Brt Apartments Corp Stock Price, News & Analysis

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.

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.