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 Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966, and completed its initial public stock offering in November 1991, electing to qualify as a REIT for its taxable year beginning January 1, 1992. As of December 31, 2025, the Company had interests in 565 ¹ shopping center properties, aggregating 100.2 million ² square feet of GLA, located in 29 ³ states, and 66 ⁴ other property interests totaling 5.4 million ⁵ square feet of GLA. 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, and as of December 31, 2025, the Company derived 82% ⁶ of its proportionate share of annualized base rental revenues from its top major metro markets.

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% ⁷ 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% ⁸ of the Company's total shopping center GLA. The Company's single largest tenant represented only 3.8% ⁹, and the Company's five largest tenants aggregated to only 10.9% ¹⁰, of the Company's annualized base rental revenues. 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% ¹¹, 1.9% ¹², 1.8% ¹³, 1.8% ¹⁴ and 1.7% ¹⁵, respectively, of the Company's annualized base rental revenues. The Company's strong balance sheet and liquidity position are evidenced by its investment grade unsecured debt ratings (A-/A-/A3) ¹⁶ by three major ratings agencies.

The Company generates revenue primarily through long-term leases of its open-air shopping center and mixed-use properties. 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. Minimum base rental revenues, operating expense reimbursements, and percentage rents accounted for 98% ¹⁷ of the Company's total revenues from rental properties for the year ended December 31, 2025. The Company also earns management fees, acquisition fees, disposition fees as well as promoted interests based on achieving certain performance metrics through its investment real estate management programs, which include various institutional joint venture programs in which the Company has noncontrolling interests.

The Company's primary business is owning and operating open-air shopping centers, which are usually anchored by a grocery store, home improvement center, off-price retailer, discounter or service-oriented tenant. As of December 31, 2025, the Company's consolidated operating portfolio, comprised of 458 ¹⁸ shopping center properties aggregating 79.5 million ¹⁹ square feet of GLA, was 96.6% ²⁰ leased. The Company has a total of 9,444 ²¹ leases in the consolidated operating portfolio. For the period of January 1, 2025 to December 31, 2025, the Company increased the average base rent per leased square foot in its consolidated portfolio of open-air shopping centers from $20.36 ²² to $21.05 ²³, an increase of $0.69 ²⁴. During 2025, the Company executed 1,557 ²⁵ leases totaling approximately 10.8 million ²⁶ square feet in the Company's consolidated operating portfolio comprised of 502 ²⁷ new leases and 1,055 ²⁸ renewals and options. The average rent per square foot for new leases was $22.61 ²⁹ and for renewals and options was $21.50 ³⁰.

The Company has developed, and continues to develop, various residential and mixed-use operating properties. In order to add density to existing properties, the Company has obtained multi-family entitlements for 14,196 ³¹ units, of which 3,505 ³² units have been constructed as of December 31, 2025. The Company's focus on open-air shopping centers designed to deliver elevated retail experiences is demonstrated by the Company's Lifestyle Collection TM. The Company also has interests in 36 ³³ 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.

On January 2, 2024, RPT Realty merged with and into the Company, with the Company continuing as the surviving public company. The RPT Merger added 56 ³⁴ open-air shopping centers, 43 ³⁵ of which were wholly-owned and 13 ³⁶ of which were owned through a joint venture, comprising 13.3 million ³⁷ square feet of GLA. During the year ended December 31, 2025, the Company acquired two operating properties and two parcels, in separate transactions, for $209.3 million ³⁸, and acquired an operating property for an aggregate purchase price of $77.2 million ³⁹ from a joint venture in which the Company previously held a noncontrolling ownership interest. The Company disposed of four operating properties and six parcels, in separate transactions, for an aggregate sales price of $109.3 million ⁴⁰, which resulted in aggregate gains of $62.7 million ⁴¹, before noncontrolling interests and taxes. During the year ended December 31, 2025, the Company repurchased 6.1 million ⁴² shares of common stock for an aggregate purchase price of $120.3 million ⁴³ (weighted average price of $19.79 ⁴⁴ per share), of which $61.5 million ⁴⁵ was under the new common share repurchase program. As of December 31, 2025, the Company had $688.5 million ⁴⁶ available under this new common share repurchase program. During November 2025, the Company established a new common share repurchase program, under which the Company may repurchase shares of its common stock with an aggregate gross purchase price of up to $750.0 million ⁴⁷.

