Cedar Realty Trust Inc., a real estate investment trust specializing in shopping center ownership in the Northeast, reported higher revenue for the quarter ended Sept. 30 due to higher rent rates and sales of property.
The Port Washington-based company said its revenue for the third quarter rose to $36.3 million from $34.2 million during the same period last year.
Cedar reported that funds from operations, a measure used to evaluate real estate trust earnings, was $10.8 million, or 14 cents per share, up from $9.5 million or 13 cents a share during the same period last year.
Net income attributable to Cedar spiked to $5.8 million, compared to $123,000 a year ago. The sharp rise was due in part to rising rent rates and gains made on the sale of portfolio properties.
While the company's earnings overall beat Wall Street analysts' estimates, revenues were below their expectations. The stock was static in aftermarket trading.