Urban Edge Properties: 1Q Earnings Snapshot
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.
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.