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) has declared a quarterly dividend of $0.23 per share on its common stock. This dividend will be payable on April 7, 2022 to stockholders of record as of March 24, 2022. BRT is a real estate investment trust focusing on multi-family properties, owning and operating a diversified portfolio. For further insights, investors can refer to BRT's website and its Form 10-K filed with the SEC.
BRT Apartments Corp. (NYSE:BRT) will release its fourth-quarter 2021 financial results on March 14, 2022, after market close. A conference call and webcast are scheduled for March 15, 2022, at 8:30 a.m. ET, hosted by CEO Jeffrey A. Gould. Participants can dial in using designated numbers for domestic and international callers. A replay of the call will be available from March 15 through March 29, 2022. For further details, visit BRT's investor relations website.
BRT Apartments Corp. (NYSE:BRT) announced the sale of The Veranda at Shavano, a 288-unit property in San Antonio, Texas, for $53.8 million. This sale is expected to generate a gain of approximately $23.7 million, with BRT anticipating its share of this gain to be $12.7 million recognized in Q1 2022. The property produced an 18.8% internal rate of return over 5.5 years. Additionally, BRT paid off $14.5 million in mortgage debt for Avalon Apartments, enhancing its financial position.
BRT Apartments Corp. (NYSE:BRT) has declared a quarterly dividend of $0.23 per share, payable on January 5, 2022, to shareholders on record as of December 20, 2021. This dividend will be included in 2021 taxable income and is expected to be treated as a capital gain for federal income tax purposes. BRT Apartments is a real estate investment trust that owns and operates multifamily properties, either directly or through joint ventures.
BRT Apartments Corp. (NYSE:BRT) announced an amended credit facility with VNB New York, LLC, allowing it to borrow up to $35 million, and potentially $60 million via an uncommitted accordion feature. This facility allocates $15 million for operating expenses and is secured by equity interests in unencumbered properties. The interest rate is set at 25 basis points over the prime rate with a floor of 3.50%, maturing in three years. CEO Jeffrey A. Gould expressed optimism about leveraging the added capital for growth opportunities that enhance stockholder value.
BRT Apartments Corp. (NYSE:BRT) reported strong financial results for Q3 2021, with a net income of $28.11 million or $1.54 per diluted share, compared to a net loss of $7.48 million in Q3 2020. The company experienced a significant gain of $34.98 million from property sales, contributing to an 8.9% increase in Net Operating Income (NOI) across its portfolio. Additionally, BRT reduced its mortgage debt by $31.9 million, strengthening its capital structure. The firm continues to pursue advantageous buyouts of its joint venture partners to enhance long-term value for shareholders.
BRT APARTMENTS CORP. (NYSE:BRT), a multi-family real estate investment trust, will announce its Q3 2021 financial results after the market closes on November 8, 2021. A conference call scheduled for November 9, 2021, at 8:30 a.m. ET, will allow investors to review the results. The call will be led by CEO Jeffrey A. Gould. Interested parties can access the results on the company's investor relations website and through a replay available until November 23, 2021.
BRT Apartments Corp. (NYSE:BRT) announced a quarterly dividend of $0.23 per share, an increase of $0.01 or 4.5% from the previous payment. The dividend is set to be paid on October 7, 2021, to stockholders on record as of September 24, 2021. This move reflects the company's continuing commitment to provide income to shareholders while operating in the multi-family property sector through direct ownership and joint ventures.
BRT Apartments Corp. (NYSE:BRT) announced the acquisition of the remaining 41.9% interest in Bells Bluff for approximately $28 million, making it a wholly-owned property. Additionally, BRT has agreed to buy the remaining 10% interest in Crestmont at Thornblade for $1.6 million, expected to close by the end of Q3 2021. These acquisitions strengthen BRT's presence in the growing Southeast markets of Nashville and Greenville, enhancing its multi-family portfolio.
BRT Apartments Corp. (NYSE:BRT) reported a net income of $6.03 million, or $0.34 per diluted share, for Q2 2021, marking a recovery from a net loss of $4.25 million in Q2 2020. Funds from Operations (FFO) increased by 21% year-over-year to $5.06 million, while Adjusted Funds from Operations (AFFO) rose by 16% to $5.49 million, driven by a 4.9% increase in net operating income (NOI). The company is actively reducing debt and pursuing multi-family property acquisitions. BRT expects to recognize approximately $30 million in gains from recent property sales in Q3 2021.
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