KIMCO REALTY CORP
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
KIM$25.52-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0000950170-25-062383
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000950170-25-101195
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 159 previous paragraphs and 177 current paragraphs.
77 unchanged; 71 reworded; 23 added; 7 removed; 4 previous and 6 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
Economic Conditions and Regulatory Updates
Current report
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law, which included certain modifications to U.S. tax law, including certain provisions that affect the taxation of REITs and their investors. The Company is currently evaluating the provisions of the OBBBA, but does not expect the OBBBA to have a material impact on the Company’s financial position and/or results of operations.
Current report
Net income available to the Company’s common shareholders was $280.6 million for the six months ended June 30, 2025, as compared to $92.9 million for the comparable period in 2024. On a diluted per common share basis, net income available to the Company’s common shareholders for the six months ended June 30, 2025 was $0.41 as compared to $0.14 for the comparable period in 2024.
Current report
The increase in Revenues from rental properties, net of $57.1 million for the six months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily from (i) a net increase in revenues from tenants of $29.4 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $22.1 million due to properties acquired during 2025 and 2024, (iii) an increase in lease termination fee income of $6.4 million and (iv) a net increase of $2.2 million due to changes in credit losses from tenants, partially offset by (v) a decrease in net straight-line rental income of $3.0 million, primarily due to changes in reserves.
Current report
The increase in Operating and maintenance expense of $7.1 million for the six months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase in repairs and maintenance expense of $3.3 million, (ii) an increase of $2.8 million resulting from properties acquired during 2025 and 2024 and (iii) an increase of $1.1 million in snow removal costs.
Current report
Gain on sale of properties –
Current report
During the six months ended June 30, 2025, the Company disposed of an operating property and two land parcels, in separate transactions, for an aggregate sales price of $51.9 million, which resulted in aggregate gains of $39.8 million. During the six months ended June 30, 2024, the Company disposed of 11 operating properties and seven land parcels, in separate transactions, for an aggregate sales price of $254.1 million, which resulted in aggregate gains of $0.4 million.
Current report
Equity in income of joint ventures, net –
Current report
The increase in Equity in income of joint ventures, net of $4.2 million for the six months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) higher equity in income of $3.6 million, primarily due to the restructuring of a joint venture, and (ii) a decrease in interest expense of $1.3 million, partially offset by (iii) lower gains of $0.7 million recognized on sale of properties within various joint venture investments during 2025, as compared to 2024.
Current report
Equity in income of other investments, net –
Current report
The decrease in Equity in income of other investments, net of $6.0 million and $6.8 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024, is primarily due to profit participation from the sale of properties within the Company’s Preferred Equity Program during 2024.
Current report
operating cash flow from new mortgage and other financing loans provided during 2025 and 2024; partially offset by
Current report
$5.4 million for investment in preferred stock and cost method investments.
Current report
Investing activities during the six months ended June 30, 2024 primarily consisted of:
Current report
$70.3 million in proceeds from the sale of 11 operating properties and seven land parcels;
Current report
$354.3 million of dividends paid;
Current report
$58.8 million for repurchase of common stock;
Current report
$6.6 million in financing origination costs; and
Current report
Financing activities during the six months ended June 30, 2024 primarily consisted of:
Current report
$338.1 million of dividends paid;
Current report
During June 2025, the Company issued $500.0 million in senior unsecured notes, which are scheduled to mature in February 2036 and accrue interest at a rate of 5.30% per annum. The Company utilized the net proceeds from this offering for the repayment of outstanding borrowings under the Credit Facility and other general corporate purposes.
Current report
Letters of Credit –
Current report
Funding Commitments –
Removed paragraphs (7)
Previous report
Economic Conditions
Previous report
$5.0 million for a preferred stock investment; and
Previous report
$65.0 million in proceeds from the sale of 10 operating properties and five land parcels;
Previous report
$177.5 million of dividends paid;
Previous report
$168.3 million of dividends paid;
Previous report
Natural Disaster Impact –
Previous report
The Company did not incur any significant damage to its properties in January 2025 as a result of the California wildfires, which primarily impacted Los Angeles and the surrounding areas.
Reworded paragraphs (71)
Previous wording
Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”), of which substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company. The Parent Company is the managing member and exercises exclusive control over Kimco OP. As of March 31, 2025, the Parent Company owned 99.84% of the outstanding limited liability company interests (the “OP Units”) in Kimco OP. The terms “Kimco,” “the Company,” and “our” each refer to the Parent Company and Kimco OP, collectively, unless the context indicates otherwise. In statements regarding qualification as a REIT, such terms refer solely to Kimco Realty Corporation.
