Kimco Realty披露截至2026年9月30日季度及前九个月业绩：第三季度摊薄每股收益0.41美元，前九个月FFO为9.366亿美元

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended September 30, 2026


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

For the transition period from _________to_________

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

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

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

(Exact name of registrant as specified in its charter)

Maryland (Kimco Realty Corporation)

Delaware (Kimco Realty OP, LLC)

13-2744380

92-1489725

(State or other jurisdiction of incorporation or organization)

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

500 North Broadway, Suite 201, Jericho, NY 11753

(Address of principal executive offices) (Zip Code)

(516) 869-9000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year,

if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Kimco Realty Corporation


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share.	KIM	New York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 5.125% Class L Cumulative Redeemable Preferred Stock, $1.00 par value per share.	KIMprL	New York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share.	KIMprM	New York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 7.250% Class N Cumulative Convertible Preferred Stock, $1.00 par value per share.	KIMprN	New York Stock Exchange

Kimco Realty OP, LLC

Title of each class

Trading

Symbol(s)

Name of each exchange on

which registered

None

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Kimco Realty Corporation:


Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

Kimco Realty OP, LLC:


Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


	Kimco Realty Corporation ☐		Kimco Realty OP, LLC ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


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

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

As of October 21, 2026, Kimco Realty Corporation had 664,489,869 shares of common stock outstanding.

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

QUARTERLY REPORT ON FORM 10-Q

QUARTERLY PERIOD ENDED SEPTEMBER 30, 2026

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2026, 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 interests of Kimco OP.

The Parent Company is a REIT and is the managing member of Kimco OP. As of September 30, 2026, the Parent Company owned 99.74% 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 unaudited Condensed 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 capital on Kimco OP’s financial statements and in noncontrolling interests in the Parent Company’s financial statements.

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

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

•

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

•

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

•

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

In order to highlight the differences between the Parent Company and Kimco OP, there are sections in this Quarterly Report that separately discuss the Parent Company and Kimco OP, including separate financial statements (but combined footnotes), separate controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and Kimco OP, unless context otherwise requires, this Quarterly Report refers to actions or holdings of the Parent Company and/or Kimco OP as being the actions or holdings of the Company (either directly or through its subsidiaries, including Kimco OP).


PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	4

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

	Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025	4

	Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2026 and 2025	5

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025	6

	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2026 and 2025	7

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025	9

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

	Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025	10

	Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2026 and 2025	11

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025	12

	Condensed Consolidated Statements of Changes in Capital for the Three and Nine Months Ended September 30, 2026 and 2025	13

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025	15

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

	Notes to Condensed Consolidated Financial Statements (unaudited)	16

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

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

Item 4.	Controls and Procedures.	56

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings.	57

Item 1A.	Risk Factors.	57

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	57

Item 3.	Defaults Upon Senior Securities.	58

Item 4.	Mine Safety Disclosures.	58

Item 5.	Other Information.	58

Item 6.	Exhibits.	58

Signatures		60

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share information)


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

Liabilities:
Notes payable, net	$	8,043,092		$	7,718,730
Mortgages payable, net		428,929			467,203
Accounts payable and accrued expenses		330,546			291,537
Intangible liabilities, net		315,300			334,527
Operating lease liabilities		118,006			120,078
Other liabilities		165,284			188,297
Total liabilities (1)		9,401,157			9,120,372
Redeemable noncontrolling interests		-			24,506

Commitments and Contingencies (Footnote 17)

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

(1)

Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2026 and December 31, 2025 of $50,436 and $358,236, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at September 30, 2026 and December 31, 2025 of $68,225 and $153,044, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenues
Revenues from rental properties, net	$	539,725		$	531,113		$	1,638,960		$	1,583,329
Management and other fee income		6,422			4,748			16,004			14,331
Total revenues		546,147			535,861			1,654,964			1,597,660

Operating expenses
Rent		(4,226	)		(4,164	)		(12,455	)		(12,590	)
Real estate taxes		(68,015	)		(67,384	)		(212,089	)		(203,854	)
Operating and maintenance		(89,416	)		(92,434	)		(279,776	)		(273,056	)
General and administrative		(29,959	)		(29,646	)		(97,095	)		(96,485	)
Impairment charges		(7,984	)		(440	)		(14,650	)		(8,619	)
Depreciation and amortization		(155,945	)		(158,269	)		(461,450	)		(473,045	)
Total operating expenses		(355,545	)		(352,337	)		(1,077,515	)		(1,067,649	)

Gain on sale of properties		89,382			3,705			106,451			43,514

Operating income		279,984			187,229			683,900			573,525

Other income/(expense)
Other income/(expense), net		3,186			(2,319	)		(63	)		789
Mortgage and other financing income, net		12,630			12,375			36,549			35,706
Interest expense		(87,721	)		(84,261	)		(254,751	)		(245,842	)

Income before income taxes, net, equity in income of joint ventures, net, and equity in income/(loss) of other investments, net		208,079			113,024			465,635			364,178

(Provision)/benefit for income taxes, net		(149	)		875			86			45
Equity in income of joint ventures, net		73,909			26,967			131,166			73,640
Equity in income/(loss) of other investments, net		229			(811	)		5,491			1,637

Net income		282,068			140,055			602,378			439,500

Net income attributable to noncontrolling interests		(2,994	)		(2,280	)		(5,112	)		(5,922	)

Net income attributable to the Company		279,074			137,775			597,266			433,578

Preferred dividends, net		(6,609	)		(7,536	)		(21,681	)		(22,775	)

Net income available to the Company's common shareholders	$	272,465		$	130,239		$	575,585		$	410,803

Per common share:
Net income available to the Company's common shareholders:
-Basic	$	0.41		$	0.19		$	0.86		$	0.61
-Diluted	$	0.41		$	0.19		$	0.85		$	0.60

Weighted average shares:
-Basic		666,460			674,639			669,814			675,433
-Diluted		669,193			675,423			673,989			676,286

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income	$	282,068		$	140,055		$	602,378		$	439,500
Other comprehensive income/(loss)
Change in fair value of cash flow hedges for interest payments		9,730			(540	)		21,436			(16,249	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		508			(514	)		2,384			(3,633	)
Other comprehensive income/(loss)		10,238			(1,054	)		23,820			(19,882	)

Comprehensive income		292,306			139,001			626,198			419,618

Comprehensive income attributable to noncontrolling interests		(2,994	)		(2,280	)		(5,112	)		(5,922	)

Comprehensive income attributable to the Company	$	289,312		$	136,721		$	621,086		$	413,696

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

(in thousands)



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

Balance at July 1, 2026		21		$	21			670,246		$	6,702		$	10,830,383		$	(576,295	)	$	4,790		$	10,265,601		$	157,440		$	10,423,041
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			2,576			2,576
Net income		-			-			-			-			-			279,074			-			279,074			2,994			282,068
Other comprehensive income:
Change in fair value of cash flow hedges for interest payments		-			-			-			-			-			-			9,730			9,730			-			9,730
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-			-			-			-			-			-			508			508			-			508
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			-			-
Dividends declared to preferred shares		-			-			-			-			-			(6,609	)		-			(6,609	)		-			(6,609	)
Dividends declared to common shares		-			-			-			-			-			(186,821	)		-			(186,821	)		-			(186,821	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(1,408	)		(1,408	)
Issuance of equity awards		-			-			4			1			-			-			-			1			-			1
Issuance of common stock		-			-			549			5			13,770			-			-			13,775			-			13,775
Repurchase of preferred stock		(2	)		(2	)		-			-			(73,941	)		-			-			(73,943	)		-			(73,943	)
Repurchase of common stock		-			-			(6,299	)		(63	)		(149,935	)		-			-			(149,998	)		-			(149,998	)
Surrender of restricted common stock		-			-			(10	)		-			(23	)		-			-			(23	)		-			(23	)
Amortization of equity awards		-			-			-			-			6,246			-			-			6,246			2,516			8,762
Redemption/conversion of noncontrolling interests		-			-			-			-			-			-			-			-			(2,619	)		(2,619	)
Balance at September 30, 2026		19		$	19			664,490		$	6,645		$	10,626,500		$	(490,651	)	$	15,028		$	10,157,541		$	161,499		$	10,319,040

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

(in thousands)



																Cumulative			Accumulated
																Distributions			Other			Total
	Preferred Stock						Common Stock						Paid-in			in Excess of			Comprehensive			Stockholders'			Noncontrolling			Total
	Issued			Amount			Issued			Amount			Capital			Net Income			Income/(Loss)			Equity			Interests			Equity
Balance at January 1, 2025		21		$	21			679,494		$	6,795		$	11,033,485		$	(398,792	)	$	11,038		$	10,652,547		$	145,365		$	10,797,912
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			125			125
Net income		-			-			-			-			-			433,578			-			433,578			5,922			439,500
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments		-			-			-			-			-			-			(16,249	)		(16,249	)		-			(16,249	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-			-			-			-			-			-			(3,633	)		(3,633	)		-			(3,633	)
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(2,249	)		(2,249	)
Dividends declared to preferred shares		-			-			-			-			-			(22,627	)		-			(22,627	)		-			(22,627	)
Dividends declared to common shares		-			-			-			-			-			(508,477	)		-			(508,477	)		-			(508,477	)
Repurchase of preferred stock		-			-			-			-			(3,332	)		(148	)		-			(3,480	)		-			(3,480	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(4,207	)		(4,207	)
Issuance of equity awards, net		-			-			1,241			12			2,093			-			-			2,105			4,320			6,425
Repurchase of common stock		-			-			(3,000	)		(30	)		(58,814	)		-			-			(58,844	)		-			(58,844	)
Surrender of restricted common stock		-			-			(539	)		(5	)		(11,682	)		-			-			(11,687	)		-			(11,687	)
Amortization of equity awards		-			-			-			-			22,635			-			-			22,635			2,657			25,292
Redemption/conversion of noncontrolling interests		-			-			-			-			(78	)		-			-			(78	)		78			-
Adjustment of redeemable noncontrolling interests to estimated fair value		-			-			-			-			418			-			-			418			-			418
Balance at September 30, 2025		21		$	21			677,196		$	6,772		$	10,984,725		$	(496,466	)	$	(8,844	)	$	10,486,208		$	152,011		$	10,638,219

Balance at January 1, 2026		21		$	21			674,093		$	6,741		$	10,922,596		$	(528,730	)	$	(8,792	)	$	10,391,836		$	151,536		$	10,543,372
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			3,002			3,002
Net income		-			-			-			-			-			597,266			-			597,266			5,112			602,378
Other comprehensive income:
Change in fair value of cash flow hedges for interest payments		-			-			-			-			-			-			21,436			21,436			-			21,436
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-			-			-			-			-			-			2,384			2,384			-			2,384
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(359	)		(359	)
Dividends declared to preferred shares		-			-			-			-			-			(21,681	)		-			(21,681	)		-			(21,681	)
Dividends declared to common shares		-			-			-			-			-			(537,506	)		-			(537,506	)		-			(537,506	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(4,518	)		(4,518	)
Issuance of equity awards		-			-			618			7			37			-			-			44			4,078			4,122
Issuance of common stock		-			-			549			5			13,770			-			-			13,775			-			13,775
Repurchase of preferred stock		(2	)		(2	)		-			-			(73,941	)		-			-			(73,943	)		-			(73,943	)
Repurchase of common stock		-			-			(10,448	)		(104	)		(255,071	)		-			-			(255,175	)		-			(255,175	)
Surrender of restricted common stock		-			-			(322	)		(4	)		(6,390	)		-			-			(6,394	)		-			(6,394	)
Amortization of equity awards		-			-			-			-			21,848			-			-			21,848			5,770			27,618
Redemption/conversion of noncontrolling interests		-			-			-			-			3,937			-			-			3,937			(3,122	)		815
Adjustment of redeemable noncontrolling interests to estimated fair value		-			-			-			-			(286	)		-			-			(286	)		-			(286	)
Balance at September 30, 2026		19		$	19			664,490		$	6,645		$	10,626,500		$	(490,651	)	$	15,028		$	10,157,541		$	161,499		$	10,319,040

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	Nine Months Ended September 30,
	2026			2025
Cash flow from operating activities:
Net income	$	602,378		$	439,500
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization		461,450			473,045
Impairment charges		14,650			8,619
Straight-line rental income adjustments, net		(22,027	)		(18,955	)
Amortization of above-market and below-market leases, net		(24,996	)		(22,300	)
Amortization of deferred financing costs and fair value debt adjustments, net		5,763			2,346
Equity award expense		27,618			25,278
Gain on sale of properties		(106,451	)		(43,514	)
Loss/(gain) on marketable securities/derivative, net		89			(1,802	)
Equity in income of joint ventures, net		(131,166	)		(73,640	)
Equity in income of other investments, net		(5,491	)		(1,637	)
Distributions from joint ventures and other investments		139,690			71,748
Change in accounts and other receivables, net		15,645			7,852
Change in accounts payable and accrued expenses		39,934			31,589
Change in other operating assets		(29,912	)		(28,689	)
Change in other operating liabilities		(9,335	)		(7,796	)
Net cash flow provided by operating activities		977,839			861,644

Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(115,495	)		(144,420	)
Improvements to operating real estate		(273,947	)		(231,966	)
Investment in marketable securities		(3,064	)		(1,315	)
Proceeds from sale of marketable securities		1,179			500
Investments in preferred stock and cost method investments		(52	)		(5,861	)
Investments in and advances to real estate joint ventures		(2,012	)		(3,976	)
Distributions from real estate joint ventures in excess of equity in earnings		202,149			18,505
Investments in and advances to other investments		(10,295	)		(4,376	)
Distributions from other investments in excess of equity in earnings		1,800			1,318
Investment in mortgage and other financing receivables		(122,071	)		(251,986	)
Collection of mortgage and other financing receivables		164,589			71,814
Proceeds from sale of properties		156,365			58,178
Proceeds from insurance casualty claims		1,372			2,267
Net cash flow provided by/(used for) investing activities		518			(491,318	)

Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(47,135	)		(48,844	)
Principal payments on rental property debt		(8,793	)		(9,097	)
Proceeds from mortgage loan financings		17,350			-
Proceeds from issuance of exchangeable senior notes		600,000			-
Proceeds from issuance of unsecured notes		-			500,000
Proceeds from unsecured revolving credit facility, net		-			40,000
Repayments of unsecured notes		(265,970	)		(740,505	)
Financing origination costs		(19,625	)		(7,451	)
Contributions from noncontrolling interests		3,002			125
Distributions to noncontrolling interests		(4,877	)		(6,456	)
Redemptions of noncontrolling interests		(39,788	)		(1,046	)
Dividends paid		(560,114	)		(531,148	)
Proceeds from issuance of common stock, net		13,775			-
Repurchase of preferred stock		(73,943	)		(3,480	)
Repurchase of common stock		(255,175	)		(58,844	)
Shares repurchased for employee tax withholding on equity awards		(6,394	)		(11,672	)
Principal payments under finance lease obligations		-			(24,362	)
Change in tenants' security deposits		1,452			3,204
Net cash flow used for financing activities		(646,235	)		(899,576	)

Net change in cash, cash equivalents and restricted cash		332,122			(529,250	)
Cash, cash equivalents and restricted cash, beginning of the period		212,794			689,731
Cash, cash equivalents and restricted cash, end of the period	$	544,916		$	160,481

Interest paid (net of capitalized interest of $4,669 and $2,110, respectively)	$	252,832		$	243,298

Income taxes paid, net of refunds	$	340		$	25,806

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except unit information)


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

Liabilities:
Notes payable, net	$	8,043,092	$	7,718,730
Mortgages payable, net		428,929		467,203
Accounts payable and accrued expenses		330,546		291,537
Intangible liabilities, net		315,300		334,527
Operating lease liabilities		118,006		120,078
Other liabilities		165,284		188,297
Total liabilities (1)		9,401,157		9,120,372
Redeemable noncontrolling interests		-		24,506

Commitments and Contingencies (Footnote 17)

Members' capital:
Preferred units; 18,715 and 20,748 units outstanding, respectively		472,313		546,256
General member; 664,490,367 and 674,093,047 common units outstanding, respectively		9,670,200		9,854,372
Limited members; 1,756,935 and 1,444,722 common units outstanding, respectively		39,748		30,183
Accumulated other comprehensive income/(loss)		15,028		(8,792	)
Total members' capital		10,197,289		10,422,019
Noncontrolling interests		121,751		121,353
Total capital		10,319,040		10,543,372
Total liabilities and capital	$	19,720,197	$	19,688,250

(1)

Total assets include restricted assets of consolidated VIEs at September 30, 2026 and December 31, 2025 of $50,436 and $358,236, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at September 30, 2026 and December 31, 2025 of $68,225 and $153,044, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except per unit data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenues
Revenues from rental properties, net	$	539,725		$	531,113		$	1,638,960		$	1,583,329
Management and other fee income		6,422			4,748			16,004			14,331
Total revenues		546,147			535,861			1,654,964			1,597,660

Operating expenses
Rent		(4,226	)		(4,164	)		(12,455	)		(12,590	)
Real estate taxes		(68,015	)		(67,384	)		(212,089	)		(203,854	)
Operating and maintenance		(89,416	)		(92,434	)		(279,776	)		(273,056	)
General and administrative		(29,959	)		(29,646	)		(97,095	)		(96,485	)
Impairment charges		(7,984	)		(440	)		(14,650	)		(8,619	)
Depreciation and amortization		(155,945	)		(158,269	)		(461,450	)		(473,045	)
Total operating expenses		(355,545	)		(352,337	)		(1,077,515	)		(1,067,649	)

Gain on sale of properties		89,382			3,705			106,451			43,514

Operating income		279,984			187,229			683,900			573,525

Other income/(expense)
Other income/(expense), net		3,186			(2,319	)		(63	)		789
Mortgage and other financing income, net		12,630			12,375			36,549			35,706
Interest expense		(87,721	)		(84,261	)		(254,751	)		(245,842	)

Income before income taxes, net, equity in income of joint ventures, net, and equity in income/(loss) of other investments, net		208,079			113,024			465,635			364,178

(Provision)/benefit for income taxes, net		(149	)		875			86			45
Equity in income of joint ventures, net		73,909			26,967			131,166			73,640
Equity in income/(loss) of other investments, net		229			(811	)		5,491			1,637

Net income		282,068			140,055			602,378			439,500

Net income attributable to noncontrolling interests		(2,266	)		(1,986	)		(3,555	)		(5,070	)

Net income attributable to Kimco OP		279,802			138,069			598,823			434,430

Preferred distributions, net		(6,609	)		(7,536	)		(21,681	)		(22,775	)

Net income available to Kimco OP's common unitholders	$	273,193		$	130,533		$	577,142		$	411,655

Per common unit:
Net income available to Kimco OP's common unitholders:
-Basic	$	0.41		$	0.19		$	0.86		$	0.61
-Diluted	$	0.41		$	0.19		$	0.86		$	0.60

Weighted average units:
-Basic		667,542			675,641			670,885			676,421
-Diluted		672,405			676,425			673,989			677,274

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income	$	282,068		$	140,055		$	602,378		$	439,500
Other comprehensive income/(loss)
Change in fair value of cash flow hedges for interest payments		9,730			(540	)		21,436			(16,249	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		508			(514	)		2,384			(3,633	)
Other comprehensive income/(loss)		10,238			(1,054	)		23,820			(19,882	)

Comprehensive income		292,306			139,001			626,198			419,618

Comprehensive income attributable to noncontrolling interests		(2,266	)		(1,986	)		(3,555	)		(5,070	)

Comprehensive income attributable to Kimco OP	$	290,040		$	137,015		$	622,643		$	414,548

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

(unaudited)

(in thousands)


																			Accumulated
	General Member												Limited Members						Other			Total
	Preferred Units						Common Units						Common Units						Comprehensive			Members'			Noncontrolling			Total
	Issued			Amount			Issued			Amount			Issued			Amount			(Loss)/Income			Capital			Interests			Capital
Balance at July 1, 2025		21		$	546,256			677,205		$	9,982,209			1,445		$	28,143		$	(7,790	)	$	10,548,818		$	122,592		$	10,671,410
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			125			125
Net income		-			7,536			-			130,239			-			294			-			138,069			1,986			140,055
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments		-			-			-			-			-			-			(540	)		(540	)		-			(540	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-			-			-			-			-			-			(514	)		(514	)		-			(514	)
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(780	)		(780	)
Distributions declared to preferred unitholders		-			(7,536	)		-			-			-			-			-			(7,536	)		-			(7,536	)
Distributions declared to common unitholders		-			-			-			(169,300	)		-			(361	)		-			(169,661	)		-			(169,661	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(1,027	)		(1,027	)
Surrender of restricted common units		-			-			(9	)		(41	)		-			-			-			(41	)		-			(41	)
Amortization of equity awards		-			-			-			5,904			-			1,039			-			6,943			-			6,943
Adjustment of redeemable noncontrolling interests to estimated fair value		-			-			-			(215	)		-			-			-			(215	)		-			(215	)
Balance at September 30, 2025		21		$	546,256			677,196		$	9,948,796			1,445		$	29,115		$	(8,844	)	$	10,515,323		$	122,896		$	10,638,219

Balance at July 1, 2026		21		$	546,256			670,246		$	9,714,555			1,759		$	37,039		$	4,790		$	10,302,640		$	120,401		$	10,423,041
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			2,576			2,576
Net income		-			6,609			-			272,465			-			728			-			279,802			2,266			282,068
Other comprehensive income:
Change in fair value of cash flow hedges for interest payments		-			-			-			-			-			-			9,730			9,730			-			9,730
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-			-			-			-			-			-			508			508			-			508
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			-			-
Distributions declared to preferred unitholders		-			(6,609	)		-			-			-			-			-			(6,609	)		-			(6,609	)
Distributions declared to common unitholders		-			-			-			(186,821	)		-			(493	)		-			(187,314	)		-			(187,314	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(915	)		(915	)
Issuance of equity awards		-			-			4			1			-			-			-			1			-			1
Issuance of common units		-			-			549			13,775			-			-			-			13,775			-			13,775
Repurchase of preferred units		(2	)		(73,943	)		-			-			-			-			-			(73,943	)		-			(73,943	)
Repurchase of common units		-			-			(6,299	)		(149,998	)		(2	)		(42	)		-			(150,040	)		-			(150,040	)
Surrender of restricted common units		-			-			(10	)		(23	)		-			-			-			(23	)		-			(23	)
Amortization of equity awards		-			-			-			6,246			-			2,516			-			8,762			-			8,762
Redemption/conversion of noncontrolling interests		-			-			-			-			-			-			-			-			(2,577	)		(2,577	)
Balance at September 30, 2026		19		$	472,313			664,490		$	9,670,200			1,757		$	39,748		$	15,028		$	10,197,289		$	121,751		$	10,319,040

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

(unaudited)

(in thousands)


																			Accumulated
	General Member												Limited Members						Other			Total
	Preferred Units						Common Units						Common Units						Comprehensive			Members'			Noncontrolling			Total
	Issued			Amount			Issued			Amount			Issued			Amount			Income/(Loss)			Capital			Interests			Capital
Balance at January 1, 2025		21		$	549,588			679,494		$	10,091,921			1,074		$	22,276		$	11,038		$	10,674,823		$	123,089		$	10,797,912
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			125			125
Net income		-			22,775			-			410,803			-			852			-			434,430			5,070			439,500
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments		-			-			-			-			-			-			(16,249	)		(16,249	)		-			(16,249	)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-			-			-			-			-			-			(3,633	)		(3,633	)		-			(3,633	)
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(2,249	)		(2,249	)
Distributions declared to preferred unitholders		-			(22,645	)		-			-			-			-			-			(22,645	)		-			(22,645	)
Distributions declared to common unitholders		-			-			-			(508,459	)		-			(990	)		-			(509,449	)		-			(509,449	)
Repurchase of preferred units		-			(3,462	)		-			(18	)		-			-			-			(3,480	)		-			(3,480	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(3,217	)		(3,217	)
Issuance of equity awards, net		-			-			1,241			2,105			371			4,320			-			6,425			-			6,425
Repurchase of common units		-			-			(3,000	)		(58,844	)		-			-			-			(58,844	)		-			(58,844	)
Surrender of restricted common units		-			-			(539	)		(11,687	)		-			-			-			(11,687	)		-			(11,687	)
Amortization of equity awards		-			-			-			22,635			-			2,657			-			25,292			-			25,292
Redemption/conversion of noncontrolling interests		-			-			-			(78	)		-			-			-			(78	)		78			-
Adjustment of redeemable noncontrolling interests to estimated fair value		-			-			-			418			-			-			-			418			-			418
Balance at September 30, 2025		21		$	546,256			677,196		$	9,948,796			1,445		$	29,115		$	(8,844	)	$	10,515,323		$	122,896		$	10,638,219

Balance at January 1, 2026		21		$	546,256			674,093		$	9,854,372			1,445		$	30,183		$	(8,792	)	$	10,422,019		$	121,353		$	10,543,372
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			3,002			3,002
Net income		-			21,681			-			575,585			-			1,557			-			598,823			3,555			602,378
Other comprehensive income:
Change in fair value of cash flow hedges for interest payments		-			-			-			-			-			-			21,436			21,436			-			21,436
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees		-			-			-			-			-			-			2,384			2,384			-			2,384
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(359	)		(359	)
Distributions declared to preferred unitholders		-			(21,681	)		-			-			-			-			-			(21,681	)		-			(21,681	)
Distributions declared to common unitholders		-			-			-			(537,506	)		-			(1,407	)		-			(538,913	)		-			(538,913	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(3,111	)		(3,111	)
Issuance of equity awards		-			-			618			44			333			4,078			-			4,122			-			4,122
Issuance of common units		-			-			549			13,775			-			-			-			13,775			-			13,775
Repurchase of preferred units		(2	)		(73,943	)		-			-			-			-			-			(73,943	)		-			(73,943	)
Repurchase of common units		-			-			(10,448	)		(255,175	)		(21	)		(433	)		-			(255,608	)		-			(255,608	)
Surrender of restricted common units		-			-			(322	)		(6,394	)		-			-			-			(6,394	)		-			(6,394	)
Amortization of equity awards		-			-			-			21,848			-			5,770			-			27,618			-			27,618
Redemption/conversion of noncontrolling interests		-			-			-			3,937			-			-			-			3,937			(2,689	)		1,248
Adjustment of redeemable noncontrolling interests to estimated fair value		-			-			-			(286	)		-			-			-			(286	)		-			(286	)
Balance at September 30, 2026		19		$	472,313			664,490		$	9,670,200			1,757		$	39,748		$	15,028		$	10,197,289		$	121,751		$	10,319,040

