Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported higher net income and lower revenue for the quarter ended June 30.
Kimco, one of the largest publicly-traded owners of shopping centers in the United States, said net income attributable to the company rose to $165.4 million in the second quarter from $143.4 million during the same quarter last year. The company attributed the increase to $14.3 million more in gains made on the sales of operating properties.
The company sold 17 shopping centers during the quarter.
Funds from operations, a measure of earnings that excludes gains and losses on property sales, fell to $165.3 million, or 39 cents per share, from $175 million – 41 cents per share – in the year-earlier period.
The company reported revenue of $293.4 million, down from $297.2 million in the same quarter last year.
Real estate investment trusts, or REITs, must return most of their profits to investors. Kimco reported earnings Thursday. Its shares were at $16.12, down 55 cents, during Friday midday trading on the New York Stock Exchange.
Kimco owns nearly 500 shopping centers in the United States, including about 30 on Long Island.