GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBP) on Wednesday reported a key measure of profitability in its fiscal fourth quarter.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $13.4 million, or 35 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 $3.2 million, or 8 cents per share.
The real estate investment trust posted revenue of $34.3 million in the period.
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 risen 24% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.71, a rise of 14% in the last 12 months.