BRT: 2Q Earnings Snapshot
GREAT NECK, N.Y. (AP) _ BRT Realty Trust (BRT) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Great Neck, New York-based real estate investment trust said it had funds from operations of $3.9 million, or 24 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 21 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 a loss of $4.3 million, or 27 cents per share.
The real estate investment trust posted revenue of $33.1 million in the period.
The company’s shares have risen 18% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.52, a rise of almost 4% in the last 12 months.