Kimco Realty® Achieves ‘A-’ Credit Rating from S&P Global
Kimco Realty (NYSE: KIM), a leading REIT specializing in grocery-anchored shopping centers, has achieved an 'A-' credit rating with a stable outlook from S&P Global Ratings. This milestone positions Kimco among an elite group of just 13 publicly-listed U.S. REITs with an 'A-' or better rating from S&P or Fitch Ratings.
S&P's upgrade was driven by Kimco's solid operating performance and strong balance sheet. The company has significantly expanded its portfolio through all-stock acquisitions, with grocery-anchored centers now representing 86% of average base rent. As of June 30, 2025, Kimco owned interests in 566 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space.
The stable outlook reflects expectations of leverage-neutral growth, resilient tenant demand, and debt to EBITDA maintaining in the mid- to high-5x range.
Kimco Realty (NYSE: KIM), un REIT leader nel settore dei centri commerciali legati alla categoria grocery, ha ottenuto una valutazione 'A-' con prospettive stabili da S&P Global Ratings. Questo traguardo posiziona Kimco in un élite ristretta di sole 13 REIT statunitensi quotate con rating 'A-' o migliore da S&P o Fitch Ratings.
Il miglioramento di S&P è stato guidato da una solida performance operativa e da una forte situazione patrimoniale. L’azienda ha significativamente ampliato il proprio portafoglio attraverso acquisizioni interamente azionarie, con centri legati agli alimentari che ora rappresentano l'86% del canone base medio. Al 30 giugno 2025, Kimco deteneva interessi in 566 centri commerciali e asset a uso misto negli Stati Uniti, per un totale di 101 milioni di piedi quadrati di spazio locabile lordo.
Lo outlook stabile riflette le aspettative di crescita a leva neutra, domanda degli inquilini resiliente e debito rispetto all’EBITDA che si mantiene nel range di metà- alta x 5.
Kimco Realty (NYSE: KIM), un REIT líder especializado en centros comerciales anclados en supermercados, ha logrado una calificación de crédito 'A-' con perspectiva estable por parte de S&P Global Ratings. Este hito sitúa a Kimco entre un grupo élite de solo 13 REIT estadounidenses cotizados con una calificación 'A-' o mejor de S&P o Fitch Ratings.
La mejora de S&P fue impulsada por un rendimiento operativo sólido y una fuerte situación financiera. La compañía ha ampliado significativamente su cartera mediante adquisiciones 100% en acciones, con centros anclados en supermercados que ahora representan el 86% del alquiler base medio. Al 30 de junio de 2025, Kimco tenía intereses en 566 centros comerciales y activos de uso mixto en Estados Unidos, sumando 101 millones de pies cuadrados de espacio locativo bruta.
La perspectiva estable refleja expectativas de crecimiento con apalancamiento neutral, demanda de inquilinos resiliente y deuda respecto al EBITDA manteniéndose en el rango medio-alto de 5x.
Kimco Realty (NYSE: KIM), 식료품 매장을 중심으로 한 쇼핑 센터에 특화된 선도적 REIT로, S&P Global Ratings로부터 ‘A-’ 신용 등급과 안정적 전망을 받았습니다. 이 이정표는 Kimco를 S&P 또는 Fitch Ratings에서 ‘A-’ 이상 등급을 받은 공개 상장 미국 REIT 중 단 13곳의 엘리트 그룹에 위치하게 만듭니다.
S&P의 업그레이드는 견고한 영업 실적과 강한 재무 건전성에 의해 주도되었습니다. 회사는 모든 주식 인수를 통해 포트폴리오를 크게 확장했으며, 식료품점이 입점한 센터가 이제 평균 기본 임대료의 86%를 차지합니다. 2025년 6월 30일 기준으로 Kimco는 미국의 566개 쇼핑 센터 및 혼합용도 자산에 대한 지분을 보유하고 있으며 총 임대 면적은 1억 1백만 평방피트에 달합니다.
안정적 전망은 부채-중립적 성장, 임차인 수요의 회복력, EBITDA 대비 부채 비율의 중상-중상 5배대 유지 기대를 반영합니다.
