Kimco Realty: 1Q Earnings Snapshot

NEW HYDE PARK, N.Y. (AP) _ Kimco Realty Corp. (KIM) on Friday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in New Hyde Park, New York, said it had funds from operations of $160.5 million, or 37 cents per share, in the period.

The average estimate of 10 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 $83.7 million, or 19 cents per share.

The real estate investment trust posted revenue of $289.7 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $287.7 million.

The company's shares have dropped 51% since the beginning of the year, while the Standard & Poor's 500 index has declined 11%. The stock has fallen 44% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KIM at https://www.zacks.com/ap/KIM