GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBA) on Monday reported a key measure of profitability in its fiscal first quarter.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $12.9 million, or 34 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 net income of $5.1 million, or 13 cents per share.
The commercial real estate investment trust posted revenue of $34.3 million in the period.
The company's shares have fallen 26% since the beginning of the year. In the final minutes of trading on Monday, shares hit $18.50, a fall of 10% in the last 12 months.