Cedar Realty swings to a loss on a property impairment
Cedar Realty Trust, a Port Washington-based real estate investment trust, swung to a loss for the quarter ended June 30 from a profit during the same quarter last year.
Cedar, which owns grocery-store-anchored shopping centers in the Northeast, reported a net loss attributable to the company of $4.8 million, or 10 cents per share, in the second quarter. The loss was due primarily to a more than $9 million impairment charge on a property in Fredericksburg, Virginia, that the company said is being “held for sale.”
In the year earlier period, the company had net income of $4.9 million.
Funds from operations, another measure of real estate investment trust earnings, fell to $11.7 million from $12.1 million.
Revenue for the quarter saw a slight dip to $35.7 million from $37.9 million.
Real estate investment trusts, or REITs, must return a majority of profits to investors. Some REITs, like Cedar, are publicly traded. Shares of Cedar rose 18 cents to close at $5.28 on Friday.
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