Net income available to the Company's common shareholders was $554.4 million ⁴⁸, or $0.82 ⁴⁹ per diluted share, for the year ended December 31, 2025 as compared to $375.7 million ⁵⁰, or $0.55 ⁵¹ per diluted share, for the year ended December 31, 2024. Funds From Operations available to the Company's common shareholders was $1.19 billion ⁵², or $1.76 ⁵³ per diluted share, for the year ended December 31, 2025, as compared to $1.11 billion ⁵⁴, or $1.65 ⁵⁵ per diluted share, for the corresponding period in 2024. Same property NOI was $1.57 billion ⁵⁶ and $1.52 billion ⁵⁷ for the years ended December 31, 2025 and 2024, respectively, an increase of 3.0% ⁵⁸. Consolidated operating portfolio occupancy at December 31, 2025 was 96.6% ⁵⁹ as compared to 96.4% ⁶⁰ at December 31, 2024.

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 ⁶¹ 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. The Company has identified four strategic pillars: High Quality, Diversified Portfolio; Accretive Capital Allocation; Significant Financial Strength; and Corporate Responsibility Leadership. The Company's strategy includes 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, investing in selective transactions through the Company's structured investment portfolio, and utilizing data and technology to enhance operational efficiencies.

The Company's growth strategy includes generating additional internal and external growth through accretive acquisitions and (re)development, growth through a curated collection of mixed-use projects and redevelopments, and an opportunistic acquisition and structured investment platform business focused on accretive unique opportunities. The Company has obtained multi-family entitlements for 14,196 ⁶² units, of which 3,505 ⁶³ units have been constructed as of December 31, 2025, and continues to place strategic emphasis on live/work/play environments and in reinvesting in its existing assets. The Company's Lifestyle Collection TM is designed to deliver elevated retail experiences and drive superior tenant performance, serving as a gateway to the Company's broader national footprint and offering growth-minded brands a seamless path to scale within the open-air retail space.

The Company's expenses may remain constant or increase, even if income from its real estate portfolio decreases, which could adversely affect its financial condition. Costs associated with the 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 revenues to decrease. Elevated or increased inflation could result in higher operating costs. The Company's consolidated debt had a weighted average interest rate of 4.00% ⁶⁴ and a weighted average maturity profile of 7.9 ⁶⁵ years as of December 31, 2025.

During 2025, the Company expended $192.6 million ⁶⁶ in connection with property redevelopments and renovations and $155.0 million ⁶⁷ related to tenant improvements and allowances. The Company operates under a hybrid work model. As of December 31, 2025, a total of 710 ⁶⁸ persons were employed by the Company, of which 32% ⁶⁹ were located in our corporate office with the remainder located in 30 ⁷⁰ offices throughout the United States or working remotely. The average tenure of our employees was 10.1 ⁷¹ years.

During the year ended December 31, 2025, the Company issued $500.0 million ⁷² of 5.30% ⁷³ unsecured notes maturing February 2036. The Company also repaid $740.5 million ⁷⁴ of unsecured notes, which bore interest at rates ranging from 3.30% ⁷⁵ to 3.85% ⁷⁶ with maturity dates ranging from February 2025 to June 2025. The Company assumed $31.4 million ⁷⁷ of mortgage debt through the acquisition of an operating property, and repaid $48.9 million ⁷⁸ of mortgage debt that encumbered three operating properties. As of December 31, 2025, the Company had $2.2 billion ⁷⁹ in immediate liquidity, including $212.8 million ⁸⁰ of cash, cash equivalents and restricted cash. The Company's $2.0 billion ⁸¹ unsecured revolving credit facility is a green credit facility, which incorporates rate adjustments associated with attainment (or non-attainment) of Scope 1 and 2 greenhouse gas emissions reductions. The Company also has a credit agreement in which $310.0 million ⁸² 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. The Company's Board of Directors authorized the repurchase of up to 891,000 ⁸³ depositary shares of Class L Preferred Stock, 1,047,000 ⁸⁴ depositary shares of Class M Preferred Stock, and 185,000 ⁸⁵ 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.

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.

