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Kimco Realty (KIM) FY2025 results: revenue $2.1 billion, up 5.1% on the year

Kimco Realty Corp. (KIM) reported revenue of $2.1 billion for fiscal 2025, the year ended 31 December 2025, up 5.1% on the year before. Net income was $585 million, up 42.3%, and diluted earnings per share $0.82. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$2.1 billion
+5.1% on the year
FY2018FY2025
Operating margin
36.0%
30.9% a year earlier
FY2018FY2025
Net income
$585 million
+42.3% on the year
FY2018FY2025
Diluted EPS
$0.82
+49.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 16 new.

  • FFO per share up in quarter and year: FFO per diluted share rose 4.8% year over year to $0.44 in the fourth quarter. For the full year, FFO per diluted share rose 6.7% to $1.76.
  • Same property NOI up 3.0%: Same property NOI grew 3.0% in both the fourth quarter and the full year. Quarterly same property NOI was $395.7 million and full-year NOI was $1.57 billion, on a pro-rata basis.
  • Pro-rata occupancy reached 96.4%: Pro-rata occupancy ended the quarter at 96.4%, matching the all-time high. It rose 70 basis points sequentially and 10 basis points year over year. Small shop occupancy reached 92.7%.
  • Q4 leasing spreads reached 13.8%: The company signed 435 leases totaling 2.7 million square feet in the quarter. Blended pro-rata cash rent spreads were 13.8%, with new leases up 29.0%, renewals up 5.9% and options up 9.2%.
  • 21 projects completed at 13.4% yield: In 2025 the company completed 21 projects with a gross cost of $79.4 million and a stabilized blended yield of 13.4%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Kimco Realty owns and operates open-air, grocery-anchored shopping centres and mixed-use properties in the United States. The business began through a predecessor organised in 1966, the company was formed in Delaware in 1973, listed in November 1991 and has been a REIT since 1992.

Kimco Realty Corp., the 10-K for 2025

Kimco Realty owns and operates open-air, grocery-anchored shopping centres and mixed-use properties in the United States. The business began through a predecessor organised in 1966, the company was formed in Delaware in 1973, listed in November 1991 and has been a REIT since 1992.

The portfolio

At the end of 2025 Kimco had interests in 565 shopping centre properties totalling 100.2 million square feet of gross leasable area across 29 states, plus 66 other property interests, mainly net leased properties, preferred equity investments and other investments. The company says 91 percent of the portfolio is in Sun Belt or coastal markets.

Almost everything is done in-house

Nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, are administered by the company itself, and its executive officers work exclusively on Kimco's real estate. It has never engaged a REIT adviser to operate its properties and says it does not expect to.

The shift in growth strategy

Kimco started out developing land and building shopping centres. It revised that, and now focuses on acquiring and redeveloping existing shopping centres that include a grocery component. Alongside that it develops residential and mixed-use operating properties and obtains entitlements for further projects of that kind through redevelopment.

On 2 January 2024 RPT Realty merged into Kimco. That added 56 open-air shopping centres, 43 of them wholly owned and 13 held through a joint venture, comprising 13.3 million square feet of gross leasable area, and brought RPT's 6 percent stake in a 49-property net lease joint venture.

Income that is not rent

Kimco runs institutional joint venture programmes in which it holds non-controlling interests but retains management. From those it earns management fees, acquisition fees and disposition fees, plus promoted interests when certain performance measures are met. It has set up further ventures in which it holds a smaller equity interest while providing management, leasing and operational support. It has also supplied preferred equity capital to real estate professionals, and from time to time provides real estate capital, retail real estate financing and management services to retailers, both healthy and distressed. It has made selective investments in secondary market opportunities where management judges a security or other investment to be priced below the value of the underlying assets, and notes those are exposed to equity and debt market volatility.

Structure and tax

The company reorganised into an UPREIT structure in January 2023, and at the end of 2025 the parent was the managing member of Kimco OP, owning 99.79 percent of its interests and exercising exclusive control. To stay a REIT it must distribute at least 90 percent of REIT taxable income each year, and is taxed at regular corporate rates on anything short of 100 percent. Certain subsidiaries are treated as taxable REIT subsidiaries, which lets Kimco run business activities a REIT may not conduct directly; those subsidiaries pay federal and state taxes on their income.

Four stated pillars

A high quality, diversified portfolio, grocery anchored and concentrated in Sun Belt and coastal markets, with a tenant base the company describes as a mix of essential, necessity-based tenants and omnichannel retailers to whom it provides a last-mile solution. Accretive capital allocation, through acquisitions, development and redevelopment, mixed-use projects, and an opportunistic acquisition and structured investment platform it calls Plus. Financial strength, with an emphasis on reduced leverage. And corporate responsibility.

For reporting purposes the company evaluates performance property by property or transaction by transaction and does not group operations geographically, so it presents a single reportable segment.

From Kimco Realty's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,1402,0371,783+5.1%
Operating income771629639+22.5%
Operating margin36.0%30.9%35.8%
Interest expense330308250+7.3%
Pre-tax income494351644+40.6%
Income tax1.025.461.0-95.9%
Effective tax rate0.2%7.2%9.5%
Net income585411654+42.3%
Net margin27.3%20.2%36.7%
Diluted EPS$0.82$0.55$1.02+49.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,1201,0061,072+11.4%
Capital expenditure18.4n/an/a
Free cash flow1,102n/an/a
Free cash flow margin51.5%n/an/a
Cash from investing-377-319-137
Cash from financing-1,220-781-301
Depreciation and amortisation627604507+3.9%
Share-based compensation33.234.933.1-4.8%
Buybacks1200.00.0
Dividends paid712683657+4.2%
Dividend per share$1.01$0.97$1.02+4.1%
Diluted shares, weighted675m672m618m+0.5%
Shares outstanding at period end674m679m620m-0.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity10,39210,6539,525-2.4%
Non-controlling interest152145128+4.2%
Redeemable equity24.547.972.3-48.8%
Debt8,1868,4617,617-3.3%
Other liabilities9341,003931-6.8%
Total liabilities and equity19,68820,31018,274-3.1%
Intangible assets1,2271,247n/a-1.6%
Cash and equivalents212689781-69.3%
Other assets18,24918,37417,494-0.7%
Total assets19,68820,31018,274-3.1%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.