Kimco Realty (KIM) Stock: Dividend vs FFO, Debt (2026)

The dividend against FFO, quarter by quarter

Kimco's own yardstick is FFO as defined by Nareit, with its own elections: it also excludes gains on land parcels, derivative and marketable-securities gains and losses and other items it calls incidental. The earnings release, the 10-Q and the 10-K we read show FFO and no AFFO or “core FFO” line, so the page uses FFO. The company declares the dividend with each quarterly release, which is why the table pairs each quarter with the dividend announced alongside it.

In dollars, common dividends declared were $632.3 million in 2023, $655.2 million in 2024 and $684.4 million in 2025, against FFO of $1,112.1 million in 2024 and $1,194.1 million in 2025: 58.9% and 57.3% (our arithmetic). Full-year FFO per diluted share was $1.65 in 2024 and $1.76 in 2025, up 6.7%. The first half of 2026 repeated the pattern, with $350.7 million declared against $620.4 million of FFO, 56.5%, almost the same as the 56.6% of a year earlier (our arithmetic). The raise only starts to show from the third quarter, which is why Q2's per-share figure (60.9%) is higher than the half-year dollar figure.

In the Q2 release the chief executive says the company is raising the dividend “by 12%,” and the 10-Q says the new $0.28 is a 7.7% increase from the prior $0.26. Both are right: the 12.0% compares $0.28 with the $0.25 declared in the same quarter of 2025, and the 7.7% compares it with the last declaration. The 2025 raise, to $0.26, came with the third-quarter results on October 30, 2025, so the October 29 release will show whether a further change follows. If the October declaration is also $0.28, 2026 declared dividends would be $1.08 (0.26 + 0.26 + 0.28 + 0.28), 58.7% to 59.0% of the FFO guidance range (our arithmetic).

At the $25.38 Kimco paid in June 2026 to buy back 4.1 million shares, the $1.12 annualized dividend is 4.4% (our arithmetic). That is a price in a filing, not a current quote; this page has no market data of its own.

Three payout ratios and which one answers your question

Public quote pages show very different payout ratios for KIM because they divide by different things. The filings give the numbers for each:

Why net income looks uncovered. FFO adds back real-estate depreciation, which was $303.5 million in the first half of 2026 plus $40.0 million from joint ventures, and removes gains on property sales. Net income per share also moves with gains: the $0.45 includes $17.1 million of property gains and $9.9 million of joint-venture gains that FFO removes. A 115.6% ratio on net income is normal for a REIT that owns buildings that last longer than their book depreciation; it is not by itself a warning.

The cash row is closer to a stress test. We subtracted dividends paid and “improvements to operating real estate” (redevelopment plus tenant improvements, $173.6 million in the half) from operating cash flow. What remains is thin: $48.9 million in the first half of 2026 and negative $4.7 million in 2024 (our arithmetic). This is not a company measure and it ignores acquisitions, asset sales, the structured investment program and debt, which are the other uses and sources of cash. Kimco funds the gap with property sales, debt and, in the past, stock; in 2026 it has not issued stock (the $750.0 million at-the-market program is unused) and has bought it back.

Guidance, the Q3 charge and what the second half has to deliver

FFO guidance was raised at the bottom of the range twice, so the midpoint moved from $1.82 to $1.835 (our arithmetic). The net income range jumped by $0.16 to $0.17 in August, which the release does not explain line by line; the reconciliation of projected net income to FFO shows property gains of $0.15 to $0.17 per share and joint-venture gains of $0.01 to $0.04, which is where the difference between net income and FFO guidance sits. The 2026 guidance for credit loss is 55 to 75 basis points of revenue, tighter than the 75 to 100 given in February. Lease termination income guidance is unchanged at $7 to $15 million, with $5 million booked in the half.

The Class N repurchase. After June 30 Kimco repurchased 516,750 shares of its 7.25% Class N convertible preferred stock for $33.3 million, and said it “incurred an approximately $3.8 million charge” recognized in both net income and FFO in the third quarter. On 678.9 million diluted FFO shares that is about $0.006 a share (our arithmetic, Q2 share count). It is small, but it is in the base the second-half guidance has to absorb, and it is about half a cent of Q3 FFO.

Asset sales. The Milton, a 253-unit apartment building at Pentagon Centre, sold for $142.3 million at a cap rate of about 4.9% (Kimco's share $78.2 million), Kimco's first multifamily sale. After quarter end four Costco-anchored assets sold for about $127 million, with the proceeds intended for 1031 exchanges, and two Florida centers, one Walmart-anchored and one Publix-anchored, were bought for $53 million and $56 million. Year to date through July 31 the company reports $109 million of acquisitions at a 5.7% cap rate and $261 million of dispositions at 5.1%, so the portfolio has sold more than it bought at a lower cap rate. Selling lower-yielding assets to buy higher-yielding ones raises FFO over time, but the timing of 1031 reinvestment can leave cash idle for a quarter or two.

