Urstadt Biddle: Fiscal 3Q Earnings Snapshot
GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBA) on Tuesday reported a key measure of profitability in its fiscal third quarter. The results did not meet Wall Street expectations.
The Greenwich, Connecticut-based real estate investment trust said it had funds from operations of $9.2 million, or 24 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 29 cents per share.
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 commercial real estate investment trust posted revenue of $28.8 million in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $31.7 million.
The company’s shares have dropped 60% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $10.05, a decline of 54% in the last 12 months.