GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBA) on Wednesday reported a key measure of profitability in its fiscal fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Greenwich, Connecticut, said it had funds from operations of $13.4 million, or 35 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 33 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 $3.2 million, or 8 cents per share.
The commercial real estate investment trust posted revenue of $34.3 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $34 million.
For the year, the company reported funds from operations of $54.3 million, or $1.43 per share. Revenue was reported as $137.6 million.
The company's shares have climbed 24% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $23.80, an increase of 17% in the last 12 months.