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FINWIRES

Research Alert: Kimco Realty Corporation Q1: Rental Revenue Beats, Leasing Up 63% Q/q

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

KIM reported Q1 revenue of $558M (+4.0% Y/Y), with rental revenue of $553M beating consensus estimates by $11M. Same property revenue increased 2.9% to $569M while same property NOI grew 1.7% to $402M, though operating and maintenance expenses (+6.3%) and general and administrative expenses (+8.1%) created meaningful headwinds to further NOI growth expansion. The company demonstrated strong leasing momentum, signing 576 leases totaling 4.4M square feet (+63% Q/Q from 2.7M), with rent spreads on comparable spaces up 11.3%, including new leases at +23.8% and renewals at +12.0%. Management raised FY 2026 same-property NOI growth guidance to 2.8%-3.5%, representing a 30 basis point increase at the bottom end of the range. The leased-to-economic occupancy spread expanded to 410 basis points, representing $77M of annual base rent from signed leases awaiting commencement, providing strong visibility into near-term rental income growth as these committed leases commence operations over the coming quarters.

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