Total Revenue

Increased from $503.8M in Q1 2024 to $536.6M in Q1 2025 (~6.5% increase)

The revenue boost is mainly driven by rental properties net revenue, which reached $531.3M in Q1 2025. This builds on prior periods where strong leasing activity set the foundation; the additional $32.4M in rental income continues that trend and reflects sustained market demand. " "

Operating Income

Increased from $130.7M in Q1 2024 to $180.5M in Q1 2025 (38% improvement)

Operating income improved significantly due to a combination of increased rental revenue and notably lower operating expenses. In Q1 2025, reductions in impairment charges (from $3.7M to $0.534M) and the absence of merger charges (previously $25.2M) coupled with a substantial gain on sale of properties ($887.3M) reversed cost pressures seen in prior periods. " "

Net Income

Turned from a loss of $9.0M in Q1 2024 to a profit of $134.5M in Q1 2025

The dramatic turnaround in net income is attributed to the enhanced rental revenue and a careful reversal of prior period detractors. In Q1 2025, the elimination of heavy merger charges and losses on marketable securities—as well as improved mortgage/financing income—contributed to shifting net income from negative to positive, building upon incremental improvements seen in earlier periods. " "

FFO per diluted share

FY 2025

no prior guidance

$1.71 to $1.74 "

no prior guidance

Same-Site NOI Growth

FY 2025

2% plus " "

Positive 2.5% or better "

raised

Credit Loss Assumption

FY 2025

75 to 100 basis points "

75 to 100 basis points "

no change

Occupancy

FY 2025

no prior guidance

Temporary dip in Q2 due to vacating tenants but expected to increase thereafter " "

no prior guidance

Rent Commencements

FY 2025

$25 million in rent expected to commence " "

Approximately $30 million in rent projected to commence "

raised

Disposition Activity

FY 2025

no prior guidance

Expected to sell $100 million to $150 million of lower-growth assets "

no prior guidance

Structured Investment Repayments

FY 2025

no prior guidance

Low likelihood of repayments "

no prior guidance

Leasing Momentum and Pipeline Execution

In Q4 2024, management emphasized strong leasing momentum driven by limited new supply, low vacancy rates, and a robust pipeline with a significant signed but not open component. " " In Q2 2024, the company reported elevated occupancy metrics and active leasing activity—including notable increases in small shop occupancy and expedited lease commencements. " "

In Q1 2025, leasing activity reached new highs with 583 leases, record new lease spreads (48.7% – the highest in over seven years), proactive backfilling of vacated spaces, and healthy occupancy levels. " " "

Consistently strong performance that has improved in key metrics, demonstrating continued momentum and an expanding pipeline.

Financial Strength and Capital Allocation Flexibility

In Q4 2024, Kimco showcased a robust liquidity profile with strong cash balances and balanced net-debt metrics, along with a strategic focus on acquisitions, dispositions, and structured investments. " " In Q2 2024, similar strength was reiterated with stable debt ratios and a continued emphasis on capital deployment through structured investments and refinancing activities. " "

In Q1 2025, the balance sheet is described as rock-solid with $2 billion in liquidity, timely debt repayments, and share repurchases. The company is actively evaluating a range of capital allocation opportunities—from acquisitions to structured investments—all while maintaining modest near-term debt maturities. " " "

Consistently robust, with an enhanced focus on opportunistic capital deployment and share repurchases as market dislocations present new opportunities.

Tenant Quality and Credit Risk Management

Q4 2024 discussions highlighted a strong tenant mix—especially in grocery-anchored and mixed-use facilities—and maintained conservative credit loss reserves around 75 to 100 basis points. " " Q2 2024 reinforced this approach with stable credit losses within expected guidance and proactive lease management practices. "

In Q1 2025, management emphasized a resilient portfolio focused on high-quality, necessity-driven tenants complemented by proactive credit risk management. Controlled credit loss performance, even in the face of bankruptcies, further underscores their commitment to tenant quality. " " "

Stable and proactive; despite external pressures, the focus on high-quality tenants and strict credit risk oversight remains unchanged and supportive.

