Kimco Realty® Announces Second Quarter 2025 Results
Kimco Realty (NYSE:KIM), a leading REIT specializing in grocery-anchored shopping centers, reported strong Q2 2025 results with significant growth metrics. Net income increased 35% to $0.23 per diluted share, while FFO grew 7.3% to $0.44 per diluted share. The company achieved a 3.1% increase in Same Property NOI and record-breaking small shop occupancy of 92.2%.
Notable achievements include 15.2% blended pro-rata cash rent spreads on comparable leases and expansion of grocery-anchored shopping centers to 86% of ABR. The company completed a strategic sale of a Home Depot property for $49.5 million and raised its 2025 outlook, projecting FFO of $1.73 to $1.75 per diluted share.
Kimco Realty (NYSE:KIM), un importante REIT specializzato in centri commerciali ancorati a negozi di generi alimentari, ha riportato risultati solidi nel secondo trimestre 2025 con metriche di crescita significative. L'utile netto è aumentato del 35% a 0,23 $ per azione diluita, mentre l'FFO è cresciuto del 7,3% a 0,44 $ per azione diluita. La società ha registrato un aumento del 3,1% nel NOI delle proprietà comparabili e un tasso di occupazione record per i piccoli negozi pari al 92,2%.
Tra i risultati degni di nota vi sono spread di affitto in contanti pro-rata blended del 15,2% sui contratti di locazione comparabili e l'espansione dei centri commerciali ancorati a negozi di generi alimentari fino al 86% dell'ABR. La società ha completato la vendita strategica di una proprietà Home Depot per 49,5 milioni di dollari e ha rivisto al rialzo le previsioni per il 2025, prevedendo un FFO compreso tra 1,73 e 1,75 $ per azione diluita.
Kimco Realty (NYSE:KIM), un REIT líder especializado en centros comerciales anclados en supermercados, reportó sólidos resultados en el segundo trimestre de 2025 con métricas de crecimiento significativas. La utilidad neta aumentó un 35% a 0,23 $ por acción diluida, mientras que el FFO creció un 7,3% hasta 0,44 $ por acción diluida. La compañía logró un incremento del 3,1% en el NOI de propiedades comparables y una ocupación récord en tiendas pequeñas del 92,2%.
Logros destacados incluyen diferenciales de renta en efectivo prorrateados combinados del 15,2% en arrendamientos comparables y la expansión de centros comerciales anclados en supermercados hasta el 86% del ABR. La empresa completó la venta estratégica de una propiedad de Home Depot por 49,5 millones de dólares y elevó su perspectiva para 2025, proyectando un FFO de 1,73 a 1,75 $ por acción diluida.
Kimco Realty (NYSE:KIM)는 식료품점이 중심인 쇼핑센터를 전문으로 하는 선도적인 REIT로, 2025년 2분기 강력한 실적과 함께 중요한 성장 지표를 보고했습니다. 순이익은 희석 주당 0.23달러로 35% 증가했으며, FFO는 희석 주당 0.44달러로 7.3% 성장했습니다. 회사는 동일 자산 순영업소득(NOI) 3.1% 증가와 소규모 매장 점유율 92.2%라는 기록적인 성과를 달성했습니다.
주목할 만한 성과로는 비교 임대 계약에서 15.2%의 혼합 비례 현금 임대료 스프레드를 기록했으며, 식료품점 중심 쇼핑센터의 비중을 총 임대료(ABR)의 86%까지 확장했습니다. 또한 홈디포 부동산을 4,950만 달러에 전략적으로 매각하고, 2025년 전망을 상향 조정하여 희석 주당 1.73달러에서 1.75달러의 FFO를 예상하고 있습니다.
Kimco Realty (NYSE:KIM), un REIT majeur spécialisé dans les centres commerciaux ancrés par des épiceries, a annoncé de solides résultats pour le deuxième trimestre 2025 avec des indicateurs de croissance significatifs. Le bénéfice net a augmenté de 35 % pour atteindre 0,23 $ par action diluée, tandis que le FFO a progressé de 7,3 % à 0,44 $ par action diluée. La société a enregistré une hausse de 3,1 % du NOI des propriétés comparables et un taux d'occupation record des petits commerces de 92,2 %.
