BRT Apartments Corp. Reports Second Quarter Results for 2022
BRT APARTMENTS CORP. (NYSE:BRT) reported a dramatic net income increase of 461.8% to $35.61 million or $1.91 per diluted share for Q2 2022, driven by improved portfolio performance and joint venture property sales.
Funds from Operations (FFO) fell 25.4% to $3.77 million, reflecting increased mortgage charges and state income taxes. Adjusted Funds from Operations (AFFO) rose 19.4% to $6.95 million.
BRT acquired remaining interests in 11 multi-family properties for $105.45 million, enhancing its portfolio amid inflation concerns.
- Net income increased 461.8% to $35.61 million.
- AFFO rose 19.4% to $6.95 million.
- Increased rental revenue by 111% to $14.68 million.
- Acquired remaining interests in 11 properties for $105.45 million.
- FFO decreased 25.4% to $3.77 million.
- Total expenses increased 80.5% to $17.80 million.
– Net Income and AFFO Per Diluted Share Increase
– Year-to-Date, Acquired Partners’ Remaining Interests in 11 Properties for
GREAT NECK, N.Y., Aug. 08, 2022 (GLOBE NEWSWIRE) -- BRT APARTMENTS CORP. (NYSE:BRT), a real estate investment trust that owns, operates, and, to a lesser extent, develops, multi-family properties, today reported that for the three months ended June 30, 2022, it generated net income of
Jeffrey A. Gould, President and Chief Executive Officer stated, “We are excited to have produced another quarter of excellent execution and portfolio performance as our properties in growth markets continue to benefit from population growth and job in-migration, as well as a shortage of quality housing. Furthermore, we have made significant progress on our efforts to grow and improve our portfolio through targeted dispositions and the acquisition of our partners’ remaining interests in many joint ventures. Our exposure to the adverse impacts of inflation is lessened by our fixed rate mortgage debt and we have ample liquidity to address, and potentially opportunistically profit from, the increasing economic uncertainty. Over the long-term, our strong portfolio of well-located apartment properties will continue to contribute to increased stockholder value."
Financial Results:
Net income attributable to common stockholders was
FFO was
________________
1 A description and reconciliation of non-GAAP financial measures (e.g., FFO, AFFO and NOI) to GAAP financial measures is presented later in this release. See “Non-GAAP Financial Measures” for further information.
AFFO for the three months ended June 30, 2022 increased to
Diluted per share net income, FFO and AFFO were impacted during the quarter ended June 30, 2022 by the increase of 1.3 million weighted average shares of common stock outstanding from the second quarter of 2021 through the current quarter, primarily due to stock issuances pursuant to the Company’s at-the-market offering and equity incentive programs.
Operating Results:
Rental and other revenues for the current three months increased
Total expenses for the three months ended June 30, 2022 increased
Equity in earnings from the sale of unconsolidated joint venture properties for the current quarter was
BRT’s pro rata share of revenues from unconsolidated joint ventures for the three months ended June 30, 2022 and 2021 were
________________
2 “Same store properties” refers to properties owned for the entirety of the period being presented. Unless the context otherwise requires, “entire portfolio” and “portfolio” refer to
Net operating income, or NOI, at same store properties in our entire portfolio increased in the current quarter by
Transaction Activity During the Second Quarter:
BRT completed the purchase of the remaining interests in joint ventures that own five multi-family properties with an aggregate of 984 units for an aggregate purchase price of
As previously reported, the unconsolidated joint ventures in which BRT held a
As previously reported, the unconsolidated joint venture in which BRT holds an
Subsequent Events
BRT completed the purchase from its joint venture partners of the remaining interests in the joint venture that owned five multi-family properties with an aggregate of 1,572 units for an aggregate purchase price, after giving effect to its partners’ promote interests, of
Status of Partner Buyouts
Since March 2022, BRT has completed, for an aggregate purchase price of
Mortgage Debt($) | Weighted Average Interest Rate (%) | Weighted Average Remaining Years to Maturity | ||||
| BRT wholly-owned properties prior to the 11 Partner Buyouts | 185.40 | 3.74 | 10.40 | |||
| 11 Partner Buyouts | 242.52 | 4.18 | 6.35 | |||
| Total | 427.92 | 3.99 | 8.09 |
Balance Sheet:
At June 30, 2022, BRT had
At August 5, 2022, BRT’s available liquidity was approximately
Conference Call and Webcast Information:
The Company will host a conference call and webcast to review its financial results with investors and other interested parties at 8:30 a.m. ET on Tuesday, August 9, 2022. Jeffrey A. Gould, Chief Executive Officer will host the call. To participate in the conference call, callers from the United States and Canada should dial 1-855-327-6838, and international callers should dial 1-604-235-2082, ten minutes prior to the scheduled call time. The webcast may also be accessed live by visiting the Company’s investor relations website under the “webcast” tab at https://brtapartments.com/investor-relations.
