Seritage Growth Properties: 1Q Earnings Snapshot

NEW YORK (AP) _ Seritage Growth Properties (SRG) on Thursday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in New York, said it had funds from operations of $12.4 million, or 22 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 $9.1 million, or 26 cents per share.

The real estate investment trust posted revenue of $53.8 million in the period.

The company's shares have decreased 12 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $35.42, a decline of 16 percent in the last 12 months.


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