Parmi les réalisations notables figurent des écarts de loyers en espèces pro-rata mixtes de 15,2 % sur les baux comparables et l'expansion des centres commerciaux ancrés par des épiceries à 86 % de l'ABR. L'entreprise a finalisé la vente stratégique d'une propriété Home Depot pour 49,5 millions de dollars et a relevé ses prévisions pour 2025, anticipant un FFO compris entre 1,73 et 1,75 $ par action diluée.
Kimco Realty (NYSE:KIM), ein führender REIT, der sich auf lebensmittelverankerte Einkaufszentren spezialisiert hat, meldete starke Ergebnisse für das zweite Quartal 2025 mit deutlichen Wachstumskennzahlen. Der Nettogewinn stieg um 35 % auf 0,23 $ je verwässerter Aktie, während das FFO um 7,3 % auf 0,44 $ je verwässerter Aktie wuchs. Das Unternehmen erzielte eine 3,1% Steigerung des NOI bei vergleichbaren Immobilien und eine Rekordbelegung bei kleinen Geschäften von 92,2%.
Bemerkenswerte Erfolge umfassen 15,2% gemischte anteilige Bar-Mietspreizungen bei vergleichbaren Mietverträgen und die Ausweitung lebensmittelverankerter Einkaufszentren auf 86% des ABR. Das Unternehmen schloss den strategischen Verkauf einer Home Depot-Immobilie für 49,5 Millionen Dollar ab und hob seine Prognose für 2025 an, mit einem erwarteten FFO von 1,73 bis 1,75 $ je verwässerter Aktie.
- FFO per share increased 7.3% year-over-year to $0.44
- Same Property NOI grew 3.1% over the same period last year
- Record-high small shop occupancy of 92.2%
- Achieved highest quarterly rent spreads in 7 years at 15.2%
- Pipeline of $66 million in future Annual Base Rent from signed leases
- Grocery-anchored shopping centers reached record 86% of ABR
- Raised 2025 FFO guidance to $1.73-$1.75 per share
- 40 basis point sequential decline in pro-rata leased occupancy to 95.4%
- Impact from JOANN and Party City bankruptcies causing 66 basis point occupancy decline
- Increased interest expense of $7.9 million
- Higher depreciation and amortization expense of $8.2 million
Insights
Kimco delivered strong Q2 results with 7.3% FFO growth, record small shop occupancy, and raised 2025 guidance despite some tenant bankruptcies.
Kimco Realty posted impressive second quarter results that demonstrate the continued strength and resilience of grocery-anchored shopping centers despite retail challenges. FFO per share grew
The most telling metric is their small shop occupancy reaching
While total occupancy did decline
Kimco's strategic focus on grocery-anchored centers continues to pay dividends, with
The
The company's balance sheet management also demonstrates discipline, with the strategic disposition of a single-tenant Home Depot property for
– Increases 2025 Outlook on Solid Growth in Net Income and FFO –
– Same Property NOI Increased
– Small Shop Occupancy Reaches Record High –
JERICHO, N.Y., July 31, 2025 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the second quarter ended June 30, 2025. For the three months ended June 30, 2025 and 2024, Net income available to the company’s common shareholders (“Net income”) per diluted share was
Highlights
- Reported
7.3% growth in Funds From Operations* (“FFO”) per diluted share over the same period in 2024 to$0.44 . - Produced a
3.1% increase in Same Property Net Operating Income* (“NOI”) over the same period a year ago. - Generated blended pro-rata cash rent spreads of
15.2% on comparable leases, marking the highest quarterly level in over seven years. - Small shop occupancy reached an all-time company record of
92.2% , surpassing the previous high by 40 basis points. - Grew pipeline of near-term rent commencements to
$66 million of Annual Base Rent (“ABR”) from signed leases. - Expanded ABR contribution from grocery-anchored shopping centers to a new record level of
86% . - Sold a freestanding, single-tenant Home Depot-anchored property in Santa Ana, California for
$49.5 million .
