Uniondale-based Arbor Realty Trust, a real estate finance company, reported higher net income and funds from operations for the quarter ended March 31 as a result of new equity investments and the sale of properties.
Arbor, which specializes in bridge and mezzanine loans for rental apartment buildings, office and other commercial properties, reported that net income attributable to the company and common stockholders rose to $15 million, or 30 cents per share, compared with $5.9 million, or 12 cents per share, during the same period last year.
Funds from operations, an industry measure of real estate trust earnings that excludes the sale of properties, rose to $12.5 million, or 25 cents per share, from $8 million, or 16 cents per share, during the year-earlier period.
Real estate investment trusts, or REITs, must return most of their profit to investors. Some, like Arbor, are publicly traded.
Shares of Arbor closed at $7.01 Friday on the New York Stock Exchange, up 2.19 percent. Since the start of the year, shares have risen 3.55 percent.