Brt Apartments Corp Stock Price, News & Analysis

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.

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.