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Cedar Realty reports earnings of $7.3 million

Cedar Realty Trust, a Port Washington-based real estate investment trust, reported higher earnings Tuesday as a result of increased revenue from rent.

Cedar's funds from operations, a measure typically used by real estate trusts instead of profit, was $7.3 million -- or 9 cents per share -- for the quarter ending March 31, up from $6.9 million last year.

Revenue at the company, which primarily owns shopping centers in the Washington, D.C., to Boston corridor, was $37.3 million for the quarter, up from $35.6 million in the same period last year.

During the first quarter of 2014, Cedar sold a New Jersey shopping center for $25 million and bought a shopping plaza in Philadelphia for $92.3 million.

The earnings results, which were released after the market closed, beat Wall Street analysts' expectations.

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