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Kimco Realty reports dip in sales but higher net income

Kimco-owned Airport Plaza in Farmingdale, NY.

Kimco-owned Airport Plaza in Farmingdale, NY. Credit: Handout

Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported higher net income but slightly lower revenue for the quarter ended June 30, as the company booked more gains on the sale of operating properties.

Kimco, the largest publicly traded owner of open-air shopping centers in the United States, said total revenues for the second quarter dipped to $291.5 million from $294.1 million during the same quarter a year earlier.

Net income attributable to the company rose to $203.4 million for the quarter up from $127 million in the year earlier period.

During the quarter, Kimco sold its interests in 22 Canadian shopping centers for a gross sales price of $474.4 million. Kimco is repositioning itself to be more focused on shopping centers in the United States.

Funds from operations, a measure of real estate trust earnings that excludes gains or losses from the sale of properties, fell to $158.1 million, or 38 cents per share, from $182.7 million, or 44 cents a share, in the year earlier period.

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 on Wednesday. Its shares were unchanged at $31.12 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.


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