Loading...
•
Dec 30, 2024
BRT Q4 2024 Earnings Report
BRT Apartments Corp. reported a decrease in net income and adjusted funds from operations for the fourth quarter of 2024, alongside a slight increase in total revenues.
Key Takeaways
BRT Apartments Corp. experienced a decline in net income and adjusted funds from operations in Q4 2024 compared to the previous year, despite a modest increase in total revenues. The company's multi-family properties saw a decrease in average occupancy rate, while the average rental rate per unit increased. The company also repurchased shares and made preferred equity investments.
Total revenues for Q4 2024 were $23,969,000, a slight increase from $23,508,000 in Q4 2023.
Net loss attributable to common stockholders for Q4 2024 was $2,070,000, compared to a net loss of $1,737,000 in Q4 2023.
Adjusted Funds From Operations (AFFO) for Q4 2024 were $1.43 per diluted share, a decrease from $1.52 per diluted share in Q4 2023.
The company repurchased 193,529 shares of common stock for approximately $3,495,000 during 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company anticipates generating approximately $1.2 million of interest income from preferred equity investments in 2025. Operating expenses are expected to decrease due to more favorable insurance premiums. However, the company faces challenges in fully funding balloon payments and may need to issue additional equity or dispose of properties on potentially unfavorable terms if unable to refinance debt.
Positive Outlook
- Anticipated $1.2 million in interest income from preferred equity investments in 2025.
- Expected decrease in insurance expense by approximately $750,000 to $1.0 million in 2025 due to more favorable premiums.
- Board of directors increased share repurchase authorization to up to $10 million through December 31, 2026.
- The company continues to pursue alternative investments in the multi-family property arena.
- The company maintains a competitive benefits program for employees, fostering a positive work environment.
Challenges Ahead
- Operating cash flow and available credit facility funds will be insufficient to discharge all maturing mortgage debt.
- Potential inability to refinance mortgage debt on acceptable terms, leading to unfavorable property dispositions.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...