One-glance verdict
Within fair range
$29.71 our estimate vs market $25.62
Wall Street consensus: $26.51 (-10.8% lower than our fair-value estimate)
14% below our estimate
Fundamentals snapshot
Kimco Realty Corporation
KIM · NYQ · Real Estate · REIT - Retail
Current price
$25.62
52-week range
$19.76 - $26.65
Market cap
$17.02B
Balance sheet
Stretched
2.17x Stretched
Net debt $8.03B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 2.2% last year.
- Reward Returns 7.2% on equity, ahead of 16% of its peers.
- Risk Forward P/E (28.9x) is higher than trailing (23.9x) - earnings are expected to drop.
- Risk Net debt grew 24.0% over 3 years.
What this company does
Kimco Realty Corporation
Kimco Realty owns and manages shopping centers, mainly those with grocery stores as the main draw, which means they make money by renting out space to businesses. This is important because these types of centers tend to stay busy with shoppers looking for everyday items, giving Kimco a steady stream of income (recurring revenue, meaning money that comes in regularly) from its tenants. They focus on these centers in popular suburban areas around major cities across the United States.
How the company got here
Kimco Realty Corporation was founded in 1966 by a group of real estate investors who pooled their shopping center assets to create a company focused on building new centers [2, 3]. Initially, the company, then known as Kimco Development Corporation, concentrated on ground-up construction of shopping centers across the United States [2]. By the 1980s, under the leadership of Milton Cooper, Kimco shifted its strategy to focus more on acquiring existing shopping centers [2, 3]. A significant turning point came in 1991 when Kimco became a publicly traded company on the New York Stock Exchange (NYSE), which provided access to capital for further expansion and helped define the modern shopping center Real Estate Investment Trust (REIT) model [1, 2, 3]. Over the years, Kimco has grown through strategic acquisitions, including Price REIT in 1998, Weingarten Realty Investors in 2021, and RPT Realty in January 2024, which have expanded its portfolio and market presence [1, 4, 7]. The company has also focused on simplifying its portfolio, divesting non-core assets, and concentrating on high-quality, grocery-anchored open-air shopping centers [1, 10].
What it actually does
Kimco Realty is a real estate investment trust (REIT) that owns, operates, and manages shopping centers, primarily open-air, grocery-anchored ones [1, 5, 6]. Think of them as the landlord for many of the stores you visit regularly, especially those in suburban areas. They own the physical buildings and the land they sit on, and then they lease out space within these centers to various retailers, restaurants, and service providers [5, 7]. Their goal is to create vibrant shopping environments where people can get their everyday needs met, which in turn drives consistent traffic to their properties [1, 13]. Kimco also engages in redeveloping and improving its properties to add value and attract more shoppers and tenants [1, 9].
Shopping Center Leasing and Operations
This is the core of Kimco's business and represents the largest portion of its revenue [1, 5]. Kimco leases out retail spaces in its shopping centers to a wide variety of tenants, ranging from large grocery stores and national retailers to smaller local businesses [5, 7]. These tenants pay rent to Kimco for the use of the space [8]. Kimco is responsible for managing these properties, which includes maintaining the buildings and common areas, collecting rent, and ensuring the centers are attractive and functional for shoppers [5]. The company focuses on having a strong mix of tenants that offer essential goods and services, as these tend to bring people back to the shopping centers repeatedly throughout the week [1, 13].
Redevelopment and Mixed-Use Projects
Kimco actively works to enhance the value of its existing properties through redevelopment and by incorporating mixed-use elements [1, 9]. This means they might update older parts of a shopping center, expand existing buildings, or even add new components like residential apartments or other services to the property [1, 9]. For example, by adding apartments to a shopping center, Kimco can create a more desirable destination that draws more people to the retail spaces, potentially increasing sales for their tenants and leading to higher rents for Kimco [9]. This strategy aims to maximize the potential of their land holdings and create more dynamic community hubs.
Investments and Capital Management
This segment involves how Kimco manages its overall financial health and growth strategy [1, 5]. It includes acquiring new properties that fit their investment criteria, selling off properties that no longer align with their strategy (a process called capital recycling), and managing their debt and equity [1, 8]. Kimco also uses a "Structured Investment Program" which can provide them with opportunities to acquire high-quality assets, sometimes with rights of first offer or refusal, meaning they get the first chance to buy if a property becomes available [8]. This careful financial management helps ensure the company has the resources to grow and adapt in the real estate market.
