Kimco Realty® Announces Fourth Quarter and Full Year 2025 Results

Core Insights - Kimco Realty reported strong financial results for Q4 and full year 2025, with net income per diluted share at $0.21 for Q4 and $0.82 for the full year, reflecting significant growth from the previous year [5][9] - The company achieved a 6.7% increase in funds from operations (FFO) per diluted share for the full year 2025, marking the second consecutive year of exceeding 5% growth [4][6] - Kimco provided an initial outlook for 2026, projecting net income per diluted share between $0.80 and $0.84 and FFO per diluted share between $1.80 and $1.84 [17] Financial Results - For Q4 2025, net income was $143.6 million, down from $154.8 million in Q4 2024, while FFO grew to $294.3 million, up from $286.9 million in the same period [5][6] - Full year net income increased to $554.4 million from $375.7 million in 2024, and FFO rose to $1.2 billion from $1.1 billion [9][6] Operational Highlights - The company reported a pro-rata portfolio occupancy of 96.4%, matching an all-time high, with small shop occupancy reaching a record 92.7% [6][14] - Kimco signed 435 leases totaling 2.7 million square feet in Q4, with a blended pro-rata cash rent spread of 13.8% [14] - The company completed 21 projects in 2025 with a total gross cost of $79.4 million and a stabilized blended yield of 13.4% [14] Strategic Initiatives - Kimco acquired common member interests in The Shoppes at 82nd Street for $74 million, enhancing its portfolio in a densely populated area of Queens, New York [14] - The company repurchased 3.1 million shares of common stock in Q4 2025 at an average price of $19.96, totaling 6.1 million shares for the full year [18] 2026 Outlook - The company anticipates same property NOI growth of 2.5% to 3.5% for 2026, with credit loss as a percentage of total pro-rata rental revenues projected between 75 basis points and 100 basis points [17] - Redevelopment capital expenditures are expected to range from $100 million to $150 million, while leasing and maintenance capex is projected between $275 million and $300 million [17]