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 Maryland-incorporated real estate investment trust that focuses on multi-family residential properties. In its public communications, the company describes itself as a REIT that owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties, and it also makes preferred equity investments in joint ventures that own multi-family properties.
This news page aggregates company announcements and regulatory-related updates for BRT. Readers can find press releases about property acquisitions, such as the purchase of specific multi-family apartment complexes through joint ventures, as well as information about financing activities, including mortgage borrowings, refinancings and use of a corporate credit facility in connection with equity contributions to joint ventures.
The company also issues news releases about its quarterly dividends, stating the dividend amount per share and relevant record and payment dates, and in at least one case it has discussed the expected federal income tax treatment of a dividend. In addition, BRT announces the filing of its quarterly and annual reports with the Securities and Exchange Commission and provides high-level descriptions of the availability of financial statements and supplemental financial information.
Other news items include updates on management changes, such as the appointment or planned retirement of certain executive officers, which are also reflected in related Form 8-K filings. Investors and observers who follow BRT’s news can use this page to review the company’s own descriptions of its multi-family property portfolio, joint ventures, preferred equity investments, dividend declarations, financing transactions and governance developments over time.
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.
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.