NEW YORK (AP) _ Urban Edge Properties (UE) on Wednesday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in New York, said it had funds from operations of $41.3 million, or 33 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 $20.7 million, or 18 cents per share.

The real estate investment trust that owns and manages shopping centers posted revenue of $99.1 million in the period.

The company's shares have fallen 20 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.47, a decline of 22 percent in the last 12 months.

_____

This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on UE at https://www.zacks.com/ap/UE