BRT Apartments Reports Fourth Quarter and Year End 2021 Results
BRT Apartments Corp. (NYSE:BRT) reported a net loss of $1.25 million for Q4 2021 but achieved significant growth in Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO). FFO rose to $6.3 million, and AFFO increased to $7.5 million, driven by improved operating margins and acquisitions of joint venture interests. For the full year, net income totaled $29.1 million, with rental revenues increasing by 16.7%. The company plans to acquire additional interests in multi-family properties valued at approximately $30.4 million. A dividend of $0.23 per share was declared, payable on April 7, 2022.
- FFO of $6.3 million for Q4 2021, up from $4.96 million in Q4 2020.
- AFFO increased to $7.5 million in Q4 2021, compared to $5.64 million in the same quarter of 2020.
- Net income for 2021 rose to $29.1 million from a net loss of $19.86 million in 2020.
- Rental revenues grew 16.7% to $32.04 million for 2021, impacted by the inclusion of revenues from previously unconsolidated properties.
- Net operating income (NOI) at same-store properties increased 12.3% in Q4 2021.
- Net loss of $1.25 million for Q4 2021, although improved from a loss of $3.30 million in Q4 2020.
- Total expenses increased by 44.9% to $12.99 million in Q4 2021, reflecting real estate operating expenses from newly consolidated properties.
- Weighted average share count increased, affecting diluted earnings per share calculations.
Continues to Consolidate Portfolio Through Attractive Buy-Outs of JV Partners
GREAT NECK, N.Y., March 14, 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 December 31, 2021, it generated a net loss of
Jeffrey A. Gould, President and Chief Executive Officer of BRT stated, “Our portfolio continued to perform very well in the fourth quarter 2021, capping an excellent year for BRT. In 2021, we benefited from the ongoing population and job growth and the shortage of quality housing across many of our markets, and over our entire portfolio, increased same store occupancy by 160 basis points to
Fourth Quarter Operating Results:
Net loss attributable to common stockholders for the quarter ended December 31, 2021 was
FFO was
Diluted per share net income, FFO and AFFO for the quarter ended December 31, 2021 reflect the 1.1 million increase in the weighted average share count, due to stock issuances pursuant to the Company’s at-the-market offering and, to a lesser extent, issuances pursuant to the equity incentive program.
Rental and other revenues for the quarter ended December 31, 2021, grew
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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.
Total expenses for the current three months increased
Equity in earnings (loss) of unconsolidated joint ventures for the current quarter increased by
BRT’s pro rata share of revenues from unconsolidated joint ventures for the three months ended December 31, 2021 and 2020 were
Net operating income, or NOI, at same store properties in our entire portfolio3 increased in the current quarter by
Results for the Year Ended December 31, 2021:
Net income attributable to common stockholders in 2021 was
FFO was
Diluted per share net income, FFO and AFFO for the year ended December 31, 2021 reflect the approximate 1.1 million increase in the weighted average share count due to stock issuances pursuant to BRT’s at-the-market equity sales program and to a lesser extent, issuances pursuant to the equity incentive program.
Rental revenues rose
Total expenses increased
Equity in earnings from sales of unconsolidated ventures in 2021 was
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2 Although these are items of income and expense at unconsolidated joint venture properties, these are presented on a
Same store properties refer to properties owned for the entirety of the periods discussed.
3 Entire portfolio refers to
Equity in loss of unconsolidated joint ventures in 2021 decreased to a loss of
BRT’s pro rata share of revenues from unconsolidated joint ventures for 2021 and 2020 were
NOI at same store properties in our entire portfolio increased in 2021 by
At December 31, 2021, the Company: (i) wholly-owns ten multi-family properties located in seven states with an aggregate of 2,576 units and a net book value of
Transaction Activity:
During the fourth quarter 2021, the Company:
- purchased, for
$1.60 million dollars, the remaining10% interest in the venture that owns Crestmont at Thornblade, a 266-unit multi-family property in Greenville, SC; - purchased, for
$16.13 million , the remaining20% interest in the venture that owns Crossings of Bellevue, a 300-unit multi-family property located in Nashville, TN; and - completed the sale of its interests in two properties located in St. Louis, MO. for
$3 million dollars.
