Arbor Realty Trust’s net slips in recent quarter
Arbor Realty Trust, a Uniondale-based real estate investment trust, reported slightly lower net income for the quarter ended June 30.
Arbor which specializes in making short-term loans for commercial properties, reported second-quarter net income attributable to common stockholders was $10.2 million, down from $10.5 million during the same quarter last year.
Funds from operations, an industry measure of earnings that does not include gains on the sale of properties, fell to $11 million for the fourth quarter, or 21 cents per share, from $12 million, or 24 cents per share, during the year-earlier period.
The company also declared a quarterly cash dividend of 16 cents per share of common stock for the quarter, an increase over the previous quarter’s dividend of 15 cents per share.
Last month, the company announced the completed $276 million acquisition of Arbor Commercial Mortgage LLC, a private originator of government-sponsored loans for multifamily real estate projects. Arbor Commercial Mortgage and Arbor Realty were separate companies, but the two had some shared ownership.
Real estate investment trusts, or REITs, must return at least 90 percent of profits to investors. Some REITs, such as Arbor Realty, are publicly traded.
Shares of Arbor Realty rose 5 cents to $7.35 in Friday morning trading on the New York Stock Exchange.
'I did not live up to the standards that I try to hold for myself' Justin Timberlake appeared in a Sag Harbor court Friday to plead guilty to a lesser charge in his drunken driving case.
'I did not live up to the standards that I try to hold for myself' Justin Timberlake appeared in a Sag Harbor court Friday to plead guilty to a lesser charge in his drunken driving case.
