Cedar Realty Trust, Inc., a real estate investment trust specializing in ownership of shopping centers in the Northeast, reported higher quarterly earnings because of an increase in revenue from rent.
Port Washington-based Cedar Realty said funds from operations -- a measure used to evaluate real estate investment trust earnings -- was $9.5 million, or 13 cents per share, in the three months ending Sept. 30, up from $6.7 million in the year-ago period.
Revenue at the company was $35.4 million for the quarter, up from $33.4 million for the same time last year. The company's earnings were in line with Wall Street analysts' expectations, and the stock was static in aftermarket trading.
Cedar, which has a stock market value of around $430 million, primarily owns grocery store focused shopping centers. Its current portfolio includes 67 properties, primarily in the Washington D.C. to Boston corridor.