Kimco Realty FFO up 6.7% to $1.76, Occupancy Hits 96.4%, Shares Repurchased
In Q4 and FY2025, Kimco posted 6.7% FFO per share growth to $1.76 for the year and record occupancy of 96.4%. The company repurchased 3.1 million shares at $19.96 and acquired a Target-anchored center for $74M, while analysts maintain a Hold rating with a $20.50 target citing elevated leverage.
1. Fourth Quarter and Full Year 2025 Results
For the quarter ended December 31, 2025, net income per diluted share was $0.21 versus $0.23 year-ago, while full-year net income per share rose to $0.82 from $0.55. FFO per diluted share grew 4.8% in Q4 to $0.44 and 6.7% for the full year to $1.76, reflecting higher rents and gains on property sales.
2. Leasing and Occupancy Metrics
Kimco signed 435 leases totaling 2.7 million square feet in Q4, achieving a blended pro-rata cash rent spread of 13.8%, with new leases up 29%, renewals rising 5.9%, and options by 9.2%. Pro-rata portfolio occupancy reached a record 96.4%, with small shops at 92.7% and anchor tenants at 97.9%.
3. Capital Allocation and Acquisitions
During the quarter, the company repurchased 3.1 million shares at an average price of $19.96 and acquired the Shoppes at 82nd Street Target-anchored center for $74.0 million through its Structured Investments Program, bolstering its grocery-anchored portfolio.
4. 2026 Outlook and Analyst Rating
For 2026, management provided initial guidance based on a strong balance sheet and disciplined capital allocation. Analysts maintain a Hold rating with a $20.50 target, citing the company’s A3 rating, elevated leverage post-RPT acquisition, and sensitivity to interest rates.