Kimco Realty earnings up 15 percent
A Kimco property in Jacksonville, Fla. Credit: Handout
Kimco Realty Corp. of New Hyde Park reported Thursday that its earnings increased as it collected more rental income from its portfolio of commercial properties. The real estate investment trust, among the largest mall owners in the nation, said it achieved the results despite the loss nationwide of 10 Borders bookstore tenants and three Superfresh grocery store tenants.
Kimco had a 15 percent increase in funds from operations -- a key indicator for REITs -- for the third quarter compared to the same quarter last year. For the three months ended Sept. 30 Kimco's funds from operations were $128.2 million, or 31 cents per diluted share, compared to $110.5 million, or 27 cents per diluted share, for the same period in 2010. Kimco said it will increase its quarterly cash dividend by 5.6 percent, to 19 cents per share.
Among Kimco's Long Island properties, Hicksville Plaza, on North Broadway in Hicksville, is fully leased, with a Dollar Tree, Duane Reade, Atlantic Bank and Five Guys Burgers and Fries. Also fully leased is Franklin Square Shopping Center, on Franklin Avenue in Franklin Square, with a Petco, Payless ShoeSource and WindowRama. In Selden, Independence Plaza, on Middle Country Road, anchored by a Home Depot and a King Kullen, has four vacant spaces ranging from 6,000 to 15,000 square feet.
Kimco shares closed up 9 cents to $17.44. With about 680 employees, it has a market capitalization of nearly $6 billion. The company has 934 operating properties: 807 in the United States and Puerto Rico, 62 in Canada, 52 in Mexico and 13 in South America.
