Kimco Realty (KIM) Q4 2025 earnings summary

Executive summary

• Achieved 6.7% FFO per share growth in 2025, with a credit rating upgrade to A-minus/A3, and maintained a strong balance sheet and liquidity.

• Delivered record operational milestones: 96.4% portfolio occupancy, highest new leasing volume in a decade, and record small shop occupancy of 92.7%.

• Generated over $165 million in free cash flow after dividends and leasing costs, supporting a well-covered and growing dividend.

• Integrated RPT merger in 2024, adding 56 properties and 13M sf, exceeding synergy and performance targets.

• Entering 2026 with strong operating momentum, a robust signed-not-open pipeline, and a focus on closing the value gap between public and private market valuations.

Financial highlights

• Fourth quarter FFO was $294.3 million ($0.44 per diluted share), up 4.8% year-over-year; full-year FFO was $1.2 billion ($1.76 per share), up 6.7%.

• Same-property NOI growth of 3% for both the quarter and full year.

• Net income for 2025 was $554.4 million ($0.82 per diluted share).

• Liquidity of $2.2 billion, including $213 million in cash and full availability on a $2 billion credit facility.

• Net debt to EBITDA at 5.4x (consolidated), 5.7x (look-through basis).

Outlook and guidance

• 2026 FFO per share guidance: $1.80–$1.84, representing 2.3%–4.5% growth over 2025.

• Same-property NOI growth expected at 2.5%–3.5%.

• Net neutral shopping center transactions expected, with $300–$500 million in volume.

• Redevelopment capex projected at $100–$150 million; leasing and maintenance capex at $275–$300 million.

• Structured investments projected at $75M–$125M, with 8–10% yield.