A replay of the conference call will be available after 11:30 a.m. ET on Tuesday, August 9, 2022 through 11:59 p.m. ET on Tuesday, August 23, 2022. To access the replay, listeners may use 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The passcode for the replay is 10019825.
Supplemental Financial Information:
In an effort to enhance its financial disclosures to investors, BRT has posted a supplemental financial information report which can be accessed on the Company’s website at www.brtapartments.com under the caption “Investor Relations - Financial Statements and SEC Filings.”
Non-GAAP Financial Measures:
BRT discloses FFO, AFFO and NOI because it believes that such metrics are widely recognized and appropriate measure of the performance of an equity REIT.
BRT computes FFO in accordance with the “White Paper on Funds from Operations” issued by the National Association of Real Estate Investment Trusts (“NAREIT”) and NAREIT's related guidance. FFO is defined in the White Paper as net income (calculated in accordance with generally accepted accounting principles), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis.
BRT computes AFFO by adjusting FFO for loss on extinguishment of debt; straight-line rent accruals; restricted stock and restricted stock unit expense and deferred mortgage costs (including its share of its unconsolidated joint ventures); and gain on insurance recovery. Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of AFFO may vary from one REIT to another.
BRT computes NOI by adjusting net income (loss) to (a) add back (1) depreciation expense, (2) general and administrative expenses, (3) interest expense, (4) loss on extinguishment of debt, (5) equity in earnings (loss) of unconsolidated joint ventures and equity in earnings from the sale of unconsolidated join venture, (6) provision for taxes, (7) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate and partnership interest, and (3) gain on insurance recoveries related to casualty loss. BRT defines "Same Store NOI" as NOI for all its properties that were owned for the entirety of the periods being presented, other than properties in lease up. References to same store NOI with respect to BRT's portfolio refers to
BRT believes that FFO, AFFO and NOI are useful and standard supplemental measures of the operating performance for equity REITs and are used frequently by securities analysts, investors and other interested parties in evaluating equity REITs, many of which present such metrics when reporting their operating results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate assets, which assures that the value of real estate assets diminish predictability over time. In fact, real estate values have historically risen and fallen with market conditions. As a result, BRT believes that FFO and AFFO provide a performance measure that when compared year-over-year, should reflect the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs and other matters without the inclusion of depreciation and amortization, providing a perspective that may not be necessarily apparent from net income. BRT also considers FFO and AFFO to be useful in evaluating potential property acquisitions. BRT views Same Store NOI as an important measure of operating performance because it allows a comparison of operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.
FFO, AFFO and NOI do not represent net income or cash flows from operations as defined by GAAP. FFO, AFFO and NOI should not be considered to be an alternative to net income as a reliable measure of our operating performance; nor should FFO, AFFO and NOI be considered an alternative to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity. Further, because there is no industry standard definition of NOI and practice is divergent across the industry, the computation of NOI may from one REIT to another.
