Kimco Realty, an LI REIT, reports higher results
Kimco Realty Corp, a New Hyde Park-based real estate investment trust focused on shopping center ownership, reported higher financial results Wednesday due to higher revenue from rent.
Funds from operations -- a measure commonly used in place of profit for real estate trusts -- rose to $138.4 million, or 34 cents a share, for the three months ended March 31. That was up 2.6 percent from $134.9 million, or 33 cents per share, for the same period in 2013. Over the past 12 months the stock is down about 5.5 percent.
Revenue at Kimco -- which, with a stock market value of $9.5 billion, is one of the largest publicly traded real estate investment trusts in the United States -- also jumped, to $246.9 million, up from $227 million in the year-ago period.
Kimco's funds from operations were in line with Wall Street analysts' estimates, but its revenue results missed expectations. The stock remained static in after-hours trading after the company reported its earnings.
In the first quarter of 2014, Kimco purchased its first portfolio of 24 retail-focused properties in the Boston metropolitan area for $270 million, in addition to properties in North Carolina and Baltimore.
The company also continued to divest several of its holdings according to a plan set in 2010 to sell noncore and low-growth properties. It sold 11 properties in the United States and nine in Mexico in the first quarter, and is in the process of selling 40 properties in the United States and 36 properties in Latin America.
A sale of the 36 Latin American properties would allow Kimco to completely exit the Latin American market, a goal the company has previously announced.