PORT WASHINGTON, N.Y. (AP) _ Cedar Realty Trust Inc. (CDR) on Monday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Port Washington, New York-based real estate investment trust said it had funds from operations of $5.7 million, or 6 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 6 cents per share.
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 a loss of $8.8 million, or 10 cents per share.
The real estate investment trust posted revenue of $28.6 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $31.6 million.
In the final minutes of trading on Monday, the company's shares hit 96 cents. A year ago, they were trading at $2.45.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDR at https://www.zacks.com/ap/CDR
Automated Insights, source Associated Press News