Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported a steep drop in net income for the quarter ended Dec. 31 due primarily to lower gains on the sale of properties than a year earlier. Revenue was slightly lower.
Kimco, the largest publicly traded owner and operator of shopping centers in the United States, said net income attributable to the company was $78.3 million for the fourth quarter, down from $379.2 million in the same quarter last year. The decrease was due to $345.5 million “of lower gains on sales of operating properties” and $15.6 million in charges from the sale of properties, the company said in a release.
Funds from operations, a measure of real estate investment trust earnings that excludes results from the sale of properties, rose to $163 million, or 38 cents per share, from $143.2 million, or 35 cents per share, during the same quarter last year.
Revenue for the quarter fell slightly to $297 million from $300.9 million during the year earlier period due to lower rental revenue.
Real estate investment trusts, or REITs, are required to return at least 90 percent of their profits to investors. Some REITs, like Kimco, are publicly traded. The company reported earnings after the market closed Thursday. Its shares were unchanged at $24.87 in after-hours trading.
Kimco owns more than 500 shopping centers in the U.S., with 30 of those — including Airport Plaza in East Farmingdale — on Long Island.