Arbor Realty reports higher earnings after transaction net gain

Arbor Realty Trust Inc., a Uniondale-based real estate finance company, reported higher net income and funds from operations for the quarter ended Sept. 30 due to a transaction involving one of its investment properties.

The company, which specializes in bridge and mezzanine loans on apartment buildings, offices and other commercial properties, said its funds from operations rose to $65.5 million, compared with $5.6 million during the same period last year.

Arbor noted that the sharp increase was the result of a net gain of $58.1 million resulting from a transaction involving its interest in the property at 450 West 33rd St. in Manhattan.

Excluding the single property investment gain, funds from operations for the third quarter hit $7.4 million, or 15 cents per share. Funds from operation were 13 cents per share in the year-earlier period.

Net income attributable to the company saw a similar spike. Arbor reported third-quarter profit of $63.4 million, compared with the $3.7 million it reported during the same time last year.