Welcome to our dedicated page for BRT Apartments news (Ticker: BRT), a resource for investors and traders seeking the latest updates and insights on BRT Apartments stock.
BRT Apartments Corp (NYSE: BRT) is a leading real estate investment trust (REIT) specializing in the ownership, operation, and development of multi-family properties across the United States. Headquartered in Great Neck, New York, BRT focuses on acquiring and managing assets that generate a stable and growing income. As of March 31, 2024, the company owns or has interests in 29 multi-family properties encompassing 7,947 units spread across 11 states.
Core Business and Operations:
BRT’s primary business model involves joint ventures where it holds equity interests in the entities that own the properties. This strategy allows BRT to leverage its expertise while sharing the financial commitments and benefits.
Recent Achievements and Financial Condition:
BRT has recently reaffirmed its strong financial position amidst industry-wide challenges. For the third quarter ending September 30, 2023, the company reported stable occupancy rates and solid revenue growth due to increased rental rates. Notably, BRT has repurchased 671,000 of its shares, reflecting confidence in its market value and future prospects. By December 31, 2023, BRT had available liquidity of approximately $83.5 million and a weighted average interest rate on consolidated and unconsolidated mortgage debt of 4.02%.
Current Projects:
BRT is actively involved in several development and value-add projects aimed at enhancing its property portfolio. The company remains patient regarding new acquisitions due to current market conditions but is poised to seize opportunities that align with its strategic goals.
Partnerships and Products:
The company's portfolio includes various joint ventures with other real estate entities, allowing it to expand its reach and impact. BRT has a strategic partnership with Gould Investors L.P., which manages $2 billion in assets and is a significant shareholder in BRT.
Investor Relations:
BRT maintains a robust investor relations program, frequently updating stakeholders through quarterly reports, conference calls, and webcasts. The next investor call is scheduled for March 13, 2024, to review the Q1 2024 results and discuss future outlooks. Investors can access detailed financial statements and supplemental information on the company’s investor relations website.
For additional information on BRT's operations, activities, and properties, please visit www.brtapartments.com.
Rainbow Realty Group II has successfully closed a $3.92 million senior-secured mortgage for five retail dispensary properties in Ohio. These properties are part of the state's limited license medical cannabis market, which has generated $1.09 billion in sales since legalization in 2018. Leased by experienced multi-state operators, the properties are located in major cities, including Columbus and Cleveland. The financing will facilitate the acquisition of these properties, and Rainbow will also benefit from profit participation. The company plans to continue raising capital into Q1 2023.
BRT Apartments Corp. (NYSE:BRT) has announced a quarterly dividend of $0.25 per share, payable on January 5, 2023, to shareholders on record as of December 20, 2022. This decision reflects the company's commitment to returning value to its investors. BRT, a real estate investment trust specializing in multi-family properties, continues to maintain a robust portfolio and operational stability. For more insight on its business, stakeholders are encouraged to review BRT's Form 10-K and other SEC filings.
BRT Apartments Corp. (NYSE:BRT) reported net income of $7.06 million ($0.37 per diluted share) for Q3 2022, a decline from $28.11 million ($1.54 per diluted share) in Q3 2021. Funds from Operations (FFO) reached $5.41 million ($0.29 per diluted share), up from $7,000 in the prior year. Adjusted Funds from Operations (AFFO) increased to $7.17 million ($0.38 per diluted share) compared to $5.66 million ($0.31 per diluted share) in Q3 2021. The company acquired remaining interests in 11 properties for $105.87 million, aiming for sustainable growth despite an anticipated slowdown in acquisition activity.
BRT APARTMENTS CORP. (NYSE:BRT), a multi-family real estate investment trust, will release its third-quarter financial results on November 7, 2022, after market close. Investors can participate in a conference call and webcast on November 8, 2022, at 8:30 a.m. ET, hosted by CEO Jeffrey A. Gould. The call will be accessible via phone or through the company’s investor relations website. A replay will be available from November 8 to November 22, 2022. For inquiries, investors can contact BRT's investor relations at (516) 466-3100.
BRT Apartments Corp. (NYSE:BRT) announced that its apartment communities in Tallahassee and Pensacola, Florida, and in Columbia, Greenville, North Charleston, and Wilmington, North Carolina, were undamaged by Hurricane Ian. CEO Jeffrey A. Gould expressed relief that all employees are safe and commended the teams for their preparedness. The company is a real estate investment trust focused on owning and operating multi-family properties.
BRT Apartments Corp. (NYSE:BRT) has amended its credit facility, increasing borrowing capacity to $60 million for multi-family property acquisitions and mortgage debt repayment, while also allowing $25 million for operating expenses. The facility's term is extended to September 2025, and the interest rate is reduced to the prime rate with a 3.5% floor. Proceeds from property sales must repay the facility. President Jeffrey A. Gould expresses confidence in pursuing acquisition opportunities for sustained shareholder value.
BRT Apartments Corp. (NYSE:BRT) has declared a quarterly dividend of $0.25 per share, payable on October 7, 2022, to stockholders of record on September 27, 2022. This announcement underscores the company's commitment to returning value to its shareholders. BRT, a real estate investment trust, primarily focuses on owning, operating, and developing multi-family properties, with additional information available on its website.
BRT Apartments Corp. (NYSE:BRT) announced the sale of its 204-unit multifamily property, Waters’ Edge, in Columbia, SC, for approximately $32.4 million. The joint venture, in which BRT holds an 80% equity interest, generated a 20% IRR over six years. BRT will recognize an estimated $11.4 million gain and incur $385,000 in mortgage prepayment charges. The proceeds, totaling $13.3 million, will be used to reduce debt on its credit facility, enhancing the company’s capital flexibility and potential for future growth.
Rainbow Realty Group announced the closing of a $20.45 million loan collateralized by 9 properties in Sacramento, CA, primarily housing cannabis operators. The properties include 13 tenants, with 12 involved in cannabis operations ranging from dispensaries to manufacturers. Sacramento's legal cannabis sales reached $820.4 million in 2021, marking a 78.6% increase from the previous year. This financing will support tenant investments and improvements across the portfolio, which includes retail, industrial, and office spaces.
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.
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