Forward Looking Information:
Certain information contained herein is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the apparent improvement in the economic environment and BRT’s ability to originate additional loans. BRT intends such forward looking statements to be covered by the safe harbor provisions for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “will likely result,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “apparent,” “experiencing” or similar expressions or variations thereof. Investors are cautioned not to place undue reliance on any forward-looking statements and to carefully review the sections entitled “Risk Factors,” “Cautionary Statements Regarding Forward Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in BRT’s Annual Report on Form 10-K for the year ended December 31, 2021, and the other reports it files thereafter with the SEC. In addition, anticipated property purchases and sales (including information regarding the purchase and/or sale of the interests of BRT in its joint ventures) may not be completed during the periods indicated or at all, and estimates of gains from property sales are subject to adjustment, among other things, because actual closing costs may differ from the estimated costs. You should not rely on forward looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements.
Additional Information:
BRT is a real estate investment trust that owns, operates and, to a lesser extent, develops multi-family properties. As of June 30, 2022, BRT owns or has interests in 31 multi-family properties with 8,645 units (including a 240– unit development project), located across 11 states. Sixteen properties are wholly-owned and the balance are owned through unconsolidated joint ventures in which BRT generally owns a substantial equity interest. Most of these properties are located in the Southeast United States or Texas. Interested parties are urged to review the Form 10-Q to be filed with the Securities and Exchange Commission for the quarter ended June 30, 2022, and the supplemental disclosures regarding the quarter on the investor relations section of the Company’s website at: http://brtapartments.com/investor_relations for further details. The Form 10-Q can also be linked through the “Investor Relations” section of BRT’s website. For additional information on BRT’s operations, activities and properties, please visit its website at www.brtapartments.com.
Contact: Investor Relations - (516) 466-3100
BRT APARTMENTS CORP.
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Telephone (516) 466-3100
Telecopier (516) 466-3132
www.BRTapartments.com
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONDENSED BALANCE SHEETS
(Dollars in thousands)
| June 30, 2022 | December 31, 2021 | |||||
| (unaudited) | (audited) | |||||
| ASSETS | ||||||
| Real estate properties, net of accumulated depreciation | $ | 447,886 | $ | 293,550 | ||
| Investments in unconsolidated joint ventures | 79,782 | 112,347 | ||||
| Cash and cash equivalents | 57,045 | 32,339 | ||||
| Restricted cash | 4,787 | 6,582 | ||||
| Other assets | 15,721 | 10,341 | ||||
| Real estate property held for sale | — | 4,379 | ||||
| Total assets | $ | 605,221 | $ | 459,538 | ||
| LIABILITIES AND EQUITY | ||||||
| Mortgages payable, net of deferred costs | $ | 296,974 | $ | 199,877 | ||
| Junior subordinated notes, net of deferred costs | 37,113 | 37,103 | ||||
| Accounts payable and accrued liabilities | 21,984 | 19,607 | ||||
| Total Liabilities | 356,071 | 256,587 | ||||
| Total BRT Apartments Corp. stockholders’ equity | 249,143 | 202,956 | ||||
| Non-controlling interests | 7 | (5 | ) | |||
| Total Equity | 249,150 | 202,951 | ||||
