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Kimco Realty® Announces First Quarter 2025 Results
KIMKimco Realty(KIM) GlobeNewswire·2025-05-01 10:50

Core Insights - Kimco Realty raised its 2025 outlook due to strong growth in net income and funds from operations (FFO) [1][10] - The company reported a 3.9% increase in same property net operating income (NOI) and better-than-expected credit loss performance [1][4] - Kimco signed over four million square feet in leases, achieving new lease spreads approaching 49% [1][11] - The company reached its strategic target of deriving 85% of annual base rent from grocery-anchored properties [1][4] Financial Performance - For Q1 2025, net income available to common shareholders was 125.1million,or125.1 million, or 0.18 per diluted share, compared to a loss of 18.9million,or(18.9 million, or (0.03) per diluted share in Q1 2024 [4][21] - FFO for Q1 2025 was 301.9million,or301.9 million, or 0.44 per diluted share, reflecting a 12.8% increase from 261.8million,or261.8 million, or 0.39 per diluted share in Q1 2024 [6][24] - Consolidated revenues from rental properties increased by 32.4million,primarilyduetohigherminimumrentandincreasedreimbursementincome[5][21]LeasingandOccupancy−Thecompanysigned583leasestotaling4.4millionsquarefeetinQ12025,withblendedpro−ratacashrentspreadsof13.332.4 million, primarily due to higher minimum rent and increased reimbursement income [5][21] Leasing and Occupancy - The company signed 583 leases totaling 4.4 million square feet in Q1 2025, with blended pro-rata cash rent spreads of 13.3% [11] - Pro-rata leased occupancy was 95.8%, with a slight anticipated reduction due to vacating leases [11] - Pro-rata small shop occupancy increased to 91.7%, while pro-rata anchor occupancy was at 97.4% [11] Strategic Initiatives - Kimco completed nine grocery leases, including a significant agreement with Sprouts Farmers Market, enhancing future cash flow visibility [3][4] - The company expanded its pipeline of near-term rent commencements to 60 million of annual base rent from signed leases [4][11] - Kimco acquired The Markets at Town Center, a 254,000-square-foot grocery-anchored property in Jacksonville, Florida, for 108million[4][11]CapitalManagement−ThecompanyendedQ12025with108 million [4][11] Capital Management - The company ended Q1 2025 with 2.0 billion in immediate liquidity, including 1.9billionavailableonitsunsecuredrevolvingcreditfacility[11]−Subsequenttothequarterend,Kimcorepurchased3.0millionsharesatanaveragepriceof1.9 billion available on its unsecured revolving credit facility [11] - Subsequent to the quarter end, Kimco repurchased 3.0 million shares at an average price of 19.61 per share [11] - The board declared a quarterly cash dividend of $0.25 per common share, payable on June 20, 2025 [11]