws and Sanctions.

Neither any Borrower nor any Wholly Owned Subsidiary of Kimco, nor any director or senior officer of a Borrower, nor, to the actual knowledge of Kimco, any director or senior officer of any Wholly Owned Subsidiary of Kimco, is the subject of Sanctions or a Sanctioned Person. No part of the proceeds of the Loans and no Letter of Credit shall be used by a Borrower in violation of Anti-Corruption

Laws or applicable Sanctions. Each of the Borrowers and each Wholly Owned Subsidiary of Kimco is in compliance, in all material respects, with the Patriot Act, Anti-Corruption Laws, and applicable Sanctions.

Section 4.16 Purpose.

The proceeds of the Revolving Credit Loans and the Competitive Loans and the Letters of Credit on and after the Effective Date shall be used by the Borrowers for general corporate purposes.

Section 4.17 Environmental Matters.

Each of the following representations and warranties is true and correct on and as of the Effective Date except to the extent that the facts and circumstances giving rise to any such failure to be so true and correct, in the aggregate, could not reasonably be expected to have a Material Adverse Effect:

(a) To the best knowledge of Kimco, the Properties do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations which constitute or constituted a violation of, or could reasonably give rise to liability under, Environmental Laws.

(b) To the best knowledge of Kimco, the Properties and all operations at the Properties are in compliance, and have in the last two years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Properties, or violation of any Environmental Law with respect to the Properties.

(c) Neither Kimco nor any of its Subsidiaries has received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties, nor does Kimco have knowledge or reason to believe that any such notice will be received .

(d) To the best knowledge of Kimco, Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location which could reasonably give rise to liability under, Environmental Laws, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Laws.

(e) No judicial proceeding or governmental or administrative action is pending, or, to the knowledge of Kimco, threatened in writing, under any Environmental Law to which Kimco or any of its Subsidiaries is or, to the actual knowledge of Kimco, will be named as a party with respect to the Properties, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative of judicial requirements outstanding under any Environmental Law with respect to the Properties.

(f) To the best knowledge of Kimco, there has been no release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of Kimco and its Subsidiaries in connection with the Properties in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws.

Section 4.18 Insurance.

Kimco and each Subsidiary maintains with insurance companies rated at least A- by A.M. Best & Co., with premiums at all times currently paid, insurance upon fixed assets and inventories, including public liability insurance, fire and all other risks insured against by extended coverage, fidelity bond coverage, business interruption insurance, and all insurance required by law, all in form and amounts required by law and customary to the respective natures of their businesses and properties, except in cases where failure to maintain such insurance will not have a Material Adverse Effect.

Section 4.19 Condition of Properties.

Each of the following representations and warranties is true and correct except to the extent that the facts and circumstances giving rise to any such failure to be so true and correct, in the aggregate, could not reasonably be expected to have a Material Adverse Effect:

(a) All of the improvements located on the Properties and the use of said improvements comply and shall continue to comply in all material respects with all applicable zoning resolutions, building codes, subdivision and other similar applicable laws, rules and regulations and are covered by existing valid certificates of occupancy and all other certificates and permits required by applicable laws, rules, regulations and ordinances or in connection with the use, occupancy and operation thereof.

(b) No material portion of any of the Properties, nor any improvements located on said Properties that are material to the operation, use or value thereof, have been damaged in any respect as a result of any fire, explosion, accident, flood or other casualty.

(c) No condemnation or eminent domain proceeding has been commenced or to the knowledge of Kimco is about to be commenced against any portion of any of the Properties, or any improvements located thereon that are material to the operation, use or value of said Properties except as set forth and described in Schedule 4.19.

(d) No notices of violation of any federal, state or local law or ordinance or order or requirement have been issued with respect to any Properties.

Section 4.20 [Reserved].

Section 4.21 REIT Status.

Ultimate Parent is an equity-oriented real estate investment trust under Sections 856 through 860 of the Code, unless (i) the Board of Directors of Ultimate Parent shall have determined in good faith that it is in the best interests of Ultimate Parent to no longer maintain such status and (ii) Ultimate Parent’s no longer maintaining such status does not materially adversely affect the interests of the Lenders.

Section 4.22 Solvency.

On the Effective Date (after giving effect to the making of any Loan on the Effective Date and the issuance, renewal, extension or amendment of any Letter of Credit on the Effective Date), each of (a) Kimco and (b) each Subsidiary Borrower party hereto as of the Effective Date is Solvent.

Section 4.23 Affected Financial Institutions. No Loan Party is an Affected Financial Institution.

Article V

CONDITIONS

Section 5.1 Conditions to Effectiveness / Effective Date.

The amendment and restatement of the Existing Revolving Credit Agreement effected hereby and the effectiveness of this Agreement and the availability of the Revolving Credit Facility hereunder, is subject to the satisfaction of the following conditions (or the waiver of such conditions in accordance with Section 10.1):

(a) Credit Agreement. The Administrative Agent shall have received from each party hereto (which parties include each Existing Revolving Lender, the Administrative Agent and each Existing Issuing Lender) either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

(b) No Material Adverse Effect. There shall not have occurred or become known to the Lead Lenders or the Joint Lead Arrangers any material adverse condition or material adverse change in the business, operations, property or financial condition of Ultimate Parent and its Subsidiaries, taken as a whole since September 30, 2025.

(c) Representations and Warranties. Each of the representations and warranties made by the Loan Parties in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the Effective Date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date; provided that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects as of the Effective Date or such earlier date.

(d) Financial Statements. The Lenders shall have received (i) unqualified audited consolidated financial statements of Kimco for the fiscal years ended December 31, 2023 and December 31, 2024, and (ii) unaudited interim consolidated financial statements of Kimco for each quarterly period (other than the fourth quarter of any fiscal year) ended both (x) subsequent to the date of the latest financial statements delivered pursuant to clause (i) of this paragraph and (y) at least 45 days prior to the Closing Date, in each case prepared in accordance with GAAP.

(e) Existing Revolving Lenders. All loans and other amounts owing to the Existing Revolving Lenders under the Existing Revolving Credit Agreement shall have been paid in full in accordance with clause (f) below.

(f) Interest, Fees, Breakage Costs and Expenses. JPMorgan Chase Bank, N.A., as administrative agent under the Existing Revolving Credit Agreement or this Agreement, as applicable, shall have received payment (which may be from proceeds of the initial Loans under this Agreement) of (i) for the account of the Existing Revolving Lenders, (A) the aggregate outstanding principal amount of all of the Existing Revolving Loans, (B) all interest, fees and expenses accrued to but excluding the Effective Date owed to such Existing Revolving Lenders under the Existing Revolving Credit Agreement or any fee letter referred to therein or relating thereto, (C) any and all amounts payable pursuant to Section 2.13 of the Existing Revolving Credit Agreement (it being agreed that with respect to each Existing Revolving Lender such amount is zero), and (ii) for the account of the applicable payee, all fees

and other amounts due and payable on or prior to the Effective Date under or in connection with the Existing Revolving Credit Agreement or this Agreement, including pursuant to the Fee Letter and, to the extent invoiced at least two (2) Business Days prior to the Effective Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder.

(g) Legal Opinion. The Administrative Agent shall have received, with a counterpart for the Administrative Agent, each Lender and the Issuing Lender, the executed legal opinions of Venable LLP and Wachtell, Lipton, Rosen & Katz, counsel to the Loan Parties, each in form and substance satisfactory to the Administrative Agent. The Borrowers hereby request such counsel to deliver such opinion.

(h) Notes; Parent Guaranty. The Administrative Agent shall have received (i) from each Borrower a signed Revolving Credit Note and from Kimco a signed Competitive Loan Note, in each case, for the account of each Lender that notified the Administrative Agent and Kimco of its request for Notes at least two (2) Business Days prior to the Closing Date and (ii) from the Ultimate Parent, a signed guaranty.

(i) Closing Certificates. The Administrative Agent shall have received a certificate from a Responsible Officer of Kimco, dated the Effective Date, substantially in the form of Exhibit E , (i) in the case of Kimco, confirming compliance with the conditions specified in this Section 5.1 and in Section 5.2 and, (ii) in each case, certifying, among other things, as to the names and offices of the Persons authorized to sign the Loan Documents to be delivered pursuant to the terms hereof by each such Loan Party, together with the signatures of each such Person and a certificate of another Responsible Officer, certifying as to the name, office, and signature of such first Responsible Officer.

(j) Organizational Documents, Etc. The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Borrower and the Ultimate Parent, and the authorization of each Borrower and the Ultimate Parent in respect of the transactions contemplated by this Agreement or the other Loan Documents, all in form and substance reasonably satisfactory to the Administrative Agent, certified to be true, correct and complete by a Responsible Officer as of the Effective Date.

(k) Patriot Act. The Administrative Agent and the Lenders shall have received all documentation and other information regarding the Borrowers reasonably requested by them of the Borrowers in writing at least 10 Business Days prior to the Closing Date that is required in order to comply with their ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act.

The Administrative Agent shall notify Kimco, the Issuing Lender and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

Section 5.2 Conditions to Each Extension of Credit.

The agreement of each Lender to make a Loan (other than a Loan to fund an Excluded Borrowing) and of the Issuing Lender to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions precedent:

(a) Representations and Warranties. On each applicable Representation and Warranty Date, each of the representations and warranties made by the Loan Parties in or pursuant to the Loan Documents shall be true and correct in all material respects (or, in the case of any representation and

warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects as of the applicable Representation and Warranty Date) on and as of such date as if made on and as of such date except for (i) representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) as of such earlier date and (ii) the representations and warranties set forth in Sections 4.2, 4.6 and 4.22.

(b) No Default. On each applicable Representation and Warranty Date, no Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extension of credit requested to be made on such date.

(c) Baseline Representations and Warranties. In the case of the making of any Loan (other than a Loan to fund an Excluded Borrowing) to, or the issuance, renewal, extension or amendment of any Letter of Credit for the account of, any Subsidiary Borrower, then on each applicable Subsidiary Borrower Representation and Warranty Date, each of the Baseline Representations and Warranties made by the applicable Subsidiary Borrower in or pursuant to the Loan Documents shall be true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects as of the applicable Subsidiary Borrower Representation and Warranty Date) on and as of such date as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date.

Each Borrowing (other than an Excluded Borrowing) by, or issuance, renewal, extension or amendment of a Letter of Credit on behalf of, any Borrower hereunder shall constitute a representation and warranty, as of the date of such extension of credit (or renewal, extension or amendment of a Letter of Credit), (i) by Kimco in all cases that the conditions contained in Section 5.2 (a) and (b) have been satisfied, and (ii) if the applicable Borrower is a Subsidiary Borrower, by such Subsidiary Borrower that the conditions contained in Section 5.2(c) have been satisfied.

Article VI

AFFIRMATIVE COVENANTS

So long as the Revolving Commitments remain in effect, any Competitive Loan or any Revolving Credit Loan remains outstanding and unpaid, any Letter of Credit remains outstanding, any Reimbursement Obligation remains unpaid in respect of any Letter of Credit, or any other amount is owing to any Lender, the Issuing Lender or the Administrative Agent hereunder, Kimco hereby agrees as set forth in Sections 6.1 through 6.8, inclusive, and each applicable Subsidiary Borrower hereby agrees as set forth in Section 6.9, that:

Section 6.1 Financial Statements.

Kimco shall furnish to the Administrative Agent (with sufficient copies for each Lender and the Issuing Lender):

(a) as soon as available, but in any event within 90 days after the end of each fiscal year of Ultimate Parent, a copy of the consolidated balance sheet of Ultimate Parent and its Subsidiaries as at the end of such year and the related consolidated statements of income and retained earnings and of

cash flows of Ultimate Parent and its Subsidiaries for such year, setting forth in each case in comparative form the figures as of the end of and for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by PricewaterhouseCoopers, LLP or other independent certified public accountants of nationally recognized standing; and

(b) as soon as available, but in any event not later than 45 days after the end of each of the first three (3) quarterly periods of each fiscal year of Ultimate Parent, the unaudited consolidated balance sheet of Ultimate Parent and its Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and retained earnings and of cash flows of Ultimate Parent and its Subsidiaries for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the corresponding date or period, as the case may be, in the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments);

all such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein).

The Administrative Agent shall make available to the Lenders (which the Administrative Agent may effect by electronic posting) the materials furnished to it pursuant to this Section.

Section 6.2 Certificates; Other Information.

Kimco shall furnish to the Administrative Agent (with sufficient copies for each Lender and the Issuing Lender (in the case of clauses (b)-(c) below) or each relevant Lender or Issuing Lender (in the case of clause (e) below)):

(a) [reserved];

(b) concurrently with the delivery of the financial statements referred to in Sections 6.1(a) and 6.1(b), a compliance certificate of a Responsible Officer of Kimco substantially in the form of Exhibit F;

(c) within ten (10) days after the same are sent, copies of all financial statements and reports which Ultimate Parent sends to its stockholders, and within ten (10) days after the same are filed, copies of all financial statements, reports or other documents which Ultimate Parent may make to, or file with, the Securities and Exchange Commission or any successor or analogous Governmental Authority;

(d) promptly, upon request of the Administrative Agent, a list of all Entities, and such additional financial information, information with respect to any Property and other information as any Lender or the Issuing Lender may from time to time reasonably request (through the Administrative Agent), including information and documentation needed for compliance with applicable know-your-customer rules and regulations and anti-money laundering rules and regulations, including the Patriot Act; and

(e) promptly, such other information regarding sustainability matters and practices of the Ultimate Parent, Kimco or any Subsidiary (including with respect to corporate governance, environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery) as

the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request for purposes of compliance with any legal or regulatory requirement.

The Administrative Agent shall make available to the Lenders (which the Administrative Agent may effect by electronic posting) the materials furnished to it pursuant to this Section.

Section 6.3 Payment of Obligations.

Kimco shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except (a) where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of Kimco, (b) Non‑Recourse Indebtedness to the extent that Kimco has determined in good faith that it is in its best interests to contest or not pay such Non-Recourse Indebtedness or (c) other obligations which aggregate not more than $50,000,000 to the extent that Kimco has determined in good faith that it is in its best interests to contest or not pay such other obligations.

Section 6.4 Maintenance of Existence, etc.

Kimco shall:

(a) Preserve, renew and keep in full force and effect its organizational existence and take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business except as otherwise permitted pursuant to Section 7.2.

(b) Comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, be reasonably expected to have a Material Adverse Effect.

Section 6.5 Maintenance of Property; Insurance.

Kimco shall keep all property useful and necessary in its business in good working order and condition; maintain insurance with financially sound and reputable insurance companies rated at least A- by A.M. Best & Co. on all of its property in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business; and furnish to each Lender and the Issuing Lender, upon written request, full information as to the insurance carried.

Section 6.6 Inspection of Property; Books and Records; Discussions.

Kimco shall keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and permit representatives of any Lender or the Issuing Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of Kimco and its Subsidiaries with officers and employees of Kimco and its Subsidiaries and with its independent certified public accountants.

Section 6.7 Notices.

Kimco shall promptly give notice to the Administrative Agent, the Issuing Lender and each Lender of:

(a) the occurrence of any Default or Event of Default;

(b) any (i) default or event of default under any Contractual Obligation of Kimco or any of its Subsidiaries or (ii) litigation, investigation or proceeding which may exist at any time between Kimco or any of its Subsidiaries and any Governmental Authority, which in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect;

(c) any litigation or administrative or other proceeding affecting Kimco or any of its Subsidiaries in which the amount involved is $50,000,000 or more on an individual basis (or $100,000,000 or more in the aggregate together with all other such litigations or administrative or other proceedings affecting Kimco or any of its Subsidiaries) and not covered by insurance or in which material injunctive or similar relief is sought, or the occurrence in respect of any Guarantor of any case, proceeding, event, or circumstance of the nature set forth in paragraph (f) of Article VIII;

(d) the following events, as soon as possible and in any event within 30 days after Kimco knows or has reason to know thereof: (i) the occurrence or expected occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or Kimco or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the terminating, Reorganization or Insolvency of, any Plan;

(e) any development or event which has had or could reasonably be expected to have a Material Adverse Effect;

(f) any Responsible Officer of Kimco obtaining actual knowledge of a Pricing Certificate Inaccuracy (other than as a result of receipt of a notice of the type described in Section 2.19(d)(i)(A)); and

(g) the announcement by any rating agency of a change in Kimco’s long-term unsecured debt rating.

Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer of Kimco setting forth details of the occurrence referred to therein and stating what action Kimco proposes to take with respect thereto.

The Administrative Agent shall promptly forward to the Lenders (which the Administrative Agent may effect by electronic posting) any written notice hereunder furnished to it pursuant to this Section.

Section 6.8 Environmental Laws.

Kimco shall:

(a) Comply with, and use its best efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and comply with and maintain,

and use its best efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, except to the extent that failure to do so could not be reasonably expected to have a Material Adverse Effect.

(b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the extent that (i) the same are being contested in good faith by appropriate proceedings and the pendency of such proceedings could not be reasonably expected to have a Material Adverse Effect or (ii) Kimco has determined in good faith that contesting the same is not in the best interests of Kimco and its Subsidiaries and the failure to contest the same could not be reasonably expected to have a Material Adverse Effect.

(c) Defend, indemnify and hold harmless the Administrative Agent, the Issuing Lender and each Lender, and their respective employees, agents, officers and directors, from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses (whether arising pre-judgment or post-judgment) of whatever kind or nature known or unknown, contingent or otherwise, arising out of, or in any way relating to the violation of, noncompliance with or liability under any Environmental Laws applicable to the operations of Kimco, its Subsidiaries or the Properties, or any orders, requirements or demands of Governmental Authorities related thereto, including attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking indemnification therefor. Notwithstanding anything to the contrary in this Agreement, this indemnity shall continue in full force and effect regardless of the termination of this Agreement.

Article VII

NEGATIVE COVENANTS

So long as the Revolving Commitments remain in effect, any Competitive Loan or any Revolving Credit Loan remains outstanding and unpaid, any Letter of Credit remains outstanding, any Reimbursement Obligation remains unpaid in respect of any Letter of Credit, or any other amount is owing to any Lender, the Issuing Lender or the Administrative Agent hereunder, Kimco hereby agrees that:

Section 7.1 Financial Covenants.

Kimco shall not directly or indirectly:

(a) Total Indebtedness Ratio. Permit, at the last day of any Test Period, the ratio of (i) Total Indebtedness as of such day to (ii) Gross Asset Value (the “Leverage Ratio”) as of such day to exceed 0.60 to 1.00 (or 0.65 to 1.00 for a period not to exceed four (4) consecutive fiscal quarters in the event that during the applicable period Kimco or one of the Consolidated Entities has incurred Indebtedness in connection with Major Acquisitions); provided that for the purpose of determining the foregoing ratio, there shall be excluded from the amount of Total Indebtedness the amount of Total Indebtedness that matures by its terms within 24 months after such date of determination, such exclusion to be limited, however, to the excess of (i) the dollar equivalent of the aggregate amount of Unrestricted Cash and Cash Equivalents then held by Kimco and the Consolidated Entities over (ii) $35,000,000.

(b) Total Priority Indebtedness Ratio. Permit, at the last day of any Test Period, the ratio of (i) Total Priority Indebtedness as of such day to (ii) Gross Asset Value as of such day to exceed 0.35 to 1.00; provided that for the purpose of determining the foregoing ratio, there shall be excluded from the amount of Total Priority Indebtedness the amount of Total Priority Indebtedness that matures by its terms within 24 months after such date of determination, such exclusion to be limited, however, to the excess of (i) the dollar equivalent of the aggregate amount of Unrestricted Cash and Cash Equivalents then held by Kimco and the Consolidated Entities over (ii) $35,000,000.

(c) [reserved].

(d) [reserved].

(e) Unsecured Interest Expense Ratio. Permit, for any Test Period, the ratio of (i) Unencumbered Assets NOI for such period to (ii) Total Unsecured Interest Expense for such period to be less than 1.75 to 1.00.

(f) Fixed Charge Coverage Ratio. Permit, for any Test Period, the ratio of Total Adjusted EBITDA for such period to Total Debt Service for such period to be less than 1.50 to 1.00. Solely for the purpose of calculating the ratio in this clause (f), Total Adjusted EBITDA (i) shall include cash flow distributions (other than distributions in respect of capital transactions) from Unconsolidated Entities, and (ii) shall be increased by the amounts excluded pursuant to clauses (iv), (v) and (vi) of the definition of the term “Total Adjusted EBITDA”.

Solely for the purposes of this Section 7.1: direct or indirect reference to EBITDA, NOI, Indebtedness and debt service (and items thereof, when applicable) with respect to the Entities, when included, shall be included only to the extent of the Ownership Percentage therein, except as otherwise specifically provided.

Section 7.2 Limitation on Certain Fundamental Changes.

None of Ultimate Parent, Kimco or any of their Subsidiaries shall, directly or indirectly: (a) enter into any merger (except as described in Schedule 7.2), consolidation or amalgamation, (b) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or (c) convey, sell, lease, assign, transfer or otherwise dispose (whether effected pursuant to a division or otherwise) of, all or substantially all of its property, business or assets (each such transaction referred to in the preceding clauses (a), (b) and (c), a “Capital Transaction”), provided that a Capital Transaction may be made if (i) such Capital Transaction does not involve all or substantially all of the property, business or assets owned or leased by Ultimate Parent, Kimco and its Subsidiaries determined on a consolidated basis with respect to Ultimate Parent and its Subsidiaries taken as a whole, (ii) there is no Default or Event of Default, immediately before and immediately after giving effect to such Capital Transaction (including any changes resulting from recharacterization of Unencumbered Property), and (iii) without limiting the foregoing, Kimco is in compliance with all covenants under Section 7.1 after giving effect to such Capital Transaction (including any changes resulting from recharacterization of Unencumbered Property), and would have been in compliance therewith for the most recent Test Period if such Capital Transaction had been given effect (including any changes resulting from recharacterization of Unencumbered Property) during such Test Period. Notwithstanding the foregoing, neither Ultimate Parent nor Kimco may engage in a Capital Transaction other than (x) a merger as to which it is the surviving entity or (y) a Capital Transaction described in the immediately following sentence. In addition, notwithstanding the foregoing, (I)(A) any Subsidiary that is not a Loan Party may merge with any Subsidiary so long as the surviving entity is a Subsidiary, and (B) any Subsidiary that is a Loan Party may merge with any Subsidiary so long as the surviving entity is a Loan Party, (II)(A) any Subsidiary that is not a Loan Party may liquidate, wind

up or dissolve itself so long as such Subsidiary’s assets are transferred to a Borrower or a Subsidiary and (B) any Subsidiary that is a Loan Party may liquidate, wind up or dissolve itself so long as such Subsidiary’s assets are transferred to a Loan Party and (III)(A) any Subsidiary that is not a Loan Party may convey, sell, lease, assign, transfer or otherwise dispose of any of its assets to a Borrower or any Subsidiary and (B) Ultimate Parent, Kimco or any Subsidiary that is a Loan Party may convey, sell, lease, assign, transfer or otherwise dispose of any of its assets to a Loan Party. No Subsidiary Borrower or Subsidiary Guarantor shall enter into any merger, consolidation, amalgamation or reorganization transaction if such transaction will result in such Subsidiary Borrower or Subsidiary Guarantor being organized under the laws of a jurisdiction other than the United States that is not an Acceptable Jurisdiction.

Section 7.3 Anti-Corruption Laws and Sanctions. The Borrowers shall not directly, or knowingly indirectly, use the proceeds of any Loan or Letter of Credit or directly, or knowingly indirectly, lend, contribute or otherwise make available such proceeds to any of their Subsidiaries or respective officers, directors, employees or agents (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any prohibited activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 7.4 [Reserved].

Section 7.5 Limitation on Transactions with Affiliates.

