Kimco Realty® Announces Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Kimco Realty (NYSE: KIM) reported fourth-quarter and full-year 2025 results on Feb 12, 2026, with full-year FFO $1.76 per share (+6.7% YoY) and net income $0.82 per share. Pro-rata occupancy matched an all-time high at 96.4%; repurchases totaled 6.1 million shares for 2025.
The company provided a 2026 outlook of FFO $1.80–$1.84 and net income guidance of $0.80–$0.84, reported strong leasing activity and maintained >$2.2 billion immediate liquidity.
Positive
- FFO per diluted share +6.7% to $1.76 for 2025
- Pro-rata occupancy at all-time high of 96.4%
- Repurchased 6.1 million shares in 2025 (Wtd avg $19.79)
- Provided 2026 FFO outlook of $1.80–$1.84
- Ended 2025 with > $2.2 billion immediate liquidity
Negative
- Net income per diluted share only $0.21 in Q4 2025 (down from $0.23)
- Projected consolidated interest and preferred dividends rising to $370–$377M in 2026
- Redevelopment capex expected to increase to $100–$150M in 2026
Market Reaction
Following this news, KIM has gained 4.00%, reflecting a moderate positive market reaction. The stock is currently trading at $22.86. This price movement has added approximately $595M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
KIM slipped 0.9% while key retail REIT peers showed mixed moves: REG -0.91%, SPG -0.62%, BRX -1.35%, FRT -0.9%, but O gained 0.88%, pointing to a company-specific reaction rather than a broad sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Q3 2025 earnings | Positive | -1.9% | Reported Q3 2025 net income and FFO with higher occupancy and outlook raise. |
| Jul 31 | Q2 2025 earnings | Positive | -3.1% | Delivered strong Q2 2025 net income and FFO growth with NOI gains. |
| May 01 | Q1 2025 earnings | Positive | +4.8% | Returned to positive net income and double‑digit FFO growth with NOI uplift. |
| Feb 07 | FY 2024 earnings | Positive | -0.1% | Hit high end of 2024 outlook with FFO growth and strong leasing metrics. |
| Oct 31 | Q3 2024 earnings | Positive | -1.3% | Posted record-high occupancy, higher FFO and raised 2024 FFO guidance. |
Earnings releases have generally been received positively fundamentally but often coincided with modest share price declines on the following day.
Over the last five earnings cycles, Kimco consistently reported solid metrics: rising FFO per share, record or near‑record occupancy, and expanding leased‑to‑economic occupancy spreads. Management repeatedly raised or met FFO outlook ranges and increased the common dividend to $0.26 per quarter. Despite this, four of the five prior earnings prints saw small negative next‑day price moves, indicating a pattern where strong fundamentals did not always translate into immediate upside.
Historical Comparison
In the past five earnings releases, KIM’s average next‑day move was about -0.29% despite generally strong fundamentals. Today’s -0.9% move sits within this established pattern of modest post‑earnings softness.
Across recent earnings, Kimco showed steady FFO per share growth, rising same‑property NOI, and record portfolio and small‑shop occupancy, while gradually lifting full‑year outlooks and quarterly dividends.
Regulatory & Risk Context
An automatic shelf registration on Form S-3ASR filed on 2025-11-03 permits issuance of multiple securities, including common stock and debt. It carries forward up to $362,486,557.10 of ATM capacity and has already supported several prospectus supplements, giving Kimco flexibility to raise capital as needed.
Market Pulse Summary
This announcement highlighted full-year 2025 FFO of $1.76 per share, record 96.4% occupancy, and a higher common dividend of $0.26 quarterly, plus an initial 2026 outlook with modest FFO growth. Recent earnings history shows similar operational strength paired with mixed short-term price reactions. Key factors to monitor include execution on redevelopment spending, lease-up of signed-not-opened space, use of the active S-3ASR shelf, and same-property NOI performance versus guidance.
