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Kimco Q1 FFO Beats Estimates on Strong Leasing, Higher Rents
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Key Takeaways
KIM reported Q1 2026 FFO of 46 cents, beating estimates as revenues rose 4% year over year.
Kimco signed 4.4M square feet across 576 leases, with blended cash rent spreads of 11.3%.
KIM raised the low end of 2026 FFO guidance to $1.81-$1.84 and ended Q1 with $2.2B liquidity.
Kimco Realty Corporation (KIM - Free Report) reported first-quarter 2026 funds from operations (FFO) of 46 cents per share, topping the Zacks Consensus Estimate of 45 cents by 2.22%. The metric increased 4.5% from the year-ago quarter. Total consolidated revenues of $558 million rose 4% year over year and surpassed the consensus mark of $543.1 million by 2.75%.
Results were supported by steady rent growth and continued demand for Kimco’s open-air, grocery-anchored centers, with pro-rata leased occupancy ending the quarter at 96.3%, up 50 basis points year over year.
KIM’s Revenue Mix Shows Steady Momentum
Net revenues from rental properties increased to $552.8 million from $531.3 million in the year-ago quarter, reflecting improved property-level performance. Management attributed the year-over-year lift in consolidated revenues from rental properties to higher minimum rents and stronger reimbursement income.
Expense pressures were evident but manageable. Operating and maintenance costs rose to $95.2 million from $89.6 million, and real estate taxes increased to $72.8 million from $69.9 million. General and administrative expense also ticked up to $37.2 million from $34.4 million, reflecting higher costs relative to the prior-year period.
KIM's Leasing Gains Drive Rent Spreads
Kimco signed 4.4 million square feet during the quarter across 576 leases, reflecting broad-based tenant demand. On comparable spaces, blended pro-rata cash rent spreads were 11.3%, with new leases up 23.8% and renewals and options rising 12% and 7.9%, respectively.
The operating backdrop also remained constructive. Pro-rata anchor occupancy was 97.9% at quarter end, up 50 basis points year over year, while pro-rata small shop occupancy improved 80 basis points year over year to 92.5%. Kimco also posted a record leased-to-economic occupancy spread of 410 basis points, representing a $77 million increase in future annual base rent.
KIM’s Portfolio Activity
The company sold two ground-leased parcels, namely, Lowe's Home Improvement at Mission Bell Shopping Center in Tampa, FL, for $22.8 million and the Walmart and Sam's Club at Dulles Town Crossing in Sterling, VA, for $24.3 million. The proceeds were used in a reverse 1031 exchange to help fund the December 2025 acquisition of the common member interests in The Shoppes at 82nd Street.
Under Kimco’s Structured Investment Program, it invested $76.4 million in new capital, partially offset by $38.5 million in mezzanine loan repayments.
KIM Strengthens Liquidity With New Funding Tools
Kimco exited the quarter with approximately $2.2 billion of immediate liquidity, including full availability on its $2.0 billion unsecured revolving credit facility and roughly $170 million of cash, cash equivalents and restricted cash on the balance sheet. The company also maintained investment-grade credit ratings (A- at S&P and Fitch, A3 at Moody’s).
During the quarter, Kimco completed a recast of the $2 billion unsecured revolving credit facility, which carries an initial maturity of March 17, 2030, with expansion capacity up to $2.75 billion through an accordion feature. Management also launched a $750 million commercial paper program to add short-term financing flexibility, complementing the REIT’s broader funding toolkit.
KIM Raises 2026 FFO View
Kimco updated its 2026 outlook, raising the low end of expected FFO per share to a range of $1.81-$1.84 from the prior $1.80-$1.84. The Zacks Consensus Estimate of $1.82 lies within the guidance.
Kimco’s full-year outlook is based on the same property NOI growth of 2.8%-3.5%, from the previous 2.5%-3.5%. Property acquisitions, net of dispositions, guidance remains unchanged within $300 million to $500 million.
KIM’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold).