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	Nine Months Ended September 30,
	2026			2025
Cash flow from operating activities:
Net income	$	602,378		$	439,500
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization		461,450			473,045
Impairment charges		14,650			8,619
Straight-line rental income adjustments, net		(22,027	)		(18,955	)
Amortization of above-market and below-market leases, net		(24,996	)		(22,300	)
Amortization of deferred financing costs and fair value debt adjustments, net		5,763			2,346
Equity award expense		27,618			25,278
Gain on sale of properties		(106,451	)		(43,514	)
Loss/(gain) on marketable securities/derivative, net		89			(1,802	)
Equity in income of joint ventures, net		(131,166	)		(73,640	)
Equity in income of other investments, net		(5,491	)		(1,637	)
Distributions from joint ventures and other investments		139,690			71,748
Change in accounts and other receivables, net		15,645			7,852
Change in accounts payable and accrued expenses		39,934			31,589
Change in other operating assets		(29,912	)		(28,689	)
Change in other operating liabilities		(9,335	)		(7,796	)
Net cash flow provided by operating activities		977,839			861,644

Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(115,495	)		(144,420	)
Improvements to operating real estate		(273,947	)		(231,966	)
Investment in marketable securities		(3,064	)		(1,315	)
Proceeds from sale of marketable securities		1,179			500
Investments in preferred stock and cost method investments		(52	)		(5,861	)
Investments in and advances to real estate joint ventures		(2,012	)		(3,976	)
Distributions from real estate joint ventures in excess of equity in earnings		202,149			18,505
Investments in and advances to other investments		(10,295	)		(4,376	)
Distributions from other investments in excess of equity in earnings		1,800			1,318
Investment in mortgage and other financing receivables		(122,071	)		(251,986	)
Collection of mortgage and other financing receivables		164,589			71,814
Proceeds from sale of properties		156,365			58,178
Proceeds from insurance casualty claims		1,372			2,267
Net cash flow provided by/(used for) investing activities		518			(491,318	)

Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(47,135	)		(48,844	)
Principal payments on rental property debt		(8,793	)		(9,097	)
Proceeds from mortgage loan financings		17,350			-
Proceeds from issuance of exchangeable senior notes		600,000			-
Proceeds from issuance of unsecured notes		-			500,000
Proceeds from unsecured revolving credit facility, net		-			40,000
Repayments of unsecured notes		(265,970	)		(740,505	)
Financing origination costs		(19,625	)		(7,451	)
Contributions from noncontrolling interests		3,002			125
Distributions to noncontrolling interests		(3,470	)		(5,466	)
Redemptions of noncontrolling interests		(39,355	)		(1,046	)
Distributions paid		(561,521	)		(532,138	)
Proceeds from issuance of common units, net		13,775			-
Repurchase of preferred units		(73,943	)		(3,480	)
Repurchase of common units		(255,608	)		(58,844	)
Units repurchased for employee tax withholding on equity awards		(6,394	)		(11,672	)
Principal payments under finance lease obligations		-			(24,362	)
Change in tenants' security deposits		1,452			3,204
Net cash flow used for financing activities		(646,235	)		(899,576	)

Net change in cash, cash equivalents and restricted cash		332,122			(529,250	)
Cash, cash equivalents and restricted cash, beginning of the period		212,794			689,731
Cash, cash equivalents and restricted cash, end of the period	$	544,916		$	160,481

Interest paid (net of capitalized interest of $4,669 and $2,110, respectively)	$	252,832		$	243,298

Income taxes paid, net of refunds	$	340		$	25,806

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. 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 September 30, 2026, the Parent Company owned 99.74% 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 a 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”).

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 deductions 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 Condensed Consolidated Financial Statements.

2. Summary of Significant Accounting Policies

Basis of Presentation

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2026, of the Parent Company and Kimco OP into this single report. The accompanying Condensed 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 managing 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. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. Amounts as of December 31, 2025 included in the Condensed Consolidated Financial Statements have been derived from the audited Consolidated Financial Statements as of that date, but do not include all annual disclosures required by GAAP. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

10-K for the year ended December 31, 2025, as certain disclosures in this Quarterly Report that would duplicate those included in such Annual Report on Form 10-K are not included in these Condensed Consolidated Financial Statements.

Subsequent Events

The Company has evaluated subsequent events and transactions through the date of filing of this quarterly report on Form 10-Q for potential recognition or disclosure in its Condensed Consolidated Financial Statements (see Footnote 9 of the Notes to Condensed Consolidated Financial Statements).

Reclassifications

Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, for the three and nine months ended September 30, 2025, the Company reclassified Gain on marketable securities, net into Other income/(expense), net on the Company’s Condensed Consolidated Statement of Income as follows (in thousands):


	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
Other income/(expense), net	$	43		$	32
Gain on marketable securities, net	$	(43	)	$	(32	)

New Accounting Pronouncements

The following table represents Accounting Standards Updates (“ASUs”) to the FASB’s ASCs that, as of September 30, 2026, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:

ASU

Description

Effective Date

Effect on the financial statements or other significant matters

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

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.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


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 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 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	This ASU amends the existing standard to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed, management is required to consider whether there is significant uncertainty associated with the development activities of the software. The amendments may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis.	January 1, 2028; early adoption is permitted as of the beginning of an annual reporting period	The Company is assessing the impact this ASU will have on the Company’s financial position and/or results of operations.
ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract	The new guidance will reduce the number of contracts (or embedded features within instruments) that are accounted for as derivatives under Topic 815. This ASU adds a new scope exception to the derivatives guidance for certain contracts with underlyings based on the operations or activities specific to one of the parties to the contract. This ASU also clarifies that share-based noncash consideration received from a customer as consideration for the transfer of goods or services in a revenue contract is subject to the revenue guidance and not the financial instruments guidance unless and until the company’s right to receive or retain the share-based noncash consideration is “unconditional,” as defined in this ASU. The amendments may be applied on a prospective basis or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings.	January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reporting period	The Company does not expect the adoption of this ASU, which may be applied prospectively, to have a material impact on the Company’s financial position and/or results of operations.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


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. 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 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 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	This ASU clarifies certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The five main provisions include: 1. Similar risk assessment for cash flow hedges 2. Hedging interest payments on choose-your-rate debt 3. Cash flow hedges of non-financial forecasted transactions 4. Net written options as hedging instruments 5. Foreign currency-denominated debt designated as a hedging instrument and a hedged item 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 issuance of this ASU	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 2025-11, 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 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.	January 1, 2028; early adoption is permitted	The Company is assessing the impact this ASU, which can be applied prospectively, will have on the Company’s financial position and/or results of operations.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets	The amendments in this ASU provide a practical expedient to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The amendments are to be applied prospectively.	January 1, 2026	The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.

3. Real Estate

Acquisitions

During the nine months ended September 30, 2026, the Company acquired the following operating properties, through direct asset acquisitions (in thousands):


			Purchase Price
Property Name	Location	Month Acquired	Cash		GLA*
Pompano Marketplace (1)	Pompano Beach, FL	Jul-26	$	53,078		239
Sunshine Plaza	Fort Lauderdale, FL	Jul-26		55,715		241
North Haven Leasehold Interest	North Haven, CT	Aug-26		8,539		-
			$	117,332		480

* Gross leasable area (“GLA”)

(1)

The Company had a mortgage receivable of $35.0 million related to this property, which was repaid by the seller at closing.

During the nine months ended September 30, 2025, the Company acquired the following operating properties, through direct asset acquisitions or consolidation due to change in control resulting from the purchase of additional interests in certain operating properties previously held in an unconsolidated joint venture (in thousands):


					Purchase Price
Property Name	Location	Month 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) (4)	Hillsboro, OR	Aug-25		38,171		31,926		7,076		77,173		207
			$	170,743	$	31,926	$	9,097	$	211,766		461

(1)

The Company had a mortgage receivable of $15.0 million related to this property, which was repaid by the seller at closing.

(2)

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 Condensed Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities (included in Other). See Footnote 8 of the Notes to Condensed Consolidated Financial Statements for further details.

(3)

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 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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

in income of joint ventures, net on the Condensed Consolidated Statements of Income. The Company previously held an ownership interest of 15.0% in this property interest and acquired the remaining 85.0% interest in this operating property. See Footnote 4 of the Notes to the Condensed Consolidated Financial Statements.

(4)

The Company utilized an aggregate $37.8 million associated with Internal Revenue Code 26 U.S.C. §1031 sales proceeds.

The purchase price for these acquisitions was 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 allocation for properties acquired/consolidated during the nine months ended September 30, 2026 and 2025 were as follows (in thousands):


	Allocation as of September 30, 2026			Weighted Average Useful Life (in Years)		Allocation as of September 30, 2025			Weighted Average Useful Life (in Years)
Land	$	31,995		n/a		$	58,526		n/a
Buildings		73,970			50.0		123,490			50.0
Building improvements		5,700			45.0		7,615			45.0
Tenant improvements		4,262			7.4		8,580			5.7
In-place leases		12,477			5.3		19,547			5.0
Above-market leases		1,355			9.3		1,063			5.5
Below-market leases		(12,427	)		23.7		(7,740	)		17.1
Mortgage fair value adjustment		-			-		500		0.8
Other assets		-		n/a			649		n/a
Other liabilities		-		n/a			(464	)	n/a
Net assets acquired	$	117,332				$	211,766

Dispositions

The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the nine months ended September 30, 2026 and 2025 (dollars in millions):


	Nine Months Ended September 30,
	2026		2025
Aggregate sales price/gross fair value (1)	$	188.8	$	71.6
Gain on sale of properties (2)	$	106.5	$	43.5
Number of operating properties sold		3		2
Number of parcels sold		9		3

(1)

Includes $27.8 million and $10.9 million of Internal Revenue Code 26 U.S.C. §1031 proceeds held in escrow through sale of real estate interests as of September 30, 2026 and September 30, 2025, respectively.

(2)

Before noncontrolling interests of $1.0 million and $0.1 million for the nine months ended September 30, 2026 and 2025, respectively, and taxes of $0.4 million for the nine months ended September 30, 2025.

In addition, during 2026, the Company deconsolidated a joint venture that holds a development project and related entitlements, located in Daly City, CA, for which the Company is no longer the primary beneficiary after a reconsideration event due to outside partner capital contributions. This VIE is now accounted for as a preferred equity investment with a gross value of $48.7 million. The Company evaluated this transaction pursuant to the ASC Topic 810 Consolidation and as a result, no gain on change in control of interest was recognized as there was no fair value adjustment associated with the Company’s previously held controlling interest. See Footnotes 5 and 12 of the Notes to Condensed Consolidated Financial Statements for additional disclosure.

Impairments

During the nine months ended September 30, 2026 and 2025, the Company recognized aggregate impairment charges related to adjustments to property carrying values of $9.1 million and $8.6 million, respectively, 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. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements for fair value measurements disclosure.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Assets Held-For-Sale

At September 30, 2026, the Company had an operating property classified as held-for-sale at a net carrying amount of $2.5 million (including accumulated depreciation and amortization of $7.0 million), which is included in Other assets on the Company’s Condensed Consolidated Balance Sheets.

4. 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 September 30, 2026 and December 31, 2025 (in millions, except number of properties and GLA):


	Noncontrolling Ownership Interest	The Company’s Investment
Joint Venture	As of September 30, 2026	September 30, 2026		December 31, 2025
Prudential Investment Program	15.0%	$	119.6	$	120.1
Kimco Income Opportunity Portfolio (“KIR”)	52.1%		285.2		287.2
R2G Venture LLC (“R2G”)	51.5%		390.5		401.2
Other Institutional Joint Ventures (1)	Various		250.3		438.3
Other Joint Venture Programs	Various		202.9		207.3
Total*		$	1,248.5	$	1,454.1

* Represents 159 property interests and 24.2 million square feet of GLA as of September 30, 2026 and 162 property interests and 24.4 million square feet of GLA as of December 31, 2025.

(1)

During 2026, Canada Pension Plan Investment Board (“CPP”) sold its 45.0% ownership interest in three operating properties to an outside partner. The Company retained its 55.0% investment in these properties, which is now included in Other Institutional Joint Ventures. As a result, the CPP joint venture has one property interest remaining at September 30, 2026, and as such the Company’s CPP investment is now included in Other Institutional Joint Ventures.

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 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2026 and 2025 (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Joint Venture	2026		2025		2026		2025
Prudential Investment Program	$	2.4	$	8.1	$	6.7	$	13.4
KIR		9.7		9.1		30.0		27.4
R2G		4.1		2.4		10.5		6.7
Other Institutional Joint Ventures		54.6		4.3		73.4		12.6
Other Joint Venture Programs (1)		3.1		3.1		10.6		13.5
Total	$	73.9	$	27.0	$	131.2	$	73.6

(1)

During the nine months ended September 30, 2025, the Company recognized $4.7 million of equity in income related to the restructuring of a joint venture.

During the nine months ended September 30, 2026, certain of the Company’s real estate joint ventures fully disposed of three operating properties and partially disposed of an operating property, in separate transactions, for an aggregate sales price of $398.6 million. These transactions resulted in a net gain to the Company of $60.5 million for the nine months ended September 30, 2026, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

During the nine months ended September 30, 2025, the Company acquired the remaining 85.0% 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 3 of the Notes to Condensed Consolidated Financial Statements for the operating property acquired by the Company.

