KIMCO REALTY CORP
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Oct 30, 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 2025-06-30; filed 2025-08-01.
0000950170-25-101195
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001193125-25-258133
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 177 previous paragraphs and 187 current paragraphs.
85 unchanged; 81 reworded; 18 added; 10 removed; 1 previous and 3 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 (18)
Current report
On September 15, 2025, S&P Global Ratings assigned the Company a rating of A- for its senior unsecured debt, assigned a BBB credit rating for its preferred stock, and assigned it a “stable” rating outlook.
Current report
General and administrative –
Current report
The decrease in General and administrative expense of $4.2 million for the three months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) a decrease in employee-related benefit expenses of $3.2 million and (ii) a decrease in professional fees and corporate expenses of $0.9 million.
Current report
The decrease in General and administrative expense of $6.8 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) a decrease in employee-related benefit expenses of $5.5 million and (ii) a decrease in professional fees and corporate expenses of $1.1 million.
Current report
Other (expense)/income, net –
Current report
The increase in Equity in income of joint ventures, net of $6.0 million for the three months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to a gain on change in control of $5.7 million from the purchase of an additional interest in an operating property.
Current report
Investing activities during the nine months ended September 30, 2025 primarily consisted of:
Current report
$58.2 million in proceeds from sale of two operating properties and three land parcels; and
Current report
$144.4 million for acquisition/consolidation of two operating properties;
Current report
Investing activities during the nine months ended September 30, 2024 primarily consisted of:
Current report
$10.0 million for a deposit on an acquisition of an operating property acquired in October 2024; and
Current report
Acquisition/Consolidation of Operating Real Estate –
Current report
Financing activities during the nine months ended September 30, 2025 primarily consisted of:
Current report
$531.1 million of dividends paid;
Current report
$7.5 million for distribution and redemption of noncontrolling interests.
Current report
Financing activities during the nine months ended September 30, 2024 primarily consisted of:
Current report
$507.8 million of dividends paid;
Current report
$7.0 million in financing origination costs related to new unsecured term loans and unsecured notes.
Removed paragraphs (10)
Previous report
Other income, net –
Previous report
Investing activities during the six months ended June 30, 2025 primarily consisted of:
Previous report
$106.2 million for acquisition of an operating property;
Previous report
Investing activities during the six months ended June 30, 2024 primarily consisted of:
Previous report
$61.1 million for collection of mortgage and other financing receivables; and
Previous report
Acquisition of Operating Real Estate –
Previous report
Financing activities during the six months ended June 30, 2025 primarily consisted of:
Previous report
$354.3 million of dividends paid;
Previous report
Financing activities during the six months ended June 30, 2024 primarily consisted of:
Previous report
$338.1 million of dividends paid;
Reworded paragraphs (81)
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 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.
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 September 30, 2025, the Company had interests in 564 U.S. shopping center properties, aggregating 100.4 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
maintaining strong debt metrics and its A-/BBB+/Baa1 unsecured debt ratings;
Current wording
maintaining strong debt metrics and its A-/A-/Baa1 unsecured debt ratings;
Previous wording
The economy continues to face challenges, which could adversely impact the Company and its tenants, including elevated inflation, interest rates, tenant bankruptcies and international tariffs or other trade restrictions. These factors could slow economic growth and materially increase the cost of goods and services offered by the Company’s tenants, leading to lower profits. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which could result in tenant bankruptcies, amongst other things, and could weaken demand by those tenants for our real estate and adversely impact the Company. In addition, these challenges could negatively affect the overall demand for retail space, including the demand for leasable space in the Company’s properties. Any of these factors could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.
Current wording
The economy continues to face challenges, which could adversely impact the Company and its tenants, including elevated inflation, fluctuations in interest rates, tenant bankruptcies, international tariffs or other trade restrictions, and government shutdowns. These factors could slow economic growth and materially increase the cost of goods and services offered by the Company’s tenants, leading to lower profits. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which could result in tenant bankruptcies, amongst other things, and could weaken demand by those tenants for our real estate and adversely impact the Company. In addition, these challenges could negatively affect the overall demand for retail space, including the demand for leasable space in the Company’s properties. Any of these factors could materially adversely impact the Company’s business, financial condition, results of operations or stock price. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators. If the Company determines that any of its assets are impaired, the Company would be required to take impairment charges, and such amounts could be material.
Previous wording
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 wording
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 OBBBA did not have a material impact on the Company’s financial position and/or results of operations.