Balance Sheet:
As previously reported, during the fourth quarter, the Company entered into an amendment to its credit facility, which, among other things, increased the amount it can borrow to up to
At December 31, 2021, the Company had
At February 28, 2022, BRT’s available liquidity was approximately
Subsequent Events:
Subsequent to December 31, 2021, the Company:
- through an unconsolidated joint venture in which the Company has a
65% equity interest, sold The Veranda a Shavano, a 288-unit multi-family property in San Antonio, Texas, for a sales price of$53.8 million . This property produced an18.8% internal rate of return, or IRR, over the 5 ½ year it was owned. The Company estimates that the gain on the sale of this property will be approximately$23.7 million and that its share of the gain, which will be recognized in the first quarter of 2022, will be approximately$12.7 million ; - raised
$2.2 million of equity from its at-the-market equity sales program selling 100,000 shares at a weighted average price per share of$22.06 ; - used available cash to pay-off
$14.5 million of4.29% mortgage debt at Avalon Apartments, located in Pensacola Florida, that was scheduled to mature in 2022; and - announced that the Company entered into separate agreements to acquire the remaining interests of venture partners at five multi-family properties, with an aggregate of 1,064 units. The aggregate purchase price for these interests is approximately
$30.4 million , and the Company expects to assume aggregate non-recourse mortgage debt of approximately$ 97.7 million , with a weighted average remaining term to maturity of 7.1 years, and a weighted average interest rate of4.17% . The Company anticipates using available cash to fund these purchases, and that these transactions will be completed over the next several months, subject to customary closing conditions, including with respect to four of the purchases, the approval of the holder of the applicable mortgage debt. No purchase is contingent upon the completion of any other purchase, and BRT can provide no assurance that any of these transactions will be completed or that such purchases will be accretive.
Dividend:
On March 9, 2022, the Board of Directors declared a common stock dividend of
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, March 15, 2022. The call will be hosted by Jeffrey A. Gould, Chief Executive Officer. To participate in the conference call, callers from the United States and Canada should dial 1-877-407-9208, and international callers should dial 1-201-493-6784, 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://www.brtapartments.com/investor-relations.
A replay of the conference call will be available after 11:30 a.m. ET on Tuesday, March 15, 2022 through 11:59 p.m. ET on Tuesday, March 29, 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 13727474.
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 a multi-family 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 (loss) (computed in accordance with generally accepting accounting principles), excluding gains (or losses) from sales of property, plus depreciation and amortization, plus impairment write-downs of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. In computing FFO, BRT does not add back to net income the amortization of costs in connection with its financing activities or depreciation of non-real estate assets.
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 loss of unconsolidated joint ventures, (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 (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. 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.
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.
Forward Looking Statement:
Certain statements contained in this press release, together with other statements and information publicly disseminated by BRT Apartments Corp. are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. We intend 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 include this statement for the purpose 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,” “could,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or variations thereof. Information regarding certain important factors that could cause actual outcomes or other events to differ materially from any such forward looking statements appear in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (and in particular the sections entitled “Cautionary Note Regarding Forward Looking Statements”, “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein) and the other reports filed with the Securities Exchange Commission thereafter. In addition, estimates of anticipated property purchases and sales may not be completed during the period 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. Interested parties are urged to review the Annual Report on Form 10-K to be filed shortly with the Securities and Exchange Commission for the year ended December 31, 2021 on the investor relations section of the Company’s website at: http://www.brtapartments.com/investor-relations for further details. For additional information on BRT’s operations, activities and properties, please visit its website at www.brtapartments.com.
