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BRT Apartments (BRT) - 2024 Q3 - Quarterly Results
BRTBRT Apartments (BRT)2024-11-07 21:49

Financial Performance - Reported a net loss of 2.2million,or2.2 million, or (0.12) per diluted share, for Q3 2024, with Funds from Operations (FFO) of 0.30perdilutedshareandAdjustedFundsfromOperations(AFFO)of0.30 per diluted share and Adjusted Funds from Operations (AFFO) of 0.36 per diluted share[7]. - The company reported a net loss attributable to common stockholders of 2,205,000forthethreemonthsendedSeptember30,2024,comparedtoanetlossof2,205,000 for the three months ended September 30, 2024, compared to a net loss of 1,494,000 for the same period in 2023[17]. - GAAP net loss attributable to common stockholders for Q3 2024 was (0.12)pershare,comparedto(0.12) per share, compared to (0.08) in Q3 2023[22]. - Funds from operations (FFO) attributable to common stockholders for the three months ended September 30, 2024, were 5,669,000,comparedto5,669,000, compared to 5,749,000 in the prior year[21]. - Adjusted funds from operations (AFFO) for the three months ended September 30, 2024, were 6,769,000,downfrom6,769,000, down from 7,692,000 in the same period of 2023[21]. - Total revenues for the three months ended September 30, 2024, were 24,396,000,anincreaseof2.324,396,000, an increase of 2.3% compared to 23,852,000 for the same period in 2023[17]. - Total revenues for the nine months ended September 30, 2024, were 71,253,000,anincreasefrom71,253,000, an increase from 69,704,000 in the same period of 2023[17]. - Total revenues for the third quarter of 2024 reached 5,616,000,representinga2.45,616,000, representing a 2.4% increase compared to 5,486,000 in 2023[56]. - Total revenues for the nine months ended September 30, 2024, were 33,529,comparedto33,529, compared to 34,244 for the same period in 2023, indicating a decrease of 2.1%[71]. Operating Income and Expenses - Net operating income for the three months ended September 30, 2024, was 15,981,000,comparedto15,981,000, compared to 15,979,000 for the same period in 2023[16]. - The company’s same store NOI for the third quarter of 2024 was 12,719,000,slightlyupfrom12,719,000, slightly up from 12,706,000 in 2023[64]. - Total combined operating income for Q3 2024 was 15,664,000,aslightincreaseof0.615,664,000, a slight increase of 0.6% compared to 15,566,000 in Q3 2023[36]. - Total combined operating expenses for Q3 2024 were 13,725,000,up5.113,725,000, up 5.1% from 13,062,000 in Q3 2023[36]. - Total expenses for the three months ended September 30, 2024, were 27,242,000,upfrom27,242,000, up from 26,725,000 in the prior year, reflecting a 1.9% increase[17]. - Real estate operating expenses for the three months ended September 30, 2024, were 5,578,upfrom5,578, up from 5,023 in the same period of 2023, an increase of 11%[67]. Debt and Financing - Maintained a revolving credit facility of up to 40.0million,withnooutstandingbalance,maturinginSeptember2027[7].−Thecompanyhadtotaldebtoutstandingof40.0 million, with no outstanding balance, maturing in September 2027[7]. - The company had total debt outstanding of 600,472,000 as of September 30, 2024, which includes 447,147,000inmortgagespayable[16].−DebttoEnterpriseValueratiowas68447,147,000 in mortgages payable[16]. - Debt to Enterprise Value ratio was 68% as of September 30, 2024, compared to 67% in the previous year[14]. - Total principal payments due at maturity for 2024 amount to 451 million, with a weighted average interest rate of 4.92%[29]. - The weighted average interest rate for total principal payments due at maturity is 4.06%[28]. - The total principal payments due thereafter amount to 41,205million,representing3641,205 million, representing 36% of total principal payments due at maturity[29]. Occupancy and Rental Rates - Average occupancy across the portfolio was 94.4% as of September 30, 2024, consistent with the previous year[11]. - The average occupancy rate across the portfolio was 94.1% for the nine months ended September 30, 2024[34]. - The average rent per occupied unit across the consolidated portfolio was 1,363 for the quarter ended September 30, 2024[32]. - The average rent per occupied unit in Q3 2024 was 1,514,withvariationsacrossdifferentproperties[39].−Theaveragemonthlyrentperoccupiedunitisexpectedtoriseto1,514, with variations across different properties[39]. - The average monthly rent per occupied unit is expected to rise to 1,363, which is a 0.8% increase from 1,352in2023[54].ShareholderActivity−Thecompanyrepurchased6,563sharesduringQ32024ataweightedaveragepriceof1,352 in 2023[54]. Shareholder Activity - The company repurchased 6,563 shares during Q3 2024 at a weighted average price of 17.55[7]. - The company repurchased a total of 183,243 shares at an average cost of 18.07pershareduringtheyear[24].FutureOutlook−Theoperationalenvironmentisexpectedtoremainstable,withnewsupplygrowthmutingrentalrateincreasesuntilatleastpartof2025[8].−Thecompanyanticipatesadisciplinedcapitalallocationstrategyandafocusonstabilizingoccupancyin2024,withpotentialgrowthopportunitiesin2025[9].−Totalrevenuesfor2024areprojectedat18.07 per share during the year[24]. Future Outlook - The operational environment is expected to remain stable, with new supply growth muting rental rate increases until at least part of 2025[8]. - The company anticipates a disciplined capital allocation strategy and a focus on stabilizing occupancy in 2024, with potential growth opportunities in 2025[9]. - Total revenues for 2024 are projected at 23,773 million, reflecting a 2.7% increase from 23,142millionin2023[51].−Thenetoperatingincome(NOI)for2024isexpectedtobe23,142 million in 2023[51]. - The net operating income (NOI) for 2024 is expected to be 12,719 million, a slight increase of 0.1% compared to $12,706 million in 2023[51]. - Average occupancy for 2024 is projected at 94.5%, showing a marginal increase of 0.1% from 94.4% in 2023[54].