Arbor Realty sees net income dip

Arbor Realty Trust, a Uniondale-based real estate finance company, said its first-quarter financial results dipped slightly.

The company, which specializes in bridge and mezzanine loans on apartment buildings, offices and other commercial properties, said its funds from operations fell to $8 million during the three months ending in March, down 4 percent from the same period last year.

Net income attributed to Arbor shareholders fell 11 percent, to $5.9 million, or 12 cents per share. The results fell short of the expectations of analysts, who were expecting 13 cents per share. Shares of Arbor, which employs 37 people, fell 1 cent Thursday, to $7.