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Kimco Realty net rises, aided by the sale of properties

Kimco Realty Corp.'s chief executive Conor Flynn, at

Kimco Realty Corp.'s chief executive Conor Flynn, at his New Hyde Park office June 15, 2016. Credit: Newsday / J. Conrad Williams Jr.

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

The company, one of the largest publicly traded owners and operators of shopping centers in the country, said net income attributable to Kimco was $85 million for the fourth quarter, up from $78.3 million in the same quarter a year earlier. The increase was due in part to gains made on the sale of operating properties.

Net income for the full year was also up at $426.1 million compared with $379 million in the prior year.

“We will continue to build on these results while also taking steps to strengthen our portfolio in the rapidly changing retail environment,” Conor Flynn, chief executive of Kimco said in a statement.

Funds from operations, a measure of real estate investment trust earnings that excludes results from the sale of properties, fell slightly to $160.1 million from $163 million.

The company also said its board authorized a $300 million share buyback program.

Real estate investment trusts, or REITs, must return a majority of their profits to investors. Kimco’s shares closed at $14.67, up 40 cents, on Thursday. Shares of the company are down about 35 percent for the past 12 months.

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

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