Urstadt: Fiscal 2Q Earnings Snapshot
GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBP) on Monday reported a key measure of profitability in its fiscal second quarter.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $10.3 million, or 27 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 $2.8 million, or 7 cents per share.
The real estate investment trust posted revenue of $31.3 million in the period.
The company’s shares have declined 29% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.16, a decrease of 17% in the last 12 months.