What management is betting on now
Kimco's management is focused on several key strategies to drive future growth and value [1, 8]. A major priority is the continued integration and optimization of the RPT Realty acquisition, which added scale to their open-air retail portfolio [1]. They are also actively "recycling capital," which means selling off less strategic assets to reinvest the proceeds into higher-growth opportunities, particularly in well-located, grocery-anchored centers [1, 8]. Management believes that the demand for these types of essential retail spaces is strong due to limited new supply and the crucial role physical stores play in supporting online sales [8, 9, 13]. Furthermore, Kimco is betting on its redevelopment and mixed-use projects as a significant long-term value driver, aiming to create more integrated community destinations [1, 9]. They are also leveraging technology, like their "One Kimco" platform and artificial intelligence, to improve operational efficiency, speed up leasing processes, and reduce costs [8].
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q1
$205.41M
FY2025 Q2
$305.40M
FY2025 Q3
$332.43M
FY2025 Q4
$258.37M
Revenue
$550.80M
Net income
$153.29M
Diluted EPS
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Operating cash flow
$345.32M
Free cash flow
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Sources
Revenue
$558.02M
Net income
$164.90M
Diluted EPS
—
Operating cash flow
$242.99M
Free cash flow
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Revenue
$542.46M
Net income
$151.16M
Diluted EPS
—
Operating cash flow
$258.37M
Free cash flow
$258.37M
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Sources
Revenue
$535.86M
Net income
$137.78M
Diluted EPS
—
Operating cash flow
$332.43M
Free cash flow
$332.43M
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Sources
Revenue
$525.17M
Net income
$162.99M
Diluted EPS
—
Operating cash flow
$305.40M
Free cash flow
$305.40M
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Sources
Revenue
$536.62M
Net income
$132.82M
Diluted EPS
—
Operating cash flow
$223.81M
Free cash flow
$205.41M
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Sources
Revenue
$525.40M
Net income
$166.04M
Diluted EPS
—
Operating cash flow
$239.54M
Free cash flow
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Sources
Revenue
$507.63M
Net income
$135.98M
Diluted EPS
—
Operating cash flow
$295.93M
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $29.71 vs current price $25.62
Wall Street consensus is the average analyst price target: $26.51 (-10.8% lower than our fair-value estimate).
Our most-likely fair value is $29.71 a share — about 16.0% away from today's price of $25.62, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $8.0B. Interest coverage 2.2x.
Net debt
$8.03B
Interest coverage
2.17x
Kimco Realty Corporation's profit covers its interest bill about 2.2 times over. which is weaker than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
KIM
BASELINE
Kimco Realty Corporation
Total debt $8.59B Interest coverage 2.17x This is the baseline the peer rows are being compared against.
Total debt $5.13B Interest coverage 2.82x +30% vs KIM Carries about 1.3x more debt cushion than KIM.
Total debt $4.97B Interest coverage 2.50x +15% vs KIM Carries about 1.2x more debt cushion than KIM.
Total debt $5.38B Interest coverage 2.24x +3% vs KIM Has roughly the same debt cushion as KIM.
Total debt $4.99B Interest coverage 2.79x +29% vs KIM Carries about 1.3x more debt cushion than KIM.
Total debt $32.11B Interest coverage 2.34x +8% vs KIM Has roughly the same debt cushion as KIM.
What you should know
The case for and against KIM
3 Rewards
2 Risks
Rewards
-
Revenue grew 2.2% last year.
-
Returns 7.2% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Forward P/E (28.9x) is higher than trailing (23.9x) - earnings are expected to drop.
-
Net debt grew 24.0% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
23.94x
Forward P/E
28.87x
P/B
1.68x
P/S
7.75x
EV/EBITDA
18.69x
PEG ratio
3.37x
Profitability
How much profit each dollar creates
Gross margin
69.2%
Operating margin
35.1%
Net margin
34.1%
ROE
7.2%
ROA
2.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.83x
Current ratio
1.05x
Quick ratio
1.05x
Total debt
$8.59B
Total cash
$556.61M
Growth
How the business has been compounding
Revenue TTM
$2.19B
Revenue 5Y CAGR
11.9%
EPS TTM
1.07
EPS 5Y CAGR
72.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.18B
Free CF TTM
$1.10B
FCF margin
50.4%
Dividend
Shareholder payout
Yield
4.4%
Payout ratio
99.1%
Last ex-div date
2026-12-04