Cedar Realty Trust, a Port Washington-based real estate investment trust, swung to a profit in its most recent quarter and reported higher revenue for the period ended June 30.
Cedar, an owner of grocery store-anchored shopping centers in the Northeast, reported net income attributable to the company of $9.8 million in the second quarter, compared with a loss of $4.5 million in the year-earlier period.
The higher net income was primarily due to “lease termination income” received in 2018 and impairment charges incurred during the second quarter in 2017, the company said in a release.
Funds from operations, an industry measure of real estate investment trust earnings, rose to $17.6 million – or 19 cents per share – from $11.7 million, or 14 cents per share.
Revenue rose to $41.4 million from $35.7 million in the same quarter last year.
Real estate investment trusts, or REITs, must return most of their profits to investors.
Shares of Cedar, which reported earnings late Thursday, closed at $4.62 Friday, down 2 cents.