Cedar Realty Trust revenue, net rise in quarter
Cedar Realty Trust Inc., a Port Washington-based real estate investment trust, reported slightly higher revenue and net income for the quarter ended Dec. 31.
Cedar Realty, which owns shopping centers in the Northeast, including Carman’s Plaza in Massapequa, reported fourth-quarter revenue from properties rose to $37.7 million from $36.7 million in the same quarter last year. Net income attributable to the company rose to $7 million from $4.3 million in the year-earlier period.
The company also reported higher revenue from properties for the year, hitting $149.2 million in 2015, compared to $148.2 million last year. Net income for the year fell to $22.1 million, down from $29 million the previous year.
Cedar Realty’s funds from operations, an industry measure for evaluating real estate trust earnings that excludes gains on property sales, rose to $11.6 million, or 14 cents per share, in the quarter, up from $9.6 million, or 12 cents a share, in the year-earlier period.
Real estate investment trusts, or REITs, must return a majority of profits to investors. REITs like Cedar Realty are publicly traded. The company reported earnings after the market closed Thursday. Its shares were unchanged at $6.95 in after-hours trading.
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