None of Ultimate Parent, Kimco or any of their Subsidiaries shall, directly or indirectly, enter into any transaction, including any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate except (a) transactions that are on fair and reasonable terms no less favorable to any Loan Party that is a party thereto or is affected thereby than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate, (b) transactions between or among the Ultimate Parent, a Borrower and/or a Subsidiary not involving any other Affiliate, (c) payments to or from Affiliates under leases of commercial space on market terms, (d) payment of fees under asset or property management agreements under terms and conditions available from qualified management companies, (e) transactions with Unconsolidated Entities relating to the provision of management services and overhead and similar arrangements in the ordinary course of business and (f) transactions listed on Schedule 7.5.

Section 7.6 Limitation on Changes in Fiscal Year.

Ultimate Parent shall not cause or permit its fiscal year to end on a day other than December 31, unless otherwise required by any applicable law, rule or regulation.

Section 7.7 Limitation on Lines of Business; Negative Pledges.

Neither Kimco nor or any of its Subsidiaries shall, directly or indirectly:

(a) Engage in activities other than real estate business and real estate related business activities, and in activities permitted for real estate investment trusts under the Code (including through taxable REIT subsidiaries).

(b) Enter into with any Person, or suffer to exist, any agreement which, in any such case, prohibits or limits the ability of any Borrower or any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired (other than (i) this Agreement and the other Loan Documents, (ii) any agreements governing any purchase money Liens, Financing Leases or mortgage financings (in which case any such prohibition or limitation shall only be effective against the assets financed thereby), (iii) any agreement in effect as of the date hereof and identified on Schedule 7.7 hereto (and any extension or renewal of, or any amendment or modification thereto), or (iv) any agreement related to Indebtedness or Liens incurred, or asset sales or other transactions consummated or to be consummated, by Kimco or such Subsidiary containing customary restrictions on the ability of Kimco or any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired).

Article VIII

EVENTS OF DEFAULT

If any of the following events shall occur and be continuing:

(a) Any Borrower shall fail to pay any principal of any Revolving Credit Loan, any Competitive Loan or any Reimbursement Obligation when due in accordance with the terms thereof or hereof; or any Borrower shall fail to pay any interest on any Revolving Credit Loan, any Competitive Loan, any Reimbursement Obligation or any other amount payable hereunder, within five (5) Business Days after any such interest or other amount becomes due in accordance with the terms thereof or hereof; or

(b) Any representation or warranty made or deemed made by Kimco herein or in any other Loan Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any other Loan Document shall prove to have been incorrect in any material respect on or as of the date made or deemed made or furnished; or

(c) There shall be any default in the observance or performance of any agreement contained in Section 6.7(a) or Article VII; or

(d) Kimco shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Article), and such default shall continue unremedied for a period of 30 days after notice from the Administrative Agent, the Issuing Lender or the Required Lenders; or

(e) Any Borrower or any Subsidiary of any Borrower shall (i) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation, but excluding (x) any Revolving Credit Loans, any Competitive Loans or Reimbursement Obligations (which shall be governed by clause (a) above) and (y) any Non-Recourse Indebtedness) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness (including any Guarantee Obligation, but excluding (x) any Revolving Credit Loans, any Competitive Loans or Reimbursement Obligations (which shall be governed by clause (a) above) and (y) any Non-Recourse Indebtedness) beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness (including any Guarantee Obligation, but excluding (x) any Revolving Credit Loans, any Competitive Loans or Reimbursement Obligations (which shall be governed by clause (a) above) and (y) any Non-Recourse Indebtedness) or contained in any instrument or

agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default under this Agreement unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $125,000,000 (calculated, in the case of Indebtedness of an Unconsolidated Entity, by multiplying the amount of such Indebtedness by the percentage of Kimco’s direct or indirect equity interest in such Unconsolidated Entity); provided, further, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default under this Agreement if such default, event or condition relates solely to any Subsidiary Borrower and/or its observance or performance of its obligations under this Agreement or in any other Loan Document; and provided, further, that neither the conversion or exchange of Permitted Convertible Indebtedness by the holders or beneficial owners thereof, nor the satisfaction of any conditions precedent to the conversion or exchange right of such holders or owners, nor any mandatory or optional redemption (or calling for redemption) of any Permitted Convertible Indebtedness, shall constitute a default, event or condition described in this paragraph (e), regardless of the settlement method applicable to the conversion or exchange or redemption of any such Permitted Convertible Indebtedness; or

(f) (i) Ultimate Parent or Kimco shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or a substantial part of its assets, or Ultimate Parent or Kimco shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Ultimate Parent or Kimco any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against Ultimate Parent or Kimco any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or a substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) Ultimate Parent or Kimco shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) Ultimate Parent or Kimco shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or

(g) (i) Any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan shall arise on the assets of Kimco or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed (or a trustee shall be appointed) to administer, or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) Kimco or any Commonly Controlled Entity shall, or is, in the reasonable opinion of the

Required Lenders, likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or

(h) One or more judgments or decrees shall be entered against Kimco or any Entity involving in the aggregate a liability (not paid or fully covered by insurance) of $125,000,000 or more (excluding Non-Recourse Indebtedness) (calculated, in the case of a judgment or decree against an Unconsolidated Entity, by multiplying the amount of such judgment or decree by the percentage of Kimco’s direct or indirect equity interest in such Unconsolidated Entity), and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof; or

(i) [reserved]; or

(j) Ultimate Parent shall cease, for any reason, to maintain its status as an equity-oriented real estate investment trust under Sections 856 through 860 of the Code unless (i) the Board of Directors of Ultimate Parent shall have determined in good faith that it is in the best interests of Kimco to no longer maintain such status and (ii) Ultimate Parent’s no longer maintaining such status does not materially adversely affect the interests of the Lenders; or

(k) [reserved]; or

(l) the guarantee by Kimco pursuant to Article XI or the guaranty by Ultimate Parent shall cease for any reason to be valid or binding on, or enforceable against, Kimco or Ultimate Parent, as applicable, or Kimco or Ultimate Parent, as applicable, shall so assert in writing; or

(m) a Change in Control shall occur;

then, and in any such event, (A) if such event is an Event of Default specified in paragraph (f) above, automatically the Revolving Commitments shall immediately terminate and the Revolving Credit Loans and Competitive Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) and the Notes shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) the Administrative Agent may, with the consent of the Required Lenders, or upon the request of the Required Lenders the Administrative Agent shall, by notice to Kimco, declare the Revolving Commitments to be terminated forthwith, whereupon the Revolving Commitments shall immediately terminate; and (ii) the Administrative Agent may, or upon the request of the Required Lenders the Administrative Agent shall, by notice to Kimco, declare the Revolving Credit Loans and Competitive Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) and the Notes to be due and payable forthwith, whereupon the same shall immediately become due and payable.

With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, Kimco or the applicable Borrower shall at such time deposit in a cash collateral account opened by and under the exclusive dominion and control of the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Each such depositing Borrower hereby grants to the

Administrative Agent, for the benefit of the Issuing Lender and the applicable L/C Participants, a security interest in such cash collateral to secure all obligations of such Borrower under this Agreement and the other Loan Documents. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts or other demands for payment drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrowers hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrowers hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the applicable Borrower or to whomsoever may be lawfully entitled thereto. The Borrowers shall execute and deliver to the Administrative Agent, for the account of the Issuing Lender and the applicable L/C Participants, such further documents and instruments as the Administrative Agent may request to evidence the creation and perfection of the within security interest in such cash collateral account.

Except as expressly provided above in this Article, presentment, demand, protest and all other notices of any kind are hereby expressly waived.

After the exercise of remedies provided for in clause (B) of the paragraph following the Events of Default listed in this Article VIII (or after the Loans have automatically become immediately due and payable as set forth in clause (A) of the paragraph following the Events of Default listed in this Article VIII):

(a) all payments received on account of the Obligations shall, subject to Section 2.17, be applied by the Administrative Agent as follows:

(i) first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts payable to the Administrative Agent (including fees and disbursements and other charges of counsel to the Administrative Agent payable under Section 10.5);

(ii) second, to payment of that portion of the Obligations constituting fees, expenses, indemnities and other amounts (other than principal, reimbursement obligations in respect of drawings under Letters of Credit, interest and Letter of Credit fees) payable to the Lenders and the Issuing Lenders (including fees and disbursements and other charges of counsel to the Lenders and the Issuing Lenders payable under Section 10.05) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause (ii) payable to them;

(iii) third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit fees and charges and interest on the Loans and unreimbursed drawings under Letters of Credit, ratably among the Lenders and the Issuing Lenders in proportion to the respective amounts described in this clause (iii) payable to them;

(iv) fourth, (A) to payment of that portion of the Obligations constituting unpaid principal of the Loans and unreimbursed drawings under Letters of Credit and (B) to cash collateralize that portion of LC Exposure comprising the undrawn amount of Letters of Credit to the extent not otherwise cash collateralized by the Borrower pursuant to Section 2.17, Section 3.1(b) or this Article VIII ratably among the Lenders and the Issuing Lenders in proportion to the respective amounts described in this clause (iv) payable to them; provided that (x) any such amounts applied pursuant to subclause (B) above shall be paid to the Administrative Agent for the ratable account of the applicable Issuing Lenders to cash collateralize Obligations in respect of Letters of Credit, (y) subject to Section 2.17, Section 3.1(b) or this Article VIII, amounts used to cash collateralize the aggregate amount of

Letters of Credit pursuant to this clause (iv) shall be used to satisfy drawings under such Letters of Credit as they occur and (z) upon the expiration of any Letter of Credit (without any pending drawings), the pro rata share of cash collateral shall be distributed in the order set forth in this paragraph;

(v) fifth, to the payment in full of all other Obligations, in each case ratably among the Administrative Agent, the Lenders and the Issuing Lenders based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable; and

(vi) finally, the balance, if any, after all Obligations have been indefeasibly paid in full, to Kimco or as otherwise required by law; and

(b) if any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired (without any pending drawings), such remaining amount shall be applied in the order set forth above.

Article IX

THE AGENTS

Section 9.1 The Agents.

For purposes of this Section 9.1 and Section 10.6, the term “Related Parties” shall mean, with respect to any specified Person, (i) any Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with such specified Person, and (ii) the respective directors, officers, employees, agents and advisors of such specified Person and of any other Person referred to in the preceding clause (i).

(a) Each of the Lenders and the Issuing Lender hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender and each Issuing Lender hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

(b) The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and each Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with such bank (an “Administrative Agent Affiliate”) may accept deposits from, lend money to and generally engage in any kind of business with any Loan Party or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.

(c) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein, and its duties are entirely administrative in nature. The motivations of the Administrative Agent are commercial in nature and not to invest in the general performance or operations of the Borrowers. Without limiting the generality of the foregoing,

(i) the Administrative Agent shall not be subject to any fiduciary or similar duties, regardless of whether a Default or Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby,

(ii) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise or refrain from exercising as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided herein), for which the Administrative Agent shall be fully protected in so acting or refraining from acting, and, unless and until revoked in writing, such directions shall be binding upon each Lender and each Issuing Lender; provided, however, that the Administrative Agent shall not be required to take any action that (A) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the Issuing Lenders with respect to such action or (B) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided, and

(iii) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Kimco or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Administrative Agent Affiliates in any capacity.

The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided herein) or in the absence of its own gross negligence or willful misconduct (which shall be deemed to exist only if determined by a court of competent jurisdiction by a final and non-appealable judgment). The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default other than nonpayment of principal or interest unless and until written notice thereof (stating that it is a “notice of Default” or “notice of Event of Default” or words of similar effect) is given to the Administrative Agent by Kimco or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or under any other Loan Document or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document, or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent, or satisfaction of any condition that expressly refers to the matters described

therein being acceptable or satisfactory to the Administrative Agent. Neither the Administrative Agent nor any of its Related Parties shall be responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrowers or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the Borrowers to perform their obligations hereunder or thereunder.

(d) The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 10.6, (ii) may rely on the Register to the extent set forth in Section 10.6, (iii) makes no warranty or representation to any Lender or Issuing Lender and shall not be responsible to any Lender or Issuing Lender for any statements, warranties or representations made by or on behalf of the Borrowers in connection with this Agreement or any other Loan Document, and (iv) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, may presume that such condition is satisfactory to such Lender or Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Lender sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit.

(e) The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

(f) Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by giving 30 days’ prior written notice to the Lenders, the Issuing Lender and Kimco. If a Bankruptcy Event shall occur with respect to the Administrative Agent, then effective on the date that is thirty (30) Business Days after the date of such Bankruptcy Event, the Administrative Agent automatically and without any further action by any Person, shall be removed as Administrative Agent, and at the end of such thirty (30) Business Day period the Administrative Agent shall be deemed discharged from its duties and obligations as Administrative Agent hereunder and under any other Loan Document. By the Required Lenders’ giving at least thirty (30) Business Days prior written notice to the Administrative Agent and Kimco, the Administrative Agent may be removed, by action of the Required Lenders (excluding the bank serving as Administrative Agent (the “Agent Bank”)), (i) at any time for gross negligence or willful misconduct, as

determined by the Required Lenders (excluding for such determination the Agent Bank), or (ii) in the event that the Agent Bank, in its capacity as a Lender, shall have assigned all of its outstanding Revolving Commitments, Loans, and its Applicable Percentage of the L/C Obligations to another bank, financial institution or other entity pursuant to Section 10.6, and at the end of such thirty (30) Business Day period the Agent Bank shall be deemed discharged from its duties and obligations as Administrative Agent hereunder and under any other Loan Documents, provided that it is a condition to the removal of the Administrative Agent under clause (ii) above in the circumstance in which the Agent Bank is the Issuing Lender hereunder, that all outstanding Letters of Credit issued by the Issuing Lender (including Letters of Credit issued by any Affiliate of the Agent Bank) hereunder shall be returned to the Issuing Lender for cancellation, that the Issuing Lender shall be reimbursed for all drafts or other demands for payment under the Letters of Credit that have not yet been reimbursed by the Borrowers or paid by the L/C Participants (except to the extent of the Applicable Percentage of L/C Obligations assigned by the Agent Bank), that all fees and expenses accrued and payable to the Issuing Lender be paid, and that the Issuing Lender shall be deemed to be replaced under Section 3.9(a) hereof. Upon any such resignation or removal, the Required Lenders shall have the right, in consultation with Kimco, to appoint a successor. In the case of resignation by the Administrative Agent, if no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or a Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor to a retired Administrative Agent, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under any other Loan Documents. The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the Administrative Agent’s resignation or removal hereunder, the provisions of this Article, including Section 9.2, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.

(g) Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, and (ii) in participating as a Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender, in each case in the ordinary course of business, and not for the purpose of investing in the general performance or operations of the Borrowers, or for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender agrees not to assert a claim in contravention of the foregoing, such as a claim under the federal or state securities laws). Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, the Joint Lead Arrangers, the Sustainability Structuring Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that (A) it will, independently and without reliance upon the Administrative Agent, the Joint Lead Arrangers, the Sustainability Structuring Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder and (B) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such

commercial loans or providing such other facilities. Each Lender and each Issuing Lender also acknowledges and agrees that (A) none of the Administrative Agent, any Bookrunner, any Joint Lead Arranger, any Syndication Agent, any Documentation Agent, or the Sustainability Structuring Agent acting in such capacities have made any assurances as to (i) whether the credit facility evidenced by this Agreement meets such Lender’s or Issuing Lender’s criteria or expectations with regard to environmental impact and sustainability performance, (ii) whether any characteristics of such credit facility, including the characteristics of the relevant key performance indicators to which Kimco will link a potential margin step-up or step-down, including their environmental and sustainability criteria, meet any industry standards for sustainability-linked credit facilities and (B) such Lender or Issuing Lender has performed its own independent investigation and analysis of such credit party and whether such credit facility meets its own criteria or expectations with regard to environmental impact and/or sustainability performance.

(h) Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

(i) The Lenders acknowledge that there may be a constant flow of information (including information which may be subject to confidentiality obligations in favor of the Loan Parties) between the Loan Parties and their Affiliates, on the one hand, and JPMorgan Chase Bank, N.A. and its Affiliates, on the other hand. Without limiting the foregoing, the Loan Parties or their Affiliates may provide information, including updates to previously provided information to JPMorgan Chase Bank, N.A. and/or its Affiliates acting in different capacities, including as Lender, lead bank, arranger or potential securities investor, independent of such entity’s role as Administrative Agent hereunder. The Lenders acknowledge that neither JPMorgan Chase Bank, N.A. nor its Affiliates shall be under any obligation to provide any of the foregoing information to them. Notwithstanding anything to the contrary set forth herein or in any other Loan Document, except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide, and shall not be liable for the failure to provide, any Lender with any credit or other information concerning the Loans, the Lenders, the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates that is communicated to, obtained by, or in the possession of, the Administrative Agent or any of its Affiliates in any capacity, including any information obtained by the Administrative Agent in the course of communications among the Administrative Agent and any Loan Party, any Affiliate thereof or any other Person. Notwithstanding the foregoing, any such information may (but shall not be required to) be shared by the Administrative Agent with one or more Lenders, or any formal or informal committee or ad hoc group of such Lenders, including at the direction of a Loan Party.

(j) The provisions of this Article (other than Section 9.1(f)) are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lenders, and, except solely to the extent of the Borrowers’ rights to consent pursuant to and subject to the conditions set forth in this Section 9.1, none of the Borrowers, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Other than as set forth in Section 9.1(f), nothing in this Article shall relate to, govern or limit the obligations of the Administrative Agent to the Borrower or the rights of the Borrower with respect to the Administrative Agent. The provisions of this Section 9.1 shall survive the repayment of the Loans, the expiration or termination of the Revolving Commitments and the termination of this Agreement.

Section 9.2 Indemnification.

Subject to the immediately following sentence, the Lenders agree to indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to their respective Applicable Percentages of the Revolving Commitments in effect on the date on which indemnification is sought under this Section 9.2 (or, if indemnification is sought after the date upon which the Revolving Commitments shall have terminated and the Revolving Credit Loans and Competitive Loans shall have been paid in full, ratably in accordance with their Applicable Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including at any time following the payment of the Revolving Credit Loans and Competitive Loans and regardless of whether pre-judgment or post-judgment) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting solely from the Administrative Agent’s gross negligence or willful misconduct. Each Lender shall severally indemnify the Administrative Agent for the full amount of any Excluded Taxes attributable to such Lender that are paid or payable by the Administrative Agent in connection with this Agreement or any other Loan Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The agreements in this Section 9.2 shall survive the termination of this Agreement and the other Loan Documents and the payment of the Revolving Credit Loans and all other amounts payable hereunder and thereunder.

Section 9.3 The Syndication Agents, Documentation Agents, Managing Agents, Sustainability Structuring Agent, Joint Lead Arrangers, and Bookrunners.

Each of the Syndication Agents, Documentation Agents, Managing Agents, Sustainability Structuring Agent, Bookrunners and Joint Lead Arrangers referred to on the cover of this Agreement in its capacity as such shall have no rights, duties or responsibilities hereunder, nor any fiduciary relationship with any party hereto, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against the Syndication Agents, Documentation Agents, Managing Agents, Sustainability Structuring Agent, Bookrunners or Joint Lead Arrangers in their respective capacities as such.

Section 9.4 Certain ERISA Matters.

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true:

(i) such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Revolving Commitments,

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general

accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Revolving Commitments and this Agreement,

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Revolving Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Revolving Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Revolving Commitments and this Agreement, or

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that none of the Administrative Agent, or any Joint Lead Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

(c) The Administrative Agent, and each Joint Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Revolving Commitments, this Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Revolving Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Revolving Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

Section 9.5 Erroneous Payments.

(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such

Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any Lender under this ‎Section 9.5 shall be conclusive, absent manifest error.

(b) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

(c) The parties hereto agree that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party except, in each case, solely to the extent such Payment is comprised of funds received by the Administrative Agent from the Borrower or another Loan Party for the purpose of making a payment on the Obligations.

(d) Each party’s obligations under this ‎Section 9.5 shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

Article X

MISCELLANEOUS

Section 10.1 Amendments and Waivers.

Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. Subject to Section 2.8(c), Section 2.8(d) and Section 10.8, the Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with the relevant Loan Parties written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided that no such waiver and no such amendment, supplement or modification shall (i) reduce the amount or extend the scheduled date of maturity of any Revolving Credit Loan, Competitive Loan or Note (except as set forth in Section 10.9), or reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof or increase or reduce (except for reductions in accordance with Section 2.2(f) or reallocations in accordance with Section 2.18)) the amount or extend the expiration date of any Lender’s Revolving Commitment, in each case without the consent of each Lender directly affected thereby, (ii) amend, modify or waive any provision of this Section 10.1, change Section 2.9(a), the last paragraph of Article VIII, Section 10.11(a) or Section 10.22 in a manner that would alter the pro rata sharing of payments required thereby, reduce the percentage specified in the definition of Required Lenders, consent to the assignment or transfer by Kimco of any of its rights and obligations under this Agreement and the other Loan Documents, amend the proviso to the definition of the term “Unencumbered Properties”, amend, modify or waive the requirement set forth in the definition of “Alternate Currency” that all Lenders who have then-outstanding Tranche B Commitments or Tranche B Loans approve a currency other than the EURO, Sterling, Yen or Canadian Dollar as an Alternate Currency, or amend, modify, or waive any provision of any Loan Document which, by its terms, requires the consent, approval or satisfaction of all Lenders, in each case without the written consent of all the Lenders, (iii) amend, modify or waive any provision of Article III or otherwise affect the rights or duties of the Issuing Lender without the written consent of the Issuing Lender, (iv) amend, modify or waive any provision of Article IX or otherwise affect the rights or duties of the Administrative Agent without the written consent of the then Administrative Agent, (v) amend, modify or waive any provision of Section 2.17 without the written consent of the Administrative Agent and the Issuing Lender, or (vi) release the guarantee by Kimco pursuant to Article XI with respect to any Subsidiary Borrower that has Loans outstanding at such time or release the Ultimate Parent from the guaranty made pursuant to the Loan Document, in each case without the written consent of each Lender affected thereby. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Borrowers, the other Loan Parties, the Lenders, the Issuing Lender, the Administrative Agent and all future holders of the Notes. In the case of any waiver, the Borrowers, the other Loan Parties, the Lenders, the Issuing Lender and the Administrative Agent shall be restored to their former position and rights hereunder and under any outstanding Notes and any other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing to the extent therein specified; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.

Section 10.2 Notices.

(a) All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received (notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b)), addressed as follows in the case of the Borrowers, the Issuing Lender and the Administrative Agent, and as notified to the Administrative Agent pursuant to an Administrative Questionnaire in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto and any future holders of the Notes:

The Borrowers: Kimco Realty OP, LLC

c/o Kimco Realty Corporation 500 North Broadway, Suite 201 Jericho, New York 11753 Attention: Glenn G. Cohen Telecopy: (516) 869-2572

The Administrative Agent to the address or addresses separately provided

from the Borrowers: to the Borrowers

The Administrative Agent JPMorgan Chase Bank, N.A.

from the Lenders: 131 S Dearborn St, Floor 04

Chicago, IL, 60603-5506

Attention: Loan and Agency Servicing

Email: jpm.agency.cri@jpmorgan.com

Agency Withholding Tax Inquiries:

Email: agency.tax.reporting@jpmorgan.com

Agency Compliance/Financials/Virtual Data rooms:

Email: agency.dataroom@jpmorgan.com

The Issuing Lenders: To the address separately provided to the Borrowers

Any other Lender: To its address set forth in the Administrative Questionnaire

provided that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to Section 2.1, 2.2, 2.3 or 2.4 shall not be effective until received.

(b) Notices and other communications to the Lenders and the Issuing Lender hereunder may be delivered or furnished by using Electronic Systems pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrowers may, in their discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided, further, that (x) approval of such procedures may be limited to particular notices or communications, (y) for the avoidance

of doubt, as and from the date hereof until the Borrowers provide written notice to the Administrative Agent otherwise, the Borrowers do not agree to accept notices or other communications hereunder by electronic communications, and (z) for the avoidance of doubt, as and from the date hereof until the Administrative Agent provides written notice to the Borrowers otherwise, the Administrative Agent does not agree to accept notices or other communications hereunder by electronic communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

(c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.

