Financial Performance - Reported net loss for Q4 2024 was 2.1million,or(0.11) per diluted share, and for the full year 2024, the net loss was 9.8million,or(0.52) per diluted share[10]. - Funds from Operations (FFO) for Q4 2024 was 0.27perdilutedshare,whilethefullyearFFOwas1.12 per diluted share[10]. - Adjusted Funds from Operations (AFFO) for Q4 2024 was 0.37perdilutedshare,andforthefullyear,itwas1.43 per diluted share[10]. - Total revenues for the three months ended December 31, 2024, were 23,969,000,aslightincreasefrom23,508,000 in the same period of 2023, representing a growth of 1.96%[18]. - Total revenues for 2024 reached 23,062million,aslightincreaseof0.322,995 million in 2023[64]. - Total revenues for the three months ended December 31, 2024, increased to 11,653million,upfrom10,541 million in the same period of 2023, representing a growth of 10.6%[74]. - Rental and other revenue for the twelve months ended December 31, 2024, reached 45,182million,comparedto44,785 million in 2023, showing a slight increase of 0.9%[77]. Operating Income and Expenses - Combined Portfolio Net Operating Income (NOI) decreased by 4.6% in Q4 2024 and by 0.2% for the full year compared to the previous year[10]. - Total combined operating income for the year ended December 31, 2024, was 61,924,aslightdecreaseof0.262,060 in 2023[47]. - Total expenses for the three months ended December 31, 2024, were 27,386,000,upfrom25,742,000 in 2023, indicating an increase of 6.37%[18]. - Total expenses for the twelve months ended December 31, 2024, were 45,070million,anincreasefrom40,248 million in 2023, reflecting a rise of 12.5%[77]. - Property operating expenses increased to 10,827millionin2024,up6.710,144 million in 2023[64]. Occupancy and Rental Rates - Average occupancy for the quarter ended December 31, 2024, was 93.7%, slightly up from 93.6% in the previous year[13]. - The portfolio occupancy rate for the quarter ended December 31, 2024, was 93.7%[38]. - The weighted average monthly rent per occupied unit across the consolidated portfolio was 1,371[38].−Theweightedaveragemonthlyrentperoccupiedunitincreasedto1,371 in 2024, a 0.7% rise from 1,362in2023[64].−Theaveragerentperoccupiedunitacrossconsolidatedpropertiesis1,378, with the highest being 1,732atKilburnCrossing[50].DebtandLiabilities−Thecompanyreportedtotaldebtoutstandingof599,369,000, with consolidated mortgages payable at 446,471,000[16].−Thetotalliabilitiesincreasedto508,549,000 in 2024 from 481,518,000in2023,reflectingariseof5.6412,735,000, with a weighted average interest rate of 4.10%[33]. - The total principal payments due at maturity amount to 521,968,representing1000.25 per share for Q1 2025, maintaining the same dividend as the previous year[10]. - The company repurchased 10,286 shares in Q4 2024 at a weighted average price of 17.80,totaling193,529sharesrepurchasedin2024[10].StrategicInitiativesandFutureOutlook−Thecompanyexpectscontrollableexpensegrowthtobemodestcomparedto2024,withadeclineininsuranceexpensesanticipated[11].−ThecompanyplanstopursueadditionalPreferredEquityfinancingopportunitiessimilartoprevioustransactionsin2024[11].−Long−term,thecompanybelievestheSunbeltregionoffersadvantagesduetopro−businessstatesandfavorablemigrationpatterns[11].−Thecompanyaimstoenhanceitsmarketpositionthroughstrategicexpansionsandpotentialacquisitionsintheupcomingfiscalyear[76].JointVenturesandInvestments−Theequityinearningsfromunconsolidatedjointventureswas658,000 for the three months ended December 31, 2024, compared to 588,000in2023,showinganincreaseof11.88235 million for the twelve months ended December 31, 2024, compared to 126millionin2023,markinganincreaseof86.5329,710 million, with BRT's share being 148,859million[78].−Mortgagespayablefortheunconsolidatedjointventureswere251,112 million as of December 31, 2024, indicating a significant liability[78]. Credit Losses and Reserves - The company recorded a provision for credit loss of $270,000 for the three months ended December 31, 2024, compared to no provision in the same period of 2023[18]. - The company has implemented a reserve for credit losses under ASU 2016-13, reflecting potential credit losses related to its loan portfolio[54]. - BRT's strategy includes evaluating market conditions and macroeconomic forecasts to adjust its credit loss reserves accordingly[54].
BRT Apartments (BRT)2025-03-12 20:41