PORT WASHINGTON, N.Y. (AP) _ Cedar Realty Trust Inc. (CDR) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Port Washington, New York, said it had funds from operations of $10.6 million, or 12 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 11 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 $92,000, or less than 1 cent on a per-share basis.
The real estate investment trust posted revenue of $35.9 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $35.6 million.
Cedar expects full-year funds from operations in the range of 44 cents to 45 cents per share.
In the final minutes of trading on Wednesday, the company's shares hit $3.35. A year ago, they were trading at $3.89.