Research · Sep 3, 2026
[KIM] Kimco Realty Thesis 2026: Credit Upgrade and Open-Air Retail NOI Sustain FFO Growth
Kimco Realty Corporation FY25 revenue $2.14B (+5%); op income $753M (+20%); NI $584M (+42%); EPS $0.83 (+51%). Op margin 35.2% (+430bp YoY). FCF $772M (+13%). NAREIT FFO/share growth +6.7% FY25. Portfolio occupancy 96.4% (record). Highest quarterly new leasing volume in over a decade. Anchor occupancy +90bp sequential. Small shop occupancy all-time high 92.7%. Signed but not open pipeline reached record 390bp. 3% same-site NOI growth FY25. RPT acquisition integration completed: occupancy from RPT portfolio increased to 96.2% by year-end (gap to legacy portfolio narrowed to 20bp); RPT small shop occupancy +370bp. Credit rating upgraded to A-. $124M FY25 buyback (vs $0 FY24). Dividend $-715M (+4% YoY). FY26 guide: FFO per share $1.80-$1.84 (+2.3-4.5% vs FY25); same-property NOI growth +2.5-3.5%; total development + redevelopment investment $100-$150M; maintenance capex $275-$300M; net new structured investment $75-$125M (8-10% yields); net neutral acquisition + disposition with positive reinvestment spread.