Kimco Realty (KIM) Q4 2025 earnings summary

Executive summary

• Achieved 6.7% FFO per share growth in 2025, with over 5% growth in 2024 and 6% in 2025, outperforming sector peers.

• Maintained strong balance sheet and liquidity, with A-minus/A3 credit ratings from all major agencies.

• Delivered record operational milestones: 96.4% portfolio occupancy, 1.2M sq ft new leasing, and all-time high small shop occupancy at 92.7%.

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

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

Financial highlights

• Q4 2025 FFO: $294.3M ($0.44/share), up 4.8% YoY; full-year FFO: ~$1.2B ($1.76/share), up 6.7% YoY.

• Same-property NOI growth of 3% for both Q4 and full year.

• Net debt to EBITDA: 5.7x; liquidity: $2.2B, including $213M cash and full $2B revolver availability.

• Recurring AFFO dividend payout ratio: ~80%.

• Record $73M ABR in signed-not-opened pipeline, with 70% expected to commence in 2026.

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% for 2026.

• Transaction volume for acquisitions/dispositions expected to be net neutral at $300M–$500M.

• Redevelopment capex projected at $100M–$150M; lease-related/maintenance capex: $275M–$300M.

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