KIMKIMCO REALTY CORP

Real Estate Investment Trusts

Revenue: $2.1B; 5.1% YoY
Operating margin: 36.0%; 17% YoY
EBITDA: $1.4B; 13% YoY
Market cap: $16.4B
Employees: —
Net debt / EBITDA: 5.0×; $7.0B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$12M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
202% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
74% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 46th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$16.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$199K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$15M	$17M	$1.8B	$2.0B	$2.1B	5.1%
Operating income	$424M	$565M	$639M	$629M	$771M	23%
Net income	$819M	$101M	$629M	$376M	$554M	48%
Operating cash flow	$619M	$861M	$1.1B	$1.0B	$1.1B	11%
Capex	—	—	—	—	$18M
Stock-based comp	$23M	$27M	$33M	$35M	$33M	4.8%
Buybacks	—	—	$0	$0	$120M
Dividends	$382M	$545M	$657M	$683M	$712M	4.2%

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 13, 2024	SC 13E3/A	—	—	—
Dec 5, 2024	SC 13E3/A	—	—	—
Nov 4, 2024	SC 13E3	—	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $199K · 1
Net: −$199K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$12M	$10M	167	176
FY2024	$11M	$18M	184	184
FY2023	$14M	$15M	160	158
FY2022	$12M	$11M	151	142
FY2021	$10M	$23M	169	164