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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-10899 (Kimco Realty Corporation)

Commission File Number: 333-269102-01 (Kimco Realty OP, LLC)

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

(Exact name of registrant as specified in its charter)

Maryland (Kimco Realty Corporation) Delaware (Kimco Realty OP, LLC)13-2744380 92-1489725
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

500 North Broadway, Suite 201**,** Jericho**,** NY 11753

(Address of principal executive offices) (Zip Code)

(516) 869-9000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year,

if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Kimco Realty Corporation

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per share.KIMNew York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 5.125% Class L Cumulative Redeemable Preferred Stock, $1.00 par value per share.KIMprLNew York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share.KIMprMNew York Stock Exchange
Depositary Shares, each representing one one-thousandth of a share of 7.250% Class N Cumulative Convertible Preferred Stock, $1.00 par value per share.KIMprNNew York Stock Exchange

Kimco Realty OP, LLC

Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Kimco Realty Corporation Yes  No ☐Kimco Realty OP, LLC Yes  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Kimco Realty Corporation Yes  No ☐Kimco Realty OP, LLC Yes  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Kimco Realty Corporation:

Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Smaller reporting company☐Emerging growth company☐

Kimco Realty OP, LLC:

Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒
Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Kimco Realty Corporation ☐Kimco Realty OP, LLC ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Kimco Realty Corporation Yes ☐ No Kimco Realty OP, LLC Yes ☐ No 

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

As of April 22, 2026, Kimco Realty Corporation had 674,389,792 shares of common stock outstanding.

KIMCO REALTY CORPORATION

KIMCO REALTY OP, LLC

QUARTERLY REPORT ON FORM 10-Q

QUARTERLY PERIOD ENDED MARCH 31, 2026

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026, of Kimco Realty Corporation (the “Parent Company”) and Kimco Realty OP, LLC (“Kimco OP”). Unless stated otherwise or the context requires, references to “Kimco Realty Corporation” or the “Parent Company” mean Kimco Realty Corporation and its subsidiaries, and references to “Kimco Realty OP, LLC” or “Kimco OP” mean Kimco Realty OP, LLC and its subsidiaries. The terms the “Company,” “we,” “our” or “us” refer to the Parent Company and its business and operations conducted through its directly or indirectly owned subsidiaries, including Kimco OP; and in statements regarding qualification as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes, such terms refer solely to the Parent Company. References to “shares” and “shareholders” refer to the shares and shareholders of the Parent Company and not the limited liability company interests of Kimco OP.

The Parent Company is a REIT and is the managing member of Kimco OP. As of March 31, 2026, the Parent Company owned 99.74% of the outstanding limited liability company interests (the “OP Units”) in Kimco OP. Noncontrolling OP Unit interests are owned by third parties and certain officers and directors of the Company.

Substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco OP (either directly or through its subsidiaries), as the Parent Company’s operating company, and the Parent Company is the managing member of Kimco OP. Management operates the Parent Company and Kimco OP as one business. The management of the Parent Company consists of the same individuals as the management of Kimco OP. These individuals are officers of the Parent Company and employees of Kimco OP.

Stockholders' equity and Members’ capital are the primary areas of difference between the unaudited Condensed Consolidated Financial Statements of the Parent Company and those of Kimco OP. Kimco OP’s Members’ capital currently includes OP Units owned by the Parent Company and noncontrolling OP Units owned by third parties and certain officers and directors of the Company. OP Units owned by outside members are accounted for within capital on Kimco OP’s financial statements and in noncontrolling interests in the Parent Company’s financial statements.

The Parent Company consolidates Kimco OP for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in Kimco OP. Therefore, while stockholders’ equity, members’ capital and noncontrolling interests differ as discussed above, the assets and liabilities of the Parent Company and Kimco OP are the same on their respective financial statements.

The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and Kimco OP into this single report provides the following benefits:

Enhances investors' understanding of the Parent Company and Kimco OP by enabling investors to view the businesses as a whole in the same manner as management views and operates the businesses;

Eliminates duplicative disclosure and provides a more concise and readable presentation, because a substantial portion of the disclosure applies to both the Parent Company and Kimco OP; and

Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

In order to highlight the differences between the Parent Company and Kimco OP, there are sections in this Quarterly Report that separately discuss the Parent Company and Kimco OP, including separate financial statements (but combined footnotes), separate controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and Kimco OP, unless context otherwise requires, this Quarterly Report refers to actions or holdings of the Parent Company and/or Kimco OP as being the actions or holdings of the Company (either directly or through its subsidiaries, including Kimco OP).

PART I - FINANCIAL INFORMATION
Item 1.Financial Statements4
Condensed Consolidated Financial Statements of Kimco Realty Corporation and Subsidiaries (unaudited)
Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 20254
Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 20255
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 20256
Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 20257
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 20258
Condensed Consolidated Financial Statements of Kimco Realty OP, LLC and Subsidiaries (unaudited)
Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 20259
Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 202510
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 202511
Condensed Consolidated Statements of Changes in Capital for the Three Months Ended March 31, 2026 and 202512
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 202513
Kimco Realty Corporation and Subsidiaries and Kimco Realty OP, LLC and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)14
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.37
Item 3.Quantitative and Qualitative Disclosures About Market Risk.48
Item 4.Controls and Procedures.48
PART II - OTHER INFORMATION
Item 1.Legal Proceedings.49
Item 1A.Risk Factors.49
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.49
Item 3.Defaults Upon Senior Securities.49
Item 4.Mine Safety Disclosures.49
Item 5.Other Information.49
Item 6.Exhibits.50
Signatures51

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except share information)

March 31, 2026December 31, 2025
Assets:
Real estate, net of accumulated depreciation and amortization of $4,921,263 and $4,849,564, respectively$16,656,682$16,769,292
Investments in and advances to real estate joint ventures1,446,0061,454,051
Other investments99,68299,936
Cash, cash equivalents and restricted cash169,603212,794
Mortgage and other financing receivables, net420,448383,935
Accounts and other receivables, net370,076368,964
Operating lease right-of-use assets, net127,632127,596
Other assets295,317271,682
Total assets (1)$19,585,446$19,688,250
Liabilities:
Notes payable, net$7,719,536$7,718,730
Mortgages payable, net465,433467,203
Accounts payable and accrued expenses254,314291,537
Intangible liabilities, net318,549334,527
Operating lease liabilities120,339120,078
Other liabilities161,673188,297
Total liabilities (1)9,039,8449,120,372
Redeemable noncontrolling interests-24,506
Commitments and Contingencies (Footnote 17)
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 7,054,000 shares; Issued and outstanding (in series) 20,748 shares; Aggregate liquidation preference $553,1962121
Common stock, $.01 par value, authorized 1,500,000,000 shares; Issued and outstanding 674,402,680 and 674,093,047 shares, respectively6,7446,741
Paid-in capital10,931,04010,922,596
Cumulative distributions in excess of net income(546,714)(528,730)
Accumulated other comprehensive loss(2,185)(8,792)
Total stockholders' equity10,388,90610,391,836
Noncontrolling interests156,696151,536
Total equity10,545,60210,543,372
Total liabilities and equity$19,585,446$19,688,250

(1)

Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at March 31, 2026 and December 31, 2025 of $84,583 and $358,236, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at March 31, 2026 and December 31, 2025 of $67,615 and $153,044, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements.

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except per share data)

Three Months Ended March 31,
20262025
Revenues
Revenues from rental properties, net$552,812$531,286
Management and other fee income5,2045,338
Total revenues558,016536,624
Operating expenses
Rent(4,147)(4,184)
Real estate taxes(72,842)(69,911)
Operating and maintenance(95,229)(89,553)
General and administrative(37,187)(34,392)
Impairment charges(50)(534)
Depreciation and amortization(156,496)(158,453)
Total operating expenses(365,951)(357,027)
Gain on sale of properties15,707887
Operating income207,772180,484
Other income/(expense)
Other (expense)/income, net(1,619)207
Mortgage and other financing income, net12,47511,269
Interest expense(83,125)(80,377)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net135,503111,583
Benefit/(provision) for income taxes, net239(464)
Equity in income of joint ventures, net24,81122,683
Equity in income of other investments, net5,794701
Net income166,347134,503
Net income attributable to noncontrolling interests(1,449)(1,686)
Net income attributable to the Company164,898132,817
Preferred dividends, net(7,536)(7,683)
Net income available to the Company's common shareholders$157,362$125,134
Per common share:
Net income available to the Company's common shareholders:
-Basic$0.23$0.18
-Diluted$0.23$0.18
Weighted average shares:
-Basic671,826677,074
-Diluted672,771677,299

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands)

