Urstadt: Fiscal 3Q Earnings Snapshot
GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBP) on Friday reported a key measure of profitability in its fiscal third quarter.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $13.4 million, or 35 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 $5.6 million, or 15 cents per share.
The real estate investment trust posted revenue of $32.8 million in the period.
The company’s shares have increased 8 percent since the beginning of the year. In the final minutes of trading on Friday, shares hit $18.31, a rise of 6.5 percent in the last 12 months.