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, after reporting a loss in the same period a year earlier. The results matched Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $5.3 million, or 17 cents per share, in the period.
The average estimate of five 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 $10.2 million, or 44 cents per share.
The owner of Southeastern U.S. apartment properties posted revenue of $45 million in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $42.7 million.
The company’s shares have declined 10 percent since the beginning of the year. The stock has decreased 19 percent in the last 12 months.