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Kimco Realty — REIT card

KIM
RetailMarket cap $15.4B4-quarter TTM
Close · Oct 16, 202622.91P/E 25.7 · EV yield 6.0%
P/Cash FFO12.9×Cash FFO/sh 1.78
Yield · spread to 10y4.6%−0.46 pt vs. the bond
−6% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
10×13×16×19×22×2021202220232024202520262021-09-30 · 18.7× (close 20.75 · Cash FFO/sh 1.11)2021-12-31 · 20.8× (close 24.65 · Cash FFO/sh 1.18)2022-03-31 · 20.2× (close 24.70 · Cash FFO/sh 1.23)2022-06-30 · 14.3× (close 19.77 · Cash FFO/sh 1.38)2022-09-30 · 12.2× (close 18.41 · Cash FFO/sh 1.51)2022-12-31 · 16.7× (close 21.18 · Cash FFO/sh 1.27)2023-03-31 · 12.2× (close 19.53 · Cash FFO/sh 1.60)2023-06-30 · 12.8× (close 19.72 · Cash FFO/sh 1.54)2023-09-30 · 11.6× (close 17.59 · Cash FFO/sh 1.52)2023-12-31 · 12.3× (close 21.31 · Cash FFO/sh 1.73)2024-03-31 · 15.3× (close 19.61 · Cash FFO/sh 1.28)2024-06-30 · 14.2× (close 19.46 · Cash FFO/sh 1.37)2024-09-30 · 16.3× (close 23.22 · Cash FFO/sh 1.42)2024-12-31 · 15.1× (close 23.43 · Cash FFO/sh 1.55)2025-03-31 · 12.5× (close 21.24 · Cash FFO/sh 1.71)2025-06-30 · 12.2× (close 21.02 · Cash FFO/sh 1.73)2025-09-30 · 12.5× (close 21.85 · Cash FFO/sh 1.75)2025-12-31 · 12.0× (close 20.27 · Cash FFO/sh 1.69)2026-03-31 · 13.1× (close 22.47 · Cash FFO/sh 1.72)2026-06-30 · 14.3× (close 25.35 · Cash FFO/sh 1.78)p75 16×med 14×p25 12×now 12.9×
Five-year median 13.6×, middle half 12.3–15.6×, range 11.6–20.8×. Now 12.9×: −6% below its own median, higher than 45% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
00.511.52Revenue: 2.2 $B2.2RevenueProperty & operating: −0.8 $B−0.8Property &operatingEBITDA: 1.4 $B1.4EBITDAInterest: −0.4 $B−0.4InterestD&A: −0.6 $B−0.6D&AOther items: 0.2 $B0.2OtheritemsNet income: 0.6 $B0.6NetincomeAdd back D&A: 0.6 $B0.6Add backD&ACash FFO: 1.2 $B1.2CashFFODividends: −0.7 $B−0.7DividendsRetained: 0.5 $B0.5Retained
Cash FFO 1.19B = net income 0.61B + depreciation 0.62B − 0.03B other non-cash items · dividends 0.71B · retained 0.48B

Against its type

KIM (blue) vs. the other Retail REITs on the board (1), grey
P/Cash FFO12.9× vs. 14.8×
Dividend yield4.6% vs. 4.3%
Cash FFO payout60% vs. 64%
Net debt / EBITDA5.7× vs. 5.7×
Interest cover3.4× vs. 4.7×
EBITDA margin64% vs. 72%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.55
Cash FFO / share, quarter0.48
EBITDA margin65%
Interest cover4.3×