Contact: Investor Relations
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)
December 31, 2021 | December 31, 2020 | |||||||
ASSETS | ||||||||
Real estate properties, net of accumulated depreciation | $ | 293,550 | $ | 160,192 | ||||
Investment in unconsolidated joint ventures | 112,347 | 169,474 | ||||||
Cash and cash equivalents | 32,339 | 19,885 | ||||||
Restricted cash | 6,582 | 8,800 | ||||||
Other assets | 10,341 | 7,390 | ||||||
Real estate property held for sale | 4,379 | — | ||||||
Total Assets | $ | 459,538 | $ | 365,741 | ||||
LIABILITIES AND EQUITY | ||||||||
Mortgages payable, net of deferred costs | $ | 199,877 | $ | 130,434 | ||||
Junior subordinated notes, net of deferred costs | 37,103 | 37,083 | ||||||
Accounts payable and accrued liabilities | 19,607 | 20,536 | ||||||
Total Liabilities | 256,587 | 188,053 | ||||||
Total BRT Apartments Corp. stockholders’ equity | 202,956 | 177,772 | ||||||
Non-controlling interests | (5 | ) | (84 | ) | ||||
Total Equity | 202,951 | 177,688 | ||||||
Total Liabilities and Equity | $ | 459,538 | $ | 365,741 | ||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
Three Months Ended December 31, (unaudited) | Twelve months Ended December 31, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues: | |||||||||||||||
Rental and other revenue | $ | 10,279 | $ | 7,029 | $ | 32,041 | $ | 27,451 | |||||||
Other income | 4 | 20 | 16 | 651 | |||||||||||
Total revenues | 10,283 | 7,049 | 32,057 | 28,102 | |||||||||||
Expenses: | |||||||||||||||
Real estate operating expenses | 4,515 | 3,026 | 14,202 | 12,377 | |||||||||||
Interest expense | 1,953 | 1,700 | 6,757 | 7,100 | |||||||||||
General and administrative | 3,239 | 2,647 | 12,621 | 11,701 | |||||||||||
Impairment charge | — | — | 520 | 3,642 | |||||||||||
Depreciation | 3,285 | 1,595 | 8,025 | 6,742 | |||||||||||
Total expenses | 12,992 | 8,968 | 42,125 | 41,562 | |||||||||||
Total revenues less total expenses | (2,709 | ) | (1,919 | ) | (10,068 | ) | (13,460 | ) | |||||||
Equity in loss (earnings) of unconsolidated joint ventures | 1,825 | (1,293 | ) | (4,208 | ) | (6,024 | ) | ||||||||
Equity in earnings from sale of unconsolidated joint venture properties | — | — | 34,982 | — | |||||||||||
Gain on sale of real estate | — | — | 7,693 | — | |||||||||||
Gain on sale of partnership interest | 388 | — | 2,632 | — | |||||||||||
Loss on extinguishment of debt | (673 | ) | — | (1,575 | ) | — | |||||||||
(Loss) income from continuing operations | (1,169 | ) | (3,212 | ) | 29,456 | (19,484 | ) | ||||||||
Provision for taxes | 51 | 56 | 206 | 248 | |||||||||||
(Loss) income from continuing operations, net of taxes | (1,220 | ) | (3,268 | ) | 29,250 | (19,732 | ) | ||||||||
(Income) attributable to non-controlling interests | (34 | ) | (33 | ) | (136 | ) | (130 | ) | |||||||
Net (loss) income attributable to common stockholders | $ | (1,254 | ) | $ | (3,301 | ) | $ | 29,114 | $ | (19,862 | ) | ||||
Per share amounts attributable to common stockholders: | |||||||||||||||
Basic | $ | (0.08 | ) | $ | (0.19 | ) | $ | 1.63 | $ | (1.16 | ) | ||||
Diluted | $ | (0.08 | ) | $ | (0.19 | ) | $ | 1.62 | $ | (1.16 | ) | ||||
Funds from operations - Note 1 | $ | 6,333 | $ | 4,960 | $ | 17,429 | 16,999 | ||||||||
Funds from operations per common share - diluted - Note 2 | $ | 0.35 | $ | 0.29 | $ | 0.97 | $ | 0.99 | |||||||
Adjusted funds from operations - Note 1 | $ | 7,542 | $ | 5,639 | $ | 23,811 | $ | 19,213 | |||||||
