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Mar 31, 2024
BRT Q1 2024 Earnings Report
Reported a net loss and increased Combined Portfolio NOI.
Key Takeaways
BRT Apartments Corp. reported a net loss of $3.2 million, or ($0.17) per diluted share, FFO of $0.25 per diluted share, and AFFO of $0.35 per diluted share for the first quarter of 2024. Combined Portfolio NOI increased 1.6% compared to the prior-year period.
Net loss of $3.2 million, or ($0.17) per diluted share
Funds from Operations, or FFO, of $0.25 per diluted share and Adjusted Funds from Operations, or AFFO, of $0.35 per diluted share.
Combined Portfolio NOI increased 1.6% for the first quarter of 2024 compared to the prior-year period.
Repurchased 123,061 shares during the first quarter at a weighted average price of $18.43.
Revenue by Geographic Location
Forward Guidance
The operational environment in BRT’s Combined Portfolio is expected to be consistent with other Sunbelt-focused operators with new supply muting new and renewal lease rent growth until at least the second half of 2024 as the new supply is absorbed.
Positive Outlook
- BRT intends to emphasize stable average occupancy within the portfolio until it can achieve a lift in rental rates.
- Controllable expense growth is expected to grow modestly compared to 2023 and non-controllable expenses, particularly insurance, are expected to moderate somewhat compared to 2023.
- BRT’s balance sheet has no debt maturities until the third quarter of 2025, improved pricing and full availability on its credit facility and ample liquidity to deploy.
- A more favorable transaction environment in the second half of 2024 with smaller, private operators experiencing capital, ownership and/or refinancing challenges.
- Long-term, the Company believes the Sunbelt offers compelling advantages due to the predominance of pro-business states, along with better population and job growth from migration patterns and business investment.
Challenges Ahead
- The operational environment in BRT’s Combined Portfolio is expected to be consistent with other Sunbelt-focused operators with new supply muting new and renewal lease rent growth until at least the second half of 2024 as the new supply is absorbed.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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