Current wording
Kimco Realty Corporation and its subsidiaries (the “Parent Company”) operates as a Real Estate Investment Trust (“REIT”), of which substantially all of the Parent Company’s assets are held by, and substantially all of the Parent Company’s operations are conducted through, Kimco Realty OP, LLC (“Kimco OP”), either directly or through its subsidiaries, as the Parent Company’s operating company. The Parent Company is the managing member and exercises exclusive control over Kimco OP. As of June 30, 2025, the Parent Company owned 99.79% of the outstanding limited liability company interests (the “OP Units”) in Kimco OP. The terms “Kimco,” “the Company,” and “our” each refer to the Parent Company and Kimco OP, collectively, unless the context indicates otherwise. In statements regarding qualification as a REIT, such terms refer solely to Kimco Realty Corporation.
Previous wording
The Company is a self-administered REIT and has owned and operated open-air shopping centers for over 60 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of March 31, 2025, the Company had interests in 567 U.S. shopping center properties, aggregating 100.9 million square feet of gross leasable area (“GLA”), located in 30 states. In addition, the Company had 67 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.5 million square feet of GLA. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.
Current wording
The Company is a self-administered REIT and has owned and operated open-air shopping centers for over 60 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of June 30, 2025, the Company had interests in 566 U.S. shopping center properties, aggregating 100.9 million square feet of gross leasable area (“GLA”), located in 30 states. In addition, the Company had 67 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.5 million square feet of GLA. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.
Previous wording
Comparison of the three months ended March 31, 2025 and 2024
Current wording
Comparison of the three and six months ended June 30, 2025 and 2024
Previous wording
The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Operations for the three months ended March 31, 2025, as compared to the corresponding period in 2024 (in thousands, except per share data):
Current wording
The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024 (in thousands, except per share data):
Previous wording
Net income available to the Company’s common shareholders was $125.1 million for the three months ended March 31, 2025, as compared to net loss available to the Company’s common shareholders of $18.9 million for the comparable period in 2024. On a diluted per common share basis, Net income/(loss) available to the Company’s common shareholders for the three months ended March 31, 2025 was $0.18, as compared to $(0.03) for the comparable period in 2024.
Current wording
Net income available to the Company’s common shareholders was $155.4 million for the three months ended June 30, 2025, as compared to $111.8 million for the comparable period in 2024. On a diluted per common share basis, Net income available to the Company’s common shareholders for the three months ended June 30, 2025 was $0.23, as compared to $0.17 for the comparable period in 2024.
Previous wording
The following describes the changes of certain line items included on the Company’s Condensed Consolidated Statements of Operations that the Company believes changed significantly and affected Net income/(loss) available to the Company’s common shareholders during the three months ended March 31, 2025, as compared to the corresponding period in 2024.
Current wording
The following describes the changes of certain line items included on the Company’s Condensed Consolidated Statements of Income that the Company believes changed significantly and affected Net income available to the Company’s common shareholders during the three and six months ended June 30, 2025, as compared to the corresponding periods in 2024.
Previous wording
The increase in Revenues from rental properties, net of $32.4 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily from (i) a net increase in revenues from tenants of $17.1 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $10.0 million due to properties acquired during 2025 and 2024 and (iii) an increase in lease termination fee income of $5.3 million.
Current wording
The increase in Revenues from rental properties, net of $24.7 million for the three months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily from (i) a net increase in revenues from tenants of $12.3 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $12.1 million due to properties acquired during 2025 and 2024, (iii) an increase in lease termination fee income of $1.0 million and (iv) a net increase of $0.9 million due to changes in credit losses from tenants, partially offset by (v) a decrease in net straight-line rental income of $1.6 million, primarily due to changes in reserves.
Previous wording
The increase in Real estate taxes of $6.6 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an overall increase in assessed values in the current portfolio and (ii) an increase of $0.8 million due to properties acquired during 2025 and 2024.
Current wording
The increase in Real estate taxes of $6.9 million for the six months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase of $1.7 million due to properties acquired during 2025 and 2024, (ii) an overall increase in assessed values in the current portfolio and (iii) timing of real estate tax refunds.
Previous wording
The increase in Operating and maintenance expense of $3.8 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase in repairs and maintenance expense of $2.0 million and (ii) an increase of $1.4 million resulting from properties acquired during 2025 and 2024.
Current wording
The increase in Operating and maintenance expense of $3.3 million for the three months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase in repairs and maintenance expense of $2.1 million and (ii) an increase of $1.4 million resulting from properties acquired during 2025 and 2024.
