Simon Property and Kimco Realty: A Dividend Comparison for REIT Investors
Kimco Realty increased its quarterly dividend by 12% to $0.28 per share on Aug. 4, 2026, while Simon Property Group raised its payout by 4.7% to $2.25 on Aug. 10. Kimco's yield is 5.1% versus Simon's 4.5%, but Simon's dividend grew 7.3% annually from fiscal 2020 to fiscal 2025, compared with 4.3% at Kimco. Simon distributed 76% of its AFFO in fiscal 2025 and Kimco 80%, and Kimco's net debt to EBITDA was higher at 6.1x versus Simon's 5.5x.
Kimco’s latest increase lifted its quarterly payout to $0.28, while Simon’s move took its dividend to $2.25. The two REITs differ on yield and growth: Kimco offers the higher yield, but Simon has compounded its dividend faster since fiscal 2020. Simon’s AFFO payout ratio was 76%, versus Kimco’s 80%.
Balance-sheet metrics also differ. Kimco’s net debt/EBITDA was 6.05x and interest coverage 2.25x; Simon’s were 5.48x and 3.07x. Both trade at similar next-twelve-month price/AFFO multiples, 16.2x for Kimco and 16.8x for Simon.
The dividend choices may matter most to income-focused investors, including retirees and others who rely on steady payouts. Kimco’s higher yield could appeal to current income needs, while Simon’s lower payout ratio and debt may suggest more resilience if conditions weaken. For tenants and local communities, the REITs’ financial flexibility could shape property investment, leasing, and rent trends, though broader economic forces may ultimately have greater influence.