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 topped Wall Street expectations.
The Jericho, New York-based real estate investment trust said it had funds from operations of $301.9 million, or 44 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 42 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 $125.1 million, or 18 cents per share.
The real estate investment trust, based in Jericho, New York, posted revenue of $536.6 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $525.1 million.
Kimco Realty expects full-year funds from operations in the range of $1.71 to $1.74 per share.
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