GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBA) on Thursday reported a key measure of profitability in its fiscal third quarter. The results surpassed Wall Street expectations.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $14.2 million, or 37 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 35 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 $7.3 million, or 19 cents per share.
The commercial real estate investment trust posted revenue of $34.5 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $34.4 million.
The company's shares have climbed 13% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $21.73, a decline of 4% in the last 12 months.