Occupancy Management and Re-leasing Challenges

Q4 2024 commentary noted high overall occupancy (96.3%) but also challenges from bankruptcies leading to vacancies that were viewed as opportunities for rent upgrades. " " In Q2 2024, occupancy metrics were strong with improvements in small shop leasing and active strategies to resolve anchor lease expirations. " " "

In Q1 2025, occupancy remained robust (95.8% overall) with anticipations of a short-term dip due to expected vacancies from bankruptcies, offset by proactive backfilling and rapid lease assignments. " " "

Short-term challenges persist, but strategic re-leasing efforts and proactive backfilling signal a strong medium-to-long-term outlook.

Same-Store NOI Growth Expectations and Volatility

In Q2 2024, management revised full-year same-store NOI guidance upward to 2.75–3.25% while acknowledging timing-related volatility. Q4 2024 noted a softer 2%+ guidance—factoring in bankruptcies—yet highlighted potential upside through re-leasing and rent upgrades. " " " "

In Q1 2025, first-quarter same-store NOI grew by 3.9% and guidance for the full year was raised to a positive 2.5% or better, despite acknowledging ongoing macro uncertainties and inherent volatility in the metric. " "

Moderate improvement is evident, with current performance surpassing earlier expectations while still acknowledging inherent volatility.

Emerging Multifamily Expansion Strategy

Q4 2024 featured a detailed discussion on multifamily expansion initiatives, including achievements in entitling 12,000 apartment units and approaches via joint ventures or ground leases to mitigate capital constraints. " " " Q2 2024, however, did not include any discussion on this topic.

In Q1 2025, multifamily expansion was addressed through a focus on land monetization, with significant apartment land earmarked for ground lease monetization and identification of redevelopment opportunities as part of a recurring program. "

Emerging as a growing strategic focus; while intermittently discussed in earlier periods, Q1 2025 reflects renewed emphasis on monetizing and strategically redeveloping multifamily assets.

Small Shop Leasing Dependency and Risks

Q4 2024 conveyed challenges associated with integrating lower-occupancy small shop assets from the RPT portfolio (around 88% versus the 92% legacy rate) and risks from bankruptcies impacting the small shop segment. " " Q2 2024 emphasized the dependency on small shop leasing for growth, noting a significant occupancy gap and challenges around vacant anchor boxes. " " "

In Q1 2025, small shop occupancy improved to 91.7% with strong leasing activity evidenced by record lease spreads and robust deal execution. While risks remain inherent—particularly from bankruptcies—the sentiment is more positive due to proactive strategies and accelerated deal closures. " "

While the dependency on small shop leasing continues, there is clear progress in addressing integration and vacancy risks, reflecting an improved yet cautiously optimistic outlook.

Macroeconomic and Transactional Uncertainties

In Q4 2024, uncertainties around the economic and political environment were underscored, leading to cautious transaction strategies and adjustments in NOI guidance. " " " Q2 2024 highlighted mixed economic signals—such as declining consumer savings but a strong labor market—and noted volatility in capital markets impacting cap rates and deal flow. " "

In Q1 2025, despite ongoing tariff and trade uncertainties, management remained upbeat citing resilient consumer behavior and cautious, strategic execution in the transactional market, bolstered by a strong balance sheet. " "

A balanced view persists; management continues to acknowledge macro risks while leveraging a resilient and strategically agile portfolio to navigate transactional challenges.

Cost of Capital Constraints and Reduced Interest Income

Q4 2024 discussions focused on how higher cost of capital limited multifamily activations and detailed how reduced interest income (with lower yields compared to the previous year) was being managed. " Q2 2024 covered related topics such as higher interest expenses due to refinancing activities, though without explicit mention of cost constraints.

In Q1 2025, the discussion reaffirmed that cost of capital constraints remain a headwind influencing acquisition strategies and structured investments, alongside a note on reduced interest income being partly offset by benefits from other operational drivers. " "

The challenge remains consistent, with cost of capital pressures and reduced interest income continuing to influence strategic decisions; management is adapting through refinancing and focusing on alternative capital deployment strategies.