Previous wording
During the three months ended March 31, 2025 and 2024, the Company recognized impairment charges related to adjustments to property carrying values of $0.5 million and $3.7 million, respectively, for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third-party offers. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions. Certain of the calculations to determine fair values utilized unobservable inputs and, as such, were classified as Level 3 of the FASB’s fair value hierarchy.
Current wording
During the six months ended June 30, 2025 and 2024, the Company recognized impairment charges related to adjustments to property carrying values of $8.2 million and $3.9 million, respectively, for which the Company’s estimated fair values were primarily based upon signed contracts or letters of intent from third-party offers. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions. Certain of the calculations to determine fair values utilized unobservable inputs and, as such, were classified as Level 3 of the FASB’s fair value hierarchy.
Previous wording
During the three months ended March 31, 2024, the Company incurred costs of $25.2 million associated with the RPT Merger, primarily comprised of severance and professional and legal fees.
Current wording
During the six months ended June 30, 2024, the Company incurred costs of $25.2 million associated with the RPT Merger, primarily comprised of severance and professional and legal fees.
Previous wording
The increase in Depreciation and amortization of $3.7 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase of $8.0 million due to depreciation commencing on certain redevelopment projects and tenant improvement projects that were placed into service during 2025 and 2024 and (ii) an increase of $2.7 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $7.0 million due to fully depreciated assets and write-offs, primarily from demolition and vacated tenants during 2025 and 2024.
Current wording
The increase in Depreciation and amortization of $8.2 million for the three months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase of $7.6 million due to depreciation commencing on certain redevelopment projects and tenant improvement projects that were placed into service during 2025 and 2024 and (ii) an increase of $2.0 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $1.4 million due to fully depreciated assets and write-offs, primarily from demolition, vacated tenants and dispositions during 2025 and 2024.
Previous wording
The decrease in Other income, net of $9.4 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to (i) a decrease in interest income of $5.2 million resulting from lower cash balances, (ii) a decrease in dividend income of $1.7 million, primarily due to the sale of the remaining shares of ACI common stock held by the Company during 2024, and (iii) a decrease of $2.5 million from settlement of a contract during 2024.
Current wording
The decrease in Other income, net of $7.4 million for the six months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) a decrease in interest income of $6.7 million resulting from lower cash balances during 2025 as compared to 2024, (ii) a decrease of $2.0 million from insurance proceeds received during 2025 as compared to 2024, (iii) a decrease in dividend income of $1.5 million, primarily due to the sale of the remaining shares of ACI common stock held by the Company during 2024, (iv) a decrease of $1.2 million from settlement of a contract during 2024 and (v) $1.0 million in higher costs associated with potential transactions for which the Company is no longer pursuing, partially offset by (vi) an increase of $5.5 million due to mark-to-market fluctuations of an embedded derivative liability.
Previous wording
The increase in Mortgage and other financing income, net of $8.8 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to (i) the Company’s origination of new loan financing during 2025 and 2024 and (ii) a decrease in provision for credit losses of $2.0 million, partially offset by (iii) loan repayments during 2025 and 2024.
Current wording
The increase in Mortgage and other financing income, net of $7.3 million and $16.1 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024, is primarily due to (i) the Company’s origination of new loan financing during 2025 and 2024 and (ii) a change in provision for credit losses of $2.5 million and $4.5 million, during the three and six months ended June 30, 2025, respectively, partially offset by (iii) loan repayments during 2025 and 2024.
Previous wording
The change in Loss on marketable securities, net of $27.7 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is due to mark-to-market fluctuations during 2025 and 2024 and the sale of the remaining shares of ACI common stock held by the Company during 2024.
Current wording
The change in Loss on marketable securities, net of $27.7 million for the six months ended June 30, 2025, as compared to the corresponding period in 2024, is due to mark-to-market fluctuations and the sale of the remaining shares of ACI common stock held by the Company during 2024.
Previous wording
The increase in Interest expense of $5.8 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to (i) the issuance of unsecured notes and assumption of a mortgage loan during 2024, partially offset by (ii) the paydown of unsecured notes and repayment of mortgage loans during 2025 and 2024.
Current wording
The increase in Interest expense of $7.9 million and $13.7 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024, is primarily due to (i) the issuance of unsecured notes and assumption of a mortgage loan during 2025 and 2024, partially offset by (ii) the paydown of unsecured notes and repayment of mortgage loans during 2025 and 2024.
Previous wording
The decrease in Provision for income taxes, net of $71.5 million for the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to the Company’s sale of shares of ACI common stock during 2024, which generated taxable long-term capital gains. The Company retained the proceeds from the sale during 2024 and, as a result, recorded estimated federal and state income taxes on these gains.