Kimco Realty (NYSE: KIM), un leader REIT spécialisé dans les centres commerciaux ancrés par les épiceries, a obtenu une note de crédit « A- » avec une perspective stable de S&P Global Ratings. Cette étape place Kimco parmi un groupe d’élite de seulement 13 REITs américains cotés, avec une note « A- » ou supérieure de S&P ou Fitch Ratings.
La montée de S&P a été conduite par une excellente performance opérationnelle et une solide situation financière. L’entreprise a considérablement élargi son portefeuille par des acquisitions en actions, les centres ancrés par les épiceries représentant désormais 86 % du loyer de base moyen. Au 30 juin 2025, Kimco détenait des participations dans 566 centres commerciaux et actifs à usage mixte aux États‑Unis, totalisant 101 millions de pieds carrés d’espace locatif brut.
Les perspectives stables reflètent des attentes de croissance tirée par l’endettement neutre, une demande des locataires résiliente et une dette par rapport à l’EBITDA se maintenant dans la fourchette milieu-haut de 5x.
Kimco Realty (NYSE: KIM), ein führender REIT, der sich auf grocery-basierte Einkaufszentren spezialisiert hat, hat eine Kreditwürdigkeit von ‚A-’ mit stabilem Ausblick von S&P Global Ratings erreicht. Dieser Meilenstein positioniert Kimco in einer Elitegruppe von nur 13 börsennotierten US-REITs mit einer Bewertung von ‚A-‘ oder besser von S&P oder Fitch Ratings.
Die Heraufstufung von S&P wurde durch solide operative Leistung und starke Bilanz getrieben. Das Unternehmen hat sein Portfolio durch alleaktienbasierte Akquisitionen erheblich erweitert, wobei lebensmittelgroße Center nun 86 % der durchschnittlichen Grundmiete ausmachen. Zum 30. Juni 2025 besaß Kimco Anteile an 566 US-Einkaufszentren und Nutzungsarten-Assets und insgesamt 101 Millionen Quadratfuß Bruttogeschäftsfläche.
Der stabile Ausblick spiegelt Erwartungen an bedingungslose Hedergrowth, widerstandsfähige Mieter-Nachfrage und eine Schulden-EBITDA-Relation, die im mittleren bis hohen 5x-Bereich bleibt, wider.
Kimco Realty (NYSE: KIM)، شركة REIT رائدة تختص بمراكز التسوق التي تعتمد على البقالة، حققت تصنيف ائتماني من S&P Global Ratings بمستوى «A-» مع آفاق مستقرة. هذه المسألة تضع Kimco ضمن مجموعة نادرة من 13 REITs أمريكية مدرجة علناً فقط تحمل تصنيف «A-» أو أعلى من S&P أو Fitch Ratings.
الترقية من S&P جاءت مدفوعة بـ أداء تشغيلي قوي وهيكلة مالية قوية. قامت الشركة بتوسيع محفظتها بشكل كبير من خلال عمليات الاستحواذ بالأسهم بالكامل، حيث تمثل مراكز معتمدة على البقالة حالياً 86% من الإيجار الأساسي المتوسط. حتى 30 يونيو 2025، امتلكت Kimco مصالح في 566 مركزاً تجارياً أمريكياً واصول متعددة الاستخدام، بإجمالي مساحة إجمالية قابلة للتأجير تبلغ 101 مليون قدم مربع.
تنعكس النظرة المستقرة في توقعات للنمو المعتمد على الدين بشكل محايد، وطلب مستأجرين مرن، واحتفاظ الدين إلى EBITDA عند نطاق من 5x الوسط إلى العالي.