(d) Electronic Systems.

(i) Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Issuing Lender and the other Lenders by posting the Communications (as defined below) on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.

(ii) Any Electronic System used by the Administrative Agent and the Communications are provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy or completeness of the Communications or the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications or the Electronic System. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System. Each of the Lenders, each of the Issuing Lenders and the Borrowers acknowledges and agrees that the distribution of material through the Electronic System is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Electronic System, and that there may be confidentiality and other risks associated with such distribution. Other than (solely with respect to direct damages arising therefrom) in the case of gross negligence or willful misconduct of, or material breach of this Agreement by, an Agent Party (as defined below) to the extent determined in a final non-appealable judgment by a court of competent jurisdiction, in no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers or the other Loan Parties, any Lender, the Issuing Lender or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrowers’, any Loan Party’s or the Administrative Agent’s transmission of Communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section, including through an Electronic System.

(iii) Each Lender and each Issuing Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Electronic System shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender and Issuing Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender's or Issuing Lender's (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

(iv) Although the Electronic System and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Electronic System is secured through a per-deal authorization method whereby each user may access the Electronic System only on a deal-by-deal basis, each of the Lenders, each of the Issuing Lenders and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Electronic System, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Lenders and the Borrower hereby approves distribution of the Communications through the Electronic System and understands and assumes the risks of such distribution.

(v) Each of the Lenders, each of the Issuing Lenders and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Electronic System in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.

(vi) Nothing herein shall prejudice the right of the Administrative Agent, any Lender, any Issuing Lender or any Borrower to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

(e) Borrower Communications.

(i) The Administrative Agent, the Lenders and the Issuing Lenders agree that the Borrower may, but shall not be obligated to, make any Borrower Communications (as defined below) to the Administrative Agent through an electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Borrower Portal”).

(ii) Although the Approved Borrower Portal and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system), each of the Lenders, each of the Issuing Lenders and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of the Borrower that are added to the Approved Borrower Portal, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Lenders and the Borrower hereby approves distribution of Borrower Communications through the Approved Borrower Portal and understands and assumes the risks of such distribution.

(iii) THE APPROVED BORROWER PORTAL IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER COMMUNICATION,

OR THE ADEQUACY OF THE APPROVED BORROWER PORTAL AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED BORROWER PORTAL AND THE BORROWER COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE BORROWER COMMUNICATIONS OR THE APPROVED BORROWER PORTAL. OTHER THAN (SOLELY WITH RESPECT TO DIRECT DAMAGES ARISING THEREFROM) IN THE CASE OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF, OR MATERIAL BREACH OF THIS AGREEMENT BY, AN APPLICABLE PARTY (AS DEFINED BELOW) TO THE EXTENT DETERMINED IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION, IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY JOINT LEAD ARRANGER, ANY DOCUMENTATION AGENT, ANY SYNDICATION AGENT, ANY SUSTAINABILITY STRUCTURING AGENT, OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF A BORROWER’S TRANSMISSION OF BORROWER COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED BORROWER PORTAL.

(iv) “Borrower Communications” means, collectively, any Competitive Bid Request, borrowing request, notice of continuation or conversion, notice of prepayment, notice requesting the issuance, amendment or extension of a Letter of Credit or other notice, demand, communication, information, document or other material provided by or on behalf of a Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by a Borrower to the Administrative Agent through an Approved Borrower Portal.

(v) Each of the Lenders, each of the Issuing Lenders and each of the Borrowers agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Borrower Communications on the Approved Borrower Portal in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.

(vi) Nothing herein shall prejudice the right of a Borrower to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

(f) To the extent permitted by applicable law no Borrower shall assert, and each Borrower hereby waives, any claim against the Administrative Agent, any Joint Lead Arranger, any Issuing Lender and any Lender, and any Related Party of any of the foregoing Persons for any losses, claims, damages or liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet, any Electronic System and any Approved Borrower Portal), other than (solely with respect to direct damages arising therefrom) in the case of gross negligence or willful misconduct of, or material breach of this Agreement by, such Person (or any Related Party of such Person) to the extent determined in a final-non-appealable judgment by a court of competent jurisdiction.

Section 10.3 No Waiver; Cumulative Remedies.

No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Issuing Lender or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

Section 10.4 Survival of Representations and Warranties.

All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of the extensions of credit hereunder.

Section 10.5 Payment of Expenses and Taxes.

Kimco agrees (a) to pay or reimburse the Administrative Agent for all its reasonable out‑of‑pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents, any Letters of Credit, and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent; (b) to pay or reimburse each Lender, the Issuing Lender and the Administrative Agent for all its reasonable costs and expenses (including post-judgment costs and expenses) incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents, any Letters of Credit, and any such other documents, including the fees and disbursements of counsel to the Administrative Agent, the Issuing Lender and the several Lenders; (c) to pay, and indemnify and hold harmless each Lender, the Issuing Lender and the Administrative Agent and their affiliates (and their respective officers, directors, employees, advisors and agents) from and against, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents, any Letters of Credit, and any such other documents; and (d) to pay, and indemnify and hold harmless each Lender, the Issuing Lender, the Administrative Agent and the Sustainability Structuring Agent and their affiliates (and their respective officers, directors, employees, advisors and agents) from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (and regardless of whether pre-judgment or post-judgment) with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents, the Letters of Credit, and any such other documents, including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of Kimco, any of its Subsidiaries or any of the Properties (all the foregoing in this clause (d), collectively, the “indemnified liabilities”), provided that (x) Kimco shall have no obligation hereunder to any indemnitee with respect to indemnified liabilities arising from the gross negligence or willful misconduct of such indemnitee to the extent determined in a final non‑appealable judgment by a court of competent jurisdiction, and (y) this clause (d) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. The agreements in this Section 10.5 shall survive the termination of this Agreement, the expiration, cancellation, or other termination of the Letters

of Credit, and the payment of the Revolving Credit Loans, the Competitive Loans and all other amounts payable hereunder.

Section 10.6 Successors and Assigns.

For purposes of this Section 10.6 the term “Related Parties” shall have the meaning given thereto in Section 9.1 hereof.

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Lender that issues any Letter of Credit (an “Issuing Lender Affiliate”)), except that (i) none of the Loan Parties may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by any Loan Party without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Issuing Lender Affiliate), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Lender and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement or any other Loan Document.

(b) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement and under the other Loan Documents (including all or a portion of its Revolving Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

(i)

(A) Kimco, provided that (I) no consent of Kimco shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund (as defined below), or, if an Event of Default has occurred and is continuing, any other assignee and (II) Kimco shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;

(B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Revolving Commitment or Loan to an assignee that is a Lender, an Affiliate of a Lender or an Approved Fund; and

(C) the Issuing Lender; provided that no consent of an Issuing Lender shall be required if (x) an Event of Default occurs with respect to a Borrower under Article VIII(f) and (y) such Issuing Lender has no outstanding Letters of Credit at that time.

(ii) Assignments shall be subject to the following additional conditions:

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Revolving Commitment or Loans of any Class, the amount of the Tranche A Commitment or Tranche B Commitment or Tranche A Loans or Tranche B Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption (as defined below) with respect to such assignment is delivered to the Administrative Agent) shall not be less than

$5,000,000 unless Kimco and the Administrative Agent otherwise consent, provided that no such consent of Kimco shall be required if an Event of Default has occurred and is continuing;

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of its Tranche A Commitment or its Tranche B Commitment, as applicable, under this Agreement and the other Loan Documents;

(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption substantially in the form of Exhibit A or in any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent (an “Assignment and Assumption”) (or to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Electronic System as to which the Administrative Agent and the parties to the Assignment and Assumption are participants), together with a processing and recordation fee of $4,000 (which, except as provided in Section 2.15, shall not be payable by the Borrowers);

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in the form approved by the Administrative Agent (an “Administrative Questionnaire”); and

(E) assignments shall not be permitted to be made to any Ineligible Institution.

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.11, 2.12, 2.13 and 10.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Tranche A Commitment and Tranche B Commitment of, and principal amount of the Loans and payments made by the Issuing Lender pursuant to the Letters of Credit, owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent, the Issuing Lender and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, the Issuing Lender and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in

this paragraph (b) and any written consent to such assignment required by this paragraph (b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.9(b), 3.4, 3.5 or 9.2, the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

(c) Any Lender may, without the consent of any Borrower, the Administrative Agent, or the Issuing Lender, sell participations to one or more banks or other entities (other than any Ineligible Institution) (a “Participant”) in all or a portion of such Lender’s rights and obligations in respect of its Tranche A Commitment or its Tranche B Commitment, as applicable, under this Agreement and under the other Loan Documents (including all or a portion of its Revolving Commitment, participations in Letters of Credit and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Borrowers, the other Loan Parties, the Administrative Agent, the Issuing Lender and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 10.1 that affects such Participant. Each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.11, 2.12 and 2.13 (subject to the requirements and limitations therein, including the requirements under Section 2.12 (d) (it being understood that the documentation requirement under Section 2.12(d) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.9 and 2.15 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.11 or 2.12, with respect to any participation, than its participating Lender would have been entitled to receive. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.11(b) as though it were a Lender, provided such Participant agrees to be subject to Section 10.11(a) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Revolving Commitments, Loans, Letters of Credit, or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Revolving Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

(d) Any Lender may at any time pledge or assign a security interest in, all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over

such Lender, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

Section 10.7 Disclosure.

Subject to Section 10.19, each Borrower authorizes each Lender to disclose to any Participant or assignee (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning such Borrower and its Affiliates which has been delivered to such Lender by or on behalf of such Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of such Borrower in connection with such Lender’s credit evaluation of such Borrower and its Affiliates prior to becoming a party to this Agreement.

Section 10.8 Increases of Loan Commitments.

Kimco may from time to time request (i) increases in the aggregate amount of the Tranche A Commitments or the Tranche B Commitments (“New Revolving Commitments”) and/or (ii) new term loan commitments to be established (“New Term Commitments”, and together with the New Revolving Commitments, the “Incremental Commitments”), in minimum increments of $50,000,000 (or whole multiples of $5,000,000 in excess of $50,000,000), provided that the total combined amount of the Incremental Commitments under this Section 10.8 shall be limited to $750,000,000 in the aggregate. Any Lender or, with the consent of the Administrative Agent and, in the case of a New Revolving Commitment, each Issuing Lender (such consent not to be unreasonably withheld or delayed) and Kimco, any additional bank, financial institution or other entity that is not then a Lender may elect to become a Lender hereunder and make an Incremental Commitment. No Lender shall have any obligation to make any Incremental Commitment, nor shall the Administrative Agent, the Joint Lead Arrangers or the Syndication Agents have any obligation to locate banks, financial institutions or other entities willing to make any Incremental Commitment. If (x) existing or new Lenders are willing to provide such New Revolving Commitments, the Revolving Commitments may be increased from time to time by the addition of a new Lender or the increase of the Revolving Commitment of an existing Lender (each, a “New Revolving Lender”, and the loans made pursuant to any New Revolving Commitment being referred to herein as “New Revolving Loans”) or (y) Lenders are willing to provide such New Term Commitments, term loans may be made hereunder (the “New Term Loans”) by such Lenders (each, a “New Term Lender”). Each Incremental Commitment under this Section 10.8 is subject to the following conditions:

(a) Each of the representations and warranties made by Kimco in or pursuant to the Loan Documents shall be true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects) on and as of the effective date of such Incremental Commitment as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date; and

(b) (i) No Default or Event of Default shall have occurred and be continuing on the effective date of such Incremental Commitment or after giving effect thereto and (ii) Kimco would be in compliance with each financial covenant set forth in paragraphs (a) through (f) of Section 7.1 if the ratio or amount referred to therein were to be calculated as of the most recent Test Period as to which a compliance certificate has been delivered pursuant to Section 6.2(b) after giving pro forma effect to the incurrence of Indebtedness, if any, under such Incremental Commitments, on the effective date of such Incremental Commitments, and the use of proceeds thereof).

Each request for an Incremental Commitment under this Section 10.8 shall constitute a representation and warranty by Kimco as of the date of such Incremental Commitment that the conditions contained in this Section 10.8 have been satisfied, and shall be accompanied by a certificate of a Responsible Officer of Kimco to such effect.

Any Incremental Commitments hereunder shall be evidenced by the execution and delivery of an amendment to this Agreement by the Borrowers, the Administrative Agent, the Issuing Lenders (in the case of New Revolving Commitments) and the New Revolving Lenders or New Term Lenders, as applicable, providing such Incremental Commitments, a copy of which shall be forwarded to each Lender by the Administrative Agent promptly after execution thereof. Each such amendment executed in connection with an Incremental Commitment hereunder may, without the consent of any other Lenders or (except in the case of New Revolving Commitments) Issuing Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the good faith judgment of Administrative Agent, to effect the provisions of this Section 10.8 and the Incremental Commitments, subject to approval by the Borrowers and the New Revolving Lenders or New Term Lenders, as applicable, including without limitation to (x) include the New Revolving Lenders and/or New Term Lenders as “Lenders” hereunder, (y) to include the New Revolving Loans and New Term Loans as “Loans” hereunder, and (z) to include the New Revolving Lenders and their Applicable Percentages and/or the New Term Lenders and their New Term Loans for purposes of the definition of “Required Lenders”. All such amendments and joinder agreements entered into with the Borrowers by the Administrative Agent, the Issuing Lenders (in the case of New Revolving Commitments) and the New Revolving Lenders or New Term Lenders, as applicable, shall be binding and conclusive on all Lenders.

On the effective date of any New Revolving Commitments, the aggregate Revolving Commitments and the Revolving Commitments of the New Revolving Lenders shall be increased, the Applicable Percentages shall be adjusted and the Borrowers and the Administrative Agent shall cause the New Revolving Lenders to hold their Applicable Percentages of all Revolving Credit Loans outstanding at the close of business on such day, by either funding more than its or their Applicable Percentage of New Revolving Loans made on such date or purchasing shares of outstanding Revolving Credit Loans held by the other Lenders or a combination thereof. The Lenders agree to cooperate in any required sale and purchase of outstanding Revolving Credit Loans to achieve such result. The Borrowers agree to pay all fees associated with the New Revolving Commitments including any amounts due under Section 2.13 in connection with any reallocation of Term Benchmark Loans and RFR Loans.

On the effective date of any New Term Commitments of any Series, (a) each New Term Lender of such Series shall make a New Term Loan to the Borrowers in an amount equal to its New Term Commitment of such Series, and (b) each New Term Lender of such Series shall become a Lender hereunder with respect to the New Term Commitments of such Series and the New Term Loans of such Series made pursuant thereto. Any New Term Loans made on such effective date shall be designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement.

The terms and provisions of the New Revolving Loans and New Revolving Commitments shall be identical to the then existing Revolving Credit Loans and Revolving Commitments. The terms of any New Term Loans of any Series made hereunder (a) shall not provide for any amortization payments on or prior to the Maturity Date, but may permit voluntary prepayments, (b) shall provide that the applicable New Term Loan maturity date of each Series shall be no earlier than the Maturity Date, (c) shall rank pari passu to the other Loans hereunder and (d) subject to the above provisions of this Section 10.8, shall include such other terms and pricing as may be agreed by the Borrowers, the Administrative Agent and the New Term Lenders.

Section 10.9 Extension of Maturity Date.

By written notice to the Administrative Agent (a “Maturity Extension Notice”) not earlier than twelve (12) months nor later than one (1) month before the Maturity Date for the Revolving Credit Facility specified in clause (i) of the definition of the term “Maturity Date” (the “Original Maturity Date”), Kimco may extend the Maturity Date for the Revolving Credit Facility to the date six (6) months after the Original Maturity Date (the “First Extended Maturity Date”) subject to the satisfaction on the applicable extension date of each of the applicable Extension Conditions. In addition, Kimco, at its option, may elect to extend the First Extended Maturity Date to the date six (6) months after the First Extended Maturity Date (the “Second Extended Maturity Date”), subject to the satisfaction on the applicable extension date of each of the applicable Extension Conditions, by providing a Maturity Extension Notice to the Administrative Agent not earlier than the date, if any, on which Kimco elects to extend the Original Maturity Date to the First Extended Maturity Date nor later than one (1) month before the First Extended Maturity Date. Each Maturity Extension Notice shall constitute a representation and warranty by Kimco as of the applicable extension date that the Extension Conditions required to be satisfied as of such date (as set forth in the definition of “Extension Conditions”) have been satisfied, and shall be accompanied by a certificate of a Responsible Officer of Kimco to such effect. The Administrative Agent shall promptly notify the Lenders of any such extension.

Section 10.10 Subsidiary Borrowers and Subsidiary Guarantors.

(a) At the election of Kimco at any time and from time to time, upon not less than seven (7) Business Days’ notice (or 15 days’ notice in the event the Subsidiary is organized under the laws of a jurisdiction other than the United States (a “Foreign Subsidiary Borrower”)) to the Administrative Agent, at the time of such election, one or more Wholly Owned Subsidiaries shall become a Borrower hereunder ( each, a “Subsidiary Borrower”) by Kimco and such Subsidiary Borrower’s executing and delivering to the Administrative Agent, as applicable, (i) an Adherence Agreement, (ii) an incumbency certificate as to the names, titles and specimen signatures of such Wholly Owned Subsidiary’s officers or other representatives authorized to act on its behalf in connection with the Revolving Credit Facility, and (iii) if and to the extent generally issued by the applicable jurisdiction, a current good standing certificate as to such Wholly Owned Subsidiary from its jurisdiction of organization and a certified copy of its organizational or constituent documents (such as a certificate or articles of incorporation or formation and by-laws, limited liability company agreement or limited partnership agreement, as applicable); provided that (x) each such Wholly Owned Subsidiary shall satisfy the Baseline Conditions on and as of the date such Wholly Owned Subsidiary delivers its Adherence Agreement, (y) Kimco shall be deemed to represent and warrant as of such date that such proposed Subsidiary Borrower is a Wholly Owned Subsidiary, and (z) no Subsidiary Borrower shall cease to be a Subsidiary Borrower solely because it ceases to be a Wholly-Owned Subsidiary. Following the giving of any notice pursuant to this Section 10.10(a) and prior to the effectiveness of any such Subsidiary becoming a Subsidiary Borrower, if the designation of such Subsidiary Borrower obligates the Administrative Agent or any Lender to comply with “know your customer” or similar identification procedures in accordance with applicable laws and regulations in circumstances where the necessary information is not already available to it, the applicable Subsidiary Borrower shall, promptly upon the request of the Administrative Agent or such Lender (but only if the Administrative Agent or such Lender shall have made such a request by a date that is no later than five (5) Business Days after the giving of notice pursuant to Section 10.10(a) designating such Subsidiary Borrower), supply such documentation and other evidence as is reasonably and customarily requested by the Administrative Agent or such Lender in order for the Administrative Agent or such Lender to be satisfied (in good faith) it has complied with all necessary “know your customer” or other similar verifications under all applicable laws and regulations. Notwithstanding the foregoing, (x) with respect to any Foreign Subsidiary Borrower, any Lender may, with notice to the Administrative Agent and Kimco, fulfill its Revolving Commitment by

causing an Affiliate of such Lender to act as the Lender in respect of such Foreign Subsidiary Borrower (and such Lender shall, to the extent of Loans made to and participations in Letters of Credit issued for the account of such Foreign Subsidiary Borrower, be deemed for all purposes hereof to have pro tanto assigned such Loans and participations to such Affiliate in compliance with the provisions of Section 10.6; and (y) as soon as practicable and in any event within seven (7) Business Days after notice of the designation under this Section of a Foreign Subsidiary Borrower, any Lender that (I) may not legally lend to such Foreign Subsidiary Borrower, or (II) would incur or suffer materially adverse regulatory or legal consequences by lending to such Foreign Subsidiary Borrower and, in either case (I) or (II), is generally not lending to other borrowers similarly situated to such Foreign Subsidiary Borrower (a “Protesting Lender”) shall so notify Kimco and the Administrative Agent in writing. With respect to each Protesting Lender, Kimco shall, effective on or before the date that such Foreign Subsidiary Borrower shall have the right to borrow hereunder, either (I) (A) replace such Protesting Lender in accordance with Section 2.15 or (B) notify the Administrative Agent and such Protesting Lender that the Revolving Commitments of such Protesting Lender shall be terminated (whereupon such Revolving Commitments shall be terminated); provided that, in the case of this clause (B), (1) Kimco shall have received the prior written consent of the Administrative Agent and each Issuing Lender, which consents shall not unreasonably be withheld, and (2) such Protesting Lender shall have received payment of an amount equal to the outstanding principal of its Loans (other than Competitive Loans), accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the relevant Borrower (in the case of all other amounts), or (II) cancel its request to designate such Subsidiary as a “Subsidiary Borrower” hereunder.

(b) At the election of Kimco at any time and from time to time, at the time of such election, one or more Wholly Owned Subsidiaries shall become a guarantor of the Revolving Credit Facility (each, a “Subsidiary Guarantor”) by executing and delivering to the Administrative Agent, as applicable, a Subsidiary Guarantee; provided that (x) each such Wholly Owned Subsidiary shall satisfy the Baseline Conditions on and as of the date such Wholly Owned Subsidiary delivers its Subsidiary Guarantee and (y) Kimco shall be deemed to represent and warrant as of such date that such proposed Subsidiary Guarantor is a Wholly Owned Subsidiary. If the designation of such Subsidiary Guarantor obligates the Administrative Agent or any Lender to comply with “know your customer” or similar identification procedures in accordance with applicable laws and regulations in circumstances where the necessary information is not already available to it, the applicable Subsidiary Guarantor shall, promptly upon the request of the Administrative Agent or such Lender, supply such documentation and other evidence as is reasonably and customarily requested by the Administrative Agent or such Lender in order for the Administrative Agent or such Lender to be satisfied (in good faith) it has complied with all necessary “know your customer” or other similar verifications under all applicable laws and regulations. For the avoidance of doubt, no Wholly Owned Subsidiary that is not a U.S. Person (or, if such Wholly Owned Subsidiary is disregarded as an entity separate from its owner for U.S. federal income tax purposes, has an owner that is not a U.S. Person) shall guarantee any obligation of any Borrower that is a U.S. Person (or, if such Borrower is disregarded as an entity separate from its owner for U.S. federal income tax purposes, of its owner).

(c) A Subsidiary Borrower shall be released as a Borrower hereunder upon written request by Kimco; provided that (i) any Loans to and/or other obligations of such Subsidiary Borrower proposed to be released shall have been either (A) repaid (and any outstanding Letters of Credit issued for its account shall have been fully cash collateralized unless Kimco is a co-applicant thereof) or (B) assumed (pursuant to a written agreement reasonably satisfactory in form and substance to the Administrative Agent), concurrently with or prior to such release, by Kimco or by another Subsidiary Borrower (which other Subsidiary Borrower satisfies the Baseline Conditions at the time of such assumption), (ii) there is no Event of Default after giving effect to such release, (iii) Kimco is in compliance with each of the financial covenants set forth in paragraphs (a) through (f) of Section 7.1 if

the ratio or amount referred to therein were to be calculated as of such date, but after giving effect to such release (provided that for the purposes of determining such compliance, Gross Asset Value shall be determined for the most recent Test Period as to which a compliance certificate has been delivered pursuant to Section 6.2(b), after giving effect to such release), and (iv) Kimco has furnished to the Administrative Agent a certificate of its chief financial officer or other authorized officer as to the matters referred in the preceding sub-clauses (ii) and (iii)

(d) A Subsidiary Guarantor shall be released from any Subsidiary Guarantee upon written request by Kimco; provided that (i) there is no Event of Default after giving effect to such release (including any changes resulting from any Property’s ceasing to be an Unencumbered Property if such released guarantor immediately prior to giving effect to such release was an Obligated Property Owner in respect thereof), (ii) Kimco is in compliance with each of the financial covenants set forth in paragraphs (a) through (f) of Section 7.1 if the ratio or amount referred to therein were to be calculated as of such date, but after giving effect to such release (including any changes resulting from any Property’s ceasing to be an Unencumbered Property if such released guarantor was an Obligated Property Owner in respect thereof immediately prior to giving effect to such release and provided that for the purposes of determining such compliance, Gross Asset Value shall be determined for the most recent Test Period as to which a compliance certificate has been delivered pursuant to Section 6.2(b)), and (iii) Kimco has furnished to the Administrative Agent a certificate of its chief financial officer or other authorized financial officer as to the matters referred to in the preceding clauses (i) and (ii).