“Our FFO per share growth reflects both the strength of our high-quality portfolio and our best-in-class platform and leasing team,” said Kimco CEO Conor Flynn. “The modest dip in overall occupancy due to the bankruptcies of JOANN and Party City was significantly less than anticipated, further evidencing the strong tenant demand for our well-located centers and the resilient consumer demand for necessity-based essential goods and services. With consistently strong levels of retail demand, limited new construction supply, and an expanding pipeline of rent commencements, we are well positioned to deliver FFO per share growth in excess of
Financial Results
Net income for the second quarter of 2025 was
$24.7 million growth in consolidated revenues from rental properties, net, mainly due to$14.4 million in higher minimum rent and$4.2 million in increased reimbursement income.$31.4 million in higher gains on sales of properties, net of impairments.$7.3 million increase in mortgage and other financing income, net, primarily attributable to an increase in the size of Kimco’s Structured Investment Program.
This growth was partially offset by:
$8.2 million in increased depreciation and amortization expense.$7.9 million in increased interest expense.
FFO was
Operating Results
- Signed 506 leases totaling 2.7 million square feet during the second quarter, generating blended pro-rata cash rent spreads on comparable spaces of
15.2% , with new leases up33.8% and renewals and options growing9.6% . - Pro-rata leased occupancy ended the quarter at
95.4% . The 40 basis point sequential decline was primarily driven by a 66 basis point impact from the anticipated vacates of the remaining JOANN and Party City leases, partially offset by strong leasing activity. - Small shop occupancy increased 50 basis points both sequentially and year-over-year to
92.2% , representing a new all-time company record, surpassing the previous high by 40 basis points. - Pro-rata anchor occupancy concluded the quarter at
96.7% . - Generated
3.1% growth in Same Property NOI in the second quarter over the same period a year ago, primarily driven by a2.7% increase in minimum rents. - The spread between the company’s pro-rata leased rate versus economic occupancy level was 310 basis points, a 20-basis-point sequential increase, equating to
$66 million in future ABR from leases that have been signed and have not yet commenced.
Transactional Activities
- Completed the sale of a freestanding, Home Depot-anchored property in Santa Ana, California for
$49.5 million , generating a gain of$38.4 million . The company plans to utilize the proceeds in a 1031 exchange towards the acquisition of a grocery-anchored shopping center that has been identified. This transaction aligns with the strategic disposition of single-tenant or ground leased properties with a limited growth profile that can be accretively recycled into new properties with a higher-growth trajectory. - Under Kimco’s Structured Investment Program, invested
$46.2 million in new capital offset by$27.0 million in mezzanine loan repayments.
Capital Market Activities
- Issued
$500.0 million of5.30% senior unsecured notes maturing February 2036. The pricing was reflective of a 92-basis-point spread over the 10-year U.S. Treasury. - Repaid a
$240.5 million 3.85% unsecured note in the second quarter. The company has no remaining consolidated debt maturing until July 2026. - As previously announced, repurchased 3.0 million shares of common stock at an average price of
$19.61 per share, net of fees and commissions. - Ended the quarter with over
$2.2 billion of immediate liquidity, including full availability on a$2.0 billion unsecured revolving credit facility and$227.8 million of cash, cash equivalents and restricted cash on the balance sheet.
Dividend Declarations
- The board of directors declared its quarterly cash dividend of
$0.25 per common share (equivalent to$1.00 per annum), payable on September 19, 2025, to shareholders of record on September 5, 2025. - The board of directors also declared quarterly dividends with respect to each of the company’s Class L, Class M, and Class N series of preferred shares. These dividends on the preferred shares will be paid on October 15, 2025, to shareholders of record on October 1, 2025.