| Total Liabilities and Equity | $ | 605,221 | $ | 459,538 | ||
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
| Three Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| Revenues: | ||||||||
| Rental and other revenues from real estate properties | $ | 14,683 | $ | 6,958 | ||||
| Other income | 2 | 3 | ||||||
| Total revenues | 14,685 | 6,961 | ||||||
| Expenses: | ||||||||
| Real estate operating expenses | 6,348 | 3,166 | ||||||
| Interest expense | 2,912 | 1,609 | ||||||
| General and administrative | 3,533 | 3,154 | ||||||
| Impairment charge | — | 520 | ||||||
| Depreciation and amortization | 5,010 | 1,416 | ||||||
| Total expenses | 17,803 | 9,865 | ||||||
| Total revenue less total expenses | (3,118 | ) | (2,904 | ) | ||||
| Equity in (loss) earnings of unconsolidated joint ventures | (50 | ) | (492 | ) | ||||
| Equity in earnings from sale of unconsolidated joint ventures properties | 40,098 | — | ||||||
| Gain on sale of real estate | — | 7,279 | ||||||
| Gain on sale of partnership interest | — | 2,244 | ||||||
| Gain on insurance recovery | — | — | ||||||
| Loss on extinguishment of debt | (563 | ) | — | |||||
| Income from continuing operations | 36,367 | 6,127 | ||||||
| Income tax provision | 724 | 67 | ||||||
| Net income from continuing operations, net of taxes | 35,643 | 6,060 | ||||||
| Net income attributable to non-controlling interest | (36 | ) | (33 | ) | ||||
| Net income attributable to common stockholders | $ | 35,607 | $ | 6,027 | ||||
| Per share amounts attributable to common stockholders: | ||||||||
| Basic | $ | 1.91 | $ | 0.34 | ||||
| Diluted | $ | 1.91 | $ | 0.34 | ||||
| Funds from operations - Note 1 | $ | 3,774 | $ | 5,060 | ||||
| Funds from operations per common share - diluted - Note 2 | $ | 0.20 | $ | 0.29 | ||||
| Adjusted funds from operations - Note 1 | $ | 6,945 | $ | 5,489 | ||||
| Adjusted funds from operations per common share - diluted -Note 2 | $ | 0.37 | $ | 0.31 | ||||
| Weighted average number of shares of common stock outstanding: | ||||||||
| Basic | 17,671,073 | 17,720,488 | ||||||
| Diluted | 17,726,343 | 17,720,488 | ||||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
| Three Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| Note 1: | ||||||||
| Funds from operations is summarized in the following table: | ||||||||
| GAAP Net income attributable to common stockholders | $ | 35,607 | $ | 6,027 | ||||
| Add: depreciation of properties | 5,010 | 1,416 | ||||||
| Add: our share of depreciation in unconsolidated joint venture properties | 3,259 | 6,276 | ||||||
| Add: Impairment charge | — | 520 | ||||||
| Add: our share of impairment charge in unconsolidated joint venture properties | — | 348 | ||||||
| Deduct: our share of equity in earnings from sale of unconsolidated joint venture properties | (40,098 | ) | — | |||||
| Deduct: gain on sale of real estate and partnership interests | — | (9,523 | ) | |||||
| Adjustments for non-controlling interests | (4 | ) | (4 | ) | ||||
| NAREIT Funds from operations attributable to common stockholders | 3,774 | 5,060 | ||||||
| Adjustments for: straight-line rent accruals | 6 | (10 | ) | |||||
| Add: loss on extinguishment of debt | 563 | — | ||||||
| Add: our share of loss on extinguishment of debt from unconsolidated joint venture properties | 1,473 | — | ||||||
| Add: amortization of restricted stock and RSU expense | 1,001 | 569 | ||||||
| Add: amortization of deferred mortgage and debt costs | 102 | 73 | ||||||
| Add: our share of deferred mortgage costs from unconsolidated joint venture properties | 73 | 143 | ||||||
| Less: our share of insurance recovery from unconsolidated joint ventures | — | (348 | ) | |||||
