EarningsQ3 2026 Earnings Report
MX:KIM Q3 2026 EPS Results
Actual EPS$7.74
Consensus EPS$3.83
Beat/MissBeat by +$3.91
One Year Ago EPS$3.59
MX:KIM Q3 2026 Revenue Results
Actual Revenue$10.35B
Expected Revenue$10.37B
Beat/MissMissed by -$16.92M
YoY Revenue Growth+1.87%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeBefore Open
Conference CallThursday, October 29, 2026
MX:KIM Upcoming Earnings
Kimco Realty's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:KIM Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Kimco reported accelerating same-property NOI growth, record occupancy, double-digit leasing spreads, improved margins, low credit loss, strong liquidity, successful capital recycling, and raised full-year guidance. Management acknowledged higher rates, macroeconomic uncertainty, transaction-timing variability, and rate sensitivity for certain assets, but these issues were presented as manageable within the company's strategy and balance-sheet capacity.Company Guidance
Raised Full-Year FFO and Same-Property NOI Guidance
Kimco raised full-year FFO guidance to $1.84-$1.86 per diluted share and same-property NOI growth guidance to 3.5%-3.8%. The company also improved its credit loss assumption to between 50 and 60 basis points.
FFO Per Share Growth
Third-quarter FFO was $0.47 per diluted share, up 6.8% year-over-year, keeping Kimco on track for a third consecutive year of FFO per share growth above 5%.
Accelerating Same-Property NOI Growth
Same-property NOI growth accelerated from 1.7% in the first quarter to 3.5% in the second quarter and 4.9% in the third quarter. Year-to-date same-property NOI was up 3.3%.
Record Portfolio Occupancy
Lease occupancy reached an all-time high of 96.6%, while small shop occupancy remained at a record 92.9%. Anchor occupancy increased 40 basis points sequentially to 98.2%, within 70 basis points of its all-time high.
Strong Leasing Spreads and Demand
Kimco signed 444 leases totaling 2.7 million square feet at a blended cash spread of 12% on comparable spaces. New lease spreads were 31.5%, including 39.9% for anchors and 21% for non-anchors. This was the 20th consecutive quarter of double-digit new lease spreads. Renewal and option spreads were 7.3% and 7.7%, respectively.
Large Signed but Not Open Rent Pipeline
The gap between lease occupancy and economic occupancy represents more than 400 signed leases and approximately $76 million of annual base rent that has not yet commenced. Approximately $64 million, or roughly 85%, of this signed-not-open pipeline is scheduled to commence from the fourth quarter through 2027.
Faster Rent Commencements Through One Kimco
Kimco now expects $34 million of rent from 2026 commencements, nearly 20% above its original expectations. One Kimco also produced a 30% quarter-over-quarter improvement in controllable lease cycle time.
Operating Leverage and Margin Expansion
Consolidated NOI margins surpassed 70% for the first time since certain G&A costs were reclassified as operating expenses almost a decade ago. Recoveries on retail CAM and insurance improved 300 basis points since 2024, while G&A as a percentage of revenue improved to 5.2% so far this year from 5.4% for full-year 2025 and 7.2% in 2019.
Technology and AI Efficiency Initiatives
Kimco is deploying AI and other technology across the platform. Automation is saving over 5,000 hours a year across the enterprise, while new workflows for transaction underwriting and tenant financial screening have reduced cycle times roughly in half. A natural-language leasing search is also driving improved qualified inbound leads.
Strong Traffic and Retailer Demand
Traffic at Kimco's centers was up nearly 3% year-over-year despite higher rates and pressure on consumer sentiment. Management said consumers continue to prioritize convenience and value, while retailers are reinvesting in their store fleets and using stores as last-mile fulfillment hubs.
Limited New Supply Supports Rent Growth
Management said new retail supply remains extremely limited, with higher construction and financing costs making new development less likely. The company continues to see strong demand for high-quality grocery-anchored centers and meaningful mark-to-market opportunities, including new lease spreads of 20%, 30% and 40% in some cases.
Anchor Lease and Rent Growth Opportunity
Of the 56 anchor leases rolling in 2027 with no options, almost 75% of those rolling in the first half of the year were already resolved or in process of being resolved at a meaningful mark-to-market adjustment. Kimco also said over 30% of upper-anchor new lease deals this quarter included annual escalators.
Successful Capital Recycling
Year-to-date, Kimco sold $391 million of assets at a weighted average cap rate of 5.1% and acquired $118 million at 5.8%. The company raised expected transaction volume to $400 million-$500 million while remaining net neutral for the year.
Reinvestment Into Higher-Growth Grocery-Anchored Assets
Kimco completed the $127 million sale of four Costco-anchored assets with low contractual rent growth and redeployed the proceeds through 1031 exchanges into Pompano Marketplace and Sunshine Plaza in South Florida. The company expects the assets it is buying to grow approximately 250-300 basis points faster annually than the assets it is selling.
Multifamily Monetization and Development Currency
Kimco sold The Witmer for $211.5 million at an approximately 5.1% cap rate, following The Chester at a 4.9% cap rate in the prior quarter. The company has approximately 14,000 multifamily units either built, active, or entitled, including upwards of 10,000 entitled units that are not built or have not broken ground.
Structured Investment Program Growth
The structured investment program received $115 million of repayments during the quarter, partially offset by $39 million of new investments. Two investments closed after quarter end totaling approximately $49 million at an average yield of over 10%. The program has also produced Kimco's third acquired asset and provides rights of first offer and rights of first refusal on every investment.
Strong Balance Sheet and Liquidity
Consolidated net debt to EBITDA was 5x and 5.3x on a look-through basis, both described as the best levels since Kimco began reporting these metrics. The company had more than $2.5 billion of liquidity, no notable remaining debt maturities in 2026 after repaying $500 million of 2.8% notes, and only $466 million of 2027 maturities at a weighted average coupon of 4%.
Share and Preferred Stock Repurchases
Kimco repurchased $150 million of common shares during the quarter at a weighted average price of $23.80, representing an FFO yield of roughly 8%, and repurchased approximately $74 million of preferred stock. Management said both were accretive uses of capital.
Free Cash Flow Capacity
Kimco expects to generate $175 million of free cash flow after dividends and leasing and maintenance capital in 2026, providing capacity to reinvest in future growth.
Low Credit Loss and Tenant Quality
Credit loss was 45 basis points for the quarter and 51 basis points for the first nine months. Management said the tenant watch list was the smallest it had seen during the period it had been tracking it, while retailer bankruptcies had been incredibly slow for the year.
Fixed CAM Conversion Progress
Fixed CAM represented just over 50%, or around 51%, of the entire portfolio. Kimco's legacy portfolio was almost 70% converted, while approximately 90% or more of new deals were being converted to fixed CAM.
Package Leasing and National Accounts Platform
Kimco said its national accounts team is accelerating package deals by combining multiple letters of intent for execution. Package deals were described as a key advantage of the company's scale and as supportive of faster deal flow and more consistent negotiations with retailers.
Positive 2027 Embedded Growth
Management said a meaningful portion of 2027 growth is already signed, supported by the signed-not-open pipeline, 56 anchor leases rolling with no options, modest debt maturities, and capital recycled into higher-growth centers.
MX:KIM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed