NEW YORK – NEW YORK (AP) _ Urban Edge Properties (UE) on Wednesday reported a key measure of profitability in its third quarter.
The real estate investment trust, based in New York, said it had funds from operations of $41.9 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 $24.2 million, or 21 cents per share.
The real estate investment trust that owns and manages shopping centers posted revenue of $112.2 million in the period.
The company's shares have dropped 19 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.77, a decrease of 11 percent in the last 12 months.
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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
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