JERICHO, N.Y. (AP) — JERICHO, N.Y. (AP) — Kimco Realty Corp. (KIM) on Thursday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Jericho, New York, said it had funds from operations of $261.8 million, or 39 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 38 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 a loss of $18.9 million, or 3 cents per share.
The real estate investment trust, based in Jericho, New York, posted revenue of $503.8 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $468.8 million.
Kimco Realty expects full-year funds from operations in the range of $1.56 to $1.60 per share.
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