GREENWICH, Conn. – GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBA) on Friday reported a key measure of profitability in its fiscal second quarter.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $17 million, or 45 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 $9.6 million, or 25 cents per share.
The commercial real estate investment trust posted revenue of $37 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $32.7 million.
The company's shares have increased 0.5 percent since the beginning of the year. In the final minutes of trading on Friday, shares hit $21.85, a rise of 15 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on UBA at https://www.zacks.com/ap/UBA