Seritage Growth Properties: 2Q Earnings Snapshot
NEW YORK (AP) _ Seritage Growth Properties (SRG) on Thursday reported a loss in funds from operations in its second quarter, after reporting a profit in the same period a year earlier.
The real estate investment trust, based in New York, said it had a funds from operations loss of $6.1 million, or 11 cents per share, in the period.
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 a loss of $18.1 million, or 50 cents per share.
The real estate investment trust posted revenue of $40.5 million in the period.
The company’s shares have risen 29% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $41.75, a drop of 14% in the last 12 months.