Kimco Realty(US:KIM)2026-02-12 11:56Financial Performance - Net income for Q4 2025 was $143.6 million, or $0.21 per diluted share, compared to $154.8 million, or $0.23 per diluted share in Q4 2024[4] - Full year 2025 net income grew to $554.4 million, or $0.82 per diluted share, up from $375.7 million, or $0.55 per diluted share in 2024[8] - Operating income for the year ended December 31, 2025, was $770,823, an increase from $629,088 in 2024, marking a growth of approximately 22.5%[27] - The company reported a basic net income per common share of $0.82 for the year ended December 31, 2025, compared to $0.55 in 2024, an increase of approximately 49.1%[27] - Net income attributable to the company for the year ended December 31, 2025, was $584,741, compared to $410,785 in 2024, reflecting an increase of about 42.3%[27] - Net income available to common shareholders for Q4 2025 was $143.6 million, a decrease of 7.8% from $154.8 million in Q4 2024[30] Funds from Operations (FFO) - Funds from operations (FFO) per diluted share increased by 6.7% for the full year 2025, reaching $1.76 compared to $1.65 in 2024[3] - Funds from operations (FFO) available to common shareholders for Q4 2025 was $294.3 million, up 2.5% from $286.9 million in Q4 2024[30] - The projected FFO per diluted share for full year 2026 is estimated to be between $1.80 and $1.84, compared to $1.76 for full year 2025[36] Revenue and Occupancy - Total revenues for the year ended December 31, 2025, increased to $2,140,116, up from $2,037,014 in 2024, representing a growth of approximately 5.1%[27] - Revenues from rental properties, net, increased to $2,121,400 for the year ended December 31, 2025, from $2,019,065 in 2024, a growth of about 5.1%[27] - Pro-rata portfolio occupancy reached an all-time high of 96.4%, with small shop occupancy at a record 92.7%[5] - The company signed 435 leases totaling 2.7 million square feet in Q4 2025, with new leases up 29.0%[12] - Same property net operating income (NOI) for Q4 2025 was $395.7 million, an increase of 3.9% compared to $384.2 million in Q4 2024[34] Assets and Liabilities - The company's total assets decreased to $19,688,250 as of December 31, 2025, from $20,309,896 in 2024, a decline of approximately 3.1%[25] - Total liabilities decreased to $9,120,372 as of December 31, 2025, from $9,464,107 in 2024, a reduction of about 3.6%[25] - Cash, cash equivalents, and restricted cash significantly decreased to $212,794 in 2025 from $689,731 in 2024, a drop of about 69.1%[25] Charges and Expenses - The company incurred impairment charges of $9,517 for the year ended December 31, 2025, compared to $4,476 in 2024, indicating an increase of approximately 112.8%[27] - Impairment charges for the year ended December 31, 2025, totaled $9.5 million, compared to $4.5 million in 2024[30] - Interest expense for the year ended December 31, 2025, was $330.2 million, up from $307.8 million in 2024[34] - Depreciation and amortization related to real estate for the year ended December 31, 2025, was $622.5 million, an increase from $598.7 million in 2024[30] - The company incurred merger-related charges of $25.2 million for the year ended December 31, 2024[32] Shareholder Returns - The board declared a cash dividend of $0.26 per common share, a 4.0% increase over the previous year[14] - The company repurchased 3.1 million shares of common stock at a weighted average price of $19.96 per share during Q4 2025[14] - Achieved an 'A3' unsecured debt rating from Moody's, placing the company among a select group of REITs with A-level ratings[5] Outlook - The company provided an initial 2026 outlook with net income guidance of $0.80 to $0.84 per diluted share and FFO guidance of $1.80 to $1.84 per diluted share[13]