| Basis of Presentation |
Basis of Presentation This report combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026, of the Parent Company and Kimco OP into this single report. The accompanying Condensed Consolidated Financial Statements include the accounts of the Parent Company and Kimco OP and their consolidated subsidiaries. The Company’s subsidiaries include subsidiaries which are wholly owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). The Parent Company serves as the general member of Kimco OP. The limited members of Kimco OP have limited rights over Kimco OP and do not have the power to direct the activities that most significantly impact Kimco OP’s economic performance. As such, Kimco OP is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. All inter-company balances and transactions have been eliminated in consolidation. The information presented in the accompanying Condensed Consolidated Financial Statements is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. Amounts as of December 31, 2025 included in the Condensed Consolidated Financial Statements have been derived from the audited Consolidated Financial Statements as of that date, but do not include all annual disclosures required by GAAP. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as certain disclosures in this Quarterly Report that would duplicate those included in such Annual Report on Form 10-K are not included in these Condensed Consolidated Financial Statements.
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| Reclassifications |
Reclassifications Certain amounts in the prior period have been reclassified in order to conform to the current period’s presentation. For comparative purposes, for the three months ended March 31, 2025, the Company reclassified Loss on marketable securities, net into Other (expense)/income, net on the Company’s Condensed Consolidated Statement of Income as follows (in thousands):
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Three Months Ended March 31, 2025 |
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Other (expense)/income, net |
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$ |
(9 |
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Loss on marketable securities, net |
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$ |
9 |
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| New Accounting Pronouncements |
New Accounting Pronouncements The following table represents Accounting Standards Updates (“ASUs”) to the FASB’s ASCs that, as of March 31, 2026, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:
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ASU |
Description |
Effective Date |
Effect on the financial statements or other significant matters |
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date |
These ASUs require additional disclosure about a public business entity’s expenses and more detailed information about the types of expenses in commonly presented expense captions. Such information should allow investors to better understand an entity's performance, assess future cash flows, and compare performance over time and with other entities. The amendments will require public business entities to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's operating expenses. |
Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; early adoption permitted |
The Company is reviewing the extent of new disclosures necessary prior to implementation. Other than additional disclosure, the adoption of these ASUs will not have a material impact on the Company’s financial position and/or results of operations. |
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ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity |
The amendments in this ASU revise the guidance for determining the accounting acquirer in the acquisition of a VIE. An entity will be required to consider the factors in ASC 805-10-55-12 through 805-10-55-15 in determining which entity is the accounting acquirer when a VIE is acquired in a business combination effected primarily by exchanging equity interests. Previously, the primary beneficiary was always identified as the accounting acquirer in such transactions. The amendments are required to be applied prospectively to any acquisition transaction that occurs after the initial application date. |
January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reporting
period |
The Company does not expect the adoption of this ASU, which is to be applied prospectively, to have a material impact on the Company’s financial position and/or results of operations. |
ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software |
This ASU amends the existing standard to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed, management is required to consider whether there is significant uncertainty associated with the development activities of the software. The amendments may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. |
January 1, 2028; early adoption is permitted as of the
beginning of an annual reporting period |
The Company is assessing the impact this ASU will have on the Company’s financial position and/or results of operations. |
ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract |
The new guidance will reduce the number of contracts (or embedded features within instruments) that are accounted for as derivatives under Topic 815. This ASU adds a new scope exception to the derivatives guidance for certain contracts underlyings based on the operations or activities specific to one of the parties to the contract. This ASU also clarifies that share-based noncash consideration received from a customer as consideration for the transfer of goods or services in a revenue contract is subject to the revenue guidance and not the financial instruments guidance unless and until the company’s right to receive or retain the share-based noncash consideration is “unconditional,” as defined in this ASU. The amendments may be applied on a prospective basis or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings. |
January 1, 2027; early adoption is permitted as of the beginning of an interim or annual reporting period |
The Company is assessing the impact this ASU will have on the Company’s financial position and/or results of operations. |
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ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans |
The new guidance makes significant changes to the accounting for certain acquired seasoned loans subject to CECL. The FASB decided not to change the existing models for originated assets, purchased credit deteriorated assets ("PCD") or other acquired assets. Under this ASU, the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the “day-one” credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. The amendments should be applied prospectively to loans that are acquired on or after the initial application date. |
January 1, 2027; early adoption is permitted |
The Company is assessing the impact this ASU, which is applied prospectively, will have on the Company’s financial position and/or results of operations |
ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements |
This ASU clarifies certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The five main provisions include: 1.Similar risk assessment for cash flow hedges 2.Hedging interest payments on choose-your-rate debt 3.Cash flow hedges of non-financial forecasted transactions 4.Net written options as hedging instruments 5.Foreign currency-denominated debt designated as a hedging instrument and a hedged item The amendments should be applied prospectively, and there are transition provisions designed to assist in migrating existing hedging relationships to the new guidance. |
January 1, 2027; early adoption is permitted on any date on or after the
issuance of this ASU |
The Company is
assessing the impact this
ASU, which is applied prospectively, will have on the Company’s financial
position and/or results of
operations. |
ASU 2025-11, Interim Reporting (Topic 270): - Narrow-Scope Improvements |
This ASU clarifies interim disclosure requirements, including providing a comprehensive list of interim disclosure requirements under U.S. GAAP and a disclosure principle that requires entities to disclose events since the last annual reporting period that have a material impact on the entity. The amendments can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. |
January 1, 2028; early adoption is permitted |
The Company is
assessing the impact this
ASU, which can be applied prospectively, will have on the Company’s financial
position and/or results of
operations. |
The following ASUs to the FASB’s ASCs have been adopted by the Company as of the date listed:
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ASU |
Description |
Adoption Date |
Effect on the financial statements or other significant matters |
ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets |
The amendments in this ASU provide a practical expedient to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The amendments are to be applied prospectively. |
January 1, 2026 |
The adoption of this ASU did not have a material impact on the Company’s financial position and/or results of operations. |
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