Cedar Realty Trust Inc., a Port Washington-based real estate investment trust, reported a net loss for the quarter ended Sept. 30, but slightly higher revenues.
Cedar, which owns grocery-anchored shopping centers in the Northeast, reported a net loss attributable to common shareholders for the third quarter of $4.3 million, compared with income of $2.6 million during the year earlier period. The company said the drop was the result of $6.3 million in impairment charges.
Impairment charges occur when companies permanently write down the value of assets. Cedar didn’t disclose in its release the source of the impairment charges.
The company reported that total property revenue rose slightly to $37.8 million from $36.1 million in the same quarter last year. Its funds from operations, a measure of real estate trust earnings, also rose slightly to $12.2 million, or 14 cents per share, from $11.9 million in the same quarter last year.
Real estate investment trusts, or REITs, are required to return at least 90 percent of their profits to investors. Cedar Realty, which trades on the New York Stock Exchange, reported earnings after the market closed Thursday. Its shares closed down 19 cents to $6.25 on Friday.