Kimco Realty(US:KIM) ZACKS·2025-05-01 18:05Core Viewpoint - Kimco Realty Corp. reported strong first-quarter 2025 results, with FFO per share of 44 cents, exceeding expectations and reflecting a 12.8% year-over-year growth [1][2] Financial Performance - Revenues reached $536.6 million, surpassing the consensus estimate of $525.1 million, and showing a 6.5% increase year over year [2] - Same-property net operating income (NOI) increased by 3.9% year over year, supported by a 3.4% rise in minimum rent [3] - Interest expenses rose by 7.8% year over year to $80.4 million [3] Leasing Activity - Kimco executed 583 leases totaling 4.4 million square feet during the quarter, with blended pro-rata cash rent spreads on comparable spaces at 13.3% [3] - New leases increased by 48.7%, while renewals and options grew by 8.7% [3] Portfolio Activity - The company acquired The Markets at Town Center in Jacksonville, FL, for $108 million, and purchased fee interests in two shopping centers for $24.2 million [4] - Kimco sold two land parcels and one shopping center for $41.3 million [4] Balance Sheet Position - At the end of the first quarter, Kimco had $2 billion in immediate liquidity, including $1.9 billion available on its unsecured revolving credit facility and $132.5 million in cash [5] - The net-debt-to-EBITDA ratio was 5.6X, unchanged from the prior year [5] - Following the quarter, the company repurchased 3 million common shares at an average price of $19.61 per share [5] Dividend Update - Kimco's board declared a quarterly cash dividend of 25 cents per share, payable on June 20, 2025, to shareholders of record as of June 6, 2025 [6] 2025 Guidance - For 2025, Kimco expects FFO per share in the range of $1.71-$1.74, an increase from the previous guidance of $1.70-$1.72 [7] - The company anticipates same-property NOI growth of more than 2.5%, up from previous guidance of over 2% [7] - Total acquisitions, net of dispositions, are projected to remain between $100 million and $125 million [7]