In addition, during the nine months ended September 30, 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 nine months ended September 30, 2025, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at September 30, 2026 and December 31, 2025 (dollars in millions):


	As of September 30, 2026							As of December 31, 2025
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	$	233.4		5.19	%		18.5	$	233.9		5.25	%		22.2
KIR		273.3		4.56	%		53.8		274.4		4.58	%		15.2
R2G		72.2		2.90	%		53.7		70.7		2.90	%		62.6
Other Institutional Joint Ventures (1) (2)		374.4		5.26	%		47.0		302.0		5.37	%		37.0
Other Joint Venture Programs		530.5		4.90	%		35.2		538.2		5.04	%		33.0
Total	$	1,483.8						$	1,419.2

(1)

During the nine months ended September 30, 2026, the CPP joint venture repaid $78.6 million of mortgage debt that encumbered an operating property.

(2)

During August 2026, certain joint ventures obtained $154.1 million of secured debt encumbering five operating properties.

* Includes extension options

5. 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 Condensed Consolidated Balance Sheets. In addition, the Company has invested capital in certain structured investments that are accounted for on the equity method of accounting. As of September 30, 2026 and December 31, 2025, the Company’s Other investments were $153.2 million and $99.9 million, respectively, of which the Company’s net investments under the Preferred Equity program were $111.7 million and $59.1 million as of September 30, 2026 and December 31, 2025, respectively.

During 2026, the Company deconsolidated a joint venture which holds a development project and related entitlements, located in Daly City, CA, which is now accounted for as a preferred equity investment with a gross value of $48.7 million. As of September 30, 2026, the Company’s investment was $54.0 million.

6. 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 September 30, 2026 and December 31, 2025, the Company had mortgage and other financing receivables, net of allowance for credit losses of $339.4 million and $383.9 million, respectively. As of September 30, 2026, these mortgage and other financing receivables have scheduled maturities ranging from less than one year to 7.4 years and accrue interest at rates ranging from 6.35% to 12.50%. During the nine months ended September 30, 2026 and 2025, the Company recognized mortgage and other financing income, net of $36.5 million and $35.7 million, respectively.

During the nine months ended September 30, 2026, the Company (i) provided $122.1 million of mortgage and other financing loans and (ii) collected $166.6 million of mortgage and other financing receivables, of which $35.0 million was repaid at closing upon the Company’s acquisition of the corresponding property.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

During the nine months ended September 30, 2025, the Company (i) provided $252.0 million of mortgage and other financing loans, (ii) collected $71.8 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.

The following table presents the changes in the allowance for loan losses for the nine months ended September 30, 2026 and 2025, respectively (in thousands):


	Nine Months Ended September 30,
	2026			2025
Balance at January 1,	$	5,352		$	6,800
Provision for loan losses		1,520			2,990
Recoveries collected		(1,520	)		(1,090	)
Balance at September 30,	$	5,352		$	8,700

7. Accounts and Other Receivables

The components of accounts and other receivables, net of potentially uncollectible amounts as of September 30, 2026 and December 31, 2025, were as follows (in thousands):


	As of September 30, 2026		As of December 31, 2025
Billed tenant receivables	$	2,227	$	18,242
Unbilled common area maintenance, insurance and tax reimbursements		73,985		76,113
Other receivables		13,575		11,500
Straight-line rent receivables		284,148		263,109
Total accounts and other receivables, net	$	373,935	$	368,964

8. Leases

Lessor Leases

The Company’s primary source of revenues is derived from lease agreements, which include 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 Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the three and nine months ended September 30, 2026 and 2025, was as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Lease income:
Fixed lease income (1)	$	431,609		$	418,855		$	1,284,584		$	1,248,753
Variable lease income (2)		105,259			104,835			337,917			323,651
Above-market and below-market leases amortization, net		4,871			9,656			24,996			22,300
Adjustments for potentially uncollectible lease income or disputed amounts		(2,014	)		(2,233	)		(8,537	)		(11,375	)
Total lease income	$	539,725		$	531,113		$	1,638,960		$	1,583,329

(1)

Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.

(2)

Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 78.6 years, some of which include options to extend the terms for up to an additional 60 years. As of September 30, 2026, the Company’s operating leases have a weighted-average remaining non-cancelable lease term of 28.7 years and weighted-average discount rate of 6.77%. During the nine months ended September 30, 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.

The Company had three properties under finance ground lease agreements that consisted of variable lease payments with a bargain purchase option. During the nine months ended September 30, 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 Condensed Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities. As of September 30, 2026, 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 Condensed Consolidated Balance Sheets.

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 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2026 and 2025, were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Lease cost:
Finance lease cost	$	-	$	-	$	-	$	43
Operating lease cost		3,688		3,600		10,886		10,641
Variable lease cost		621		656		1,851		2,221
Total lease cost	$	4,309	$	4,256	$	12,737	$	12,905

9. Notes and Mortgages Payable

Notes Payable

In February 2026, the Company closed on a new $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks. The Credit Facility is scheduled to expire in March 2030 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2031. 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 Term Secured Overnight Financing Rate (“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, as defined in the agreement. As of September 30, 2026, the interest rate on the Credit Facility is Term SOFR plus 63.5 basis points (4.64% as of September 30, 2026) after reductions for sustainability metrics achieved and the Company’s current credit rating. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of September 30, 2026, the Credit Facility had no outstanding balance and no appropriations for letters of credit, and the Company was in compliance with its covenants.

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. As of September 30, 2026, the Commercial Paper Program had no outstanding balance.

The Company has $310.0 million of unsecured term loans (the “Term Loans”) with a group of banks, which were scheduled to expire between November 2026 and February 2028. In March 2026, the Company amended the Term Loans to add two one-year options to extend the maturity dates, at the Company’s discretion, to November 2028 through February 2030. The Term Loans accrue interest at the rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating and sustainability metric targets, as described in the agreement. As of September 30, 2026, the interest rates on the Term Loans are Adjusted Term SOFR plus 71.0 basis points after reductions for sustainability metrics achieved and the Company’s current credit rating. As of September 30, 2026, the

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Company had 20 swap rate agreements with various lenders swapping the interest rates on the Term Loans to all-in fixed rates ranging from 4.38% to 4.58%. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure.

The Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) with a group of banks, which is scheduled to mature 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, as amended, accrues interest at a rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating, as described in the agreement. As of September 30, 2026, the interest rate on the Term Loan Credit Facility is Adjusted Term SOFR plus 75.0 basis points based on the Company’s current credit rating. As of September 30, 2026, 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 4.46%. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure.

In June 2026, the Company issued $600.0 million in exchangeable senior notes (the “Exchangeable Senior Notes”), including $75.0 million of option notes issued pursuant to an option granted to the initial purchasers and exercised in full. The Exchangeable Senior Notes are scheduled to mature in June 2031 and bear interest at a rate of 3.50% per annum. Before March 17, 2031, noteholders will have the right to exchange their notes only upon the occurrence of certain events. On and after March 17, 2031, noteholders may exchange their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle exchanges in cash and, if applicable, shares of the Company’s common stock, at the election of the Company. The initial exchange rate is 30.9028 shares of the Company's common stock per $1,000 principal amount of Exchangeable Senior Notes, which represents an initial exchange price of approximately $32.36 per share of the Company’s common stock. The Exchangeable Senior Notes will be exchangeable for cash up to the aggregate principal amount of the Exchangeable Senior Notes to be exchanged and, in respect of the remainder of the exchange obligation, if any, in excess thereof, cash, common shares or a combination thereof, at the election of the Company.

The Exchangeable Senior Notes will be redeemable, in whole or in part, for cash at the Company’s option at any time, and from time to time, on or after June 20, 2029 and on or before the 25th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the exchange price for a specified period of time and certain other conditions are satisfied. In addition, the Exchangeable Senior Notes will be redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time to the extent necessary to preserve the Company’s status as a real estate investment trust for U.S. federal income tax purposes, so long as certain conditions are satisfied. The redemption price will be equal to the principal amount of the Exchangeable Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The Company used a portion of the proceeds from the offering to repurchase 4.1 million shares of its common stock for a total purchase price of $104.7 million (at a price of $25.38 per share). The Company intends to use the remainder of the net proceeds for general corporate purposes, including, but not limited to, the redemption or repayment of indebtedness and funding for suitable acquisition, investment and redevelopment opportunities.

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.

During the nine months ended September 30, 2026 and 2025, the Company fully repaid the following notes payable (dollars in millions):


Type	Date Paid	Amount Repaid		Interest Rate	Maturity Date
Unsecured note	Aug-26	$	250.0	3.25%	Aug-26
Unsecured note	Jul-26	$	16.0	6.64%	Jul-26
Unsecured note	Jun-25	$	240.5	3.85%	Jun-25
Unsecured note	Feb-25	$	500.0	3.30%	Feb-25

During October 2026, the Company repaid $500.0 million in senior unsecured notes, which matured in October 2026 and bore interest at a rate of 2.80% per annum.

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 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Mortgages Payable

During the nine months ended September 30, 2026, the Company (i) repaid $31.0 million of mortgage debt that encumbered an operating property and (ii) refinanced a mortgage loan on a consolidated joint venture operating property by obtaining a $23.0 million mortgage loan, of which $17.4 million has been funded, and was used to repay the $16.1 million outstanding on the prior mortgage loan.

During the nine months ended September 30, 2025, the Company assumed $31.4 million of mortgage debt (including fair market value adjustment of $0.5 million) through the acquisition of an operating property and repaid $48.9 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered three operating properties.

10. 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 that are 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.

As of September 30, 2026, the Company has 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 September 30, 2026, all interest rate swaps were deemed effective and are therefore included within Accumulated other comprehensive income/(loss) (“AOCI”) on the Company’s Condensed Consolidated Balance Sheets. As of September 30, 2026, the Company expects approximately $5.1 million of accumulated comprehensive income on derivative instruments to be reclassified into earnings as a reduction to interest expense during the next 12 months.

The interest rate swaps are measured at fair value using a market standard methodology that incorporates the discounted net present value of estimated future fixed and variable cash flows. The variable cash flows are based on forward interest rate curves derived from observable market data. Accordingly, the Company classifies its interest rate swaps within Level 2 of the fair value hierarchy, which are measured on a recurring basis. See Footnote 13 of the Notes to Condensed Consolidated Financial Statements for fair value measurement disclosure.

The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of September 30, 2026 (dollars in thousands):


Instrument	Number of Swap Agreements	Associated Debt Instrument	Effective Date	Maturity Date	Notional Amount (1)		Derivative Assets (2)
Interest rate swap	1	$200.0 million Term Loan	Jan-24	Jan-29	$	200,000	$	4,459
Interest rate swaps	3	$50.0 million Term Loan	Jan-24	Nov-26		50,000		3
Interest rate swaps	3	$100.0 million Term Loan	Jan-24	Feb-27		100,000		92
Interest rate swaps	7	$50.0 million Term Loan	Jan-24	Aug-27		50,000		290
Interest rate swaps	7	$110.0 million Term Loan	Jan-24	Feb-28		110,000		1,307
Interest rate swaps	4	$300.0 million Term Loan	Jul-24	Jan-29		300,000		5,330
Interest rate swap	1	$50.0 million Term Loan	Sept-24	Jan-29		50,000		1,385
					$	860,000	$	12,866

(1)

These interest rate swap agreements utilize a one-month SOFR CME index.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(2)

Included within Other assets on the Company’s Condensed Consolidated Balance Sheets.

The table below details the location in the financial statements of the gain/(loss) recognized on interest rate swaps designated as cash flow hedges for the three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Amount of gain/(loss) recognized in AOCI on interest rate swaps, net	$	9,615		$	762		$	21,035		$	(12,373	)
Amount reclassified from AOCI into Interest expense as (expense)/income	$	(115	)	$	1,302		$	(401	)	$	3,876
Total amount of Interest expense presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are being recorded	$	(87,721	)	$	(84,261	)	$	(254,751	)	$	(245,842	)

11. 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 Condensed 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 Condensed Consolidated Statements of Income.

As of September 30, 2026, the Parent Company is the managing member of Kimco OP and owns 99.74% of the outstanding OP Units. Noncontrolling OP Units are owned by third parties and certain officers and directors of the Company. The Parent Company has granted to certain employees and directors long-term incentive plan units (“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 14 of the Notes to Condensed 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. During the nine months ended September 30, 2026, 20,877 OP Units were redeemed for $0.4 million in cash. As of September 30, 2026, noncontrolling interests relating to the Noncontrolling OP Units were $39.7 million and consisted of the following:


Type	Units Outstanding		Return Per Annum
Vested OP Units		1,081,867	Equal to the Company’s common stock dividend
Unvested Time-Based OP Units		675,068	Equal to the Company’s common stock dividend
Unvested Performance-Based OP Units		1,556,501	Dividend equivalent OP Units upon vesting

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 was classified as mezzanine equity and included in Redeemable noncontrolling interests on the Company’s Condensed 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. In February 2026, all of the remaining 824,410 Preferred Outside Partner Units outstanding and 170,585 Common Outside Partner Units outstanding were redeemed for cash of $20.2 million, in separate transactions, and as such, this entity is no longer a VIE. These transactions resulted in a net decrease in Redeemable noncontrolling interests of $14.8 million and a decrease in the embedded derivative liability in Other liabilities of $5.4 million on the Company’s Condensed Consolidated Balance Sheets. In addition, the Company paid $12.5 million, in January 2026, related to the put option exercised in December 2025, which resulted in a decrease in Accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2025, 46,461 Preferred Outside Partner Units and 5,162 Common Outside Partner Units were redeemed for cash of $1.0 million, in separate transactions. These transactions resulted in a net decrease in Redeemable noncontrolling interests of $0.7 million and a decrease in the embedded derivative liability in Other liabilities of $0.4 million on the Company’s Condensed Consolidated Balance Sheets.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the nine months ended September 30, 2026 and 2025 (in thousands):


	Nine Months Ended September 30,
	2026			2025
Balance at January 1,	$	24,506		$	47,877
Net income		359			2,249
Distributions		(359	)		(2,249	)
Redemption/conversion of noncontrolling interests (1)		(24,792	)		(676	)
Adjustment to estimated redemption value		286			(418	)
Balance at September 30,	$	-		$	46,783

(1)

Includes Preferred and Common Outside Partner Units, which were fully redeemed in February 2026 and partially redeemed during the nine months ended September 30, 2025. Also, during the nine months ended September 30, 2026, the Company acquired the remaining outside partner’s interest in a consolidated property for a purchase price of $6.0 million.