Adjusted funds from operations per common share - diluted -Note 2 | $ | 0.41 | $ | 0.33 | $ | 1.33 | $ | 1.12 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 17,317,596 | 17,176,401 | 17,017,690 | 17,115,697 | |||||||||||
Diluted | 17,317,596 | 17,176,401 | 17,084,642 | 17,115,697 | |||||||||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
FUNDS FROM OPERATIONS
ADJUSTED FUNDS FROM OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended December 31, | Twelve months Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Note 1: | ||||||||||||||||
Funds from operations is summarized in the following table: | ||||||||||||||||
GAAP Net (loss) income attributable to common stockholders | $ | (1,254 | ) | $ | (3,301 | ) | $ | 29,114 | $ | (19,862 | ) | |||||
Add: depreciation of properties | 3,285 | 1,595 | 8,025 | 6,742 | ||||||||||||
Add: our share of depreciation in unconsolidated joint venture properties | 4,694 | 6,670 | 23,083 | 26,493 | ||||||||||||
Add: impairment charge | — | — | 520 | 3,642 | ||||||||||||
Add: our share of impairment charge in unconsolidated joint venture properties | — | — | 2,010 | — | ||||||||||||
Deduct: our share of earnings in earnings from sale of unconsolidated joint venture properties | — | — | (34,982 | ) | — | |||||||||||
Deduct: gain on sales of real estate and partnership interests | (388 | ) | — | (10,325 | ) | — | ||||||||||
Adjustment for non-controlling interests | (4 | ) | (4 | ) | (16 | ) | (16 | ) | ||||||||
NAREIT Funds from operations attributable to common stockholders | 6,333 | 4,960 | $ | 17,429 | $ | 16,999 | ||||||||||
Adjust for: straight-line rent accruals | 12 | (10 | ) | (18 | ) | (40 | ) | |||||||||
Add: loss on extinguishment of debt | 673 | — | 1,575 | — | ||||||||||||
Add: our share of loss on extinguishment of debt from unconsolidated joint venture properties | — | — | 4,581 | — | ||||||||||||
Add: amortization of restricted stock and RSU expense | 991 | 461 | 2,941 | 1,821 | ||||||||||||
Add: amortization of deferred mortgage and debt costs | 80 | 80 | 295 | 320 | ||||||||||||
Add: our share of deferred mortgage costs from unconsolidated joint venture properties | 103 | 147 | 542 | 626 | ||||||||||||
Less: our share of insurance recovery from unconsolidated joint ventures | — | — | (2,010 | ) | — | |||||||||||
Less: our share of gain on insurance proceeds from unconsolidated joint venture properties | (648 | ) | — | (1,528 | ) | (519 | ) | |||||||||
Adjustment for non-controlling interests | (2 | ) | 1 | 4 | 6 | |||||||||||
Adjusted funds from operations attributable to common shareholders | $ | 7,542 | $ | 5,639 | $ | 23,811 | $ | 19,213 | ||||||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
FUNDS FROM OPERATIONS
ADJUSTED FUNDS FROM OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended December 31, | Twelve months Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Note 2: | ||||||||||||||||
Funds from operations per share is summarized in the following table: | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | (0.08 | ) | $ | (0.19 | ) | $ | 1.62 | $ | (1.16 | ) | |||||
Add: depreciation of properties | 0.19 | 0.09 | 0.45 | 0.39 | ||||||||||||
Add: our share of depreciation from unconsolidated joint venture properties | 0.26 | 0.39 | 1.29 | 1.55 | ||||||||||||
Add: impairment charge | — | — | 0.03 | 0.21 | ||||||||||||
Add: impairment charge - our share of unconsolidated joint ventures | — | — | 0.11 | 0 | ||||||||||||
