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Kimco Realty swings to a profit, revenue rises

Kimco owns more than 500 shopping centers in

Kimco owns more than 500 shopping centers in the United States. Credit: KIMCO

Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported higher revenue and swung to a profit in the quarter ended Sept. 30.

Kimco, one of the largest publicly traded owners and operators of shopping centers in the United States, said net income attributable to the company was $121 million for the third quarter, compared to a net loss of $43.5 million in the same quarter last year.

The increase in net income was due to higher charges in the year-earlier period from early termination of debt and from Kimco’s merger with a taxable subsidiary, among other factors.

Funds from operations, a measure of real estate investment trust earnings that excludes results from the sale of properties, also rose in the quarter. Funds from operations rose to $165.3 million from $76.4 million in the same period last year.

Revenue for the quarter rose to $295 million from $285 million during the same period last year.

“We continue to see strength in our fundamentals with increases in our occupancy and strong positive leasing spreads,” said David Bujnicki, senior vice president of investor relations and strategy. “As a result of the solid operating performance, the board increased the quarterly common stock dividend.”

Real estate investment trusts, or REITs, must return a majority of profits back to investors. The company reported earnings after the market closed Wednesday. Kimco’s shares closed at $18.33, down 16 cents, on Thursday.

Kimco owns more than 500 shopping centers in the U.S., with around 30 of those — including Airport Plaza in East Farmingdale — on Long Island.

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