Section 10.11 Adjustments; Set-off.

(a) If any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of its Tranche A Exposure or Tranche B Exposure, as applicable, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Article VIII(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Tranche A Exposure or Tranche B Exposure, as applicable, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Tranche A Exposure or Tranche B Exposure, as applicable, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided that (i) if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Credit Loans or Competitive Loans or participations in respect of Letters of Credit to any assignee or participant, other than to any Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply, except, for the avoidance of doubt, for payments made pursuant to Section 2.15 or Section 10.10(a) hereof).

(b) In addition to any rights and remedies of the Lenders provided by law, each Lender and each of its Affiliates shall have the right, without prior notice to the Borrowers any such notice being expressly waived by the Borrowers to the extent permitted by applicable law, upon and during the continuance of any Event of Default, to set off and appropriate and apply against any amounts due hereunder or under any Notes at such time, any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, obligations, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any

time held or owing by such Lender or any of its Affiliates or any branch or agency thereof to or for the credit or the account of such Borrower. Each Lender agrees promptly to notify the applicable Borrower, the Issuing Lender and the Administrative Agent after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application.

Section 10.12 Counterparts; Electronic Execution.

This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts each of which shall constitute an original, but all of which when taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with Kimco, the Issuing Lender and the Administrative Agent. Delivery of an executed counterpart of a signature page of this Agreement by any electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

Section 10.13 Severability.

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 10.14 Integration.

This Agreement and the other Loan Documents represent the entire agreement of the Borrowers, the Guarantors, the Administrative Agent, the Issuing Lender and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, the Issuing Lender or any Lender relative to subject matter hereof or thereof not expressly set forth or referred to herein or in the other Loan Documents.

Section 10.15 GOVERNING LAW.

THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIM, CONTROVERSY, DISPUTE, PROCEEDING OR CAUSE OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 10.16 Submission to Jurisdiction; Waivers.

Each of the parties hereto hereby irrevocably and unconditionally:

(a) submits for itself and its property in any legal action or proceeding (whether in contract, tort or otherwise and whether at law or in equity) relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof;

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to its address set forth in Section 10.2 or at such other address of which it shall have been notified pursuant thereto;

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding in connection with this Agreement or any other Loan Document any special, exemplary, punitive or consequential damages; provided that, nothing in this clause (e) shall relieve a Borrower of any obligation it may have to indemnify a Person who is entitled to indemnification pursuant to Section 10.5(c) against special, indirect, consequential or punitive damages asserted against such Person by a third party.

Section 10.17 Acknowledgments.

Each Borrower hereby acknowledges that:

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

(b) none of the Administrative Agent, the Lenders or the Issuing Lenders (the “Credit Parties”) will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrowers with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrowers or any other Person. Each Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby;

(c) no Credit Party is advising the Borrowers as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction, and the Borrowers shall consult with their own advisors concerning such matters and shall be responsible for making their own independent

investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrowers with respect thereto;

(d) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Credit Parties or among the Borrowers and the Credit Parties;

(e) each Credit Party, together with its Affiliates, in addition to providing or participating in commercial lending facilities such as the one provided hereunder, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrowers and other companies with which the Borrowers may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion; and

(f) each Credit Party and its Affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrowers may have conflicting interests regarding the transactions described herein and otherwise.

Section 10.18 WAIVERS OF JURY TRIAL.

THE BORROWERS, THE ADMINISTRATIVE AGENT, THE ISSUING LENDER AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING (WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY) RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

Section 10.19 Confidentiality.

Each of the Administrative Agent, the Issuing Lender and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel, consultants, service providers and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to any regulatory authority or self-regulatory body, to the extent requested thereby, (c) to the extent required by applicable laws or regulations or by any subpoena or similar compulsory legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, (i) to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, or (ii) any actual or prospective counterparty (or its advisors) to any swap, derivative or insurance transaction relating to any Borrower and its obligations, (g) with the prior written consent of any Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, the Issuing Lender or any Lender on a nonconfidential basis from a source other than the Borrowers that is not, to the knowledge of the Administrative Agent, Issuing Lender or such Lender, as applicable, subject

to confidentiality obligations to Kimco or any of its Subsidiaries. In addition, the Lead Lenders may disclose the existence of this Agreement and information about this Agreement to data service providers, including league table providers, that serve the lending industry, to the extent such Information is customarily provided by arrangers to such service providers. For the purposes of this Section, “Information” means all information received from the Borrowers or their Subsidiaries relating to any Borrower or any Subsidiary of any Borrower or their respective businesses; provided that in the case of information received from or on behalf of the Borrowers after the date hereof, such information is clearly identified at the time of delivery as confidential. Notwithstanding anything herein to the contrary, “Information” shall not include, and each party hereto may disclose to any and all Persons, without limitation of any kind, any information with respect to the U.S. federal income tax treatment and U.S. federal income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure.

For the avoidance of doubt, nothing in this Section 10.19 shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a “Regulatory Authority”) to the extent that any such prohibition on disclosure set forth in this Section 10.19 shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

Section 10.20 Judgment Currency.

(a) The obligations hereunder and under the other Loan Documents of the Borrowers to make payments in Dollars or in an Alternate Currency, as the case may be (the “Obligation Currency”), shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the Administrative Agent, the Issuing Lender or a Lender of the full amount of the Obligation Currency expressed to be payable to the Administrative Agent, the Issuing Lender or such Lender under this Agreement or the other Loan Documents. If, for the purpose of obtaining or enforcing judgment against any Borrower in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made, at the Dollar Equivalent of such amount, in each case, as of the date immediately preceding the day on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”).

(b) If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due, the applicable Borrower obligated in respect thereof covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date.

(c) For purposes of determining the Dollar Equivalent under this Section, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency.

Section 10.21 USA Patriot Act.

Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender to identify the Loan Parties in accordance with the Patriot Act.

Section 10.22 Sharing Event.

(a) Upon the occurrence of a Sharing Event, automatically (and without the taking of any action) (x) all then outstanding Term Benchmark Loans and RFR Loans denominated in an Alternate Currency shall be automatically converted into Loans denominated in Dollars (in an amount equal to the Dollar Equivalent, as determined by the Administrative Agent in accordance with this Agreement, of the aggregate principal amount of such Term Benchmark Loans and RFR Loans on the date such Sharing Event first occurred, which Loans denominated in Dollars (i) shall thereafter be deemed to be ABR Loans and (ii) shall be immediately due and payable on the date such Sharing Event occurred) and (y) all accrued and unpaid interest and other amounts owing with respect to such Term Benchmark Loans and RFR Loans shall be immediately due and payable in Dollars, in an amount equal to the Dollar Equivalent of such accrued and unpaid interest and other amounts.

(b) Upon the occurrence of a Sharing Event, and after giving effect to any automatic conversion pursuant to Section 10.22(a), each Lender shall (and hereby unconditionally and irrevocably agrees to) purchase and sell (in each case in Dollars) undivided participating interests in all Loans (other than Competitive Rate Loans) outstanding to, and any unpaid amounts the Issuing Lender has disbursed under a Letter of Credit owing by, any Borrower in amounts such that each Lender shall have a share of the outstanding Loans (other than Competitive Loans) and unpaid amounts the Issuing Lender has disbursed under a Letter of Credit then owing by any Borrower equal to its Applicable Percentage of the Revolving Commitments (although if because of fluctuations in currency exchange rates any Lender would be required to purchase such participations after giving effect to which such Lender’s Loans and Letter of Credit participations (including participations therein purchased pursuant to this Section) would exceed such Lender’s Revolving Commitment, then such participations shall be in an amount after giving effect to which such Lender’s Loans and Letter of Credit participations (including participations therein purchased pursuant to this Section) would equal such Lender’s Revolving Commitment). Upon any such occurrence, the Administrative Agent shall notify each Lender and shall specify the amount of Dollars required from such Lender in order to effect the purchases and sales by the various Lenders of participating interests in the amounts required above (together with accrued interest with respect to the period for the last Interest Payment Date through the date of the Sharing Event); provided that, in the event that a Sharing Event shall have occurred, each Lender shall be deemed to have purchased, automatically and without request, such participating interests. Promptly upon receipt of such request, each Lender shall deliver to the Administrative Agent (in immediately available funds in Dollars) the net amounts as specified by the Administrative Agent. The Administrative Agent shall promptly deliver the amounts so received to the various Lenders in such amounts as are needed to effect the purchases and sales of participations as provided above. Promptly following receipt thereof, each Lender which has sold participations in any of its Loans and Letter of Credit participations (through the Administrative Agent) will deliver to each Lender (through the Administrative Agent) which has so purchased a participating interest a participation certificate dated the date of receipt of such funds and in such amount. It is understood that the amount of funds delivered by each Lender shall be calculated on a net basis, giving effect to both the sales and purchases of participations by the various Lenders as required above.

(c) Upon the occurrence of a Sharing Event, (i) no further Loans shall be made, (ii) all amounts from time to time accruing with respect to, and all amounts from time to time payable on

account of, any outstanding Term Benchmark Loans and RFR Loans denominated in any Alternate Currency (including any interest and other amounts which were accrued but unpaid on the date of such purchase) shall be converted to Loans denominated in Dollars in accordance with Section 10.22(a) and be payable immediately in Dollars as if such Term Benchmark Loans and RFR Loans had originally been made in Dollars and shall be distributed by the relevant Lenders (or their affiliates) to the Administrative Agent for the account of the Lenders which made such Loans or are participating therein and (iii) the Revolving Commitments of the Lenders shall be automatically terminated. Notwithstanding anything to the contrary contained above, the failure of any Lender to purchase its participating interest in any Loans upon the occurrence of a Sharing Event shall not relieve any other Lender of its obligation hereunder to purchase its participating interests in a timely manner, but no Lender shall be responsible for the failure of any other Lender to purchase the participating interest to be purchased by such other Lender on any date.

(d) If any amount required to be paid by any Lender pursuant to Section 10.22(b) is not paid to the Administrative Agent within one (1) Business Day following the date upon which such Lender receives notice from the Administrative Agent of the amount of its participations required to be purchased pursuant to said Section, such Lender shall also pay to the Administrative Agent on demand an amount equal to the product of (i) the amount so required to be paid by such Lender for the purchase of its participations times (ii) the daily average Federal Funds Effective Rate during the period from and including the date of request for payment to the date on which such payment is immediately available to the Administrative Agent times (iii) a fraction the numerator of which is the number of days that elapsed during such period and the denominator of which is 360. If any such amount required to be paid by any Lender pursuant to Section 10.22(b) is not in fact made available to the Administrative Agent within three (3) Business Days following the date upon which such Lender receives notice from the Administrative Agent as to the amount of participations required to be purchased by it, the Administrative Agent shall be entitled to recover from such Lender on demand, such amount with interest thereon calculated from such request date at the rate per annum applicable to ABR Loans hereunder. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts payable by any Lender pursuant to this Section shall be deemed conclusive absent manifest error. Amounts payable under this Section shall be paid to the Administrative Agent for the account of the relevant Lenders; provided that, if the Administrative Agent (in its sole discretion) has elected to fund on behalf of such Lender the amounts owing to such Lenders, then the amounts shall be paid to the Administrative Agent for its own account.

(e) Whenever, at any time after the relevant Lenders have received from any Lenders purchases of participations in any Loans pursuant to this Section, the Lenders receive any payment on account thereof, such Lenders will distribute to the Administrative Agent, for the account of the various Lenders participating therein, such Lenders’ participating interests in such amounts (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such participations were outstanding) in like funds as received; provided, that in the event that such payment received by any Lenders are required to be returned, the Lenders who received previous distributions in respect of their participating interests therein will return to the respective Lenders any portion thereof previously so distributed to them in like funds as such payment is required to be returned by the respective Lenders.

(f) Each Lender’s obligation to purchase participating interests pursuant to this Section shall be absolute and unconditional and shall not be affected by any circumstances including (i) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against any other Lender, any Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of an Event of Default, (iii) any adverse change in the condition (financial or otherwise) of Kimco or any other Person, (iv) any breach of this Agreement by Kimco, any of its Subsidiaries or any Lender or any other Person, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

(g) Notwithstanding anything to the contrary contained elsewhere in this Agreement, upon any purchase of participations as required above, each Lender which has purchased such participations shall be entitled to receive from the applicable Borrower any increased costs and indemnities directly from the applicable Borrower to the same extent as if it were the direct Lender as opposed to a participant therein. Each Borrower acknowledges and agrees that, upon the occurrence of a Sharing Event and after giving effect to the requirements of this Section, increased taxes may be owing by such Borrower pursuant to Section 2.12, which taxes shall be paid (to the extent provided in Section 2.12) by such Borrower, without any claim that the increased taxes are not payable because same resulted from the participations effected as otherwise required by this Section.

Section 10.23 Amendment and Restatement; Transitional Agreements.

This Agreement shall, upon the effectiveness of the amendment and restatement contemplated hereby, replace and supersede the Existing Revolving Credit Agreement in its entirety, except as expressly provided in this Section 10.23. For the avoidance of doubt, each of the parties hereto (including JPMorgan Chase Bank, N.A., in its capacities as administrative agent under the Existing Revolving Credit Agreement and under this Agreement) understands and agrees that, upon the effectiveness of the amendment and restatement contemplated hereby, without any further action, (a) the commitments of the Existing Revolving Lenders and the Existing Issuing Lender to make any loans or advance any credit, including letters of credit, as applicable, under the Existing Revolving Credit Agreement or under any other Existing Loan Document shall be terminated, (b) any reimbursement obligations of the Existing Revolving Lenders to the Existing Issuing Lender and any obligations of the Existing Revolving Lenders to purchase participations in the Existing Issuing Lender’s obligations and rights in respect of each existing Letter of Credit shall be terminated (subject to Section 3.10), (c) excluding those obligations that are specified in the Existing Revolving Credit Agreement or in any of the other Existing Loan Documents as surviving that respective agreement’s termination (which, as so specified, shall survive without prejudice and remain in full force and effect), all Existing Obligations and all Existing Guaranteed Obligations shall be deemed paid in full, released and discharged, (d) the Lenders party hereto shall have Revolving Commitments in the amounts set forth in Schedule 1.1A, (e) the “Revolving Credit Loans” outstanding under the Existing Revolving Credit Agreement shall become Revolving Credit Loans under this Agreement and shall not constitute a novation of such loans and obligations under the Existing Revolving Credit Agreement, and (f) the Lenders’ interests in the Revolving Credit Loans and participations in the Letters of Credit shall be reallocated and continued in a cashless roll transaction on the Effective Date ratably in accordance with each Lender’s applicable Revolving Commitments, and the Lenders shall make such purchases of Revolving Credit Loans from each other as necessary to effect such reallocation. As soon as reasonably practicable after its receipt of any Note requested by a Lender hereunder on the Effective Date, to the extent such Lender was a party to the Existing Revolving Credit Agreement and had a promissory note issued to such Lender under the terms of the Existing Revolving Credit Agreement, such Lender will promptly return to the Borrowers, marked “Substituted” or “Cancelled”, as the case may be, any promissory notes of the Borrowers held by such Lender pursuant to the Existing Revolving Credit Agreement. Each Lender party to this Agreement that was a party to the Existing Revolving Credit Agreement hereby waives its rights to indemnification pursuant to Section 2.13 in connection with prepayment or conversion of any Term Benchmark Loans or RFR Loans as a result of any prepayment or conversion of Revolving Credit Loans on the Effective Date or the reallocation of the Revolving Credit Loans on the Effective Date described above.

Section 10.24 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non‑usurious interest permitted by applicable law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such

unpaid principal, refunded to the applicable Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

Section 10.25 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

(i) a reduction in full or in part or cancellation of any such liability;

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

Section 10.26 Acknowledgement Regarding Any Supported QFCs.

To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered

Guaranteed Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. To the fullest extent permitted by applicable law, the obligations of Kimco hereunder shall not be affected by (a) the failure of any Lender Party to assert any claim or demand or to enforce or exercise any right or remedy against the applicable Borrower or any other Loan Party under the provisions of the Loan Documents or otherwise; (b) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of any Loan Document or any other agreement; (c) the failure or delay of any Lender Party for any reason whatsoever to exercise any right or remedy against any other guarantor of the Obligations; (d) the failure of any Lender Party to assert any claim or demand or to enforce any remedy under any Loan Document, any guarantee or any other agreement or instrument; (e) any default, failure or delay, willful or otherwise, in the performance of any Guaranteed Obligations; (f) any change in the corporate existence or structure of any Borrower; (g) the existence of any claims or set-off rights that Kimco may have; (h) any law, regulation, decree or order of any jurisdiction or any event affecting any term of a guaranteed obligation; or (i) any other act, omission or delay to do any other act which may or might in any manner or to any extent vary the risk of Kimco or otherwise operate as a discharge or exoneration of Kimco as a matter of law or equity or which would impair or eliminate any right of Kimco to subrogation.

Section 11.3 Guarantee of Payment.

Kimco agrees that its guarantee hereunder constitutes a guarantee of payment when due and not of collection, that such guarantee may be enforced at any time and from time to time, on one or more occasions, during the continuance of any Event of Default, without any prior demand or enforcement in respect of any Guaranteed Obligations, and that Kimco waives any right to require that any resort be had by any Lender Party to any other Guarantor or other guarantee, or to any security held for payment of any Guaranteed Obligations. The solicitation of, or the delivery by Kimco of, any confirmation or reaffirmation of this Agreement under any circumstance shall not give rise to any inference as to the continued effectiveness of this Agreement in any other circumstance in which the confirmation or reaffirmation hereof has not been solicited or has not been delivered (whether or not solicited), and the obligations of Kimco hereunder shall continue in effect as herein provided notwithstanding any solicitation or delivery of any confirmation or reaffirmation hereof, or any failure to solicit or to deliver any such confirmation or reaffirmation, under any circumstances. This is a continuing guaranty of the payment of all Guaranteed Obligations.

Section 11.4 No Discharge or Diminishment of Guarantee.

The obligations of Kimco under this guarantee shall not be subject to any reduction, limitation, impairment or termination for any reason (other than the payment in full in cash of the Guaranteed Obligations), including any claim of waiver, release, surrender, amendment, modification, alteration or compromise of any of the Guaranteed Obligations or of any collateral security or guarantee or other accommodation in respect thereof, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or any Loan Document or any provision thereof (or of this Agreement or any provision hereof) or otherwise. Without limiting the generality of the foregoing, the obligations of Kimco under this guarantee shall not be discharged or impaired or otherwise affected by any change of location, form or jurisdiction of any Subsidiary Borrower or any other Person, any merger, consolidation or amalgamation of any Subsidiary Borrower or any other Person into or with any other Person, any sale, lease or transfer of any of the assets of any Subsidiary Borrower or any other Person to any other Person, any other change of form, structure, or status under any law in respect of any Subsidiary Borrower or any other Person, or any other occurrence, circumstance, happening or event whatsoever, whether similar or dissimilar to the foregoing, whether foreseen or unforeseen, that might otherwise constitute a legal or equitable defense, release, exoneration, or discharge or that might otherwise limit recourse against any

Subsidiary Borrower or Kimco or any other Person. The obligations of Kimco under this guarantee shall extend to all Guaranteed Obligations without limitation of amount, and Kimco agrees that it shall be obligated to honor its guarantee hereunder whether or not any other Guarantor (i) has been called to honor its guarantee, (ii) has failed to honor its guarantee in whole or in part, or (iii) has been released for any reason whatsoever from its obligations under its guarantee.

Section 11.5 Defenses Waived; Maturity of Guaranteed Obligations.

To the fullest extent permitted by applicable law, Kimco waives any defense based on or arising out of any defense of any Subsidiary Borrower or any other guarantor or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Subsidiary Borrower, other than the final payment in full in cash of the Guaranteed Obligations. The Lender Parties may, at their election, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Subsidiary Borrower or any other Person (including any other Guarantor) or exercise any other right or remedy available to them against such Subsidiary Borrower or any other Person (including any other Guarantor), without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Guaranteed Obligations have been fully and finally paid in cash. To the fullest extent permitted by applicable law, Kimco waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of Kimco against any Subsidiary Borrower or any other Person, as the case may be, or any security. Kimco agrees that, as between Kimco, on the one hand, and the Lender Parties, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated for the purposes of Kimco’s guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration as to any Subsidiary Borrower in respect of the Guaranteed Obligations guaranteed hereby (other than any notices and cure periods expressly granted to any Subsidiary Borrower in this Agreement or any other Loan Document evidencing or securing the Guaranteed Obligations) and (ii) in the event of any such acceleration of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable in full by Kimco for purposes of this Agreement.

Section 11.6 Agreement to Pay; Subordination.

In furtherance of the foregoing and not in limitation of any other right that any Lender Party has at law or in equity against Kimco by virtue hereof, upon the failure of any Subsidiary Borrower to pay (after the giving of any required notice and the expiration of any cure period expressly granted to such Subsidiary Borrower in this Agreement or any other Loan Document evidencing any Guaranteed Obligation) any Guaranteed Obligation when and as the same shall become due, whether at maturity, upon mandatory prepayment, by acceleration, after notice of prepayment or otherwise, Kimco hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for the benefit of the Lender Parties, in cash the amount of such unpaid Guaranteed Obligation. Upon payment by Kimco of any sums as provided above, all rights of Kimco against the applicable Subsidiary Borrower or any other Person arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior payment in full in cash of all the Guaranteed Obligations. In addition, any indebtedness of any Subsidiary Borrower now or hereafter held by Kimco is hereby subordinated in right of payment to the prior payment in full in cash of the Guaranteed Obligations. If any amount shall erroneously be paid to Kimco on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Subsidiary Borrower, such amount shall be held in trust for the benefit of the Lender Parties and shall forthwith be paid to the Administrative Agent to be credited against the payment of the Guaranteed Obligations, whether matured or unmatured.

Section 11.7 Reinstatement.

Kimco further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored by any Lender Party upon the bankruptcy or reorganization of any Subsidiary Borrower or otherwise. Nothing shall discharge or satisfy the liability of Kimco hereunder except the full performance and payment in full in cash of the Guaranteed Obligations.

Section 11.8 Information.

Kimco assumes all responsibility for being and keeping itself informed of the Subsidiary Borrowers’ financial condition and assets, and of all other circumstances bearing upon the nature, scope and extent of the risks that Kimco assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any other Lender Party will have any duty to advise Kimco of information now or hereafter known to it or any of them regarding any of the foregoing.

