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    Kimco Realty Corp (KIM)

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    NamePositionExternal RolesShort Bio

    Conor C. Flynn

    ExecutiveBoard

    Chief Executive Officer and Director

    Member and First Vice Chair of Nareit; Chair of Nareit’s Investment Advisory Council; Member of the Real Estate Roundtable and Urban Land Institute.

    Joined KIM in 2003; became CEO in January 2016; previously held roles including COO, CIO, and President of the Western Region.

    View Report →

    David Jamieson

    Executive

    Executive Vice President and Chief Operating Officer

    None [N/A].

    Joined KIM in 2007; became COO in February 2017; leads redevelopment and mixed-use platform; instrumental in ESG strategy development [N/A].

    Glenn G. Cohen

    Executive

    Executive Vice President and Chief Financial Officer

    Independent Director at Piedmont Office Realty Trust, Inc.; Member of Nareit, ICSC, and other professional organizations.

    Joined KIM in 1995; became CFO in June 2010; oversees financial strategy, accounting, and IT activities; voting member of the Investment Committee.

    Frank Lourenso

    Board

    Director

    None [N/A].

    Director at KIM since December 1991; serves on Audit, Executive Compensation, and Nominating Committees; expertise in financial services and capital markets.

    Henry Moniz

    Board

    Director

    Chief Compliance Officer at Meta Platforms, Inc.; Chairman of the Board of Meta Payments, Inc.; Advisory Board Member at Harvard Law School.

    Director at KIM since January 2021; extensive compliance and governance expertise; also serves in leadership roles at Meta Platforms.

    Mary Hogan Preusse

    Board

    Lead Independent Director

    Director at Digital Realty Trust, Host Hotels & Resorts, and Realty Income Corporation; Senior Adviser to Fifth Wall Ventures.

    Director at KIM since February 2017; retired Managing Director at APG Asset Management; recipient of Nareit’s Industry Achievement Award.

    Nancy Lashine

    Board

    Director

    Managing Partner at Park Madison Partners.

    Director at KIM since January 2025; serves on Audit and Executive Compensation Committees; founder of Park Madison Partners; expertise in capital markets.

    Philip E. Coviello

    Board

    Director

    Director of Getty Realty Corporation (Chair of Audit Committee, member of Compensation and Nominating Committees).

    Director at KIM since May 2008; extensive experience in corporate governance, real estate transactions, and SEC filings.

    Richard B. Saltzman

    Board

    Director

    Senior Advisor at Ranger Global Real Estate Advisors and Peaceable Street Capital; Board Member at Equiem Holdings Pty. Ltd..

    Director at KIM since July 2003; Chair of the Audit Committee; former CEO of Colony Capital; extensive investment banking and real estate expertise.

    Valerie Richardson

    Board

    Director

    COO of the International Council of Shopping Centers (ICSC); Director at American Healthcare REIT, Inc..

    Director at KIM since June 2018; Chair of the Executive Compensation Committee; extensive retail real estate experience.

    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? ,

    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$224.9 million N/A
    DetailsCommon Share Repurchase ProgramPreferred Stock Repurchase Program
    YearAmount Due ($ 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
    CustomerRelationshipSegmentDetails

    TJX Companies

    Landlord-tenant

    All

    Represents 3.7% of annualized base rental revenues.

    Ross Stores

    Landlord-tenant

    All

    Represents 1.8% of annualized base rental revenues.

    The Home Depot

    Landlord-tenant

    All

    Represents 1.8% of annualized base rental revenues.

    Amazon/Whole Foods

    Landlord-tenant

    All

    Represents 1.7% of annualized base rental revenues.

    Burlington Stores

    Landlord-tenant

    All

    Represents 1.7% of annualized base rental revenues.

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLPAt least 1991 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    RPT Realty

    2024

    Kimco Realty acquired RPT Realty on January 2, 2024, following a definitive merger agreement signed on August 28, 2023; the merger added 56 open‐air shopping centers (13.3 million sq ft of GLA) to Kimco’s portfolio with a share conversion mechanism (0.6049 Kimco common shares per RPT share) and generated an estimated $34 million in cost savings synergies.

    Merger Acquisition

    2022

    Kimco Realty executed a corporate reorganization merger by forming New Kimco as a holding company, whereby every share of Kimco (common and preferred) was automatically converted into corresponding New Kimco shares; effective January 1, 2023, this tax-free reorganization (under Section 368) streamlined the corporate structure while maintaining operational continuity and equity incentive plans.

    Recent press releases and 8-K filings for KIM.

    Kimco Realty Q1 2025: Strong Earnings, Leasing & Strategic Transactions
    KIM
    Earnings
    Guidance Update
    Share Buyback
    M&A
    Debt Issuance
    • Strong Financial Performance: Reported FFO of $301.9 million (up from $261.8 million YoY) with per share FFO of $0.44 and raised full-year guidance, alongside a positive turn with net income of $125.1 million and EPS of $0.18.
    • Robust Leasing & NOI Growth: Signed 583 leases covering 4.4 million sq ft, achieving same-property NOI growth of 3.9% and securing strong annual base rent from grocery-anchored properties.
    • Active Capital Management: Repurchased 3 million shares at an average price of $19.61, repaid approximately $550 million of debt, and maintained liquidity of $2 billion with net debt to EBITDA at 5.3x.
    • Strategic Transactions: Acquired The Markets at Town Center in Jacksonville for $108 million and executed additional investments including senior loans in South Florida and New York, paving the way for a robust deal pipeline into Q2 2025.
    • Earnings Call Insights: Included forward-looking statements, outlined key risk factors, and emphasized disciplined capital allocation with a focus on diversified geographic markets in the Sun Belt and Coastal regions.
    4 days ago