BRT Q3 2020 Earnings Report
Key Takeaways
BRT Apartments Corp. reported a net loss of $7.48 million for the third quarter of 2020, compared to a net income of $3.27 million for the same period in 2019. However, Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) increased year-over-year, driven by factors such as reduced interest expense and an insurance recovery.
Collected 98.0% of billed rent, demonstrating the resilience of the business model.
Net loss attributable to common stockholders was $7.48 million, or $0.44 per diluted share.
Funds from Operations (FFO) was $4.56 million, or $0.27 per diluted share.
Adjusted Funds from Operations (AFFO) was $4.89 million, or $0.28 per diluted share.
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Forward Guidance
The company remains cautious with regard to capital deployment and anticipates resuming acquisition activity in 2021 and full-scale value add property upgrades when they believe that the disruptive effects of the pandemic have dissipated. Their priority is to ensure the financial flexibility of their balance sheet as they continue to focus on long-term value creation.