[Kimco Realty Q2 2025 Earnings Release](index=1&type=section&id=Kimco%20Realty%C2%AE%20Announces%20Second%20Quarter%202025%20Results) [Financial & Operating Highlights](index=1&type=section&id=Highlights) Kimco Realty reported strong Q2 2025 results with FFO per share up 7.3%, record small shop occupancy, and robust rent spreads - CEO Conor Flynn highlighted the portfolio's strength and leasing team's effectiveness, noting less impact from JOANN and Party City bankruptcies due to strong tenant demand, positioning the company for FFO per share growth exceeding **5%** for the second consecutive year[3](index=3&type=chunk) Q2 2025 Key Performance Indicators | Metric | Value | Note | | :--- | :--- | :--- | | FFO per Diluted Share Growth (YoY) | 7.3% | Reached $0.44 | | Same Property NOI Growth (YoY) | 3.1% | - | | Blended Pro-rata Cash Rent Spreads | 15.2% | Highest in over seven years | | Small Shop Occupancy | 92.2% | All-time company record | | Pipeline of Signed Leases (ABR) | $66 million | Future rent commencements | | Grocery-Anchored ABR Contribution | 86% | New record level | [Financial Results](index=1&type=section&id=Financial%20Results) Net income increased 35% to $155.4 million, and FFO grew 7.3% to $297.6 million, driven by revenue and property sales gains Q2 2025 vs. Q2 2024 Financial Comparison (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Income | $155.4 | $111.8 | +39.0% | | Net Income per Diluted Share | $0.23 | $0.17 | +35.3% | | FFO | $297.6 | $276.0 | +7.8% | | FFO per Diluted Share | $0.44 | $0.41 | +7.3% | - Key drivers for the increase in Net Income include **$24.7 million** growth in consolidated revenues from rental properties, **$31.4 million** higher gains on sales of properties, and a **$7.3 million** increase in mortgage and other financing income, partially offset by increased depreciation and interest expenses[6](index=6&type=chunk) [Operating Performance](index=2&type=section&id=Operating%20Results) Operating performance was robust with 506 new leases, 15.2% rent spreads, record small shop occupancy, and 3.1% Same Property NOI growth - Leasing Activity: Signed **506** leases for **2.7 million** square feet - Rent Spreads: Achieved blended pro-rata cash rent spreads of **15.2%**, with new leases at **+33.8%** and renewals/options at **+9.6%** - Occupancy: Pro-rata leased occupancy ended at **95.4%**, a **40 bps** sequential decline primarily due to tenant bankruptcies, while small shop occupancy hit a record **92.2%** - Future Rent Pipeline: The spread between leased and economic occupancy increased to **310 basis points**, representing **$66 million** in future Annual Base Rent (ABR)[11](index=11&type=chunk) - Same Property NOI increased by **3.1%** year-over-year, primarily driven by a **2.7%** increase in minimum rents[11](index=11&type=chunk) [Capital & Transactional Activities](index=2&type=section&id=Transactional%20Activities) Kimco executed strategic capital activities, including property sales, debt issuance, and share repurchases, maintaining over $2.2 billion liquidity - Dispositions: Sold a freestanding, Home Depot-anchored property in Santa Ana, CA for **$49.5 million**, generating a gain of **$38.4 million** - Investments: Invested **$46.2 million** in new capital through its Structured Investment Program - Debt Management: Issued **$500.0 million** of **5.30%** senior unsecured notes due 2036 and repaid a **$240.5 million** note, with no consolidated debt maturing until July 2026 - Share Repurchases: Repurchased **3.0 million** shares of common stock at an average price of **$19.61** per share - Liquidity: Maintained over **$2.2 billion** of immediate liquidity[11](index=11&type=chunk) [Dividend Declarations](index=2&type=section&id=Dividend%20Declarations) The Board declared a quarterly cash dividend of $0.25 per common share and dividends for preferred shares Q2 2025 Common Stock Dividend | Metric | Value | | :--- | :--- | | Dividend per Share | $0.25 | | Annualized Dividend | $1.00 | | Record Date | September 5, 2025 | | Payment Date | September 19, 2025 | - Quarterly dividends were also declared for Class L, Class M, and Class N series of preferred shares, payable on October 15, 2025[11](index=11&type=chunk) [2025 Full Year Outlook](index=2&type=section&id=2025%20Full%20Year%20Outlook) Kimco raised its full-year 2025 guidance for Net Income and FFO per diluted share, reflecting a strong 3.0% Same Property NOI outlook Updated 2025 Full Year Guidance (per diluted share) | Metric | Current Outlook | Previous Outlook | | :--- | :--- | :--- | | Net Income | $0.74 to $0.76 | $0.70 to $0.73 | | FFO | $1.73 to $1.75 | $1.71 to $1.74 | Key 2025 Outlook Assumptions | Assumption | Current Outlook | | :--- | :--- | | Same Property NOI growth | +3.0% or better | | Total acquisitions, net of dispositions | $100M to $125M (Unchanged) | | Redevelopment spending | $100M to $125M (Unchanged) | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $19.8 billion and liabilities to $9.1 billion as of June 30, 2025, with equity remaining stable Balance Sheet Summary (in billions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $19.80 | $20.31 | | Total Liabilities | $9.08 | $9.46 | | Total Equity | $10.67 | $10.80 | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenues increased to $525.2 million, and net income grew to $155.4 million in Q2 2025, driven by revenues and property sales gains Q2 Income Statement Highlights (in thousands) | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $525,175 | $500,231 | | Operating Income | $205,812 | $160,710 | | Net Income Available to Common Shareholders | $155,430 | $111,777 | | Diluted EPS | $0.23 | $0.17 | [Reconciliation of Net Income to FFO](index=7&type=section&id=Reconciliation%20of%20Net%20Income%20to%20FFO) Net Income of $155.4 million was reconciled to FFO of $297.6 million for Q2 2025, adjusting for depreciation and property sale gains Q2 2025 FFO Reconciliation (in thousands) | Item | Amount | | :--- | :--- | | Net income available to common shareholders | $155,430 | | Add: Depreciation and amortization - real estate related | $155,145 | | Less: Gain on sale of properties | ($38,922) | | Other Adjustments | $25,902 | | **FFO available to common shareholders** | **$297,555** | [Reconciliation of Net Income to Same Property NOI](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Same%20Property%20NOI) Net Income was reconciled to Same Property NOI of $388.5 million for Q2 2025, representing a 3.1% increase year-over-year Q2 Same Property NOI Reconciliation (in thousands) | Period | Same Property NOI | | :--- | :--- | | Three Months Ended June 30, 2025 | $388,534 | | Three Months Ended June 30, 2024 | $376,794 | [Reconciliation of Projected Net Income to FFO](index=9&type=section&id=Reconciliation%20of%20Projected%20Net%20Income%20to%20FFO) The company provides a reconciliation of its full-year 2025 projected Net Income per share to FFO per share guidance Projected Full Year 2025 Reconciliation (per diluted share) | Item | Low End | High End | | :--- | :--- | :--- | | Net income available to common shareholders | $0.74 | $0.76 | | Depreciation & amortization (real estate related) | $0.92 | $0.94 | | Depreciation & amortization (real estate JVs) | $0.12 | $0.13 | | Other Adjustments | ($0.05) | ($0.08) | | **FFO available to common shareholders** | **$1.73** | **$1.75** |