Current wording
The decrease in Provision for income taxes, net of $71.4 million for the six months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily due to the Company’s sale of shares of ACI common stock during 2024, which generated taxable long-term capital gains. The Company retained the proceeds from the sale during 2024 and, as a result, recorded estimated federal and state income taxes on these gains.
Previous wording
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 March 31, 2025, the Company had interests in 567 U.S. shopping center properties, aggregating 100.9 million square feet of GLA, located in 30 states. At March 31, 2025, the Company’s five largest tenants were The TJX Companies, Ross Stores, The Home Depot, Burlington Stores, Inc. and Amazon/Whole Foods, which represented 3.7%, 1.8%, 1.8%, 1.8% and 1.7%, respectively, 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.
Current wording
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 June 30, 2025, the Company had interests in 566 U.S. shopping center properties, aggregating 100.9 million square feet of GLA, located in 30 states. At June 30, 2025, the Company’s five largest tenants were The TJX Companies, Ross Stores, Burlington Stores, Inc., Amazon/Whole Foods and Albertsons Companies, Inc., which represented 3.8%, 1.8%, 1.8%, 1.7% and 1.7%, respectively, 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.
Previous wording
Net cash flow provided by operating activities for the three months ended March 31, 2025 was $223.8 million, as compared to $176.1 million for the comparable period in 2024. The increase of $47.7 million is primarily attributable to:
Current wording
Net cash flow provided by operating activities for the six months ended June 30, 2025 was $529.2 million, as compared to $470.2 million for the comparable period in 2024. The increase of $59.0 million is primarily attributable to:
Previous wording
additional operating cash flow generated by operating properties acquired offset by the disposition of operating properties during 2025 and 2024; and
Current wording
additional operating cash flow generated by operating properties acquired, offset by the disposition of operating properties during 2025 and 2024;
Previous wording
new leasing, expansion and re-tenanting of core portfolio properties; partially offset by
Current wording
new leasing, expansion and re-tenanting of core portfolio properties; and
Previous wording
Net cash flow used for investing activities was $130.6 million for the three months ended March 31, 2025, as compared to net cash flow provided by investing activities of $201.4 million for the comparable period in 2024.
Current wording
Net cash flow used for investing activities was $233.1 million for the six months ended June 30, 2025, as compared to $10.5 million for the comparable period in 2024.
Previous wording
Investing activities during the three months ended March 31, 2025 primarily consisted of:
Current wording
Investing activities during the six months ended June 30, 2025 primarily consisted of:
Previous wording
$23.1 million from the collection of mortgage and other financing receivables; and
Current wording
$50.1 million from the collection of mortgage and other financing receivables; and
Previous wording
$10.4 million in reimbursements of investments in and advances to real estate joint ventures and other investments.
Current wording
$15.4 million in reimbursements of investments in and advances to real estate joint ventures and other investments.
Previous wording
$52.1 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;
Current wording
$138.2 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;
Previous wording
$9.0 million for investment in mortgage and other financing receivables related to a new mortgage receivable; and
Current wording
$46.2 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;
Previous wording
$6.1 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios.
Current wording
$5.9 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios; and
Previous wording
$299.6 million in proceeds from sale of marketable securities, primarily due to the sale of 14.2 million shares of ACI common stock;
Current wording
$300.8 million in proceeds from sale of marketable securities, primarily due to the sale of 14.2 million shares of ACI common stock;
Previous wording
$38.2 million from the collection of mortgage and other financing receivables; and
Current wording
$61.1 million for collection of mortgage and other financing receivables; and
Previous wording
$6.9 million in reimbursements of investments in and advances to real estate joint ventures and other investments.
Current wording
$21.0 million in reimbursements of investments in and advances to real estate joint ventures and other investments.
Previous wording
$44.1 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and the Company’s active redevelopment pipeline;
Current wording
$128.6 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and the Company’s active redevelopment pipeline; and
Previous wording
$3.0 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios.
Current wording
$7.1 million for investments in and advances to real estate joint ventures and other investments, primarily related to redevelopment projects within these portfolios.
Previous wording
During the three months ended March 31, 2025, the Company expended $106.2 million for the acquisition of operating real estate properties. During the three months ended March 31, 2024, the Company expended $149.1 million in conjunction with the RPT Merger. The Company anticipates spending up to approximately $50.0 million to $150.0 million towards the acquisition of, or the purchase of additional interests in, operating properties for the remainder of 2025. The Company intends to fund these potential acquisitions with net cash flow provided by operating activities, proceeds from property dispositions, and/or availability under its Credit Facility.
