Kimco Realty(US:KIM)2025-10-30 10:55Financial Performance - Net income for Q3 2025 was $130.2 million, or $0.19 per diluted share, unchanged from Q3 2024[4] - Funds From Operations (FFO) increased to $300.3 million, or $0.44 per diluted share, compared to $287.4 million, or $0.43 per diluted share in Q3 2024[7] - Total revenues for Q3 2025 reached $535.861 million, a 5.4% increase from $507.632 million in Q3 2024[27] - Net income attributable to the company for Q3 2025 was $137.775 million, compared to $135.983 million in Q3 2024, reflecting a 1.3% increase[27] - Revenues from rental properties, net, increased to $531.113 million in Q3 2025, up from $502.875 million in Q3 2024, marking a 5.6% growth[27] - Operating income for Q3 2025 was $187.229 million, an increase from $171.291 million in Q3 2024, representing a growth of 9.3%[27] - The company reported a basic net income per common share of $0.19 for both Q3 2025 and Q3 2024, indicating stability in earnings per share[27] - Net income available to the company's common shareholders for the three months ended September 30, 2025, was $130.239 million, compared to $128.022 million for the same period in 2024, reflecting a year-over-year increase of 1.7%[30] - Funds from operations (FFO) available to the company's common shareholders for the three months ended September 30, 2025, was $300.316 million, up from $287.388 million in the same period of 2024, representing a growth of 3.2%[30] - Same Property Net Operating Income (NOI) for the three months ended September 30, 2025, was $388.597 million, compared to $381.180 million for the same period in 2024, indicating an increase of 1.8%[35] Outlook and Projections - The company raised its 2025 outlook for net income to a range of $0.77 to $0.79 per diluted share, up from the previous range of $0.74 to $0.76[15] - The projected range for net income available to the company's common shareholders for the full year 2025 is between $0.77 and $0.79 per diluted share[37] - The projected FFO available to the company's common shareholders for the full year 2025 is estimated to be between $1.75 and $1.76 per diluted share[37] Occupancy and Leasing - Pro-rata portfolio occupancy grew to 95.7%, a sequential increase of 30 basis points, with small shop occupancy reaching an all-time high of 92.5%[5] - The leased-to-economic occupancy spread expanded to 360 basis points, equating to $71 million in future Annual Base Rent from signed leases[5] - The company signed 427 leases totaling 2.3 million square feet in Q3, with new leases up 21.1% and renewals growing 8.2%[10] Assets and Liabilities - Total assets decreased to $19.880 billion as of September 30, 2025, down from $20.310 billion at the end of 2024, a decline of 2.1%[25] - Total liabilities decreased to $9.195 billion as of September 30, 2025, compared to $9.464 billion at the end of 2024, a reduction of 2.8%[25] - The company’s total stockholders' equity decreased to $10.486 billion as of September 30, 2025, down from $10.653 billion at the end of 2024, a decline of 1.6%[25] Cash and Liquidity - As of September 30, 2025, Kimco had over $2.1 billion in immediate liquidity, including $2.0 billion available on its unsecured revolving credit facility[13] - Cash, cash equivalents, and restricted cash significantly decreased to $160.481 million as of September 30, 2025, from $689.731 million at the end of 2024, a decline of 76.7%[25] Impairment and Charges - The company incurred impairment charges of $440,000 in Q3 2025, compared to $375,000 in Q3 2024, reflecting a 17.3% increase in impairment[27] - Impairment charges for the three months ended September 30, 2025, were $2.340 million, compared to $0.375 million in the same period of 2024, showing a significant increase[30] - The company reported a loss on derivative/marketable securities of $0.646 million for the three months ended September 30, 2025, compared to a gain of $4.849 million in the same period of 2024[30] - The company incurred merger-related charges of $25.2 million for the nine months ended September 30, 2024[33] Development Projects - Kimco acquired the remaining 85% interest in Tanasbourne Village for a pro-rata purchase price of $65.9 million[5] - The company activated The Chester, a 214-unit multi-family project, with a gross cost of $153 million, expected to be completed in 2028[10] Depreciation and Amortization - Depreciation and amortization related to real estate for the three months ended September 30, 2025, was $157.152 million, compared to $143.482 million in the same period of 2024, marking an increase of 9.5%[30]