Maryland | 001-07172 | 13-2755856 | ||
(State or other jurisdiction of incorporation) | (Commission file No.) | (IRS Employer I.D. No.) |
Item 9.01 | Financial Statements and Exhibits. |
99.1 | Press release dated August 8, 2017. |
99.2 | Supplemental Financial Information. |
BRT APARTMENTS CORP. | ||
August 8, 2017 | By: /s/ George Zweier | |
George Zweier, Vice President | ||
and Chief Financial Officer | ||
June 30, 2017 (Unaudited) | September 30, 2016 | ||||||
ASSETS | |||||||
Real estate properties, net of accumulated depreciation and amortization of $57,997 and $41,995 | $ | 890,100 | $ | 759,576 | |||
Real estate loan | 5,650 | 19,500 | |||||
Cash and cash equivalents | 9,795 | 27,399 | |||||
Restricted cash | 5,791 | 7,383 | |||||
Other assets | 46,533 | 27,045 | |||||
Real estate properties held for sale | 21,515 | 33,996 | |||||
Total Assets | $ | 979,384 | $ | 874,899 | |||
LIABILITIES AND EQUITY | |||||||
Mortgages payable, net of deferred costs of $6,754 and $5,873 | $ | 691,337 | $ | 588,457 | |||
Junior subordinated notes, net of deferred costs of $387 and $402 | 37,013 | 36,998 | |||||
Accounts payable and accrued liabilities | 17,095 | 20,716 | |||||
Mortgage payable held for sale | — | 27,052 | |||||
Total Liabilities | 745,445 | 673,223 | |||||
Total BRT Apartments Corp. stockholders’ equity | 162,942 | 151,290 | |||||
Non-controlling interests | 70,997 | 50,386 | |||||
Total Equity | 233,939 | 201,676 | |||||
Total Liabilities and Equity | $ | 979,384 | $ | 874,899 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Rental and other revenues from real estate properties | $ | 26,673 | $ | 23,679 | $ | 76,404 | $ | 69,991 | ||||||||
Other income | 188 | 608 | 980 | 2,641 | ||||||||||||
Total revenues | 26,861 | 24,287 | 77,384 | 72,632 | ||||||||||||
Expenses: | ||||||||||||||||
Real estate operating expenses | 13,283 | 11,986 | 37,638 | 35,177 | ||||||||||||
Interest expense | 7,180 | 6,014 | 20,269 | 17,594 | ||||||||||||
Advisor’s fees, related party | — | — | — | 693 | ||||||||||||
Property acquisition costs | — | 1,408 | — | 2,418 | ||||||||||||
General and administrative | 2,309 | 2,373 | 7,296 | 6,402 | ||||||||||||
Depreciation | 7,561 | 5,871 | 21,630 | 16,487 | ||||||||||||
Total expenses | 30,333 | 27,652 | 86,833 | 78,771 | ||||||||||||
Total revenue less total expenses | (3,472 | ) | (3,365 | ) | (9,449 | ) | (6,139 | ) | ||||||||
Equity in loss of unconsolidated joint ventures | (307 | ) | — | (307 | ) | — | ||||||||||
Gain on sale of real estate | — | 10,263 | 35,838 | 35,098 | ||||||||||||
Gain on sale of partnership interest | — | 386 | — | 386 | ||||||||||||
Loss on extinguishment of debt | — | — | (799 | ) | (2,668 | ) | ||||||||||
(Loss) income from continuing operations | (3,779 | ) | 7,284 | 25,283 | 26,677 | |||||||||||
Provision for taxes | 41 | — | 1,499 | — | ||||||||||||
(Loss) income from continuing operations, net of taxes | (3,820 | ) | 7,284 | 23,784 | 26,677 | |||||||||||
Income from discontinued operations | — | — | — | 12,679 | ||||||||||||
Net (loss) income | (3,820 | ) | 7,284 | 23,784 | — | 39,356 | ||||||||||
Net loss (income) attributable to non-controlling interests | 418 | (1,804 | ) | (15,645 | ) | (10,974 | ) | |||||||||
Net (loss) income attributable to common stockholders | $ | (3,402 | ) | $ | 5,480 | $ | 8,139 | $ | 28,382 | |||||||
Basic and diluted per share amounts attributable to common stockholders: | ||||||||||||||||
(Loss) income from continuing operations | $ | (0.24 | ) | $ | 0.39 | $ | 0.58 | $ | 1.00 | |||||||
