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Mar 31, 2025
Kimco Q1 2025 Earnings Report
Kimco reported a strong quarter driven by increased leasing activity and robust growth in Net Income and FFO.
Key Takeaways
Kimco Realty posted solid Q1 2025 results, highlighted by a return to profitability, strong leasing spreads, and a rise in same-property NOI. The company achieved a key strategic target, significantly boosting its grocery-anchored portfolio and raising its full-year guidance.
Net Income reached $125.1M compared to a $18.9M loss in Q1 2024.
FFO per diluted share rose to $0.44, up from $0.39 in Q1 2024.
Same Property NOI grew 3.9%, reflecting strong operational performance.
85% of ABR now derived from grocery-anchored centers, achieving a major strategic milestone.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Kimco raised its 2025 guidance for both Net Income and FFO per share, underpinned by robust fundamentals and leasing strength.
Positive Outlook
- Raised FFO guidance to $1.71–$1.74 per diluted share.
- Maintained Same Property NOI growth assumption at 2.5% or better.
- Positive outlook from Moody’s on debt rating (Baa1 affirmed).
- Expanded near-term rent commencement pipeline to $60M ABR.
- Improved tenant credit performance in Q1.
Challenges Ahead
- Occupancy declined slightly due to planned lease vacates.
- Cash and equivalents down significantly from prior quarter.
- Operating expenses rose year-over-year, including real estate taxes.
- Higher interest expenses impacted profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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