[SIGNATURE PAGES TO FOLLOW]

[Lender Signature Pages on File with Administrative Agent]

SCHEDULE ST

TO CREDIT AGREEMENT

SUSTAINABILITY TABLE

Metric	2018 Baseline	Annual Sustainability Targets and Thresholds
		CY2025	CY2026	CY2027	CY2028	CY2029	CY2030
		>17.5%	>20.0%	>22.5%	>25.0%	>27.5%	>30.0%	KPI Target
KPI	0%
		<16.0%	<18.5%	<21.0%	<23.5%	<26.0%	<28.5%	KPI Threshold

EX-21.1

Exhibit 21.1

SIGNIFICANT SUBSIDIARIES

KRCX WRI HOLDINGS, LLC	87-1304253
RPT REALTY, L.P.	38-3212115
KRCX RPT HOLDINGS, LLC	33-2133658

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-291221) and Form S-8 (Nos. 333-285120, 333-238131, 333-85659, 333-167265, and 333-184776) of Kimco Realty Corporation of our report dated February 20, 2026 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 20, 2026

EX-23.2

Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No. 333-291221) of Kimco Realty OP, LLC of our report dated February 20, 2026 relating to the financial statements and financial statement schedules, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP New York, New York February 20, 2026

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Conor C. Flynn, certify that:

• I have reviewed this Annual Report on Form 10-K of Kimco Realty Corporation;
• Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
• Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
• The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
• Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
• Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
• Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
• Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
• The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
• All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
• Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 20, 2026

/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Glenn G. Cohen, certify that:

• I have reviewed this Annual Report on Form 10-K of Kimco Realty Corporation;
• Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
• Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
• The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
• Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
• Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
• Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
• Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
• The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
• All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
• Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 20, 2026

/s/ Glenn G. Cohen
Glenn G. Cohen
Chief Financial Officer

EX-31.3

Exhibit 31.3

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Conor C. Flynn, certify that:

• I have reviewed this Annual Report on Form 10-K of Kimco Realty OP, LLC;
• Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
• Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
• The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
• Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
• Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
• Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
• Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
• The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
• All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
• Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 20, 2026

/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer

EX-31.4

Exhibit 31.4

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Glenn G. Cohen, certify that:

1. I have reviewed this Annual Report on Form 10-K of Kimco Realty OP, LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

• Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
• Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
• Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
• Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

• All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
• Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 20, 2026

/s/ Glenn G. Cohen
Glenn G. Cohen
Chief Financial Officer

EX-32.1

Exhibit 32.1

Section 1350 Certification

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Kimco Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:

• the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 20, 2026
	/s/ Conor C. Flynn
	Conor C. Flynn
	Chief Executive Officer

EX-32.2

Exhibit 32.2

Section 1350 Certification

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Kimco Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:

• the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 20, 2026
	/s/ Glenn G. Cohen
	Glenn G. Cohen
	Chief Financial Officer

EX-32.3

Exhibit 32.3

Section 1350 Certification

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Kimco Realty OP, LLC (“Kimco OP”) hereby certifies, to such officer’s knowledge, that:

• the accompanying Annual Report on Form 10-K of Kimco OP for the year ended December 31, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Kimco OP.

Date: February 20, 2026
	/s/ Conor C. Flynn
	Conor C. Flynn
	Chief Executive Officer

EX-32.4

Exhibit 32.4

Section 1350 Certification

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Kimco Realty OP, LLC (“Kimco OP”) hereby certifies, to such officer’s knowledge, that:

• the accompanying Annual Report on Form 10-K of Kimco OP for the year ended December 31, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Kimco OP.

Date: February 20, 2026
	/s/ Glenn G. Cohen
	Glenn G. Cohen
	Chief Financial Officer

