Kimco Realty Corporation

08/04/2026 | Press release | Distributed by Public on 08/04/2026 04:55

Kimco Realty® Announces Second Quarter 2026 Results (Form 8-K)

Kimco Realty® Announces Second Quarter 2026 Results

- Strong Leasing Gains Drove Occupancy to All-time Highs -

- Increases Common Dividend 12% Year-over-Year -

- Raises 2026 Outlook -

JERICHO, New York, August 4, 2026 - Kimco Realty® (NYSE: KIM), a real estate investment trust ("REIT") and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today reported results for the second quarter ended June 30, 2026. For the three months ended June 30, 2026 and 2025, Net income available to the company's common shareholders ("Net income") per diluted share was $0.22 and $0.23, respectively.

Second Quarter Highlights

•
Delivered 4.5% growth in Funds From Operations* ("FFO") per diluted share to $0.46.
•
Achieved pro-rata cash rent spreads of 40.4% on comparable new leases.
•
Matched all-time high portfolio occupancy of 96.4% and achieved a record small-shop occupancy level of 92.9%.
•
Grew same property net operating income* ("NOI") 3.5% year-over-year.
•
Completed the sale of The Milton, a 253-unit multifamily building at Pentagon Centre, for $142.3 million.
•
Issued $600.0 million 3.50% exchangeable senior notes due 2031.
•
Raised the quarterly cash dividend on common shares by 12.0% to $0.28 per share.

"Our operating and financial performance reflect the strength of our platform and the team's disciplined execution throughout the quarter," stated Kimco CEO Conor Flynn. "The combination of limited new shopping center supply, continued consumer demand for the everyday essentials, and strong shopper traffic across our open-air portfolio supported robust leasing activity. Together with our strategic capital allocation activities, we further enhanced our financial flexibility and strengthened our balance sheet. Given our strong cash flow growth this year from the strength of operations, we're raising our common cash dividend by 12%, a quarter ahead of our typical schedule, a reflection of both our higher operating income and confidence in Kimco's long-term outlook. We remain committed to executing our strategy and creating long-term value for our shareholders."

Financial Results

Net income for the second quarter of 2026 was $145.8 million, or $0.22 per diluted share, compared to $155.4 million, or $0.23 per diluted share, for the second quarter of 2025. The year-over-year change reflects growth in consolidated revenues from rental properties, net, of $25.5 million and increased equity in income of joint ventures, net, of $8.5 million, offset by lower gains on sales of properties of $37.6 million.

FFO was $309.2 million, or $0.46 per diluted share, for the second quarter of 2026, compared to $297.6 million, or $0.44 per diluted share, for the second quarter of 2025. Gains on sales of properties, net of impairments, is excluded from the company's calculation of FFO.

Operating Results

•
Executed 461 leases totaling 2.5 million square feet during the second quarter, generating blended pro-rata cash rent spreads of 13.1% on comparable spaces, including 40.4% on new leases, 6.1% on renewals and 8.0% on options.
•
Pro-rata leased occupancy increased 10 basis points sequentially and 100 basis points year-over-year to 96.4%.
•
Small shop occupancy increased 40 basis points sequentially and 70 basis points year-over-year to a record 92.9%.

* Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.

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500 North Broadway, Suite 201 | Jericho, NY 11753 | (833) 800-4343 kimcorealty.com

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Maintained strong pro-rata anchor occupancy, which increased 110 basis points year-over-year to 97.8%.
•
Generated 3.5% growth in same property NOI during the second quarter compared to the same period a year ago, driven by a 2.6% increase in minimum rents. Credit loss, as a percentage of total pro-rata rental revenues, was 57 basis points during the second quarter.
•
The spread between the company's pro-rata leased versus economic occupancy rates was 400 basis points, a 10 basis point sequential compression, representing $75 million in future rents from signed leases that have not yet commenced.

Transactional Activities

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Sold The Milton, a 253-unit multifamily building at the company's Pentagon Centre mixed-use property in Pentagon City, Virginia, for $142.3 million, marking Kimco's first multifamily asset disposition. The cap rate on this transaction was approximately 4.9%, and the company's pro-rata share of the sales price was $78.2 million.
•
Sold Shoppes at Bears Path, a shopping center totaling 44,000 square feet in Tucson, Arizona, for $7.8 million. The proceeds are intended to be utilized in a future 1031 exchange.

Subsequent to quarter end:

•
Completed the sale of four Costco-anchored assets comprising two entire shopping center properties and two ground lease parcels, for aggregate proceeds of approximately $127 million. The sale reflects Kimco's continued focus on optimizing portfolio growth by recycling capital from assets with lower contractual rent growth into higher-yielding investments. Proceeds are intended to be used for future 1031 exchange investments.
•
Acquired two centers utilizing 1031 exchange proceeds:
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Pompano Marketplace, a 239,000-square-foot Walmart-anchored center, located in Pompano Beach, Florida, for $53 million, marking the third acquisition completed through the company's Structured Investment Program; the associated $35 million mezzanine loan was repaid in full at closing; and
•
Sunshine Plaza, a 247,000-square-foot Publix-anchored center, located in a first-ring suburb of Fort Lauderdale, Florida, for $56 million.
•
Through Kimco's Structured Investment Program, received repayments of $44 million, inclusive of the Pompano Marketplace repayment, partially offset by $19 million of new capital. The company continues to secure rights of first offer or refusal on the underlying shopping centers.

