Kimco Realty's quarterly results rise
Kimco Realty Corp. reported higher quarterly results Wednesday due to increased occupancy and higher net income from operations.
The New Hyde Park-based company's funds from operations, a measure commonly used as a substitute for earnings per share for real estate investment trusts, rose by 6.5 percent to 33 cents per share in the first quarter of 2013 compared to the same period a year earlier. The adjusted funds from operations per share, which was 32 cents, met Wall Street analysts' expectations.
A real estate investment trust is a company that owns a portfolio of properties and pays its shareholders a dividend. Some REITs, like Kimco, are publicly traded.
Kimco's net income rose to $70.5 million on revenue of $241.2 million; that's an increase of $11.4 million in net income compared to the first quarter of 2012.
Last month the company reported that it had purchased 1.5 million square feet of retail and shopping center property for $221 million in the first quarter.
It also sold two shopping centers for $10.3 million with 292,000 square feet and a non-retail property in the Bronx for $3.6 million.
The company owns interests in shopping centers in North America and South America with about 131 million square feet of space.
Earlier this year the company reported that it had been subpoenaed by the Securities and Exchange Commission in a case involving alleged bribery by Wal-Mart in Mexico and that it had been subpoenaed by the U.S. Dept. of Justice in a parallel investigation.