Kimco Realty (KIM) Financials

Here are the key trends for Kimco Realty (NYSE: KIM) based on the quarterly statements over the last four years, focusing on revenue, profitability, cash flow, and the balance sheet.

• Top-line growth: Operating revenue has risen over time from about $444.4 million in Q4 2022 to $542.5 million in Q4 2025, signaling steady revenue expansion.
• Strong gross margins (rent-based model): In several quarters, gross profit equals revenue (gross margin near 100%), reflecting the landlord-style, rent-driven earnings typical of a REIT like Kimco (for example, Q4 2025 shows Gross Profit of $542.456 million on Revenue of $542.456 million).
• Stable dividend: The quarterly dividend per common share has been consistently $0.25 across 2024–2025, providing a reliable income stream for investors.
• Healthy balance sheet with solid equity cushion: Total assets approach $20 billion, total equity around $10.5–$10.6 billion, and long-term debt near $8.0–$8.8 billion, yielding a debt-to-equity level around 0.8–0.9 and a robust capital structure for a REIT.
• Earnings to common shareholders trending higher: Net income attributable to common shareholders is positive and generally growing across recent quarters (e.g., Q4 2025 shows about $143.6 million).
• Cash flow patterns are variable by quarter: Net cash from continuing operating activities has been strong in several quarters (e.g., about $665 million in some periods) but dipped in others due to working capital swings, resulting in uneven quarterly cash generation.
• Investing activity reflects ongoing capex and asset deals: Kimco consistently engages in property investments and other investing activities, which drives sizable cash outflows in certain quarters—typical for a REIT expanding its portfolio.
• Share count stability: Weighted average shares outstanding have hovered in the mid-600s to mid-700 millions (roughly 0.67–0.68 billion), indicating limited near-term dilution concerns.
• Near-term cash flow headwinds in some quarters: For example, Q4 2025 shows a negative net cash flow from continuing operating activities, driven by working capital movements, which can pressure near-term liquidity if not offset by financing or investing activity.
• Significant financing and interest costs remain: Interest expense runs in the tens-of-millions per quarter (and can exceed $80–$100 million in some periods), which weighs on quarterly profitability and could tighten during higher-rate environments.
• Debt level and leverage risk: While the balance sheet is solid, roughly $8–8.8 billion in long-term debt relative to ~$10.5 billion in equity keeps leverage noticeable, making the company sensitive to rate changes and capex cycles.