NEW YORK – NEW YORK (AP) _ Urban Edge Properties (UE) on Wednesday reported a key measure of profitability in its second quarter.
The New York-based real estate investment trust said it had funds from operations of $41.6 million, or 33 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 $53.7 million, or 47 cents per share.
The real estate investment trust that owns and manages shopping centers posted revenue of $102 million in the period.
The company's shares have declined 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.87, a fall of almost 10 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 UE at https://www.zacks.com/ap/UE