Key Terms
real estate investment trust financial
funds from operations financial
same property net operating income financial
net operating income financial
annual base rent financial
basis points financial
gross leasable area technical
AI-generated analysis. Not financial advice.
– Net Income and Funds From Operations Achieve High End of Full Year Outlook –
– Strong Leasing Gains Drive Occupancy to All-time Highs –
– Provides Initial 2026 Outlook –
JERICHO, N.Y., Feb. 12, 2026 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (“REIT”) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the fourth quarter and full year ended December 31, 2025. For the three months ended December 31, 2025 and 2024, Net income available to the company’s common shareholders (“Net income”) per diluted share was
Fourth Quarter & Full Year 2025 Highlights
- Generated
4.8% growth in funds from operations(1) (“FFO”) per diluted share in the fourth quarter of 2025 compared to the prior year period, increasing to$0.44 per diluted share. For the full year, FFO per diluted share increased by6.7% over the prior year. - Produced a
3.0% year-over-year increase in same property net operating income(1) (“NOI”) for both the fourth quarter and full year. - Reported pro-rata portfolio occupancy of
96.4% , matching the company’s all-time high, with pro-rata small shop occupancy reaching a new record level of92.7% . - Expanded leased-to-economic occupancy spread to 390 basis points, representing
$73 million of Annual Base Rent (“ABR”) for near-term rent commencements from signed leases, each representing new highs. - Acquired the common member interests in The Shoppes at 82nd Street, a Target-anchored center, through the company’s Structured Investments Program, for
$74.0 million . - Repurchased 3.1 million shares of common stock during the fourth quarter of 2025 at a weighted average price of
$19.96 per share, net of fees and commissions. - Achieved an ‘A3’ unsecured debt rating from Moody’s Ratings, as previously announced, placing Kimco among a select group of REITs with A-level ratings from the three largest ratings agencies.
(1) Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.
“Kimco’s fourth quarter and full-year results, highlighted by FFO per diluted share growth of
Financial Results
Fourth Quarter 2025
Net income for the fourth quarter of 2025 was
$17.0 million of higher consolidated revenues from rental properties, net, driven primarily by$8.9 million of higher minimum rent and$4.7 million of increased benefit from non-cash rent adjustments compared to the prior-year period.$18.1 million of higher gains on sales of properties, net of non-cash impairments, compared to the fourth quarter of 2024.$46.9 million benefit for income taxes related to the sale of Albertsons Companies Inc. common stock in the fourth quarter of 2024.
FFO grew to
Full Year 2025
Net income grew to
FFO grew to
Operating Results
- Signed 435 leases totaling 2.7 million square feet during the fourth quarter, generating blended pro-rata cash rent spreads on comparable spaces of
13.8% , with new leases up29.0% and renewals and options growing5.9% and9.2% , respectively. - For the full year, the company leased 12.1 million square feet, representing an
8.9% increase in square feet leased over the prior year. - Pro-rata leased occupancy ended the quarter at
96.4% , a 70-basis-point sequential increase and a 10-basis-point increase year-over-year. - Pro-rata small shop occupancy reached
92.7% , representing a 20-basis-point sequential increase and a 100-basis-point increase year-over-year. - Pro-rata anchor occupancy reached
97.9% , representing a record 90-basis-point sequential increase.
Redevelopment & Anchor Repositioning
- Obtained 657 additional multifamily entitlements during the quarter, bringing the company’s total number of operating, active, and entitled units to 14,196 at the end of the fourth quarter 2025.
- Completed 21 projects with an aggregate gross cost of
$79.4 million and a stabilized blended yield of13.4% during 2025. These included 12 redevelopment and outparcel projects with an aggregate gross cost of$22.2 million and a stabilized blended yield of18.9% and nine anchor repositioning projects with an aggregate gross cost of$57.2 million and a stabilized blended yield of11.3% .
