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Urban Edge Properties: 1Q Earnings Snapshot

April 29, 2020 GMT

NEW YORK (AP) _ Urban Edge Properties (UE) on Wednesday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in New York, said it had funds from operations of $34.9 million, or 28 cents per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $49 million, or 40 cents per share.

The real estate investment trust that owns and manages shopping centers posted revenue of $93.4 million in the period.

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The company’s shares have dropped 38% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.80, a fall of 37% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UE at https://www.zacks.com/ap/UE

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