$KIM · KIMCO REALTY CORP
Kimco Realty reported Q3 2026 results with net income of $272.5M ($0.41/share) and FFO of $0.47/share, a 6.8% YoY increase. Portfolio occupancy reached an all-time high of 96.6%, same-property NOI grew 4.9%, and the company raised full-year 2026 FFO guidance to $1.84–$1.86.
- Net income available to common shareholders was $272.5M, or $0.41 per diluted share, vs. $130.2M ($0.19) in Q3 2025.
- FFO per diluted share rose 6.8% YoY to $0.47, driven by record portfolio occupancy of 96.6%.
- Same-property NOI grew 4.9% YoY; pro-rata cash rent spreads on new leases hit 31.5%.
- Sold The Witmer multifamily building for $211.5M (~5.1% cap rate) and repurchased $150M of common stock.
- Full-year 2026 FFO guidance raised to $1.84–$1.86 (from $1.83–$1.84); net income guidance raised to $1.07–$1.09.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. Given the FFO beat, raised guidance, and record occupancy, the release is likely to be received positively when trading resumes.
Kimco delivered a trifecta of record occupancy, FFO beat with guidance raise, and aggressive capital recycling — selling a multifamily asset at a ~5% cap rate to buy back stock at an implied mid-7% cap rate.
Kimco's 4.9% same-property NOI growth and 31.5% new-lease rent spreads underscore the pricing power of grocery-anchored open-air centers, which continue to outperform enclosed malls and office REITs in the current rate environment.
Forward-looking statement risks include tenant bankruptcies, e-commerce disruption to retail, interest rate volatility, and refinancing risk. $500M unsecured note at 2.80% was repaid post-quarter; $266M in notes repaid during Q3 at 3.45% blended coupon.