BRT Apartments (US:BRT)2024-11-07 21:49Financial Performance - Reported a net loss of $2.2 million, or $(0.12) per diluted share, for Q3 2024, with Funds from Operations (FFO) of $0.30 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 $2,205,000 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) 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, 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, 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, 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, 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, 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, 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, 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, slightly up from $12,706,000 in 2023[64]. - Total combined operating income for Q3 2024 was $15,664,000, 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, 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, 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, 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 $40.0 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 $447,147,000 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 $41,205 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, 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 $1,352 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 $18.07 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 $23,142 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].