Kimco net income, revenue rise as rental revenue increases
Real estate investment trust Kimco Realty Corp., based in this New Hyde Park building, as seen on Jan. 6, 2011, is one of the largest owners of shopping centers in North America. Credit: Newsday / J. Conrad Williams Jr.
Kimco Realty Corp., a New Hyde Park-based real estate investment trust specializing in shopping centers, reported higher revenue and net income for the quarter ended Sept. 30 as revenue from rental properties increased.
The company, which is the largest owner of suburban shopping centers in North America, said its revenue for the third quarter rose to $262 million from $221.5 million during the same period last year.
Net income attributable to Kimco more than tripled for the quarter, leaping to $194.7 million from $55.8 million last year. The sharp rise was due in part to gains made on the sale of properties, rising to $89.3 million from $23.4 million during the same period last year.
Kimco's funds from operations, a measure used to assess real estate trust earnings, rose to $159.9 million, or 39 cents a share, from $141.4 million or 34 cents a share during the same period last year.
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