Three Months Ended March 31,
20262025
Net income$166,347$134,503
Other comprehensive income/(loss)
Change in fair value of cash flow hedges for interest payments5,428(10,269)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees1,179(1,680)
Other comprehensive income/(loss)6,607(11,949)
Comprehensive income172,954122,554
Comprehensive income attributable to noncontrolling interests(1,449)(1,686)
Comprehensive income attributable to the Company$171,505$120,868

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

(in thousands)

CumulativeAccumulated
DistributionsOtherTotal
Preferred StockCommon StockPaid-inin Excess ofComprehensiveStockholders'NoncontrollingTotal
IssuedAmountIssuedAmountCapitalNet IncomeIncome/(Loss)EquityInterestsEquity
Balance at January 1, 202521$21679,494$6,795$11,033,485$(398,792)$11,038$10,652,547$145,365$10,797,912
Net income-----132,817-132,8171,686134,503
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments------(10,269)(10,269)-(10,269)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees------(1,680)(1,680)-(1,680)
Redeemable noncontrolling interests income--------(813)(813)
Dividends declared to preferred shares-----(7,553)-(7,553)-(7,553)
Dividends declared to common shares-----(169,875)-(169,875)-(169,875)
Repurchase of preferred stock----(2,687)(130)-(2,817)-(2,817)
Distributions to noncontrolling interests--------(1,196)(1,196)
Issuance of common stock--5255(5)-----
Surrender of restricted common stock--(522)(5)(11,531)--(11,536)-(11,536)
Amortization of equity awards----6,065--6,0656596,724
Adjustment of redeemable noncontrolling interests to estimated fair value----577--577-577
Balance at March 31, 202521$21679,497$6,795$11,025,904$(443,533)$(911)$10,588,276$145,701$10,733,977
Balance at January 1, 202621$21674,093$6,741$10,922,596$(528,730)$(8,792)$10,391,836$151,536$10,543,372
Contributions from noncontrolling interests--------7676
Net income-----164,898-164,8981,449166,347
Other comprehensive income:
Change in fair value of cash flow hedges for interest payments------5,4285,428-5,428
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees------1,1791,179-1,179
Redeemable noncontrolling interests income--------(359)(359)
Dividends declared to preferred shares-----(7,536)-(7,536)-(7,536)
Dividends declared to common shares-----(175,346)-(175,346)-(175,346)
Distributions to noncontrolling interests--------(1,227)(1,227)
Issuance of equity awards--614637--434,0784,121
Repurchase of common stock--(23)-(462)--(462)-(462)
Surrender of restricted common stock--(281)(3)(6,039)--(6,042)-(6,042)
Amortization of equity awards----11,194--11,1941,53412,728
Redemption/conversion of noncontrolling interests----4,000--4,000(391)3,609
Adjustment of redeemable noncontrolling interests to estimated fair value----(286)--(286)-(286)
Balance at March 31, 202621$21674,403$6,744$10,931,040$(546,714)$(2,185)$10,388,906$156,696$10,545,602

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Three Months Ended March 31,
20262025
Cash flow from operating activities:
Net income$166,347$134,503
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization156,496158,453
Impairment charges50534
Straight-line rental income adjustments, net(6,612)(6,299)
Amortization of above-market and below-market leases, net(13,634)(5,314)
Amortization of deferred financing costs and fair value debt adjustments, net1,630100
Equity award expense12,7286,725
Gain on sale of properties(15,707)(887)
Loss on marketable securities/derivative, net29325
Equity in income of joint ventures, net(24,811)(22,683)
Equity in income of other investments, net(5,794)(701)
Distributions from joint ventures and other investments30,03622,130
Change in accounts and other receivables, net5,5007,385
Change in accounts payable and accrued expenses(25,051)(33,996)
Change in other operating assets(21,636)(28,681)
Change in other operating liabilities(16,585)(7,781)
Net cash flow provided by operating activities242,986223,813
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets-(106,244)
Improvements to operating real estate(63,441)(52,117)
Investment in marketable securities(1,011)(1)
Proceeds from sale of marketable securities679500
Investments in preferred stock and cost method investments(26)(5,000)
Investments in and advances to real estate joint ventures(299)(1,778)
Reimbursements of investments in and advances to real estate joint ventures8,2009,282
Investments in and advances to other investments(1,108)(1,210)
Reimbursements of investments in and advances to other investments1841,127
Investment in mortgage and other financing receivables(76,410)-
Collection of mortgage and other financing receivables39,89623,117
Proceeds from sale of properties43,9611,324
Proceeds from insurance casualty claims869446
Net cash flow used for investing activities(48,506)(130,554)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt(16,087)(48,844)
Principal payments on rental property debt(3,055)(3,485)
Proceeds from mortgage loan financings17,350-
Proceeds from unsecured revolving credit facility, net-120,000
Repayments of unsecured notes-(500,000)
Financing origination costs(6,309)(22)
Contributions from noncontrolling interests78-
Distributions to noncontrolling interests(1,588)(2,009)
Redemptions of noncontrolling interests(39,139)(1,045)
Dividends paid(182,882)(177,464)
Repurchase of preferred stock-(2,817)
Repurchase of common stock(462)-
Shares repurchased for employee tax withholding on equity awards(6,042)(11,536)
Principal payments under finance lease obligations-(24,362)
Change in tenants' security deposits4651,097
Net cash flow used for financing activities(237,671)(650,487)
Net change in cash, cash equivalents and restricted cash(43,191)(557,228)
Cash, cash equivalents and restricted cash, beginning of the period212,794689,731
Cash, cash equivalents and restricted cash, end of the period$169,603$132,503
Interest paid (net of capitalized interest of $1,547 and $531, respectively)$90,606$84,019
Income taxes (received)/paid$(2,136)$23,370

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except unit information)

March 31, 2026December 31, 2025
Assets:
Real estate, net of accumulated depreciation and amortization of $4,921,263 and $4,849,564, respectively$16,656,682$16,769,292
Investments in and advances to real estate joint ventures1,446,0061,454,051
Other investments99,68299,936
Cash, cash equivalents and restricted cash169,603212,794
Mortgage and other financing receivables, net420,448383,935
Accounts and other receivables, net370,076368,964
Operating lease right-of-use assets, net127,632127,596
Other assets295,317271,682
Total assets (1)$19,585,446$19,688,250
Liabilities:
Notes payable, net$7,719,536$7,718,730
Mortgages payable, net465,433467,203
Accounts payable and accrued expenses254,314291,537
Intangible liabilities, net318,549334,527
Operating lease liabilities120,339120,078
Other liabilities161,673188,297
Total liabilities (1)9,039,8449,120,372
Redeemable noncontrolling interests-24,506
Commitments and Contingencies (Footnote 17)
Members' capital:
Preferred units; 20,748 units outstanding546,256546,256
General member; 674,402,680 and 674,093,047 common units outstanding, respectively9,844,8359,854,372
Limited members; 1,758,609 and 1,444,722 common units outstanding, respectively35,37730,183
Accumulated other comprehensive loss(2,185)(8,792)
Total members' capital10,424,28310,422,019
Noncontrolling interests121,319121,353
Total capital10,545,60210,543,372
Total liabilities and capital$19,585,446$19,688,250

(1)

Total assets include restricted assets of consolidated VIEs at March 31, 2026 and December 31, 2025 of $84,583 and $358,236, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at March 31, 2026 and December 31, 2025 of $67,615 and $153,044, respectively. See Footnote 12 of the Notes to Condensed Consolidated Financial Statements.

