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.
BRT APARTMENTS CORP. (NYSE:BRT) will release its financial results for Q2 2022 after market close on August 8, 2022. The company, focused on multi-family real estate investments primarily in the Southeast U.S. and Texas, will host a conference call and webcast for investors on August 9, 2022, at 8:30 a.m. ET. CEO Jeffrey A. Gould will lead the call, which can be accessed by dialing specific numbers provided for domestic and international participants. A replay will be available from August 9 to August 23, 2022.
BRT Apartments Corp. (NYSE:BRT) has completed the acquisition of a remaining 25% interest in Civic Center I and II, two multi-family properties in Southaven, Mississippi, for $36.2 million. These properties previously contributed approximately $1.1 million in equity earnings in 2021. Following the acquisition, BRT will consolidate about $57.4 million in mortgage debt associated with these properties, which have an average interest rate of 3.97% and a remaining term of 3.9 years. This move is part of BRT's strategic growth plan aimed at enhancing cash flow and long-term shareholder value.
BRT Apartments Corp. (NYSE:BRT) has acquired the remaining 20% interest in the Grove at River Place for $7.5 million, consolidating its ownership of this 240-unit property in Macon, Georgia. The property previously contributed $107,000 in equity earnings. Additionally, BRT completed the sale of The Vive in Kannapolis, North Carolina, for $91.3 million, generating a net gain of approximately $21.5 million after expenses. The company plans to use proceeds for joint venture buyouts, debt reduction, and working capital.
BRT Apartments Corp. (NYSE:BRT) announced a new Dividend Reinvestment Plan (the “Plan”) allowing stockholders to reinvest dividends into additional shares at a 3% discount without brokerage fees.
The Plan, effective until terminated, allows for a maximum of 350,000 shares to be issued. A cash dividend of $0.25 per share was declared, payable on July 8, 2022, to stockholders of record as of June 30, 2022. Stockholders must enroll by 5:00 pm ET on the record date to participate.
BRT Apartments Corp. (NYSE:BRT) announced the completion of a $68.3 million sale of the Retreat at Cinco Ranch property in Katy, Texas, of which it holds a 75% equity interest. The sale will yield a net gain of approximately $16.5 million in the upcoming quarter. Over its ownership, the property generated a 20.4% internal rate of return (IRR) over 6.5 years. Proceeds will be used for partner buyouts, debt reduction, and general corporate purposes, as stated by CEO Jeffrey A. Gould, who emphasized the strategy to create sustainable value for shareholders.
BRT Apartments Corp. (NYSE:BRT) has announced a quarterly dividend of $0.25 per share, reflecting an increase of 8.7% or $0.02 over the prior dividend. This dividend is payable on July 8, 2022 to stockholders on record as of June 30, 2022. BRT is a real estate investment trust focusing on multi-family properties.
BRT Apartments Corp. (NYSE:BRT) reported a 382% increase in net income for Q1 2022, totaling $11.51 million or $0.62 per diluted share, driven by significant property sales and acquisitions. Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) also rose by 7.1% and 30% respectively. The company announced agreements to acquire partner interests in nine properties for $89.4 million and successfully sold properties for a combined $160.5 million. The strong performance is attributed to 15.9% NOI growth and disciplined portfolio expansion amidst a competitive housing market.
BRT Apartments Corp. (NYSE:BRT), a real estate investment trust focused on multi-family properties in the Southeast U.S. and Texas, plans to release its financial results for Q1 2022 on May 9, 2022, after market close.
The company will hold a conference call on May 10, 2022, at 8:30 a.m. ET to discuss the results. Interested participants can access the call via phone or webcast on the company’s investor relations website.
A replay of the call will be available until May 24, 2022.
BRT Apartments Corp. (NYSE:BRT) has acquired the remaining interests in joint ventures owning two multi-family properties for $12.8 million, totaling 462 units. This addition brings significant assets and liabilities to its balance sheet, including $56.7 million in mortgage debt. Additionally, the company plans to purchase remaining interests in three and six more properties for $17.3 million and $72.1 million, respectively, increasing total units to 5,420. CEO Jeffrey A. Gould highlights these investments, valued at $102.2 million, as crucial for expanding their portfolio and enhancing cash flow.
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.
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