Arbor Realty Trust reports higher net income

Arbor Realty Trust, a Uniondale-based real estate investment trust, reported higher net income for the quarter ended June 30.

The company, which primarily makes short-term loans for commercial properties, reported net income attributable to common shareholders of $17.2 million for the second quarter, up from $11.9 million during the year earlier period.

Arbor also declared a quarterly cash dividend of 25 cents per share payable on Aug. 31 to stockholders of record on Aug. 15.

Funds from operations, a measure of real estate investment trust earnings that excludes gains or losses from property sales, rose to $25 million for the quarter from $18.2 million during the same quarter last year.

Real estate investment trusts, or REITs, must return most of their profits to investors. Some REITs, like Arbor, are publicly traded.

The company reported earnings before the market opened Friday.

Shares of Arbor Realty rose 36 cents to close at $11.74 on the New York Stock Exchange.