Arbor Realty reports lower net income for second quarter

Arbor Realty Trust, a Uniondale-based real estate finance company, reported lower net income and lower funds from operations for the second quarter ended June 30.

The company, which specializes in bridge and mezzanine loans for commercial properties, reported that net income attributable to common stockholders dropped to $10.5 million, or 21 cents per share, from $11.5 million, or 23 cents per share, during the same quarter last year.

Funds from operations, a real estate industry measure of earnings that excludes the sale of properties, fell to $12 million, or 24 cents per share, from $13.7 million, or 27 cents per share, during the year earlier period.

Real estate investment trusts, or REITs, must return most of their profit to investors, and REITs like Arbor are publicly traded.

Shares of Arbor closed at $6.84 Friday on the New York Stock Exchange, up 1.33 percent. Since the start of the year, shares have risen 0.89 percent.