# Kimco Realty Corporation (KIM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/KIM/thesis · /stocks/KIM/memo

## Financial Snapshot

---
ticker: KIM
step: 04
generated: 2026-05-13
source: quick-research
---

### Kimco Realty Corporation (KIM) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$1.73B | $1.78B | $2.04B | +14.2% |
| NOI Margin | ~65% | ~65% | ~64% | |
| FFO (total) | ~$900M | $970M | $1.10B | +13.4% |
| FFO/Share | ~$1.48 | $1.57 | $1.65 | +5.1% |
| Net Income/Share | $0.16 | $1.02 | $0.55 | -46% |

*FY2024 revenue and FFO surged due to the January 2024 RPT Realty all-stock acquisition (added 56 shopping centers). FFO/share growth of 5.1% is the per-share metric adjusted for dilution from shares issued in the RPT transaction.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| FFO | $1.10B |
| Annual Dividend | ~$0.96/share annualized (~5.2% yield) |
| Total Debt | ~$7.8B |
| Net Debt / EBITDA | ~7.8x |
| Occupancy (2024 year-end) | Record high ~96%+ |

*Post-RPT leverage elevated at ~7.8x Net Debt/EBITDA — above the comfort zone for some investors. Investment-grade rated; management targeting leverage reduction through organic NOI growth and selective asset sales.*

#### Key Ratios (approximate)
- Price/FFO: ~11x | Implied Cap Rate: ~6.5% | Dividend Yield: ~5.2%
- FFO/Share Growth (FY2025): +6.7% (actual, above-expectation)
- FFO/Share FY2026 Consensus: ~$1.77 (+3.5% growth)
- Same-Store NOI Growth (FY2024): ~3–4%

#### Growth Profile
Kimco has transformed through mergers (Weingarten 2021, RPT 2024) into the dominant open-air retail REIT — nearly doubling in size over four years. FY2024 revenue growth of 14.2% reflects the RPT contribution (not organic). Organic same-store NOI growth has been 3–4% per year, driven by below-market lease renewals resetting at market rents and high occupancy. FY2025 delivered 6.7% FFO/share growth as RPT synergies materialized and record occupancy drove strong leasing spreads. FY2026 consensus estimates 3.5% FFO/share growth ($1.77/share) as the company shifts from integration mode to steady-state compounding.

#### Forward Estimates
- FY2025 FFO/Share: actual ~$1.76 (+6.7% vs. FY2024)
- FY2026 FFO/Share consensus: ~$1.77 (+0.6%–3.5% range depending on source)
- Piper Sandler Overweight, $28 target; JPMorgan Neutral, $25 target; Barclays Overweight, $25 target
- Leverage reduction path: organic EBITDA growth + selective asset dispositions targeting <7x net debt/EBITDA

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/KIM/fundamental

## Navigation

- Overview: /stocks/KIM
- Financials (this page): /stocks/KIM/financials
- Thesis: /stocks/KIM/thesis
- Investment Memo: /stocks/KIM/memo
- Coverage universe: /stocks