Fourth Quarter Transactional Activities
- Acquired the common member interests in The Shoppes at 82nd Street in Jackson Heights, New York, by exercising the company’s right of first offer under its structured investment agreement for a total pro-rata purchase price of
$74.0 million . The Target-anchored center comprises 59,000 square feet of gross leasable area and is located in one of the most densely populated areas of Queens, New York. - Sold a ground-leased parcel anchored by a Lowe’s Home Improvement store at Mill Station in Owings Mills, Maryland for
$18.5 million , as previously announced. - Sold two shopping centers, Clive Plaza, located in Des Moines, Iowa, for
$7.9 million and Holcomb Bridge, located in Roswell, Georgia, for$8.0 million . - Sold land parcels totaling
$3.3 million .
Structured Investments:
- Invested
$12.3 million of new capital into Coralwood Center, a 344,000-square-foot shopping center in Cape Coral, Florida. - Received
$253.7 million in senior and mezzanine loan repayments, including the previously announced$202.4 million related to The Rim in San Antonio, Texas. - Received a
$14.9 million preferred equity repayment, related to the acquisition of The Shoppes at 82nd Street.
Balance Sheet and Capital Market Activities
- Repurchased 3.1 million shares of common stock during the fourth quarter of 2025 at a weighted average price of
$19.96 per share, net of fees and commissions, bringing total repurchases for the full year 2025 to 6.1 million shares at a weighted average price of$19.79 per share. - Ended the year with over
$2.2 billion of immediate liquidity, including full availability on the$2.0 billion unsecured revolving credit facility and$212.8 million of cash, cash equivalents and restricted cash.
Leadership Transitions
- Paul Westbrook, vice president and chief accounting officer, has notified the company of his intention to retire on March 31, 2026, after more than 23 years with Kimco. Upon his retirement, Kathleen Thayer, senior vice president and treasurer, will assume the role of executive vice president, treasurer, and chief accounting officer, effective April 1, 2026.
- As part of a company transition from a regional operating model to a functionally aligned, asset-centric structure, Wilbur “Tom” Simmons, president of the Southern Region, has been named senior vice president of national asset management, and Joshua Weinkranz, president of the Eastern Region, has been appointed senior vice president of national leasing. Both will assume their new roles in the third quarter of 2026.
Dividend Declarations
- The board of directors declared a cash dividend of
$0.26 per common share (equivalent to$1.04 per annum), representing a4.0% increase over the quarterly dividend in the corresponding period of the prior year. The quarterly cash dividend on common shares will be payable on March 19, 2026, to shareholders of record on March 6, 2026. - The board of directors also declared quarterly dividends with respect to each of the company’s Class L, Class M, and Class N series of preferred shares. These dividends on the preferred shares will be paid on April 15, 2026 to shareholders of record on April 1, 2026.
2026 Full Year Outlook
| 2025 Actuals | 2026 Outlook | |
| Net income: | ||
| FFO: | ||
| The company’s full year outlook is based on the following assumptions (pro-rata share unless otherwise stated; dollars in millions): | ||
| Same property NOI growth | + | + |
| Credit loss as a % of total pro-rata rental revenues | (74bps) | (75bps) to (100bps) |
| Lease termination income | ||
| Non-cash GAAP revenues(1) | ||
| Consolidated G&A expense, net | ||
| Consolidated interest expense and preferred stock dividends | ||
| Consolidated mortgage and other financing income, net | ||
| Redevelopment capex(2) | ||
| Leasing and maintenance capex(3) | ||
| Property acquisitions, net of dispositions | Net neutral; transaction volume of | |
| Acquisitions, weighted average cap rate | ||
| Dispositions, weighted average cap rate | ||
| Structured investments, net | ( | |
| Weighted average yield | ||
(1) Includes deferred rents, above and below market rents, and straight-line reimbursement income, and excludes debt and derivative mark to market amortization.
(2) Includes costs associated with a mixed-use development project, The Chester at Westlake Shopping Center.
(3) Includes tenant improvements (TI) and allowances, capitalized external leasing commissions and capitalized building improvements.