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except per unit data)

Three Months Ended March 31,
20262025
Revenues
Revenues from rental properties, net$552,812$531,286
Management and other fee income5,2045,338
Total revenues558,016536,624
Operating expenses
Rent(4,147)(4,184)
Real estate taxes(72,842)(69,911)
Operating and maintenance(95,229)(89,553)
General and administrative(37,187)(34,392)
Impairment charges(50)(534)
Depreciation and amortization(156,496)(158,453)
Total operating expenses(365,951)(357,027)
Gain on sale of properties15,707887
Operating income207,772180,484
Other income/(expense)
Other (expense)/income, net(1,619)207
Mortgage and other financing income, net12,47511,269
Interest expense(83,125)(80,377)
Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net135,503111,583
Benefit/(provision) for income taxes, net239(464)
Equity in income of joint ventures, net24,81122,683
Equity in income of other investments, net5,794701
Net income166,347134,503
Net income attributable to noncontrolling interests(1,019)(1,475)
Net income attributable to Kimco OP165,328133,028
Preferred distributions, net(7,536)(7,683)
Net income available to Kimco OP's common unitholders$157,792$125,345
Per common unit:
Net income available to Kimco OP's common unitholders:
-Basic$0.23$0.18
-Diluted$0.23$0.18
Weighted average units:
-Basic672,871678,040
-Diluted673,816678,265

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(in thousands)

Three Months Ended March 31,
20262025
Net income$166,347$134,503
Other comprehensive income/(loss)
Change in fair value of cash flow hedges for interest payments5,428(10,269)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees1,179(1,680)
Other comprehensive income/(loss)6,607(11,949)
Comprehensive income172,954122,554
Comprehensive income attributable to noncontrolling interests(1,019)(1,475)
Comprehensive income attributable to Kimco OP$171,935$121,079

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

(unaudited)

(in thousands)

Accumulated
General MemberLimited MembersOtherTotal
Preferred UnitsCommon UnitsCommon UnitsComprehensiveMembers'NoncontrollingTotal
IssuedAmountIssuedAmountIssuedAmountIncome/(Loss)CapitalInterestsCapital
Balance at January 1, 202521$549,588679,494$10,091,9211,074$22,276$11,038$10,674,823$123,089$10,797,912
Net income-7,683-125,134-211-133,0281,475134,503
Other comprehensive loss:
Change in fair value of cash flow hedges for interest payments------(10,269)(10,269)-(10,269)
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees------(1,680)(1,680)-(1,680)
Redeemable noncontrolling interests income--------(813)(813)
Distributions declared to preferred unitholders-(7,553)-----(7,553)-(7,553)
Distributions declared to common unitholders---(169,875)-(269)-(170,144)-(170,144)
Repurchase of preferred units-(2,817)-----(2,817)-(2,817)
Distributions to noncontrolling interests--------(927)(927)
Issuance of common units--525-------
Surrender of restricted common units--(522)(11,536)---(11,536)-(11,536)
Amortization of equity awards---6,065-659-6,724-6,724
Adjustment of redeemable noncontrolling interests to estimated fair value---577---577-577
Balance at March 31, 202521$546,901679,497$10,042,2861,074$22,877$(911)$10,611,153$122,824$10,733,977
Balance at January 1, 202621$546,256674,093$9,854,3721,445$30,183$(8,792)$10,422,019$121,353$10,543,372
Contributions from noncontrolling interests--------7676
Net income-7,536-157,362-430-165,3281,019166,347
Other comprehensive income:
Change in fair value of cash flow hedges for interest payments------5,4285,428-5,428
Equity in change in fair value of cash flow hedges for interest payments of unconsolidated investees------1,1791,179-1,179
Redeemable noncontrolling interests income--------(359)(359)
Distributions declared to preferred unitholders-(7,536)-----(7,536)-(7,536)
Distributions declared to common unitholders---(175,346)-(457)-(175,803)-(175,803)
Repurchase of common units--(23)(462)(19)(391)-(853)-(853)
Distributions to noncontrolling interests--------(770)(770)
Issuance of equity awards--614433334,078-4,121-4,121
Surrender of restricted common units--(281)(6,042)---(6,042)-(6,042)
Amortization of equity awards---11,194-1,534-12,728-12,728
Redemption/conversion of noncontrolling interests---4,000---4,000-4,000
Adjustment of redeemable noncontrolling interests to estimated fair value---(286)---(286)-(286)
Balance at March 31, 202621$546,256674,403$9,844,8351,759$35,377$(2,185)$10,424,283$121,319$10,545,602

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY OP, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Three Months Ended March 31,
20262025
Cash flow from operating activities:
Net income$166,347$134,503
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization156,496158,453
Impairment charges50534
Straight-line rental income adjustments, net(6,612)(6,299)
Amortization of above-market and below-market leases, net(13,634)(5,314)
Amortization of deferred financing costs and fair value debt adjustments, net1,630100
Equity award expense12,7286,725
Gain on sale of properties(15,707)(887)
Loss on marketable securities/derivative, net29325
Equity in income of joint ventures, net(24,811)(22,683)
Equity in income of other investments, net(5,794)(701)
Distributions from joint ventures and other investments30,03622,130
Change in accounts and other receivables, net5,5007,385
Change in accounts payable and accrued expenses(25,051)(33,996)
Change in other operating assets(21,636)(28,681)
Change in other operating liabilities(16,585)(7,781)
Net cash flow provided by operating activities242,986223,813
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets-(106,244)
Improvements to operating real estate(63,441)(52,117)
Investment in marketable securities(1,011)(1)
Proceeds from sale of marketable securities679500
Investments in preferred stock and cost method investments(26)(5,000)
Investments in and advances to real estate joint ventures(299)(1,778)
Reimbursements of investments in and advances to real estate joint ventures8,2009,282
Investments in and advances to other investments(1,108)(1,210)
Reimbursements of investments in and advances to other investments1841,127
Investment in mortgage and other financing receivables(76,410)-
Collection of mortgage and other financing receivables39,89623,117
Proceeds from sale of properties43,9611,324
Proceeds from insurance casualty claims869446
Net cash flow used for investing activities(48,506)(130,554)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt(16,087)(48,844)
Principal payments on rental property debt(3,055)(3,485)
Proceeds from mortgage loan financings17,350-
Proceeds from unsecured revolving credit facility, net-120,000
Repayments of unsecured notes-(500,000)
Financing origination costs(6,309)(22)
Contributions from noncontrolling interests78-
Distributions to noncontrolling interests(1,131)(2,009)
Redemptions of noncontrolling interests(38,748)(1,045)
Distributions paid(183,339)(177,464)
Repurchase of preferred units-(2,817)
Repurchase of common units(853)-
Units repurchased for employee tax withholding on equity awards(6,042)(11,536)
Principal payments under finance lease obligations-(24,362)
Change in tenants' security deposits4651,097
Net cash flow used for financing activities(237,671)(650,487)
Net change in cash, cash equivalents and restricted cash(43,191)(557,228)
Cash, cash equivalents and restricted cash, beginning of the period212,794689,731
Cash, cash equivalents and restricted cash, end of the period$169,603$132,503
Interest paid (net of capitalized interest of $1,547 and $531, respectively)$90,606$84,019
Income taxes (received)/paid$(2,136)$23,370

The accompanying notes are an integral part of these condensed consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  1. Business and Organization

Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes. Substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company. The Parent Company is the managing member and exercises exclusive control over Kimco OP. As of March 31, 2026, the Parent Company owned 99.74% of the outstanding limited liability company interests (the “OP Units”) in Kimco OP. The terms “Kimco,” “the Company” and “our” each refer to the Parent Company and Kimco OP, collectively, unless the context indicates otherwise. In statements regarding qualification as a REIT for U.S. federal income tax purposes, such terms refer solely to Kimco Realty Corporation.

The Company is a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed use properties in the United States. The Company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. The Company, its affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, including mixed use assets, which are anchored primarily by grocery stores, off-price retailers, discounters or service-oriented tenants. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

The Company elected status as a REIT for federal income tax purposes commencing with its taxable year which began January 1, 1992 and operates in a manner that enables the Company to maintain its status as a REIT. To qualify as a REIT, the Company must meet several organizational and operational requirements, and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deductions and including any net capital gain. In January 2023, the Company reorganized into an umbrella partnership real estate investment trust structure (“UPREIT”). The Company believes it is organized and operates in such a manner to qualify and remain qualified as a REIT, in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). The Company, generally, will not be subject to U.S. federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined in the Code. The Company maintains certain subsidiaries that have made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), that permit the Company to engage through such TRSs in certain business activities that the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes, when applicable, a provision for taxes in its condensed consolidated financial statements.

  1. Summary of Significant Accounting Policies

Basis of Presentation

This report combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026, of the Parent Company and Kimco OP into this single report. The accompanying Condensed Consolidated Financial Statements include the accounts of the Parent Company and Kimco OP and their consolidated subsidiaries. The Company’s subsidiaries include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). The Parent Company serves as the general member of Kimco OP. The limited members of Kimco OP have limited rights over Kimco OP and do not have the power to direct the activities that most significantly impact Kimco OP’s economic performance. As such, Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. Amounts as of December 31, 2025 included in the Condensed Consolidated Financial Statements have been derived from the audited Consolidated Financial Statements as of that date, but do not include all annual disclosures required by GAAP. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

for the year ended December 31, 2025, as certain disclosures in this Quarterly Report that would duplicate those included in such Annual Report on Form 10-K are not included in these Condensed Consolidated Financial Statements.

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its Condensed Consolidated Financial Statements.

