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BRT Realty Trust's Revenues Skyrocket But Why Aren't Earnings Moving?

BRT Realty Trust (BRT) has just announced its first quarter results. Once again the company delivered on its revenue growth. Total revenues increased 40.4% to $19.8 million in the quarter, up from $14.1 million in last year's comparable quarter. At the same time, the expenses to bring in those revenues also rose significantly. Total expenses increased 24.6% to $23.3 million, up from $18.7 million, in last year's comparable quarter. To my surprise funds from operations actually rose year-over-year to turn positive for the company. Funds from operations were $582,000, or $0.04 per share, compared to a loss of $372,000, or $0.03 per share, last year. This led to another quarterly loss. Despite higher revenues and positive cash flows, the net loss attributable to common shareholders was $2.5 million, or $0.18 per share.

The losses in the quarter were also not much of an improvement from the net loss of $2.7… Read More …