Bluerock: 2Q Earnings Snapshot

Associated Press
Updated ·1 min read

NEW YORK (AP) _ Bluerock Residential Growth REIT Inc. (BRG) on Monday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.

The New York-based real estate investment trust said it had funds from operations of $5.1 million, or 15 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 net income of $15.1 million, or 61 cents per share.

The owner of Southeastern U.S. apartment properties, based in New York, posted revenue of $53 million in the period.

The company's shares have fallen 36% since the beginning of the year. The stock has dropped 36% in the last 12 months.

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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