Operations: occupancy, spreads and same-property growth

In Q2 2026 Kimco signed 461 leases totaling 2.5 million square feet, with a cash spread of 40.4% on new leases, 6.1% on renewals and 8.0% on options. Credit loss was 57 basis points of pro-rata rental revenue. The company counts a 400 basis point gap between leased and economic occupancy, which it values at $75 million of annual base rent from leases signed but not yet paying; that pipeline is the main source of the rent growth in the guidance. In the six months to June 30, consolidated new leases averaged $28.49 a square foot against $19.04 for renewals and options, and the leasing costs on new leases (tenant improvements and commissions) averaged $48.78 a square foot, $58.6 million in total. A new lease at $28.49 a foot that costs $48.78 a foot to sign takes about 1.7 years of rent to pay back that cost (our arithmetic, ignoring the term of the lease and the rent it replaces).

Debt: $1.96 billion of unsecured notes due in 2026 and 2027

The table does not name the notes, and it does not count extension options. With them, the 10-Q puts the 2026 consolidated maturities at $773.4 million, because the $310.0 million of term loans were amended in March 2026 to add two one-year extensions. The $550.0 million term loan credit facility matures in January 2027 with two one-year extensions to January 2029. Secured debt is small: $414.4 million fixed and $17.2 million floating, and Kimco states it has over 525 unencumbered property interests.

Against that, Kimco had $2.7 billion of immediate liquidity at June 30: $700.4 million of cash, up from $212.8 million at December 31, and a $2.0 billion revolver with nothing drawn, priced at Term SOFR plus 63.5 basis points and maturing March 2030 with two six-month extensions, plus an unused $750.0 million commercial paper program. The 2026 and 2027 unsecured maturities total $1,957.6 million, 23.6% of unsecured debt (our arithmetic), which the cash and revolver cover; the question is the price of the replacement. In June 2025 Kimco sold $500.0 million of ten-year notes at 5.30%. If $823.4 million at 3.15% and $1,134.2 million at 4.30% were replaced at that rate, annual interest would rise by about $29.0 million, or $0.043 of FFO per share (our arithmetic; this is an illustration, not a forecast, and the actual refinancing rate will differ).

The exchangeable notes. In June 2026 Kimco Realty OP issued $600.0 million of 3.50% exchangeable senior notes due June 2031, including a $75.0 million option exercised in full; the June 10 announcement had proposed $500 million. The initial exchange price is about $32.36 a share (30.9028 shares per $1,000 of notes). Kimco settles the principal in cash and may pay the excess in cash, shares or both, so the notes add shares only if the stock trades above $32.36 and Kimco chooses shares. If all the notes were exchanged the reference count would be 18.5 million shares, 2.8% of the 670.2 million outstanding (our arithmetic). Kimco used $104.7 million of the proceeds the same month to buy 4.1 million shares at $25.38, and said it intends to use the rest for debt repayment, acquisitions and redevelopment. The 3.50% coupon is below the 5.30% of its ten-year notes, which is the price of giving up the upside above $32.36.

Shares: fewer than a year ago

Common shares outstanding fell from 674.1 million at December 31, 2025 to 670.2 million at June 30, 2026, down 0.57% (our arithmetic). In 2025 Kimco repurchased 6.1 million shares at a weighted $19.79. In the first half of 2026 it bought 23,103 shares under its $750.0 million program (average $19.99) and, separately, 4.1 million shares at $25.38. $688.1 million remains authorized. It issued no stock under the at-the-market program in the half (the current $750.0 million program was established in November 2025). Diluted FFO shares were 678.9 million in Q2 2026 against 681.5 million a year earlier. FFO in dollars grew 3.9% ($309.2 million against $297.6 million) while FFO per share grew 4.5%, so the smaller share count adds only about 0.4 point of per-share growth (our arithmetic).

Who pays the rent: tenants, markets and the lease calendar

At June 30, 2026 the five largest tenants were The TJX Companies (3.7% of annualized base rent), Ross Stores (2.0%), Burlington Stores (1.8%), Amazon/Whole Foods (1.8%) and Albertsons (1.7%), 11.0% together (our arithmetic), versus 10.9% at year-end. The company owned interests in 564 shopping centers with 99.5 million square feet in 29 states. Grocery-anchored centers were 86% of annual base rent in the Q2 2025 release, the latest figure we found in the filings.

