NEW HYDE PARK, N.Y. — Kimco Realty here has turned a $51 million investment in unwanted Albertsons stores into a $56 million quarterly profit, the real estate company said Thursday. Kimco is a member of the consortium that of real estate and private equity funds known as Albertsons LLC that purchased “non-core” Albertsons stores in the company’s break-up early last year. In an earnings call yesterday, Michael Pappagallo. Kimco’s chief financial officer, said the stores had an operating loss of $17.5 million but that deficit was more than made up for in store sales and refinancings, netting Kimco $122 million in the quarter, or a $56 million profit after costs and deferments. Pappagallo added he was excited over the prospects for the remaining Albertsons locations as management focuses on improving margins and quality.
