Cedar: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}PORT WASHINGTON, N.Y. (AP) _ Cedar Realty Trust Inc. (CDR) on Thursday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The Port Washington, New York-based real estate investment trust said it had funds from operations of $12.4 million, or 13 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 14 cents per share.
{{#rendered}} {{/rendered}}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 $3.5 million, or 4 cents per share.
The real estate investment trust posted revenue of $36.2 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $36.4 million.
{{#rendered}} {{/rendered}}Cedar expects full-year funds from operations in the range of 58 cents to 59 cents per share.
In the final minutes of trading on Thursday, the company's shares hit $3.77. A year ago, they were trading at $5.62.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CDR at https://www.zacks.com/ap/CDR