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Here are a few brief analogies for Kimco Realty (KIM):

• It's like Simon Property Group, but for everyday, open-air shopping centers anchored by grocery stores, rather than large enclosed malls.

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• Commercial Real Estate Leasing: Kimco provides leasable retail, restaurant, and other commercial spaces for businesses within its portfolio of open-air, grocery-anchored shopping centers and mixed-use assets.

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• The Kroger Co. (NYSE: KR)
• Ahold Delhaize (OTC: ADRNY)
• The TJX Companies, Inc. (NYSE: TJX)
• Publix Super Markets, Inc. (Private Company)
• Walmart Inc. (NYSE: WMT)

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Conor Flynn Chief Executive Officer

Conor Flynn was named Chief Executive Officer of Kimco Realty and appointed to the company's Board of Directors in January 2016. He joined Kimco in 2003 as an asset manager and has held a variety of senior leadership roles within the company, including President, Chief Operating Officer, Chief Investment Officer, and President, Western Region. Mr. Flynn holds a Bachelor of Arts degree in economics from Yale University and a Master's degree in Real Estate Development from Columbia University. He describes himself as an "old school company man" having only worked for Kimco Realty, joining straight out of college after a summer internship. He is a member of the Executive Board of the National Association of Real Estate Investment Trusts (Nareit), serving as their Chair in 2025. He is also a member and board member of the Real Estate Roundtable (RER). In November 2025, he was appointed as an independent director to the Board of AvalonBay Communities, Inc. (AVB). He also serves as a trustee, member of the Executive Board, and 2026 Vice Chairman of the International Council of Shopping Centers (ICSC).

Glenn G. Cohen Executive Vice President, Chief Financial Officer

Glenn G. Cohen was appointed Executive Vice President, Chief Financial Officer of Kimco Realty in June 2010, and has served as Treasurer since 1997. He directs the company's financial and capital strategy and oversees the day-to-day accounting, financial reporting and planning, tax, treasury, and capital market activities, as well as information technology. Prior to joining Kimco in 1995 as Director of Accounting and Taxation, Mr. Cohen served as Chief Operating Officer and Chief Financial Officer for U.S. Balloon Manufacturing Company, and Chief Financial Officer for EMCO Sales and Service, L.P. He also spent six years at the public accounting firm Coopers & Lybrand, LLP (predecessor to PricewaterhouseCoopers LLP) as a manager in the audit group. Mr. Cohen served as an Independent Director for Quality Care Properties, Inc. (NYSE: QCP) from 2016 to 2018, which was acquired by Welltower Inc. (NYSE: WELL) in 2018. He is currently an Independent Director for Piedmont Office Realty Trust, Inc. (NYSE: PDM). He is a Certified Public Accountant and received a Bachelor of Science degree in accounting from the State University of New York at Albany.

Ross Cooper President, Chief Investment Officer

Ross Cooper was elected President and Chief Investment Officer in February 2017, and appointed to the Company's Board of Directors in 2025. He joined Kimco in 2006 and has held various leadership roles, including Executive Vice President and Chief Investment Officer since May 2015, and Vice President of Acquisitions, Dispositions and Asset Management for the Southern Region. In his current role, Mr. Cooper works closely with the company’s Investment Committee, risk team, and regional leadership in overseeing the development and implementation of Kimco’s acquisition and disposition strategy. Mr. Cooper holds a B.S. from the University of Michigan and a Master's degree in Real Estate from New York University. He is the grandson of Milton Cooper, a co-founder and Executive Chairman of Kimco's Board of Directors.

David Jamieson Executive Vice President, Chief Operating Officer

David Jamieson is a voting member of Kimco Realty's Investment Committee, which is responsible for approving new investments, development projects, and property dispositions. He also plays a key role in shaping the company's Corporate Responsibility strategy, with a focus on long-term sustainability objectives. Previously, he served as Vice President of Asset Management and Leasing for the Western Region from 2012 to 2015 and as Director of Real Estate for the Western Region from 2009 to 2011. Mr. Jamieson holds a B.S. from Boston College and an M.B.A. from Babson College.

Bruce M. Rubenstein Executive Vice President, General Counsel and Secretary

Bruce M. Rubenstein is responsible for overseeing Kimco's legal affairs, including its in-house legal department and external counsel. Before joining Kimco, Mr. Rubenstein served as General Counsel to AVR Realty Company. He also practiced law at the law firms of Weinberg and Green in Baltimore, Maryland, and Delson and Gordon and Robinson, Silverman, Pearce, Aronsohn and Berman in New York City. Mr. Rubenstein graduated from Johns Hopkins University in 1978 with a degree in Political Science.

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The key risks to Kimco Realty's business are:

1. Economic Downturn and Reduced Consumer Spending: A slowing macroeconomic environment and decreased consumer spending directly impact retail tenants' sales and their ability to fulfill lease obligations. This can lead to increased vacancy rates, pressure on rental rates, and potential tenant defaults or bankruptcies within Kimco's shopping centers.
2. Rising Interest Rates: Persistent elevated interest rates can increase the cost of refinancing debt, cause capitalization rates to expand (which typically reduces asset valuations), and compress investment returns. Kimco is particularly exposed to interest rate risk through its floating-rate debt under its unsecured revolving credit facility.
3. Evolving Retail Landscape and E-commerce Competition: The ongoing shift towards e-commerce and changes in consumer buying preferences present challenges to traditional brick-and-mortar retail. While Kimco focuses on grocery-anchored and essential-needs tenants, these broader trends could still impact foot traffic and tenant demand, requiring the company to continuously adapt its properties and tenant base to remain competitive.

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The accelerating shift towards online grocery fulfillment models (e.g., curbside pickup, home delivery, micro-fulfillment centers, dark stores) and a potential reduction in in-person grocery store browsing could diminish the consistent foot traffic traditionally generated by grocery anchors. This, in turn, could negatively impact the viability and attractiveness of co-located smaller retail and service tenants in Kimco's open-air shopping centers, thereby reducing demand for their space and rental income potential.

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Share Repurchases

• In November 2025, Kimco Realty announced a new share repurchase program, authorizing the buyback of up to $750 million of its common stock, replacing a prior initiative.
• For the full year 2025, Kimco repurchased 6.1 million shares of common stock at a weighted average price of $19.79 per share.
• These share repurchases in 2025 were executed at an implied FFO yield of approximately 9%.

Share Issuance

• In November 2025, Kimco Realty launched a new "at the market" equity offering program, allowing the company to issue and sell up to $750 million in common stock.
• All-stock acquisitions, including the 2021 Weingarten merger and the 2024 RPT Realty acquisition, significantly increased the number of shares outstanding.
• Kimco Realty's shares outstanding increased by 8.72% in 2024 from 2023, and by 0.47% in 2025 from 2024.

Outbound Investments

• On January 2, 2024, Kimco Realty completed an all-stock acquisition of RPT Realty, adding 56 open-air shopping centers and 13.3 million square feet to its portfolio.
• In 2024, the company acquired Waterford Lakes Town Center in Orlando, Florida, for $322 million.
• In January 2025, Kimco acquired The Markets at Town Center in Jacksonville, Florida, for $108 million, converting it from a mezzanine financing position.

Capital Expenditures

• For the full year 2023, capital expenditures amounted to $220 million.
• Kimco's 2024 outlook included estimated capital expenditures (tenant improvements, landlord work, and leasing commissions) ranging from $250 million to $300 million.
• For 2026, Kimco anticipates total development and redevelopment investment between $100 million to $150 million, and capitalized lease-related and maintenance spending of $275 million to $300 million, focusing on enhancing its long-term growth profile through strategic capital recycling.