Cedar Realty Trust Inc., a Port Washington-based real estate investment trust, swung to a net loss for the quarter ended Dec. 31 after paying preferred dividends, and reported slightly lower revenue.
Cedar, which owns grocery-store-anchored shopping centers in the Northeast, reported net income before preferred stock dividend payouts of $3.1 million for the fourth quarter, down from $7 million in the year earlier period. After paying preferred stock dividends, the company reported a net loss of $523,000.
Total property revenue fell slightly to $37.2 million from $37.7 million in the same quarter last year. Funds from operations, a measure of real estate investment trust earnings, fell to $9.3 million, or 11 cents per share, from $11.6 million, or 14 cents per share, in the same quarter last year.
Real estate investment trusts, or REITs, are required to return at least 90 percent of their profits to investors. Cedar Realty, which trades on the New York Stock Exchange, reported earnings after the market closed Thursday. The shares were unchanged at $5.98 after the close of regular trading.