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Mar 31, 2021
BRT Q1 2021 Earnings Report
BRT Apartments Corp. experienced a decrease in net loss and an increase in FFO and AFFO, driven by improved operating margins and reduced interest expense.
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.
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.
Historical Earnings Impact
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