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Kimco Realty revenue rises, but net income falls

The exterior of Kimco Realty as seen on

The exterior of Kimco Realty as seen on Jan. 6, 2011, headquartered in New Hyde Park. Kimco said Wednesday its fourth quarter revenue and funds from operations rose from a year earlier, but its net income fell on a decline in proceeds from the sales of properties. Credit: Newsday / J. Conrad Williams Jr.

Kimco Realty Corp., a real estate investment trust based in New Hyde Park, said Wednesday its fourth quarter revenue and funds from operations rose from a year earlier, but its net income fell on a decline in proceeds from the sales of properties.

Revenue totaled $247.6 million in the three months ended Dec. 31, up 9 percent from a year earlier.

A real estate investment trust, or REIT, owns and manages a portfolio of properties and must return part of profits to investors. They can be privately held or traded publicly on exchanges -- like Kimco, which is North America's largest owner and operator of suburban shopping centers.

Kimco's funds from operations, a measure typically used to assess real estate trust earnings, rose 5.9 percent in the quarter to $134.7 million, a rise of 33 cents a share, from $127.2 million, or 31 cents a share, a year earlier.

Funds from operations exclude property charges and gains from sales of properties.

Net income available to common shareholders fell by 21 percent to $47 million, a drop of 11 cents a share in the quarter. That included $22 million in gains on sales of operating properties and $20.7 million of impairments attributable to the sales or pending dispositions of properties.

As of Dec. 31, Kimco had interests in 852 centers totaling 125 million square feet of space in 42 states and Puerto Rico, Canada, Mexico and South America. The figure is down from 874 centers in June. Kimco said it continued in 2013 to reduce its exposure in Latin America by selling properties there -- 112 in total with a combined 16 million square feet of space.

Kimco has a stock market value of $8.4 billion. Its shares, traded on the New York Stock Exchange, have ranged from $19.22 to $25.09 in the past year. Wednesday's financial release came after the market closed. In after-hours trading, Kimco shares were unchanged from the close, at $20.52.

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