Conference Call Information
When: 8:30 AM ET, February 12, 2026
Live Webcast: 4Q25 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com
Dial #: 1-833-470-1428 (International: 1-929-526-1599). Passcode: 056657
Audio from the conference will be available on Kimco Realty’s investor relations website until April 10, 2026.
About Kimco Realty®
Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 65 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of December 31, 2025, the company owned interests in 565 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space.
The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xii) collectability of mortgage and other financing receivables, (xiii) impairment charges, (xiv) criminal cybersecurity attack disruptions, data loss or other security incidents and breaches, (xv) risks related to artificial intelligence, (xvi) impact of natural disasters and weather and climate-related events, (xvii) pandemics or other health crises, (xviii) our ability to attract, retain and motivate key personnel, (xix) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xx) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or maintain certain debt until maturity, (xxiii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxiv) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission (“SEC”).
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
(833) 800-4343
dbujnicki@kimcorealty.com
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, except share data) | ||||||||
| (unaudited) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Assets: | ||||||||
| Real estate, net of accumulated depreciation and amortization of | $ | 16,769,292 | $ | 16,810,333 | ||||
| Investments in and advances to real estate joint ventures | 1,454,051 | 1,487,675 | ||||||
| Other investments | 99,936 | 107,347 | ||||||
| Cash, cash equivalents and restricted cash | 212,794 | 689,731 | ||||||
| Mortgage and other financing receivables, net | 383,935 | 444,966 | ||||||
| Accounts and other receivables, net | 368,964 | 340,469 | ||||||
| Operating lease right-of-use assets, net | 127,596 | 126,441 | ||||||
| Other assets | 271,682 | 302,934 | ||||||
| Total assets | $ | 19,688,250 | $ | 20,309,896 | ||||
| Liabilities: | ||||||||
| Notes payable, net | $ | 7,718,730 | $ | 7,964,738 | ||||
| Mortgages payable, net | 467,203 | 496,438 | ||||||
| Accounts payable and accrued expenses | 291,537 | 281,867 | ||||||
| Intangible liabilities, net | 334,527 | 366,943 | ||||||
| Operating lease liabilities | 120,078 | 117,199 | ||||||
| Other liabilities | 188,297 | 236,922 | ||||||
| Total liabilities | 9,120,372 | 9,464,107 | ||||||
| Redeemable noncontrolling interests | 24,506 | 47,877 | ||||||
| Stockholders’ Equity: | ||||||||
| Preferred stock, | 21 | 21 | ||||||
| Common stock, $.01 par value, authorized 1,500,000,000 shares; Issued and outstanding 674,093,047 and 679,493,522 shares, respectively | 6,741 | 6,795 | ||||||
| Paid-in capital | 10,922,596 | 11,033,485 | ||||||
| Cumulative distributions in excess of net income | (528,730 | ) | (398,792 | ) | ||||
| Accumulated other comprehensive (loss)/income | (8,792 | ) | 11,038 | |||||
| Total stockholders’ equity | 10,391,836 | 10,652,547 | ||||||
| Noncontrolling interests | 151,536 | 145,365 | ||||||
| Total equity | 10,543,372 | 10,797,912 | ||||||
| Total liabilities and equity | $ | 19,688,250 | $ | 20,309,896 | ||||
| Condensed Consolidated Statements of Income | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Revenues from rental properties, net | $ | 538,071 | $ | 521,064 | $ | 2,121,400 | $ | 2,019,065 | ||||||||
| Management and other fee income | 4,385 | 4,333 | 18,716 | 17,949 | ||||||||||||
