Kimco Realty Corporation reported a net income of $375.7 million, or $0.55 per diluted share, for the fiscal year ending December 31, 2024, a significant decrease from the $629.3 million, or $1.02 per diluted share, recorded in 2023. The company's Funds From Operations (FFO) increased to $1.1 billion, or $1.65 per diluted share, compared to $970 million, or $1.57 per diluted share, in the previous year. Revenues from rental properties rose by $252 million to $2.02 billion, driven primarily by acquisitions made during the year, including properties acquired through the RPT Merger.
The RPT Merger, completed on January 2, 2024, was a significant strategic development for Kimco, adding 56 open-air shopping centers and expanding its portfolio to 568 properties totaling 101.1 million square feet of gross leasable area. The merger also included the acquisition of RPT's 6% stake in a 49-property net lease joint venture. The company executed 1,556 leases totaling approximately 10.3 million square feet during 2024, with a consolidated operating portfolio occupancy rate of 96.4%, up from 96.1% in 2023.
Operationally, Kimco's focus on grocery-anchored shopping centers in major metropolitan areas has positioned it well in the current market. As of December 31, 2024, the company reported that 82% of its annualized base rental revenues came from top major metro markets, which are characterized by strong demographics and projected population growth. The company has also made strides in enhancing its properties, investing $156.2 million in redevelopment and $168.3 million in improvements during the year.
Looking ahead, Kimco anticipates challenges from economic conditions, including elevated inflation and interest rates, which could impact consumer spending and tenant performance. The company remains committed to its strategy of maintaining a diversified tenant base and enhancing its properties to meet changing consumer demands. With a strong balance sheet and liquidity position, including $2.7 billion in immediate liquidity, Kimco is well-positioned to navigate these challenges and continue its growth trajectory. The company plans to focus on increasing occupancy levels and rental rates while exploring opportunities for redevelopment and mixed-use projects.
About KIMCO REALTY CORP
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