Berkshire Income Realty Announces Year End Funds from Operations of $10,443,094

BOSTON–(BUSINESS WIRE)– Berkshire Income Realty, Inc. (NYSE Amex Equities: “BIR_pa”), (NYSE Amex Equities: “BIRPRA”), (NYSE Amex Equities: “BIR-A”), (NYSE Amex Equities: “BIR.PR.A”) (“Berkshire” or the “Company”) reported its results for the year ended December 31, 2012. Financial highlights for the year ended December 31, 2012 include:

– The Company’s Funds From Operations (“FFO“) grew approximately 6.9% for the year ended December 31, 2012 – The Company’s FFO, a non-GAAP financial measure, for the year ended December 31, 2012 was $10,443,094 compared to $9,766,693 for the year ended December 31, 2011. Solid gains in rental revenue and lower interest expenses helped drive the Company’s FFO growth.

– Same Property Net Operating Income (“Same Property NOI”) increased approximately 6.7% – Same Property NOI, a non-GAAP financial measure, increased as a result of growth in revenue for properties acquired or placed in service prior to January 1, 2011 (“Same Property”). The Same Property portfolio had a total revenue increase of approximately 4.7% for the year ended December 31, 2012 compared to the same period a year ago. Strong revenue growth outpaced increases in operating expenses for the Same Property portfolio.

– A presentation and reconciliation of net income (loss), the most directly comparable financial measure, calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP“), to FFO and Same Property NOI, is set forth on pages 2 and 3 of this press release. For the years ended December 31, 2012, 2011 and 2010, the net income (loss) was $29,021,154, $1,922,299 and $(25,726,511), respectively.

– Development Activities – The Company owns interests in three development joint ventures, of which two were nearing completion at the end of 2012 and the third was progressing through the regulatory entitlement process. The 2020 Lawrence development, a mid-rise, 231-unit LEED-gold certified multifamily building, located in downtown Denver, Colorado, has been well received by the market and leased its first units in late December 2012. The Trilogy NoMa development is a three building multifamily community in downtown Washington, DC, and also leased units as of the end of 2012. The lease up of both projects is ongoing and substantially in line with operational forecasts. The Walnut Creek development, located in Walnut Creek, California, is nearing the completion of the regulatory and environmental entitlement processes. Start of construction activities is anticipated to begin in late 2013.

– Economic Conditions – During 2012, on a national basis, the multifamily sector continued to exhibit strong fundamentals and improved performance due to sustained increases …read more

Source: FULL ARTICLE at DailyFinance