Previous wording
Comparison of the three and six months ended June 30, 2025 and 2024
Current wording
Comparison of the three and nine months ended September 30, 2025 and 2024
Previous 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):
Current wording
The following table presents the comparative results from the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 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 $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 wording
Net income available to the Company’s common shareholders was $130.2 million for the three months ended September 30, 2025, as compared to $128.0 million for the comparable period in 2024. On a diluted per common share basis, Net income available to the Company’s common shareholders was $0.19 for both the three months ended September 30, 2025 and 2024.
Previous 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.
Current wording
Net income available to the Company’s common shareholders was $410.8 million for the nine months ended September 30, 2025, as compared to $220.9 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 nine months ended September 30, 2025 was $0.60 as compared to $0.32 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 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.
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 nine months ended September 30, 2025, as compared to the corresponding periods in 2024.
Previous 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.
Current wording
The increase in Revenues from rental properties, net of $28.2 million for the three months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily from (i) a net increase in revenues from tenants of $14.4 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $11.2 million due to properties acquired during 2025 and 2024 and (iii) an increase in net straight-line rental income of $3.7 million, primarily due to changes in reserves, partially offset by (iv) a decrease in revenues of $1.1 million due to dispositions during 2025 and 2024.
Previous wording
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 wording
The increase in Revenues from rental properties, net of $85.3 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily from (i) a net increase in revenues from tenants of $46.3 million, primarily due to an increase in leasing activity and net growth in the current portfolio, (ii) an increase in revenues of $33.3 million due to properties acquired during 2025 and 2024, (iii) an increase in lease termination fee income of $6.4 million and (iv) an increase in net straight-line rental income of $0.7 million, primarily due to changes in reserves, partially offset by (v) a decrease in revenues of $1.4 million due to dispositions during 2025 and 2024.
Previous 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.
Current wording
The increase in Real estate taxes of $9.3 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase of $2.7 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 $3.3 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.
Current wording
The increase in Operating and maintenance expense of $3.7 million for the three months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase in repairs and maintenance expense of $2.9 million and (ii) an increase of $1.7 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a decrease in insurance expense of $0.8 million.
Previous wording
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 wording
The increase in Operating and maintenance expense of $10.8 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase in repairs and maintenance expense of $6.3 million, (ii) an increase of $4.4 million resulting from properties acquired during 2025 and 2024, (iii) an increase of $1.3 million in snow removal costs and (iv) an overall increase in operating costs of $1.2 million, partially offset by (v) a decrease in insurance expense of $2.4 million.
Previous 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.
Current wording
During the nine months ended September 30, 2025 and 2024, the Company recognized impairment charges related to adjustments to property carrying values of $8.6 million and $4.3 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 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.
Current wording
During the nine months ended September 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 $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.
Current wording
The increase in Depreciation and amortization of $13.6 million for the three months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase of $7.9 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 $6.5 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $0.8 million due to fully depreciated assets and write-offs, primarily from demolition, vacated tenants and dispositions during 2025 and 2024.
Previous wording
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 wording
The increase in Depreciation and amortization of $25.5 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) an increase of $24.2 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 $19.9 million resulting from properties acquired during 2025 and 2024, partially offset by (iii) a net decrease of $18.6 million due to fully depreciated assets and write-offs, primarily from demolition, vacated tenants and dispositions during 2025 and 2024.
Previous wording
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 wording
During the nine months ended September 30, 2025, the Company disposed of two operating properties and three land parcels, in separate transactions, for an aggregate sales price of $71.6 million, which resulted in aggregate gains of $43.5 million. During the nine months ended September 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 $0.9 million.
Previous 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.
Current wording
The change in Other (expense)/income, net of $20.0 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) a decrease in interest income of $8.6 million resulting from lower cash balances during 2025 as compared to 2024, (ii) $4.1 million in higher costs associated with potential transactions for which the Company is no longer pursuing, (iii) a decrease of $1.6 million from insurance proceeds received during 2025 as compared to 2024, (iv) an increase in environmental remediation costs of $1.5 million, (v) a decrease in dividend income of $1.4 million, primarily due to the sale of the remaining shares of ACI common stock held by the Company during 2024, and (vi) a decrease of $1.2 million from settlement proceeds of a contract during 2024.
Previous 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.
