Kimco Realty (KIM) investor relations material

Executive summary

• Achieved FFO of $0.46 per diluted share, up 4.5% year-over-year, and net income per diluted share of $0.23, a 28% increase, driven by higher rents, strong tenant retention, and necessity-based retail focus.

• Portfolio consists of 565 open-air, grocery-anchored shopping centers totaling nearly 100 million sq. ft. in 29 states, with 96.3% occupancy and a tenant base anchored in necessity-driven retail.

• Record $77 million signed-not-opened (SNO) pipeline, representing a 410 basis point spread between leased and economic occupancy, with 63% commencing in 2026.

• Leased 4.4 million sq. ft. across 576 deals, with new lease spreads of 23.8% and blended spreads of 11.3%.

• Strategic capital allocation recycles low-growth assets into higher-yielding acquisitions, redevelopment, and structured investments.

Financial highlights

• Total revenues for Q1 2026 were $558.0 million, up from $536.6 million in Q1 2025, with FFO at $311.3 million ($0.46 per diluted share) and net income at $157.4 million ($0.23 per diluted share).

• Same property NOI grew 1.7% year-over-year, driven by higher minimum rents and leasing activity.

• Record-high average base rent on new leases at $28.99/SF; small shop occupancy up 80 bps to 92.5%, anchor occupancy up 50 bps to 97.9%.

• G&A expense elevated to $37 million due to timing of annual equity award grant.

• Declared a quarterly cash dividend of $0.26 per share, a 4.0% increase year-over-year.

Outlook and guidance

• 2026 FFO guidance tightened to $1.81–$1.84 per diluted share; net income guidance $0.83–$0.87 per share.

• Same property NOI growth outlook raised to 2.8%–3.5% for 2026, with acceleration expected each quarter.

• Credit loss assumption narrowed to 65–90 bps due to better-than-expected performance.

• Transaction volume guidance: $300M–$500M, net neutral on acquisitions/dispositions.

• Structured investments expected to yield 8–10%.