| Total revenues | 542,456 | 525,397 | 2,140,116 | 2,037,014 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Rent | (4,186 | ) | (4,093 | ) | (16,776 | ) | (16,837 | ) | ||||||||
| Real estate taxes | (73,624 | ) | (67,162 | ) | (277,478 | ) | (261,700 | ) | ||||||||
| Operating and maintenance | (95,024 | ) | (96,849 | ) | (368,080 | ) | (359,116 | ) | ||||||||
| General and administrative | (36,530 | ) | (34,902 | ) | (133,015 | ) | (138,140 | ) | ||||||||
| Impairment charges | (898 | ) | (199 | ) | (9,517 | ) | (4,476 | ) | ||||||||
| Merger charges | – | – | – | (25,246 | ) | |||||||||||
| Depreciation and amortization | (154,045 | ) | (156,130 | ) | (627,090 | ) | (603,685 | ) | ||||||||
| Total operating expenses | (364,307 | ) | (359,335 | ) | (1,431,956 | ) | (1,409,200 | ) | ||||||||
| Gain on sale of properties | 19,149 | 330 | 62,663 | 1,274 | ||||||||||||
| Operating income | 197,298 | 166,392 | 770,823 | 629,088 | ||||||||||||
| Other income/(expense) | ||||||||||||||||
| Other income, net | 1,290 | 7,310 | 2,047 | 28,074 | ||||||||||||
| Mortgage and other financing income, net | 15,252 | 10,342 | 50,958 | 29,531 | ||||||||||||
| (Loss)/gain on marketable securities, net | (29 | ) | (66 | ) | 3 | (27,679 | ) | |||||||||
| Interest expense | (84,354 | ) | (83,684 | ) | (330,196 | ) | (307,806 | ) | ||||||||
| Income before income taxes, net, equity in income of joint ventures, net, and equity in income from other investments, net | 129,457 | 100,294 | 493,635 | 351,208 | ||||||||||||
| (Provision)/benefit for income taxes, net | (1,091 | ) | 46,938 | (1,046 | ) | (25,417 | ) | |||||||||
| Equity in income of joint ventures, net | 23,141 | 20,414 | 96,781 | 83,827 | ||||||||||||
| Equity in income of other investments, net | 1,803 | 353 | 3,440 | 9,821 | ||||||||||||
| Net income | 153,310 | 167,999 | 592,810 | 419,439 | ||||||||||||
| Net income attributable to noncontrolling interests | (2,147 | ) | (1,961 | ) | (8,069 | ) | (8,654 | ) | ||||||||
| Net income attributable to the company | 151,163 | 166,038 | 584,741 | 410,785 | ||||||||||||
| Preferred stock redemption charges | – | (3,304 | ) | – | (3,304 | ) | ||||||||||
| Preferred dividends, net | (7,536 | ) | (7,899 | ) | (30,311 | ) | (31,763 | ) | ||||||||
| Net income available to the company’s common shareholders | $ | 143,627 | $ | 154,835 | $ | 554,430 | $ | 375,718 | ||||||||
| Per common share: | ||||||||||||||||
| Net income available to the company’s common shareholders: (1) | ||||||||||||||||
| Basic | $ | 0.21 | $ | 0.23 | $ | 0.82 | $ | 0.55 | ||||||||
| Diluted (2) | $ | 0.21 | $ | 0.23 | $ | 0.82 | $ | 0.55 | ||||||||
| Weighted average shares: | ||||||||||||||||
| Basic | 673,914 | 673,676 | 675,050 | 671,561 | ||||||||||||
| Diluted (2) | 674,146 | 674,531 | 675,279 | 672,136 | ||||||||||||
| (1) Adjusted for earnings attributable to participating securities of ( | ||||||||||||||||
| (2) Reflects the potential impact if certain units/preferred stock were converted to common stock at the beginning of the period. The impact of the conversion of certain units/preferred shares would have an antidilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of | ||||||||||||||||
| Reconciliation of Net Income Available to the Company’s Common Shareholders to the FFO Available to the Company’s Common Shareholders (1) | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income available to the company’s common shareholders | $ | 143,627 | $ | 154,835 | $ | 554,430 | $ | 375,718 | ||||||||
| Gain on sale of properties | (19,149 | ) | (330 | ) | (62,663 | ) | (1,274 | ) | ||||||||
| Gain on sale of joint venture properties | – | – | (6,587 | ) | (1,501 | ) | ||||||||||
