Kimco Realty® (NYSE: KIM), a leading real estate investment trust (REIT) specializing in high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, has reported its fourth quarter and full-year 2024 results. The company achieved the high end of its full-year outlook with strong fourth-quarter growth in net income and funds from operations (FFO).
For the three months ended December 31, 2024, Kimco’s net income per diluted share was $0.23, compared to $0.22 for the same period in 2023. For the full year 2024, net income per diluted share was $0.55, down from $1.02 in 2023.
In the fourth quarter of 2024, Kimco grew FFO by 7.7% over the same period in 2023 to $0.42 per diluted share. The company also achieved a 4.5% growth in same property net operating income (NOI) and reported a pro-rata portfolio occupancy of 96.3%, up 10 basis points year-over-year. Additionally, they leased over 11 million square feet in 2024.
Kimco acquired Waterford Lakes Town Center, a 976,000-square-foot asset in Orlando, Florida, for $322 million and raised $136.3 million of net proceeds from the sale of 5.4 million shares of common stock through the at-the-market equity offering program. Moody’s affirmed the company’s Baa1 senior unsecured debt rating and changed its outlook to positive.
For the full year 2024, Kimco’s FFO was $1.1 billion, or $1.65 per diluted share, representing 5.1% year-over-year growth. The company signed 429 leases totaling 2.4 million square feet during the fourth quarter, generating blended pro-rata cash rent spreads on comparable spaces of 11.4%.
In terms of the 2025 outlook, Kimco forecasts net income in the range of $0.70 to $0.72 and FFO in the range of $1.70 to $1.72. The outlook is based on assumptions such as same property NOI growth of 2.0% or more, and total acquisitions net of dispositions in the range of $100 million to $125 million.
The company's board of directors declared a quarterly cash dividend of $0.25 per common share, payable on March 21, 2025, to shareholders of record on March 7, 2025.
Kimco Realty continues to focus on its portfolio of high-quality, grocery-anchored centers and aims to drive value creation for its shareholders through disciplined capital allocation and a motivated team. The market has reacted to these announcements by moving the company's shares 0.8% to a price of $22.6. Check out the company's full 8-K submission here.
