Cedar Realty Trust, a Port Washington-based real estate investment trust, reported lower net income and revenue for the quarter ended Dec. 31.
The company, an owner of grocery-store-anchored shopping centers in the Northeast, reported net income attributable to the company of $4.6 million in the fourth quarter, down from $5.5 million in the year earlier period.
The dip in net income was due in part to costs associated with the early extinguishment of debt in the year prior.
Net income attributable to Cedar fell dramatically for the full year, dropping to $3.9 million from $19.1 million.
Funds from operations, an industry measure of earnings that excludes gains and losses on property sales, dipped to $11.7 million — 13 cents per share — from $12.2 million, or 13 cents per share. Funds from operations for the year rose to $45.2 million from $40 million.
Revenue for the quarter dipped slightly to $36.9 million from $37.1 million. For the full year, revenue rose to $152 million from $146 million.
A real estate investment trust, or REIT, must return most of its profits to investors. Some, like Cedar, are publicly traded. Shares of Cedar closed at $3.47, but were up 2 cents in after hours trading.
The company reported earnings after market close Thursday.