Kimco Realty Corp., a real estate investment trust based in New Hyde Park, reported higher revenue and profit for the quarter ending Sept. 30 because of increased proceeds from rent.
The company, which is the largest owner of suburban shopping centers in North America, said its revenue for the third quarter rose to $241.5 million from $222.9 million in the same period last year.
Kimco's funds from operations, a measure typically used to assess real estate trust earnings, was $141.4 million, or 34 cents a share, for the quarter. That's an increase from $119 million in the year-earlier period. Profits for Kimco also increased slightly to $57.2 million from $57.1 million last year.
Both revenue and funds from operations beat Wall Street analysts' expectations.
A real estate investment trust, or REIT, owns and manages a portfolio of properties and must return a portion of profits to investors. They can be privately held, or traded publicly on exchanges -- like Kimco.
With a stock market value of $8.8 billion, Kimco is the second-biggest company on Long Island by that measure, after CA Technologies.
The REIT, which had announced earlier it would pull out of the Latin American market due to slow growth potential, divested 98 properties there in the last quarter. As of September, it owned 855 shopping centers in North and South America -- down from 874 in June.