NEW YORK (AP) _ Bluerock Residential Growth REIT Inc. (BRG) on Thursday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $3.7 million, or 18 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 2 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 $7.3 million, or 34 cents per share.
The owner of Southeastern U.S. apartment properties, based in New York, posted revenue of $22.4 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $20.8 million.
For the year, the company reported funds from operations of $17.7 million. Revenue was reported as $77.1 million.
For the current quarter ending in April, Bluerock expects its per-share funds from operations to range from 3 cents to 4 cents.
The company's shares have dropped nearly 3 percent since the beginning of the year. The stock has climbed 43 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BRG at https://www.zacks.com/ap/BRG
Keywords: Bluerock, Earnings Report