12. Variable Interest Entities

Consolidated Operating Properties

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 September 30, 2026 and December 31, 2025, 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 September 30, 2026, total assets of these VIEs were $1.1 billion and total liabilities were $68.2 million. At December 31, 2025, total assets of these VIEs were $1.7 billion and total liabilities were $153.0 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, was a consolidated development project, which was a VIE for which the Company was the primary beneficiary at December 31, 2025. The Company deconsolidated this development project during 2026, and it is now accounted for as a preferred equity investment with a gross value of $48.7 million, see Unconsolidated Redevelopment Investments below. This entity was primarily established to develop a real estate property to be held as a long-term investment. The Company’s involvement with this entity was through its majority ownership of the property. This entity was 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 were to be funded by construction loan financing and the partners over the construction period. The Company previously 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 Condensed Consolidated Balance Sheets are as follows (dollars in millions):

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)


	As of September 30, 2026		As of December 31, 2025
Number of unencumbered VIEs		22		23
Number of encumbered VIEs		1		3
Total number of consolidated VIEs		23		26

Restricted Assets:
Real estate, net	$	46.5	$	347.8
Cash, cash equivalents and restricted cash		1.7		4.6
Accounts and other receivables, net		1.1		3.9
Other assets		1.1		1.9
Total Restricted Assets	$	50.4	$	358.2

VIE Liabilities:
Mortgages payable, net	$	17.2	$	83.6
Accounts payable and accrued expenses		11.5		9.8
Intangible liabilities, net		30.4		44.2
Operating lease liabilities		1.7		1.7
Other liabilities		7.4		13.7
Total VIE Liabilities	$	68.2	$	153.0

Unconsolidated Redevelopment Investments

Included in the Company’s preferred equity investments at September 30, 2026, is an unconsolidated development project located in Daly City, CA, which is a VIE for which the Company is not the primary beneficiary. In addition, the Company has a preferred equity investment in an unconsolidated development project located in Ardmore, PA, that was previously deemed a VIE at December 31, 2025, which was placed in service and now has sufficient capital to finance its activities and, as such, this entity is no longer deemed a VIE at September 30, 2026. These preferred equity investments were primarily established to develop real estate properties for long-term investments and are deemed VIEs primarily because the equity investments at risk are not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to these entities 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 periods. The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company has shared control of these entities along with the entities’ partners and therefore does not have controlling financial interest.

As of September 30, 2026 and December 31, 2025, the Company’s preferred equity investments deemed as VIEs were $54.0 million and $39.8 million, respectively, which are included in Other investments on the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is the Company’s carrying value in these investments. The Company has not provided financial support to these VIEs 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 partners in accordance with their respective ownership percentages if necessary.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

13. Fair Value Measurements

All financial instruments of the Company are reflected in the accompanying Condensed 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 was based on using the “with-and-without” method. The interest rate swaps are measured at fair value using a market standard methodology that incorporates the net present value of estimated future fixed and variable cash flows. The variable cash flows are based on forward interest rate curves derived from observable market data. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements for interest rate swaps.

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). The Company’s Exchangeable Senior Notes are not publicly traded, and are classified as Level 2 in the fair value hierarchy given the use of observable inputs such as quoted prices in active markets for similar liabilities or other inputs using observable market data. Valuations are based on expected future payments discounted at risk-adjusted and quoted market prices.

The following table presents the carrying amount and estimated fair value of the Company's financial instruments not measured at fair value as of September 30, 2026 and December 31, 2025 (in thousands):


		September 30, 2026				December 31, 2025
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Mortgage and other financing receivables (1)	Level 3	$	339,417	$	322,530	$	383,935	$	392,222
Liabilities:
Notes payable, net (2)
Senior unsecured notes	Level 2	$	7,183,333	$	6,502,516	$	6,859,458	$	6,550,537
Unsecured term loans	Level 3	$	859,759	$	860,129	$	859,272	$	860,685
Mortgages payable, net (3)	Level 3	$	428,929	$	412,717	$	467,203	$	455,214

(1)

The carrying value includes, and the fair value excludes, allowance for credit losses of $5.4 million as of both September 30, 2026 and December 31, 2025.

(2)

The carrying value includes, and the fair value excludes, deferred financing costs of $68.4 million and $62.5 million as of September 30, 2026 and December 31, 2025, respectively.

(3)

The carrying value includes, and the fair value excludes, deferred financing costs of $0.8 million as of both September 30, 2026 and December 31, 2025.

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.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):


	Balance at September 30, 2026		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	4,444	$	4,444	$	-	$	-
Interest rate swaps derivative assets	$	12,866	$	-	$	12,866	$	-


	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

The significant unobservable input (Level 3 inputs) used in measuring the Company’s embedded derivative liability, which is categorized within Level 3 of the fair value hierarchy, was the discount rate of 5.30% as of December 31, 2025.

The table below summarizes the change in the fair value of the embedded derivative liability measured using Level 3 inputs for the nine months ended September 30, 2026 and 2025 (in thousands):


	Nine Months Ended September 30,
	2026			2025
Balance as of January 1,	$	5,440		$	19,864
Settlements		(5,440	)		(370	)
Change in fair value (included in Other income/(expense), net)		-			(1,770	)
Balance as of September 30,	$	-		$	17,724

Assets measured at fair value on a non-recurring basis at September 30, 2026 and December 31, 2025 were as follows (in thousands):


	Balance at September 30, 2026		Level 1		Level 2		Level 3
Real estate	$	1,500	$	-	$	-	$	1,500


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

During the nine months ended September 30, 2026 and 2025, the Company recognized impairment charges related to adjustments to property carrying values of $9.1 million and $8.6 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 did 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.

14. Incentive Plans

In April 2025, the Company’s stockholders approved the Kimco Realty Corporation 2025 Equity Participation Plan (as amended and/or restated, the “2025 Plan”), which is the successor to the Kimco Realty Corporation 2020 Equity Participation Plan (together with the 2025 Plan, the “Plans”). 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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

equivalents, LTIP Units (including performance-based LTIP Units), stock payments and deferred stock awards. At September 30, 2026, the Company had 16.2 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 Company’s Condensed Consolidated Statements of Income over the service period based on their fair values. Unless otherwise determined by the Board of Directors at its sole discretion, restricted stock grants under the 2025 Plan generally vest (i) 100% on the fourth or fifth anniversary of the grant or (ii) ratably over four or five years. 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.

The Company grants performance awards and Performance-Based LTIP Units which include both market and operating performance targets. Fair value of these awards with market performance targets are determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Fair value of the operating performance targets are calculated based on the Company’s common stock closing share price on the date of grant. The operating performance awards vest based on the achievement of specified operating performance objectives. Compensation expense is recognized over the requisite service period based on management’s estimate of the number of awards expected to vest, which reflects the probability of achieving the applicable operating performance targets. Management reviews these estimates each reporting period and records any resulting adjustments in the period of change. The estimation of whether the operating performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period the estimates are revised.

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 expenses associated with its equity awards of $27.6 million and $25.3 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company had $43.8 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans. That cost is expected to be recognized over a weighted-average period of approximately 2.4 years.

Restricted Stock

Information with respect to restricted stock under the Plans for the nine months ended September 30, 2026 and 2025 is as follows:


	2026			2025
Restricted stock outstanding as of January 1,		2,503,102			2,745,884
Granted (1)		617,980			716,070
Vested		(849,916	)		(901,414	)
Forfeited		(35,726	)		(14,624	)
Restricted stock outstanding as of September 30,		2,235,440			2,545,916

(1)

The weighted-average grant date fair value for restricted stock issued during the nine months ended September 30, 2026 and 2025 was $22.68 and $20.08, respectively.

Performance Shares

Information with respect to performance share awards under the Plans for the nine months ended September 30, 2026 and 2025 is as follows:


	2026		2025
Performance share awards outstanding as of January 1,		642,660		908,890
Granted (1)		206,570		264,970
Vested		-		-
Performance share awards outstanding as of September 30,		849,230		1,173,860

(1)

The weighted-average grant date fair value for performance shares issued during the nine months ended September 30, 2026 and 2025 was $25.04 and $18.84, respectively. The number of awards granted with operating performance targets are based on assumed achievement of target level performance.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the nine months ended September 30, 2026 and 2025, the Company issued 0 and 524,636 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 the performance share awards granted with market conditions during the nine months ended September 30, 2026 and 2025 were as follows:


	2026			2025
Stock price	$	22.32		$	19.98
Dividend yield (1)		-			-
Risk-free interest rate		3.50	%		3.52	%
Volatility (2)		23.16	%		26.07	%
Term of the award (years)		2.86			2.67

(1)

Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

(2)

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.

Time-Based LTIP Units

Information with respect to Time-Based LTIP Unit awards with time-based vesting requirements under the Plans for the nine months ended September 30, 2026 and 2025 is as follows:


	2026			2025
Time-Based LTIP unit awards outstanding as of January 1,		442,708			120,700
Granted (1)		333,090			370,780
Vested		(100,730	)		(48,772	)
Time-Based LTIP unit awards outstanding as of September 30,		675,068			442,708

(1)

The weighted-average grant date fair value for Time-Based LTIP Units issued during the nine months ended September 30, 2026 and 2025 was $22.66 and $20.08, respectively.

Performance-Based LTIP Units

Information with respect to Performance-Based LTIP Units, including performance dividend equivalent units, under the Plans for the nine months ended September 30, 2026 and 2025 is as follows:


	2026		2025
Performance-Based LTIP unit awards outstanding as of January 1,		1,076,361		474,611
Granted (1)		480,140		601,750
Performance-Based LTIP unit awards outstanding as of September 30,		1,556,501		1,076,361

(1)

The weighted-average grant date fair value for Performance-Based LTIP Units issued, excluding performance dividend equivalent units, during the nine months ended September 30, 2026 and 2025 was $20.07 and $9.42, respectively. The number of awards granted with operating performance targets are based on assumed achievement of target level performance.

The significant assumptions underlying the determination of fair values using Monte Carlo simulations for the Performance-Based LTIP Units granted with market conditions during the nine months ended September 30, 2026 and 2025 were as follows:


	2026			2025
Stock price	$	22.32		$	19.98
Dividend yield (1)		-			-
Risk-free interest rate		3.50	%		3.52	%
Volatility (2)		23.16	%		26.07	%
Term of the award (years)		2.86			2.67

(1)

Total Shareholder Returns, as used in the Performance-Based LTIP Unit computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(2)

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.

15. Stockholders’ Equity

Preferred Stock

The Company’s outstanding Preferred Stock as of September 30, 2026 and December 31, 2025 are detailed below:


As of September 30, 2026
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,277	$	206,925		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,811		245,262		5.250	%	$	1.31250	$	1.00	12/20/2022
Class N		1,849		627		31,332		7.250	%	$	3.62500	$	1.00	N/A
				18,715	$	483,519


As of December 31, 2025
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption 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

At September 30, 2026, the Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3087 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 September 30, 2026, the Class N Preferred Stock was potentially convertible into 1.4 million shares of common stock. The Company’s Class L and Class M Preferred Stock are not convertible or exchangeable for any other securities or property 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, eliminating its expiration date. As of September 30, 2026, the Company had 167,999 depositary shares of Class L Preferred Stock, 277,480 depositary shares of Class M Preferred Stock, and 126,578 depositary shares of Class N Preferred Stock available to repurchase under this preferred stock repurchase authorization.

During the nine months ended September 30, 2026, the Company repurchased the following preferred stock:


Class of Preferred Stock	Depositary Shares Repurchased		Purchase Price (in thousands)		Redemption Gain/(Loss) (in thousands)
Class L		624,716	$	12,459	$	2,628
Class M		654,969	$	13,323	$	2,548
Class N (1)		753,707	$	48,235	$	(5,176	)

(1)

In connection with the repurchase of 516,750 Class N depositary shares, the Company issued 549,250 common shares for net proceeds of $13.8 million. All of the 753,707 Class N depositary shares repurchased in the table above and the 549,250 common shares issued were separately authorized by the Company’s Board of Directors and not part of the Company’s publicly announced programs or previous authorizations.

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.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

Common Stock

During November 2025, the Company established an 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. The Company did not issue any shares under the ATM Program during the nine months ended September 30, 2026. As of September 30, 2026, the Company had $750.0 million available under this ATM Program.

