Kimco Realty Corporation (KIM) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $43.54 million, or $ 0.13 a share in the quarter, against a net profit of $77.57 million, or $0.15 a share in the last year period. Revenue during the quarter went down marginally by 1.15 percent to $285.08 million from $288.38 million in the previous year period.
Cost of revenue went up marginally by 2.40 percent or $0.95 million during the quarter to $40.43 million. Gross margin for the quarter contracted 49 basis points over the previous year period to 85.82 percent.
Total expenses were $209 million for the quarter, down 2.06 percent or $4.40 million from year-ago period. Operating margin for the quarter expanded 68 basis points over the previous year period to 26.69 percent.
Operating income for the quarter was $76.08 million, compared with $74.99 million in the previous year period.
For financial year 2016, the company projects diluted earnings per share to be in the range of $0.76 to $0.79.
Revenue from real estate activities during the quarter went down marginally by 1.15 percent or $3.31 million to $285.08 million.
Income from operating leases during the quarter went down marginally by 1.45 percent or $4.10 million to $279.29 million.
Income from management fees during the quarter increased 15.92 percent or $0.79 million to $5.79 million.
"Notwithstanding the previously anticipated impact from the closure of the Sports Authority stores in the third quarter, we continue to deliver solid results as the fundamentals of our open-air shopping center portfolio remain healthy. The favorable balance of supply and demand is evident in the strength of our leasing spreads, the positive momentum weve seen in the re-leasing of the vacant Sports Authority boxes and the over three percent growth in same-property NOI during the third quarter" said Conor Flynn, president and chief executive officer of Kimco. "We continue to focus on executing on our 2020 Vision to further reduce leverage, enhance Kimcos long-term outlook and deliver superior returns for shareholders."
Net receivables were at $171.47 million as on Sep. 30, 2016, down 0.74 percent or $1.28 million from year-ago.
Investments stood at $31.68 million as on Sep. 30, 2016, down 17.50 percent or $6.72 million from year-ago.
Total assets went down marginally by 1.82 percent or $207.88 million to $11,206.10 million on Sep. 30, 2016. On the other hand, total liabilities were at $5,687.28 million as on Sep. 30, 2016, down 8.73 percent or $544.30 million from year-ago.
Return on assets for the quarter stood at negative 1.28 percent as compared to a negative 0.01 percent for the previous year period. Return on equity was negative at 1.01 percent in the quarter against a positive 1.24 percent in the last year period.
Debt comes downTotal debt was at $5,000.04 million as on Sep. 30, 2016, down 9.07 percent or $498.55 million from year-ago. Shareholders equity stood at $5,431.96 million as on Sep. 30, 2016, up 6.73 percent or $342.30 million from year-ago. As a result, debt to equity ratio went down 16 basis points to 0.92 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
