KIMCO REALTY CORP (KIM)

Kimco Realty Corporation is North America's largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, headquartered in Jericho, New York. Founded in 1966 through its predecessor The Kimco Corporation, formally organized as a Delaware corporation in 1973, and completing its IPO in 1991, the Company has operated as a REIT since 1992. In January 2023, Kimco reorganized into an UPREIT structure, with the Parent Company (a Maryland corporation) becoming the managing member of Kimco OP, a Delaware limited liability company.

The Company's common stock and several preferred depositary shares trade on the NYSE under "KIM" and related symbols. As of December 31, 2023, Kimco held interests in 523 shopping center properties totaling 89.7 million square feet of gross leasable area across 28 states, plus 21 other property interests totaling 5.5 million square feet, primarily through preferred equity and other investments. On January 2, 2024, the Company completed its acquisition of RPT Realty through a merger, adding 56 open-air shopping centers (43 wholly owned, 13 through a joint venture) comprising 13.3 million square feet of GLA, along with a 6% stake in a 49-property net lease joint venture; the transaction involved issuance of 53.0 million common shares, 1.8 million Class N Preferred shares, and 953,400 OP Units.

The Company's portfolio is concentrated in drivable, first-ring suburbs within 18 major sun belt and coastal metropolitan markets, generating 86% of proportionate annualized base rental revenue, with centers anchored primarily by grocery stores, home improvement retailers, off-price retailers, discounters, and service-oriented tenants. Kimco maintains a highly diversified tenant and property base, with no single property exceeding 1.3% of annualized base rent and its top five tenants representing less than 11.3% of such revenue. The Company has strategically shifted from ground-up development toward acquisition and redevelopment of existing centers, while also pursuing mixed-use and multi-family densification (having obtained entitlements for 9,945 residential units, of which 3,157 were constructed by year-end 2023) through its "Signature Series" value-creation projects.

Kimco also operates institutional joint venture programs earning management, acquisition, and disposition fees plus promoted interests, and provides preferred equity and capital solutions to retailers and real estate operators. The Company maintains investment-grade unsecured debt ratings (BBB+/Baa1), an 8.7-year weighted average debt maturity, and continues to prioritize balance sheet strength, deleveraging, and asset unencumbrance. As of year-end 2023, Kimco employed 660 people across 26 U.S. offices, emphasizing diversity, employee development, and hybrid work practices, and has been recognized as a Great Place to Work and a leader in LGBTQ+ workplace inclusion.

The Company's ESG program includes five strategic pillars, 16 defined goals, alignment with GRI, SASB, and TCFD reporting standards, and climate targets of a 30% reduction in Scope 1 and 2 emissions by 2030 (from a 2018 baseline) and net-zero Scope 1 and 2 emissions by 2050, supported by a 2020 green bond issuance and a green credit facility tied to emissions performance.