| Depreciation and amortization – real estate related | 153,001 | 154,905 | 622,530 | 598,741 | ||||||||||||
| Depreciation and amortization – real estate joint ventures | 20,951 | 22,074 | 84,472 | 86,235 | ||||||||||||
| Impairment charges (including real estate joint ventures) | 898 | 207 | 9,517 | 4,485 | ||||||||||||
| (Recovery)/provision for loan losses, net | (3,348 | ) | 1,000 | (1,448 | ) | 5,500 | ||||||||||
| Profit participation from other investments, net | (1,006 | ) | 240 | (100 | ) | (5,059 | ) | |||||||||
| (Gain)/loss on derivative/marketable securities, net | (494 | ) | 1,627 | (2,296 | ) | 27,549 | ||||||||||
| Provision/(benefit) for income taxes, net (2) | 603 | (46,874 | ) | (752 | ) | 24,832 | ||||||||||
| Noncontrolling interests (2) | (756 | ) | (783 | ) | (3,009 | ) | (3,150 | ) | ||||||||
| FFO available to the company’s common shareholders (4) (5) | $ | 294,327 | $ | 286,901 | $ | 1,194,094 | $ | 1,112,076 | ||||||||
| Weighted average shares outstanding for FFO calculations: | ||||||||||||||||
| Basic | 673,914 | 673,676 | 675,050 | 671,561 | ||||||||||||
| Units | 3,319 | 3,199 | 3,504 | 3,206 | ||||||||||||
| Convertible preferred shares | 3,185 | 4,100 | 3,209 | 4,223 | ||||||||||||
| Dilutive effect of equity awards | 138 | 751 | 138 | 523 | ||||||||||||
| Diluted (3) | 680,556 | 681,726 | 681,901 | 679,513 | ||||||||||||
| FFO per common share – basic | $ | 0.44 | $ | 0.43 | $ | 1.77 | $ | 1.66 | ||||||||
| FFO per common share – diluted (3) (4) (5) | $ | 0.44 | $ | 0.42 | $ | 1.76 | $ | 1.65 | ||||||||
| (1) The company considers FFO to be an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of the company’s presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs. | ||||||||||||||||
| (2) Related to gains, impairments, depreciation on properties and gains/(losses) on derivatives and marketable securities, where applicable. | ||||||||||||||||
| (3) Reflects the potential impact if convertible preferred shares and certain units were converted to common stock at the beginning of the period. FFO available to the company’s common shareholders would be increased by | ||||||||||||||||
| (4) Includes | ||||||||||||||||
| (5) Includes merger-related charges of | ||||||||||||||||
| Reconciliation of Net Income Available to the Company’s Common Shareholders | ||||||||||||||||
| to Same Property NOI (1)(2) | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income available to the company’s common shareholders | $ | 143,627 | $ | 154,835 | $ | 554,430 | $ | 375,718 | ||||||||
| Adjustments: | ||||||||||||||||
| Management and other fee income | (4,385 | ) | (4,333 | ) | (18,716 | ) | (17,949 | ) | ||||||||
| General and administrative | 36,530 | 34,902 | 133,015 | 138,140 | ||||||||||||
| Impairment charges | 898 | 199 | 9,517 | 4,476 | ||||||||||||
| Merger charges | – | – | – | 25,246 | ||||||||||||
| Depreciation and amortization | 154,045 | 156,130 | 627,090 | 603,685 | ||||||||||||
| Gain on sale of properties | (19,149 | ) | (330 | ) | (62,663 | ) | (1,274 | ) | ||||||||
| Other income, net | (1,290 | ) | (7,310 | ) | (2,047 | ) | (28,074 | ) | ||||||||
| Mortgage and other financing income, net | (15,252 | ) | (10,342 | ) | (50,958 | ) | (29,531 | ) | ||||||||
| Loss/(gain) on marketable securities, net | 29 | 66 | (3 | ) | 27,679 | |||||||||||
| Interest expense | 84,354 | 83,684 | 330,196 | 307,806 | ||||||||||||
| Provision/(benefit) for income taxes, net | 1,091 | (46,938 | ) | 1,046 | 25,417 | |||||||||||
| Equity in income of other investments, net | (1,803 | ) | (353 | ) | (3,440 | ) | (9,821 | ) | ||||||||
| Net income attributable to noncontrolling interests | 2,147 | 1,961 | 8,069 | 8,654 | ||||||||||||
| Preferred stock redemption charges | – | 3,304 | – | 3,304 | ||||||||||||
