Boston-based REIT Berkshire Income Realty Inc. has reported a first-quarter unaudited net loss of $8.2 million, compared to unaudited net loss of $6.3 million for the same period a year ago – a 30.2 percent drop.

The decrease in net income was primarily due to "changes in the accounting for acquisition transaction costs, increased losses from equity investments, increases in interest expense due to increased debt levels and increased depreciation expense due to new acquisitions in the comparative periods," the company said.

The company said it is executing several strategies in this economic downturn including completing several rehabilitation projects that "on the whole are proving successful."

Revenue enhancement initiatives include the negotiation of new national contracts with major cable and phone service carriers, with significant upfront cash payments as well as ongoing residual income, and the implementation of a revenue management system to maximize revenue by balancing rental rates versus occupancy considerations.