Bluerock: 2Q Earnings Snapshot
NEW YORK (AP) _ Bluerock Residential Growth REIT Inc. (BRG) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $6.67 billion, or 22 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 17 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 $11 million, or 50 cents per share.
The owner of Southeastern U.S. apartment properties, based in New York, posted revenue of $52.4 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $52 million.
Bluerock expects full-year funds from operations in the range of 81 cents to 84 cents per share.
The company’s shares have risen 30% since the beginning of the year. The stock has climbed 28% in the last 12 months.