Kimco Realty Stock Earnings Reports

Kimco reported solid third-quarter 2025 results driven by strong leasing, grocery-anchored portfolio performance, and disciplined capital deployment. Q3 FFO was $300.3 million or $0.44 per diluted share, above prior-year levels; management raised full-year FFO guidance to $1.75–$1.76 per share (now >6% growth vs. 2024). Same-site NOI grew 1.9% in the quarter (3% YTD) despite a 130 bps drag from early anchor recaptures; occupancy improved sequentially (pro rata 95.7%, anchors 97%, small shops 92.5% — an all-time high). Leasing was robust: 427 leases (2.3M SF) with blended spreads of 11% (21% new, 8% renewals). Signed-not-open (SNO) pipeline hit a record $71 million (360 bps), with ~20% expected to commence in Q4 and ~60% of the current SNO expected to deliver NOI in 2026. Redevelopment and mixed-use pipeline expanded to roughly $600 million of projects (including ~$260M gross multifamily under construction); redevelopment yields targeted at ~10–12% unlevered (13.7% blended yield YTD). Capital strategy emphasizes leasing and redevelopments, recycling lower-growth ground leases into higher-yield investments and structured financings (three structured investments funded in Q3 expected to deliver low-double-digit unlevered returns). Balance sheet: consolidated net debt/EBITDA ~5.3x, liquidity >$2.1 billion, S&P upgraded to A-; board increased quarterly dividend 4% to $0.26. Management highlighted improved credit loss trends (Q3 credit loss ~75 bps; 9M ~73 bps) and an institutional focus on innovation via a new Office of Innovation and Transformation to scale tech/AI/digital initiatives. Key near-term items for investors: realization of SNO and redevelopment NOI (weighted to H2 2026), refinancing of ~$825M maturities in 2026 (average rate ~0.8%), continued capital recycling and structured-program activity, and potential incremental FFO upside from elevated leasing and retenanting spreads.