BRT Q1 2021 Earnings Report
Key Takeaways
BRT Apartments Corp. reported first quarter results for 2021, showing a reduced net loss and increased Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO). The company highlighted improvements in same-store net operating income and strategic capital allocation.
Net loss decreased to $3.77 million, or $0.22 per diluted share, compared to a net loss of $4.83 million, or $0.29 per diluted share, for the prior year period.
Funds from Operations (FFO) increased to $6.03 million, or $0.35 per diluted share, from $3.30 million, or $0.19 per diluted share, in the corresponding quarter in 2020.
Adjusted Funds from Operations (AFFO) increased to $5.13 million, or $0.30 per diluted share, from $3.97 million, or $0.23 per diluted share, in the 2020 quarter.
Rental and other revenues from consolidated properties increased by 5.2% to $7.10 million.
BRT
BRT
Forward Guidance
BRT anticipates closing a sale in May 2021 and recognizing a gain on sale of approximately $7.4 million in the quarter ending June 30, 2021. The company also anticipates recognizing a $2.20 million gain related to a transaction in April 2021 in the quarter ending June 30, 2021.
Positive Outlook
- Anticipate closing the sale of Kendall Manor-Houston, Texas in May 2021.
- Estimate a gain on sale of approximately $7.4 million from the Kendall Manor-Houston transaction in the quarter ending June 30, 2021.
- Completed the sale of an 80% interest in Anatole Apartments - Daytona Beach, Florida in April 2021.
- Anticipate recognizing a $2.20 million gain related to the Anatole Apartments transaction in the quarter ending June 30, 2021.
- Increased the amount available under the Company’s credit facility to $15 million and extended the maturity of the facility until April 2023.