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Kimco Realty reports higher revenue, net income in 2Q

Kimco Realty Corp. headquarters on Jan. 6, 2012.

Kimco Realty Corp. headquarters on Jan. 6, 2012. Credit: Newsday / J. Conrad Williams Jr.

Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported higher revenue and net income for the quarter ended June 30.

The company, the largest owner of suburban shopping centers in North America, reported that total revenue for the second quarter rose to $294.1 million from $246 million during the same period last year.

Net income attributable to Kimco rose to $127 million from $90 million last year. The increase was due in part to a gain of more than $26 million from the sale of operating properties.

Kimco's funds from operations, an alternative measure of real estate trust earnings, rose to $183 million, or 44 cents per share, up from $141.2 million -- 35 cents per share -- from the same quarter last year.

On Long Island, Kimco owns the Airport Plaza shopping center in Farmingdale.


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