Core Viewpoint - Kimco Realty has reported strong financial results for the second quarter of 2025, with significant increases in net income and funds from operations (FFO), leading to an improved outlook for the year [1][4][11]. Financial Results - Net income for Q2 2025 was $155.4 million, or $0.23 per diluted share, compared to $111.8 million, or $0.17 per diluted share in Q2 2024, marking a 35% increase [4][22]. - FFO was $297.6 million, or $0.44 per diluted share, for Q2 2025, up from $276.0 million, or $0.41 per diluted share in Q2 2024, representing a 7.3% increase [4][24]. Operating Results - The company signed 506 leases totaling 2.7 million square feet during Q2 2025, achieving blended pro-rata cash rent spreads of 15.2%, with new leases up 33.8% [5][6]. - Same Property Net Operating Income (NOI) increased by 3.1% year-over-year, driven by a 2.7% rise in minimum rents [6][12]. Occupancy and Leasing - Small shop occupancy reached a record high of 92.2%, surpassing the previous high by 40 basis points [6][12]. - Pro-rata leased occupancy ended the quarter at 95.4%, with a slight decline attributed to anticipated vacates from JOANN and Party City [12]. Revenue Growth - Consolidated revenues from rental properties increased by $24.7 million, primarily due to $14.4 million in higher minimum rent and $4.2 million in increased reimbursement income [7][22]. - The company reported $31.4 million in higher gains on property sales, net of impairments [7]. 2025 Outlook - Kimco has raised its 2025 outlook for net income to a range of $0.74 to $0.76 per diluted share, and for FFO to a range of $1.73 to $1.75 per diluted share [11][28]. - The outlook is based on expectations of continued strong retail demand and limited new construction supply [3][11]. Capital Market Activities - The company issued $500 million of 5.30% senior unsecured notes maturing in February 2036 and repaid a $240.5 million unsecured note in Q2 2025 [12][20]. - Kimco ended the quarter with over $2.2 billion in immediate liquidity, including a $2 billion unsecured revolving credit facility [12].

