Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Kimco Realty Corporation (KIM) Halal?

FAIL

Kimco Realty Corporation · NYSE: KIM · Real Estate

The short answer

Kimco Realty fails the Shariah debt screen: $8.19 billion of interest-bearing debt is 54.4% of its ~$15.04 billion market cap, well above the 33% ceiling. Its shopping-center rental business is permissible and its interest income (~2.4% of revenue) passes the income screen, but the debt level is decisive. All three major third-party screeners also rate KIM not Shariah-compliant.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Kimco Realty Corporation, founded in 1958 and headquartered in Jericho, New York, is the largest owner and operator of high-quality open-air, grocery-anchored shopping centers and mixed-use properties in the United States, structured as a self-administered REIT. Per its FY2025 Form 10-K (Item 1, Business), as of December 31, 2025 it held interests in 565 shopping center properties (100.2 million square feet of gross leasable area) in 29 states, plus 66 other property interests of 5.4 million square feet.

Revenue comes overwhelmingly from base rents — $2,121,400 thousand of $2,140,116 thousand in FY2025 total revenue — paid by necessity-based tenants such as grocery stores, home improvement, off-price and discount retailers. Rental income is not interest-based lending, and the company is not involved in tobacco, gambling or pork production. The 10-K does not disclose any tenant mix involving alcohol, pork or other prohibited segments. The company's own financing activity (preferred equity and mezzanine financing to real estate professionals) generates the separately disclosed financing-income line assessed under gate 3. The compliance question for Kimco is the debt screen, not the business screen: the business passes gate 1.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (54.4%, ceiling 33%). Per Kimco's FY2025 Form 10-K (filed February 20, 2026), total interest-bearing debt at December 31, 2025 was $8,185,933 thousand (about $8.19 billion): notes payable, net of $7,718,730 thousand (senior unsecured notes $6,916.3 million plus unsecured term loans $860.0 million; the $2.0 billion revolving credit facility established in 2026 had no outstanding balance at year-end) plus mortgages payable, net of $467,203 thousand. This matches the company's own 'Consolidated Debt $8,185,933' line in the 10-K EBITDA reconciliation. Operating lease liabilities ($120,078 thousand) are excluded — they are not interest-bearing debt.

$8.19 billion of interest-bearing debt against a market capitalization of about $15.04 billion (Finnhub, October 2, 2026) is 54.4%, well above the 33% ceiling. The Q2 2026 10-Q balance sheet shows debt rising to about $8.74 billion (58.1% of market cap), confirming the failure. Cash, cash equivalents and restricted cash of $212,794 thousand at December 31, 2025 represent about 1.4% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (2.4%, ceiling 5%). Kimco's FY2025 Form 10-K separately discloses 'Mortgage and other financing income, net' of $50,958 thousand on its consolidated statements of income — interest-type income from the company's preferred equity and mezzanine financing activity, reclassified from 'Other income, net' to a stand-alone line (2024: $29,531 thousand; 2023: $11,961 thousand). Against FY2025 total revenue of $2,140,116 thousand, that is about 2.4%, under the 5% ceiling.

The Q2 2026 10-Q reports the same line at $11,444 thousand for the quarter ($23,919 thousand for six months), about 2.2% on an annualized basis — also under the ceiling. The income screen passes; the debt screen is the binding failure.

Key figures used

Frequently asked questions

What does Kimco Realty do?

Kimco Realty Corporation (NYSE: KIM) is the largest owner and operator of open-air, grocery-anchored shopping centers and mixed-use properties in the United States, structured as a self-administered real estate investment trust (REIT). Per its FY2025 Form 10-K, as of December 31, 2025 it held interests in 565 shopping center properties totaling 100.2 million square feet of gross leasable area across 29 states, plus 66 other property interests of 5.4 million square feet. Its revenue comes overwhelmingly from base rents paid by necessity-based tenants such as grocery stores, home improvement, off-price and discount retailers.

Is Kimco Realty's business Shariah compliant?

Kimco earns its revenue from renting retail space - base rents were $2,121,400 thousand of $2,140,116 thousand in total FY2025 revenue. Rental income from operating shopping centers is not interest-based lending, and the company is not involved in tobacco, gambling or pork production. The 10-K does not disclose any tenant mix involving alcohol, pork or other prohibited segments. The company's own financing activity - preferred equity and mezzanine financing to real estate professionals - generates the separately disclosed financing-income line discussed in the interest-income section. The compliance question for Kimco is the debt screen, not the business screen: the business passes this screener's first gate.

How much interest-bearing debt does Kimco Realty have?

Kimco's FY2025 Form 10-K discloses total interest-bearing debt of $8,185,933 thousand (about $8.19 billion) at December 31, 2025: notes payable, net of $7,718,730 thousand (senior unsecured notes $6,916.3 million plus unsecured term loans $860.0 million; the $2.0 billion revolving credit facility had no outstanding balance) plus mortgages payable, net of $467,203 thousand. Operating lease liabilities of $120,078 thousand are excluded as they are not interest-bearing debt. $8.19 billion against a market cap of about $15.04 billion is 54.4%, well above the 33% ceiling. The Q2 2026 balance sheet shows debt rising to about $8.74 billion (58.1% of market cap), confirming the failure. Cash, cash equivalents and restricted cash were $212,794 thousand at December 31, 2025, about 1.4% of market cap.

How much interest income does Kimco Realty earn?

Kimco's FY2025 Form 10-K separately discloses 'Mortgage and other financing income, net' of $50,958 thousand on its consolidated statements of income - interest-type income from its preferred equity and mezzanine financing activity, reclassified to a stand-alone line. Against FY2025 total revenue of $2,140,116 thousand, that is about 2.4% - under the 5% non-compliant income ceiling. The Q2 2026 10-Q shows the same line at $11,444 thousand for the quarter ($23,919 thousand for six months), about 2.2% annualized - also under the ceiling. So the income screen passes; it is the debt screen that fails.

What do third-party Shariah screeners say about Kimco Realty?

All three major third-party screeners cover KIM and rate it not Shariah-compliant. Zoya publishes a KIM page and currently flags the stock as not Shariah-compliant (it cites FY2025 revenue of about $2.140 billion and derives interest income of $61.9 million, or 2.89% - a figure that differs from the $50.958 million 'Mortgage and other financing income, net' line Kimco itself discloses in its 10-K; either figure is under 5%). Musaffa publishes a KIM page and currently rates it NOT HALAL as of October 2026. ShariaPortfolio publishes a KIM page and currently rates it not Shariah Compliant because it fails the financial ratios. Their published reasoning is consistent with this page's finding: the debt screen is the binding constraint.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).