Current wording
During the six months ended June 30, 2025, the Company expended $106.2 million for the acquisition of an operating real estate property. During the six months ended June 30, 2024, the Company expended $149.1 million in conjunction with the RPT Merger. The Company anticipates spending up to approximately $50.0 million to $150.0 million towards the acquisition of, or the purchase of additional interests in, operating properties for the remainder of 2025. The Company intends to fund these potential acquisitions with net cash flow provided by operating activities, proceeds from property dispositions, and/or availability under its Credit Facility.
Previous wording
During the three months ended March 31, 2025 and 2024, the Company expended $52.1 million and $44.1 million, respectively, for improvements to operating real estate. These amounts consist of the following (in thousands):
Current wording
During the six months ended June 30, 2025 and 2024, the Company expended $138.2 million and $128.6 million, respectively, for improvements to operating real estate. These amounts consist of the following (in thousands):
Previous wording
The Company, on a selective basis, will redevelop projects or re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio, including residential and mixed-use components, which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for the remainder of 2025 will be approximately $175.0 million to $250.0 million. The funding of these capital requirements will be provided by net cash flow from operating activities, proceeds from property dispositions, and/or availability under the Company’s Credit Facility.
Current wording
The Company, on a selective basis, will redevelop projects or re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio, including residential and mixed-use components, which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts for the remainder of 2025 will be approximately $125.0 million to $175.0 million. The funding of these capital requirements will be from net cash flow provided by operating activities, proceeds from property dispositions, and/or availability under the Company’s Credit Facility.
Previous wording
Net cash flow used for financing activities was $650.5 million for the three months ended March 31, 2025, as compared to $1.0 billion for the comparable period in 2024.
Current wording
Net cash flow used for financing activities was $758.0 million for the six months ended June 30, 2025, as compared to $1.1 billion for the comparable period in 2024.
Previous wording
Financing activities during the three months ended March 31, 2025 primarily consisted of:
Current wording
Financing activities during the six months ended June 30, 2025 primarily consisted of:
Previous wording
$500.0 million for repayments of unsecured notes;
Current wording
$740.5 million for repayments of unsecured notes;
Previous wording
$52.3 million in principal payments on debt (related to the repayment of debt on three encumbered properties), including normal amortization on rental property debt;
Current wording
$55.0 million in principal payments on debt (related to the repayment of debt on three encumbered properties), including normal amortization on rental property debt;
Showing the first 40 of 71 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The increase in Depreciation and amortization of $11.9 million for the six months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase of $15.6 million due to depreciation commencing on certain redevelopment projects and tenant improvement projects that were placed into service during 2025 and 2024 and (ii) an increase of $4.7 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $8.4 million due to fully depreciated assets and write-offs, primarily from demolition, vacated tenants and dispositions during 2025 and 2024.
Current report — wording carried from elsewhere
$178.9 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;
Current report — wording carried from elsewhere
$500.0 million in proceeds from issuance of unsecured notes.
Current report — wording carried from elsewhere
$16.7 million in principal payments on debt (related to the repayment of debt on three encumbered properties), including normal amortization on rental property debt; and
Current report — wording carried from elsewhere
During February 2025, the Company filed a registration statement on Form S-8 for its 2025 Equity Participation Plan (the “2025 Plan”), which was approved by the Company’s stockholders on April 29, 2025 and is a successor to the 2020 Equity Participation Plan. The 2025 Plan provides for a maximum of 17.5 million shares of the Company’s common stock to be reserved for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments, deferred stock awards and long-term incentive plan units. At June 30, 2025, the Company had 16.8 million shares of common stock available for issuance under the 2025 Plan.
Current report — wording carried from elsewhere
Same property NOI increased by $26.6 million, or 3.5%, for the six months ended June 30, 2025, as compared to the corresponding period in 2024. This increase is primarily the result of (i) an increase of $22.8 million in minimum rent, primarily related to strong leasing activity, and (ii) an increase in other revenues of $3.2 million.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Investing activities during the three months ended March 31, 2024 primarily consisted of:
Previous report — wording carried elsewhere
Financing activities during the three months ended March 31, 2024 primarily consisted of:
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$125.0 million in proceeds from the Credit Facility.
Previous report — wording carried elsewhere
Funds From Operations White Paper-2018 Restatement, to exclude from its calculation of FFO (i) gains and losses on the sale of assets and impairments of assets incidental to its main business and (ii) mark-to-market changes in the value of its equity securities. As such, the Company does not include gains/impairments on land parcels, mark-to-market gains/losses from marketable securities, allowance for credit losses on mortgage receivables, gains/impairments on other investments or other amounts considered incidental to its main business in NAREIT defined FFO, including any applicable tax effect and noncontrolling interest.