Kimco Realty: 2Q Earnings Snapshot
NEW HYDE PARK, N.Y. (AP) _ Kimco Realty Corp. (KIM) on Thursday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in New Hyde Park, New York, said it had funds from operations of $150.2 million, or 36 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 36 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $86.5 million, or 20 cents per share.
The real estate investment trust posted revenue of $284.9 million in the period, topping Street forecasts. Seven analysts surveyed by Zacks expected $282.5 million.
Kimco Realty expects full-year funds from operations in the range of $1.44 to $1.48 per share.
The company’s shares have increased 28% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. The stock has climbed 13% in the last 12 months.