Kimco Realty net drops on lower property sale gains
An exterior view of Kimco Realty Corp., a New Hyde Park-based real estate investment trust is the largest publicly traded owner and operator of shopping centers in North America. Credit: Newsday / J. Conrad Williams Jr.
Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported a drop in net income and slightly lower revenue for the quarter ended March 31 due primarily to lower property sale gains.
Kimco, the largest owner and operator of shopping centers in the United States, including Airport Plaza in East Farmingdale, said net income attributable to the company was $77 million for the first quarter, down from $141 million in the same period last year. The decrease was due primarily to nearly $70 million of lower gains on the sale of operating properties.
Funds from operations, a measurement of real estate investment trust earnings that leaves out income from sales of properties, dipped to $155.1 million, or 37 cents per share, from $158.2 million, or 38 cents per share, in the same quarter last year.
Revenue for the quarter fell slightly to $293.6 million from $297.2 million in 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.
Company shares closed at $20.43, up 14 cents Monday. They are down 27.35 percent in the past 12 months.
Kimco owns more than 500 shopping centers in the United States, with about 30 of them on Long Island.
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