Kimco Realty Corp., a New Hyde Park-based real estate investment trust, reported higher revenue and funds from operations but lower net income for the quarter ended March 31, due primarily to gains made on the sale of operating properties and joint venture partnerships.
Kimco, the largest owner of suburban shopping centers in North America, said total revenue for its first quarter rose to $297.2 million from $283.5 million during the same period last year, due to higher revenues from its rental properties.
The company’s funds from operations, a measure of real estate trust earnings that doesn’t include gains or losses from property sales, rose to $158.2 million, or 38 cents per share, from $153.5 million, or 37 cents a share, in the year-earlier period.
Net income attributable to the company fell to $140.7 million from $310.3 million in the year- earlier period. The decrease was due to smaller gains made this quarter than a year earlier on the sale of properties and partnership interests.
“We’ve maintained a high occupancy rate of 95.8 percent and strong demand for new leases,” said David Bujnicki, vice president of investor relations and corporate communications for Kimco.
Real estate investment trusts, or REITs, are required to return a majority of profits to investors. Some, like Kimco, are publicly traded. The company reported earnings after the market closed yesterday. Kimco’s shares, which closed up 15 cents at $28.72, rose 28 cents after the market closed. Kimco owns the Airport Plaza shopping center in East Farmingdale.