The consolidated portfolio has 9,401 leases. The drop in 2026 expirations, from $116.5 million at year-end to $36.3 million remaining, reflects six months of leases that renewed or ended; it is not a forecast of the renewals still to come. Leases expiring in 2027 through 2030 are 50.4% of gross annual rent (our arithmetic), so over the next four years about half the rent is repriced, which at a 13.1% blended spread supports growth and at a negative spread would not.

What changed in the second quarter of 2026

• Dividend raised early: $0.28, from $0.26, declared July 28.
• FFO $0.46, up from $0.44 a year earlier; same property NOI +3.5%; occupancy 96.4%, small shops a record 92.9%.
• Guidance: FFO $1.83 to $1.84, net income $1.00 to $1.03, credit loss and non-cash revenue assumptions adjusted.
• Financing: $600.0 million exchangeable notes at 3.50%, 4.1 million shares repurchased, cash $700.4 million, covenant headroom large.
• Portfolio: first multifamily sale (The Milton, $142.3 million), four Costco-anchored assets sold for about $127 million after quarter end, two Florida centers (Walmart- and Publix-anchored) bought.
• Small items: a $5.6 million impairment on a preferred stock investment after the investee's bankruptcy restructuring filing (first half), and the Class N preferred repurchase with its $3.8 million Q3 charge. The 10-Q states that Kimco is not involved in any litigation it expects to be material.

What has been filed since the last 10-Q, and what comes on October 29

The last periodic report is the Form 10-Q filed on August 4, 2026 for the quarter ended June 30, 2026, the same day as the earnings 8-K; the last three 10-Qs (October 30, 2025, April 30, 2026 and August 4, 2026) were filed on the day of the release, and the two before them one day later. Our EDGAR listing shows no 8-K, 10-Q or other periodic filing after August 4. In a September 22, 2026 press release, which is not an SEC filing, Kimco said it will announce third-quarter results before the market opens on Thursday, October 29, 2026, with a call at 8:30 a.m. Eastern.

How this compares with other income real estate

Kimco is a listed, grocery-anchored shopping-center REIT whose board decides the dividend every quarter and whose price changes every minute; the shares can be sold on any trading day. A non-traded NAV REIT does not trade: it redeems at a published NAV within monthly or quarterly limits, which is a different set of risks. For how those structures differ, see non-traded REITs versus publicly traded REITs and our NAV REIT comparison. For other listed retail landlords read the same way, see Realty Income's dividend against AFFO and lease expirations, National Retail Properties, Acadia Realty Trust and Simon Property Group's mall REIT numbers. Payout ratios across those pages use different yardsticks (AFFO at Realty Income, FFO As Adjusted at Acadia, Real Estate FFO at Simon, FFO here), so compare the method before the percentage.

What a holder or reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. Things the filings let you check yourself:

• Say which payout you mean. 56.5% of FFO (first half, dollars), 60.9% of Q2 FFO at the new rate, 115.6% of GAAP net income per share, and 62.2% of operating cash flow are all correct and answer different questions.
• Watch the October declaration. The board raised early; the October 29 release will show whether the $0.28 is the new base.
• Price the 2026 and 2027 maturities yourself. Each 1 point of extra interest on the $1,957.6 million that matures is $19.6 million a year, or about $0.029 of FFO per share (our arithmetic).
• Read the Q3 FFO with the charge in mind. About $0.006 of Q3 comes from the Class N repurchase.
• Use the CSV. The data file has every figure above with its filing and accession number.

FAQ

All figures are from Kimco Realty Corporation (SEC CIK 879101) filings read on EDGAR on October 19, 2026: Form 10-K for 2025 (accession 0001193125-26-060760); Form 10-Q for the quarter ended June 30, 2026 (0001193125-26-331817); earnings releases attached to Forms 8-K for Q4 2024 (0000950170-25-015841), Q1 2025 (0000950170-25-061434), Q2 2025 (0000950170-25-100547), Q3 2025 (0001193125-25-257371), Q4 2025 (0001193125-26-047615), Q1 2026 (0001193125-26-193907) and Q2 2026 (0001193125-26-331498); and the Form 8-K of June 10, 2026 on the proposed exchangeable notes (0001140361-26-024883). The October 29, 2026 earnings date comes from a company press release of September 22, 2026 (GlobeNewswire), which is not an SEC filing. Dividend-to-FFO ratios, the payout on GAAP net income and on cash, implied second-half guidance, the Class N charge per share, the refinancing illustration, the market and tenant sums, and share-count changes are our arithmetic from those rows; FFO, same property NOI and the other non-GAAP measures are the company's own definitions. Unsecured debt ratings are as stated in the 10-Q. This is analysis of public documents, not investment, legal or tax advice.