NEW HYDE PARK, N.Y. – NEW HYDE PARK, N.Y. (AP) _ Kimco Realty Corp. (KIM) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The New Hyde Park, New York-based real estate investment trust said it had funds from operations of $157.8 million, or 37 cents per share, in the period.
The average estimate of 11 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 $129.5 million, or 30 cents per share.
The real estate investment trust posted revenue of $304.1 million in the period. Its adjusted revenue was $299.7 million, also beating Street forecasts. Eight analysts surveyed by Zacks expected $298.4 million.
Kimco Realty expects full-year funds from operations in the range of $1.42 to $1.46 per share.
The company's shares have declined 25 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased almost 1 percent. The stock has fallen 37 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on KIM at https://www.zacks.com/ap/KIM