During November 2025, the Company established a common share repurchase program. Under this 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 nine months ended September 30, 2026, the Company repurchased 6,322,103 shares of common stock for an aggregate purchase price of $150.5 million (weighted average price of $23.80 per share). As of September 30, 2026, the Company had $538.1 million available under this common share repurchase program.

In addition to repurchases under the common share repurchase program, in June 2026, separate from the repurchase program described above, the Company repurchased 4.1 million shares of common stock for a total purchase price of $104.7 million (at a price of $25.38 per share) using a portion of the proceeds from the Exchangeable Senior Notes offering.

Dividends Declared

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Common Shares	$	0.28000	$	0.25000	$	0.80000	$	0.75000
Class L Depositary Shares	$	0.32031	$	0.32031	$	0.96093	$	0.96093
Class M Depositary Shares	$	0.32813	$	0.32813	$	0.98439	$	0.98439
Class N Depositary Shares	$	0.90625	$	0.90625	$	2.71875	$	2.71875

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

16. Supplemental Schedule of Non-Cash Investing / Financing Activities

The following schedule summarizes the non-cash investing and financing activities of the Company for the nine months ended September 30, 2026 and 2025 (in thousands):


	Nine Months Ended September 30,
	2026			2025
Consolidation of Joint Ventures:
Real estate assets, net	$	-		$	76,488
Mortgages payable, net	$	-		$	(31,425	)
Deconsolidation of Joint Venture:
Real estate assets, net	$	(48,779	)	$	-
Investments in and advances to other investments	$	48,727		$	-
Other assets	$	(690	)	$	-
Other liabilities	$	512		$	-
Proceeds deposited in escrow through sale of real estate interests	$	27,827		$	10,908
Capital expenditures accrual	$	56,114		$	45,853
Conversion of other financing receivable to cost method investment	$	2,423		$	-
Lease liabilities arising from obtaining operating right-of-use assets	$	1,424		$	7,377
Decrease in noncontrolling interests’ carrying amount, net (including redeemable)	$	(3,221	)	$	(340	)
Surrender of restricted common stock/units	$	6,394		$	11,687
Declaration of dividends/distributions paid in succeeding period	$	5,437		$	6,364

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


	As of September 30, 2026		As of December 31, 2025
Cash and cash equivalents	$	543,744	$	211,648
Restricted cash		1,172		1,146
Total cash, cash equivalents and restricted cash	$	544,916	$	212,794

17. 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 September 30, 2026, these letters of credit aggregated $49.3 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 September 30, 2026. 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 investments with funding commitments of $30.0 million, of which $25.3 million has been funded as of September 30, 2026. In addition, the Company has mortgage and other financing receivables with undrawn loan advances of $54.3 million as of September 30, 2026.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Other

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 September 30, 2026, there were $16.7 million in performance and surety bonds outstanding.

The Company is subject to various 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 September 30, 2026.

18. Accumulated Other Comprehensive Income/(Loss) (“AOCI”)

The following tables present the change in the components of AOCI for the three and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended September 30, 2026								Nine Months Ended September 30, 2026
	Cash Flow Hedges for Interest Payments		Cash Flow Hedges for Interest Payments of Unconsolidated Investees			Total			Cash Flow Hedges for Interest Payments			Cash Flow Hedges for Interest Payments of Unconsolidated Investees			Total
Balance at beginning of period	$	3,136	$	1,654		$	4,790		$	(8,570	)	$	(222	)	$	(8,792	)
Other comprehensive income before reclassifications		9,615		812			10,427			21,035			3,154			24,189
Amounts reclassified from AOCI		115		(304	)		(189	)		401			(770	)		(369	)
Net current-period other comprehensive income		9,730		508			10,238			21,436			2,384			23,820
Balance at end of period	$	12,866	$	2,162		$	15,028		$	12,866		$	2,162		$	15,028


	Three Months Ended September 30, 2025									Nine Months Ended September 30, 2025
	Cash Flow Hedges for Interest Payments			Cash Flow Hedges for Interest Payments of Unconsolidated Investees			Total			Cash Flow Hedges for Interest Payments			Cash Flow Hedges for Interest Payments of Unconsolidated Investees			Total
Balance at beginning of period	$	(8,470	)	$	680		$	(7,790	)	$	7,239		$	3,799		$	11,038
Other comprehensive income/(loss) before reclassifications		762			254			1,016			(12,373	)		(2,026	)		(14,399	)
Amounts reclassified from AOCI		(1,302	)		(768	)		(2,070	)		(3,876	)		(1,607	)		(5,483	)
Net current-period other comprehensive loss		(540	)		(514	)		(1,054	)		(16,249	)		(3,633	)		(19,882	)
Balance at end of period	$	(9,010	)	$	166		$	(8,844	)	$	(9,010	)	$	166		$	(8,844	)

On the Company’s Condensed Consolidated Statements of Income, unrealized gains and losses reclassified from AOCI related to (i) cash flow hedges for interest payments are included in Interest expense and (ii) cash flow hedges for interest payments of unconsolidated investees are included in Equity in income of joint ventures, net.

19. 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

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 Topic 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.

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):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenues	$	539,725		$	531,113		$	1,638,960		$	1,583,329
Operating expenses
Rent		(4,226	)		(4,164	)		(12,455	)		(12,590	)
Real estate taxes		(68,015	)		(67,384	)		(212,089	)		(203,854	)
Operating and maintenance		(89,416	)		(92,434	)		(279,776	)		(273,056	)
Total operating expenses		(161,657	)		(163,982	)		(504,320	)		(489,500	)
NOI from unconsolidated real estate joint ventures		49,672			47,970			150,952			148,555
NOI at share	$	427,740		$	415,101		$	1,285,592		$	1,242,384

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
NOI at share	$	427,740		$	415,101		$	1,285,592		$	1,242,384
Adjustments:
Management and other fee income		6,422			4,748			16,004			14,331
General and administrative		(29,959	)		(29,646	)		(97,095	)		(96,485	)
Impairment charges		(7,984	)		(440	)		(14,650	)		(8,619	)
Depreciation and amortization		(155,945	)		(158,269	)		(461,450	)		(473,045	)
Gain on sale of properties		89,382			3,705			106,451			43,514
Other income/(expense), net		3,186			(2,319	)		(63	)		789
Mortgage and other financing income, net		12,630			12,375			36,549			35,706
Interest expense		(87,721	)		(84,261	)		(254,751	)		(245,842	)
(Provision)/benefit for income taxes, net		(149	)		875			86			45
Equity in income of joint ventures, net		73,909			26,967			131,166			73,640
Equity in income/(loss) of other investments, net		229			(811	)		5,491			1,637
NOI from unconsolidated real estate joint ventures		(49,672	)		(47,970	)		(150,952	)		(148,555	)
Net income	$	282,068		$	140,055		$	602,378		$	439,500

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

20. Earnings Per Share/Unit

The following table sets forth the reconciliation of the Company’s 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):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	272,465		$	130,239		$	575,585		$	410,803
Earnings attributable to participating securities		(1,401	)		(640	)		(2,165	)		(1,867	)
Net income available to the Company’s common shareholders for basic earnings per share		271,064			129,599			573,420			408,936
Distributions on convertible units		10			-			2,771			27
Distributions on convertible preferred shares		674			-			-			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	271,748		$	129,599		$	576,191		$	408,963

Weighted average common shares outstanding – basic		666,460			674,639			669,814			675,433
Effect of dilutive securities (1):
Equity awards		878			732			859			762
Assumed conversion of convertible units		88			52			3,316			91
Assumed conversion of convertible preferred shares		1,767			-			-			-
Weighted average common shares outstanding – diluted		669,193			675,423			673,989			676,286

Net income available to the Company's common shareholders:
Basic earnings per share	$	0.41		$	0.19		$	0.86		$	0.61
Diluted earnings per share	$	0.41		$	0.19		$	0.85		$	0.60

(1)

The effect of the assumed conversion of certain convertible units and 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. Additionally, there were potentially issuable shares related to the Exchangeable Senior Notes that were not dilutive as of September 30, 2026.

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders	$	273,193		$	130,533		$	577,142		$	411,655
Earnings attributable to participating securities		(1,454	)		(751	)		(2,612	)		(2,089	)
Net income available to Kimco OP’s common unitholders for basic earnings per unit		271,739			129,782			574,530			409,566
Distributions on convertible units		875			-			1,857			27
Distributions on convertible preferred units		674			-			-			-
Net income available to Kimco OP’s common unitholders for diluted earnings per unit	$	273,288		$	129,782		$	576,387		$	409,593

Weighted average common units outstanding – basic		667,542			675,641			670,885			676,421
Effect of dilutive securities (1):
Unit awards		878			732			859			762
Assumed conversion of convertible units		2,218			52			2,245			91
Assumed conversion of convertible preferred units		1,767			-			-			-
Weighted average common units outstanding – diluted		672,405			676,425			673,989			677,274

Net income available to Kimco OP’s common unitholders:
Basic earnings per unit	$	0.41		$	0.19		$	0.86		$	0.61
Diluted earnings per unit	$	0.41		$	0.19		$	0.86		$	0.60

(1)

The effect of the assumed conversion of certain convertible units and 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. Additionally, there were potentially issuable units related to the Exchangeable Senior Notes that were not dilutive as of September 30, 2026.

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.

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

Forward-Looking Statements

This Quarterly Report on Form 10-Q, 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” in our Annual Report on Form 10-K for the year ended December 31, 2025. 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 in other filings with the Securities and Exchange Commission (“SEC”).

The following discussion should be read in conjunction with the accompanying Condensed Consolidated Financial Statements and Notes thereto. These unaudited financial statements include all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature.

Executive Overview

Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”), of which 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, and the Parent Company is the managing member of Kimco OP. Management operates the Parent Company and Kimco OP as one business. As of September 30, 2026, the Parent Company owned 99.74% 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, such terms refer solely to Kimco Realty Corporation.

The Company is a 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. 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 is a self-administered REIT and has owned and operated open-air shopping centers for over 65 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of September 30, 2026, the Company had interests in 561 U.S. shopping center properties, aggregating 99.1 million square feet of gross leasable area (“GLA”), located in 29 states. In addition, the Company had 65 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.1 million square feet of GLA. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.

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.

Economic Conditions and Regulatory Updates

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, global conflicts 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.

Results of Operations

Comparison of the three and nine months ended September 30, 2026 and 2025

The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025 (in thousands, except per share data):


	Three Months Ended September 30,									Nine Months Ended September 30,
	2026			2025			Change			2026			2025			Change
Revenues
Revenues from rental properties, net	$	539,725		$	531,113		$	8,612		$	1,638,960		$	1,583,329		$	55,631
Management and other fee income		6,422			4,748			1,674			16,004			14,331			1,673
Operating expenses
Rent (1)		(4,226	)		(4,164	)		(62	)		(12,455	)		(12,590	)		135
Real estate taxes		(68,015	)		(67,384	)		(631	)		(212,089	)		(203,854	)		(8,235	)
Operating and maintenance (2)		(89,416	)		(92,434	)		3,018			(279,776	)		(273,056	)		(6,720	)
General and administrative (3)		(29,959	)		(29,646	)		(313	)		(97,095	)		(96,485	)		(610	)
Impairment charges		(7,984	)		(440	)		(7,544	)		(14,650	)		(8,619	)		(6,031	)
Depreciation and amortization		(155,945	)		(158,269	)		2,324			(461,450	)		(473,045	)		11,595
Gain on sale of properties		89,382			3,705			85,677			106,451			43,514			62,937
Other income/(expense)
Other income/(expense), net		3,186			(2,319	)		5,505			(63	)		789			(852	)
Mortgage and other financing income, net		12,630			12,375			255			36,549			35,706			843
Interest expense		(87,721	)		(84,261	)		(3,460	)		(254,751	)		(245,842	)		(8,909	)
(Provision)/benefit for income taxes, net		(149	)		875			(1,024	)		86			45			41
Equity in income of joint ventures, net		73,909			26,967			46,942			131,166			73,640			57,526
Equity in income/(loss) of other investments, net		229			(811	)		1,040			5,491			1,637			3,854
Net income attributable to noncontrolling interests		(2,994	)		(2,280	)		(714	)		(5,112	)		(5,922	)		810
Preferred dividends, net		(6,609	)		(7,536	)		927			(21,681	)		(22,775	)		1,094
Net income available to the Company's common shareholders	$	272,465		$	130,239		$	142,226		$	575,585		$	410,803		$	164,782
Net income available to the Company's common shareholders:
Diluted per common share	$	0.41		$	0.19		$	0.22		$	0.85		$	0.60		$	0.25

(1)

Rent expense relates to ground lease payments for which the Company is the lessee.

(2)

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.

(3)

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 $272.5 million for the three months ended September 30, 2026, as compared to $130.2 million for the comparable period in 2025. On a diluted per common share basis, Net income available to the Company’s common shareholders for the three months ended September 30, 2026 was $0.41, as compared to $0.19 for the three months ended September 30, 2025.

Net income available to the Company’s common shareholders was $575.6 million for the nine months ended September 30, 2026, as compared to $410.8 million for the comparable period in 2025. On a diluted per common share basis, Net income available to the Company’s common shareholders for the nine months ended September 30, 2026 was $0.85 as compared to $0.60 for the comparable period in 2025.

