金克地产 2025年度报告

Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality,open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The Company’sportfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, includinghigh-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-basedgoods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the Company has specialized inshopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for morethan 65 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industryleader in this area. As of December 31, 2025, the Company owned interests in 565 U.S. shopping centers andmixed-use assets comprising 100 million square feet of gross leasable space.For further information, pleasevisit www.kimcorealty.com. 2025 Operating Review ........................... 1Form 10-K ................................................... 8Stockholder Information....................... 178Corporate Directory ............................IBC income (“NOI”) rose 3.0% year-over-year in 2025,supported by accelerating rent commencements andsustained tenant demand. Pro-rata portfolio occu-pancy ended the year at 96.4%, matching our all-timehigh, while pro-rata small shop occupancy reacheda record 92.7%. Dear Fellow Stockholders and Associates, In 2025, Kimco delivered record operating perfor-mance while further strengthening the resilienceand long-term growth potential of our portfolio.We achieved all-time highs in pro-rata portfolioand pro-rata small shop occupancy, expanded oursigned-but-not-open pipeline to a record level, andgenerated strong earnings growth. At the same time,we advanced a disciplined capital allocation strategyand reinforced the strength of our balance sheet. These results were achieved amid a period markedby fluctuating geopolitics, shifting tariffs, and mostnotably, a considerable surge in AI investment, all lead-ing to uneven public market sentiment and volatilityin capital flows across the REIT space. During thisperiod of dislocation, we opportunistically repurchasedshares near 52-week lows at an implied FFO yield ofapproximately 9%, taking advantage of a disconnectbetween public market valuations and continued caprate compression in private markets. Net income available to Kimco’s common sharehold-ers per diluted share increased 49% in 2025. FundsFrom Operations (“FFO”) per diluted share grew 6.7%in 2025, marking our second consecutive year ofgrowth exceeding 5%. Same-property net operating While we do not have control over public marketdynamics, we have consistently executed on the corefundamentals of our business, which remain exceed-ingly strong. Our performance reflects the durabilityof a portfolio of essential, grocery-anchored retailproperties, concentrated in high-barrier suburban mar-kets, and supported by a strong balance sheet — acombination designed to generate consistent cashflow across a variety of economic conditions. Funds From Operations (“FFO”) perdiluted share grew 6.7% in 2025,marking our second consecutive yearof growth exceeding 5%. Operating Momentum and EmbeddedGrowth With virtually no new supply and limited availability of vacant high qualityretail space, leasing activity remained robust throughout 2025. We leasedmore than 12 million square feet during the year, with the fourth quarterproducing the strongest new leasing volume in over a decade. In additionto the record pro-rata small shop occupancy we achieved, pro-rata anchoroccupancy ended the year at 97.9%, up 90 basis points sequentially, sup-ported by a record number of anchor leases signed in the fourth quarter. Importantly, this leasing activity translated into forward-looking cashflow visibility. Our signed-but-not-open pipeline spread expanded to arecord 390 basis points, representing approximately $73 million of futureannual base rent. These commencements provide clear line of sight intoembedded NOI growth through 2026 and beyond. Although portfolio occupancy stands near record levels, we continue tosee incremental opportunity. Anchor occupancy remains notably belowpre-pandemic highs, representing additional revenue potential as spacesare repositioned and leased. On the small shop side, our focused initiativesaddressing long-term vacancies and select anchor space repositioningshave continued to drive incremental gains that should push occupancyhigher. Another positive portfolio attribute is our solid tenant credit quality,as exposure to challenged retailers is limited. Retention levels continueto hover around 90%, further reinforcing the strength of demand forwell-located open-air centers. Redevelopment and densification initiatives represent another internalgrowth lever