Kimco Realty (KIM) investor relations material

Operating performance and growth drivers

• Achieved record operating performance in 2025, with over 12 million sq ft leased and all-time highs in portfolio occupancy at 96.4% and small shop occupancy at 92.7%.

• Fourth quarter new leasing volume was the highest in over a decade, driving a record signed-not-open (SNO) pipeline of $73 million in future annual base rent.

• FFO per share grew nearly 7% in 2025, marking a second consecutive year of 5%+ growth; same-site NOI increased 3%.

• Tenant retention remains near 90%, with strong credit quality and limited exposure to challenged retailers.

• Multiple growth levers include capital recycling, entitlement programs, and a robust SNO pipeline to drive future earnings.

Capital allocation and financial strategy

• Repurchased shares at 52-week lows, reflecting confidence in cash flow durability and public-private valuation disconnect.

• Advanced capital recycling by selling low-growth ground leases and reinvesting in higher-growth grocery-anchored centers.

• Structured investment program generated an average unlevered IRR of nearly 12%, providing recurring off-market acquisition opportunities.

• Ended 2025 with over $2 billion in liquidity, net debt to EBITDA of 5.4%, and $165 million in free cash flow after dividends and leasing costs.

• Received A-level credit rating upgrades from all three major agencies, supporting disciplined investment through cycles.

Innovation, technology, and operational efficiency

• Established the Office of Innovation and Transformation in 2025 to enhance integration and execution, focusing on data visibility and AI adoption.

• AI tools are used for marketing, leasing lead generation, legal documentation, and expediting construction approvals, driving operational efficiencies.

• Robotic process automation (RPA) for lease abstraction has saved thousands of hours and improved data accuracy.

• Internal and off-the-shelf AI tools, including Copilot, are deployed across workflows, enhancing data utilization and decision-making.

• Transitioned to a functionally aligned, asset-centric operating model in early 2026 to flatten the organization and speed up decision-making.