GREAT NECK, N.Y. (AP) _ BRT Realty Trust (BRT) on Monday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Great Neck, New York, said it had funds from operations of $4.7 million, or 27 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 21 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 $4.2 million, or 25 cents per share.
The real estate investment trust posted revenue of $6.8 million in the period.
The company's shares have dropped 36% since the beginning of the year. In the final minutes of trading on Monday, shares hit $10.86, a decrease of 23% in the last 12 months.