Kimco Realty (KIM) Q2 2026 earnings summary

Executive summary

• Achieved all-time high portfolio occupancy of 96.4% and record small-shop occupancy of 92.9% for Q2 2026, with a focus on necessity-based retail in first-ring suburbs and Sun Belt/coastal metros across 564 properties and 100M SF.

• FFO per diluted share grew 4.5% year-over-year to $0.46, supported by robust leasing, platform efficiency, and disciplined capital allocation.

• Raised the quarterly dividend by 12% to $0.28 per share, with sector-leading dividend yields and ample liquidity.

• Completed sale of The Milton multifamily asset for $142.3 million, marking the first full-cycle multifamily monetization, and issued $600 million in 3.5% exchangeable senior notes due 2031.

• Launched the One Kimco operating model, leveraging AI and data platforms for operational efficiency and value creation.

Financial highlights

• FFO for Q2 2026 was $309.2 million, or $0.46 per diluted share, up from $297.6 million, or $0.44 per share, in Q2 2025.

• Rental property revenues increased by $25.5 million year-over-year in Q2 2026, with total revenues for the six months at $1.1 billion.

• Same-property NOI grew 3.5% year-over-year, driven by higher minimum rents and lower credit losses.

• Pro-rata cash rent spreads on new leases reached 40.4%, with blended spreads at 13.1%.

• Credit loss improved to 57 basis points for the quarter.

Outlook and guidance

• Raised 2026 FFO guidance to $1.83–$1.84 per diluted share and net income guidance to $1.00–$1.03 per diluted share.

• Same-property NOI growth expected at 3.0%–3.5% for the year.

• Transaction volume for acquisitions and dispositions projected at $300–$500 million, net neutral.

• Capital allocation plan targets $475M–$775M deployment in 2026, focusing on acquisitions, redevelopment, and structured investments.

• Board declared a quarterly cash dividend of $0.28 per share, annualized at $1.12, up 12% year-over-year.