Core Viewpoint - Analysts expect Kimco Realty (KIM) to report quarterly earnings of $0.43 per share, reflecting a year-over-year increase of 4.9% and revenues of $526.88 million, up 5.3% from the previous year [1]. Group 1: Earnings and Revenue Estimates - The consensus EPS estimate for the quarter has been revised downward by 0.4% over the last 30 days, indicating a collective reconsideration by analysts [2]. - The projected revenue from 'Management and other fee income' is estimated at $4.86 million, showing a year-over-year increase of 21.2% [5]. - Analysts expect 'Revenues from rental properties, net' to reach $523.38 million, indicating a year-over-year change of 5.5% [5]. Group 2: Market Performance and Analyst Projections - Over the past month, shares of Kimco Realty have returned 3.5%, slightly outperforming the Zacks S&P 500 composite's return of 3.4% [5]. - Kimco Realty currently holds a Zacks Rank 3 (Hold), suggesting that its performance may align with the overall market in the near future [5].

Company Overview - Kimco Realty Corporation (KIM) is expected to report second-quarter 2025 results on July 31, with anticipated year-over-year growth in revenues and funds from operations (FFO) per share [1][11] - In the last reported quarter, Kimco's FFO per share was 44 cents, exceeding the Zacks Consensus Estimate of 42 cents, driven by better-than-expected revenue growth despite rising interest expenses [2][10] Industry Insights - The U.S. retail real estate market experienced a slight pullback in net absorption, with negative net absorption totaling 6.5 million square feet in Q2 2025, marking the first time negative absorption occurred for two consecutive quarters post-pandemic [4][5] - The national vacancy rate increased by 50 basis points year-over-year to 5.8%, although it remains lower than the 6.4% level from 2017-2019 [5] - Asking rents for U.S. shopping centers rose 2.3% year-over-year to $24.99 per square foot in Q2 2025, indicating easing pressure on rents despite the negative demand [6] Performance Projections - Kimco's Q2 FFO per share is projected to rise 2.4% year-over-year to 42 cents, supported by its portfolio of premium grocery-anchored shopping centers [9][13] - The Zacks Consensus Estimate for Kimco's quarterly revenues stands at $526.8 million, reflecting a 5.3% increase from the prior year [11] - Estimated net revenues from rental properties are projected at $519.4 million, suggesting a 4.7% year-over-year increase, with leased occupancy expected to rise to 96% [12] Market Position - Kimco benefits from a diverse tenant base, primarily consisting of essential and necessity-based retailers, which is likely to support stable revenue generation [8] - The company focuses on developing mixed-use assets in strong economic metropolitan areas, enhancing its net asset value [8]

Group 1 - The article invites active investors to join a free trial and engage in discussions with sophisticated traders and investors [1] Group 2 - There are no stock, option, or similar derivative positions held by the analyst in any of the mentioned companies, nor plans to initiate such positions within the next 72 hours [2] - The article expresses the author's own opinions and is not receiving compensation from any company mentioned [2] Group 3 - Seeking Alpha clarifies that past performance does not guarantee future results and no investment recommendations are provided [3] - The views expressed may not reflect those of Seeking Alpha as a whole, and the analysts may not be licensed or certified [3]

