Brt Apartments Corp Stock Price, News & Analysis

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.

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.