2025 Full Year Outlook
The company has raised its 2025 outlook for Net income and FFO per diluted share as follows:
| Current | Previous | |
| Net income: | ||
| FFO: |
The company’s full year outlook is based on the following assumptions (pro-rata share; dollars in millions):
| YTD Actual | Current | Previous | |||
| Same Property NOI growth | + | + | |||
| Credit loss as a % of total pro-rata rental revenues | (72bps) | Unchanged | (75bps) to (100bps) | ||
| Total acquisitions (including structured investments), net of dispositions | Unchanged | ||||
| Shopping centers, net (cap rate): | Unchanged | ||||
| - Acquisitions ( | |||||
| - Dispositions ( | ( | ||||
| Structured investments, net (yield): | ( | Unchanged | |||
| - New capital ( | |||||
| - Repayments ( | ( | ||||
| Lease termination income | |||||
| Interest income – Other income, net (attributable to cash on balance sheet) | Unchanged | ||||
| Redevelopment spending | Unchanged | ||||
| Capital expenditures (tenant improvements, landlord work, leasing commissions) | Unchanged | ||||
Conference Call Information
When: 8:30 AM ET, July 31, 2025
Live Webcast: 2Q25 Kimco Realty Earnings Conference Call or on Kimco Realty’s website investors.kimcorealty.com
Dial #: 1-833-470-1428 (International: 1-929-526-1599). Passcode: 970713
Audio from the conference will be available on Kimco Realty’s investor relations website until October 30, 2025.
About Kimco Realty®
Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 65 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of June 30, 2025, the company owned interests in 566 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performance or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) financial disruption, changes in trade policies and tariffs, geopolitical challenges or economic downturn, including general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development, redevelopment and merger opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xii) collectability of mortgage and other financing receivables, (xiii) impairment charges, (xiv) criminal cybersecurity attack disruptions, data loss or other security incidents and breaches, (xv) risks related to artificial intelligence, (xvi) impact of natural disasters and weather and climate-related events, (xvii) pandemics or other health crises, (xviii) our ability to attract, retain and motivate key personnel, (xix) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xx) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxi) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxii) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxiii) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxiv) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission (“SEC”).
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
(833) 800-4343
dbujnicki@kimcorealty.com
*Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.
| Condensed Consolidated Balance Sheets | |||||||
| (in thousands, except share data) | |||||||
| (unaudited) | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| Assets: | |||||||
| Real estate, net of accumulated depreciation and amortization | |||||||
| of | $ | 16,751,461 | $ | 16,810,333 | |||
| Investments in and advances to real estate joint ventures | 1,466,874 | 1,487,675 | |||||
| Other investments | 109,826 | 107,347 | |||||
| Cash, cash equivalents and restricted cash | 227,826 | 689,731 | |||||
| Mortgage and other financing receivables, net | 440,991 | 444,966 | |||||
| Accounts and notes receivable, net | 339,351 | 340,469 | |||||
| Operating lease right-of-use assets, net | 130,768 | 126,441 | |||||
| Other assets | 329,458 | 302,934 | |||||
| Total assets | $ | 19,796,555 | $ | 20,309,896 | |||
| Liabilities: | |||||||
| Notes payable, net | $ | 7,717,229 | $ | 7,964,738 | |||
| Mortgages payable, net | 441,489 | 496,438 | |||||
| Accounts payable and accrued expenses | 257,321 | 281,867 | |||||
| Dividends payable | 6,364 | 6,409 | |||||
