BRT Apartments (BRT)2024-03-11 16:00Financial Performance - Net loss attributable to common stockholders for Q4 2023 was (0.11) per diluted share, compared to a net loss of (0.22) per diluted share, in Q4 2022[17]. - BRT reported a net loss of (0.11) per diluted share, for Q4 2023, compared to a net income of 2.66 per diluted share, in Q4 2022[32]. - Funds from Operations (FFO) for 2023 were 1.19 per diluted share, down from 1.24 per diluted share, in 2022[35]. - Adjusted Funds from Operations (AFFO) for 2023 were 1.52 per diluted share, consistent with 1.52 per diluted share, in 2022[35]. - The company reported a net loss attributable to common stockholders of (4.219) million in the same period of 2022[155]. - Total revenues for the three months ended December 31, 2023, were 22,711 for the same period in 2022, representing a year-over-year increase of 3.5%[67]. - Total revenues for the twelve months ended December 31, 2023, reached 70,527 in 2022, marking a significant increase of 32.6%[67]. - Total revenues for the twelve months ended December 31, 2023, reached 21,706 million for the previous year, indicating a 106.5% growth[158]. Operational Metrics - Combined Portfolio NOI for Q4 2023 increased by 6.4% to 1,404 in 2023, compared to 1,343[107]. Shareholder Returns - The Board of Directors declared a quarterly dividend of 0.25 per share for Q1 2024, consistent with the previous quarter[37]. Capital Management - At December 31, 2023, BRT's available liquidity was approximately 23.5 million in cash and 14.4 million in 2023, with an additional 123,061 shares repurchased in Q1 2024[16]. - The company repurchased 206,105 shares in Q4 2023 at an average price of 18.47[32]. - BRT's debt to enterprise value ratio increased to 65% in 2023, up from 62% in 2022[23]. - The company has a total of 7,707 units in its combined portfolio, which includes consolidated and unconsolidated properties[112]. Future Outlook - The company anticipates a more favorable transaction environment in the second half of 2024, with potential opportunities for asset acquisitions[21]. - The company plans to continue focusing on market expansion and enhancing operational efficiencies to drive future growth[67]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and tenant satisfaction[147]. Joint Ventures and Earnings - Equity in earnings from unconsolidated joint ventures for Q4 2023 was 580,000 in Q4 2022[17]. - Equity in earnings from unconsolidated joint ventures was 2.3 million for the full year 2023[32]. - The company reported equity in earnings from unconsolidated joint ventures of 580 in the same period of 2022[67]. - Equity in earnings of joint ventures for the twelve months ended December 31, 2023, was (1) million in the previous year[158]. Expenses and Liabilities - Total expenses for the three months ended December 31, 2023, were 27,628 in the same period of 2022, a decrease of 6.8%[67]. - The company reported a total liability of 482,546 million in 2022[48]. - The accumulated deficit increased to (23,955) million in 2022[48]. - The company experienced a 10.5% increase in operating expenses, which rose to 18.014 million in 2022[151]. Real Estate and Development - The company plans to renovate approximately 600 units over the next 24 months as part of its value-add program[75]. - New developments include Stono Oaks, located in Johns Island, SC, although specific metrics were not provided[1]. - The estimated average monthly rent increase from the value-add program is projected to be $90 per unit, with an estimated annualized ROI of 14%[75].