📈 Price History

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Shareholding

About

Kimco Realty Corporation 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.

Key Ratios Snapshot

📊 Sector Averages

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding KIM

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	1.24M	$27.8M	0.04%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2025

Mixed

'record small-shop occupancy', 'highest in nearly eight years' for leasing spreads, and raised guidance to '3% or better' same-site NOI growth. They emphasized strong execution and discipline.

Q3 2025

Mixed

same-site NOI +1.9%, raised guidance to $1.75-$1.76) and superlatives ('record SNO pipeline', 'all-time high small shop occupancy') to convey outperformance. No hedging on key metrics.

Q4 2025

Mixed

'record milestones', 'rare accomplishment', and 'strong momentum' to describe 2025 results. They repeatedly cited specific metrics like 6.7% FFO growth, 96.4% occupancy, and a credit rating upgrade to A-minus, projecting an assertive and data-backed positive outlook.

Q1 2026 latest

Mixed

'momentum carried into 2026', and provides specific metrics (FFO $0.46, +4.5%, same-site NOI +1.7%, record SNO pipeline $77M). No defensive or cautious phrasing; they repeatedly assert strong demand and visibility.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The record SNO pipeline of $77M (410 bps spread) provides high visibility into near-term cash flow growth, and management already raised commencement projections by $2.5M. Leasing metrics (spreads, rents, retention) remain at or near all-time highs, indicating durable demand. Balance sheet is the strongest in the company's history (A-/A3, net debt/EBITDA 5.2x, $2.2B liquidity), which supports both internal growth and opportunistic capital recycling. The primary watch items for next quarter are: (1) the pace of economic occupancy improvement as SNO commences ramp in H2, (2) execution on the ~$200M disposition and reinvestment pipeline, and (3) any macro-driven pressure on consumer spending that could impact tenant performance or credit loss beyond the revised 65-90 bps range. The call did not reveal any new negative catalysts; the tone was consistently confident.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Kimco Q1 2026 FFO $0.46, record SNO $77M, same-site NOI growth 1.7%.

Revenue & Profitability

FFO per diluted share was $0.46, a 4.5% increase year-over-year. Same property NOI grew 1.7% in Q1. Minimum rents increased by $8.3 million in the quarter. The full-year 2026 FFO outlook was tightened to $1.81-$1.84 per diluted share, and same-site NOI growth guidance was raised to 2.8%-3.5%. Credit loss for Q1 was 52 basis points, and the full-year assumption was tightened to 65-90 basis points.

Outlook

Management noted that open-air grocery-anchored retail is one of the most sought-after real estate sectors, supported by strong fundamentals, record occupancy, limited new supply (0.2% under construction), and durable cash flows. While geopolitical uncertainty and fuel prices create near-term volatility, the company's tenant base is resilient. Retailers are committing to long-term store openings and demand for quality space remains robust.

Growth Drivers

Key growth levers include conversion of the $77 million SNO pipeline (over 60% projected to commence in 2026, with commencements accelerating in the second half), mark-to-market opportunities on below-market rents, and redevelopment of 15 grocery-anchor projects. New lease rents averaged a record nearly $29 per sq ft, and small shop occupancy rose 80 bps year-over-year to 92.5%. The RPT portfolio's occupancy gap has been closed and now exceeds legacy assets.

Balance Sheet & CapEx

Not discussed in this earnings call. The company highlighted capital recycling through dispositions of flat ground leases at mid-5% cap rates and a pipeline of additional dispositions (~$200 million) and reinvestment opportunities. Structured investments net funded $38 million in Q1 with $70 million committed. No specific capex guidance or infrastructure investments were provided.

Margins

Not discussed in detail. Management noted that as economic occupancy improves, CapEx load should taper, and margins (including triple-net benefits) should improve. G&A was elevated in Q1 due to timing of equity awards, but this is a timing issue with no full-year impact. The company aims to drive free cash flow growth through value engineering and lower tenant improvement costs.

Key Risks

Management acknowledged geopolitical uncertainty, rising fuel prices, and potential impact on consumer discretionary spending as near-term risks. Credit loss was better than expected in Q1, but the full-year outlook reflects some uncertainty. There are no major bankruptcies expected beyond the small impact from Painted Tree's filing. The company remains disciplined on capital allocation and is not dependent on external growth.

Generated by AI · Q1 2026 results · Not investment advice

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