REIT Report Card · August 15, 2026
Kimco Realty is a shopping-center landlord at $16.4B, smaller than the mega-caps. About $111 million of KIM trades on an average day. A +13.4% year, a 4.59% yield, and 18.5x EV / EBITDA. Net Debt / EBITDA is 6.13x, so the income case has some leverage under it.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | B+ | Tradable, though thinner than the mega-caps |
| Balance Sheet | B | A lot of debt. Worth keeping an eye on |
| Debt Service | B | Coverage is fine, but not abundant |
| Operating Quality | A- | Strong operating profits |
| Cash Generation | A- | Good cash generation versus the current price |
| Dividend | B+ | Useful income, and coverage looks okay |
| Valuation | B | Priced fully, but not extreme |
| Recent Performance | A- | A solid year for the share price |
| Overall | B+ | Shopping-center income after a decent year |
1. Valuation
This is the price of KIM's operating earnings, counting both the equity and the debt.
At about 18.5x EV / EBITDA, KIM trades at a full but less extreme multiple.
Bottom line: Not a cheap screen. The operating year and the growth still have to show up.
2. Leverage
For every $1 of annual EBITDA KIM generates, it has about $6.13 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: KIM carries a lot of debt relative to EBITDA, so refinancing and rates matter more.
3. Debt Exposure
About 33% of KIM's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: A large net-debt share of EV means equity holders have less of a cushion.
4. Interest Protection
KIM generates about 3.96x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
KIM turns about 61 cents of every revenue dollar into EBITDA.
Bottom line: The properties and the platform make a lot of money on this measure.
6. Cash Generation
KIM generated operating cash flow equal to about 7.2% of its current equity value.
For every $100 of current equity value, the company generated about $7.19 of trailing operating cash flow.
Bottom line: You're getting a lot of cash relative to the price you're paying.
7. Cash Conversion
About 89% of KIM's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers KIM's annualized dividend about 1.57x.
KIM generates roughly 1.57x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks well covered by operating cash flow on this method.
9. Dividend Yield
KIM screens more as an income REIT.
Put $10,000 into KIM at the current indicated yield and you'd get about $459 a year if the dividend stays the same.
Bottom line: You can treat KIM as an income holding if you also accept the coverage and sector risks that come with it.
10. Market Liquidity
About $111 million of KIM stock changes hands on an average trading day.
Bottom line: Liquidity is fine for smaller positions, but large orders may take more time than they would in a mega-cap REIT.
If you put $10,000 into KIM today, based on the numbers in this report:
KIM has $8.86B of total debt against $0.70B of cash (6.13x net debt / EBITDA). Interest coverage of 4.0x only partly offsets that load.
At 18.5x EV / EBITDA, the multiple sits in the middle of this list. The shares are not a deep-value screen.
OCF dividend coverage is 1.57x and the indicated yield is 4.59%. The cash-flow cushion looks comfortable on this math.
Average daily dollar volume is $110.9M, adequate, but thinner than the mega-cap REITs here.
Kimco is a shopping-center yield (4.59%) after a +13.4% year. The multiple is 18.5x. Leverage is 6.13x. None of that is dramatic. Taken together it is a real income name.
OCF dividend coverage is 1.57x and the EBITDA margin is 60.7%. The income case is honest. Volume at about $111 million a day is the smaller-name part.
18.5x EV / EBITDA, 6.13x leverage, 1.57x coverage, 4.6% yield. An income shopping-center card with a decent year already in the price.
| Metric | KIM |
|---|---|
| Market Capitalization | $16.42B |
| Enterprise Value | $24.57B |
| Share Price | $24.41 |
| Revenue (TTM) | $2.19B |
| EBITDA (TTM) | $1.33B |
| EBIT (TTM) | $0.76B |
| Operating Cash Flow (TTM) | $1.18B |
| CapEx (TTM) | $0.50B |
| Cash | $0.70B |
| Total Debt | $8.86B |
| Average Daily $ Volume | $110.9M |
| Daily Equity Turnover | 0.68% |
| EV / EBITDA | 18.47x |
| EBITDA Yield on EV | 5.41% |
| EBITDA Margin | 60.73% |
| Net Debt / EBITDA | 6.13x |
| Net Debt / Market Cap | 49.68% |
| Net Debt / Enterprise Value | 33.20% |
| Debt / Total Capital | 35.05% |
| Cash / Debt | 7.93% |
| EV Premium to Equity | 49.63% |
| Operating Cash Flow Yield | 7.19% |
| OCF / EBITDA Conversion | 88.72% |
| CapEx / Operating Cash Flow | 42.14% |
| CapEx / Revenue | 22.70% |
| Post-CapEx Cash Yield | 4.16% |
| Dividend / OCF Burden | 0.64x |
| OCF Dividend Coverage | 1.57x |
| Implied Interest / Revenue | 15.35% |
| EBITDA Interest Coverage | 3.96x |
| Reported Interest Coverage (source) | 2.25x |
| Dividend Yield | 4.59% |
| 52-Week Price Change | +13.38% |
| Approx. 1-Year Total Carry | +17.97% |
| Beta (5Y) | 0.97 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/kim/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.