Strong Financial Performance
Kimco Realty reported funds from operations (FFO) of $0.44 per diluted share, representing a 7.3% increase year-over-year. The company raised its full-year FFO guidance to $1.73 to $1.75, reflecting annual growth of 4.8% to 6.1% over 2024.
Record Small Shop Occupancy
Achieved a new all-time high in small shop occupancy of 92.2%, indicating strong demand for well-located, necessity-driven retail spaces.
Leasing and Occupancy Success
Executed 174 new leases covering 916,000 square feet at a 34% average spread and completed 332 renewals/options for 1.8 million square feet at a 9.6% spread, contributing to a blended spread of 15.2%.
Grocery-Anchored Strategy
86% of annual base rent now comes from grocery-anchored shopping centers, an all-time high, highlighting the essential and resilient nature of the portfolio.
Innovative Use of AI
Deployment of AI in targeted high-impact areas, such as lease abstraction and tenant prospecting, to reduce costs and increase operational efficiency.