GREENWICH, Conn. (AP) _ Urstadt Biddle Properties Inc. (UBA) on Thursday reported a key measure of profitability in its fiscal first quarter. The results met Wall Street expectations.
The real estate investment trust, based in Greenwich, Connecticut, said it had funds from operations of $12.4 million, or 33 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 33 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 $4.5 million, or 12 cents per share.
The commercial real estate investment trust posted revenue of $34.3 million in the period.
The company's shares have increased 24% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.50, a rise of slightly more than 1% in the last 12 months.