Kimco Q4 2024 Earnings Report

Key Takeaways

Kimco Realty reported strong fourth-quarter results, with net income of $154.8 million and FFO of $286.9 million, reflecting year-over-year growth. The company achieved a 96.3% pro-rata portfolio occupancy rate and completed key acquisitions, strengthening its high-quality, grocery-anchored shopping center portfolio.

Total Revenue

$525M

Previous year: $452M

+16.3%

EPS

$0.42

Previous year: $0.39

+7.7%

Portfolio Occupancy

96.3%

Gross Leasable Area (sq. ft.)

101M

Total Shopping Centers Owned

568

Cash and Equivalents

$690M

Previous year: $784M

-12.0%

Total Assets

$20.3B

Previous year: $18.3B

+11.1%

Kimco Revenue

Kimco EPS

Kimco Revenue by Segment

Forward Guidance

Kimco Realty expects steady growth in 2025, with net income projected at $0.70-$0.72 per share and FFO of $1.70-$1.72 per share, driven by stable leasing demand and strategic investments.

Positive Outlook

Strong occupancy rates supporting rental income stability.
Continued acquisitions enhancing the portfolio’s value.
Projected same-property NOI growth above 2.0%.
Improved credit rating outlook from Moody’s.
Healthy liquidity position with $2.7 billion available.

Challenges Ahead

Higher interest expenses due to increased debt levels.
Rising real estate taxes impacting operating margins.
Lower gains on property sales compared to the prior year.
Potential economic headwinds affecting retail tenants.
Slight sequential decline in leased occupancy.