The Q1 same-property NOI growth of 1.7% missed the prior full-year guidance range of 2.5%-3.5%, which may pressure the stock despite the modest guidance raise. Watch the earnings call for details on the NOI miss and whether the full-year 2.8%-3.5% target is achievable given the slow start.
Price Chart
Executive Summary
Kimco Realty reported Q1 2026 FFO of $0.46 per diluted share, a 4.5% YoY increase, and net income of $0.23 per diluted share vs $0.18 a year ago. The company raised its full-year 2026 net income guidance to $0.83-$0.87 (from $0.80-$0.84) and tightened FFO guidance to $1.81-$1.84. Same-property NOI grew 1.7% YoY, below the prior outlook of 2.5%-3.5%, and the company now expects full-year same-property NOI growth of 2.8%-3.5% (narrowed from 2.5%-3.5%).
Key Financial Metrics
Key Facts
- Q1 2026 FFO per diluted share of $0.46, up 4.5% YoY from $0.44
- Q1 2026 net income available to common shareholders of $157.4M ($0.23/diluted share) vs $125.1M ($0.18) in Q1 2025
- Total revenues of $558.0M, up 4.0% YoY from $536.6M
- Same-property NOI growth of 1.7% YoY, below the prior full-year outlook range of 2.5%-3.5%
- Full-year 2026 net income guidance raised to $0.83-$0.87 per diluted share (from $0.80-$0.84)
- Full-year 2026 FFO guidance tightened to $1.81-$1.84 per diluted share (from $1.80-$1.84)
- Full-year same-property NOI growth guidance narrowed to 2.8%-3.5% (from 2.5%-3.5%)
- Pro-rata leased occupancy of 96.3%, up 50 bps YoY
- Signed 4.4M square feet of leases in Q1 with blended cash rent spreads of 11.3%
- Record leased-to-economic occupancy spread of 410 bps, representing $77M in future ABR
- Recast $2.0B unsecured revolving credit facility and launched $750M commercial paper program
- Repurchased 23,103 shares at a weighted average price of $19.99 per share
Financial Impact
Q1 FFO beat prior-year quarter by 4.5%; net income up 28% YoY; guidance raised modestly for net income but same-property NOI growth came in well below the prior outlook range
Risk Factors
- Same-property NOI growth of 1.7% in Q1 is well below the full-year target of 2.8%-3.5%, raising execution risk
- Credit loss guidance widened to (65bps)-(90bps) from (75bps)-(100bps), indicating potential tenant stress
- Interest expense rose 3.4% YoY to $83.1M, pressuring net income growth
- Lease termination income of $4M in Q1 vs $7-$15M full-year guidance leaves a gap to fill
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-193907 |
| Document: kim-20260430.htm | 0001193125-26-193907 |
| Document: 0001193125-26-193907-index-headers.html | 0001193125-26-193907 |
| Document: 0001193125-26-193907-index.html | 0001193125-26-193907 |
| Document: 0001193125-26-193907.txt | 0001193125-26-193907 |
| 8-K Data (Synthetic) | 0001193125-26-193907 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Apr 30, 2026 22w ago | 8-K | $60.20 $62.38 | ▲ +3.62% | ▲ +0.51% | $22.28 (−62.98%) |
Apr 8, 2026 25w ago | Press Release | $23.07 $25.05 | ▲ +8.58% | ▼ −2.20% | $22.28 (−3.40%) |
Apr 8, 2026 25w ago | DEFA14A | $59.20 $63.40 | ▲ +7.09% | ▼ −3.36% | $22.28 (−62.36%) |
US Market Status
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