KIM Iron Condor Strategy
KIM (Kimco Realty Corporation), in the Real Estate sector, (REIT - Retail industry), listed on NYSE.
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America's largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of September 30, 2020, the company owned interests in 400 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years.
KIM (Kimco Realty Corporation) trades in the Real Estate sector, specifically REIT - Retail, with a market capitalization of approximately $15.56B, a trailing P/E of 25.16, a beta of 0.99 versus the broader market, a 52-week range of 19.76-24.31, average daily share volume of 5.5M, a public-listing history dating back to 1991, approximately 717 full-time employees. These structural characteristics shape how KIM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.99 places KIM roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. KIM pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on KIM?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current KIM snapshot
As of May 15, 2026, spot at $22.98, ATM IV 193.70%, IV rank 100.00%, expected move 55.53%. The iron condor on KIM below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on KIM specifically: KIM IV at 193.70% is rich versus its 1-year range, which favors premium-selling structures like a KIM iron condor, with a market-implied 1-standard-deviation move of approximately 55.53% (roughly $12.76 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KIM expiries trade a higher absolute premium for lower per-day decay. Position sizing on KIM should anchor to the underlying notional of $22.98 per share and to the trader's directional view on KIM stock.
KIM iron condor setup
The KIM iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With KIM near $22.98, the first option leg uses a $24.13 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KIM chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 KIM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $24.13 | N/A |
| Buy 1 | Call | $25.28 | N/A |
| Sell 1 | Put | $21.83 | N/A |
| Buy 1 | Put | $20.68 | N/A |
KIM iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
KIM iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on KIM. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on KIM
Iron condors on KIM are a delta-neutral premium-collection structure that profits if KIM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
KIM thesis for this iron condor
The market-implied 1-standard-deviation range for KIM extends from approximately $10.22 on the downside to $35.74 on the upside. A KIM iron condor is a delta-neutral premium-collection structure that pays off when KIM stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current KIM IV rank near 100.00% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on KIM at 193.70%. As a Real Estate name, KIM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KIM-specific events.
KIM iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. KIM positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KIM alongside the broader basket even when KIM-specific fundamentals are unchanged. Short-premium structures like a iron condor on KIM carry tail risk when realized volatility exceeds the implied move; review historical KIM earnings reactions and macro stress periods before sizing. Always rebuild the position from current KIM chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on KIM?
- A iron condor on KIM is the iron condor strategy applied to KIM (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With KIM stock trading near $22.98, the strikes shown on this page are snapped to the nearest listed KIM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are KIM iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the KIM iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 193.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a KIM iron condor?
- The breakeven for the KIM iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current KIM market-implied 1-standard-deviation expected move is approximately 55.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on KIM?
- Iron condors on KIM are a delta-neutral premium-collection structure that profits if KIM stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current KIM implied volatility affect this iron condor?
- KIM ATM IV is at 193.70% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.