Kimco Realty Corporation Price, Consensus and EPS Surprise
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 May 1 and 11, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s first-quarter 2026 FFO per share is pegged at $1.82, implying a 7.06% year-over-year increase. FRT currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Simon Property Group’s first-quarter 2026 FFO per share is pinned at $2.98, indicating a 1.02% rise year over year. SPG currently has a Zacks Rank #2.
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 Q1 FFO Beats Estimates on Strong Leasing, Higher Rents
Key Takeaways
Kimco Realty Corporation (KIM - Free Report) reported first-quarter 2026 funds from operations (FFO) of 46 cents per share, topping the Zacks Consensus Estimate of 45 cents by 2.22%. The metric increased 4.5% from the year-ago quarter. Total consolidated revenues of $558 million rose 4% year over year and surpassed the consensus mark of $543.1 million by 2.75%.
Results were supported by steady rent growth and continued demand for Kimco’s open-air, grocery-anchored centers, with pro-rata leased occupancy ending the quarter at 96.3%, up 50 basis points year over year.
KIM’s Revenue Mix Shows Steady Momentum
Net revenues from rental properties increased to $552.8 million from $531.3 million in the year-ago quarter, reflecting improved property-level performance. Management attributed the year-over-year lift in consolidated revenues from rental properties to higher minimum rents and stronger reimbursement income.
Expense pressures were evident but manageable. Operating and maintenance costs rose to $95.2 million from $89.6 million, and real estate taxes increased to $72.8 million from $69.9 million. General and administrative expense also ticked up to $37.2 million from $34.4 million, reflecting higher costs relative to the prior-year period.
KIM's Leasing Gains Drive Rent Spreads
Kimco signed 4.4 million square feet during the quarter across 576 leases, reflecting broad-based tenant demand. On comparable spaces, blended pro-rata cash rent spreads were 11.3%, with new leases up 23.8% and renewals and options rising 12% and 7.9%, respectively.
The operating backdrop also remained constructive. Pro-rata anchor occupancy was 97.9% at quarter end, up 50 basis points year over year, while pro-rata small shop occupancy improved 80 basis points year over year to 92.5%. Kimco also posted a record leased-to-economic occupancy spread of 410 basis points, representing a $77 million increase in future annual base rent.
KIM’s Portfolio Activity
The company sold two ground-leased parcels, namely, Lowe's Home Improvement at Mission Bell Shopping Center in Tampa, FL, for $22.8 million and the Walmart and Sam's Club at Dulles Town Crossing in Sterling, VA, for $24.3 million. The proceeds were used in a reverse 1031 exchange to help fund the December 2025 acquisition of the common member interests in The Shoppes at 82nd Street.
Under Kimco’s Structured Investment Program, it invested $76.4 million in new capital, partially offset by $38.5 million in mezzanine loan repayments.
KIM Strengthens Liquidity With New Funding Tools
Kimco exited the quarter with approximately $2.2 billion of immediate liquidity, including full availability on its $2.0 billion unsecured revolving credit facility and roughly $170 million of cash, cash equivalents and restricted cash on the balance sheet. The company also maintained investment-grade credit ratings (A- at S&P and Fitch, A3 at Moody’s).
During the quarter, Kimco completed a recast of the $2 billion unsecured revolving credit facility, which carries an initial maturity of March 17, 2030, with expansion capacity up to $2.75 billion through an accordion feature. Management also launched a $750 million commercial paper program to add short-term financing flexibility, complementing the REIT’s broader funding toolkit.
KIM Raises 2026 FFO View
Kimco updated its 2026 outlook, raising the low end of expected FFO per share to a range of $1.81-$1.84 from the prior $1.80-$1.84. The Zacks Consensus Estimate of $1.82 lies within the guidance.
Kimco’s full-year outlook is based on the same property NOI growth of 2.8%-3.5%, from the previous 2.5%-3.5%. Property acquisitions, net of dispositions, guidance remains unchanged within $300 million to $500 million.
KIM’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold).
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 May 1 and 11, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s first-quarter 2026 FFO per share is pegged at $1.82, implying a 7.06% year-over-year increase. FRT currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Simon Property Group’s first-quarter 2026 FFO per share is pinned at $2.98, indicating a 1.02% rise year over year. SPG currently has a Zacks Rank #2.
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.