Kimco Realty reports improved income
Kimco chief executive David Henry. (Dec. 15, 2011) Credit: Newsday / Audrey C. Tiernan
New Hyde Park-based Kimco Realty Corp., which owns more than 900 shopping centers in the United States, Canada and Latin America, reported a 5.5 percent increase in net operating income for 2011.
Kimco said in a Wednesday earnings report that its net operating income for 2011 was $617.6 million, up from $585 million for 2010. Net income available to common shareholders rose to $109.6 million, or 27 cents per share, from $91.5 million, or 22 cents per share, the previous year.
In early trading Thursday, Kimco shares were down 45 cents, to $18.41. The shares have ranged in value over the past year from $13.55 to $20.31.
The real estate investment trust sold off its interests in 31 nonstrategic shopping centers in 2011 and added 21 new retail properties. It finished the year with 941 operating properties, of which 811 were in the United States and Puerto Rico, 63 in Canada, 54 in Mexico and 13 in South America.
Above, David Henry, Kimco's chief executive
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