Current wording
The increase in Mortgage and other financing income, net of $16.5 million for the nine months ended September 30, 2025, as compared to the corresponding periods in 2024, is primarily due to (i) the Company’s origination of new loan financings during 2025 and 2024 and (ii) a change in provision for credit losses net of recoveries collected of $2.6 million, partially offset by (iii) loan repayments during 2025 and 2024.
Previous wording
Loss on marketable securities, net –
Current wording
Gain/(loss) on marketable securities, net –
Previous 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.
Current wording
The change in Gain/(loss) on marketable securities, net of $27.6 million for the nine months ended September 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 $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.
Current wording
The increase in Interest expense of $8.0 million and $21.7 million for the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024, is primarily due to (i) the issuance of unsecured notes and assumption of mortgage loans during 2025 and 2024, partially offset by (ii) the paydown of unsecured notes and repayment of mortgage loans during 2025 and 2024.
Previous wording
Provision for income taxes, net –
Current wording
Benefit/(provision) for income taxes, net –
Previous 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.
Current wording
The change in Benefit/(provision) for income taxes, net of $72.4 million for the nine months ended September 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 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 wording
The increase in Equity in income of joint ventures, net of $10.2 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) higher gains of $5.1 million primarily due to a gain on change in control from the purchase of an additional interest in an operating property, (ii) higher equity in income of $2.6 million, primarily due to the restructuring of a joint venture, and (iii) a decrease in interest expense of $2.5 million.
Previous wording
Equity in income of other investments, net –
Current wording
Equity in (loss)/income of other investments, net –
Previous wording
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 wording
The decrease in Equity in (loss)/income of other investments, net of $7.8 million for the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to profit participation from the sale of properties within the Company’s Preferred Equity Program during 2024.
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 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.
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 September 30, 2025, the Company had interests in 564 U.S. shopping center properties, aggregating 100.4 million square feet of GLA, located in 30 states. At September 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
The Company anticipates that net cash flow provided by operating activities, borrowings under its Credit Facility and the issuance of equity, public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current economic environment, interest rates, inflation, international tariffs or other trade restrictions, and other risks detailed in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024 as supplemented by the risks and uncertainties identified under Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q.
Current wording
The Company anticipates that net cash flow provided by operating activities, borrowings under its Credit Facility and the issuance of equity, public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. The Company will continue to evaluate its capital requirements for both its short-term and long-term liquidity needs, which could be affected by various risks and uncertainties, including, but not limited to, the effects of the current economic environment, interest rates, inflation, international tariffs or other trade restrictions, and other risks detailed in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous 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:
Current wording
Net cash flow provided by operating activities for the nine months ended September 30, 2025 was $861.6 million, as compared to $766.1 million for the comparable period in 2024. The increase of $95.5 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;
Current wording
additional operating cash flow generated by operating properties acquired, partially offset by the disposition of operating properties during 2025 and 2024;
Previous 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.
Current wording
Net cash flow used for investing activities was $491.3 million for the nine months ended September 30, 2025, as compared to $91.9 million for the comparable period in 2024.
Previous wording
$50.1 million from the collection of mortgage and other financing receivables; and
Current wording
$71.8 million from the collection of mortgage and other financing receivables;
Previous wording
$15.4 million in reimbursements of investments in and advances to real estate joint ventures and other investments.
Current wording
$19.8 million in reimbursements of investments in and advances to real estate joint ventures and other investments.
Previous wording
$46.2 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;
Current wording
$252.0 million for investment in mortgage and other financing receivables related to new mortgage and other financing receivables;
Previous wording
$138.2 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;
Current wording
$232.0 million for improvements to operating real estate, primarily related to re-tenanting, tenant improvements and redevelopment projects;
Previous 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
Current wording
$8.4 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
$5.4 million for investment in preferred stock and cost method investments.
Current wording
$5.9 million for investment in preferred stock and cost method investments.
Showing the first 40 of 81 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The change in Other (expense)/income, net of $12.6 million for the three months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to (i) a decrease of $5.5 million due to mark-to-market fluctuations of an embedded derivative liability, (ii) $3.1 million in higher costs associated with potential transactions for which the Company is no longer pursuing, (iii) a decrease in interest income of $1.9 million resulting from lower cash balances during 2025 as compared to 2024 and (iv) an increase in environmental remediation costs of $1.1 million.
Current report — wording carried from elsewhere
$85.1 million from the collection of mortgage and other financing receivables;
Current report — wording carried from elsewhere
$500.0 million in proceeds from issuance of unsecured notes; and
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
$8.3 million in redemption/distribution of noncontrolling interests.