| Preferred dividends, net | 7,536 | 7,899 | 30,311 | 31,763 | ||||||||||||
| RPT same property NOI (3) | – | – | – | 606 | ||||||||||||
| Non same property net operating income | (20,784 | ) | (19,270 | ) | (91,974 | ) | (59,932 | ) | ||||||||
| Non-operational expense from joint ventures, net | 28,092 | 30,066 | 103,007 | 115,695 | ||||||||||||
| Same property NOI | $ | 395,686 | $ | 384,170 | $ | 1,566,880 | $ | 1,521,608 | ||||||||
| (1) Same property Net Operating Income (“NOI”) is a supplemental non-GAAP financial measure of real estate companies’ operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. Same property NOI is considered by management to be an important operating performance measure frequently used by analysts and investors because it includes only the NOI of operating properties that have been owned and stabilized for the entire current and prior year reporting periods. Same property NOI assists in eliminating disparities due to the development, redevelopment, acquisition and disposition of properties during the periods presented and thus provides a more consistent performance measure for the comparison of the Company’s properties. Same property NOI is calculated using rental property revenues (excluding straight-line rent adjustments, lease termination income, net, and amortization of above/below market rents), less charges for credit losses, operating and maintenance expenses, real estate taxes, and rent expenses, plus the Company’s proportionate share of same property NOI from unconsolidated real estate joint ventures, calculated on the same basis. The Company’s method of calculating same property NOI, which may differ from methods used by other REITs and may not be comparable to them, discloses with and without the impact from redevelopment projects. | ||||||||||||||||
| (2) Amounts represent Kimco Realty’s pro-rata share. | ||||||||||||||||
| (3) Amounts represent the same property NOI from RPT properties, not included in the company’s Net income available to the company’s common shareholders. | ||||||||||||||||
| Reconciliation of the Projected Range of Net Income Available to the Company’s Common Shareholders | ||||||||||||
| to Funds From Operations Available to the Company’s Common Shareholders | ||||||||||||
| (unaudited, all amounts shown are per diluted share) | ||||||||||||
| Actual | Projected Range | |||||||||||
| Full Year 2025 | Full Year 2026 | |||||||||||
| Low | High | |||||||||||
| Net income available to the company’s common shareholders | $ | 0.82 | $ | 0.80 | $ | 0.84 | ||||||
| Gain on sale of properties | (0.09 | ) | (0.03 | ) | (0.05 | ) | ||||||
| Gain on sale of joint venture properties | (0.01 | ) | – | (0.01 | ) | |||||||
| Depreciation & amortization – real estate related | 0.91 | 0.91 | 0.93 | |||||||||
| Depreciation & amortization – real estate joint ventures | 0.12 | 0.12 | 0.13 | |||||||||
| Impairment charges (including real estate joint ventures) | 0.01 | – | – | |||||||||
| FFO available to the company’s common shareholders | $ | 1.76 | $ | 1.80 | $ | 1.84 | ||||||
| Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, international tariffs, selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management’s estimate of results based upon these assumptions as of the date of this press release. | ||||||||||||
FAQ
What were Kimco Realty's reported FFO and net income per share for full year 2025 (KIM)?
How high was Kimco's occupancy at year-end 2025 and what segments improved (KIM)?
What is Kimco Realty's 2026 FFO and net income guidance (KIM)?
How much share repurchase did Kimco complete in 2025 and at what average price (KIM)?
What major acquisition and liquidity position did Kimco report at year-end 2025 (KIM)?
