Kimco Realty: 3Q Earnings Snapshot
JERICHO, N.Y. (AP) _ Kimco Realty Corp. (KIM) on Thursday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The Jericho, New York-based real estate investment trust said it had funds from operations of $106.7 million, or 25 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 26 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 $44.7 million, or 10 cents per share.
The real estate investment trust posted revenue of $259.8 million in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $265.4 million.
The company’s shares have fallen 48% since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 7%. The stock has dropped 50% in the last 12 months.