Dip in funds from operations at Kimco Realty
An interior view of Kimco Realty Corp., a New Hyde Park-based real estate investment trust. Credit: Newsday/J. Conrad Williams Jr.
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.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
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