BRT Apartments (US:BRT)2024-03-11 16:00Financial Performance - Net loss attributable to common stockholders for Q4 2023 was $1.7 million, or $(0.11) per diluted share, compared to a net loss of $4.2 million, or $(0.22) per diluted share, in Q4 2022[17]. - BRT reported a net loss of $1.7 million, or $(0.11) per diluted share, for Q4 2023, compared to a net income of $50.0 million, or $2.66 per diluted share, in Q4 2022[32]. - Funds from Operations (FFO) for 2023 were $22.6 million, or $1.19 per diluted share, down from $23.2 million, or $1.24 per diluted share, in 2022[35]. - Adjusted Funds from Operations (AFFO) for 2023 were $28.9 million, or $1.52 per diluted share, consistent with $28.4 million, or $1.52 per diluted share, in 2022[35]. - The company reported a net loss attributable to common stockholders of $(1.737) million for the three months ended December 31, 2023, compared to a loss of $(4.219) million in the same period of 2022[155]. - Total revenues for the three months ended December 31, 2023, were $23,508, compared to $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 $93,617, up from $70,527 in 2022, marking a significant increase of 32.6%[67]. - Total revenues for the twelve months ended December 31, 2023, reached $44,785 million, compared to $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 $16.0 million, driven by increased rental rates and prior-year expenses related to a December 2022 blizzard[17]. - Average occupancy for the Combined Portfolio was 93.4% in Q4 2023, down from 94.7% in the same period last year[17]. - Average monthly rents in Q4 2023 increased by 4.2% compared to the same period last year[17]. - The average occupancy rate for the quarter was 93.4%, slightly down from 94.7% in the previous year[62]. - The average monthly rental revenue per occupied unit increased to $1,404 in 2023, compared to $1,347 in 2022[62]. - The average occupancy rate across the portfolio was 93.8% for the twelve months ended December 31, 2023[83]. - The weighted average occupancy across the portfolio was 94.2%[107]. - The weighted average monthly rent per occupied unit was $1,343[107]. Shareholder Returns - The Board of Directors declared a quarterly dividend of $0.25 per share, payable on April 4, 2024[20]. - The company declared a 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 $83.5 million, consisting of $23.5 million in cash and $60.0 million available under its credit facility[19]. - The company repurchased a total of 779,423 shares for an investment of $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 $17.53, totaling 779,423 shares repurchased in 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 $588,000, compared to $580,000 in Q4 2022[17]. - Equity in earnings from unconsolidated joint ventures was $588,000 in Q4 2023 and $2.3 million for the full year 2023[32]. - The company reported equity in earnings from unconsolidated joint ventures of $588 for the three months ended December 31, 2023, compared to $580 in the same period of 2022[67]. - Equity in earnings of joint ventures for the twelve months ended December 31, 2023, was $126 million, compared to $(1) million in the previous year[158]. Expenses and Liabilities - Total expenses for the three months ended December 31, 2023, were $25,742, down from $27,628 in the same period of 2022, a decrease of 6.8%[67]. - The company reported a total liability of $481,518 million as of December 31, 2023, compared to $482,546 million in 2022[48]. - The accumulated deficit increased to $(38,986) million in 2023 from $(23,955) million in 2022[48]. - The company experienced a 10.5% increase in operating expenses, which rose to $19.659 million in 2023 from $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].