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    Kimco Realty Corp (KIM)

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    Business Description

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    Executive Team

    NamePositionStart DateShort Bio
    Milton CooperExecutive Chairman of the Board of Directors1960Milton Cooper co-founded Kimco Realty Corporation's predecessor in 1960. He served as Chairman and CEO from November 1991 to December 2009 and has been a director since 1991. He played a significant role in the company's IPO and expansion. Mr. Cooper is a voting member of the Investment Committee and holds degrees from City College and Brooklyn Law School .
    Conor C. FlynnChief Executive OfficerJanuary 2016Conor C. Flynn has been CEO since January 2016. He joined Kimco in 2003 as an asset manager and held roles such as President, COO, and CIO. He holds a B.A. from Yale and a Master’s in Real Estate Development from Columbia. He is involved with Nareit and its Dividends Through Diversity, Equity & Inclusion CEO Council .
    Ross CooperPresident and Chief Investment OfficerFebruary 2017Ross Cooper joined Kimco in 2006 and became President and CIO in February 2017. Previously, he was EVP and CIO starting in May 2015. He has held various roles in acquisitions and asset management. He holds a B.S. from the University of Michigan and a master's in Real Estate from NYU. He is the grandson of Milton Cooper .
    Glenn G. CohenExecutive Vice President, Chief Financial OfficerJune 2010Glenn G. Cohen has been EVP and CFO since June 2010. He joined Kimco in 1995 as Director of Accounting and Taxation and served as Treasurer from 1997 to 2024. He oversees financial strategy, accounting, and IT activities. He is a CPA and holds a B.S. in accounting from SUNY Albany .
    David JamiesonExecutive Vice President, Chief Operating OfficerFebruary 2017David Jamieson became EVP and COO in February 2017. He joined Kimco in 2007 and has held roles such as EVP of Asset Management and Operations. He focuses on value creation strategies and ESG strategy. He holds a B.S. from Boston College and an M.B.A. from Babson College .

    Questions to Ask Management

    1. Given your significant $200 million investment in The Rim at a high 9% interest rate with an 80% loan-to-value ratio, how are you managing the risks associated with this position, and what are your plans if market conditions become unfavorable? ,

    2. With rents at Mary Brickell Village increasing from the $40s to triple digits during redevelopment, what challenges might you face in achieving these higher rents, and how do you plan to address potential tenant resistance or market saturation?

    3. As your same-site NOI growth guidance has increased to 2.75%–3.25% for the year, given the high occupancy levels of your portfolio, what factors could hinder sustaining this growth rate in the long term? , ,

    4. Considering that approximately 30% of your anchor leases expiring through 2025 have no options and a 40% mark-to-market opportunity, are you prepared to potentially risk occupancy by seeking higher rents or replacing tenants, and how might this impact your tenant relationships?

    5. In light of mixed economic signals and shifts in consumer spending towards value retailers, are you adjusting your leasing strategy to mitigate potential risks, or do you plan to maintain your current approach, and what justifies this stance? ,

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateN/AJanuary 2024
    End Date/DurationFebruary 28, 2026 February 28, 2026
    Total additional amount$300.0 million Up to 891,000 Class L, 1,047,000 Class M, and 185,000 Class N depositary shares
    Remaining authorization$224.9 million N/A
    DetailsCommon Share Repurchase ProgramPreferred Stock Repurchase Program

    Debt Maturity Schedule

    YearAmount Due ($ millions)Debt TypeInterest Rate (%)% of Total Debt
    202549.7 Secured Debt3.50 0.6% = (49.7 / 8,319.2) * 100
    2025744.1 Unsecured Debt3.48 8.9% = (744.1 / 8,319.2) * 100
    20261,377.6 Unsecured Debt3.74 16.6% = (1,377.6 / 8,319.2) * 100
    202733.3 Secured Debt4.01 0.4% = (33.3 / 8,319.2) * 100
    2027585.4 Unsecured Debt4.21 7.0% = (585.4 / 8,319.2) * 100
    2028133.9 Secured Debt4.49 1.6% = (133.9 / 8,319.2) * 100
    2028517.6 Unsecured Debt2.55 6.2% = (517.6 / 8,319.2) * 100
    Thereafter101.4 Secured Debt3.82 1.2% = (101.4 / 8,319.2) * 100
    Thereafter4,742.2 Unsecured Debt4.28 57.0% = (4,742.2 / 8,319.2) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLPAt least 1991 PresentCurrent auditor

    Latest news

    Recent developments and announcements about KIM.

    Financial Actions

      Dividend Policy

      ·
      Jan 3, 2024, 12:00 AM

      Kimco Realty has announced a change in its dividend policy following the completion of its acquisition of RPT Realty. As part of the merger agreement, Kimco's Board of Directors declared a 'stub period' cash dividend for the Kimco Class N Preferred Stock. This dividend amounts to $0.14097 per depositary share and is payable on January 16, 2024, to shareholders of record on January 5, 2024. This stub dividend reflects the regular quarterly dividend for the period from January 1, 2024, to January 15, 2024 .