Deduct: our share of earnings from sale of unconsolidated joint venture properties | — | — | (1.95 | ) | — | |||||||||||
Deduct: gain on sales of real estate and partnership interest | (0.02 | ) | — | (0.58 | ) | — | ||||||||||
Adjustment for non-controlling interests | — | — | — | — | ||||||||||||
NAREIT Funds from operations per common share - diluted | 0.35 | 0.29 | $ | 0.97 | $ | 0.99 | ||||||||||
Adjustments for straight line rent accruals | — | — | — | — | ||||||||||||
Add: loss on extinguishment of debt | 0.04 | — | 0.09 | — | ||||||||||||
Add: our share of loss on extinguishment of debt from unconsolidated joint ventures | — | — | 0.26 | — | ||||||||||||
Add: amortization of restricted stock and RSU expense | 0.05 | 0.03 | 0.16 | 0.10 | ||||||||||||
Add: amortization of deferred mortgage and debt costs | — | — | 0.02 | 0.02 | ||||||||||||
Add: our share of amortization of deferred mortgage and debt costs from unconsolidated ventures | 0.01 | 0.01 | 0.03 | 0.04 | ||||||||||||
Deduct: our share of insurance recovery from unconsolidated joint ventures | — | — | (0.11 | ) | — | |||||||||||
Deduct: our share of gain on insurance proceeds from unconsolidated joint ventures | (0.04 | ) | — | (0.09 | ) | (0.03 | ) | |||||||||
Adjustments for non-controlling interests | — | — | — | — | ||||||||||||
Adjusted funds from operations per common share - diluted | $ | 0.41 | $ | 0.33 | $ | 1.33 | $ | 1.12 | ||||||||
Diluted shares outstanding for FFO and AFFO | 17,317,596 | 17,084,642 | 17,936,465 | 17,115,697 | ||||||||||||
BRT APARTMENTS CORP. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS TO NOI
(Dollars in thousands, except per share data)
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
GAAP Net income attributable to common stockholders | $ | (1,254 | ) | $ | (3,301 | ) | $ | 29,114 | $ | (19,862 | ) | |||||
Less: Other Income | (4 | ) | (20 | ) | (16 | ) | (651 | ) | ||||||||
Add: Interest expense | 1,953 | 1,700 | 6,757 | 7,100 | ||||||||||||
General and administrative | 3,239 | 2,647 | 12,621 | 11,701 | ||||||||||||
Depreciation | 3,285 | 1,595 | 8,025 | 6,742 | ||||||||||||
Impairment charge | — | — | 520 | 3,642 | ||||||||||||
Provision for taxes | 51 | 56 | 206 | 248 | ||||||||||||
Less: Gain on sale of real estate | — | — | (7,693 | ) | — | |||||||||||
Gain on the sale of partnership interest | (388 | ) | — | (2,632 | ) | — | ||||||||||
Add: Loss on extinguishment of debt | 673 | — | 1,575 | — | ||||||||||||
Equity in loss of unconsolidated joint venture properties | (1,825 | ) | 1,293 | 4,208 | 6,024 | |||||||||||
Less: Equity in earnings from sale of unconsolidated joint venture properties | — | — | (34,982 | ) | — | |||||||||||
Add: Net income attributable to non-controlling interests | 34 | 33 | 136 | 130 | ||||||||||||
Net Operating Income | $ | 5,764 | $ | 4,003 | $ | 17,839 | $ | 15,074 | ||||||||
Less: Non same store and non multi family | ||||||||||||||||
Revenues | (3,841 | ) | (1,073 | ) | (7,125 | ) | (4,316 | ) | ||||||||
Operating Expenses | 1,799 | 601 | 3,393 | 2,333 | ||||||||||||
Non Same store and non multi NOI | (2,042 | ) | (472 | ) | (3,732 | ) | (1,983 | ) | ||||||||
Same Store Net Operating Income | $ | 3,722 | $ | 3,531 | $ | 14,107 | $ | 13,091 |
FAQ
What were BRT's Q4 2021 earnings results?
How much did BRT's rental revenues increase in 2021?
What dividend did BRT declare in March 2022?
How did BRT's net income change from 2020 to 2021?