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.