Reclassifications

Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, for the three months ended March 31, 2025, the Company reclassified Loss on marketable securities, net into Other (expense)/income, net on the Company’s Condensed Consolidated Statement of Income as follows (in thousands):

Three Months Ended March 31, 2025
Other (expense)/income, net$(9)
Loss on marketable securities, net$9

New Accounting Pronouncements

The following table represents Accounting Standards Updates (“ASUs”) to the FASB’s ASCs that, as of March 31, 2026, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:

ASUDescriptionEffective DateEffect on the financial statements or other significant matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective DateThese ASUs require additional disclosure about a public business entity’s expenses and more detailed information about the types of expenses in commonly presented expense captions. Such information should allow investors to better understand an entity's performance, assess future cash flows, and compare performance over time and with other entities. The amendments will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's operating expenses.Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; early adoption permittedThe Company is reviewing the extent of new disclosures necessary prior to implementation. Other than additional disclosure, the adoption of these ASUs will not have a material impact on the Company’s financial position and/or results of operations.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest EntityThe amendments in this ASU revise the guidance for determining the accounting acquirer in the acquisition of a VIE. An entity will be required to consider the factors in ASC 805-10-55-12 through 805-10-55-15 in determining which entity is the accounting acquirer when a VIE is acquired in a business combination effected primarily by exchanging equity interests. Previously, the primary beneficiary was always identified as the accounting acquirer in such transactions. The amendments are required to be applied prospectively to any acquisition transaction that occurs after the initial application date.January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reporting periodThe Company does not expect the adoption of this ASU, which is to be applied prospectively, to have a material impact on the Company’s financial position and/or results of operations.
ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use SoftwareThis ASU amends the existing standard to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed, management is required to consider whether there is significant uncertainty associated with the development activities of the software. The amendments may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis.January 1, 2028; early adoption is permitted as of the beginning of an annual reporting periodThe Company is assessing the impact this ASU will have on the Company’s financial position and/or results of operations.
ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue ContractThe new guidance will reduce the number of contracts (or embedded features within instruments) that are accounted for as derivatives under Topic 815. This ASU adds a new scope exception to the derivatives guidance for certain contracts underlyings based on the operations or activities specific to one of the parties to the contract. This ASU also clarifies that share-based noncash consideration received from a customer as consideration for the transfer of goods or services in a revenue contract is subject to the revenue guidance and not the financial instruments guidance unless and until the company’s right to receive or retain the share-based noncash consideration is “unconditional,” as defined in this ASU. The amendments may be applied on a prospective basis or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings.January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reporting periodThe Company is assessing the impact this ASU will have on the Company’s financial position and/or results of operations.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased LoansThe new guidance makes significant changes to the accounting for certain acquired seasoned loans subject to CECL. The FASB decided not to change the existing models for originated assets, purchased credit deteriorated assets ("PCD") or other acquired assets. Under this ASU, the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the “day-one” credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. The amendments should be applied prospectively to loans that are acquired on or after the initial application date.January 1, 2027; early adoption is permittedThe Company is assessing the impact this ASU, which is applied prospectively, will have on the Company’s financial position and/or results of operations
ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting ImprovementsThis ASU clarifies certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The five main provisions include: 1. Similar risk assessment for cash flow hedges 2. Hedging interest payments on choose-your-rate debt 3. Cash flow hedges of non-financial forecasted transactions 4. Net written options as hedging instruments 5. Foreign currency-denominated debt designated as a hedging instrument and a hedged item The amendments should be applied prospectively, and there are transition provisions designed to assist in migrating existing hedging relationships to the new guidance.January 1, 2027; early adoption is permitted on any date on or after the issuance of this ASUThe Company is assessing the impact this ASU, which is applied prospectively, will have on the Company’s financial position and/or results of operations.
ASU 2025-11, Interim Reporting (Topic 270): - Narrow-Scope ImprovementsThis ASU clarifies interim disclosure requirements, including providing a comprehensive list of interim disclosure requirements under U.S. GAAP and a disclosure principle that requires entities to disclose events since the last annual reporting period that have a material impact on the entity. The amendments can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.January 1, 2028; early adoption is permittedThe Company is assessing the impact this ASU, which can be applied prospectively, will have on the Company’s financial position and/or results of operations.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed:

ASUDescriptionAdoption DateEffect on the financial statements or other significant matters
ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract AssetsThe amendments in this ASU provide a practical expedient to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The amendments are to be applied prospectively.January 1, 2026The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations.
  1. Real Estate

Acquisitions

During the three months ended March 31, 2026, there were no operating property acquisitions. During the three months ended March 31, 2025, the Company acquired the following operating properties, through direct asset acquisitions (in thousands):

Purchase Price
Property NameLocationMonth AcquiredCashDebtOtherTotalGLA*
Markets at Town Center (1)Jacksonville, FLJan-25$108,238$-$-$108,238254
College Park Land (2)Las Vegas, NVJan-2512,746-1,42814,174-
Francisco Center Land (2)Las Vegas, NVJan-2511,588-59312,181-
$132,572$-$2,021$134,593254
  • Gross leasable area (“GLA”)

(1)

The Company had a mortgage receivable of $15.0 million related to this property, which was repaid by the seller at closing.

(2)

The Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of a call option for an aggregate purchase price of $24.2 million. In addition, the Company had a mortgage receivable of $3.4 million, which was repaid by the seller at closing. This transaction also resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company’s Condensed Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities (included in Other). See Footnote 8 of the Notes to Condensed Consolidated Financial Statements for further details.

The purchase price for these acquisitions was allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocation for properties acquired during the three months ended March 31, 2025 were as follows (in thousands):

Allocation as of March 31, 2025Weighted Average Useful Life (in Years)
Land$48,844n/a
Buildings68,65950.0
Building improvements4,70045.0
Tenant improvements5,3906.2
In-place leases12,8594.9
Above-market leases4575.4
Below-market leases(6,316)15.8
Net assets acquired$134,593

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Dispositions

The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels for the three months ended March 31, 2026 and 2025 (dollars in millions):

Three Months Ended March 31,
20262025
Aggregate sales price/gross fair value (1)$47.2$1.5
Gain on sale of properties (2)$15.7$0.9
Number of parcels sold31

(1)

Includes $0.6 million of Internal Revenue Code 26 U.S.C. §1031 proceeds held in escrow through sale of real estate interests as of March 31, 2026.

(2)

Before taxes of $0.2 million for the three months ended March 31, 2025.

  1. Investments in and Advances to Real Estate Joint Ventures

The Company has investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The Company manages certain of these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at March 31, 2026 and December 31, 2025 (in millions, except number of properties and GLA):

Noncontrolling Ownership InterestThe Company’s Investment
Joint VentureAs of March 31, 2026March 31, 2026December 31, 2025
Prudential Investment Program15.0%$120.2$120.1
Kimco Income Opportunity Portfolio (“KIR”)52.1%287.2287.2
R2G Venture LLC (“R2G”)51.5%396.7401.2
Canada Pension Plan Investment Board (“CPP”)55.0%200.5202.3
Other Institutional Joint VenturesVarious233.6236.0
Other Joint Venture ProgramsVarious207.8207.3
Total*$1,446.0$1,454.1
  • Represents 114 property interests, 48 other property interests and 24.4 million square feet of GLA, as of both March 31, 2026 and December 31, 2025.

The table below presents the Company’s share of net income for the above investments, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (in millions):

Three Months Ended March 31,
Joint Venture20262025
Prudential Investment Program$2.2$3.1
KIR10.510.1
R2G3.22.3
CPP2.83.2
Other Institutional Joint Ventures1.71.1
Other Joint Venture Programs4.42.9
Total$24.8$22.7

During the three months ended March 31, 2025, certain of the Company’s real estate joint ventures disposed of an operating property and a land parcel in separate transactions, for an aggregate sales price of $39.8 million. These transactions resulted in an aggregate net gain to the Company of $0.8 million for the three months ended March 31, 2025, which is included in Equity in income of joint ventures, net on the Company’s Condensed Consolidated Statements of Income.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at March 31, 2026 and December 31, 2025 (dollars in millions):

As of March 31, 2026As of December 31, 2025
Joint VentureMortgages and Notes Payable, NetWeighted Average Interest RateWeighted Average Remaining Term (months)*Mortgages and Notes Payable, NetWeighted Average Interest RateWeighted Average Remaining Term (months)*
Prudential Investment Program$233.55.19%19.3$233.95.25%22.2
KIR273.04.58%59.8274.44.58%15.2
R2G71.22.90%59.770.72.90%62.6
CPP79.05.25%4.079.35.25%7.0
Other Institutional Joint Ventures222.95.41%44.7222.75.41%47.7
Other Joint Venture Programs535.04.86%37.7538.25.04%33.0
Total$1,414.6$1,419.2
  • Includes extension options
  1. Other Investments

The Company has provided capital to owners and developers of real estate properties through its Preferred Equity program, which is included in Other investments on the Company’s Condensed Consolidated Balance Sheets. In addition, the Company has invested capital in certain structured investments that are accounted for on the equity method of accounting. As of March 31, 2026 and December 31, 2025, the Company’s Other investments were $99.7 million and $99.9 million, respectively, of which the Company’s net investments under the Preferred Equity program were $59.6 million and $59.1 million as of March 31, 2026 and December 31, 2025, respectively.