| Operating lease liabilities | 122,386 | 117,199 | |||||
| Other liabilities | 533,790 | 597,456 | |||||
| Total liabilities | 9,078,579 | 9,464,107 | |||||
| Redeemable noncontrolling interests | 46,566 | 47,877 | |||||
| Stockholders' Equity: | |||||||
| Preferred stock, | |||||||
| Issued and outstanding (in series) 20,748, and 20,806 shares, respectively; | |||||||
| Aggregate liquidation preference | 21 | 21 | |||||
| Common stock, $.01 par value, authorized 1,500,000,000 shares; | |||||||
| Issued and outstanding 677,205,011 and 679,493,522 shares, respectively | 6,772 | 6,795 | |||||
| Paid-in capital | 10,979,077 | 11,033,485 | |||||
| Cumulative distributions in excess of net income | (457,405 | ) | (398,792 | ) | |||
| Accumulated other comprehensive (loss)/income | (7,790 | ) | 11,038 | ||||
| Total stockholders' equity | 10,520,675 | 10,652,547 | |||||
| Noncontrolling interests | 150,735 | 145,365 | |||||
| Total equity | 10,671,410 | 10,797,912 | |||||
| Total liabilities and equity | $ | 19,796,555 | $ | 20,309,896 | |||
| Condensed Consolidated Statements of Income | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues | |||||||||||||||
| Revenues from rental properties, net | $ | 520,930 | $ | 496,221 | $ | 1,052,216 | $ | 995,126 | |||||||
| Management and other fee income | 4,245 | 4,010 | 9,583 | 8,859 | |||||||||||
| Total revenues | 525,175 | 500,231 | 1,061,799 | 1,003,985 | |||||||||||
| Operating expenses | |||||||||||||||
| Rent | (4,242 | ) | (4,226 | ) | (8,426 | ) | (8,505 | ) | |||||||
| Real estate taxes | (66,559 | ) | (66,182 | ) | (136,470 | ) | (129,542 | ) | |||||||
| Operating and maintenance | (91,069 | ) | (87,749 | ) | (180,622 | ) | (173,523 | ) | |||||||
| General and administrative | (32,447 | ) | (33,090 | ) | (66,839 | ) | (69,388 | ) | |||||||
| Impairment charges | (7,645 | ) | (201 | ) | (8,179 | ) | (3,902 | ) | |||||||
| Merger charges | - | - | - | (25,246 | ) | ||||||||||
| Depreciation and amortization | (156,323 | ) | (148,148 | ) | (314,776 | ) | (302,867 | ) | |||||||
| Total operating expenses | (358,285 | ) | (339,596 | ) | (715,312 | ) | (712,973 | ) | |||||||
| Gain on sale of properties | 38,922 | 75 | 39,809 | 393 | |||||||||||
| Operating income | 205,812 | 160,710 | 386,296 | 291,405 | |||||||||||
| Other income/(expense) | |||||||||||||||
| Other income, net | 2,903 | 910 | 3,119 | 10,480 | |||||||||||
| Mortgage and other financing income, net | 12,062 | 4,751 | 23,331 | 7,270 | |||||||||||
| Loss on marketable securities, net | (2 | ) | (6 | ) | (11 | ) | (27,692 | ) | |||||||
| Interest expense | (81,204 | ) | (73,341 | ) | (161,581 | ) | (147,906 | ) | |||||||
| Income before income taxes, net, equity in income of | |||||||||||||||
| joint ventures, net, and equity in income from other investments, net | 139,571 | 93,024 | 251,154 | 133,557 | |||||||||||
| Provision for income taxes, net | (366 | ) | (217 | ) | (830 | ) | (72,227 | ) | |||||||
| Equity in income of joint ventures, net | 23,990 | 21,527 | 46,673 | 42,432 | |||||||||||
| Equity in income of other investments, net | 1,747 | 7,718 | 2,448 | 9,252 | |||||||||||
| Net income | 164,942 | 122,052 | 299,445 | 113,014 | |||||||||||
| Net income attributable to noncontrolling interests | (1,956 | ) | (2,314 | ) | (3,642 | ) | (4,250 | ) | |||||||
| Net income attributable to the company | 162,986 | 119,738 | 295,803 | 108,764 | |||||||||||
| Preferred dividends, net | (7,556 | ) | (7,961 | ) | (15,239 | ) | (15,903 | ) | |||||||
| Net income available to the company's common shareholders | $ | 155,430 | $ | 111,777 | $ | 280,564 | $ | 92,861 | |||||||
| Per common share: | |||||||||||||||
| Net income available to the company's common shareholders: (1) | |||||||||||||||
| Basic | $ | 0.23 | $ | 0.17 | $ | 0.41 | $ | 0.14 | |||||||
| Diluted (2) | $ | 0.23 | $ | 0.17 | $ | 0.41 | $ | 0.14 | |||||||
| Weighted average shares: | |||||||||||||||
| Basic | 674,613 | 671,198 | 675,837 | 670,658 | |||||||||||
