Kimco (KIM) Q1 2026 Earnings Call Transcript

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Date

Thursday, April 30, 2026 astatine 8:30 a.m. ET

Call participants

• Chief Executive Officer — Conor Flynn

• President and Chief Operating Officer — David Jamieson

• President and Chief Investment Officer — Ross Cooper

• Chief Financial Officer — Glenn G. Cohen

• Senior Vice President, Investor Relations & Strategy — Kathleen Thayer

• Senior Vice President, Investor Relations & Strategy — David Bujnicki

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Full Conference Call Transcript

Conor Flynn: Good morning, and acknowledgment for joining america today. When we spoke successful February, I laid retired a wide acceptable of priorities for 2026. Convert our grounds signed but not unfastened pipeline into currency flow, recycle superior aggressively to adjacent the spread betwixt our nationalist and backstage marketplace valuations, modernize the operating level to thrust velocity and ratio portion continuing to propulsion occupancy and same-site NOI growth, each underpinned by the structural spot of our grocery-anchored portfolio. Three months in, I'm pleased to study we are executing connected each of these fronts. Let maine locomotion you done the highlights. David Jamieson volition supply further item connected leasing.

Ross volition screen the transaction market, and Glenn volition instrumentality you done our fiscal results and outlook. The momentum we built successful 2025 has carried into 2026. For the archetypal quarter, we outperformed arsenic we delivered FFO of $0.46 per diluted share, a 4.5% summation implicit the anterior year, driven by higher minimum rents, beardown tenant retention and favorable recognition loss. Same-property NOI grew 1.7%, which is accordant with the cadence we outlined successful February that the archetypal 4th would people the debased constituent of the twelvemonth arsenic we thigh anterior twelvemonth rents related to JOANN's, Party City, Big Lots and Rite Aid. Our tenant recognition illustration is besides arsenic beardown arsenic I tin ever remember.

Customarily, recognition nonaccomplishment tends to beryllium higher during the archetypal 4th arsenic challenged retailers look to get done the vacation season. This year, we didn't acquisition immoderate meaningful bankruptcy enactment and don't foresee that materially changing implicit the people of the year. As we look ahead, we expect accelerating same-site NOI maturation done the equilibrium of the twelvemonth arsenic rents commence from our signed but not unfastened pipeline. Speaking of leasing, our squad delivered 576 deals totaling 4.4 cardinal quadrate feet with caller lease spreads of 23.8% and combined spreads of 11.3%. That measurement reflects the heavy broad-based request that characterizes our markets.

Most importantly, our signed but not unfastened pipeline grew to $77 cardinal of yearly basal rent, a caller all-time grounds for Kimco, representing 410 ground points of leased versus economical occupancy spread. That is contracted disposable currency travel sitting successful the pipeline waiting to convert, and it's the azygous clearest indicator of wherever our net are headed. Occupancy came successful astatine 96.3% pro rata, 50 ground points higher than a twelvemonth agone and down conscionable 10 ground points from our all-time precocious astatine the extremity of past year. I'll fto Dave supply much item connected leasing successful a moment, but I privation to item a milestone that speaks straight to the powerfulness of our platform.