EX-99.1

Exhibit 99.1

									MAJOR LEASES						GROCER
LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
ARIZONA
	CHANDLER	RAINTREE RANCH CENTER		2021		129,822		99.2	MY SISTER’S ATTIC		15,533				WHOLE FOODS MARKET		60,000
	MESA	MESA RIVERVIEW		2005		1,104,872		96.0	BASS PRO SHOPS OUTDOOR WORLD		170,000	HOME DEPOT		102,589	WALMART		208,000
	MESA	RED MOUNTAIN GATEWAY		2021		75,128		96.1	BURLINGTON		29,781	ULTA		10,000	TARGET (4)		125,527
	MESA	MONTE VISTA VILLAGE CENTER		2021		45,751		100.0	PETER PIPER PIZZA		10,000
	ORO VALLEY	ENTRADA DE ORO PLAZA		2021		88,665		95.9							WALMART NEIGHBORHOOD MARKET		45,163
	PEORIA	NORTH VALLEY S.C.		2011		177,078		75.4	URBAN AIR		53,984	ROSS DRESS FOR LESS		23,984	TARGET (4)		151,457
	PHOENIX	METRO SQUARE		1998		218,608		100.0	BURLINGTON		98,054	MICHAELS		23,190
	PHOENIX	PLAZA DEL SOL		1998		226,591		100.0	COSTCO		141,659	ROSS DRESS FOR LESS		24,254	RANCH MARKET (4)		103,909
	PHOENIX	PLAZA @ MOUNTAINSIDE		1997		131,621		92.6							SAFEWAY		62,573
	PHOENIX	VILLAGE CROSSROADS		2011		184,292		100.0	MICHAELS		25,666				WALMART		110,627
	PHOENIX	CHRISTOWN SPECTRUM		2015		847,781		95.8	AMERICAN FURNITURE WAREHOUSE		149,609	HARKINS THEATRES		62,322	WALMART		251,361
	PHOENIX	CAMELBACK VILLAGE SQUARE		2021		132,731		100.0	SKY ZONE		22,403				FRY'S FOOD & DRUG STORE		82,838
	PHOENIX	PEAK PLAZA		2021		61,102		96.2							SPROUTS FARMERS MARKET		32,725
	PHOENIX	MADISON VILLAGE MARKETPLACE		2021		90,264		100.0							SAFEWAY		49,364
	SCOTTSDALE	FOUNTAIN PLAZA		2021		112,055		98.7	DOLLAR TREE		12,000				FRY'S FOOD & DRUG STORE		63,805
	SCOTTSDALE	SCOTTSDALE HORIZON		2021		153,739		98.0	CVS PHARMACY		16,853				SAFEWAY		55,255
	SCOTTSDALE	DESERT VILLAGE		2021		101,685		100.0	CVS PHARMACY		16,856	MY SISTER'S CLOSET		12,114	AJ’S FINE FOOD		26,381
	SCOTTSDALE	SCOTTSDALE WATERFRONT		2021		93,334		95.3	MOUNTAINSIDE FITNESS EXECUTIVE CLUB		15,238	URBAN OUTFITTERS		11,144
	SCOTTSDALE	CAMELBACK MILLER PLAZA		2021		144,427		100.0	TJ MAXX		34,255	PETSMART		28,033	SPROUTS FARMERS MARKET		28,500
	SCOTTSDALE	THE SUMMIT AT SCOTTSDALE	OIP	2021		190,493		100.0	OFFICEMAX		15,147	CVS PHARMACY		13,813	SAFEWAY		64,500
	SUN CITY	BELL CAMINO CENTER		2012		107,680		97.6	CVS PHARMACY		24,519				SAFEWAY		45,121
	TEMPE	COLLEGE PARK S.C. - TEMPE		2011		62,285		96.2	PHYSIQ FITNESS		32,306
	TEMPE	BROADWAY MARKETPLACE		2021		82,507		100.0	EOS FITNESS		29,331	PAUL'S ACE HARDWARE		16,235
	TEMPE	PUEBLO ANOZIRA		2021		156,441		96.6	PETCO		15,000	DOLLAR TREE		11,524	FRY'S FOOD & DRUG STORE		61,143
	TUCSON	SHOPPES AT BEARS PATH		2021		43,838		70.3
	TUCSON	MADERA VILLAGE		2021		96,697		97.7	WORKOUT ANYTIME		14,000	DOLLAR TREE		10,800	SAFEWAY		40,723
CALIFORNIA
	ALHAMBRA	COSTCO PLAZA - ALHAMBRA		1998		182,073		100.0							COSTCO		176,741
	ANAHEIM	ANAHEIM PLAZA		2021		342,245		100.0	CRUNCH FITNESS		42,250	ROSS DRESS FOR LESS		27,200	EL SUPER		54,087
	ANAHEIM	BROOKHURST CENTER		2016		154,465		100.0	BURLINGTON		18,235	BLINK FITNESS		16,310	RALPH'S		45,000
	ANAHEIM	SYCAMORE PLAZA	PRU	2006		105,338		100.0	HARBOR FREIGHT TOOLS		17,459	DOLLAR TREE		10,797	STATER BROS. MARKETS		37,440
	BELLFLOWER	LAKEWOOD PLAZA		2014		113,233		92.3	BEST BUY		64,039	PLANET FITNESS		29,025
	BELLFLOWER	CENTERWOOD PLAZA		2021		75,486		100.0	DOLLAR TREE		10,000				SUPERIOR GROCERS		30,800
	BENICIA	SOUTHAMPTON CENTER		2021		162,026		97.2	ACE HARDWARE		13,923				RALEY'S		60,000
	CARLSBAD	NORTH COUNTY PLAZA		2014		158,431		73.0	MARSHALLS		27,000	DOLLAR TREE		16,610
	CARMICHAEL	MADISON PLAZA		1998		212,754		96.2	HOME DEPOT		110,861	ROSS DRESS FOR LESS		21,890	WALMART NEIGHBORHOOD MARKET		44,257
	CASTRO VALLEY	580 MARKET PLACE		2021		100,097		100.0	24 HOUR FITNESS		14,335				SAFEWAY		36,110
	CHICO	CHICO CROSSROADS		2008		244,950		81.8	REI		25,002	BARNES & NOBLE		24,894	FOOD MAXX		54,239
	CHINO HILLS	LABAND VILLAGE S.C.		2008		73,352		96.8							STATER BROS. MARKETS		43,235
	CHINO HILLS	CHINO HILLS MARKETPLACE		2021		310,612		98.8	24 HOUR FITNESS		35,000	DOLLAR TREE		15,494	SMART & FINAL		47,616
	COLMA	280 METRO CENTER		2015		218,332		100.0	MARSHALLS		32,000	ASHLEY		30,809
	CORONA	CORONA HILLS PLAZA		1998		489,151		99.7	COSTCO		114,112	HOME DEPOT		100,000	99 RANCH MARKET (4)		42,630
	COVINA	COVINA TOWN SQUARE	KIR	2000		277,603		89.9	LOWE'S HOME CENTER		111,348	SKY ZONE		25,608	ALDI		17,508
	CUPERTINO	CUPERTINO VILLAGE (3)		2006		126,296		97.0							99 RANCH MARKET		29,657
	DALY CITY	WESTLAKE S.C.(3)		2002		553,414		91.0	HOME DEPOT		109,000	ROSS DRESS FOR LESS		39,050	SAFEWAY		57,817
	DUBLIN	DUBLIN RETAIL CENTER	PRU	2006		154,428		100.0	MARSHALLS		32,000	ROSS DRESS FOR LESS		31,060	H MART		35,787
	EL CAJON	RANCHO SAN DIEGO	CPP	2010		98,316		56.0	ROSS DRESS FOR LESS		24,000
	ELK GROVE	BEL AIR VILLAGE S.C.	PRU	2006		137,035		100.0	24 HOUR FITNESS		22,000				BEL AIR MARKET		56,435
	ENCINITAS	EL CAMINO PROMENADE		2021		128,740		95.0	TJ MAXX		26,943	NORDSTROM RACK		24,190
	ESCONDIDO	DEL NORTE PLAZA	PRU	2006		223,203		94.7	LA FITNESS		40,000	ROSS DRESS FOR LESS		24,729	VONS		40,000
	FREEDOM	FREEDOM CENTRE		2021		150,865		97.7	ROSS DRESS FOR LESS		21,440				SAFEWAY		55,747
	FREMONT	FREMONT HUB	PRU	2007		504,666		84.7	MARSHALLS		30,028	ROSS DRESS FOR LESS		30,000	SAFEWAY		54,741
	FREMONT	BROOKVALE S.C.		2021		129,916		100.0	CVS PHARMACY		24,437	PLANET FITNESS		24,145	LUCKY		48,000
	FREMONT	GATEWAY PLAZA (3)		2021		165,554		99.1	CINELOUNGE FREMONT 7		25,988				RALEY'S		62,418
	GARDENA	GARDENA GATEWAY CENTER	PRU	2006		65,987		100.0	DAISO JAPAN		19,300				99 RANCH MARKET		22,000
									MAJOR LEASES						GROCER
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	HAYWARD	CREEKSIDE CENTER (3)		2016		74,876		95.5	DOLLAR TREE		29,300				LAS MONTANAS SUPERMARKET		23,334
	HUNTINGTON BEACH	MARINA VILLAGE		2006		148,805		97.8	CVS PHARMACY		20,120	CRUNCH FITNESS		16,609	VONS		40,800
	LA MIRADA	LA MIRADA THEATER CENTER		1998		254,583		98.2	UFC GYM		45,388	U.S. POSTAL SERVICE		26,577	ALBERTSONS (4)		47,199
	LA VERNE	LA VERNE TOWNE CENTER		2014		226,872		100.0	TARGET		114,732	MARSHALLS		27,764	TRADER JOE’S		15,661
	LINCOLN	LINCOLN HILLS TOWN CENTER		2015		116,759		100.0	CVS PHARMACY		23,077				SAFEWAY		55,342
	LIVERMORE	PLAZA 580 S.C.	PRU	2006		104,165		94.7	ROSS DRESS FOR LESS		24,000	DOLLAR TREE		12,061	TARGET (4)		112,739
	LOS ANGELES	KENNETH HAHN PLAZA		2010		151,160		97.3	DD'S DISCOUNTS		22,041	ROSS DRESS FOR LESS		18,160	FOOD 4 LESS		38,950
	LOS ANGELES	8000 SUNSET STRIP S.C.		2021		145,643		89.8	CRUNCH FITNESS		33,329	LANDMARK THEATRES		24,693	TRADER JOE’S		13,860
	MONTEBELLO	MONTEBELLO TOWN SQUARE	KIR	2000		251,489		100.0	ALTAMED		105,000	HOBBY LOBBY		46,270
	NAPA	SOUTH NAPA MARKET PLACE		2006		349,806		100.0	TARGET		116,000	HOME DEPOT		100,238	RALEY'S		60,890
	NORTHRIDGE	PLAZA DI NORTHRIDGE		2005		163,941		100.0	DSW		32,400	BURLINGTON		24,053	SUPER KING MARKET		39,348
	NOVATO	NOVATO FAIR S.C.		2009		133,485		78.5	DOLLAR TREE		15,708				SAFEWAY		51,199
	OCEANSIDE	EL CAMINO NORTH	PRU	2006		353,004		83.7	ROSS DRESS FOR LESS		30,000	BARNES & NOBLE		25,000
	OCEANSIDE	FIRE MOUNTAIN CENTER	PRU	2006		93,810		97.2	LAMPS PLUS		11,000				TRADER JOE’S		12,881
	PACIFICA	LINDA MAR S.C.		2014		168,231		84.1	ROSS DRESS FOR LESS		24,246				SAFEWAY		45,892
	POWAY	POWAY CITY CENTRE		2005		122,070		94.7	HOMEGOODS		26,210	ROSS DRESS FOR LESS		21,830	TRADER JOE’S		17,700
	REDWOOD CITY	REDWOOD CITY PLAZA		2009		45,870		100.0	OUTDOOR SUPPLY HARDWARE		42,509				COSTCO (4)		132,067
	ROSEVILLE	STANFORD RANCH		2014		188,493		99.0	DICK'S SPORTING GOODS		55,377	AMERICAN FURNITURE GALLERIES		36,041	AMAZON FRESH (4)		45,000
	ROSEVILLE	CROCKER RANCH		2015		81,171		100.0							SAFEWAY		55,146
	SAN DIEGO	VISTA BALBOA CENTER	KIR	2000		117,410		100.0	24 HOUR FITNESS		66,851				H MART		38,359
	SAN DIEGO	MORENA PLAZA	CPP	2010		412,674		100.0	PRICE SELF STORAGE		120,962	SAN DIEGO HARLEY DAVIDSON		88,617	COSTCO		153,095
	SAN DIEGO	CARMEL MOUNTAIN PLAZA		2009		24,400		100.0							COSTCO (4)		133,087
	SAN DIEGO	LOMA SQUARE	PRU	2006		205,853		99.1	TJ MAXX		31,152	HOMEGOODS		30,619	SPROUTS FARMERS MARKET		19,225
	SAN DIEGO	BLACK MOUNTAIN VILLAGE		2007		48,169		98.3							NAMASTE PLAZA INDIAN SUPERMARKET		10,439
	SAN DIEGO	RANCHO PENASQUITOS TOWNE CTR.		2015		156,775		95.4							VONS		39,981
	SAN DIEGO	CITY HEIGHTS CENTER		2012		108,741		98.9							ALBERTSONS		66,284
	SAN DIEGO	FASHION VALLEY S.C.	OJV	2007		225,919		100.0	NORDSTROM		225,919
	SAN JOSE	STEVENS CREEK CENTRAL S.C.		2021		210,666		92.3	MARSHALLS		36,139	TOTAL WINE & MORE		25,653	SAFEWAY		59,139
	SAN JOSE	CAMBRIAN PARK PLAZA (3)		2021		57,794		100.0	DOLLAR TREE		30,000
	SAN JOSE	SILVER CREEK PLAZA		2021		131,821		99.8	WALGREENS		16,000				SPROUTS FARMERS MARKET		30,130
	SAN LEANDRO	FASHION FAIRE PLACE	PRU	2006		95,255		88.1	ROSS DRESS FOR LESS		26,706	MICHAELS		19,020
	SAN LEANDRO	GREENHOUSE MARKETPLACE		2021		142,598		77.9	SKY ZONE		23,700	ACE HARDWARE		18,520	SAFEWAY (4)		44,692
	SAN MARCOS	RANCHO SAN MARCOS VILLAGE		2021		125,350		79.0	PLANET FITNESS		24,100	DOLLAR TREE		12,620	ALDI		21,687
	SAN MARCOS	SAN MARCOS PLAZA		2021		34,880		75.8							ALBERTSONS (4)		44,296
	SAN RAMON	MAGNOLIA SQUARE S.C.	KIR	1999		46,147		94.7	ULTA		10,709	PETCO		10,000
	SANTA ROSA	FULTON MARKET PLACE		2005		102,478		93.6	ACE HARDWARE		12,100				RALEY'S		60,913
	SANTA ROSA	STONY POINT PLAZA		2021		194,569		98.3	ROSS DRESS FOR LESS		28,106	GOODWILL INDUSTRIES		27,895	FOOD MAXX		57,897
	SANTEE	SANTEE TROLLEY SQUARE		2015		312,754		99.6	24 HOUR FITNESS		36,000	MACY’S		30,000	TARGET (4)		126,587
	TEMECULA	PALM PLAZA S.C.	KIR	1999		342,000		98.3	AT HOME		86,479	TEMEKU CINEMAS		29,650	FOOD 4 LESS		52,640
	TEMECULA	REDHAWK TOWNE CENTER	CPP	2010		519,018		100.0	WALMART		221,639	KOHL'S		88,728	SPROUTS FARMERS MARKET		25,647
	TORRANCE	TORRANCE PROMENADE	KIR	2000		270,535		87.6	BURLINGTON		43,595	UFC GYM		42,575	TRADER JOE’S		10,004
	TRUCKEE	TRUCKEE CROSSROADS		2006		26,553		66.3							SAVE MART (4)		29,572
	TRUCKEE	GATEWAY AT DONNER PASS		2015		81,449		91.1							SAFEWAY		40,300
	TUSTIN	LARWIN SQUARE S.C.		2006		193,415		84.3	CRUNCH FITNESS		16,520	GOODWILL INDUSTRIES		11,000	99 RANCH MARKET		41,430
	TUSTIN	TUSTIN HEIGHTS S.C.		2006		137,287		100.0	MICHAELS		22,364	PETCO		11,550	SMART & FINAL		36,400
	TUSTIN	THE DISTRICT @ TUSTIN LEGACY (3)	OJV	2018		663,335		98.3	TARGET		134,639	AMC THEATRES		68,159	WHOLE FOODS MARKET		60,550
	UPLAND	MOUNTAIN SQUARE	PRU	2006		273,149		93.3	HOME DEPOT		98,064	HOBBY LOBBY		63,748
	VALENCIA	GRANARY SQUARE	PRU	2006		143,070		91.2	CVS PHARMACY		25,500				RALPH'S		45,579
	WESTMINSTER	PAVILIONS PLACE	PRU	2006		205,066		96.3	HOWARD’S APPLIANCES (2)		17,962				H MART		69,445
	WESTMINSTER	WESTMINSTER CENTER		2021		417,447		99.1	HOME DEPOT		102,220	REGENCY THEATRES		35,000	ALBERTSONS		50,000
	WHITTIER	WHITTWOOD TOWN CENTER		2017		681,420		99.4	TARGET		141,900	SEARS (2)		137,985	VONS		51,011
	WINDSOR	LAKEWOOD VILLAGE		2014		123,427		95.0	CVS PHARMACY		19,950				SAFEWAY		52,610
COLORADO
	ARVADA	NORTHRIDGE S.C. – ARVADA		2013		127,641		78.8							TARGET (4)		128,000
	AURORA	VILLAGE ON THE PARK		1998		158,303		99.1	ROSS DRESS FOR LESS		30,187	TJ MAXX		28,140
	AURORA	QUINCY PLACE S.C.		1998		42,977		91.1							KING SOOPERS (4)		56,959
									MAJOR LEASES						GROCER
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	AURORA	EAST BANK S.C. (3)		1998		53,426		90.3
	DENVER	WEST 38TH STREET S.C.		1998		18,405		100.0							LOCAVORE		18,405
	DENVER	LOWRY TOWN CENTER		2021		62,603		83.8							SAFEWAY (4)		53,208
	EDGEWATER	EDGEWATER MARKETPLACE		2021		144,553		99.2	ACE HARDWARE		18,800				KING SOOPERS		76,560
	ENGLEWOOD	ENGLEWOOD PLAZA (3)		1998		7,650		100.0
	FORT COLLINS	FRONT RANGE VILLAGE		2024		400,137		89.3	URBAN AIR		64,815	BURLINGTON		23,676	SPROUTS FARMERS MARKET (5)		24,288
	GREELEY	GREELEY COMMONS		2012		138,818		100.0	BURLINGTON		27,974	MICHAELS		21,323	SPROUTS FARMERS MARKET		21,236
	HIGHLANDS RANCH	HIGHLANDS RANCH S.C.		2011		208,092		98.7	ACE HARDWARE		33,450	TJ MAXX		30,000	KING SOOPERS (4)		77,696
	LAKEWOOD	HERITAGE WEST S.C.		1998		82,581		97.8							SAFEWAY		49,788
	LITTLETON	MARKET AT SOUTHPARK		2011		191,268		99.2	PLANET FITNESS		25,267	ARC THRIFT STORES		19,831	KING SOOPERS		64,532
	PARKER	CROSSING AT STONEGATE		2021		120,502		100.0							KING SOOPERS		65,972
	SHERIDAN	RIVER POINT AT SHERIDAN		2021		333,342		98.9	REGAL CINEMAS		55,455	3RD SHOT PICKLEBALL		42,485	COSTCO (4)		152,000
CONNECTICUT
	BRANFORD	BRANHAVEN PLAZA	KIR	2000		190,738		93.4	KOHL'S		86,830	FIVE BELOW		10,284	BIG Y		46,669
	DANBURY	NEWTOWN S.C.		2014		136,209		100.0	MARSHALLS		30,954				WALMART		105,255
	FARMINGTON	WEST FARM S.C.		1998		210,305		98.2	BURLINGTON		51,240	NORDSTROM RACK		35,834
	HAMDEN	HAMDEN MART (3)		2016		289,276		98.2	WALMART		89,750	BURLINGTON		47,738	ALDI		19,927
	NORTH HAVEN	HOME DEPOT PLAZA - NORTH HAVEN		1998		338,666		99.3	HOME DEPOT		111,500	DICK'S SPORTING GOODS		48,265	BJ'S WHOLESALE CLUB		109,920
	WILTON	WILTON RIVER PARK S.C.		2012		91,986		99.0							STOP & SHOP		46,764
DELAWARE
	WILMINGTON	BRANDYWINE COMMONS II		2014		165,792		100.0	BURLINGTON		42,443	RAYMOUR & FLANIGAN FURNITURE		36,000	SHOPRITE		58,236
FLORIDA
	ALTAMONTE SPRINGS	RENAISSANCE CENTRE		1998		192,090		98.1	PGA TOUR SUPERSTORE		38,292	DSW		23,990	WHOLE FOODS MARKET		40,000
	BOCA RATON	BOCA LYONS PLAZA		2021		117,597		93.6	ROSS DRESS FOR LESS		33,575	DOLLAR TREE		10,000	AROMA MARKET		16,484
	BOCA RATON	CAMINO SQUARE		1967
	BOCA RATON	MISSION BAY PLAZA	R2G	2024		261,476		98.9	DICK'S SPORTING GOODS		45,962	LA FITNESS		38,312	THE FRESH MARKET		21,782
	BOYNTON BEACH	BOYNTON WEST S.C.	KIR	1999		195,786		99.3	BEALLS		103,479	BURLINGTON		51,195
	BRANDON	PLAZA AT BRANDON TOWN CENTER	KIR	2001		143,785		99.0	NRG ADVENTURE PARK		40,000	ROSS DRESS FOR LESS		25,106	TARGET (4)		107,648
	CAPE CORAL	SHOPS AT SANTA BARBARA		2015		42,030		100.0
	CAPE CORAL	CORAL POINTE S.C.		2015		125,108		100.0	ROSS DRESS FOR LESS		32,265	STAPLES		20,347	PUBLIX		44,684
	CLEARWATER	CURLEW CROSSING S.C.		2005		112,188		95.5	EOS FITNESS		49,865	STAPLES		17,055
	CLEARWATER	COUNTRYSIDE CENTRE		2021		248,348		94.2	DICK'S SPORTING GOODS		54,563	TJ MAXX		30,107
	CLEARWATER	SUNSET POINT 19 S.C.		2021		267,819		96.9	HOBBY LOBBY		55,000	SCANDINAVIAN DESIGNS		33,330	SPROUTS FARMERS MARKET		31,998
	CLEARWATER	CYPRESS POINT		2024		168,863		100.0	AT HOME		82,136	CHUCK E CHEESE		14,901	THE FRESH MARKET		24,500
	CLERMONT	CLERMONT LANDING	OJV	2021		178,301		94.9	ROSS DRESS FOR LESS		30,187	TJ MAXX		26,000
	COCONUT CREEK	CORAL CREEK SHOPS	R2G	2024		112,736		96.5							PUBLIX		42,112
	COOPER CITY	EMBASSY LAKES		2021		131,751		77.9	DOLLAR TREE		11,126				BRAVO SUPERMARKET		46,328
	CORAL SPRINGS	CORAL SQUARE PROMENADE		1994		55,089		22.6
	CORAL SPRINGS	MAPLEWOOD PLAZA		1997		86,342		82.6	TJ MAXX		29,500	DOLLAR TREE		14,975
	DANIA BEACH	DANIA POINTE		2016		740,669		91.0	BRANDSMART U.S.A		91,347	REGAL CINEMAS		63,531	SPROUTS FARMERS MARKET		29,645
	DEERFIELD BEACH	SHOPPES AT DEERFIELD		2021		409,227		96.4	BURLINGTON		35,004	PARAGON THEATERS		32,368	PUBLIX		42,112
	DELRAY BEACH	MARKETPLACE OF DELRAY		2024		213,202		89.7	ROSS DRESS FOR LESS		27,625	OFFICE DEPOT		26,500	BJ'S MARKET		53,065
	FORT LAUDERDALE	CYPRESS CREEK STATION (3)		2009		260,126		94.1	LA FITNESS		48,479	JUST FOR SPORTS		15,675	TARGET		120,957
	HOLLYWOOD	OAKWOOD PLAZA NORTH		2016		964,931		97.3	HOME DEPOT		142,280	BJ'S WHOLESALE CLUB		120,251	NET COST MARKET		24,950
	HOLLYWOOD	HOLLYWOOD HILLS PLAZA	OIP	2021		377,543		99.1	TARGET		119,454	CHEWY.COM		100,928	PUBLIX		42,112
	HOMESTEAD	HOMESTEAD TOWNE SQUARE	OJV	1972		205,614		96.8	MARSHALLS		29,575	HOMEGOODS		23,500	PUBLIX		56,077
	HOMESTEAD	HOMESTEAD-WACHTEL LAND LEASE		1972		3,600		100.0							PUBLIX (4)		56,077
	JACKSONVILLE	RIVERPLACE S.C.		2010		257,566		88.0	HOMESENSE		36,000	TJ MAXX		25,200
	JACKSONVILLE	ARGYLE VILLAGE		2021		306,506		99.5	SERVICE MERCHANDISE		50,000	BOB'S DISCOUNT FURNITURE		48,945	PUBLIX		51,420
	JACKSONVILLE	ATLANTIC WEST	OJV	2021		92,268		100.0	TJ MAXX		28,000	HOMEGOODS		18,021	WALMART (4)		206,265
	JACKSONVILLE	KERNAN VILLAGE	OJV	2021		85,158		90.4	ROSS DRESS FOR LESS		30,187	PETCO		15,000	WALMART (4)		206,265
	JACKSONVILLE	THE MARKETS AT TOWN CENTER		2025		254,092		95.9	NORDSTROM RACK		35,170	WEST MARINE		30,392	SPROUTS FARMERS MARKET		30,162
	JACKSONVILLE	RIVER CITY MARKETPLACE		2024		632,410		98.8	ASHLEY		41,820	BURLINGTON		39,991	BJ'S WHOLESALE CLUB		103,005
	JACKSONVILLE	PARKWAY SHOPS		2024		144,114		98.9	HOBBY LOBBY		55,000	DICK'S SPORTING GOODS		45,000	ALDI (5)		26,454
	KEY LARGO	TRADEWINDS S.C.	KIR	2000		160,651		94.9	BURLINGTON		23,603	TJ MAXX		23,000	PUBLIX		64,080
									MAJOR LEASES						GROCER
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	LAKELAND	MERCHANTS WALK		2001		236,522		99.5	HOBBY LOBBY		53,271	ROSS DRESS FOR LESS		30,846
	LAND O'LAKES	VILLAGE LAKES S.C.		2024		170,473		98.9	BEALLS OUTLET		25,817	MARSHALLS		24,009
	LARGO	CENTER AT MISSOURI AVENUE		1968		131,067		96.2	OLD TIME POTTERY		58,374	UFC GYM		25,121	ALDI		20,800
	LARGO	TRI-CITY PLAZA		1992		221,429		99.3	LA FITNESS		33,490	BURLINGTON		30,302	PUBLIX		42,112
	LARGO	LARGO PLAZA		2021		370,071		96.9	BEALLS		35,550	REGAL CINEMAS		29,224	PUBLIX (4)		120,180
	LAUDERHILL	FT. LAUDERDALE PLAZA		1974		181,576		93.8	BURLINGTON		44,450	STAPLES		23,500	FESTIVAL SUPERMARKET		22,772
	MARATHON	MARATHON S.C.		2013		107,816		100.0	SURF STYLE		55,096				WINN-DIXIE		38,400
	MELBOURNE	NASA PLAZA		1968		168,737		91.6	RADIAL		69,900	WALGREENS		15,525
	MIAMI	GROVE GATE S.C.		1968		107,000		100.0	HOME DEPOT		105,154				MILAN'S MARKET		10,947
	MIAMI	CORAL WAY PLAZA	OJV	1965		74,148		98.0	YOUFIT HEALTH CLUBS		30,000				FRESCO Y MAS (4)		55,944
	MIAMI	CORAL WAY PLAZA	OJV	2003		87,305		100.0	ORCHARD SUPPLY HARDWARE		29,111				FRESCO Y MAS		55,944
	MIAMI	MILLER ROAD S.C.		1986		87,069		97.2	WALGREENS		14,468				PUBLIX		46,810
	MIAMI	SOUTH MIAMI S.C. (3)		1995		61,927		61.7	PETCO		22,418				SPROUTS FARMERS MARKET		23,262
	MIAMI	CORAL WAY PLAZA	OJV	2016		1,615		100.0							FRESCO Y MAS (4)		55,944
	MIAMI	KENDALE LAKES PLAZA		2009		284,311		99.3	KMART		114,000	HOBBY LOBBY		40,000
	MIAMI	MILLER WEST PLAZA		2015		63,563		100.0							PUBLIX		44,271
	MIAMI	CORSICA SQUARE S.C.		2015		60,280		100.0							PUBLIX		45,600
	MIAMI	FLAGLER PARK PLAZA		2007		355,051		99.6	BURLINGTON		29,953	YOUFIT HEALTH CLUBS		24,757	PUBLIX		56,000
	MIAMI	PARK HILL PLAZA		2011		110,169		100.0	LITTLE VILLAGE LEARNING CENTER		10,000				FRESCO Y MAS		34,890
	MIAMI	WINN DIXIE - MIAMI		2013		61,837		100.0							WINN-DIXIE		61,837
	MIAMI	TJ MAXX PLAZA		2021		161,429		99.1	TJ MAXX		32,800	DOLLAR TREE		10,000	FRESCO Y MAS		37,794
	MIAMI	PALMS AT TOWN & COUNTRY (3)		2021		654,161		97.4	KOHL'S		88,709	MARSHALLS/HOMEGOODS		50,877	PUBLIX		39,795
	MIAMI	TAMIAMI TRAIL SHOPS	OIP	2021		110,952		96.6	CANO HEALTH		11,234	CVS PHARMACY		10,356	PUBLIX		42,112
	MIAMI	MARY BRICKELL VILLAGE	R2G	2024		199,541		90.9	LA FITNESS		35,295				PUBLIX		29,203
	NORTH MIAMI BEACH	IVES DAIRY CROSSING		1985		108,795		95.9	WALGREENS		15,930				PUBLIX		51,420
	OAKLAND PARK	NORTHRIDGE S.C. – OAKLAND PARK	OIP	2021		234,199		93.2	ROSS DRESS FOR LESS		29,561	YOUFIT HEALTH CLUBS		28,752	PUBLIX		44,123
	ORLANDO	BAYHILL PLAZA	KIR	2000		189,148		100.0	FITNESS CF		56,000	PGA TOUR SUPERSTORE		50,239	SPROUTS FARMERS MARKET		26,556
	ORLANDO	SODO S.C.		2008		179,074		91.4	LA FITNESS		49,875	TJ MAXX		26,843	TARGET (4)		184,782
	ORLANDO	MILLENIA PLAZA		2009		156,061		100.0	MARSHALLS		30,027	HOMEGOODS		24,991	TARGET (4)		187,166