  1. Mortgage and Other Financing Receivables

The Company has various mortgage and other financing receivables, which consist of loans acquired and loans originated by the Company. As of March 31, 2026 and December 31, 2025, the Company had mortgage and other financing receivables, net of allowance for credit losses of $420.4 million and $383.9 million, respectively. As of March 31, 2026, these mortgage and other receivables have scheduled maturities ranging from less than one year to 8.6 years and accrue interest at rates ranging from 6.35% to 12.50%. During the three months ended March 31, 2026 and 2025, the Company recognized mortgage and other financing income, net of $12.5 million and $11.3 million, respectively.

During the three months ended March 31, 2026, the Company (i) provided $76.4 million of mortgage and other financing loans and (ii) collected $39.9 million of mortgage and other financing receivables.

During the three months ended March 31, 2025, the Company collected $23.1 million of mortgage and other financing receivables, of which $18.4 million was repaid at closing upon the Company’s acquisition of the corresponding properties.

The following table presents the changes in the allowance for loan losses for the three months ended March 31, 2026 and 2025, respectively (in thousands):

Three Months Ended March 31,
20262025
Balance at January 1,$5,352$6,800
Provision for loan losses518-
Recoveries collected(518)-
Balance at March 31,$5,352$6,800

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

  1. Accounts and Other Receivables

The components of accounts and other receivables, net of potentially uncollectible amounts as of March 31, 2026 and December 31, 2025, were as follows (in thousands):

As of March 31, 2026As of December 31, 2025
Billed tenant receivables$20,255$18,242
Unbilled common area maintenance, insurance and tax reimbursements68,35276,113
Other receivables11,74811,500
Straight-line rent receivables269,721263,109
Total accounts and other receivables, net$370,076$368,964
  1. Leases

Lessor Leases

The Company’s primary source of revenues is derived from lease agreements, which includes rental income and expense reimbursement. The Company’s lease income is comprised of minimum base rent, expense reimbursements, percentage rent, lease termination fee income, ancillary income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments.

The disaggregation of the Company’s lease income, which is included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the three months ended March 31, 2026 and 2025, was as follows (in thousands):

Three Months Ended March 31,
20262025
Lease income:
Fixed lease income (1)$425,294$416,171
Variable lease income (2)116,950112,987
Above-market and below-market leases amortization, net13,6345,314
Adjustments for potentially uncollectible lease income or disputed amounts(3,066)(3,186)
Total lease income$552,812$531,286

(1)

Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.

(2)

Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.

Lessee Leases

The Company currently leases real estate space under non-cancelable operating lease agreements for ground leases and administrative office leases. The Company’s operating leases have remaining lease terms ranging from less than one year to 79.1 years, some of which include options to extend the terms for up to an additional 60 years.

The Company had three properties under finance ground lease agreements that consisted of variable lease payments with a bargain purchase option. During the three months ended March 31, 2025, the Company acquired the fee interest in two properties under finance ground lease agreements through the exercise of its call option for an aggregate purchase price of $24.2 million. This transaction resulted in a decrease in Other assets of $26.2 million and a decrease in Other liabilities of $24.2 million on the Company’s Condensed Consolidated Balance Sheets related to the finance right-of-use assets and lease liabilities. As of March 31, 2026, the Company has a property under a finance ground lease agreement with a right-of-use asset of $6.8 million, which is included in Other assets on the Company’s Condensed Consolidated Balance Sheets.

The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating leases as of March 31, 2026 were as follows:

Operating Leases
Weighted-average remaining lease term (in years)28.82
Weighted-average discount rate6.77%

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and 2025, were as follows (in thousands):

Three Months Ended March 31,
20262025
Lease cost:
Finance lease cost$-$43
Operating lease cost3,5693,441
Variable lease cost675841
Total lease cost$4,244$4,325
  1. Notes and Mortgages Payable

Notes Payable

In February 2026, the Company closed on a new $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks. The Credit Facility is scheduled to expire in March 2030 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2031. The Credit Facility can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Credit Facility accrues interest at a rate of Term Secured Overnight Financing Rate (“SOFR”), as defined in the terms of the Credit Facility, plus an applicable spread determined by the Company’s credit ratings. The interest rate can be further adjusted upward or downward based on the sustainability metric targets and the Company’s credit rating, as defined in the agreement. As of March 31, 2026, the interest rate on the Credit Facility is Term SOFR plus 63.5 basis points (4.37% as of March 31, 2026) after reductions for sustainability metrics achieved and the Company’s current credit rating. Pursuant to the terms of the Credit Facility, the Company is subject to certain covenants. As of March 31, 2026, the Credit Facility had no outstanding balance and no appropriations for letters of credit, and the Company was in compliance with its covenants.

During January 2026, the Company established a commercial paper program to issue unsecured, unsubordinated notes up to a maximum of $750.0 million (the “Commercial Paper Program”). The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the program. As of March 31, 2026, the Commercial Paper Program had no outstanding balance.

The Company has $310.0 million of unsecured term loans (the “Term Loans”) with a group of banks, which were scheduled to expire between November 2026 to February 2028. In March 2026, the Company amended the Term Loans to add two one-year options to extend the maturity dates, at the Company’s discretion, to November 2028 through February 2030. The Term Loans accrue interest at the rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating and sustainability metric targets, as described in the agreement. As of March 31, 2026, the interest rates on the Term Loans are Adjusted Term SOFR plus 71.0 basis points after reductions for sustainability metrics achieved and the Company’s current credit rating. As of March 31, 2026, the Company had 20 swap rate agreements with various lenders swapping the interest rates on the Term Loans to all-in fixed rates ranging from 4.38% to 4.58%. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure.

The Company has a $550.0 million unsecured term loan credit facility (the “Term Loan Credit Facility”) with a group of banks, which is scheduled to mature in January 2027 with two one-year options to extend the maturity date, at the Company’s discretion, to January 2029. The Term Loan Credit Facility, as amended, accrues interest at a rate of Adjusted Term SOFR plus an applicable spread determined by the Company’s credit rating, as described in the agreement. As of March 31, 2026, the interest rate on the Term Loan Credit Facility is Adjusted Term SOFR plus 75.0 basis points based on the Company’s current credit rating. As of March 31, 2026, the Company had six swap rate agreements with various lenders swapping the overall interest rate on the Term Loan Credit Facility to an all-in fixed rate of 4.46%. See Footnote 10 of the Notes to Condensed Consolidated Financial Statements for interest rate swap disclosure.

During February 2025, the Company fully repaid a $500.0 million unsecured note, which accrued interest at a rate of 3.30% per annum, upon maturity.

The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Mortgages Payable

During the three months ended March 31, 2026, the Company refinanced a mortgage loan on a consolidated joint venture operating property by obtaining a $23.0 million mortgage loan, of which $17.4 million has been funded, and was used to repay the $16.1 million outstanding on the prior mortgage loan.

During the three months ended March 31, 2025, the Company repaid $48.9 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered three operating properties.

  1. Derivatives

Derivative Instruments & Hedging Activities

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risks, primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates and limits the risk by following established risk management policies and procedures, including the use of derivative financial instruments.

The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate these risks, the Company only enters into derivative financial instruments with counterparties with major financial institutions. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company's objectives in using interest rate derivatives are to attempt to stabilize interest expense where possible and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

As of March 31, 2026, the Company has 26 interest rate swap agreements with notional amounts aggregating to $860.0 million. The interest rate swap agreements are designated as cash flow hedges and are held by the Company to reduce the impact of changes in interest rates on variable rate debt. As of March 31, 2026, all interest rate swaps were deemed effective and are therefore included within Accumulated other comprehensive loss (“AOCI”) on the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2026, the Company expects approximately $(0.6) million of accumulated comprehensive loss on derivative instruments to be reclassified into earnings as an increase to interest expense during the next 12 months.

The interest rate swaps are measured at fair value using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company classifies the interest rate swaps as Level 2, and the fair value of the interest rate swaps are measured on a recurring basis, see Footnote 13 of the Notes to Condensed Consolidated Financial Statements.

