PORT WASHINGTON, N.Y. – PORT WASHINGTON, N.Y. (AP) _ Cedar Realty Trust Inc. (CDR) on Thursday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.
The real estate investment trust, based in Port Washington, New York, said it had funds from operations of $11.9 million, or 13 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 13 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 a loss of $23 million, or 26 cents per share.
The real estate investment trust posted revenue of $37.6 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $36.8 million.
Cedar expects full-year funds from operations in the range of 58 cents to 60 cents per share.
In the final minutes of trading on Thursday, the company's shares hit $3.83. A year ago, they were trading at $5.30.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CDR at https://www.zacks.com/ap/CDR