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Mar 31
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.
Kimco
Kimco
Kimco Revenue by Segment
Kimco Revenue by Geographic Location
Revenue by Segment
Rental Property Income Revenue
CapyFin.comManagement Fee Income Revenue
CapyFin.comRevenue by Geographic Location
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CapyFin.com 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.
- Limited change in income from structured investments guidance.