GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBP) on Monday reported a key measure of profitability in its fiscal first quarter.
The real estate investment trust, based in Greenwich, Connecticut, 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 real estate investment trust posted revenue of $34.3 million in the period.
The company's shares have dropped 22% since the beginning of the year. In the final minutes of trading on Monday, shares hit $15.43, a fall of 6% in the last 12 months.