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Kimco Realty reports higher net income, lower revenue

Kimco Realty Corp. owns about 30 shopping centers

Kimco Realty Corp. owns about 30 shopping centers on Long Island, including Airport Plaza in East Farmingdale. Credit: Kimco Realty

Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported higher net income and lower revenue for the quarter ended Dec. 31.

Kimco, one of the largest publicly traded owners of shopping centers in the country, said in its earnings filing Thursday that net income attributable to the company rose to $88.2 million in the fourth quarter from $84.9 million during the year earlier period.

The increase was due in part to gains made on the sale of operating properties.

Funds from operations, an industry measure of earnings that excludes gains and losses on property sales, fell to $146.2 million, or 35 cents per share, from $160.1 million — 38 cents per share — in the year earlier period.

Revenue for the quarter was down to $284.2 million from $315.2 million in the year earlier period.

Real estate investment trusts, or REITs, must return a majority of their profits to investors. Shares of Kimco were down 18 cents to $17.16 per share in morning trading Thursday.

The company owns about 30 shopping centers on Long Island, including Airport Plaza in East Farmingdale.

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