| Diluted (2) | 675,079 | 671,384 | 676,244 | 670,839 | |||||||||||
| (1) | Adjusted for earnings attributable to participating securities of ( |
| (2) | Reflects the potential impact if certain units/preferred stock were converted to common stock at the beginning of the period. The impact of the conversion of certain units/preferred shares would have an antidilutive effect on net income and therefore have not been included. Adjusted for distributions on convertible units of |
| Reconciliation of Net Income Available to the Company's Common Shareholders to the FFO Available to the Company's Common Shareholders (1) | |||||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income available to the company's common shareholders | $ | 155,430 | $ | 111,777 | $ | 280,564 | $ | 92,861 | |||||||
| Gain on sale of properties | (38,922 | ) | (75 | ) | (39,809 | ) | (393 | ) | |||||||
| Gain on sale of joint venture properties | - | (1,441 | ) | (784 | ) | (1,494 | ) | ||||||||
| Depreciation and amortization - real estate related | 155,145 | 146,892 | 312,377 | 300,354 | |||||||||||
| Depreciation and amortization - real estate joint ventures | 22,510 | 21,345 | 43,865 | 42,943 | |||||||||||
| Impairment charges (including real estate joint ventures) | 7,645 | 2,701 | 8,179 | 8,403 | |||||||||||
| Profit participation from other investments, net | (630 | ) | (5,647 | ) | (846 | ) | (5,676 | ) | |||||||
| (Gain)/loss on derivative/marketable securities, net | (2,773 | ) | 1,243 | (2,448 | ) | 30,771 | |||||||||
| (Benefit)/provision for income taxes, net (2) | (218 | ) | (94 | ) | (138 | ) | 71,647 | ||||||||
| Noncontrolling interests (2) | (632 | ) | (743 | ) | (1,509 | ) | (1,629 | ) | |||||||
| FFO available to the company's common shareholders (4) | $ | 297,555 | $ | 275,958 | $ | 599,451 | $ | 537,787 | |||||||
| Weighted average shares outstanding for FFO calculations: | |||||||||||||||
| Basic | 674,613 | 671,198 | 675,837 | 670,658 | |||||||||||
| Units | 3,319 | 3,290 | 3,317 | 3,264 | |||||||||||
| Convertible preferred shares | 3,186 | 4,265 | 3,234 | 4,265 | |||||||||||
| Dilutive effect of equity awards | 369 | 129 | 317 | 129 | |||||||||||
| Diluted (3) | 681,487 | 678,882 | 682,705 | 678,316 | |||||||||||
| FFO per common share - basic | $ | 0.44 | $ | 0.41 | $ | 0.89 | $ | 0.80 | |||||||
| FFO per common share - diluted (3) (4) | $ | 0.44 | $ | 0.41 | $ | 0.88 | $ | 0.80 | |||||||
| (1) | The company considers FFO to be an important supplemental measure of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of the company's presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs. |
| (2) | Related to gains, impairments, depreciation on properties, gains/(losses) on sales of marketable securities and derivatives, where applicable. |
| (3) | Reflects the potential impact if convertible preferred shares and certain units were converted to common stock at the beginning of the period. FFO available to the company’s common shareholders would be increased by |
| (4) | Includes merger-related charges of |
| Reconciliation of Net Income Available to the Company's Common Shareholders | |||||||||||||||
| to Same Property NOI (1)(2) | |||||||||||||||
| (in thousands) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income available to the company's common shareholders | $ | 155,430 | $ | 111,777 | $ | 280,564 | $ | 92,861 | |||||||
| Adjustments: | |||||||||||||||
| Management and other fee income | (4,245 | ) | (4,010 | ) | (9,583 | ) | (8,859 | ) | |||||||
| General and administrative | 32,447 | 33,090 | 66,839 | 69,388 | |||||||||||
| Impairment charges | 7,645 | 201 | 8,179 | 3,902 | |||||||||||
| Merger charges | - | - | - | 25,246 | |||||||||||
| Depreciation and amortization | 156,323 | 148,148 | 314,776 | 302,867 | |||||||||||
| Gain on sale of properties | (38,922 | ) | (75 | ) | (39,809 | ) | (393 | ) | |||||||
| Other income, net | (2,903 | ) | (910 | ) | (3,119 | ) | (10,480 | ) | |||||||
