Boston REIT Berkshire Income Realty Inc. has reported net income of $1.9 million for the third quarter, compared to $1.8 million during the same period last year, but earned just $938,278 for the nine months ended Sept. 30, compared to $5.7 million during the same period last year.

A drop in year-to-date net income was primarily "due to changes in the accounting for acquisition transaction costs, increased losses from equity investments and increases in interest expense due to increased debt levels in the comparative periods," according to a statement.

"The company’s efforts have been successful, as year-to-date occupancy averaged over 93 percent for the year-to-date period ended Sept. 30," Berkshire Income said in a statement. "When economic conditions improve, the company will reevaluate rehabilitation projects currently on hold and will continue to consider additional properties contemplated in the company’s acquisition strategy."

Funds from operations (FFO) for the three and nine months ended Sept. 30 were $2.15 million and $2.12 million, respectively, compared to $2.07 million and $5.41 million, respectively, for the three and nine months ended Sept. 30, 2008.