Kimco Realty (NYSE: KIM)，一家专注于以杂货为锚的购物中心的领先型房地产信托(REIT)，已获得 S&P Global Ratings 的“ A- ”信用等级，展望稳定。这一里程碑使 Kimco 成为仅有的 13 家公开上市的美国 REIT 之一，在 S&P 或 Fitch Ratings 的评级中达到 “A-” 或更高水平。
S&P 的升级由 Kimco 的 稳健运营业绩与强劲的资产负债表推动。公司通过全股票收购显著扩张投资组合，以食品零售中心为 anchors 的中心现占 平均基本租金的 86%。截至 2025 年 6 月 30 日，Kimco在美国拥有 566 个购物中心与综合用途资产的权益，总建筑可租面积为 1.01 亿平方英尺。
稳定展望反映了对杠杆中性增长、租户需求韧性以及债务与 EBITDA 比率保持在中高 5 倍区间的预期。
- Achieved prestigious 'A-' credit rating from S&P Global, joining elite group of 13 top-rated REITs
- Strong portfolio with 86% of average base rent from grocery-anchored centers
- Substantial scale with 566 properties comprising 101 million square feet
- Solid balance sheet with leverage-neutral growth strategy
- Strong embedded EBITDA growth and robust liquidity
- Exposure to retail sector bankruptcy activity
- Operating costs impacted by inflation and supply chain disruptions
- Vulnerability to e-commerce competition and changing consumer buying practices
Insights
Kimco's S&P credit upgrade to 'A-' strengthens its financial position and validates its strategic grocery-anchored portfolio focus.
The S&P credit rating upgrade to 'A-' with a stable outlook marks a significant financial milestone for Kimco Realty. This places the company in an elite group of only 13 publicly-listed U.S. REITs with an 'A-' or better rating from major agencies, highlighting the strength of its balance sheet relative to industry peers.
The upgrade was driven by multiple factors that demonstrate Kimco's operational excellence. The company has successfully doubled its portfolio scale through all-stock acquisitions while simultaneously enhancing asset quality - a difficult balancing act in the REIT sector. Their focus on grocery-anchored centers, now comprising 86% of average base rent, provides defensive cash flow characteristics that credit agencies value highly, especially given recent retail bankruptcy pressures.
S&P's expectation that Kimco will maintain debt to EBITDA in the mid- to high-5x range indicates strong financial discipline, as this leverage ratio is conservative for the retail REIT sector. This rating upgrade isn't merely symbolic - it delivers tangible financial benefits by potentially lowering Kimco's borrowing costs and expanding access to debt markets, creating a virtuous cycle for future growth.
The stable outlook, despite acknowledging some bankruptcy activity in the retail sector, signals S&P's confidence in Kimco's tenant mix and property portfolio resilience. This second 'A-' level rating (suggesting they already had one from another agency) further validates management's capital allocation strategy and provides additional financial flexibility during a period when many retailers face operational challenges.
JERICHO, N.Y., Sept. 15, 2025 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today announced the company achieved an ‘A-’ credit rating with a stable outlook from S&P Global Ratings (“S&P”), making it one of just 13 publicly-listed U.S. REITs with a credit rating of ‘A-’ or better from either S&P or Fitch Ratings.
In its note, S&P cited Kimco's solid operating performance and well-positioned balance sheet as key drivers for the upgrade. The company has nearly doubled its portfolio scale through all-stock acquisitions while enhancing asset quality and S&P highlighted Kimco's strong embedded EBITDA growth, robust liquidity, proactive capital market activities, and its focus on grocery-anchored centers, which now comprise
“Receiving a second A- level credit rating validates our commitment to excellence and market reputation,” noted Glenn Cohen, Executive Vice President and Chief Financial Officer. “This dual recognition reflects our solid balance sheet, consistent earnings growth and unwavering efforts of the entire organization.”
About Kimco Realty®
Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 65 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of June 30, 2025, the company owned interests in 566 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xii) collectability of mortgage and other financing receivables, (xiii) impairment charges, (xiv) criminal cybersecurity attack disruptions, data loss or other security incidents and breaches, (xv) risks related to artificial intelligence, (xvi) impact of natural disasters and weather and climate-related events, (xvii) pandemics or other health crises, (xviii) our ability to attract, retain and motivate key personnel, (xix) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xx) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxiii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxiv) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission (“SEC”).
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
(833) 800-4343
dbujnicki@kimcorealty.com
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