Cedar Realty Trust Inc., a Port Washington-based real estate investment trust, Thursday reported higher revenue, but lower net income for the quarter ended June 30.
Cedar, which specializes in the ownership and operation of grocery-anchored shopping centers in the Northeast, said total property revenue rose to $37.9 million from $36.7 million during the same period last year. Net income attributable to the company fell to $4.9 million from $5.5 million during the year earlier period.
The company reported that its funds from operations, an industry measure of real estate trust earnings that doesn’t include gains or losses from property sales, was $12.1 million, or 14 cents per share, up from $11.6 million, or 14 cents a share, from the same quarter last year.
Real estate investment trusts, or REITs, are required to return most of their profits to investors. Cedar Realty, which trades on the New York Stock Exchange, reported earnings after the market closed Thursday. Its shares were unchanged at $7.55 in after-hours trading.