Kimco Realty nets $39M in 1st quarter
Kimco Realty Corp., New Hyde Park
Owns and operates shopping centers
Quarter: Ended March 31
Net income: $39 million, compared with $26.6 million in the same quarter last year.
Funds from operations: $126 million, compared with $117.8 million in the year-ago quarter.
Outlook: The company noted that the U.S. shopping center portfolio predominantly comprises a grocery-anchored component and has a strong position with discount and off-price retailers. In what remains a challenging leasing environment, the characteristics of Kimco's U.S. shopping center portfolio have enabled it to sustain an occupancy level at its 92 percent historical average since the company's initial public offering in 1991.
Company statement: Shopping center occupants "include a well diversified, high-credit quality tenant base, a national footprint with over 92 percent of its shopping centers inside dense, infill first-ring suburbs and low average base rent per square foot," the company said.
Sarra Sounds Off, Season 3, Ep 5: Top football teams in action and Nassau soccer playoff picks Gregg Sarra sounds off on Wantagh vs. Bethpage and Ward Melville vs Sachem North, plus Michaeil Sicoli has his Nassau soccer picks, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 5: Top football teams in action and Nassau soccer playoff picks Gregg Sarra sounds off on Wantagh vs. Bethpage and Ward Melville vs Sachem North, plus Michaeil Sicoli has his Nassau soccer picks, an update on the high school fantasy football standings and the plays of the week.