| Less: our share of gain on insurance proceeds from unconsolidated joint venture properties | (46 | ) | — | |||||
| Adjustments for non-controlling interests | (1 | ) | 2 | |||||
| Adjusted funds from operations attributable to common stockholders | $ | 6,945 | $ | 5,489 | ||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
| Three Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
| Note 2: | ||||||||
| Net income (loss) attributable to common stockholders | $ | 1.91 | $ | 0.34 | ||||
| Add: depreciation of properties | 0.26 | 0.09 | ||||||
| Add: our share of depreciation in unconsolidated joint venture properties | 0.17 | 0.35 | ||||||
| Add: Impairment charge | — | 0.03 | ||||||
| Add: our share of impairment charge in unconsolidated joint venture properties | — | 0.02 | ||||||
| Deduct: our share of equity in earnings from sale of unconsolidated joint venture properties | (2.14 | ) | — | |||||
| Deduct: gain on sale of real estate and partnership interests | — | (0.54 | ) | |||||
| Adjustment for non-controlling interests | — | — | ||||||
| NAREIT Funds from operations per diluted common share | 0.20 | 0.29 | ||||||
| Adjustments for: straight line rent accruals | — | — | ||||||
| Add: loss on extinguishment of debt | 0.03 | — | ||||||
| Add: our share of loss on extinguishment of debt from unconsolidated joint venture properties | 0.08 | — | ||||||
| Add: amortization of restricted stock and RSU expense | 0.05 | 0.03 | ||||||
| Add: amortization of deferred mortgage and debt costs | 0.01 | — | ||||||
| Add: our share of deferred mortgage and debt costs from unconsolidated joint venture properties | — | 0.01 | ||||||
| Less: our share of insurance recovery from unconsolidated joint ventures | — | (0.02 | ) | |||||
| Less: our share of gain on insurance proceeds from unconsolidated joint venture | — | — | ||||||
| Adjustments for non-controlling interests | — | — | ||||||
| Adjusted funds from operations per diluted common share | $ | 0.37 | $ | 0.31 | ||||
| Diluted shares outstanding for FFO and AFFO | 18,661 | 17,320 | ||||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
RECONCILIATION OF NOI TO NET INCOME
(Unaudited)
The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented:
| Consolidated | Three Months Ended June 30, | |||||||
| 2022 | 2021 | |||||||
| GAAP Net income attributable to common stockholders | $ | 35,607 | $ | 6,027 | ||||
| Less: Other Income | (2 | ) | (3 | ) | ||||
| Add: Interest expense | 2,912 | 1,609 | ||||||
| General and administrative | 3,533 | 3,154 | ||||||
| Impairment charge | — | 520 | ||||||
| Depreciation | 5,010 | 1,416 | ||||||
| Provision for taxes | 724 | 67 | ||||||
| Less: Gain on sale of real estate | — | (7,279 | ) | |||||
| Gain on sale of partnership interest | — | (2,244 | ) | |||||
| Equity in earnings from sale of unconsolidated joint venture properties | (40,098 | ) | — | |||||
| Add: Loss on extinguishment of debt | 563 | — | ||||||
| Adjust for: Equity in (earnings) loss of unconsolidated joint venture properties | 50 | 492 | ||||||
| Add: Net income attributable to non-controlling interests | 36 | 33 | ||||||
| Net Operating Income | $ | 8,335 | $ | 3,792 | ||||
| Less: Non-same store Net Operating Income (loss) | $ | 4,452 | $ | 313 | ||||
| Same store Net Operating Income | $ | 3,883 | $ | 3,479 | ||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
RECONCILIATION OF NOI AT UNCONSOLIDATED SUBSIDIARIES
(Unaudited)
(Dollars in thousands, except per share data)
The following tables provides a reconciliation of NOI to equity in loss of unconsolidated joint ventures as computed in accordance with GAAP for the periods presented for BRT's pro rata share of NOI at its unconsolidated subsidiaries. Also presented is the combined same store NOI for Consolidated and Unconsolidated subsidiaries:
