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Results reflect higher same-property net operating income (NOI) due to a rise in minimum rents. Higher interest expenses acted as a dampener. This retail REIT raised its quarterly dividend and 2025 FFO per share guidance range.
The company clocked in revenues of $535.9 million, which outpaced the consensus mark of $524.3 million. The figure improved 5.6% year over year.
KIM’s Q3 in Detail
Pro-rata leased occupancy at the end of the third quarter was 95.7%, highlighting a rise of 30 basis points (bps) sequentially. Our estimate for the same stood at 95.6%.
Pro-rata anchor occupancy at the end of the quarter was 97%, reflecting an increase of 30 bps from the prior quarter.
Pro-rata small shop occupancy at the end of the quarter was 92.5%, representing a 30 bps increase sequentially, thereby reaching a new all-time high.
Kimco executed 427 leases, aggregating 2.3 million square feet in the quarter. Blended pro-rata cash rent spreads on comparable spaces were 11.1%, with new leases increasing 21.1%, and renewals and options growing 8.2%.
Same-property NOI jumped 1.9% year over year, backed by a 2.1% rise in the minimum rent.
Interest expenses were up 10.6% year over year to $84.3 million in the reported quarter. We estimated the same to grow by 8%.
KIM’s Portfolio Activity
During the third quarter, Kimco acquired the remaining 85% ownership interest in Tanasbourne Village for a pro-rata purchase price of $65.9 million.
The company sold two shopping centers, namely Gresham Town Fair, located in Gresham, OR, for $31.8 million, and Southfield Plaza, located in Southfield, MI, for $14.4 million.
The company sold a 10-acre parcel of land located at Center at Baybrook in Webster, TX, for $5.3 million.
Balance Sheet Position of KIM
This retail REIT exited the third quarter of 2025 with more than $2.1 billion of immediate liquidity. This included full availability on its $2.0 billion unsecured revolving credit facility and $160.5 million of cash, cash equivalents and restricted cash.
Its net-debt-to-EBITDA was 5.6X on a look-through basis as of Sept. 30, 2025, the same as in the prior-year quarter.
KIM’s Dividend Update
Concurrent with the third-quarter earnings release, Kimco’s board of directors has declared a quarterly cash dividend of 26 cents per share. This reflects a 4% dividend hike from the prior payout. This dividend will be paid out on Dec. 19 to its shareholders of record as of Dec. 5, 2025.
2025 Guidance by KIM
For 2025, Kimco now expects its FFO per share range to be $1.75-$1.76, up from the prior guidance range of $1.73-$1.75. The Zacks Consensus Estimate of $1.74 lies below the range.
Kimco’s full-year outlook is based on the same-property NOI growth of more than 3%, remaining unchanged from the prior outlook. Total acquisitions (including structured investments), net of dispositions, remain unchanged at $100 million to $125 million.
We now look forward to the earnings releases of other retail REITs, such as Federal Realty Investment Trust (FRT - Free Report) and Simon Property Group (SPG - Free Report) , which are slated to report on Oct. 31 and Nov. 3, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s third-quarter 2025 FFO per share is pegged at $1.76, implying a 2.9% year-over-year increase. FRT currently carries a Zacks Rank #3.
The Zacks Consensus Estimate for Simon’s third-quarter 2025 FFO per share stands at $3.09, indicating an 8.8% rise year over year. SPG currently has a Zacks Rank #3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Kimco's Q3 FFO & Revenues Beat Estimates, Dividend Raised
Key Takeaways
Kimco Realty Corp. (KIM - Free Report) reported third-quarter 2025 funds from operations (FFO) per share of 44 cents, beating the Zacks Consensus Estimate of 43 cents. The metric grew 2.3% from the year-ago quarter.
Results reflect higher same-property net operating income (NOI) due to a rise in minimum rents. Higher interest expenses acted as a dampener. This retail REIT raised its quarterly dividend and 2025 FFO per share guidance range.
The company clocked in revenues of $535.9 million, which outpaced the consensus mark of $524.3 million. The figure improved 5.6% year over year.
KIM’s Q3 in Detail
Pro-rata leased occupancy at the end of the third quarter was 95.7%, highlighting a rise of 30 basis points (bps) sequentially. Our estimate for the same stood at 95.6%.
Pro-rata anchor occupancy at the end of the quarter was 97%, reflecting an increase of 30 bps from the prior quarter.
Pro-rata small shop occupancy at the end of the quarter was 92.5%, representing a 30 bps increase sequentially, thereby reaching a new all-time high.
Kimco executed 427 leases, aggregating 2.3 million square feet in the quarter. Blended pro-rata cash rent spreads on comparable spaces were 11.1%, with new leases increasing 21.1%, and renewals and options growing 8.2%.
Same-property NOI jumped 1.9% year over year, backed by a 2.1% rise in the minimum rent.
Interest expenses were up 10.6% year over year to $84.3 million in the reported quarter. We estimated the same to grow by 8%.
KIM’s Portfolio Activity
During the third quarter, Kimco acquired the remaining 85% ownership interest in Tanasbourne Village for a pro-rata purchase price of $65.9 million.
The company sold two shopping centers, namely Gresham Town Fair, located in Gresham, OR, for $31.8 million, and Southfield Plaza, located in Southfield, MI, for $14.4 million.
The company sold a 10-acre parcel of land located at Center at Baybrook in Webster, TX, for $5.3 million.
Balance Sheet Position of KIM
This retail REIT exited the third quarter of 2025 with more than $2.1 billion of immediate liquidity. This included full availability on its $2.0 billion unsecured revolving credit facility and $160.5 million of cash, cash equivalents and restricted cash.
Its net-debt-to-EBITDA was 5.6X on a look-through basis as of Sept. 30, 2025, the same as in the prior-year quarter.
KIM’s Dividend Update
Concurrent with the third-quarter earnings release, Kimco’s board of directors has declared a quarterly cash dividend of 26 cents per share. This reflects a 4% dividend hike from the prior payout. This dividend will be paid out on Dec. 19 to its shareholders of record as of Dec. 5, 2025.
2025 Guidance by KIM
For 2025, Kimco now expects its FFO per share range to be $1.75-$1.76, up from the prior guidance range of $1.73-$1.75. The Zacks Consensus Estimate of $1.74 lies below the range.
Kimco’s full-year outlook is based on the same-property NOI growth of more than 3%, remaining unchanged from the prior outlook. Total acquisitions (including structured investments), net of dispositions, remain unchanged at $100 million to $125 million.
KIM’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Kimco Realty Corporation Price, Consensus and EPS Surprise
Kimco Realty Corporation price-consensus-eps-surprise-chart | Kimco Realty Corporation Quote
Upcoming Earnings Releases
We now look forward to the earnings releases of other retail REITs, such as Federal Realty Investment Trust (FRT - Free Report) and Simon Property Group (SPG - Free Report) , which are slated to report on Oct. 31 and Nov. 3, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s third-quarter 2025 FFO per share is pegged at $1.76, implying a 2.9% year-over-year increase. FRT currently carries a Zacks Rank #3.
The Zacks Consensus Estimate for Simon’s third-quarter 2025 FFO per share stands at $3.09, indicating an 8.8% rise year over year. SPG currently has a Zacks Rank #3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.