Kimco announces record leasing results in Q1 2026
The largest operator of grocery-anchored shopping centers in North America reports that it achieved a record leased-to-economic-occupancy spread in the first quarter of 2026,
Kimco Realty’s positive spread of 410 basis points, representing a $77 million, is a 28% year-over-year increase in future annual base rent in its 565 centers in the United States, according to a press release issued by the Jericho, N.Y.-based company.
“Our solid first quarter results, highlighted by strong leasing activity, rent commencements, and tenant credit profiles, continue to validate our strategy and underscore the quality of our portfolio and the resilient demand for our product and the ability to generate durable cash flow,” said Kimco CEO Conor Flynn.
The developer signed 576 leases in Q1 totalling 4.4 million square feet and generating blended pro-rata cash rent spreads on comparable spaces of 11.3%.
New leases climbed 23.8% higher than last year’s quarter. Renewals and options grew by 12.0% and 7.9%, respectively.
Kimco’s net income for the quarter of $157 million was a 20% increase over last year. However, the company reported that the increase was partially offset by a $5.7 million increase in total operating and maintenance expenses mainly attributable to higher snow removal and landscaping-related services, a $2.9 million increase in real estate tax expense, and $2.5 million in lower lease termination income compared to the prior year period.
Kimco also achieved a $15.3 million increase on sales of operating properties compared to the first quarter of 2025, primarily due to the sale of a ground-leased parcel at Mission Bell shopping center.
“With a significant signed-not-opened pipeline set to come online over the coming quarters, we have a clear line of sight to meaningful organic growth,” noted Flynn.
