GREAT NECK, N.Y. (AP) — BRT Realty Trust (BRT) on Wednesday reported a key measure of profitability in its third quarter.
The Great Neck, New York-based real estate investment trust said it had funds from operations of $4.2 million, or 26 cents per share, in the period.
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 $3.3 million, or 20 cents per share.
The real estate investment trust, based in Great Neck, New York, posted revenue of $34 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $32.7 million.
The company's shares have risen 43% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.39, an increase of 42% in the last 12 months.