Kimco Realty (NYSE:KIM) delivered strong third-quarter results on Thursday, with earnings and revenue topping Wall Street expectations and prompting the real estate investment trust (REIT) to raise its full-year 2025 outlook.
The company posted funds from operations (FFO) of $0.44 per share, slightly above the consensus estimate of $0.43, while revenue climbed to $535.86 million, beating expectations of $523.13 million. Net income came in at $0.19 per diluted share, edging past forecasts by a penny.
Following the report, Kimco shares were little changed, dipping 0.05% in premarket trading.
“Kimco’s third-quarter results reflect the company’s winning long-term strategy,” said Conor Flynn, Chief Executive Officer of Kimco Realty. “The all-time highs for small shop occupancy and the rent commencement pipeline are great examples of the strong demand for our product and provide real visibility into our growth potential.”
Kimco reported pro-rata portfolio occupancy of 95.7%, up 30 basis points sequentially, with small shop occupancy hitting a record 92.5%. Same-property net operating income rose 1.9% year-over-year, supported by a 2.1% increase in minimum rents.
The company’s leased-to-economic occupancy spread widened to 360 basis points, representing about $71 million in future annual base rent from leases that have been signed but not yet commenced — a signal of strong forward growth momentum.
Kimco’s board of directors declared a quarterly cash dividend of $0.26 per share, marking a 4% increase from the same period last year.
Encouraged by its strong performance, the REIT raised its full-year 2025 guidance, now projecting FFO between $1.75 and $1.76 per diluted share, up from the previous range of $1.73 to $1.75. Net income guidance was also lifted to $0.77–$0.79 per share, compared with the earlier outlook of $0.74–$0.76.