Income from discontinued operations | — | — | — | 1.02 | ||||||||||||
Basic and diluted (loss) earnings per share | $ | (0.24 | ) | $ | 0.39 | $ | 0.58 | $ | 2.02 | |||||||
Funds from operations - Note 1 | $ | 2,633 | $ | 1,798 | $ | 6,269 | $ | 5,626 | ||||||||
Funds from operations per common share - diluted - Note 2 | $ | 0.19 | $ | 0.13 | $ | 0.45 | $ | 0.40 | ||||||||
Adjusted funds from operations - Note 1 | $ | 3,253 | $ | 2,267 | $ | 8,418 | $ | 8,304 | ||||||||
Adjusted funds from operations per common share - diluted -Note 2 | $ | 0.23 | $ | 0.17 | $ | 0.61 | $ | 0.59 | ||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic and diluted | 14,035,074 | 13,932,515 | 13,983,495 | 14,055,436 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Note 1: | |||||||||||||||
Funds from operations is summarized in the following table: | |||||||||||||||
GAAP Net (loss) income attributable to common shareholders | $ | (3,402 | ) | $ | 5,480 | $ | 8,139 | $ | 28,382 | ||||||
Add: depreciation of properties | 7,561 | 5,871 | 21,630 | 17,636 | |||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 308 | 5 | 521 | 15 | |||||||||||
Add: amortization of deferred leasing costs | — | — | — | 15 | |||||||||||
Deduct: gain on sale of real estate | — | (10,649 | ) | (35,838 | ) | (50,951 | ) | ||||||||
Adjustments for non-controlling interests | (1,834 | ) | 1,091 | 11,817 | 10,529 | ||||||||||
NAREIT Funds from operations attributable to common shareholders | $ | 2,633 | $ | 1,798 | $ | 6,269 | $ | 5,626 | |||||||
Adjustments for straight line rent accruals | (10 | ) | (1 | ) | (46 | ) | (130 | ) | |||||||
Add: loss on extinguishment of debt | — | — | 799 | 2,668 | |||||||||||
Add: amortization of restricted stock and restricted stock units | 353 | 271 | 1,063 | 689 | |||||||||||
Add: amortization of deferred mortgage costs | 349 | 248 | 874 | 1,416 | |||||||||||
Adjustments for non-controlling interests | (72 | ) | (49 | ) | (541 | ) | (1,965 | ) | |||||||
Adjusted funds from operations attributable to common shareholders | $ | 3,253 | $ | 2,267 | $ | 8,418 | $ | 8,304 | |||||||
Note 2: | |||||||||||||||
Funds from operations per share is summarized in the following table: | |||||||||||||||
GAAP Net (loss) income attributable to common shareholders | $ | (0.24 | ) | $ | 0.39 | $ | 0.58 | $ | 2.02 | ||||||
Add: depreciation of properties | 0.54 | 0.42 | 1.55 | 1.25 | |||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 0.02 | — | 0.04 | — | |||||||||||
Add: amortization of deferred leasing costs | — | — | — | — | |||||||||||
Deduct: gain on sale of real estate asset | — | (0.76 | ) | (2.56 | ) | (3.62 | ) | ||||||||
Adjustments for non-controlling interests | (0.13 | ) | 0.08 | 0.84 | 0.75 | ||||||||||
NAREIT Funds from operations per common share basic and diluted | $ | 0.19 | $ | 0.13 | $ | 0.45 | $ | 0.40 | |||||||
Adjustments for straight line rent accruals | — | — | — | (0.01 | ) | ||||||||||
Add: loss on extinguishment of debt | — | — | 0.06 | 0.19 | |||||||||||
Add: amortization of restricted stock and restricted stock units | 0.03 | 0.02 | 0.08 | 0.05 | |||||||||||
Add: amortization of deferred mortgage costs | 0.02 | 0.02 | 0.06 | 0.10 | |||||||||||
Adjustments for non-controlling interests | (0.01 | ) | — | (0.04 | ) | (0.14 | ) | ||||||||
Adjusted funds from operations per common share basic and diluted | $ | 0.23 | $ | 0.17 | $ | 0.61 | $ | 0.59 |
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