Urstadt: Fiscal 3Q Earnings Snapshot
GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBP) on Tuesday reported a key measure of profitability in its fiscal third quarter.
The real estate investment trust, based in Greenwich, Connecticut, said it had funds from operations of $9.2 million, or 24 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 $1.6 million, or 4 cents per share.
The real estate investment trust posted revenue of $28.8 million in the period.
The company’s shares have decreased 55% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.86, a fall of 49% in the last 12 months.