GREAT NECK, N.Y. (AP) — GREAT NECK, N.Y. (AP) — BRT Realty Trust (BRT) on Monday reported a key measure of profitability in its second quarter.
The Great Neck, New York-based real estate investment trust said it had funds from operations of $7.2 million, or 37 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 $11.2 million, or 58 cents per share.
The real estate investment trust posted revenue of $23.3 million in the period.
The company’s shares have increased slightly since the beginning of the year. In the final minutes of trading on Monday, shares hit $19.72, a drop of 11% in the last 12 months.
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