NEW YORK (AP) _ Bluerock Residential Growth REIT Inc. (BRG) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $6.3 million, or 20 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 18 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 $12.1 million, or 53 cents per share.
The owner of Southeastern U.S. apartment properties posted revenue of $51.5 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $51.1 million.
Bluerock expects full-year funds from operations in the range of 80 cents to 84 cents per share.
The company's shares have risen 27% since the beginning of the year. The stock has climbed 25% 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