NEW HYDE PARK, NY-Kimco Realty Corp. reported year-over-year dips in earnings and FFO during its third quarter, but the shopping-center giant saw gains in occupancy that company executives say takes it to the highest it has been since December 2008.
Net income came in at $27.1 million, down from $40.1 million during the same year-ago period. FFO was at $119 million, down from $134.3 million.
Meanwhile, occupancy rose at the company's 922 centers by 70 basis points, hitting 93.7%. This might have been a result of a flurry of leasing activity -- there was a 40.2% jump year over year in new lease signings. Another bright spot in its financial results was a 2.6% increase in same-center NOI during the quarter.
In the third quarter the REIT bought three centers in its core markets totaling 420,000 square feet for $84.3 million, including $42.5 million of mortgage debt. Addtionally, Kimco bought the 161,000-square-foot Savi Ranch, in Yorba Linda, CA, for $34.5 million.
The firm sold 22 non-strategic retail properties during the quarter for $165 million. Additionally, it signed an agreement to sell its 75% stake in extended-stay hotel chain InTown Suites to Starwood Capital for $735 million, in a deal expected to close next year.
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