Kimco Realty Corp ( (KIM) ) has released its Q1 earnings. Here is a breakdown of the information Kimco Realty Corp presented to its investors.
Kimco Realty Corp is a real estate investment trust (REIT) specializing in the ownership and operation of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties across the United States. The company’s portfolio is strategically focused on major metropolitan markets and rapidly expanding cities, emphasizing essential goods and services.
In the first quarter of 2025, Kimco Realty Corp reported a strong financial performance, marked by a significant increase in net income and funds from operations (FFO). The company also raised its 2025 outlook, driven by robust growth in net income and FFO, alongside better-than-expected credit loss performance.
Key financial highlights include a 12.8% growth in FFO per diluted share to $0.44 and a 3.9% increase in Same Property Net Operating Income (NOI). The company achieved a remarkable 48.7% cash rent spread on new leases, the highest in over seven years. Additionally, Kimco Realty completed nine grocery leases, including a significant agreement with Sprouts Farmers Market, enhancing its grocery-anchored portfolio to 85% of annual base rent.
Kimco Realty’s strategic activities included the acquisition of The Markets at Town Center in Jacksonville, Florida, for $108 million and the repurchase of 3.0 million common shares. The company’s liquidity position remains strong, with $2.0 billion in immediate liquidity and a positive outlook affirmed by Moody’s.
Looking ahead, Kimco Realty remains optimistic about its growth prospects for 2025, supported by its resilient grocery-anchored portfolio and strategic leasing agreements. The company has raised its guidance for net income and FFO per diluted share, reflecting confidence in continued cash flow growth and operational stability.