Kimco Realty Q3 FFO per share rises on higher occupancy

Overview

• U.S. shopping center REIT's Q3 net income per share more than doubled yr/yr

• Q3 FFO per share rose 6.8% yr/yr to $0.47

• Portfolio occupancy reached record 96.6% in Q3

Outlook

• Kimco raises 2026 net income outlook to $1.07-$1.09 per diluted share

• Company now expects 2026 FFO per diluted share of $1.84-$1.86

• Company anticipates future rent growth from $76 mln in leases signed but not yet commenced

Result Drivers

• OCCUPANCY - Co said occupancy rates contributed to Q3 results

• RENT SPREADS - Co said higher rent spreads on new leases supported revenue growth

• MINIMUM RENT INCREASES - Co attributed same property NOI growth to higher minimum rents

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 14 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Kimco Realty Corp is $25.00, about 6.8% above its October 28 closing price of $23.40

• The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 30 three months ago

Reuters Recommended Reads

• Oct 26 - Brixmor Property Group Q3 FFO rises, dividend up 7.3%

• Oct 26 - Phillips Edison's Q3 Core FFO per share up; lifts FY forecast on strong leasing and occupancy

• Oct 28 - Urban Edge Q3 profit rises on higher rental revenues, lifts outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)