NEW YORK (AP) — Urban Edge Properties (UE) on Wednesday reported a key measure of profitability in its second quarter.
The New York-based real estate investment trust said it had funds from operations of $37.4 million, or 30 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 $26.6 million, or 22 cents per share.
The real estate investment trust that owns and manages shopping centers posted revenue of $102.7 million in the period.
The company's shares have risen roughly 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.73, a fall of 26% in the last 12 months.