Kimco Realty Corporation

Latest Results (28.12.2025):

Kimco Realty Corporation's results for the third quarter of 2025 show stable GAAP earnings and continued operational momentum: Q3 net income was $130.2 million ($0.19 per diluted share), FFO was $300.3 million ($0.44 per diluted share), and management raised its full‑year 2025 outlook while increasing the quarterly common dividend by 4%.

Net income & FFO

Q3 2025 net income: $130.2M, or $0.19 per diluted share (flat year-over-year). FFO: $300.3M, or $0.44 per diluted share (up from $0.43 in Q3 2024).

Occupancy & leasing

Pro-rata portfolio occupancy rose to 95.7% (up 30 bps sequentially). Pro-rata small shop occupancy reached an all‑time high of 92.5%. Signed 427 leases totaling 2.3M sq. ft.; blended pro‑rata cash rent spread on comparable spaces was 11.1% (new leases +21.1%, renewals/options +8.2%).

Leased-to-economic occupancy pipeline

Leased-to-economic occupancy spread expanded to 360 basis points (a 50 bps sequential increase), representing $71M of Annual Base Rent from signed leases that have not yet commenced.

Same‑property performance

Same Property NOI grew 1.9% in Q3 vs. prior year and 3.0% year‑to‑date, driven primarily by a 2.1% increase in minimum rents. Credit loss was 75 bps of pro‑rata rental revenue for the quarter.

Capital moves & liquidity

Acquired remaining 85% of Tanasbourne Village for a pro‑rata $65.9M; disposed of several assets and sold land parcels. Invested $201.9M of new capital in structured investments during the quarter. Immediate liquidity ended the quarter at over $2.1B (including $2.0B available on the revolver and $160.5M cash).

Development pipeline

Activated The Chester (214‑unit multi‑family) at Westlake Shopping Center (gross cost $153M; Kimco 75%); obtained 760 additional entitlements at Pike Center, bringing entitled multi‑family units to 13,539. Active/near‑term development & redevelopment pipeline exceeds $600M (up ≈$250M sequentially).

Dividend & outlook

The board declared a quarterly common cash dividend of $0.26 per share (4% increase). Management raised full‑year 2025 guidance to Net income $0.77–$0.79 and FFO $1.75–$1.76 per diluted share.

Credit rating & balance‑sheet items

Kimco received an ‘A‑’ rating from S&P Global Ratings. Interest expense was higher in the quarter (impacting GAAP results), and depreciation/amortization increased versus the prior year. The company has no consolidated debt maturing until July 2026.