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Jun 30, 2022
BRT Q2 2022 Earnings Report
Net income and AFFO per diluted share increased significantly, driven by property sales and improved operating margins.
Key Takeaways
BRT Apartments Corp. reported a substantial increase in net income and AFFO per diluted share for the second quarter of 2022. The company benefited from equity in earnings from the sale of unconsolidated joint venture properties and improved operating margins across its portfolio.
Net income attributable to common stockholders increased to $35.61 million, or $1.91 per diluted share.
Adjusted Funds from Operations (AFFO) increased to $6.95 million, or $0.37 per diluted share.
Rental and other revenues increased 111% to $14.68 million.
Completed purchases of remaining interests in joint ventures owning five multi-family properties for $34.16 million.
Forward Guidance
BRT anticipates continued growth and value creation through its portfolio of well-located apartment properties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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