	ORLANDO	GRAND OAKS VILLAGE		2011		86,269		100.0							THE FRESH MARKET		18,400
	ORLANDO	PHILLIPS CROSSING		2021		145,644		95.2	MICHAELS		21,012	GOLF GALAXY		16,375	WHOLE FOODS MARKET		52,549
	ORLANDO	COLONIAL PLAZA		2021		491,365		96.6	HOBBY LOBBY		53,065	EOS FITNESS		42,780	SPROUTS FARMERS MARKET		23,000
	ORLANDO	THE MARKETPLACE AT DR PHILLIPS	OIP	2021		326,729		96.0	CRUNCH FITNESS		37,080	HOMEGOODS		25,512	PUBLIX		64,850
	ORLANDO	WATERFORD LAKES TOWN CENTER		2024		701,941		92.1	REGAL CINEMAS		86,231	BEST BUY		46,094	TARGET (4)		186,600
	OVIEDO	RIVERSIDE LANDINGS		2015		78,093		98.2							PUBLIX		44,270
	PALM HARBOR	HIGHLAND LAKES PLAZA		2024		79,528		84.6	BARNES & NOBLE		21,943	MICHAELS		18,780	TRADER JOE’S		13,045
	PALM HARBOR	EAST LAKE WOODLANDS	R2G	2024		105,111		88.8	WALGREENS		13,000				WALMART NEIGHBORHOOD MARKET		48,758
	PEMBROKE PINES	PEMBROKE COMMONS	OIP	2021		305,577		86.0	LA FITNESS		39,850	ROSS DRESS FOR LESS		25,010	PUBLIX		65,537
	PEMBROKE PINES	FLAMINGO PINES	OIP	2021		131,664		94.3							PUBLIX		55,000
	PENSACOLA	UNIVERSITY TOWN CENTER		2011		101,377		100.0							PUBLIX		61,389
	PLANTATION	PLANTATION COMMONS		2017		60,414		97.8							ENSON MARKET		41,440
	PLANTATION	VIZCAYA SQUARE		2021		110,081		98.1							WINN-DIXIE		54,307
	PLANTATION	WEST BROWARD S.C.		2024		120,732		84.0	DD'S DISCOUNTS		21,965	BADCOCK HOME FURNITURE		21,646	PUBLIX		29,365
	POMPANO BEACH	POMPANO POINTE S.C.		2012		77,352		100.0	HOMEGOODS		20,280	ULTA		11,224	WHOLE FOODS MARKET		40,100
	ROYAL PALM BEACH	THE CROSSROADS	R2G	2024		128,401		98.1	WALGREENS		13,000	DOLLAR TREE		10,251	PUBLIX		55,454
	SARASOTA	TUTTLEBEE PLAZA		2008		100,237		98.2	TJ MAXX		29,825	OFFICEMAX		23,800
	SEA RANCH LAKES	SEA RANCH CENTRE		2021		90,956		98.7	CVS PHARMACY		14,273	DOLLAR TREE		10,000	PUBLIX		28,606
	SOUTH PASADENA	SOUTH PASADENA S.C.	R2G	2024		163,746		91.6	BEALLS OUTLET		26,250	CVS PHARMACY		12,000	WALMART NEIGHBORHOOD MARKET		41,884
	TALLAHASSEE	VILLAGE COMMONS S.C.		1998		190,811		98.4	TOTAL WINE & MORE		31,920	HOMEGOODS		24,471	THE FRESH MARKET		22,300
	TAMPA	THE PLAZA AT CITRUS PARK	KIR	2001		337,765		91.4	BEST BUY		46,121	ROSS DRESS FOR LESS		30,187
	TAMPA	CARROLLWOOD COMMONS		1997		206,564		100.0	AMERICAN SIGNATURE		49,106	ROSS DRESS FOR LESS		26,250	SPROUTS FARMERS MARKET		27,000
	TAMPA	MISSION BELL S.C.		2004		197,181		99.3	LOWE'S HOME CENTER		167,000
	WELLINGTON	WELLINGTON GREEN COMMONS		2021		125,847		100.0							WHOLE FOODS MARKET		49,979
	WELLINGTON	VILLAGE GREEN CENTER		2021		70,240		95.1							TRADER JOE’S		12,500
									MAJOR LEASES						GROCER
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	WEST PALM BEACH	BELMART PLAZA		2014		66,440		91.9							PUBLIX		28,800
	WEST PALM BEACH	MCDONALD'S - BELVEDERE PLAZA		1997		3,787		100.0							PUBLIX (4)		28,800
	WINTER PARK	WINTER PARK CORNERS		2021		95,211		89.0							SPROUTS FARMERS MARKET		30,348
GEORGIA
	ACWORTH	LAKESIDE MARKETPLACE		2021		137,498		98.6	ROSS DRESS FOR LESS		30,222	MICHAELS		23,921	TARGET (4)		169,120
	ATLANTA	EMBRY VILLAGE		2008		206,570		99.4	PLANET FITNESS		19,838	MR. CUE'S BILLIARDS & BURGERS		14,870	KROGER		102,877
	ATLANTA	PERIMETER EXPO		2016		175,835		100.0	ONELIFE FITNESS		53,851	MARSHALLS		36,598
	ATLANTA	PERIMETER VILLAGE (3)		2021		311,645		92.1	HOBBY LOBBY		40,000	DSW		19,920	GROCER		116,824
	ATLANTA	CAMP CREEK MARKETPLACE II		2021		196,283		99.0	AMERICAN SIGNATURE		50,134	LA FITNESS		45,000
	ATLANTA	PUBLIX AT PRINCETON LAKES	OIP	2021		68,407		100.0							PUBLIX		45,600
	DECATUR	NORTH DECATUR STATION	OIP	2021		88,779		100.0							WHOLE FOODS MARKET		35,097
	DULUTH	RIVERWALK MARKETPLACE		2015		78,025		100.0							WHOLE FOODS MARKET		70,125
	DULUTH	PEACHTREE HILL		2024		89,075		97.1	LA FITNESS		45,000				KROGER (5)		65,625
	DULUTH	PROMENADE AT PLEASANT HILL		2024		257,972		96.9	K1 SPEED		55,797	LA FITNESS		40,221	PUBLIX		65,920
	GRAYSON	GRAYSON COMMONS		2021		76,581		100.0							KROGER		46,581
	JOHNS CREEK	MARKET AT HAYNES BRIDGE		2008		130,390		97.9							KROGER		62,000
	LAWRENCEVILLE	LAWRENCEVILLE MARKET		2013		285,656		99.2	HOBBY LOBBY		67,400	AMC THEATRES		65,442	TARGET (4)		116,400
	NEWNAN	NEWNAN PAVILION		2024		352,793		99.3	KOHL'S		86,584	ACADEMY SPORTS & OUTDOORS		73,418	ALDI		23,320
	PEACHTREE CITY	BRAELINN VILLAGE		2014		270,057		95.3	ALTITUDE TRAMPOLINE PARK		50,531	ACE PICKLEBALL CLUB		40,000	KROGER		108,127
	POWDER SPRINGS	BROWNSVILLE COMMONS		2021		27,747		84.5							KROGER (4)		54,166
	ROSWELL	ROSWELL CORNERS		2021		145,496		100.0	TJ MAXX		30,000				THE FRESH MARKET		23,923
	ROSWELL	ROSWELL CROSSING		2021		191,170		98.6	PIKE FAMILY NURSERIES		45,116	OFFICEMAX		23,500	TRADER JOE’S		11,606
	WOODSTOCK	WOODSTOCK SQUARE		2024		218,859		100.0	KOHL'S		86,584	OFFICE DEPOT		23,500	TARGET (4)		188,000
ILLINOIS
	CHAMPAIGN	PINETREE PLAZA	KIR	2001		111,720		100.0	BEST BUY		45,350	ROSS DRESS FOR LESS		30,247
	GLENVIEW	PLAZA DEL PRADO		2017		141,721		98.9							JEWEL OSCO		59,171
	PALATINE	DEER GROVE CENTRE		2024		209,220		95.1	HOBBY LOBBY		55,000	TJ MAXX		50,000	ALDI (5)		20,388
	SKOKIE	SKOKIE POINTE		1997		62,983		100.0	MARSHALLS		30,406	OLD NAVY		28,049	JEWEL OSCO (4)		70,630
	VERNON HILLS	HAWTHORN HILLS SQUARE S.C.		2012		192,636		94.3	DICK'S SPORTING GOODS		54,997	PETSMART		27,518
INDIANA
	GREENWOOD	GREENWOOD S.C.		1970		217,876		100.0	AUTOZONE		47,000	MARSHALLS/HOMEGOODS		42,000	FRESH THYME FARMERS MARKET		29,979
KENTUCKY
	CRESCENT SPRINGS	BUTTERMILK TOWNE CENTER		2024		183,020		100.0	FIELD & STREAM		50,380	LA FITNESS		45,867	REMKE MARKETS		47,527
	LOUISVILLE	FESTIVAL ON JEFFERSON COURT		2021		169,783		90.2	NADIA BEAUTY SUPPLY		19,200				KROGER		59,976
MASSACHUSETTS
	BEDFORD	BEDFORD MARKETPLACE	R2G	2024		153,738		100.0	MARSHALLS		44,790				WHOLE FOODS MARKET		40,175
	BRIGHTON	WASHINGTON ST. PLAZA (3)		2014		20,350		100.0							WHOLE FOODS MARKET		20,350
	BROOKLINE	BROOKLINE VILLAGE		2024		5,361		100.0
	CAMBRIDGE	MEMORIAL PLAZA		2014		62,555		92.5	MICRO CENTER		41,724				TRADER JOE’S		11,065
	CANTON	VILLAGE SHOPPES OF CANTON	R2G	2024		255,059		83.6	MARSHALLS		37,300	CVS PHARMACY		10,125	SHAW'S SUPERMARKET		64,000
	CHATHAM	MAIN ST. PLAZA		2014		24,432		100.0	OCEAN STATE JOB LOT		24,432
	DEDHAM	DEDHAM POINTE	R2G	2024		511,097		98.7	AT HOME		93,279	DICK'S SPORTING GOODS		52,046	STOP & SHOP		74,236
	DORCHESTER	MORRISSEY PLAZA		2014		84,470		100.0	FLOOR & DECOR		84,470
	EVERETT	GLENDALE SQUARE		2014		41,463		92.3	WALGREENS		14,707				EL VALLE DE LA SULTANA MARKET		10,950
	FALMOUTH	FALMOUTH PLAZA		2014		88,894		87.1	STAPLES		24,652	PLANET FITNESS		12,368	ALDI (4)		23,350
	FRAMINGHAM	WAVERLY PLAZA		2014		26,482		100.0							AJ SEABRA SUPERMARKET		9,615
	HYANNIS	FESTIVAL AT HYANNIS S.C.		2014		231,899		99.3	HOBBY LOBBY		46,932	HOMEGOODS		24,920	SHAW'S SUPERMARKET		54,712
	MEDFORD	FELLSWAY @ 630		2014		56,215		100.0	LOWE'S OUTLET (2)		22,478				ALDI		21,952
	NORTHBOROUGH	NORTHBOROUGH CROSSING		2024		323,651		98.6	KOHL'S		87,428	MARSHALLS		30,000	WEGMANS (5)		139,449
	QUINCY	NORTH QUINCY PLAZA		2014		80,510		100.0	MING SEAFOOD RESTAURANT CORP.		14,247				99 RANCH MARKET		55,087
	QUINCY	ADAMS PLAZA		2014		24,469		100.0	WALGREENS		12,607
	REVERE	BROADWAY PLAZA		2014		15,272		100.0	WALGREENS		15,272
	SALEM	PARADISE PLAZA		2014		48,587		100.0	STAPLES		17,001
	SWAMPSCOTT	VINNIN SQUARE PLAZA		2014		63,975		100.0	CVS PHARMACY		11,060	PETCO		10,250
	WAKEFIELD	NORTH AVE. PLAZA		2014		15,984		100.0	MG FITNESS		15,984
	WALTHAM	LINDEN PLAZA		2014		24,284		100.0	PETCO		13,650
	WOBURN	WASHINGTON ST. S.C.		2014		123,681		96.3	KOHL'S		93,705	ULTA		10,483
	WORCESTER	MILL ST. PLAZA		2014		66,281		100.0	HARBOR FREIGHT TOOLS		18,859	DOLLAR TREE		10,541	ASIAN SUPERMARKET		21,521
									MAJOR LEASES						GROCER
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LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
MARYLAND
	BALTIMORE	FULLERTON PLAZA		2014		158,422		100.0	LA FITNESS		34,000				WEIS MARKETS		67,520
	BALTIMORE	INGLESIDE S.C.		2014		114,045		97.7	UMI HOT POT & SEAFOOD BUFFET		11,868	DOLLAR TREE		10,000	SAFEWAY		54,200
	BALTIMORE	WILKENS BELTWAY PLAZA		2014		100,616		100.0							GIANT FOOD		65,425
	BALTIMORE	YORK ROAD PLAZA		2014		90,903		98.7							GIANT FOOD		56,892
	BALTIMORE	PUTTY HILL PLAZA		2013		90,777		91.0							GIANT FOOD		43,136
	BEL AIR	GREENBRIER S.C.		2014		130,193		96.0	CVS PHARMACY		10,125	DOLLAR TREE		10,000	SAFEWAY		55,032
	CLARKSVILLE	RIVER HILL VILLAGE CENTER		2014		105,907		100.0							GIANT FOOD		62,943
	COLUMBIA	SNOWDEN SQUARE S.C.		2012		75,000		100.0	MICHAELS		26,706	PETSMART		25,000	BJ'S WHOLESALE CLUB (4)		109,384
	COLUMBIA	COLUMBIA CROSSING		2015		404,258		100.0	ASHLEY		63,062	DICK'S SPORTING GOODS		60,840	TARGET (4)		130,604
	COLUMBIA	HICKORY RIDGE		2015		100,803		93.5							GIANT FOOD		57,994
	COLUMBIA	KINGS CONTRIVANCE		2014		98,399		89.2							HARRIS TEETER		56,905
	COLUMBIA	HARPERS CHOICE		2015		91,165		87.3							SAFEWAY		55,164
	COLUMBIA	THE SHOPPES AT WILDE LAKE		2002		69,903		98.7	CVS PHARMACY		13,225				GROCERY OUTLET BARGAIN MARKET		15,079
	CROFTON	CROFTON CENTRE		2024		252,230		98.8	AT HOME		95,810	GOLD'S GYM		32,859	GIANT FOOD		54,800
	DISTRICT HEIGHTS	THE SHOPS AT DISTRICT HEIGHTS		2015		90,865		97.3							GIANT FOOD		64,333
	ELLICOTT CITY	DORSEY'S SEARCH VILLAGE CENTER		2015		86,456		100.0							GIANT FOOD		55,000
	ELLICOTT CITY	ENCHANTED FOREST S.C.		2014		142,052		100.0	PETCO		12,400				SAFEWAY		50,093
	ELLICOTT CITY	LONG GATE S.C.	PRU	2007		429,030		100.0	TARGET		146,773	KOHL'S		106,889	SAFEWAY		55,164
	FREDERICK	VILLAGES AT URBANA		2003		111,033		98.1							GIANT FOOD		56,166
	GAITHERSBURG	GAITHERSBURG S.C.		1999		88,277		97.7	FLOOR & DECOR		60,102	MATTRESS & FURNITURE MART		10,026
	GAITHERSBURG	KENTLANDS MARKET SQUARE		2016		238,295		96.2	CINEPOLIS LUXURY CINEMAS		34,052	MICHAELS		23,296	WHOLE FOODS MARKET		35,868
	HUNT VALLEY	SHAWAN PLAZA		2008		94,653		100.0							GIANT FOOD		55,330
	LAUREL	LAUREL PLAZA		1964		162,144		100.0	2A THRIFT		81,550	PLANET FITNESS		21,000
	OWINGS MILLS	MILL STATION DEVELOPMENT		2016		497,946		100.0	COSTCO		148,000	AMC THEATRES		69,322	GIANT FOOD		66,450
	PASADENA	PATRIOTS PLAZA	OJV	2003		38,766		97.5	DAVITA		10,496
	PIKESVILLE	CENTRE COURT- RETAIL/BANK		2011		105,223		96.8							GIANT FOOD		63,529
	ROCKVILLE	PIKE CENTER		2021		80,869		87.2	LUNA HALL		15,800	GOLFDOM		10,909
	TIMONIUM	TIMONIUM CROSSING		2014		53,914		96.7	AMERICAN RADIOLOGY		14,849
	TIMONIUM	TIMONIUM SQUARE		2003		191,561		93.2	STAPLES		15,000				GIANT FOOD		61,941
	TOWSON	RADCLIFFE CENTER		2014		88,405		87.0	CVS PHARMACY		10,125				SAFEWAY		59,180
	TOWSON	TOWSON PLACE		2012		630,147		95.9	TARGET		132,608	DICK'S SPORTING GOODS		49,182	WEIS MARKETS		55,452
MICHIGAN
	CLINTON TOWNSHIP	CLINTON POINTE		2024		135,450		97.6	TJ MAXX		24,145	PLANET FITNESS		23,425	TARGET (4)		116,000
	NOVI	WEST OAKS S.C.		2024		259,133		100.0	GARDNER WHITE		60,817	NORDSTROM RACK		33,420
	NOVI	WEST OAKS II S.C.		2024		191,015		68.7	BURLINGTON		25,755	MARSHALLS		25,000
	ROCHESTER HILLS	WINCHESTER CENTER		2024		315,856		94.5	DICK'S SPORTING GOODS		60,365	MARSHALLS		50,079
	TROY	TROY MARKETPLACE	R2G	2024		249,483		99.2	LA FITNESS		45,000	NORDSTROM RACK		36,383
	WEST BLOOMFIELD	THE SHOPS AT OLD ORCHARD	R2G	2024		96,807		100.0	WITBECK HOME APPLIANCE MART		10,223				PLUM MARKET		36,044
MINNESOTA
	EDINA	CENTENNIAL SHOPS		2024		85,230		100.0	PINSTRIPES		32,414	THE CONTAINER STORE		22,040
	MAPLE GROVE	ARBOR LAKES RETAIL CENTER	KIR	2001		450,981		89.0	BEST BUY		45,953	BOB'S DISCOUNT FURNITURE		37,019	BYERLY'S		55,043
	MAPLE GROVE	THE FOUNTAINS AT ARBOR LAKES		2006		481,032		99.7	LOWE'S HOME CENTER		137,933	DICK'S SPORTING GOODS		51,182	COSTCO (4)		139,262
	MINNETONKA	RIDGEDALE FESTIVAL CENTER	KIR	1998		121,066		100.0	HOBBY LOBBY		62,204	TOTAL WINE & MORE		25,775
	WOODBURY	WOODBURY LAKES		2024		357,359		94.6	ALAMO DRAFTHOUSE CINEMA		43,392	PUBLIC LANDS		28,785	TRADER JOE'S (4)		9,800
MISSOURI
	CREVE COEUR	HERITAGE PLACE		2024		270,810		99.5	TJ MAXX		30,025	MARSHALLS		27,550	DIERBERGS MARKETS		74,721
	SAINT CHARLES	CENTER POINT S.C.		1998		84,460		100.0	KOHL'S		84,460
	TOWN & COUNTRY	TOWN & COUNTRY CROSSING	R2G	2024		187,984		100.0	REI		23,358	HOMEGOODS		19,672	WHOLE FOODS MARKET		55,012
NORTH CAROLINA
	CARY	CENTRUM @ CROSSROADS	KIR	2001		315,977		92.1	KOHL'S		86,584	PETSMART		26,040	BJ'S WHOLESALE CLUB		108,532
	CARY	CROSSROADS PLAZA - CARY		2000		586,786		99.2	DICK'S SPORTING GOODS		55,000	BEST BUY		51,259
	CARY	NORTHWOODS S.C.		2021		77,802		97.0							WALMART NEIGHBORHOOD MARKET		39,680
	CARY	HIGH HOUSE CROSSING		2021		87,981		98.0	TRIUMPH GYMNASTICS		15,748				GO FRESH 365		34,484
	CHARLOTTE	WOODLAWN MARKETPLACE		1968		241,432		100.0	HOME DEPOT		85,600	BURLINGTON		48,000
	CHARLOTTE	TYVOLA SQUARE		1986		228,538		100.0	ROSS DRESS FOR LESS		32,003	K&G FASHION SUPERSTORE		28,109	COMPARE FOODS		24,928
	CHARLOTTE	QUAIL CORNERS		2014		106,219		95.0							HARRIS TEETER		51,486
	CORNELIUS	JETTON VILLAGE SHOPPES		2011		80,600		100.0							HARRIS TEETER		57,260
									MAJOR LEASES						GROCER
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LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	DAVIDSON	DAVIDSON COMMONS		2012		83,938		100.0							HARRIS TEETER		48,000
	DURHAM	NEW HOPE COMMONS	KIR	2002		408,065		100.0	BEST BUY		45,000	BURLINGTON		31,772	WALMART		149,929
	DURHAM	HOPE VALLEY COMMONS		2021		81,327		100.0							HARRIS TEETER		48,505
	MOORESVILLE	MOORESVILLE CROSSING		2007		165,798		100.0	BEST BUY		30,000	NORDSTROM RACK		28,000
	MORRISVILLE	PARK PLACE S.C.		2008		169,901		100.0	CARMIKE CINEMAS		60,124	O2 FITNESS CLUBS		36,000	FOOD LION		36,427
	RALEIGH	PLEASANT VALLEY PROMENADE (3)		1993		288,654		86.9	GOLF GALAXY		59,719	ROSS DRESS FOR LESS		30,187	GROCER		22,979
	RALEIGH	BRENNAN STATION		2011		128,392		98.6	OFFICE DEPOT		22,391	TOWN AND COUNTRY HARDWARE		12,000	TRADER JOE’S		14,679
	RALEIGH	FALLS POINTE		2021		109,501		100.0							HARRIS TEETER		54,314
	RALEIGH	CAPITAL SQUARE		2021		164,435		96.3	IT'S FASHION METRO		14,694	IBEAUTY		14,000	FOOD LION		39,301
	RALEIGH	LEESVILLE TOWNE CENTRE		2021		127,106		97.4	DUKE PRIMARY CARE		12,711				HARRIS TEETER		46,479
	RALEIGH	SIX FORKS STATION S.C.		2021		468,314		96.0	HOME DEPOT		117,424	TARGET		113,849	FOOD LION		44,213
	RALEIGH	STONEHENGE MARKET		2021		188,623		99.4	PAINTED TREE BOUTIQUES		34,097				HARRIS TEETER		58,000
	WINSTON-SALEM	CLOVERDALE PLAZA		1969		132,590		96.5	DOLLAR TREE		14,849				HARRIS TEETER		60,279
NEW HAMPSHIRE
	NASHUA	WEBSTER SQUARE		2014		215,640		95.0	TJ MAXX		25,219	MICHAELS		24,300	TRADER JOE’S		13,800
	NEWINGTON	THE CROSSINGS		2024		509,749		100.0	KOHL'S		96,183	REGAL CINEMAS		57,371	ALDI		27,741
	SALEM	ROCKINGHAM PLAZA (3)		1994		405,367		100.0	KOHL'S		91,282	BOB'S DISCOUNT FURNITURE		51,507
NEW JERSEY
	BRIDGEWATER	BRIDGEWATER PROMENADE	KIR	2001		241,884		95.6	BURLINGTON		40,415	MARSHALLS		39,562	TRADER JOE’S		12,820
	CHERRY HILL	BRACE ROAD STATION		1985		124,750		100.0							HUNG VUONG SUPERMARKET		62,532
	CHERRY HILL	HILLVIEW S.C.		2014		216,219		100.0	KOHL'S		86,770	HOBBY LOBBY		44,675	TARGET (4)		130,915
	CHERRY HILL	GARDEN STATE PAVILIONS		2011		380,911		90.7	BURLINGTON		70,500	PGA TOUR SUPERSTORE		39,610	SHOPRITE		86,076
	CLARK	CENTRAL CENTER-SHOPRITE		2013		85,000		100.0							SHOPRITE		85,000
	CLARK	COMMERCE CENTER EAST		2013		52,812		100.0							BRIXMOR		52,812
	CLARK	CENTRAL PLAZA		2013		41,537		100.0	AHS HOSPITAL		28,000	WALGREENS		13,537
	EAST WINDSOR	EAST WINDSOR VILLAGE		2008		248,727		97.1	TARGET		126,200	TJ MAXX		30,000	PATEL BROTHERS		22,310
	EDGEWATER	EDGEWATER COMMONS	PRU	2007		426,864		100.0	TARGET		113,156	TJ MAXX		35,000	ACME MARKETS		63,966
	HILLSDALE	PLAZA AT HILLSDALE		2014		60,432		100.0	WALGREENS		16,332				KINGS SUPERMARKET		30,811
	HOLMDEL	HOLMDEL TOWNE CENTER		2007		299,723		87.5	HOBBY LOBBY		56,021	MARSHALLS/HOMEGOODS		48,833
	HOLMDEL	COMMONS AT HOLMDEL		2007		235,694		98.8	BEST BUY		30,109	MICHAELS		25,482
	MILLBURN	PLAZA AT SHORT HILLS		2014		89,321		98.4	CITYMD		17,139	PET SUPPLIES PLUS		10,158	KINGS SUPERMARKET		40,024
	MOORESTOWN	MAPLE SHADE		2009		201,351		100.0	LOWE'S HOME CENTER		135,198	SKY ZONE		42,173
	NORTH BRUNSWICK	NORTH BRUNSWICK PLAZA		1994		429,293		98.4	BURLINGTON		64,676	MARSHALLS		52,440	WALMART		184,648
	PISCATAWAY	PISCATAWAY TOWN CENTER		1998		97,134		67.4							PATEL BROTHERS		31,000
	RIDGEWOOD	RIDGEWOOD S.C.		1994		24,280		100.0							WHOLE FOODS MARKET		24,280
	UNION	UNION CRESCENT PLAZA		2007		98,193		100.0	BURLINGTON		30,225				WHOLE FOODS MARKET		60,000
	WAYNE	WILLOWBROOK PLAZA		2009		401,574		100.0	FLOOR & DECOR		93,704	EXTRA SPACE STORAGE		85,063
	WESTMONT	WESTMONT PLAZA		1994		156,613		98.7	TARGET		48,142	DOLLAR TREE		12,000	SPROUTS FARMERS MARKET		22,360
NEW MEXICO
	ALBUQUERQUE	NORTH TOWNE PLAZA - ALBUQUERQUE		2021		118,721		100.0	HOMEGOODS		22,514				WHOLE FOODS MARKET		34,020
NEVADA
	LAS VEGAS	RANCHO TOWNE & COUNTRY		2021		87,243		100.0							SMITH'S		55,096
	LAS VEGAS	FRANCISCO CENTER		2021		116,756		95.4	DD'S DISCOUNTS		19,350				LA BONITA		36,800
	LAS VEGAS	CHARLESTON COMMONS		2021		330,815		99.5	WALMART		116,792	BURLINGTON		29,442	GROCERY OUTLET BARGAIN MARKET		29,849
	NORTH LAS VEGAS	COLLEGE PARK S.C. - N LAS VEGAS		2021		167,160		92.8	CVS PHARMACY		24,100	WSS		14,924	EL SUPER		36,983
	RENO	DEL MONTE PLAZA		2006		119,377		96.5	SIERRA TRADING POST		31,000	FIVE BELOW		10,542	WHOLE FOODS MARKET		51,758
	RENO	REDFIELD PROMENADE		2015		151,737		99.1	NORDSTROM RACK		31,038	BOB'S DISCOUNT FURNITURE		28,788	NATURAL GROCERS		16,198
	RENO	MCQUEEN CROSSINGS S.C.		2015		104,319		100.0							RALEY'S		65,519
	RENO	GALENA JUNCTION S.C.		2015		120,196		100.0	SHELL OIL		10,000				RALEY'S		61,570
	SPARKS	D'ANDREA MARKETPLACE		2007		119,601		99.3	CVS PHARMACY		18,990				SAFEWAY		56,061
	SPARKS	SPARKS MERCANTILE		2015		113,759		94.7							RALEY'S		63,476
NEW YORK
	BAY SHORE	MARKET AT BAY SHORE		2006		176,831		100.0	BEST BUY		45,499	BURLINGTON		43,123	ALDI		18,635
	BELLMORE	BELLMORE S.C.		2004		15,445		100.0	PETSMART		12,052
	BRIDGEHAMPTON	BRIDGEHAMPTON COMMONS		2009		304,959		99.6	TARGET		89,935	TJ MAXX		26,768	KING KULLEN		61,892
	BRONX	CONCOURSE PLAZA	OJV	2013		223,551		90.5	REGAL CINEMAS		58,860	PUREFITNESS		18,119	FOOD BAZAAR		51,680
	BROOKLYN	MILL BASIN PLAZA (3)	KIR	2000		69,250		100.0	HOME DEPOT		58,200	WALGREENS		11,050
									MAJOR LEASES						GROCER
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	BROOKLYN	OCEAN PLAZA		2003		10,000		100.0	MEDEX DIAGNOSTIC AND TREATMENT CENTER		10,000
	BROOKLYN	KINGS HIGHWAY S.C.		2004		29,671		78.8	CENTER FOR ALLIED HEALTH EDUCATION		19,371
	BROOKLYN	RALPH AVENUE PLAZA		2004		40,373		66.8	DUANE READE		15,638	PC RICHARD & SON		11,311
	BROOKLYN HEIGHTS	KEY FOOD - ATLANTIC AVENUE		2012		7,200		100.0							KEY FOOD		7,200
	COMMACK	VETERANS MEMORIAL PLAZA		1998		251,254		100.0	HOBBY LOBBY		42,970	BURLINGTON		40,471	WHOLE FOODS MARKET		45,000
	COMMACK	BIRCHWOOD PLAZA		2007		24,617		100.0	DOLLAR TREE		14,137
	COPIAGUE	HOME DEPOT PLAZA - COPIAGUE	KIR	1998		135,436		100.0	HOME DEPOT		112,000				TARGET (4)		130,417
	EAST NORTHPORT	NORTHPORT CENTER		2012		3,827		100.0
	ELMHURST	THE SHOPPES AT 82ND STREET		2025		59,136		100.0	EMBLEMHEALTH		17,914				TARGET		23,580
	ELMONT	ELMONT S.C.		2004		27,078		100.0	TJ MAXX		21,178
	ELMSFORD	ELMSFORD CENTER 2		2013		58,838		100.0	AUTONATION		58,838
	FARMINGDALE	AIRPORT PLAZA		2015		409,489		100.0	HOME DEPOT		116,790	PETSMART		30,235	STEW LEONARD'S		60,000
	FLUSHING	KISSENA BLVD S.C.		2007		22,416		100.0							FRUIT VALLEY PRODUCE		17,300
	FRANKLIN SQUARE	FRANKLIN SQUARE S.C.		2004		17,789		100.0	PHENIX SALON SUITES		11,857