The Company faces competition from numerous commercial developers and real estate companies in seeking tenants for its existing properties and properties for acquisition. Open-air shopping centers or other retail shopping centers with more convenient locations or better rents may attract tenants or cause them to seek more favorable lease terms. Retailers at the Company's properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, and other forms of marketing goods, all of which could reduce rents payable to the Company, reduce the Company's ability to attract and retain tenants at its properties, or lead to increased vacancy rates at its properties. The Company also faces competition in the acquisition or development of real property from others engaged in real estate investment that could increase its costs associated with purchasing and maintaining assets.

Management's message emphasizes the Company's position as the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, with a mission to create destinations for everyday living that inspire a sense of community and deliver value to stakeholders. The key themes include a focus on a strong, nationally diversified portfolio located in high-barrier-to-entry markets, a commitment to maintaining a strong balance sheet with ample liquidity as evidenced by its investment grade unsecured debt ratings (A-/A-/A3) ⁸⁶ and a 7.9-year ⁸⁷ consolidated weighted average debt maturity profile, and a disciplined capital allocation strategy that includes accretive acquisitions, redevelopment, and an opportunistic structured investment platform. Management has identified four strategic pillars for sustainable growth: High Quality, Diversified Portfolio; Accretive Capital Allocation; Significant Financial Strength; and Corporate Responsibility Leadership. The Company's strategic priorities include capitalizing on efficiencies and advantages of scale, providing essential goods and services, maintaining a strong balance sheet, expanding the portfolio in key markets, unlocking the highest and best use of real estate through its entitlement program, leading in corporate responsibility, investing in selective transactions, and utilizing data and technology to enhance operational efficiencies. The Company's forward-looking statements include the expectation to continue to operate in a manner that fosters strong debt and fixed charge coverage metrics and to continue to increase its occupancy levels, rental rates and overall rental growth.

For the year ended December 31, 2025, total revenues from rental properties, net were $2,121,400,000 ⁸⁸ compared to $2,019,065,000 ⁸⁹ for the year ended December 31, 2024. Net income available to the Company's common shareholders was $554,400,000 ⁹⁰, or $0.82 ⁹¹ per diluted share, for 2025 compared to $375,700,000 ⁹², or $0.55 ⁹³ per diluted share, for 2024. Operating income, calculated as revenues less operating expenses (rent, real estate taxes, operating and maintenance, general and administrative, impairment charges, merger charges, and depreciation and amortization) and plus gain on sale of properties, was $770,327,000 ⁹⁴ for 2025 compared to $628,238,000 ⁹⁵ for 2024. Funds From Operations available to the Company's common shareholders was $1.19 billion ⁹⁶, or $1.76 ⁹⁷ per diluted share, for 2025 compared to $1.11 billion ⁹⁸, or $1.65 ⁹⁹ per diluted share, for 2024. Same property NOI was $1.57 billion ¹⁰⁰ and $1.52 billion ¹⁰¹ for the years ended December 31, 2025 and 2024, respectively, an increase of 3.0% ¹⁰². The Company's consolidated debt had a weighted average interest rate of 4.00% ¹⁰³ and a weighted average maturity profile of 7.9 ¹⁰⁴ years as of December 31, 2025. As of December 31, 2025, the Company had $2.2 billion ¹⁰⁵ in immediate liquidity, including $212.8 million ¹⁰⁶ of cash, cash equivalents and restricted cash. Significant one-time items in 2024 included merger charges of $25,246,000 ¹⁰⁷ related to the RPT Merger. Impairment charges were $9,517,000 ¹⁰⁸ for 2025 compared to $4,476,000 ¹⁰⁹ for 2024.

The Company's performance is linked to economic conditions in the market for retail space, and adverse global market and economic conditions, including elevated inflation and interest rates, tenant bankruptcies, and tariffs, could impede its ability to generate sufficient income. A substantial portion of the Company's income depends on tenants' ability to pay rent, and a tenant bankruptcy filing could bar efforts to collect pre-bankruptcy debts, with the Company likely recovering substantially less than the full value of any unsecured claims. The Company faces risks associated with the development of mixed-use commercial properties, as it has less experience in developing and managing non-retail real estate, and construction projects are subject to risks that materially increase costs of completion, including supply chain disruptions and labor shortages. The Company's real estate assets may be subject to impairment charges, and 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, which could be material. The Company has a substantial amount of indebtedness, and the level of indebtedness could require the Company to use a substantial portion of its cash flow from operations to service its indebtedness, limiting available cash flow for working capital, capital expenditures, and distributions.