GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBP) on Friday reported a key measure of profitability in its fiscal first quarter.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $10.4 million, or 28 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 $3.4 million, or 9 cents per share.
The real estate investment trust posted revenue of $29.1 million in the period.
The company's shares have fallen 14 percent since the beginning of the year. In the final minutes of trading on Friday, shares hit $16.41, a decrease of slightly more than 7 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UBP at https://www.zacks.com/ap/UBP
Keywords: Urstadt Biddle, Earnings Report