The following describes the changes of certain line items included on the Company’s Condensed Consolidated Statements of Income that the Company believes changed significantly and affected Net income available to the Company’s common shareholders during the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025.

Revenues from rental properties, net –

The increase in Revenues from rental properties, net of $8.6 million for the three months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily from (i) a net increase in revenues from tenants of $7.4 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $3.7 million due to properties acquired during 2026 and 2025, (iii) an increase in lease termination fee income of $2.8 million and (iv) a net increase of $1.4 million due to changes in credit losses from tenants, partially offset by (v) a decrease in amortization of above-market and below-market leases of $4.8 million primarily from vacated tenants and (vi) a decrease in revenues of $1.9 million due to dispositions during 2026 and 2025.

The increase in Revenues from rental properties, net of $55.6 million for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily from (i) a net increase in revenues from tenants of $42.6 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $9.8 million due to properties acquired during 2026 and 2025, (iii) a net increase of $3.0 million due to changes in credit losses from tenants, (iv) an increase in amortization of above-market and below-market leases of $2.7 million primarily from vacated tenants and (v) an increase in net straight-line rental income of $2.6 million, partially offset by (vi) a decrease in revenues of $5.1 million due to dispositions during 2026 and 2025.

Real estate taxes –

The increase in Real estate taxes of $8.2 million for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily due to (i) an overall increase in assessed values in the current portfolio, (ii) an increase of $1.1 million due to properties acquired during 2026 and 2025 and (iii) timing of real estate tax refunds.

Operating and maintenance –

The increase in Operating and maintenance expense of $6.7 million for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily due to (i) an increase in snow removal costs of $4.6 million, (ii) an overall increase in utility expenses of $3.9 million and (iii) an overall increase in operating costs of $2.0 million, partially offset by (iv) a decrease in repairs and maintenance expense of $2.3 million and (v) lower insurance expense of $1.5 million.

Impairment charges –

During the nine months ended September 30, 2026, the Company recognized a $5.6 million impairment charge related to its investment in preferred stock following the investee’s bankruptcy restructuring filing. Additionally, during the nine months ended September 30, 2026 and 2025, the Company recognized impairment charges related to adjustments to property carrying values of $9.1 million and $8.6 million, respectively, 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.

Depreciation and amortization –

The decrease in Depreciation and amortization of $11.6 million for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily due to (i) a net decrease of $28.9 million due to fully depreciated assets and write-offs, primarily from demolition and vacated tenants and (ii) a decrease of $12.5 million due to dispositions during 2026 and 2025, partially offset by (iii) an increase of $24.5 million due to depreciation commencing on certain redevelopment projects and tenant improvement projects that were placed into service during 2026 and 2025 and (iv) an increase of $5.3 million resulting from properties acquired during 2026 and 2025.

Gain on sale of properties –

During the nine months ended September 30, 2026, the Company disposed of three operating properties and nine parcels, in separate transactions, for an aggregate sales price of $188.8 million, which resulted in aggregate gains of $106.5 million. During the nine months ended September 30, 2025, the Company disposed of two operating properties and three land parcels, in separate transactions, for an aggregate sales price of $71.6 million, which resulted in an aggregate gain of $43.5 million.

Other income/(expense), net –

The change in Other income/(expense), net of $5.5 million for the three months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily due to (i) an increase in interest income of $4.1 million resulting from higher cash balances during 2026 as compared to 2025 and (ii) $1.1 million in lower costs associated with potential transactions for which the Company is no longer pursuing.

Interest expense –

The increases in Interest expense of $3.5 million and $8.9 million for the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in 2025, are primarily due to (i) the issuance of unsecured notes and assumption of mortgage loans during 2026 and 2025, partially offset by (ii) the paydown of unsecured notes and repayment of mortgage loans during 2026 and 2025.

Equity in income of joint ventures, net –

The increase in Equity in income of joint ventures, net of $46.9 million for the three months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily due to (i) higher gains of $44.7 million recognized on sale of properties within various joint venture investments during 2026 compared to 2025 and (ii) higher equity in income of $2.7 million primarily due to lower depreciation and amortization expense, partially offset by (iii) impairment charges of $0.5 million during 2026.

The increase in Equity in income of joint ventures, net of $57.5 million for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily due to (i) higher gains of $53.9 million recognized on sale of operating properties within various joint venture investments during 2026 compared to 2025 and (ii) higher equity in income of $4.1 million primarily due to lower depreciation and amortization expense, partially offset by (iii) impairment charges of $0.5 million during 2026.

Equity in income/(loss) of other investments, net –

The increase in Equity in income/(loss) of other investments, net of $3.9 million for the nine months ended September 30, 2026, as compared to the corresponding period in 2025, is primarily due to an increase in profit participation of $6.8 million from the sale of a property within the Company’s Preferred Equity Program during 2026, partially offset by mark-to-market fluctuations of certain investments.

Tenant Concentration

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 September 30, 2026, the Company had interests in 561 U.S. shopping center properties, aggregating 99.1 million square feet of GLA, located in 29 states. At September 30, 2026, the Company’s five largest tenants were The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods and Albertsons Companies, Inc., which represented 3.8%, 2.0%, 1.9%, 1.8% and 1.6%, respectively, 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.

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 Company’s unsecured revolving credit facility (“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. As of September 30, 2026, the Commercial Paper Program had no outstanding balance.

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 of our Annual Report on Form 10-K for the year ended December 31, 2025.

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


	Nine Months Ended September 30,
	2026			2025
Cash, cash equivalents and restricted cash, beginning of the period	$	212,794		$	689,731
Net cash flow provided by operating activities		977,839			861,644
Net cash flow provided by/(used for) investing activities		518			(491,318	)
Net cash flow used for financing activities		(646,235	)		(899,576	)
Net change in cash, cash equivalents and restricted cash		332,122			(529,250	)
Cash, cash equivalents and restricted cash, end of the period	$	544,916		$	160,481

Operating Activities

Net cash flow provided by operating activities for the nine months ended September 30, 2026 was $977.8 million, as compared to $861.6 million for the comparable period in 2025. The increase of $116.2 million is primarily attributable to:

•

additional operating cash flow generated by operating properties acquired during 2026 and 2025;

•

new leasing, expansion and re-tenanting of core portfolio properties;

•

an increase in distributions from the Company’s joint ventures programs and other investments; and

•

net changes in assets and liabilities due to timing of receipts and payments; partially offset by

•

the disposition of operating properties during 2026 and 2025.

Investing Activities

Net cash flow provided by investing activities was $0.5 million for the nine months ended September 30, 2026, as compared to net cash flow used for investing activities of $491.3 million for the comparable period in 2025.

Investing activities during the nine months ended September 30, 2026 primarily consisted of:

Cash inflows:

•

$203.9 million in distributions from real estate joint ventures and other investments in excess of equity in earnings primarily due to proceeds from the sale of operating properties and mortgage loan financings;

•

$164.6 million from the collection of mortgage and other financing receivables; and

•

$156.4 million in proceeds from sale of three operating properties and nine land parcels.

Cash outflows:

•

$273.9 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;

•

$122.1 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;

•

$115.5 million for acquisition of two operating properties and a leasehold interest; and

•

$12.3 million for investments in and advances to real estate joint ventures and other investments.

Investing activities during the nine months ended September 30, 2025 primarily consisted of:

Cash inflows:

•

$71.8 million from the collection of mortgage and other financing receivables;

•

$58.2 million in proceeds from sale of two operating properties and three land parcels; and

•

$19.8 million in distributions from real estate joint ventures and other investments in excess of equity in earnings.

Cash outflows:

•

$252.0 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;

•

$232.0 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;

•

$144.4 million for acquisition/consolidation of two operating properties;

•

$8.4 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios; and

•

$5.9 million for investment in preferred stock and cost method investments.

Acquisition of Operating Real Estate –

The Company anticipates spending up to approximately $150.0 million to $300.0 million towards the acquisition of, or the purchase of additional interests in, operating properties for the remainder of 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. During the nine months ended September 30, 2026 and 2025, the Company expended $115.5 million and $144.4 million for the acquisition of operating real estate properties, respectively.

Improvements to Operating Real Estate –

During the nine months ended September 30, 2026 and 2025, the Company expended the following amounts for improvements to operating real estate (in thousands):


	Nine Months Ended September 30,
	2026		2025
Redevelopment and renovations	$	179,586	$	126,267
Tenant improvements and tenant allowances		94,361		105,699
Total improvements	$	273,947	$	231,966

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 the remainder of 2026 will be approximately $75.0 million to $100.0 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 $646.2 million for the nine months ended September 30, 2026, as compared to $899.6 million for the comparable period in 2025.

Financing activities during the nine months ended September 30, 2026 primarily consisted of:

Cash inflows:

•

$600.0 million in proceeds from issuance of exchangeable senior notes;

•

$17.4 million in proceeds from mortgage loan financing; and

•

$13.8 million in proceeds from issuance of common stock, net.

Cash outflows:

•

$560.1 million of dividends paid;

•

$266.0 million for repayments of unsecured notes;

•

$255.2 million for repurchase of common stock;

•

$73.9 million for repurchase of preferred stock;

•

$55.9 million in principal payments on debt (related to the repayment of debt on two encumbered properties), including normal amortization on rental property debt;

•

$44.7 million for distribution and redemption of noncontrolling interests;

•

$19.6 million in financing origination costs; and

•

$6.4 million in shares repurchased for employee tax withholding on equity awards.

Financing activities during the nine months ended September 30, 2025 primarily consisted of:

Cash inflows:

•

$500.0 million in proceeds from issuance of unsecured notes; and

•

$40.0 million in proceeds from the Credit Facility, net.

Cash outflows:

•

$740.5 million for repayments of unsecured notes;

•

$531.1 million of dividends paid;

•

$58.8 million for repurchase of common stock;

•

$57.9 million in principal payments on debt (related to the repayment of debt on three encumbered properties), including normal amortization on rental property debt;

•

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

•

$11.7 million in shares repurchased for employee tax withholding on equity awards;

•

$7.5 million in financing origination costs; and

•

$7.5 million for distribution and redemption of noncontrolling interests.

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 September 30, 2026, the Company had consolidated floating rate debt totaling $17.2 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 $507.0 million of consolidated debt and $24.6 million of unconsolidated joint venture debt, assuming the utilization of extension options where available. During October 2026, the Company repaid $500.0 million of consolidated senior unsecured notes. 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 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 Kimco Realty Corporation 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 September 30, 2026, the Company had 16.2 million shares of common stock available for issuance under the 2025 Plan.

Preferred Stock –

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, eliminating its expiration date. As of September 30, 2026, the Company had 167,999 depositary shares of Class L Preferred Stock, 277,480 depositary shares of Class M Preferred Stock, and 126,578 depositary shares of Class N Preferred Stock available to repurchase under this preferred stock repurchase authorization.

During the nine months ended September 30, 2026, the Company repurchased the following preferred stock:


Class of Preferred Stock	Depositary Shares Repurchased		Purchase Price (in thousands)		Redemption Gain/(Loss) (in thousands)
Class L		624,716	$	12,459	$	2,628
Class M		654,969	$	13,323	$	2,548
Class N (1)		753,707	$	48,235	$	(5,176	)

(1)

Common Stock –

During November 2025, the Company established an 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. The Company did not issue any shares under the ATM Program during the nine months ended September 30, 2026. As of September 30, 2026, the Company had $750.0 million available under this ATM Program.

During November 2025, the Company established a common share repurchase program. Under this 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 has no expiration date. During the nine months ended September 30, 2026, the Company repurchased 6,322,103 shares of common stock for an aggregate purchase price of $150.5 million (weighted average price of $23.80 per share). As of September 30, 2026, the Company had $538.1 million available under this 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 September 30, 2026
Consolidated Indebtedness to Total Assets	< 65%	35%
Consolidated Secured Indebtedness to Total Assets	< 40%	2%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge	> 1.50x	5.2x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness	> 1.50x	2.9x

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 Weingarten Realty Investors (“Weingarten”), 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 Weingarten’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 Weingarten’s Current Report on Form 8-K dated August 2, 2006, and the Second Supplemental Indenture, dated as of October 9, 2012 filed with Weingarten’s Current Report on Form 8-K dated October 9, 2012, each as filed with the SEC. See the Exhibits Index to our Annual Report on Form 10-K for the year ended December 31, 2025 for specific filing information.

During the nine months ended September 30, 2026, the Company fully repaid the following notes payable (dollars in millions):


Type	Date Paid	Amount Repaid		Interest Rate	Maturity Date
Unsecured note	Aug-26	$	250.0	3.25%	Aug-26
Unsecured note	Jul-26	$	16.0	6.64%	Jul-26

During October 2026, the Company repaid $500.0 million in senior unsecured notes, which matured in October 2026 and bore interest at a rate of 2.80% per annum.

