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Cedar reports 4Q results

PORT WASHINGTON, N.Y. (AP) _ Cedar Realty Trust Inc. (CDR) on Thursday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.

The real estate investment trust, based in Port Washington, New York, said it had funds from operations of $12.1 million, or 14 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 14 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 a loss of $523,000, or 1 cent per share.

The real estate investment trust posted revenue of $37.2 million in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $36.9 million.

For the year, the company reported funds from operations of $49.2 million. Revenue was reported as $151.1 million.

Cedar expects full-year funds from operations in the range of 53 cents to 55 cents per share.

The company's shares have dropped slightly more than 8 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $5.98, a decline of 15 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDR at https://www.zacks.com/ap/CDR


Keywords: Cedar Realty Trust, Earnings Report