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) announced the sale of two multi-family properties: Parc at 980 in Georgia and The Avenue Apartments in Florida. The properties, owned through a joint venture, yielded a remarkable internal rate of return (IRR) of 24.9% over three years. Following the sale, BRT anticipates recognizing a gain of approximately $30 million in equity earnings, despite a $4.2 million mortgage prepayment charge. CEO Jeffrey A. Gould highlighted the strengthening of financial flexibility through these sales, intending to fund the acquisition of Bells Bluff in Nashville with the proceeds.
BRT Apartments Corp. (NYSE:BRT) will release its financial results for Q2 2021 after the market closes on August 5, 2021. A conference call will follow on August 6, 2021, at 8:30 a.m. ET, hosted by CEO Jeffrey A. Gould, providing insights into the financial performance. Investors are encouraged to participate using the provided numbers and options for international callers. A replay of the call will be available from August 6 to August 20, 2021. BRT is a real estate investment trust focused on multi-family properties primarily in the Southeast U.S. and Texas.
BRT Apartments Corp. (NYSE:BRT) has announced contracts to sell two multi-family properties for approximately $226 million. The expected net gain from these sales is between $28 million and $30 million. The properties, Parc at 980 and The Avenue Apartments, will provide net proceeds of around $46 million after debt repayment and costs. BRT plans to use these funds to reduce debt and finance the acquisition of interests in Bells Bluff, TN. Additionally, BRT will sell its interests in two properties in St. Louis for $3 million, resulting in an estimated impairment charge of $510,000.
BRT Apartments Corp. (NYSE:BRT) has declared a quarterly dividend of $0.22 per share on its common stock. This dividend is scheduled to be paid on July 9, 2021, to stockholders on record as of June 25, 2021. BRT is a real estate investment trust that owns and operates multi-family properties, providing opportunities for investors in the real estate sector.
BRT Apartments Corp. (NYSE:BRT) announced the successful sale of its multi-family property, Kendall Manor, in Houston, Texas, for $24.5 million. The sale generated net proceeds of approximately $9.5 million and is expected to recognize a gain of $7.4 million in the upcoming quarter. BRT plans to utilize these proceeds for acquiring other properties, buying out partners' interests in joint ventures, and for corporate purposes.
BRT Apartments Corp. (NYSE: BRT) has announced the termination of its public offering of common stock, initially planned on May 10, 2021. Management deemed current volatile market conditions unsuitable for the offering. Consequently, no shares will be sold. The company was aiming to fund the purchase of a 41.9% interest in Bells Bluff, a 402-unit property in Nashville. Following the termination, funding will be sourced from available cash and a $15 million credit facility. As of April 30, 2021, the company's liquidity stood at approximately $45.49 million.
BRT Apartments Corp. (NYSE: BRT) has announced a public offering of 2,000,000 shares of its common stock, with an additional 300,000 shares available for underwriters. The proceeds from this offering will primarily fund the acquisition of a 41.9% interest in the Bells Bluff multi-family property in West Nashville, TN, along with efforts to repay debt and pursue further acquisition opportunities. RBC Capital Markets and UBS Investment Bank are managing the offering. The completion of the acquisition is subject to customary closing conditions.
BRT Apartments Corp. (NYSE:BRT) reported a net loss of $3.77 million for Q1 2021, a decrease from $4.83 million in the same period last year. Funds from Operations (FFO) increased to $6.03 million, reflecting positive contributions from insurance recoveries. Adjusted Funds from Operations (AFFO) also rose to $5.13 million, supported by improved operating margins. Significant portfolio performance improvements included a 5.2% increase in rental revenue from consolidated properties. The company recorded a 3.3% growth in same store NOIs and anticipates closing a $24.5 million property sale in May 2021.
BRT Apartments Corp. (NYSE:BRT) will release its financial results for Q1 2021 on May 6, 2021, after the market closes. A conference call with CEO Jeffrey A. Gould is scheduled for May 7, 2021, at 8:30 a.m. ET to discuss these results. Callers in the U.S. can dial 1-877-407-9208, while international callers should dial 1-201-493-6784. A replay of the conference call will be available from May 7 until May 21, 2021.
Investors can also access additional financial information via the company's website.
BRT Apartments Corp. reported a net loss of $3.30 million for Q4 2020, translating to $0.19 per diluted share. For the full year, net loss totaled $19.86 million or $1.16 per diluted share. Despite these losses, the company achieved 15.6% growth in AFFO year-over-year, driven by increased occupancy and rental revenues.
Rental revenues from consolidated properties grew 3.8% to $7.03 million in Q4 2020, while total expenses at consolidated properties decreased 2.9%. The company maintains a strong balance sheet with $19.89 million in cash as of December 31, 2020.
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