KIM US S&P 500Russell 1000 Earnings call
Kimco Realty (KIM) · Q2 2026 results and valuation
Share price: $25.62 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 30 Apr 2026
Net income down 7.0% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−7.0%
Net income vs Q1 2026
Outlook given
Net income 153.3M vs 164.9M
Revenue −1.3%
2 · How management spoke
Upbeat
More upbeat than 71% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Figure
Economic occupancy in the SNO pipeline increased by 20 basis points to 92.4% compared to the previous quarter.
Valuation
Is Kimco Realty undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 7.4% growth a year (3-year revenue growth), the model's fair value is $21.96 a share — the stock trades 17% above it. Today's price assumes 8.9% growth a year.
Current price
$25.62
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+8.9% for 10 yrs
Fair value / share
$21.96
Buy below
$16.47
Price vs fair value
Overvalued 17%
Price vs buy-below price
Overvalued 56%
Read between the lines
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Key theme
A sizable pipeline of signed leases not yet open and capital recycling are expected to drive cash flow and earnings growth.
Source quote
“Strong retailer demand, positive shopper traffic, visible cash flow growth from our sizable signed but not open pipeline, accretive capital... Kimco has the right platform, portfolio and balance sheet to drive sustainable earnings growth. With that, I'll turn it over to Dave to cover leasing in more detail.”
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Guidance
Margin expansion is now among the benefits expected to build over time alongside earnings growth, same-site performance, and leasing productivity.
Source quote
“We expect the benefits to build over time through improved FFO growth, same-site performance, leasing productivity and margin expansion.”
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Guidance
Kimco Realty expects growth to accelerate in the second half to hit the revised guidance range.
Source quote
“So to your point, we are expecting continued acceleration of growth in the back half of the year that gets us into the revised guidance range that we put...”
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Fading
Kimco reported 4.5% FFO per share growth for the start of 2026, driven by favorable credit trends and continued balance sheet improvement.
Source quote
“As the team has outlined, Kimco delivered a strong start to 2026 with 4.5% FFO per share growth, favorable credit... I'll focus on the key drivers behind the quarter, followed by the balance sheet and our outlook.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“In addition, our Board has increased the quarterly common cash dividend by 12% over the prior year, supported by our strong operating performance, earnings growth and rising taxable income and...”
“Same-property NOI increased 3.5%, driven by the growth in minimum rents, stronger net recovery income and continued improvement in tenant credit performance.”
“Small shop occupancy hit a new record high of 92.9%, and we continue to see room for further occupancy gains as demand for smaller format space remains exceptionally strong.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 550.8M | 558.0M | −1.3% | 525.2M | +4.9% |
| Operating income | 196.1M | 207.8M | −5.6% | 205.8M | −4.7% |
| Net income | 153.3M | 164.9M | −7.0% | 163.0M | −5.9% |
| P/E today 17.6 | — | — | — | — | — |
Topics
Most discussed now
- Across the quarter, Kimco Realty continues to see retailers compete for space in high-quality open-air grocery-anchored centers with demand…
- It is a true reflection of the bottoms-up approach that Kimco Realty has taken with the multifamily densification program over the...
- Paired together, this capital recycling strategy Kimco Realty put in place is truly helping to enhance the growth trajectory of the...
- Simultaneously, Kimco Realty is benefiting from aggressive pricing as the market continues to place substantial value on highly stable…
- Same-property NOI increased 3.5%, driven by the growth in minimum rents, stronger net recovery income and continued improvement in tenant...
Faded since Q1 2026
- Dropped Kimco Realty has been very successful over the last several years, acquiring its partners' interest in several select joint venture…
- Fading If the need arises, Kimco Realty will post additional information to its IR website.
- Fading For the first quarter, Kimco Realty outperformed as it delivered FFO of $0.46 per diluted share, a 4.5% increase over the...
- Fading Kimco Realty closed 576 deals totaling 4.4 million square feet with new leases delivering spreads of 23.8%, a clear reflection of...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Material agreement; New financial obligation; Unregistered share sale · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K