The New York investment company that acquired Medford Center and Bear Creek Plaza shopping centers last October reported that its fourth-quarter earnings rose 23 percent due to increased rents and acquisitions.
New Hyde Park, N.Y.-based Kimco Realty Corp., said Tuesday it earned $131.9 million in the fourth quarter, up from $107.7 million for a corresponding period in 2006.
The nation's largest owner of community shopping centers, has seen its stock rise dramatically this year alone.
Shares closed at $52 Tuesday, nearly $20 above its 52-week low in May of 2006. Kimco said revenue from rental properties rose 19 percent, to $157.2 million.
The real estate investment trust is largely benefiting from a sharp increase in retail sales across the country, which allows shopping center landlords like Kimco to raise rents and expand holdings.
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Kimco said it is benefiting from a $2.9 billion acquisition of Pan Pacific, a deal that included the Rogue Valley shopping centers, and tripled Kimco's holdings in California.
For the full year, Kimco said that net income increased 17.8 percent, to $428.3 million, from $363.6 million.
Funds from operations for the full year rose 17.1 percent, to $544.3 million, from $464.7 million.
Kimco now has about 488 employees, up from 387 in 2001.
