Cedar Realty Trust, a real estate investment trust that primarily owns shopping centers in the Northeast corridor from Washington, D.C., to Boston, reported higher quarterly earnings Tuesday due to higher revenue from rents.
The Port Washington-based company's funds from operations, a measure typically used by real estate trusts instead of net income, were $18.1 million, or 25 cents per share, for the three months ended Dec. 31, up from $3.7 million in the year-earlier period.
Revenue at Cedar also rose, to $35.2 million for the quarter, up from $34.5 million in 2012.
Cedar chief executive Bruce Schanzer said the company had a healthier balance sheet and a more focused portfolio by the end of the year, meeting the objectives set forth in a two-year plan from 2011.
Moving into 2014, Cedar will "add value by focusing on leasing, redevelopment, capital recycling and active balance sheet management," he said.
During the last quarter of 2013, Cedar acquired a 101,000-square-foot, grocery store-anchored shopping center in Bethel, Conn., for $34.5 million. It also sold three properties and two parcels of land for $32 million.
The company's financial results, reported after the close of regular trading, were in line with expectations from Wall Street analysts, and Cedar's stock remained static at $6.37 in after-hours trading.