Kimco Realty® Announces Third Quarter 2025 Results

Core Insights - Kimco Realty reported a strong third quarter for 2025, achieving record occupancy levels and increasing its cash dividend by 4% [1][3][16] - The company raised its full-year outlook for both net income and funds from operations (FFO), reflecting confidence in its growth strategy [3][14] Financial Performance - Net income for Q3 2025 was $130.2 million, or $0.19 per diluted share, consistent with Q3 2024 [4][26] - FFO for Q3 2025 was $300.3 million, or $0.44 per diluted share, up from $287.4 million, or $0.43 per diluted share, in Q3 2024 [6][29] - Consolidated revenues from rental properties increased by $28.2 million, driven by higher minimum rent and other rental income [5] Operational Highlights - Pro-rata portfolio occupancy grew to 95.7%, with small shop occupancy reaching an all-time high of 92.5% [4][11] - The leased-to-economic occupancy spread expanded to 360 basis points, equating to $71 million in future annual base rent from signed leases [4][11] - The company signed 427 leases totaling 2.3 million square feet during Q3, with new leases up 21.1% and renewals growing 8.2% [11] Strategic Developments - Kimco acquired the remaining 85% interest in Tanasbourne Village for a pro-rata purchase price of $65.9 million [4][9] - The company activated a 214-unit multi-family project at Westlake Shopping Center, expected to be completed in 2028 [4][11] - Will Teichman was appointed as Executive Vice President and Chief Innovation and Transformation Officer to drive strategic initiatives [12] Dividend and Outlook - The board declared a cash dividend of $0.26 per common share, reflecting a 4% increase from the previous year [16] - The updated 2025 outlook for net income is projected between $0.77 and $0.79 per diluted share, and FFO is projected between $1.75 and $1.76 per diluted share [14][35]