Cedar Realty Trust Inc., a real estate investment trust based in Port Washington, reported higher revenue for the first quarter ended March 31 due to increases in property leasing activity.
The company, which specializes in the ownership of shopping centers in the Northeast, said revenue from its properties rose to $38.6 million from $37.7 million during the same period last year.
Net income attributable to the company rose to $3.5 million, up from $1.8 million in the year earlier period. Funds from operations, a measure used to evaluate earnings for real estate trusts, was $10.1 million, or 12 cents per share, up from $7.3 million or 9 cents a share during the same period last year.
Real estate investment trusts, or REITS, must return most of their profit to investors. Some, like Cedar, are publicly traded. The company reported earnings after market close Tuesday.