GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBP) on Thursday reported a key measure of profitability in its fiscal third quarter.
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.
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 real estate investment trust posted revenue of $34.5 million in the period.
The company's shares have increased 16% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.47, a fall of slightly more than 4% in the last 12 months.