| Mortgage and other financing income, net | (12,062 | ) | (4,751 | ) | (23,331 | ) | (7,270 | ) | |||||||
| Loss on marketable securities, net | 2 | 6 | 11 | 27,692 | |||||||||||
| Interest expense | 81,204 | 73,341 | 161,581 | 147,906 | |||||||||||
| Provision for income taxes, net | 366 | 217 | 830 | 72,227 | |||||||||||
| Equity in income of other investments, net | (1,747 | ) | (7,718 | ) | (2,448 | ) | (9,252 | ) | |||||||
| Net income attributable to noncontrolling interests | 1,956 | 2,314 | 3,642 | 4,250 | |||||||||||
| Preferred dividends, net | 7,556 | 7,961 | 15,239 | 15,903 | |||||||||||
| RPT same property NOI (3) | - | - | - | 606 | |||||||||||
| Non same property net operating income | (20,112 | ) | (11,074 | ) | (44,546 | ) | (27,857 | ) | |||||||
| Non-operational expense from joint ventures, net | 25,596 | 28,277 | 53,912 | 57,402 | |||||||||||
| Same Property NOI | $ | 388,534 | $ | 376,794 | $ | 782,737 | $ | 756,139 | |||||||
| (1) | Same property Net Operating Income (“NOI”) is a supplemental non-GAAP financial measure of real estate companies' operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. Same property NOI is considered by management to be an important operating performance measure frequently used by analysts and investors because it includes only the NOI of operating properties that have been owned and stabilized for the entire current and prior year reporting periods. Same property NOI assists in eliminating disparities due to the development, redevelopment, acquisition and disposition of properties during the periods presented and thus provides a more consistent performance measure for the comparison of the Company's properties. Same property NOI is calculated using rental property revenues (excluding straight-line rent adjustments, lease termination income, net, and amortization of above/below market rents), less charges for credit losses, operating and maintenance expenses, real estate taxes, and rent expenses, plus the Company's proportionate share of same property NOI from unconsolidated real estate joint ventures, calculated on the same basis. The Company's method of calculating same property NOI, which may differ from methods used by other REITs and may not be comparable to them, discloses with and without the impact from redevelopment projects. |
| (2) | Amounts represent Kimco Realty's pro-rata share. |
| (3) | Amounts represent the Same property NOI from RPT properties, not included in the Company's Net income available to the Company's common shareholders. |
| Reconciliation of the Projected Range of Net Income Available to the Company's Common Shareholders | |||||||
| to Funds From Operations Available to the Company's Common Shareholders | |||||||
| (unaudited, all amounts shown are per diluted share) | |||||||
| Projected Range | |||||||
| Full Year 2025 | |||||||
| Low | High | ||||||
| Net income available to the company's common shareholders | $ | 0.74 | $ | 0.76 | |||
| Gain on sale of properties | (0.06 | ) | (0.08 | ) | |||
| Gain on sale of joint venture properties | - | (0.01 | ) | ||||
| Depreciation & amortization - real estate related | 0.92 | 0.94 | |||||
| Depreciation & amortization - real estate joint ventures | 0.12 | 0.13 | |||||
| Impairment charges (including real estate joint ventures) | 0.01 | 0.01 | |||||
| FFO available to the company's common shareholders | $ | 1.73 | $ | 1.75 | |||
| Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, international tariffs, selling prices of properties held for disposition, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the range indicated. The above range represents management’s estimate of results based upon these assumptions as of the date of this press release. | |||||||
FAQ
What were Kimco Realty's (KIM) key financial results for Q2 2025?
How did Kimco's occupancy rates perform in Q2 2025?
What is Kimco's updated FFO guidance for 2025?
What was Kimco's dividend declaration for Q2 2025?
How much did Kimco's rent spreads grow in Q2 2025?
