Kimco Realty (NYSE:KIM) delivered fourth-quarter results ahead of Wall Street expectations, helped by robust leasing momentum and record-high occupancy across its shopping center portfolio.
The retail-focused REIT posted earnings per share of $0.21, exceeding analyst estimates by $0.03. Quarterly revenue totaled $542.46 million, above the consensus forecast of $537.32 million.
Shares gained 1.05% in after-hours trading following the announcement, as investors welcomed both the earnings and revenue beats.
Funds from operations (FFO) per diluted share rose 4.8% year over year in the fourth quarter to $0.44. For the full year 2025, FFO per diluted share increased 6.7%, marking the second consecutive year of growth above 5%.
Same-property net operating income (NOI) advanced 3.0% year over year in both the fourth quarter and the full 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,” said Kimco CEO Conor Flynn.
Leasing activity remained strong during the quarter. Pro-rata portfolio occupancy reached 96.4%, tying the company’s historical peak. Small shop occupancy set a new high at 92.7%, while anchor occupancy stood at 97.9%.
Kimco executed 435 leases covering 2.7 million square feet in the quarter, achieving blended pro-rata cash rent spreads of 13.8% on comparable spaces. New leases recorded a 29.0% increase.
Looking to 2026, the company forecast FFO in the range of $1.80 to $1.84 per share and net income between $0.80 and $0.84 per share. Same-property NOI growth is expected to come in between 2.5% and 3.5%.
Kimco closed 2025 with more than $2.2 billion in immediate liquidity, including full access to its $2.0 billion unsecured revolving credit facility.