NEW YORK (AP) _ Bluerock Residential Growth REIT Inc. (BRG) on Thursday reported a key measure of profitability in its fourth quarter, after reporting a loss in the same period a year earlier. The results surpassed Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $5.6 million, or 18 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 16 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 $12.8 million, or 55 cents per share.
The owner of Southeastern U.S. apartment properties posted revenue of $50 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $48.4 million.
For the year, the company reported funds from operations of $22.2 million, swinging to a profit in the period. Revenue was reported as $184.7 million.
Bluerock expects full-year funds from operations in the range of 80 cents to 84 cents per share.
The company's shares have climbed 17 percent since the beginning of the year. The stock has risen 43 percent in the last 12 months.