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The Blueprint:
- Kimco Realty‘s net income rose to $554.4 million in 2025 from $375.7 million in 2024.
- Funds from operations increased to $1.2 billion, a 6.7% per share growth over 2024.
- The company achieved 96.4% portfolio occupancy and leased 12.1 million square feet in 2025.
- Kimco declared a 4% dividend increase to $0.26 per common share payable March 19, 2026.
Jericho-based real estate investment trust Kimco Realty grew its net income and funds from operations last year, according to its latest earnings report.
Publicly traded Kimco, one of the largest owners and operators of grocery anchored shopping centers in the U.S., increased its net income to $554.4 million, or $0.82 per diluted share in 2025, compared to $375.7 million, or $0.55 per diluted share, for the full year 2024.
Kimco’s funds from operations (FFO) grew to $1.2 billion, or $1.76 per diluted share last year, compared to $1.1 billion, or $1.65 per diluted share, for the full year 2024, representing a 6.7% per share increase over the prior year.
“Kimco’s fourth quarter and full-year results, highlighted by FFO per diluted share growth of 6.7% for the full year 2025, and exceeding 5% for the second consecutive year, validate the quality of our portfolio and platform, demand for our product, and our overall strategy and commitment to generating durable long-term value in any environment,” Kimco CEO Conor Flynn said in a company statement. “This outperformance, together with our 2026 outlook, strong balance sheet and disciplined capital allocation, positions Kimco to drive further growth and value for our shareholders.”
Kimco also realized a 3% year-over-year increase in same property net operating income (NOI) for both the fourth quarter and the full year of 2025.
The company reported pro-rata portfolio occupancy of 96.4%, matching the REIT’s all-time high, with pro-rata small shop occupancy reaching a new record level of 92.7%, according to the statement.
Kimco signed 435 leases totaling 2.7 million square feet during Q4 2025, generating blended pro-rata rent spreads on comparable spaces of 13.8%, with new leases up 29% and renewals and options growing 5.9% and 9.2%, respectively. For the full year of 2025, the company leased 12.1 million square feet, representing an 8.9% increase in square feet leased over the prior year.
Kimco also secured 657 additional multifamily entitlements during the fourth quarter, bringing the company’s total number of operating, active, and entitled units to 14,196 at the end of 2025.
The Kimco board of directors declared a cash dividend of $0.26 per common share, equivalent to $1.04 per year, and representing a 4% increase over the quarterly dividend in Q4 2024. The quarterly cash dividend on common shares will be payable on March 19, 2026, to shareholders of record on March 6, 2026.
Kimco also announced some changes in leadership. Paul Westbrook, vice president and chief accounting officer, will retire on March 31, after more than 23 years with the company. Kathleen Thayer, senior vice president and treasurer, will assume the role of executive vice president, treasurer, and chief accounting officer, effective April 1.
In addition, Wilbur “Tom” Simmons, president of the Southern Region, has been named senior vice president of national asset management, and Joshua Weinkranz, president of the Eastern Region, has been appointed senior vice president of national leasing. Both will assume their new roles in the third quarter.
As of the end of 2025, Kimco owned interests in 565 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space, according to the company.
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David Winzelberg
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