Cedar: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}PORT WASHINGTON, N.Y. (AP) _ Cedar Realty Trust Inc. (CDR) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Port Washington, New York-based real estate investment trust said it had funds from operations of $17.6 million, or 19 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 18 cents per share.
{{#rendered}} {{/rendered}}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 $7.1 million, or 8 cents per share.
The real estate investment trust posted revenue of $41.4 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $40.6 million.
{{#rendered}} {{/rendered}}Cedar expects full-year funds from operations in the range of 58 cents to 59 cents per share.
In the final minutes of trading on Thursday, the company's shares hit $4.64. A year ago, they were trading at $5.12.
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{{#rendered}} {{/rendered}}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