Company Overview - Kimco Realty (KIM) is a real estate investment trust (REIT) based in Jericho, operating in the Finance sector [3] - The company has experienced a share price decline of 10.03% this year [3] Dividend Information - Kimco Realty currently pays a dividend of $0.25 per share, resulting in a dividend yield of 4.74%, which is higher than the industry average of 4.28% and the S&P 500's yield of 1.53% [3] - The annualized dividend of $1.00 represents a 3.1% increase from the previous year [4] - Over the past five years, Kimco Realty has increased its dividend five times, averaging an annual increase of 14.37% [4] - The current payout ratio is 59%, indicating that the company pays out 59% of its trailing 12-month earnings per share as dividends [4] Earnings Expectations - The Zacks Consensus Estimate for Kimco Realty's earnings in 2025 is projected at $1.73 per share, reflecting a year-over-year growth rate of 4.85% [5] Investment Considerations - Kimco Realty is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [6] - The company is positioned well for income investors, especially in contrast to high-growth firms that typically do not offer dividends [6]

Group 1 - The REIT market is experiencing significant volatility, leading to frequent changes in the "best REITs to buy" from month to month [1] - The investment group High Yield Landlord, led by Jussi Askola, provides real-time updates on REIT portfolio transactions and offers features such as buy/sell alerts and direct access to analysts [2] - Jussi Askola is the President of Leonberg Capital, a value-oriented investment firm that consults on REIT investing and has established relationships with top REIT executives [2] Group 2 - The company invests over $100,000 annually and dedicates thousands of hours to researching profitable investment opportunities, particularly in real estate strategies [1]

Core Viewpoint - Kimco Realty (KIM) has outperformed its industry with a stock price increase of 12.3% over the past three months, compared to the industry's 7.4% gain [1][9]. Group 1: Company Overview - Kimco Realty is a retail real estate investment trust (REIT) based in Jericho, NY, focusing on premium shopping centers that are primarily grocery-anchored in first-ring suburbs of major metropolitan areas in the Sunbelt and coastal markets [2][4]. - The company benefits from a diversified tenant base, which ensures stable cash flows, with 82% of its annual base rent (ABR) coming from national and regional tenants [5][6]. Group 2: Financial Performance and Projections - The Zacks Consensus Estimate for Kimco's 2025 funds from operations (FFO) per share has increased by 2 cents to $1.73 over the past two months, indicating positive analyst sentiment [3]. - Kimco achieved its target of 85% ABR for its grocery-anchored portfolio in Q1 2025, up from 78% in 2020, reflecting strong demand for its properties [6][9]. Group 3: Strategic Focus - The company emphasizes the development of mixed-use assets in economically strong metropolitan areas, which are benefiting from the recovery in both the apartment and retail sectors [7][10]. - Kimco maintains a solid balance sheet with $2 billion in immediate liquidity and investment-grade ratings, positioning it well for long-term growth opportunities [10].

Core Insights - Kimco Realty will announce its second quarter 2025 earnings on July 31, 2025, before market open [1] - The company is a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S. [2] - As of March 31, 2025, Kimco Realty owned interests in 567 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [2] Company Overview - Kimco Realty is publicly traded on the NYSE since 1991 and is included in the S&P 500 Index [2] - The company's portfolio is concentrated in first-ring suburbs of major metropolitan markets, including high-barrier coastal markets and Sun Belt cities [2] - The tenant mix focuses on essential, necessity-based goods and services that drive multiple shopping trips per week [2] Communication Strategy - The company announces material information through its investor relations website, SEC filings, press releases, public conference calls, and webcasts [3] - Kimco Realty also utilizes social media to communicate with investors and the public, encouraging stakeholders to review posted information [3]

Company Overview - Kimco Realty (KIM) is a real estate investment trust headquartered in Jericho, experiencing a price change of -10.84% year-to-date [3] - The company currently pays a dividend of $0.25 per share, resulting in a dividend yield of 4.79%, which is higher than the REIT and Equity Trust - Retail industry's yield of 4.41% and the S&P 500's yield of 1.62% [3] Dividend Performance - Kimco Realty's annualized dividend of $1 has increased by 3.1% from the previous year [4] - Over the past five years, the company has raised its dividend four times, achieving an average annual increase of 15.31% [4] - The current payout ratio is 59%, indicating that the company pays out 59% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - The Zacks Consensus Estimate for Kimco Realty's earnings in 2025 is projected at $1.73 per share, reflecting a year-over-year earnings growth rate of 4.85% [5] Investment Considerations - Dividends are favored by investors as they enhance stock investing profits, reduce overall portfolio risk, and offer tax advantages [6] - Kimco Realty is positioned as a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [7]