Cedar: 2Q Earnings Snapshot
PORT WASHINGTON, N.Y. (AP) _ Cedar Realty Trust Inc. (CDR) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Port Washington, New York-based real estate investment trust said it had funds from operations of $17.6 million, or 19 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 18 cents per share.
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 net income of $7.1 million, or 8 cents per share.
The real estate investment trust posted revenue of $41.4 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $40.6 million.
Cedar expects full-year funds from operations in the range of 58 cents to 59 cents per share.
In the final minutes of trading on Thursday, the company’s shares hit $4.64. A year ago, they were trading at $5.12.