Kimco Realty Stock Earnings Reports

Kimco delivered a strong start to 2026 with execution across leasing, operations and balance-sheet initiatives. Q1 highlights included FFO of $0.46 per diluted share (up 4.5% YoY), same-property NOI growth of 1.7% with acceleration expected through the year, record signed-but-not-open (SNO) pipeline of $77 million in annual base rent, and very healthy leasing metrics (576 deals, 4.4M sq ft, new lease spreads 23.8%, blended spreads 11.3%). Occupancy remained high (96.3% pro rata) with small-shop occupancy near historic highs. Tenant credit trends were favorable (Q1 credit loss ~52 bps) and management tightened full-year FFO guidance to $1.81–$1.84, and same-site NOI guidance to 2.8%–3.5%. Balance sheet strength was emphasized: consolidated net debt/EBITDA ~5.2x (best levels since tracking), ~$2.2B liquidity, full availability on a $2B revolving facility, and opportunistic refinancing progress (reduced spreads, extended maturities). Capital recycling and structured investments are being executed selectively (dispositions and ground-lease sales at mid-5% cap rates; proprietary structured deal flow with ROFO/ROFR rights). Management reiterated focus on converting the record SNO into cash flow, accelerating commencements (projected $31M of 2026 commencements, $2.5M ahead of plan), modernizing operations to speed execution, and selectively pursuing accretive acquisitions and redeployments (multifamily activation via capital-light structures).