The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of March 31, 2026 (dollars in thousands):

InstrumentNumber of Swap AgreementsAssociated Debt InstrumentEffective DateMaturity DateNotional Amount (1)Derivative Assets (2)Derivative Liabilities (2)
Interest rate swap1$200.0 Million Term LoanJan-24Jan-29$200,000$-$(493)
Interest rate swaps3$50.0 Million Term LoanJan-24Nov-2650,000-(64)
Interest rate swaps3$100.0 Million Term LoanJan-24Feb-27100,000-(146)
Interest rate swaps7$50.0 Million Term LoanJan-24Aug-2750,000-(74)
Interest rate swaps7$110.0 Million Term LoanJan-24Feb-28110,000-(193)
Interest rate swaps4$300.0 Million Term LoanJul-24Jan-29300,000-(2,382)
Interest rate swap1$50.0 Million Term LoanSept-24Jan-2950,000210-
$860,000$210$**(**3,352)

(1)

These interest rate swap agreements utilize a one-month SOFR CME index.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(2)

Derivative assets and derivative liabilities are included within Other assets and Other liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets.

The table below details the location in the financial statements of the gain/(loss) recognized on interest rate swaps designated as cash flow hedges for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,
20262025
Amount of gain/(loss) recognized in AOCI on interest rate swaps, net$5,326$(8,987)
Amount reclassified from AOCI into Interest expense as (expense)/income$(102)$1,282
Total amount of Interest expense presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are being recorded$(83,125)$(80,377)
  1. Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or having determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance. The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Condensed Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Condensed Consolidated Statements of Income.

As of March 31, 2026, the Parent Company is the managing member of Kimco OP and owns 99.74% of the outstanding OP Units. Noncontrolling OP Units are owned by third parties and certain officers and directors of the Company. During 2024, the Parent Company issued 953,400 OP Units in Kimco OP, which were fully vested upon issuance and had a fair market value of $21.0 million. In addition, the Parent Company has granted to certain employees and directors long-term incentive plan units (“LTIP Units”) with time-based vesting requirements (“Time-Based LTIP Units”) and LTIP Units with performance-based vesting requirements (“Performance-Based LTIP Units”), assuming the maximum target performance (see Footnote 14 of the Notes to Condensed Consolidated Financial Statements). The OP Units are currently redeemable at the option of the holder (subject to restrictions agreed upon at the time of issuance of LTIP Units to certain holders that may restrict such redemption right for a period of time) for the Parent Company’s common stock at a ratio of 1:1 or cash at the option of the Parent Company. During the three months ended March 31, 2026, 19,203 OP Units were redeemed for $0.4 million in cash. As of March 31, 2026, noncontrolling interests relating to the Noncontrolling OP units were $35.4 million and consisted of the following:

TypeUnits OutstandingReturn Per Annum
Vested OP Units1,083,541Equal to the Company’s common stock dividend
Unvested Time-Based OP Units675,068Equal to the Company’s common stock dividend
Unvested Performance-Based OP Units1,556,501Dividend equivalent OP Units upon vesting

The Company owns eight shopping center properties located in Long Island, NY, which were acquired during 2022, partially through the issuance of $122.1 million of Preferred Outside Partner Units and $13.6 million of Common Outside Partner Units. The noncontrolling interest was classified as mezzanine equity and included in Redeemable noncontrolling interests on the Company’s Condensed Consolidated Balance Sheets as a result of the put right available to the unit holders, an event that is not solely in the Company’s control. During the three months ended March 31, 2026, all of the 824,410 Preferred Outside Partner Units outstanding and 170,585 Common Outside Partner Units outstanding were redeemed for cash of $20.2 million, in separate transactions, and as such, this entity is no longer a VIE. These transactions resulted in a net decrease in Redeemable noncontrolling interests of $14.8 million and a decrease in the embedded derivative liability in Other liabilities of $5.4 million on the Company’s Condensed Consolidated Balance Sheets. In addition, the Company paid $12.5 million, in January 2026, related to the put option exercised in December 2025, which resulted in a decrease in Accounts payable and accrued expenses on the Company’s Condensed Consolidated Balance Sheets. During the three months ended March 31, 2025, 46,461 Preferred Outside Partner Units and 5,162 Common Outside Partner Units were redeemed for cash of $1.0 million, in separate transactions. These transactions resulted in a net decrease in Redeemable noncontrolling interests of $0.7 million and a decrease in the embedded derivative liability in Other liabilities of $0.4 million on the Company’s Condensed Consolidated Balance Sheets.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholders’ equity/Members’ capital on the Company’s Condensed Consolidated Balance Sheets.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,
20262025
Balance at January 1,$24,506$47,877
Net income359813
Distributions(359)(813)
Redemption/conversion of noncontrolling interests (1)(24,792)(676)
Adjustment to estimated redemption value286(577)
Balance at March 31,$-$46,624

(1)

Includes Preferred and Common Outside Partner Units, which were fully redeemed during the three months ended March 31, 2026 and partially redeemed during the three months ended March 31, 2025. Also, during the three months ended March 31, 2026, the Company acquired the remaining outside partner’s interest in a consolidated property for a purchase price of $6.0 million.

  1. Variable Interest Entities

Consolidated Operating Properties

Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. Substantially all of the Parent Company's assets and liabilities are the assets and liabilities of Kimco OP. In addition, included within the Company’s operating properties at March 31, 2026 and December 31, 2025, are various consolidated entities, that are VIEs for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have substantive participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At March 31, 2026, total assets of these VIEs were $1.1 billion and total liabilities were $67.6 million. At December 31, 2025, total assets of these VIEs were $1.7 billion and total liabilities were $153.0 million.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience.

Additionally, included within the Company’s real estate at March 31, 2026, is a consolidated development project, which is a VIE for which the Company is the primary beneficiary. This entity was primarily established to develop a real estate property to hold as a long-term investment. The Company’s involvement with this entity is through its majority ownership of the property. This entity is deemed a VIE as the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction, as development costs will be funded by construction loan financing and the partners over the construction period. The Company determined that it was the primary beneficiary of this VIE as a result of its controlling financial interest. At March 31, 2026, total assets of this real estate development VIE were $35.7 million, and there were no outstanding liabilities.

All liabilities of these consolidated VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by third-party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The table below summarizes the consolidated VIEs and the classification of the Restricted Assets and VIE Liabilities on the Company’s Condensed Consolidated Balance Sheets are as follows (dollars in millions):

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

As of March 31, 2026As of December 31, 2025
Number of unencumbered VIEs2223
Number of encumbered VIEs23
Total number of consolidated VIEs2426
Restricted Assets:
Real estate, net$81.0$347.8
Cash, cash equivalents and restricted cash0.94.6
Accounts and other receivables, net1.23.9
Other assets1.51.9
Total Restricted Assets$84.6$358.2
VIE Liabilities:
Mortgages payable, net$17.2$83.6
Accounts payable and accrued expenses10.59.8
Intangible liabilities, net31.144.2
Operating lease liabilities1.71.7
Other liabilities7.113.7
Total VIE Liabilities$67.6$153.0

Unconsolidated Redevelopment Investment

Included in the Company’s preferred equity investments at March 31, 2026, is an unconsolidated development project which is a VIE for which the Company is not the primary beneficiary. This preferred equity investment was primarily established to develop real estate property for long-term investment and is deemed a VIE primarily because the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by construction loan financing and the partners over the construction period. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

As of March 31, 2026 and December 31, 2025, the Company’s investment in this VIE was $40.4 million and $39.8 million, respectively, which is included in Other investments on the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is the Company’s carrying value in this investment. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of development will be funded with construction loan financing or capital contributions from the Company and the outside partner in accordance with their respective ownership percentages if necessary.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

  1. Fair Value Measurements

All financial instruments of the Company are reflected in the accompanying Condensed Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt and mortgage and other finance receivables is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. The fair value for embedded derivative liability is based on using the “with-and-without” method. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. Interest rate swaps are measured at fair value using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements for interest rate swaps.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The following table presents the carrying amount and estimated fair value of the Company's financial instruments not measured at fair value as of March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026December 31, 2025
Fair Value HierarchyCarrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Assets:
Mortgage and other financing receivables (1)Level 3$420,448$413,217$383,935$392,222
Liabilities:
Notes payable, net (2)
Senior unsecured notesLevel 2$6,860,102$6,457,438$6,859,458$6,550,537
Unsecured term loansLevel 3$859,434$860,139$859,272$860,685
Mortgages payable, net (3)Level 3$465,433$452,446$467,203$455,214

(1)

The carrying value includes and the fair value excludes allowance for credit losses of $5.4 million as of both March 31, 2026 and December 31, 2025.

