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Mar 31, 2022
BRT Q1 2022 Earnings Report
Reported strong first quarter performance with significant same store property NOI growth and strategic portfolio enhancements through acquisitions and dispositions.
Key Takeaways
BRT Apartments Corp. reported a strong first quarter in 2022, marked by a substantial increase in net income and AFFO per diluted share. The company benefited from same store property NOI growth and made significant progress in enhancing its portfolio through strategic acquisitions and dispositions.
Net income increased by 382% compared to the same period last year.
AFFO per diluted share increased by 30% year-over-year.
Agreements were announced to acquire partners’ interests in nine properties for $89.4 million.
Agreements were announced to sell Retreat at Cinco Ranch and The Vive for $68.5 million and $92.0 million, respectively.
BRT
BRT
Forward Guidance
The company anticipates a slight decline in operating results in the second quarter of 2022 due to the timing of property sales and partner buyouts. However, they expect that these transactions will not have a material impact on BRT’s bottom line operating results in the short-term once completed.
Challenges Ahead
- Possible decline in operating results in the second quarter of 2022.
- Completion of property purchases and sales may not occur during anticipated periods.
- Estimates of gains from property sales are subject to adjustment.
- Actual closing costs may differ from estimated costs.
- Anticipated property purchases and sales may not be completed during the periods indicated or at all