Cedar Realty Trust Inc., a real estate investment trust based in Port Washington, reported a slight dip in revenue but higher net income for the quarter ended Sept. 30.
The company, which specializes in shopping center ownership in the Northeast, said third-quarter revenue from properties fell to $36.1 million from $36.5 million during the same quarter last year. Net income attributable to Cedar Realty rose to $6.2 million from $5.8 million in the year earlier period.
Funds from operations, a common industry measure used to evaluate real estate trust earnings that excludes the sale of properties, was $11.9 million or 14 cents per share, up from $10.8 million, or 14 cents per share, during the same quarter last year.
Real estate investment trusts must return most of their profit to investors. Some REITs, such as Cedar Realty, are publicly traded. The company reported earnings after the close of trading on the New York Stock Exchange Thursday.
Shares of Cedar Realty were down 20 cents at $6.91 shortly after the market opened Friday.