| Unconsolidated | Three Months Ended June 30, | |||||||
| 2022 | 2021 | |||||||
| BRT's equity in earnings from sale of unconsolidated joint venture properties and equity in loss of joint ventures | $ | 40,048 | $ | (492 | ) | |||
| Add: Interest expense | 3,106 | 5,471 | ||||||
| Depreciation | 3,259 | 6,276 | ||||||
| Loss on extinguishment of debt | 1,469 | — | ||||||
| Less: Impairment of asset | — | 348 | ||||||
| Insurance recovery | — | (348 | ) | |||||
| Gain on insurance recoveries | (42 | ) | — | |||||
| Gain on sale of real estate | (40,098 | ) | — | |||||
| Equity in earnings of joint ventures | (22 | ) | (5 | ) | ||||
| Net Operating Income | $ | 7,720 | $ | 11,250 | ||||
| Less: Non-same store Net Operating Income | $ | (1,960 | ) | $ | (5,915 | ) | ||
| Same store Net Operating Income | $ | 5,760 | $ | 5,335 | ||||
| Consolidated same store Net Operating Income | $ | 3,883 | $ | 3,479 | ||||
| Unconsolidated same store Net Operating Income | 5,760 | 5,335 | ||||||
| Combined same store Net Operating Income | $ | 9,643 | $ | 8,814 | ||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
The condensed income statements below present, for the periods indicated, a reconciliation of the information that appears in note 8 of BRT's Quarterly report on Form 10-Q to BRT's pro rata share of the operations of its unconsolidated subsidiaries:
| Three Months Ended June 30, 2022 | ||||||||||||||
| Total | Partner Share | BRT's Pro-Rata Share | ||||||||||||
| Revenues: | ||||||||||||||
| Rental and other revenue | $ | 22,107 | $ | 8,156 | $ | 13,951 | ||||||||
| Total revenues | $ | 22,107 | $ | 8,156 | $ | 13,951 | ||||||||
| Expenses: | ||||||||||||||
| Real estate operating expenses | 9,842 | 3,611 | 6,231 | |||||||||||
| Interest expense | 4,893 | 1,787 | 3,106 | |||||||||||
| Depreciation | 5,208 | 1,949 | 3,259 | |||||||||||
| Total expenses | 19,943 | 7,347 | 12,596 | |||||||||||
| Total revenues less total expenses | 2,164 | 809 | 1,355 | |||||||||||
| Equity in earnings of joint ventures | 22 | — | 22 | |||||||||||
| Gain on insurance recoveries | 52 | 10 | 42 | |||||||||||
| Gain on sale of real estate | 77,681 | 37,583 | 40,098 | |||||||||||
| Loss on extinguishment of debt | (2,888 | ) | (1,419 | ) | (1,469 | ) | ||||||||
| Net loss (income) | $ | 77,031 | $ | 36,983 | $ | 40,048 | (1 | ) | ||||||
________________
(1) Reflects BRT's share as determined in accordance with GAAP - not its pro-rata share.
| Three Months Ended June 30, 2021 | ||||||||||||||
| Total | Partner Share | BRT's Pro-Rata Share | ||||||||||||
| Revenues: | ||||||||||||||
| Rental and other revenue | $ | 33,005 | $ | 11,993 | $ | 21,012 | ||||||||
| Total revenues | $ | 33,005 | $ | 11,993 | $ | 21,012 | ||||||||
| Expenses: | ||||||||||||||
| Real estate operating expenses | 15,233 | 5,471 | 9,762 | |||||||||||
| Interest expense | 8,472 | 3,001 | 5,471 | |||||||||||
| Depreciation | 9,791 | 3,515 | 6,276 | |||||||||||
| Total expenses | 33,496 | 11,987 | 21,509 | |||||||||||
| Total revenues less total expenses | (491 | ) | 6 | (497 | ) | |||||||||
| Equity in earnings of joint ventures | 5 | — | 5 | |||||||||||
| Impairment of assets | (490 | ) | (142 | ) | (348 | ) | ||||||||
| Insurance recoveries | 490 | 142 | 348 | |||||||||||
| Net loss | $ | (486 | ) | $ | 6 | $ | (492 | ) | (1 | ) | ||||
________________
(1) Reflects BRT's share as determined in accordance with GAAP - not its pro-rata share.
FAQ
What were BRT's earnings results for Q2 2022?
How did BRT's AFFO change in Q2 2022?
What is BRT's current debt situation?
What strategic acquisitions did BRT make recently?
How much did BRT's revenue increase in Q2 2022?
