Cedar Realty Trust Inc. a Port Washington-based real estate investment trust, Thursday reported slightly lower revenue and a sharp drop in net income for the second quarter ended March 31.
Cedar Realty, which specializes in shopping center ownership in the Northeast, said revenue from its properties fell to $36.7 million from $37.3 million during the same period last year.
Net income attributable to the company dropped to $5.5 million from $17.1 million in the year earlier period. The sharp change was due in part to a $10.2 million gain made on the discontinuation of operations during the second quarter last year.
The company said funds from operations, an industry measure used to evaluate earnings for real estate trusts, was $11.6 million, or 14 cents per share, down from $12.5 million, or 16 cents a share, during the same period last year.
Real estate investment trusts, or REITs, must return most of their profit to investors. Some REITs, like Cedar Realty, are publicly traded. The company reported earnings after the 4 p.m. close of regular trading Thursday.