Kimco Realty Stock Earnings Reports

Kimco reported a strong start to 2026 driven by operational momentum carried over from 2025. Key takeaways: FFO per diluted share was $0.46, up 4.5% year-over-year; same-property NOI grew 1.7% with management expecting acceleration through the year as rents from a record signed-but-not-open (SNO) pipeline convert to cash flow. Leasing was robust: 576 deals for 4.4 million sq. ft., new lease spreads of 23.8% and blended spreads of 11.3%, and average new lease rents near $29/sq. ft. The SNO pipeline is a new company record at $77 million of annual base rent (410 bps spread vs. economic occupancy), with over 60% of commencements projected in 2026 and projected 2026 commencements of $31 million (up $2.5 million vs. plan). Occupancy was 96.3% pro rata; small-shop occupancy rose to 92.5%. Tenant credit trends were better-than-expected (Q1 credit loss ~52 bps), and management tightened full-year FFO guidance to $1.81–$1.84 and raised same-site NOI guidance to 2.8%–3.5%. Balance sheet metrics improved: consolidated net debt/EBITDA ~5.2x (look-through 5.5x), liquidity ~$2.2 billion, $2B revolver undrawn and refinanced with slightly better spreads. Capital recycling remained disciplined with dispositions and structured investments; transaction activity expected to pick up in H2. Management emphasized the portfolio’s grocery-anchored resilience, continued redevelopment/grocery projects (~15 anchor grocery projects), apartment activation opportunities (capital-light approaches), and operating changes that are already speeding lease commencement and lowering CapEx per deal. Risks noted: macro/geopolitical volatility and the timing of refinancing and transaction activity, which are reflected in guidance.