Berkshire Income Realty Inc. has reported $773,396 in funds from operations (FFO) for the three months ended March 31, an increase of $641,573 or 486.7 percent compared to $131,823 for the same period last year.

The increase was due to the growth in rental revenue during the period from newly acquired or developed properties as well as net gains in rental revenue from existing properties in the portfolio.

Additionally, there were no costs in the current quarter ended March 31 that are comparable to transaction costs of $979,094 for the acquisition of a property recorded in the quarter ended March 31, 2009.

The increases were partially offset by an increase of approximately $500,000 in the equity loss of the multifamily venture limited partnership recognized by the company in the quarter ended March 31, compared to the quarter ended March 31, 2009.

Additional offsets included incremental interest expense of the new properties and increases in snow removal and related costs incurred in the Mid Atlantic region where unusual storm activity took place during the period ended March 31, 2010.