Arbor Realty Trust reports higher net income
Arbor Realty Trust, a real estate investment trust, in Uniondale. Credit: Google Maps
Arbor Realty Trust, a Uniondale-based real estate investment trust, reported higher net income for the quarter ended June 30.
Arbor, which primarily makes short-term loans for commercial properties, reported net income attributable to common shareholders of $11.9 million for the second quarter, up from $10.2 million during the same quarter last year.
The company also announced a cash dividend for the quarter of 18 cents per share.
Funds from operations, a measure of real estate investment trust earnings that excludes gains or losses from property sales, rose to $18.2 million for the quarter from $11 million during the year-earlier period.
Real estate investment trusts, or REITs, must return a majority of profits to investors. Some REITs, like Arbor Realty, are publicly traded. The company reported earnings before the open of market trading on Friday.
Shares of Arbor Realty rose 6 cents to close at $8.29 Friday on the New York Stock Exchange.
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