(2)

The carrying value includes and the fair value excludes deferred financing costs of $60.4 million and $62.5 million as of March 31, 2026 and December 31, 2025, respectively.

(3)

The carrying value includes and the fair value excludes deferred financing costs of $0.9 million and $0.8 million as of March 31, 2026 and December 31, 2025, respectively.

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities, interest rate swap derivative assets/liabilities and embedded derivative liabilities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level of the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, aggregated by the level of the fair value hierarchy within which those measurements fall (in thousands):

Balance at March 31, 2026Level 1Level 2Level 3
Assets:
Marketable equity securities$2,952$2,952$-$-
Interest rate swap derivative asset$210$-$210$-
Liabilities:
Interest rate swaps derivative liabilities$3,352$-$3,352$-
Balance at December 31, 2025Level 1Level 2Level 3
Assets:
Marketable equity securities$2,649$2,649$-$-
Liabilities:
Interest rate swaps derivative liabilities$8,570$-$8,570$-
Embedded derivative liability$5,440$-$-$5,440

The significant unobservable input (Level 3 inputs) used in measuring the Company’s embedded derivative liability, which is categorized with Level 3 of the fair value hierarchy, was the discount rate of 5.30% as of December 31, 2025.

The table below summarizes the change in the fair value of the embedded derivative liability measured using Level 3 inputs for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,
20262025
Balance as of January 1,$5,440$19,864
Settlements(5,440)(370)
Change in fair value (included in Other (expense)/income, net)-316
Balance as of March 31,$-$19,810

Assets measured at fair value on a non-recurring basis at December 31, 2025, were as follows (in thousands):

Balance at December 31, 2025Level 1Level 2Level 3
Real estate$9,718$-$-$9,718
  1. Incentive Plans

In April 2025, the Company’s stockholders approved the Kimco Realty Corporation 2025 Equity Participation Plan (as amended and/or restated, the “2025 Plan”), which is the successor to the Kimco Realty Corporation 2020 Equity Participation Plan (together with the 2025 Plan, the “Plans”). The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, LTIP Units (including performance-based LTIP Units), stock payments and deferred stock awards. At March 31, 2026, the Company had 16.2 million shares of common stock available for issuance under the 2025 Plan.

The Company accounts for equity awards in accordance with FASB’s compensation – Stock Compensation guidance, which requires that all share-based payments to employees, including grants of employee stock options, restricted stock, performance shares and LTIP Units, be recognized in the Condensed Consolidated Statements of Income over the service period based on their fair values. Unless otherwise determined by the Board of Directors at its sole discretion, restricted stock grants under the 2025 Plan generally vest (i) 100% on the fourth or fifth anniversary of the grant or (ii) ratably over four or five years. Fair value of restricted shares and Time-Based LTIP Units are calculated based on the Company’s common stock closing share price on the date of grant.

The Company grants performance awards and Performance-Based LTIP Units which include both market and operating performance targets. Fair value of these awards with market performance targets are determined using the Monte Carlo method, which is intended to estimate the fair value of the awards at the grant date. Fair value of the operating performance targets are calculated based on the

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Company’s common stock closing share price on the date of grant. The operating performance awards vest based on the achievement of specified operating performance objectives. Compensation expense is recognized over the requisite service period based on management’s estimate of the number of awards expected to vest, which reflects the probability of achieving the applicable operating performance targets. Management reviews these estimates each reporting period and records any resulting adjustments in the period of change. The estimation of whether the operating performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company’s current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period the estimates are revised.

Granted Time-Based LTIP Units and Performance-Based LTIP Units do not have redemption rights into shares of Company common stock, but any OP Units into which LTIP Units may be converted are entitled to redemption rights.

The Company recognized expenses associated with its equity awards of $12.7 million and $6.7 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had $52.5 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans. That cost is expected to be recognized over a weighted-average period of approximately 2.8 years.

Restricted Stock

Information with respect to restricted stock under the Plans for the three months ended March 31, 2026 and 2025 is as follows:

20262025
Restricted stock outstanding as of January 1,2,503,1022,745,884
Granted (1)614,060-
Vested(835,798)(654,548)
Forfeited(10,022)(3,306)
Restricted stock outstanding as of March 31,2,271,3422,088,030

(1)

The weighted-average grant date fair value for restricted stock issued during the three months ended March 31, 2026 was $22.66.

Performance Shares

Information with respect to performance share awards under the Plans for the three months ended March 31, 2026 and 2025 is as follows:

20262025
Performance share awards outstanding as of January 1,642,660908,890
Granted (1)206,570-
Vested--
Performance share awards outstanding as of March 31,849,230908,890

(1)

The weighted-average grant date fair value for performance shares issued during the three months ended March 31, 2026 was $25.04.

For the three months ended March 31, 2026 and 2025, the Company issued 0 and 524,636 common shares, respectively, in connection with previously vested performance share awards, including performance dividend equivalent shares.

The significant assumptions underlying the determination of fair values using Monte Carlo simulations for the performance share awards granted with market conditions during the three months ended March 31, 2026 were as follows:

2026
Stock price$22.32
Dividend yield (1)-
Risk-free interest rate3.50%
Volatility (2)23.16%
Term of the award (years)2.86

(1)

Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

(2)

Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Time-Based LTIP Units

Information with respect to Time-Based LTIP Unit awards with time-based vesting requirements under the Plans for the three months ended March 31, 2026 and 2025 is as follows:

20262025
Time-Based LTIP unit awards outstanding as of January 1,442,708120,700
Granted (1)333,090-
Vested(100,730)(24,140)
Time-Based LTIP unit awards outstanding as of March 31,675,06896,560

(1)

The weighted-average grant date fair value for Time-Based LTIP Units issued during the three months ended March 31, 2026 was $22.66.

Performance-Based LTIP Units

Information with respect to Performance-Based LTIP Units, including performance dividend equivalent units, under the Plans for the three months ended March 31, 2026 and 2025 is as follows:

20262025
Performance-Based LTIP unit awards outstanding as of January 1,1,076,361474,611
Granted (1)480,140-
Performance-Based LTIP unit awards outstanding as of March 31,1,556,501474,611

(1)

The weighted-average grant date fair value for Performance-Based LTIP Units issued, excluding performance dividend equivalent units, during the three months ended March 31, 2026 was $20.07.

The significant assumptions underlying the determination of fair values using Monte Carlo simulations for the Performance-Based LTIP Units granted with market conditions during the three months ended March 31, 2026 were as follows:

2026
Stock price$22.32
Dividend yield (1)-
Risk-free interest rate3.50%
Volatility (2)23.16%
Term of the award (years)2.86

(1)

Total Shareholder Returns, as used in the Performance-Based LTIP Unit computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

(2)

Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

  1. Stockholders’ Equity

Preferred Stock

The Company’s outstanding Preferred Stock as of both March 31, 2026 and December 31, 2025 is detailed below:

Class of Preferred StockShares AuthorizedShares Issued and OutstandingLiquidation Preference (in thousands)Dividend RateAnnual Dividend per Depositary SharePar ValueOptional Redemption Date
Class L10,3508,902$222,5435.125%$1.28125$1.008/16/2022
Class M10,58010,465261,6365.250%$1.31250$1.0012/20/2022
Class N1,8491,38169,0177.250%$3.62500$1.00N/A
20,748$553,196

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company’s common shares or under certain circumstances by the Company’s election, which is subject to adjustment upon occurrence of certain events. As of March 31, 2026, the Class N Preferred Stock was potentially convertible into 3.2 million shares of common stock. The Company’s Class L and Class M Preferred Stock are not convertible or exchangeable for any other securities or property of the Company.

During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. During the three months ended March 31, 2026, the Company did not repurchase any shares of preferred stock.

The Class L, M and N Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

As to any matter on which the Class L, M or N Preferred Stock may vote, including any actions by written consent, each share of the Class L, M or N Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class L, M or N Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L, M or N Preferred Stock). As a result, each Class L, M or N Depositary Share is entitled to one vote.

Common Stock

During November 2025, the Company established an at-the-market continuous offering program (the “ATM Program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may, from time to time, enter into separate forward sale agreements with one or more banks. This program does not expire. The Company did not issue any shares under the ATM Program during the three months ended March 31, 2026. As of March 31, 2026, the Company had $750.0 million available under this ATM Program.

During November 2025, the Company established a common share repurchase program. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the three months ended March 31, 2026, the Company repurchased 23,103 shares of common stock for an aggregate purchase price of $0.5 million (weighted average price of $19.99 per share). As of March 31, 2026, the Company had $688.1 million available under this common share repurchase program.