	FREEPORT	MEADOWBROOK COMMONS	KIR	2000		173,002		100.0	VORNADO REALTY TRUST		37,328	MARSHALLS		27,540	TARGET		46,753
	GLEN COVE	NORTH SHORE TRIANGLE	KIR	2000		49,212		95.7	STAPLES		24,880	PETSMART		13,482
	GREAT NECK	THE GARDENS AT GREAT NECK		2022		111,831		62.4	PLANET FITNESS		22,000				ALDI		20,939
	GREENVALE	THE GREEN COVE PLAZA		2022		86,446		98.6	TJ MAXX		30,992	EQUINOX FITNESS CLUB		24,000
	HAMPTON BAYS	HAMPTON BAYS PLAZA		1989		70,990		100.0	MACY'S		50,000	PETCO		11,890
	HICKSVILLE	HICKSVILLE PLAZA		2004		35,736		100.0	DOLLAR TREE		10,481				VILLAGER'S FARMER MARKET		12,919
	HUNTINGTON STATION	TURNPIKE PLAZA		2011		52,973		79.2							LIDL		30,700
	JERICHO	JERICHO COMMONS SOUTH		2007		171,180		100.0	MARSHALLS		33,600	MILLERIDGE		20,466	WHOLE FOODS MARKET		39,504
	KEW GARDENS HILLS	FAMILY DOLLAR UNION TURNPIKE		2012		10,790		92.5
	LITTLE NECK	LITTLE NECK PLAZA		2003		48,275		95.4							LITTLE NECK GROCERY		8,750
	LONG ISLAND CITY	KEY FOOD - 21ST STREET (3)		2012		-		-
	MANHASSET	MANHASSET CENTER		1999		155,321		100.0	MARSHALLS		40,114	NORDSTROM RACK		34,257	KING KULLEN		37,570
	MASPETH	GRAND PLAZA		2004		22,500		100.0							KEY FOOD		22,500
	MASSAPEQUA	CARMANS PLAZA		2022		182,081		94.7	PLANET FITNESS		19,870	DMV		19,310	KEY FOOD		32,570
	MASSAPEQUA PARK	SOUTHGATE SHOPPING CENTER		2022		111,776		98.1							KING KULLEN		51,283
	MERRICK	MERRICK COMMONS	KIR	2000		108,876		90.5	HOMEGOODS		24,836	PLANET FITNESS		15,038	LIDL		31,478
	MINEOLA	MINEOLA CROSSINGS		2007		26,747		100.0							NORTH SHORE FARMS		10,000
	MUNSEY PARK	MUNSEY PARK PLAZA	KIR	2000		72,748		100.0	THEODORE ALEXANDER		41,393				WHOLE FOODS MARKET		20,000
	NESCONSET	SMITHTOWN PLAZA		2009		55,968		100.0	PETSMART		28,916	BOB'S DISCOUNT FURNITURE		27,052	COSTCO (4)		122,475
	NORTH MASSAPEQUA	NORTH MASSAPEQUA S.C.		2004		29,599		92.1	DOLLAR TREE		13,965
	PLAINVIEW	MANETTO HILL PLAZA		1969		88,118		82.9	PLANET FITNESS		17,464				AMAZON FRESH (2)		33,342
	SELDEN	INDEPENDENCE PLAZA - SELDEN		2014		236,130		93.8	HOME DEPOT		102,220	GUITAR CENTER		11,000	TARGET		52,250
	STATEN ISLAND	FOREST AVENUE S.C.	KIR	2000		189,532		99.0	LA FITNESS		34,000	TJ MAXX/HOMEGOODS		26,962	LIDL		19,667
	STATEN ISLAND	RICHMOND S.C.		1989		268,362		100.0	REGENCY FURNITURE		29,216	HOMEGOODS		26,375	TARGET		139,839
	STATEN ISLAND	GREENRIDGE PLAZA		1997		97,959		97.9	LA FITNESS		33,180				ALDI		21,317
	STATEN ISLAND	THE BOULEVARD		2006		410,189		98.5	ALAMO DRAFTHOUSE CINEMA		45,485	LA FITNESS		37,583	SHOPRITE		67,868
	STATEN ISLAND	FOREST AVENUE PLAZA		2005		46,063		100.0							TARGET		46,063
	STATEN ISLAND	2424 HYLAN BOULEVARD		2020		56,500		100.0	ISLAND TOYOTA		56,500
	SYOSSET	SYOSSET S.C.		1967		32,124		100.0	PLANET FITNESS		16,664
	SYOSSET	SYOSSET CORNERS		2022		25,442		95.8
	VALLEY STREAM	KEY FOOD - CENTRAL AVENUE		2012		27,924		100.0							KEY FOOD		27,924
	WEST ISLIP	SEQUAMS SHOPPING CENTER		2022		24,149		100.0							SOUTHDOWN MARKET		11,575
	WHITE PLAINS	WHITE PLAINS S.C.		2004		14,450		100.0	DOLLAR TREE		14,450
	WOODBURY	WOODBURY COMMON		2022		84,222		87.5							THE FRESH MARKET (2)		19,800
	WOODBURY	THE MARKETPLACE		2022		35,737		100.0	ACTION BLACK		15,177	PARTY HOUSE		12,000
	WOODBURY	STOP & SHOP		2022		55,000		100.0							STOP & SHOP		55,000
	WOODSIDE	MET FRESH		2012		7,500		100.0							MET FRESH		7,500
	YONKERS	SHOPRITE S.C.		1995		43,560		100.0							SHOPRITE		43,560
	YONKERS	ROMAINE PLAZA		2005		10,329		100.0	ADVANCE AUTO PARTS		10,329
OHIO
									MAJOR LEASES						GROCER
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	COLUMBUS	OLENTANGY PLAZA		2024		252,512		98.9	MICRO CENTER		47,090	MARSHALLS		28,000	DAYOU INTERNATIONAL MARKET		32,563
	HAMILTON	BRIDGEWATER FALLS		2024		505,258		96.5	JCPENNEY		98,250	DICK'S SPORTING GOODS		50,000	TARGET (4)		124,544
	HOLLAND	SPRING MEADOWS PLACE		2024		314,513		94.5	ASHLEY		36,320	TJ MAXX		32,152	TARGET (4)		104,000
	MASON	DEERFIELD TOWNE CENTER		2024		467,513		97.7	REGAL CINEMAS		65,139	DICK'S SPORTING GOODS		48,000	WHOLE FOODS MARKET		28,158
	UPPER ARLINGTON	THE SHOPS ON LANE AVENUE	R2G	2024		181,568		78.0	ULTA		12,500	COHATCH		10,733	WHOLE FOODS MARKET		35,709
OREGON
	CLACKAMAS	CLACKAMAS PROMENADE	PRU	2007		235,116		96.6	HOBBY LOBBY		45,461	NORDSTROM RACK		27,766	TARGET (4)		125,923
	HAPPY VALLEY	CLACKAMAS SQUARE	OIP	2021		73,951		93.9	TJ MAXX		25,404				WINCO FOODS (4)		64,255
	HILLSBORO	TANASBOURNE VILLAGE		2008		206,691		100.0	BURLINGTON		27,465	DSW		19,949	SAFEWAY		53,000
	PORTLAND	JANTZEN BEACH CENTER		2017		741,227		96.6	HOME DEPOT		106,500	BURLINGTON		70,501	TARGET		138,700
	PORTLAND	RALEIGH HILLS PLAZA	OIP	2021		39,520		100.0	WALGREENS		15,120				NEW SEASONS MARKET		22,822
PENNSYLVANIA
	ARDMORE	SUBURBAN SQUARE		2007		309,274		94.0	LIFE TIME FITNESS		78,363	WEST ELM		10,543	TRADER JOE’S		12,548
	BLUE BELL	CENTER SQUARE S.C.		1996		120,211		100.0	KOHL'S		93,444	HOMEGOODS		26,767	MCCAFFREY'S FOOD MARKETS (4)		88,842
	CHAMBERSBURG	WAYNE PLAZA		2008		131,623		92.8	WINE & SPIRITS SHOPPE		11,309				GIANT		67,521
	DEVON	DEVON VILLAGE		2012		68,935		100.0	WINE & SPIRITS SHOPPE		10,394				WHOLE FOODS MARKET		33,504
	EAST NORRITON	NORRITON SQUARE		1984		131,962		90.7	HAIR BUZZ		18,025	FIVE BELOW		10,143	ACME MARKETS		66,506
	EAST STROUDSBURG	POCONO PLAZA		1973		143,790		100.0	HOMEGOODS		22,500	WINE & SPIRITS SHOPPE		11,388	GIANT		66,479
	EXTON	WHITELAND TOWN CENTER		1996		85,184		100.0	KOHL'S		85,184
	HARRISBURG	HARRISBURG EAST S.C.		1972		192,078		100.0	VALUE CITY FURNITURE		48,884	TOUCH OF COLOR FLOORING		31,167	GIANT		72,251
	HAVERTOWN	TOWNSHIP LINE S.C.		1996		80,938		100.0	KOHL'S		80,938
	HORSHAM	HORSHAM POINT		2015		71,737		100.0							GIANT		48,820
	MONTGOMERYVILLE	MONTGOMERY SQUARE	KIR	2002		254,432		100.0	DICK'S SPORTING GOODS		60,929	PETSMART		26,340	GIANT		67,179
	PHILADELPHIA	CASTOR PLACE	OJV	1983		184,097		100.0	BURLINGTON		70,723	RAYMOUR & FLANIGAN FURNITURE		33,000
	PHILADELPHIA	COTTMAN & BUSTLETON CENTER	OJV	1995		332,812		99.3	TARGET		137,000	PEP BOYS		20,800	ACME MARKETS		66,703
	PHILADELPHIA	LINCOLN SQUARE		2017		101,226		97.5	TARGET		36,215	PETSMART		15,360	SPROUTS FARMERS MARKET		32,000
	PHILADELPHIA	FISHTOWN CROSSING		2022		135,434		100.0	PEP BOYS		20,615	FIVE BELOW		11,948	IGA SUPERMARKET		40,000
	PITTSBURGH	WEXFORD PLAZA		2010		156,295		100.0	ARHAUS FURNITURE		18,500	THE TILE SHOP		16,059	WHOLE FOODS MARKET		45,367
	PITTSBURGH	CRANBERRY COMMONS		2016		165,920		100.0	TJ MAXX		30,000	STAPLES		23,884	FRESH THYME FARMERS MARKET		31,296
	RICHBORO	CROSSROADS PLAZA - RICHBORO		1986		111,982		100.0							ACME MARKETS		55,537
	SHREWSBURY	SHREWSBURY SQUARE S.C.		2014		94,706		96.8							GIANT		61,185
	SPRINGFIELD	SPRINGFIELD S.C.		1983		175,068		99.7	STAPLES		26,535	EMPIRE BEAUTY SCHOOL		11,472	GIANT		66,825
	WHITEHALL	WHITEHALL CENTER		1996		84,524		100.0	KOHL'S		84,524
	WYNNEWOOD	WHOLE FOODS AT WYNNEWOOD		2014		55,911		100.0							WHOLE FOODS MARKET		45,453
PUERTO RICO
	BAYAMON	REXVILLE TOWN CENTER		2006		185,689		96.2	PLANET FITNESS		18,100	CHUCK E CHEESE		13,600	PUEBLO		35,588
	CAGUAS	PLAZA CENTRO - COSTCO		2006		599,409		95.3	SAM'S CLUB		138,622	JCPENNEY		98,348	COSTCO		134,881
	CAROLINA	LOS COLOBOS		2006		573,790		98.1	HOME DEPOT		109,800	MAX'S		99,577	ECONO RIAL		56,372
	MANATI	MANATI VILLA MARIA S.C.		2006		76,685		91.7	PLANET FITNESS		20,350	FARMACIAS SAVIA		11,525
	MAYAGUEZ	WESTERN PLAZA		2006		354,675		100.0	HOME DEPOT		109,800	CARIBBEAN CINEMA		45,126	SAM'S CLUB		100,408
	PONCE	PONCE TOWNE CENTER		2006		191,680		100.0	2000 CINEMA CORP.		60,000	GOLDEN CORRAL		13,559	SUPERMERCADOS MAXIMO		35,651
	TRUJILLO ALTO	TRUJILLO ALTO PLAZA		2006		194,130		100.0	GRAND STORES		35,000	ME SALVE		22,415	PUEBLO		26,869
SOUTH CAROLINA
	CHARLESTON	ST. ANDREWS CENTER		1978		187,905		96.0	BURLINGTON		35,351	PETCO		15,314	HARRIS TEETER		52,334
	CHARLESTON	WESTWOOD PLAZA		1995		180,845		100.0	BARNES & NOBLE		25,389	TJ MAXX		25,240	HARRIS TEETER		53,000
	GREENVILLE	WOODRUFF S.C.		2010		118,452		100.0	ACADEMY SPORTS & OUTDOORS		89,510				TRADER JOE’S		12,836
	GREENVILLE	FOREST PARK		2012		51,103		100.0							THE FRESH MARKET		20,550
TENNESSEE
	CORDOVA	THE COMMONS AT DEXTER LAKE		2021		228,796		97.8	CRUNCH FITNESS		36,000	MARSHALLS		30,000	KROGER		69,300
	MADISON	OLD TOWNE VILLAGE		1978		175,593		95.6	OLD TIME POTTERY		99,400				WALMART NEIGHBORHOOD MARKET		39,687
	MEMPHIS	MENDENHALL COMMONS		2021		88,108		100.0							KROGER		74,685
	MT. JULIET	PROVIDENCE MARKETPLACE		2024		623,233		100.0	JCPENNEY		98,994	BELK		74,985	KROGER (4)		97,000
	NASHVILLE	BELLEVUE PLACE		2024		77,166		97.9	PLANET FITNESS		23,852	HARBOR FREIGHT TOOLS		20,469
TEXAS
									MAJOR LEASES						GROCER
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	AMARILLO	WESTGATE PLAZA	KIR	1997		486,662		99.4	HOME DEPOT		109,800	KOHL'S		94,680
	AUSTIN	CENTER OF THE HILLS		1998		136,627		100.0	TESLA		64,310	PETCO		13,108
	AUSTIN	SUNSET VALLEY MARKETFAIR	PRU	2007		213,352		98.2	PAINTED TREE BOUTIQUES		42,098	HOMESENSE		28,730
	AUSTIN	MUELLER REGIONAL RETAIL CENTER		2021		357,087		100.0	HOME DEPOT		113,341	BEST BUY		29,404	SPROUTS FARMERS MARKET		20,171
	AUSTIN	LAKEHILLS PLAZA		2024		75,914		94.9	TRUFUSION		12,582				TARGET (4)		102,000
	AUSTIN	HOMESTEAD S.C.	OJV	2011		88,824		98.3	BARNES & NOBLE		24,685	PETCO		12,350
	AUSTIN	ROUND ROCK S.C.	OJV	2011		131,039		100.0	GATTI LAND EATER-TAINMENT		31,094	O'REILLY AUTO PARTS		29,678
	AUSTIN	CENTURY SOUTH S.C.	OJV	2011		205,655		95.3	ACADEMY SPORTS & OUTDOORS		61,452	GOLD'S GYM		30,000
	BELLAIRE	BELLAIRE BLVD S.C. (3)		2021		3,623		100.0							GROCER		12,500
	BROWNSVILLE	LAS TIENDAS PLAZA		2005		240,770		100.0	BURLINGTON		80,274	TJ MAXX		28,460	NATURAL GROCERS		18,100
	BROWNSVILLE	NORTH TOWNE PLAZA - BROWNSVILLE		2021		27,846		100.0	FIRST NATIONAL BANK TEXAS		14,680				GROCER		23,299
	BURLESON	GATEWAY STATION		2011		367,552		97.8	KOHL'S		86,584	ROSS DRESS FOR LESS		30,187	ALBERTSONS (4)		54,340
	COLLEGE STATION	ROCK PRAIRIE MARKETPLACE		2021		31,603		68.2
	CONROE	CONROE MARKETPLACE		2015		289,322		99.5	ASHLEY		48,000	TJ MAXX		32,000
	DALLAS	CITYPLACE MARKET	KIR	1998		83,868		100.0	ROSS DRESS FOR LESS		28,160	OFFICEMAX		23,500	TARGET (4)		130,715
	DALLAS	PRESTON FOREST VILLAGE	PRU	2007		171,143		97.1	CVS PHARMACY		16,799	RALLY HOUSE		10,800	NATURAL GROCERS		15,130
	FORT WORTH	MONTGOMERY PLAZA		2015		286,737		97.1	MARSHALLS/HOMEGOODS		38,032	ROSS DRESS FOR LESS		30,079	TARGET (4)		173,890
	FRISCO	PRESTON LEBANON CROSSING		2006		241,509		96.9	HOBBY LOBBY / MARDELS		81,392	EOS FITNESS		50,000	SPROUTS FARMERS MARKET		26,043
	GALVESTON	GALVESTON PLACE		2021		209,172		92.7	SPEC'S LIQUOR		29,845	BURLINGTON		29,813	RANDALL'S		52,550
	GRAND PRAIRIE	LAKE PRAIRIE TOWNE CROSSING		2006		246,440		97.7	EOS FITNESS		30,000	ROSS DRESS FOR LESS		29,931	TARGET (4)		173,890
	HOUSTON	CYPRESS TOWNE CENTER		2005		279,210		99.5	TJ MAXX		32,000	ROSS DRESS FOR LESS		30,187	TARGET (4)		125,400
	HOUSTON	THE CENTRE AT COPPERFIELD		2015		144,055		100.0	BEST BUY		35,317	HOMEGOODS		31,620
	HOUSTON	COPPERWOOD VILLAGE		2015		350,787		92.0	MARSHALLS		30,382	CRUNCH FITNESS		26,535	FOOD TOWN (4)		57,539
	HOUSTON	TOMBALL CROSSING		2013		149,065		98.9	ROSS DRESS FOR LESS		30,176	OLD NAVY		19,222
	HOUSTON	COPPERFIELD VILLAGE		2015		163,648		97.6	ROSS DRESS FOR LESS		26,000	TOTAL WINE & MORE		23,608	SPROUTS FARMERS MARKET		29,582
	HOUSTON	RIVER OAKS S.C. WEST		2021		315,177		93.5	BARNES & NOBLE		33,179	RIVER OAKS THEATER		13,779	KROGER		55,670
	HOUSTON	HEIGHTS PLAZA		2021		71,277		94.5	GOODWILL INDUSTRIES		24,841				KROGER		32,390
	HOUSTON	WESTHILL VILLAGE		2021		130,851		95.6	ROSS DRESS FOR LESS		27,685	BURLINGTON		24,061
	HOUSTON	BLALOCK MARKET		2021		97,277		100.0							99 RANCH MARKET		83,791
	HOUSTON	THE CENTRE AT POST OAK		2021		187,327		93.5	MARSHALLS		40,000	NORDSTROM RACK		30,017	GROCER		25,520
	HOUSTON	RICHMOND SQUARE		2021		89,822		97.6	BEST BUY		58,321	BURLINGTON		26,941
	HOUSTON	ALABAMA SHEPHERD S.C.		2021		59,120		100.0	PETSMART		22,283	WHOLE EARTH PROVISION CO.		16,218	TRADER JOE’S		14,566
	HOUSTON	SHOPPES AT MEMORIAL VILLAGES		2021		166,777		98.0	GULF COAST VETERINARY SPECIALI		82,658
	HOUSTON	HEB - DAIRY ASHFORD & MEMORIAL		2021		36,874		100.0							H-E-B		36,874
	HOUSTON	OAK FOREST		2021		161,687		100.0	ROSS DRESS FOR LESS		27,955	DOLLAR TREE		15,120	KROGER		65,206
	HOUSTON	SHOPS AT HILSHIRE VILLAGE		2021		119,082		100.0	WALGREENS		15,120				KROGER		63,373
	HOUSTON	VILLAGE PLAZA AT BUNKER HILL		2021		491,686		99.3	ACADEMY SPORTS & OUTDOORS		86,120	BURLINGTON		40,000	H-E-B		127,983
	HOUSTON	WESTCHASE S.C.		2021		223,656		99.3	PAINTED TREE BOUTIQUES		38,800	NORDSTROM RACK		30,400	WHOLE FOODS MARKET		45,489
	HOUSTON	SHOPS AT KIRBY DRIVE		2021		10,000		100.0
	HOUSTON	SHOPS AT THREE CORNERS		2021		251,972		96.8	ROSS DRESS FOR LESS		30,187	BURLINGTON		22,050	FIESTA		80,676
	HUMBLE	ATASCOCITA COMMONS		2013		316,574		99.0	KOHL'S		88,827	DICK'S SPORTING GOODS		50,530	TARGET (4)		180,000
	KINGWOOD	KINGS CROSSING		2021		127,296		93.2	CLUB STUDIO		40,000	ACE HARDWARE		29,199
	LAREDO	INDEPENDENCE PLAZA - LAREDO		2021		347,339		100.0	HOBBY LOBBY		55,000	ROSS DRESS FOR LESS		30,187	H-E-B		147,324
	LAREDO	NORTH CREEK PLAZA		2021		240,265		83.7	BEST BUY		45,699	MARSHALLS		40,000	H-E-B (4)		59,840
	LAREDO	PLANTATION CENTRE		2021		137,177		93.4							H-E-B		86,536
	MCALLEN	TRENTON CROSSING - NORTH MCALLEN		2021		265,566		91.9	HOBBY LOBBY		55,000	ROSS DRESS FOR LESS		30,164	TARGET (4)		123,693
	MCALLEN	OLD NAVY - MCALLEN	OJV	2021		15,000		100.0	OLD NAVY		15,000
	MCALLEN	MARKET AT NOLANA	OJV	2021		41,138		88.8							WALMART (4)		205,113
	MCALLEN	LAS TIENDAS S.C.	OJV	2021		287,952		92.2	DICK'S SPORTING GOODS		76,100	TOTAL WINE & MORE		33,574
	MCALLEN	NORTHCROSS S.C.	OJV	2021		74,765		73.2	BARNES & NOBLE		24,864
									MAJOR LEASES						GROCER
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LOCATION		BUILDING NAME	PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
	MCALLEN	MCALLEN CENTER	OJV	2021		103,631		61.4	TRUFIT ATHLETIC CLUB		48,631				NATURAL GROCERS		15,000
	MESQUITE	KROGER PLAZA		1974		79,550		97.0							KROGER		51,000
	MISSION	NORTH SHARYLAND CROSSING	OJV	2021		1,674		100.0
	MISSION	SHARYLAND TOWNE CROSSING	OJV	2021		360,809		96.9	ROSS DRESS FOR LESS		29,798	TJ MAXX		28,000	H-E-B		148,270
	MISSION	MARKET AT SHARYLAND PLACE	OJV	2021		107,912		95.4	KOHL'S		89,912	DOLLAR TREE		10,000	WALMART (4)		186,000
	PASADENA	FAIRWAY PLAZA	KIR	1999		410,071		99.2	BEST BUY		36,896	ROSS DRESS FOR LESS		30,187
	PLANO	ACCENT PLAZA		1996		100,598		100.0	PGA TOUR SUPERSTORE		97,798
	RIO GRANDE CITY	STARR PLAZA	OJV	2021		177,703		99.1	ROSS DRESS FOR LESS		26,502	MARSHALLS		24,000	H-E-B		109,121
	SAN ANTONIO	FIESTA TRAILS		2021		362,020		95.7	BOB MILLS FURNITURE		96,000	BEST BUY		37,000	H-E-B (4)		78,000
	SAN ANTONIO	STEVENS RANCH		2021		32,611		100.0							H-E-B (4)		100,000
	SPRING	GRAND PARKWAY MARKETPLACE		2014		590,337		98.0	ACADEMY SPORTS & OUTDOORS		63,182	HOBBY LOBBY		55,000	TARGET (4)		126,844
	SUGAR LAND	WOODBRIDGE S.C.		2012		96,623		92.7							KROGER		64,842
	TOMBALL	TOMBALL MARKETPLACE		2021		168,733		94.2	ROSS DRESS FOR LESS		25,000	MARSHALLS		25,000
	WEBSTER	CENTER AT BAYBROOK		2006		365,308		99.0	HOBBY LOBBY		100,086	IKEA		93,911
	WEBSTER	BAYBROOK GATEWAY		2021		268,005		100.0	ASHLEY		39,846	BARNES & NOBLE		32,000	SPROUTS FARMERS MARKET		23,800
VIRGINIA
	ALEXANDRIA	HILLTOP VILLAGE CENTER		2021		250,811		98.4	LA FITNESS		35,000				WEGMANS		128,357
	ALEXANDRIA	WEST ALEX-RETAIL		2021		97,977		100.0							HARRIS TEETER		61,816
	ARLINGTON	CENTRO ARLINGTON		2021		72,367		100.0							HARRIS TEETER (2)		51,518
	BURKE	BURKE TOWN PLAZA		2014		124,148		96.8	CVS PHARMACY		12,380				SAFEWAY		53,495
	FAIRFAX	COSTCO PLAZA - FAIRFAX	KIR	1998		341,727		100.0	HOME DEPOT		126,290	ONELIFE FITNESS		42,837	COSTCO		139,658
	FAIRFAX	MAIN STREET MARKETPLACE	PRU	2007		96,862		100.0	TJ MAXX		27,888	WALGREENS		15,230
	FAIRFAX	OLD TOWN PLAZA		2007		52,946		100.0
	LEESBURG	BATTLEFIELD S.C.	PRU	2007		317,042		99.5	DICK'S SPORTING GOODS		43,149	ROSS DRESS FOR LESS		25,994	SPROUTS FARMERS MARKET		24,770
	PENTAGON CITY	PENTAGON CENTRE	CPP	2010		351,660		100.0	MARSHALLS		42,142	BEST BUY		36,532	COSTCO		171,286
	STAFFORD	DOC STONE COMMONS		2016		101,042		100.0	STAPLES		23,942	PETCO		12,000	GIANT FOOD		61,500
	STAFFORD	STAFFORD MARKETPLACE		2015		417,827		100.0	KOHL'S		87,101	TJ MAXX		30,545	SHOPPERS FOOD		67,995
	STERLING	POTOMAC RUN PLAZA		2008		361,110		98.4	REGENCY FURNITURE		45,210	MICHAELS		35,333	TARGET (4)		125,204
	STERLING	DULLES TOWN CROSSING		2015		808,442		100.0	WALMART		209,613	LOWE'S HOME CENTER		135,197	SAM'S CLUB		135,193
	WOODBRIDGE	GORDON PLAZA (3)		2017		16,530		100.0							ALDI		16,530
	WOODBRIDGE	SMOKETOWN STATION	KIR	1998		503,788		99.6	HOBBY LOBBY		63,971	DICK'S SPORTING GOODS		57,437	LIDL		24,510
	WOODBRIDGE	STONEBRIDGE AT POTOMAC TOWN CENTER		2023		504,616		98.7	ONELIFE FITNESS		42,401	ALAMO DRAFTHOUSE CINEMA		40,980	WEGMANS		138,500
WASHINGTON
	AUBURN	AUBURN NORTH		2007		172,203		77.5	LA FITNESS		34,500	OFFICE DEPOT		23,070
	BELLEVUE	THE MARKETPLACE AT FACTORIA		2013		508,173		89.6	TARGET		101,495	NORDSTROM RACK		41,258	T&T SUPERMARKET		76,207
	COVINGTON	COVINGTON ESPLANADE		2021		187,388		97.2	HOME DEPOT		130,948
	FEDERAL WAY	PAVILIONS CENTRE	KIR	2000		202,322		78.5	BARNES & NOBLE		24,987	PETCO		14,993	H MART		55,069
	KENT	CANYON RIDGE PLAZA	PRU	2006		86,909		94.0	ROSS DRESS FOR LESS		27,200	OLD NAVY		12,500	TARGET (4)		115,900
	LAKE STEVENS	FRONTIER VILLAGE S.C.		2012		188,259		98.8	MICHAELS		22,389	ROSS DRESS FOR LESS		22,354	SAFEWAY		61,000
	MILL CREEK	GATEWAY S.C.		2016		96,671		100.0	PLANET FITNESS		25,333				SPROUTS FARMERS MARKET		29,942
	PUYALLUP	MERIDIAN TOWN CENTER	OIP	2021		77,666		52.6	ACE HARDWARE		20,849				SAFEWAY (4)		65,691
	PUYALLUP	SOUTH HILL CENTER	OIP	2021		129,464		98.5	BEST BUY		45,365	ROSS DRESS FOR LESS		30,139
	SEATTLE	JEFFERSON SQUARE	PRU	2006		87,347		93.1	CVS PHARMACY		13,327				SAFEWAY		39,556
	SEATTLE	THE WHITTAKER		2021		63,663		100.0							WHOLE FOODS MARKET		41,000
	SEATTLE	QUEEN ANNE MARKETPLACE	OIP	2021		80,488		75.7							METROPOLITAN MARKET		48,350
	SEATTLE	RAINIER VALLEY SQUARE	OIP	2021		110,803		100.0	ROSS DRESS FOR LESS		25,692				SAFEWAY		64,186
	SEATTLE	2200 WESTLAKE RETAIL	OIP	2021		79,873		92.1							WHOLE FOODS MARKET		47,367
	SILVERDALE	SILVERDALE PLAZA		2012		170,403		76.5	STAPLES		13,090				SAFEWAY		55,000
	SPOKANE	FRANKLIN PARK S.C.		2015		124,954		97.0	ROSS DRESS FOR LESS		25,000	BURLINGTON		22,855	TRADER JOE’S		12,052
	TUKWILA	PARKWAY SUPER CENTER	KIR	2003		468,857		95.6	DICK'S SPORTING GOODS		53,545	MACY'S FURNITURE		48,670	LAM'S SEAFOOD MARKET		39,336
TOTAL 572 SHOPPING CENTER PROPERTY INTERESTS (6)						102,355,375

• Percent leased information as of December 31, 2025.

• Denotes tenants who are Dark & Paying.

• Denotes projects which exclude GLA of units being held for redevelopment.

• Denotes tenants who are Shadow Anchors.

• Denotes tenants under RGMZ Venture REIT.

• Does not include 59 properties, primarily through the Company’s preferred equity investments, other real estate investments and non-retail properties, totaling approximately 3.2 million square feet of GLA.

CPP Denotes property interest in Canada Pension Plan.

KIR Denotes property interest in Kimco Income REIT.

OIP Denotes property interest in Other Institutional Programs.

OJV Denotes property interest in Other US Joint Ventures.

PRU Denotes property interest in Prudential Investment Program.

R2G Denotes property interest in R2G Venture LLC.