Capital Market Activities

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Issued $600.0 million aggregate principal amount of 3.50% exchangeable senior notes due 2031. In connection with the offering, the company repurchased approximately 4.1 million shares of common stock totaling $104.7 million at a price of $25.38 per share.
•
Ended the quarter with $2.7 billion of immediate liquidity, including $700 million of cash, cash equivalents and restricted cash, and full availability under the company's $2.0 billion unsecured revolving credit facility.
•
Subsequent to quarter end, repurchased 516,750 shares of the company's 7.25% Class N Convertible Preferred Stock for $33.3 million at a price of $64.50 per share. The company incurred an approximately $3.8 million charge in conjunction with the repurchase that will be recognized in both Net income available to common stockholders and FFO during the third quarter of 2026.

Dividend Declarations

•
The board of directors declared a cash dividend of $0.28 per common share (equivalent to $1.12 per annum), representing a 12.0% increase over the quarterly dividend in the corresponding period of the prior year. The quarterly cash dividend on common shares will be payable on September 17, 2026, to shareholders of record on September 4, 2026.

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500 North Broadway, Suite 201 | Jericho, NY 11753 | (833) 800-4343 kimcorealty.com

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The board of directors also declared quarterly dividends with respect to each of the company's Class L, Class M, and Class N series of preferred shares. These dividends on the preferred shares will be paid on October 15, 2026 to shareholders of record on October 1, 2026.

2026 Full Year Outlook

The company has raised its 2026 outlook for Net income and FFO per diluted share as follows:

Current

Previous

Net income:

$1.00 to $1.03

$0.83 to $0.87

FFO:

$1.83 to $1.84

$1.81 to $1.84

The company's full year outlook is based on the following assumptions (pro-rata share unless otherwise stated; dollars in millions):

YTD Actual

Through 6.30.26

Current

Previous

Same property NOI growth

+2.6%

+3.0% to +3.5%

+2.8% to +3.5%

Credit loss as a % of total pro-rata rental revenues

(54bps)

(55bps) to (75bps)

(65bps) to (90bps)

Lease termination income

$5

Unchanged

$7 to $15

Non-cash GAAP revenues(1)

$35

$48 to $53

$45 to $50

Consolidated G&A expense, net

$67

Unchanged

$128 to $132

Consolidated interest expense and preferred stock dividends

$182

$368 to $372

$369 to $376

Consolidated mortgage and other financing income, net

$24

$45 to $50

$45 to $55

Redevelopment capex(2)

$82

$125 to $150

$100 to $150

Leasing and maintenance capex(3)

$115

Unchanged

$275 to $300

Property acquisitions, net of dispositions(4)

Acquisitions, weighted average cap rate

Dispositions, weighted average cap rate

($133)

N/A

($133); 5.2%

Unchanged

Net neutral; transaction volume of $300 to $500

6.0% to 7.0%

5.0% to 6.0%

Structured investments, net of repayments(4)

Weighted average yield

$34

10.1%

Unchanged

$75 to $125

8.0% to 10.0%

(1)
Includes deferred rents, above and below market rents, and straight-line reimbursement income, and excludes debt mark to market amortization.
(2)
Includes costs associated with a mixed-use development project, The Chester at Westlake Shopping Center.
(3)
Includes tenant improvements and allowances, capitalized external leasing commissions and capitalized building improvements.
(4)
Year-to-date transactions updated to include material activity through July 31, 2026 would reflect approximately $109 million of acquisitions at a 5.7% weighted average cap rate; $261 million of dispositions at a 5.1% weighted average cap rate; and $8 million of structured investments, net of repayments, at a 9.6% weighted average yield.

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500 North Broadway, Suite 201 | Jericho, NY 11753 | (833) 800-4343 kimcorealty.com

Conference Call Information

When: 8:30 AM ET, August 4, 2026

Live Webcast: 2Q26 Kimco Realty Earnings Conference Call or on Kimco Realty's website investors.kimcorealty.com

Dial #: 1-833-461-5787 (International: +1 585-542-9983). Meeting ID: 110761621

Audio from the conference will be available on Kimco Realty's investor relations website until November 4, 2026.

About Kimco Realty®

Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company's portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 65 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of June 30, 2026, the company owned interests in 564 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space.

The company announces material information to its investors using the company's investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.

Kimco Realty Corporation published this content on August 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 04, 2026 at 10:55 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]