Dividends Declared

The following table provides a summary of the dividends declared per share:

Three Months Ended March 31,
20262025
Common Shares$0.26000$0.25000
Class L Depositary Shares$0.32031$0.32031
Class M Depositary Shares$0.32813$0.32813
Class N Depositary Shares$0.90625$0.90625

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

  1. Supplemental Schedule of Non-Cash Investing / Financing Activities

The following schedule summarizes the non-cash investing and financing activities of the Company for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,
20262025
Proceeds deposited in escrow through sale of real estate interests$561$-
Capital expenditures accrual$48,852$48,419
Lease liabilities arising from obtaining operating right-of-use assets$1,424$-
Decrease in redeemable noncontrolling interests’ carrying amount, net$(3,714)$(577)
Surrender of restricted common stock/units$6,042$11,536
Declaration of dividends/distributions paid in succeeding period$6,364$6,373

The following table provides a reconciliation of cash, cash equivalents and restricted cash recorded on the Company’s Condensed Consolidated Balance Sheets to the Company’s Condensed Consolidated Statements of Cash Flows (in thousands):

As of March 31, 2026As of December 31, 2025
Cash and cash equivalents$168,438$211,648
Restricted cash1,1651,146
Total cash, cash equivalents and restricted cash$169,603$212,794
  1. Commitments and Contingencies

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees, primarily on certain of the Company’s redevelopment projects and guaranty of payment related to the Company’s insurance program. At March 31, 2026, these letters of credit aggregated $49.1 million.

In addition, the Company provides a guaranty for the payment of any debt service shortfalls on the Sheridan Redevelopment Agency issued Series A bonds, which are tax increment revenue bonds issued in connection with a development project in Sheridan, Colorado. These tax increment revenue bonds have a balance of $31.1 million outstanding at March 31, 2026. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts the Company may have to provide under a guaranty. The revenue generated from incremental sales, property taxes and PIF have satisfied the debt service requirements to date. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040.

Funding Commitments

The Company has investments with funding commitments of $28.9 million, of which $25.1 million has been funded as of March 31, 2026. In addition, the Company has mortgage and other financing receivables with undrawn loan advances of $67.7 million as of March 31, 2026.

Other

The Parent Company guarantees the unsecured debt instruments of Kimco OP, including the Credit Facility. These guarantees by the Parent Company are full, irrevocable, unconditional and absolute joint and several guarantees to the holders of each series of such unsecured debt instruments.

In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of March 31, 2026, there were $17.6 million in performance and surety bonds outstanding.

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company taken as a whole as of March 31, 2026.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

  1. Accumulated Other Comprehensive Loss (“AOCI”)

The following tables present the change in the components of AOCI for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31, 2026
Cash Flow Hedges for Interest PaymentsCash Flow Hedges for Interest Payments of Unconsolidated InvesteesTotal
Balance at beginning of period$(8,570)$(222)$(8,792)
Other comprehensive income before reclassifications5,3261,4206,746
Amounts reclassed from AOCI102(241)(139)
Net current-period other comprehensive income5,4281,1796,607
Balance at end of period$(3,142)$957$(2,185)
Three Months Ended March 31, 2025
Cash Flow Hedges for Interest PaymentsCash Flow Hedges for Interest Payments of Unconsolidated InvesteesTotal
Balance at beginning of period$7,239$3,799$11,038
Other comprehensive loss before reclassifications(8,987)(1,314)(10,301)
Amounts reclassified from AOCI(1,282)(366)(1,648)
Net current-period other comprehensive loss(10,269)(1,680)(11,949)
Balance at end of period$(3,030)$2,119$(911)

On the Company’s Condensed Consolidated Statements of Income, unrealized gains and losses reclassified from AOCI related to (i) cash flow hedges for interest payments are included in Interest expense and (ii) cash flow hedges for interest payments of unconsolidated investees are included in Equity in income of joint ventures, net.

  1. Segment Reporting

The Company is an owner and operator of open-air, grocery-anchored shopping centers and mixed use assets of which all the Company's properties are located within the U.S., inclusive of Puerto Rico. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews and evaluates operating and financial data for each property on an individual basis. As a result, each of the Company's individual properties is a separate operating segment. The Company defines its reportable segments to be in accordance with the method of internal reporting and the manner in which the Company's chief operating decision maker (“CODM”), makes key operating decisions, evaluates financial results, allocates resources and manages the Company's business. Accordingly, the Company aggregates its operating segments into a single reportable segment due to the similarities with regard to the nature and economics of its properties, tenants and operations, which are operated using consistent business strategies.

In accordance with ASC Topic 280 Segment Reporting, the Company’s CODM has been identified as the Chief Executive Officer. The CODM evaluates the Company’s portfolio and assesses the ongoing operations and performance of its consolidated properties and the Company's share of unconsolidated joint venture operations. The accounting policies of the reportable segments are the same as the Company’s accounting policies. Net Operating Income (“NOI”) is the primary performance measure reviewed by the Company’s CODM to assess operating performance and consists only of revenues and expenses directly related to real estate rental operations. NOI is calculated by deducting property operating expenses from lease revenues and other property related income. NOI reflects property acquisitions and dispositions, occupancy levels, rental rate increases or decreases, and the recoverability of operating expenses. The Company’s calculation of NOI may not be directly comparable to similarly titled measures calculated by other REITs. The CODM does not review asset information as a measure to assess performance.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table presents accrual-based lease revenue and other property related income and operating expenses included in the Company's share of NOI for its consolidated and unconsolidated properties (“NOI at share”) the periods presented (in thousands):

Three Months Ended March 31,
20262025
Revenues$552,812$531,286
Operating expenses
Rent(4,147)(4,184)
Real estate taxes(72,842)(69,911)
Operating and maintenance(95,229)(89,553)
Total operating expenses(172,218)(163,648)
NOI from unconsolidated real estate joint ventures51,05450,997
NOI at share$431,648$418,635

The following table presents the reconciliation of NOI at share to Net income (in thousands):

Three Months Ended March 31,
20262025
NOI at share$431,648$418,635
Adjustments:
Management and other fee income5,2045,338
General and administrative(37,187)(34,392)
Impairment charges(50)(534)
Depreciation and amortization(156,496)(158,453)
Gain on sale of properties15,707887
Other (expense)/income, net(1,619)207
Mortgage and other financing income, net12,47511,269
Interest expense(83,125)(80,377)
Benefit/(provision) for income taxes, net239(464)
Equity in income of joint ventures, net24,81122,683
Equity in income of other investments, net5,794701
NOI from unconsolidated real estate joint ventures(51,054)(50,997)
Net income$166,347$134,503

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

  1. Earnings Per Share/Unit

The following table sets forth the reconciliation of the Company’s earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):

Three Months Ended March 31,
20262025
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders$157,362$125,134
Earnings attributable to participating securities(619)(604)
Net income available to the Company’s common shareholders for basic earnings per share156,743124,530
Distributions on convertible units9-
Net income available to the Company’s common shareholders for diluted earnings per share$156,752$124,530
Weighted average common shares outstanding – basic671,826677,074
Effect of dilutive securities (1):
Equity awards847178
Assumed conversion of convertible units9847
Weighted average common shares outstanding – diluted672,771677,299
Net income available to the Company's common shareholders:
Basic earnings per share$0.23$0.18
Diluted earnings per share$0.23$0.18

(1)

The effect of the assumed conversion of certain convertible units/preferred shares had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations.

The following table sets forth the reconciliation of Kimco OP’s earnings and the weighted-average number of units used in the calculation of basic and diluted earnings per unit (amounts presented in thousands, except per unit data):

Three Months Ended March 31,
20262025
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders$157,792$125,345
Earnings attributable to participating securities(760)(631)
Net income available to Kimco OP’s common unitholders for basic earnings per unit157,032124,714
Distributions on convertible units9-
Net income available to Kimco OP’s common unitholders for diluted earnings per unit$157,041$124,714
Weighted average common units outstanding – basic672,871678,040
Effect of dilutive securities (1):
Unit awards847178
Assumed conversion of convertible units9847
Weighted average common units outstanding – diluted673,816678,265
Net income available to Kimco OP’s common unitholders:
Basic earnings per unit$0.23$0.18
Diluted earnings per unit$0.23$0.18

(1)

The effect of the assumed conversion of certain convertible units/preferred units had an anti-dilutive effect upon the calculation of Net income available to Kimco OP’s common unitholders per unit. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per unit calculations.

KIMCO REALTY CORPORATION AND SUBSIDIARIES AND KIMCO REALTY OP, LLC AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Company’s unvested restricted share/unit awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share/unit awards on earnings per share/unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share/unit awards based on dividends declared and the unvested restricted shares/units’ participation rights in undistributed earnings.

Next: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations