Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren Buffett and Charlie Munger, from the Q2 2026 Form 10-Q (period ended June 30, 2026), the August 4, 2026 earnings release, and current market data. Kimco is the largest publicly traded owner of open-air, grocery-anchored shopping centers in America, and it is having the best operating stretch of its 68-year life: record occupancy of 96.4%, new leases signed at rents 40% above the prior tenant's, a freshly raised dividend, and the lowest leverage the company has ever reported. Management is honest, experienced, and communicates plainly. We have genuine respect for how this ship is being sailed. And yet we arrive at two stars. The reason is the rubric we live by: business quality first. Kimco is a good business — but it is not a wonderful one, and the difference matters enormously over twenty years.
Recent filings analysed: 8-K (2026-08-04), 10-Q (2026-08-04), 8-K (2026-06-15), 8-K (2026-06-11).
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