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 third 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 $152.1 million, or 36 cents per share, in the period.
The average estimate of seven 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 $85.6 million, or 19 cents per share.
The real estate investment trust posted revenue of $283.1 million in the period, exceeding Street forecasts. Seven analysts surveyed by Zacks expected $281.7 million.
The company's shares have decreased 18 percent since the beginning of the year, while the Standard & Poor's 500 index has declined almost 1 percent. The stock has dropped 20 percent in the last 12 months.
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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
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