KIM earnings analysis
What we found in KIM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Kimco delivered a constructive operating quarter: total revenue rose 4.9% year over year to $550.8 million, same-property NOI increased 3.5%, and diluted FFO per share rose to $0.46 from $0.44. GAAP EPS nevertheless slipped to $0.22 from $0.23 because property-sale gains fell sharply year over year. Liquidity strengthened, with six-month operating cash flow of $588.3 million and ending cash of $700.4 million, but investors should weigh $851.1 million of combined consolidated and JV debt maturities remaining in 2026 and elevated redevelopment spending.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue rose 4.9% year over year
- Q2 total revenue was $550.801 million, up $25.626 million, or 4.9%, from $525.175 million a year earlier, driven principally by a $20.6 million increase in tenant revenue from leasing activity and portfolio growth.
- Same-property NOI grew 3.5%
- Same-property NOI increased $13.6 million, or 3.5%, to $403.160 million. Management attributed the gain primarily to $10.1 million of higher minimum rent, $2.0 million of higher recovery income, and a $2.0 million reduction in credit losses.
- FFO per share increased $0.02
- Diluted FFO per share increased to $0.46 from $0.44, while FFO available to common shareholders rose $11.6 million to $309.168 million.
- Operating cash flow and liquidity improved
- Six-month operating cash flow increased $59.1 million year over year to $588.3 million. Cash, cash equivalents and restricted cash ended at $700.4 million, versus $212.8 million at the beginning of 2026.
- Leasing activity remained strong
- Kimco executed 826 leases totaling 6.2 million square feet in the first half, including 253 new leases and 573 renewals/options; new-lease average rent was $28.49 per square foot.
- Quarterly dividend increased 7.7%
- The Board raised the quarterly common dividend to $0.28 per share from $0.26, a 7.7% increase, payable September 17, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- GAAP earnings declined despite revenue growth
- GAAP net income available to common shareholders declined $9.7 million to $145.8 million and diluted EPS fell to $0.22 from $0.23, as Q2 property-sale gains dropped to $1.4 million from $38.9 million a year earlier.
- Refinancing and interest-cost exposure
- Debt maturities remaining in 2026 total $773.4 million of consolidated debt plus $77.7 million of unconsolidated-joint-venture debt. Interest expense increased $2.7 million year over year in Q2 to $83.9 million.
- Higher redevelopment capital intensity
- First-half improvements to operating real estate rose to $173.6 million from $138.2 million, with redevelopment and renovation spending nearly doubling to $109.7 million from $60.1 million. Management also expects another $125.0 million-$175.0 million of redevelopment/re-tenanting spend in the remainder of 2026.
- No formal risk-factor update; impairment occurred
- The filing states there were no material changes to risk factors previously disclosed in the 2025 Form 10-K. Nonetheless, the company recognized a $5.6 million impairment on a preferred-stock investment following the investee's bankruptcy restructuring filing.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.22
- Operating margin
- 35.6%
- Segment
- Single operating business: open-air, grocery-anchored shopping centers and mixed-use properties; rental-property revenue was $546.423 million and management/other fee income was $4.378 million.
What they said about what is next.
The 10-Q does not provide numeric earnings or revenue guidance. Management quantified planned remaining-2026 acquisitions at approximately $300.0 million-$500.0 million and redevelopment/re-tenanting capital commitments at approximately $125.0 million-$175.0 million.
The filing reads better than the one before it.
What came before.
- 10-Q · April 30, 2026
- Kimco Realty (KIM) delivered a robust Q1 2026 performance with net income of $157.4 million, equating to $0.23 EPS, an increase from $125.1 million or $0.18 EPS in the prior year period. Revenue grew to $552.8 million,…
- 10-K · February 20, 2026
- Kimco Realty (KIM) reported full-year operational improvement in 2025 with revenue rising to $2.14B (from $2.037B in 2024), higher aggregate diluted EPS (2025 quarters sum to $0.82 vs $0.56 in 2024) and modestly higher…
- 10-Q · July 28, 2023
- Kimco reported a revenue increase to $442,840,000 in Q2 2023 from $427,198,000 in Q2 2022 and an operating income improvement to $157,192,000 from $133,202,000. Net income swung to $109,270,000 in Q2 2023 from a loss of…
- 10-K · February 24, 2023
- Kimco (10-K for period ended December 31, 2022) presents itself as North America’s largest publicly traded owner/operator of open-air, grocery‑anchored shopping centers with a growing mixed‑use pipeline, emphasizing…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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