Kimco Realty OP, LLC

The Company's open-air shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of 177,308 square feet as of December 31, 2025. The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with redevelopment, major renovations and refurbishing to preserve and increase the value of its properties. This includes renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2025, the Company expended $192.6 million in connection with property redevelopments and renovations and $155.0 million related to tenant improvements and allowances.

The Company's management believes its experience in the real estate industry and its relationships with numerous national and regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners. The Company's open-air shopping centers are usually "anchored" by a grocery store, home improvement center, off-price retailer, discounter or service-oriented tenant. As one of the original participants in the growth of the shopping center industry and the nation's largest owner and operator of shopping centers, the Company has established close relationships with a large number of major national and regional retailers. Some of the major national and regional companies that are tenants in the Company's shopping center properties include The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, Albertsons Companies, Inc., PetSmart, The Home Depot, Ahold Delhaize, Dick's Sporting Goods, and Kroger.

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2025, no single open-air shopping center accounted for more than 1.2% of the Company's annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest, or more than 1.3% of the Company’s total shopping center GLA. At December 31, 2025, the Company’s five largest tenants were The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods Market, and Albertsons Companies, Inc., which represented 3.8%, 1.9%, 1.8%, 1.8% and 1.7%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of annualized base rental revenues from properties in which the Company has less than a 100% economic interest.

The following table shows the number of properties, total proportionate share of GLA and total proportionate share of annualized base rental revenues (including % of total) for the Company’s top 10 major metropolitan markets by total proportionate share of annualized based rent as of December 31, 2025. Amounts for GLA and annualized base rent in thousands:

Market · Rank · Number ofProperties · TotalProportionateShare of GLA · TotalProportionateShare ofAnnualizedBase Rent · % of Gross Annualized Base Rent

New York · 1 · 72 · 6,828 · 175,412 · 10.1

Baltimore, Washington D.C. · 2 · 47 · 8,125 · 169,736 · 10.0

Los Angeles, Orange County, San Diego · 3 · 47 · 7,391 · 153,935 · 9.1

Miami, Ft. Lauderdale · 4 · 47 · 7,198 · 150,944 · 8.9

Houston · 5 · 31 · 6,073 · 130,490 · 7.7

San Francisco, Sacramento, San Jose · 6 · 24 · 3,032 · 81,916 · 4.8

Phoenix · 7 · 23 · 4,534 · 66,173 · 3.9

Philadelphia · 8 · 21 · 3,041 · 59,299 · 3.5

Orlando · 9 · 12 · 2,422 · 59,156 · 3.5

Atlanta · 10 · 19 · 3,231 · 52,720 · 3.1

A substantial portion of the Company's income consists of rent received under long-term leases. Most of the leases provide for the payment of fixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes, insurance,

utilities and common area maintenance expenses incurred in operating the shopping centers (certain of the leases provide for the payment of a fixed-rate reimbursement of these such expenses). Although many of the leases require the Company to make roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company may be reimbursed by the tenant for its proportionate share of common area maintenance. Additionally, many of the leases provide for reimbursements by the tenant of capital expenditures.

Minimum base rental revenues, operating expense reimbursements, and percentage rents accounted for 98% of the Company's total revenues from rental properties for the year ended December 31, 2025. The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth. Additionally, a majority of the Company’s leases have provisions requiring contractual rent increases. The Company’s leases may also include escalation clauses, which provide for increases based upon changes in the consumer price index or similar inflation indices.

• The Americans with Disabilities Act of 1990 could require us to take remedial steps with respect to existing or newly acquired properties.
• We do not have exclusive control over our joint venture and preferred equity investments, such that we are unable to ensure that our objectives will be pursued.
• We may not be able to recover our investments in mortgage and other financing receivables or other investments, which may result in significant losses to us.
• Our real estate assets may be subject to impairment charges.
• We may not be able to recover our investments, which may result in significant losses to us.
• We have completed our efforts to exit Mexico and Canada, however, we cannot predict the impact of laws and regulations affecting these international operations, including the United States Foreign Corrupt Practices Act, or the potential that we may face regulatory sanctions.
• Cybersecurity attacks and incidents could materially impact our business, financial condition and results of operations.
• Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information, and personal data.
• We may be subject to liability under environmental laws, ordinances and regulations.
• Natural disasters, severe weather conditions and the effects of climate change could have an adverse impact on our financial condition, results of operations and cash flows.
• Pandemics or other health crises may adversely affect our tenants’ financial condition and the profitability of our properties.
• Financial disruption, geopolitical challenges, or economic downturn could materially and adversely affect the Company’s business.
• Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
• We are subject to risks and costs arising from disclosures, commitments, evaluations and other items related to sustainability or corporate responsibility.
• Our success depends largely on the continued service and availability of key personnel.
• Retail operating conditions may adversely affect our results of operations.
• Our Umbrella Partnership Real Estate Investment Trust (“UPREIT”) structure may result in potential conflicts of interest with members of Kimco OP, whose interests may not be aligned with those of our stockholders.
• Risks Related to Our Debt and Equity Securities
• We may be unable to obtain financing through the debt and equity markets, which could have a material adverse effect on our growth strategy, our financial condition and our results of operations.
• We are subject to financial covenants that may restrict our operating and acquisition activities.
• We have a substantial amount of indebtedness and may need to incur more indebtedness in the future.
• We are exposed to interest rate risk, and there can be no assurance that we will manage or mitigate this risk effectively.
• Changes in market conditions could adversely affect the market price of our publicly traded securities.
• We may change the dividend policy for our common stock in the future.
• Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change of control transaction, even if such a change in control may be in our best interest, and as a result may depress the market price of our securities.
• Risks Related to Our Status as a REIT and Related U.S. Federal Income Tax Matters
• Loss of our tax status as a REIT or changes in U.S. federal income tax laws, regulations, administrative interpretations or court decisions relating to REITs could have significant adverse consequences to us and the value of our securities.
• To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, which could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.
• If Kimco OP were to fail to qualify as a partnership for federal income tax purposes, the Parent Company would fail to qualify as a REIT and suffer other adverse consequences.
• Tax liabilities and attributes inherited in connection with acquisitions may adversely impact our business.
• The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes.
• Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.