Credit Facility –

In February 2026, the Company closed on a new $2.0 billion Credit Facility with a group of banks. The Credit Facility is scheduled to expire in March 2030 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2031. 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 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, as defined in the agreement. As of September 30, 2026, the interest rate on the Credit Facility is Term SOFR plus 63.5 basis points (4.64% as of September 30, 2026) after reductions for sustainability metrics achieved and the Company’s current credit rating. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of September 30, 2026, 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 September 30, 2026
Total Indebtedness to Gross Asset Value (“GAV”)	< 60%	36%
Total Priority Indebtedness to GAV	< 35%	1%
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	4.1x

Exchangeable Senior Notes –

Senior Notes are scheduled to mature in June 2031 and bear interest at a rate of 3.50% per annum. Before March 17, 2031, noteholders will have the right to exchange their notes only upon the occurrence of certain events. On and after March 17, 2031, noteholders may exchange their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle exchanges in cash and, if applicable, shares of the Company’s common stock, at the election of the Company. The initial exchange rate is 30.9028 shares of the Company's common stock per $1,000 principal amount of Exchangeable Senior Notes, which represents an initial exchange price of approximately $32.36 per share of the Company’s common stock. The Exchangeable Senior Notes will be exchangeable for cash up to the aggregate principal amount of the Exchangeable Senior Notes to be exchanged and, in respect of the remainder of the exchange obligation, if any, in excess thereof, cash, common shares or a combination thereof, at the election of the Company.

The Company used a portion of the proceeds from the offering to repurchase 4.1 million shares of its common stock for a total purchase price of $104.7 million (at a price of $25.38 per share). The Company intends to use the remainder of the net proceeds, for general corporate purposes, including, but not limited to, the redemption or repayment of indebtedness and funding for suitable acquisition, investment and redevelopment opportunities.

Term Loans –

The Company has $310.0 million of unsecured term loans ( the “Term Loans”) with a group of banks, which were scheduled to expire between November 2026 and February 2028. In March 2026, the Company amended the Term Loans to add two one-year options to extend the maturity dates, at the Company’s discretion, to November 2028 through February 2030. The Term Loans accrue interest at the rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating and sustainability metric targets, as described in the agreement. As of September 30, 2026, the interest rates on the Term Loans are Adjusted Term SOFR plus 71.0 basis points after reductions for sustainability metrics achieved and the Company’s current credit rating. As of September 30, 2026, 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 4.38% to 4.58%.

The Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) with a group of banks, which is scheduled to mature in January 2027 with two one-year options to extend to January 2029. The Term Loan Credit Facility, as amended, accrues interest at a rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating, as described in the agreement. As of September 30, 2026, the interest rate on the Term Loan Credit Facility is Adjusted Term SOFR plus 75.0 basis points based on the Company’s current credit rating. As of September 30, 2026, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the $550.0 million Term Loan Credit Facility to an all-in fixed rate of 4.46%.

Mortgages Payable –

During the nine months ended September 30, 2026, the Company (i) repaid $31.0 million of mortgage debt that encumbered an operating property and (ii) refinanced a mortgage loan on a consolidated joint venture operating property by obtaining a $23.0 million mortgage loan, of which $17.4 million has been funded and was used to repay the $16.1 million outstanding on the prior mortgage loan.

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 redevelopment and re-tenanting projects. As of September 30, 2026, the Company had over 520 unencumbered property interests in its portfolio.

Letters of Credit –

Funding Commitments –

Other –

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 September 30, 2026, the Company had $16.7 million in performance and surety bonds outstanding.

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 for common and preferred stock for the nine months ended September 30, 2026 and 2025 were $560.1 million and $531.1 million, 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 July 28, 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 were paid on October 15, 2026, to shareholders of record on October 1, 2026. Additionally, on July 28, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.28 per common share, representing a 7.7% increase from the prior quarterly dividend of $0.26, which was paid on September 17, 2026 to shareholders of record on September 4, 2026.

On October 27, 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 January 15, 2027, to shareholders of record on January 4, 2027. Additionally, the Company’s Board of Directors declared a quarterly cash dividend of $0.28 per common share, payable on December 18, 2026 to shareholders of record on December 4, 2026.

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 September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income available to the Company’s common shareholders	$	272,465		$	130,239		$	575,585		$	410,803
Gain on sale of properties		(89,382	)		(3,705	)		(106,451	)		(43,514	)
Gain on sale of joint venture properties		(50,559	)		(5,803	)		(60,496	)		(6,587	)
Depreciation and amortization - real estate related		154,993			157,152			458,494			469,529
Depreciation and amortization - real estate joint ventures		18,989			19,656			58,954			63,521
Impairment charges (including real estate joint ventures)		8,505			440			15,171			8,619
Provision for loan losses, net		-			1,900			-			1,900
Profit participation from other investments, net		755			1,752			(3,500	)		906
Loss/(gain) on marketable securities/derivative, net		65			646			89			(1,802	)
(Benefit)/provision for income taxes, net (1)		(7	)		(1,217	)		1			(1,355	)
Noncontrolling interests (1)		365			(744	)		(1,240	)		(2,253	)
FFO available to the Company’s common shareholders	$	316,189		$	300,316		$	936,607		$	899,767
Weighted average shares outstanding for FFO calculations:
Basic		666,460			674,639			669,814			675,433
Units		3,792			3,576			3,814			3,297
Convertible preferred shares		1,767			3,185			2,708			3,217
Dilutive effect of equity awards		878			732			859			762
Diluted (2)		672,897			682,132			677,195			682,709
FFO per common share – basic	$	0.47		$	0.45		$	1.40		$	1.33
FFO per common share – diluted (2)	$	0.47		$	0.44		$	1.39		$	1.33

(1)

Related to gains, impairments, depreciation on properties and gains/(losses) on sales of marketable securities and derivatives, where applicable.

(2)

Reflects the potential impact of convertible preferred shares and certain units if converted to common stock at the beginning of the period. FFO available to the Company’s common shareholders would be increased by $1,799 and $2,186 for the three months ended September 30, 2026 and 2025, respectively. FFO available to the Company’s common shareholders would be increased by $6,353 and $6,233 for the nine months ended September 30, 2026 and 2025, respectively. The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of FFO available to the Company’s common shareholders per share. Accordingly, the impact of such conversion has not been included in the determination of diluted FFO per share calculations. Additionally, there were potentially issuable shares related to the Exchangeable Senior Notes that were not dilutive as of September 30, 2026.

Same Property Net Operating Income (“Same property NOI”)

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

Same property NOI increased by $18.9 million, or 4.9%, for the three months ended September 30, 2026, as compared to the corresponding period in 2025. This increase is primarily the result of (i) an increase of $12.4 million in minimum rent, primarily related to strong leasing activity, (ii) an increase in net recovery income of $5.0 million and (iii) a decrease in credit losses of $1.3 million.

Same property NOI increased by $38.8 million, or 3.3%, for the nine months ended September 30, 2026, as compared to the corresponding period in 2025. This increase is primarily the result of (i) an increase of $30.8 million in minimum rent, primarily related to strong leasing activity, (ii) an increase in net recovery income of $4.3 million and (iii) a decrease in credit losses of $3.9 million, partially offset by (iv) an increase in non-recoverable expenses of $1.1 million.

Leasing Activity

During the nine months ended September 30, 2026, the Company executed 1,176 leases totaling 8.5 million square feet in the Company’s consolidated operating portfolio, comprised of 363 new leases and 813 renewals and options. The leasing costs associated with these new leases are estimated to aggregate $94.8 million, or $49.06 per square foot. These costs include $71.9 million of tenant improvements and $22.9 million of external leasing commissions. The average rent per square foot for (i) new leases was $27.55 and (ii) renewals and options was $20.11.

Tenant Lease Expirations

At September 30, 2026, the Company has a total of 9,428 leases in its 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 December 31,	Number of Leases Expiring		Square Feet Expiring		Total Annualized Base Rent Expiring		% of Gross Annual Rent
(1)		128		498	$	9,838		0.6	%
2026		162		939	$	17,908		1.1	%
2027		1,102		5,993	$	132,557		8.5	%
2028		1,437		11,111	$	224,149		14.3	%
2029		1,338		9,821	$	201,796		12.9	%
2030		1,187		8,794	$	192,872		12.3	%
2031		1,197		9,114	$	189,705		12.1	%
2032		728		7,430	$	128,892		8.2	%
2033		494		3,671	$	73,660		4.7	%
2034		438		3,472	$	78,868		5.0	%
2035		396		3,479	$	74,483		4.8	%
2036		393		3,828	$	80,885		5.2	%

(1)

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

Item 3. 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 September 30, 2026, the Company had 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 September 30, 2026, 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	$	-		$	32.1		$	121.0		$	247.2		$	-		$	11.4		$	411.7		$	395.5
Average Interest Rate		-			4.01	%		4.43	%		4.51	%		-			3.33	%		4.41	%

Variable Rate	$	-		$	-		$	-		$	17.2		$	-		$	-		$	17.2		$	17.2
Average Interest Rate		-			-			-			4.89	%		-			-			4.89	%

Unsecured Debt
Fixed Rate (1)	$	557.0		$	1,134.2		$	518.8		$	-		$	497.5		$	5,335.6		$	8,043.1		$	7,362.6
Average Interest Rate		3.01	%		4.30	%		2.51	%		-			2.70	%		4.23	%		3.95	%

(1)

During October 2026, the Company repaid $500.0 million in senior unsecured notes, which bore interest at a rate of 2.80% per annum.

Based on the Company’s variable-rate debt balances, interest expense would have increased by $0.1 million for the nine months ended September 30, 2026 if short-term interest rates were 1.0% higher.

Item 4. Controls and Procedures.

Controls and Procedures (Kimco Realty Corporation)

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 Securities Exchange Act of 1934, as amended (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, as of the end of such period, the Parent Company’s disclosure controls and procedures are effective.

There have not been any changes in the Parent Company’s internal control over financial reporting during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Parent Company’s internal control over financial reporting.

Controls and Procedures (Kimco Realty OP, LLC)

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, as of the end of such period, Kimco OP’s disclosure controls and procedures are effective.

There have not been any changes in Kimco OP’s internal control over financial reporting during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, Kimco OP’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1. 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 adverse 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 1A. Risk Factors.

As of the date of this report, there are no material changes to our risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

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

Issuer Purchases of Equity Securities

During the three months ended September 30, 2026, the Company repurchased the following Class L depositary shares:


Period	Total Number of Depositary Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1, 2026 - July 31, 2026		29,470	$	19.50		29,470		763,245
August 1, 2026 - August 31, 2026		344,692		19.92		344,692		418,553
September 1, 2026 - September 30, 2026		250,554		20.03		250,554		167,999
Total		624,716	$	19.94		624,716

During the three months ended September 30, 2026, the Company repurchased the following Class M depositary shares:


Period	Total Number of Depositary Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1, 2026 - July 31, 2026		16,863	$	19.86		16,863		915,586
August 1, 2026 - August 31, 2026		268,045		20.31		268,045		647,541
September 1, 2026 - September 30, 2026		370,061		20.38		370,061		277,480
Total		654,969	$	20.34		654,969

During the three months ended September 30, 2026, the Company repurchased the following Class N depositary shares:


Period	Total Number of Depositary Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1, 2026 - July 31, 2026		516,750	$	64.50		-		126,578
August 1, 2026 - August 31, 2026		236,957		62.90		-		126,578
September 1, 2026 - September 30, 2026		-		-		-		126,578
Total		753,707	$	64.00		-

In connection with the repurchase of 516,750 of Class N depositary shares, the Company issued 549,250 common shares for net proceeds of $13.8 million. All of the 753,707 Class N depositary shares repurchased in the table above and the 549,250 common shares issued

were separately authorized by the Company’s Board of Directors and not part of the Company’s publicly announced programs or previous authorizations.

In addition to purchases under the common share repurchase program, in June 2026, separate from the repurchase program described above, the Company repurchased 4.1 million shares of common stock for a total purchase price of $104.7 million (at a price of $25.38 per share) using a portion of the proceeds from the Exchangeable Senior Notes offering.

During the nine months ended September 30, 2026, the Company repurchased 286,181 shares of the Company’s common stock for an aggregate purchase price of $6.4 million (weighted average price of $22.34 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 September 30, 2026:


Period	Total Number of Shares Purchased		Average Price Paid per 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 (in millions)
July 1, 2026 - July 31, 2026		-	$	-		-	$	688.1
August 1, 2026 - August 31, 2026		3,449,022		23.86		3,448,118	$	605.9
September 1, 2026 - September 30, 2026		2,850,882		23.76		2,850,882	$	538.1
Total		6,299,904	$	23.81		6,299,000

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Plan Elections

During the three months ended September 30, 2026, no director or officer (as defined in § 240.16a–1(f) of the Exchange Act) 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 6. Exhibits.

Exhibits –

4.1 Agreement to File Instruments

Kimco Realty Corporation (the “Registrant”) hereby agrees to file with the Securities and Exchange Commission, upon request of the Commission, all instruments defining the rights of holders of long-term debt of the Registrant and its consolidated subsidiaries, and for any of its unconsolidated subsidiaries for which financial statements are required to be filed, and for which the total amount of securities authorized thereunder does not exceed 10 percent of the total assets of the Registrant and its subsidiaries on a consolidated basis.


10.1*	Amendment to Kimco Realty Corporation 2025 Equity Participation Plan
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
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
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 With Embedded Linkbase Documents
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 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


October 29, 2026			/s/ Conor C. Flynn
(Date)			Conor C. Flynn
			Chief Executive Officer


October 29, 2026			/s/ Glenn G. Cohen
(Date)			Glenn G. Cohen
			Chief Financial Officer

SIGNATURES

Pursuant to the requirements 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


October 29, 2026			/s/ Conor C. Flynn
(Date)			Conor C. Flynn
			Chief Executive Officer


October 29, 2026			/s/ Glenn G. Cohen
(Date)			Glenn G. Cohen
			Chief Financial Officer