Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported higher revenue and net income for the first quarter ended March 31 due to gains in property rents and the sale of properties.
Kimco, the largest owner of suburban shopping centers in North America, said revenue for the quarter rose to $283.5 million from $228.2 million during the same period last year.
Net income attributable to the company more than tripled for the quarter, jumping to $310.3 million from $87 million last year. The sharp increase was due in part to gains made on the sale of properties and increased income from the acquisition of remaining interests in jointly owned properties.
The company's funds from operations, an industry measure used to evaluate real estate trust earnings, rose to $153.5 million, or 37 cents per share, up from $138.4 million -- 34 cents a share -- from the year earlier period.
Real estate investment trusts, or REITs, must return most of their profit to investors. REITS like Kimco are publicly traded.
Shares of Kimco, which owns the Airport Plaza shopping center in Farmingdale, closed at $23.89 Wednesday, up 4.01 percent from the start of the year. The company reported earnings after market close.