(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |||||||
incorporation or organization) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer ☐ | Accelerated filer ☐ | |||||||
Smaller reporting company | ||||||||
Emerging growth company |
Page No. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1A. | ||||||||
Item 5. | ||||||||
Item 6. |
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | (audited) | ||||||||||
ASSETS | |||||||||||
Real estate properties, net of accumulated depreciation and amortization of $ | $ | $ | |||||||||
Investments in unconsolidated joint ventures | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Mortgages payable, net of deferred costs of $ | $ | $ | |||||||||
Junior subordinated notes, net of deferred costs of $ | |||||||||||
Accounts payable and accrued liabilities | |||||||||||
Total Liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
BRT Apartments Corp. stockholders' equity: | |||||||||||
Preferred shares $.01 par value | |||||||||||
Common stock, $.01 par value, | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total BRT Apartments Corp. stockholders’ equity | |||||||||||
Non-controlling interests | ( | ( | |||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other revenue from real estate properties | $ | $ | $ | $ | |||||||||||||||||||
Other income | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Real estate operating expenses - including $ | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
General and administrative - including $ | |||||||||||||||||||||||
Impairment charge | |||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Total revenues less total expenses | ( | ( | ( | ( | |||||||||||||||||||
Equity in loss of unconsolidated joint ventures | ( | ( | ( | ( | |||||||||||||||||||
Gain on sale of real estate | |||||||||||||||||||||||
Gain on sale of partnership interest | |||||||||||||||||||||||
Income (loss) from continuing operations | ( | ( | |||||||||||||||||||||
Income tax provision | |||||||||||||||||||||||
Net income (loss) from continuing operations, net of taxes | ( | ( | |||||||||||||||||||||
Net income attributable to non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted average number of shares of common stock outstanding: | |||||||||||||||||||||||
Basic and diluted | |||||||||||||||||||||||
Per share amounts attributable to common stockholders: | |||||||||||||||||||||||
Basic and diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized income (loss) on derivative instruments | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive (income) attributable to non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | $ | ( | $ | $ | ( |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) income | Accumulated Deficit | Non- Controlling Interest | Total | ||||||||||||||||||||||||||||||
Balances, December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Distributions - common stock - $ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Restricted stock and restricted stock units vesting | ( | — | — | — | |||||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | — | — | — | |||||||||||||||||||||||||||||||
Net (loss) income | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||
Balances, March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Distributions - common stock - $ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | — | — | — | |||||||||||||||||||||||||||||||
Shares issued through equity offering program, net | — | — | — | ||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) income | Accumulated Deficit | Non- Controlling Interest | Total | ||||||||||||||||||||||||||||||
Balances, December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Distributions - common stock - $ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Restricted stock vesting | ( | — | — | — | |||||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Shares issued through equity offering program, net | — | — | — | ||||||||||||||||||||||||||||||||
Shares repurchased | — | ( | ( | ||||||||||||||||||||||||||||||||
Net (loss) income | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||
Balances, March 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Distributions - common stock - $ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | — | — | — | |||||||||||||||||||||||||||||||
Net (loss) income | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | |||||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||
Balances, June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income(loss) to net cash used in operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization of deferred financing costs | |||||||||||
Amortization of restricted stock and restricted stock units | |||||||||||
Equity in loss of unconsolidated joint ventures | |||||||||||
Impairment charge | |||||||||||
Gain on sale of real estate | ( | ||||||||||
Gain on sale of partnership interest | ( | ||||||||||
Increases and decreases from changes in other assets and liabilities: | |||||||||||
Decrease (increase) in other assets | ( | ( | |||||||||
Decrease (increase) in accounts payable and accrued liabilities | ( | ||||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Collections from real estate loan | |||||||||||
Additions to real estate properties | |||||||||||
Improvements to real estate properties | ( | ( | |||||||||
Proceeds from the sale of real estate | |||||||||||
Proceeds from the sale of partnership interest | |||||||||||
Distributions from unconsolidated joint ventures | |||||||||||
Contributions to unconsolidated joint ventures | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Mortgage payoffs | ( | ||||||||||
Mortgage principal payments | ( | ( | |||||||||
Proceeds from credit facility | |||||||||||
Repayment of credit facility | ( | ||||||||||
Increase in deferred financing costs | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Distributions to non-controlling interests | ( | ||||||||||
Proceeds from the sale of common stock | |||||||||||
Repurchase of shares of common stock | ( | ||||||||||
Net cash (used in) provided by financing activities | ( |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash: | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid during the period for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. | |||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic and diluted earnings per share—weighted average number of shares | |||||||||||||||||||||||
Basic and diluted income (loss) per share | $ | $ | ( | $ | $ | ( | |||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
Land | $ | $ | ||||||||||||
Building | ||||||||||||||
Building improvements | ||||||||||||||
Real estate properties | ||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Total real estate properties, net | $ | $ |
| December 31, 2020 Balance | Capitalized Costs and Improvements | Depreciation | Sale of Property | June 30, 2021 Balance | |||||||||||||||||||||||||||
Multi-family | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Land - Daytona, FL | ||||||||||||||||||||||||||||||||
Retail shopping center and other | ( | |||||||||||||||||||||||||||||||
Total real estate properties | $ | $ | $ | ( | $ | ( | $ |
June 30, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate properties, net of accumulated depreciation of $ | $ | $ | ||||||||||||
Cash and cash equivalents | ||||||||||||||
Other assets | ||||||||||||||
Real estate properties held for sale | $ | |||||||||||||
Total Assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgages payable, net of deferred costs of $ | $ | $ | ||||||||||||
Accounts payable and accrued liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Equity: | ||||||||||||||
Total unconsolidated joint venture equity | ||||||||||||||
Total Liabilities and Equity | $ | $ | ||||||||||||
BRT's interest in joint venture equity | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
Land | $ | $ | |||||||||
Building | |||||||||||
Building improvements | |||||||||||
Real estate properties | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total real estate properties, net | $ | $ | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental and other revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Real estate operating expenses | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||||
Total revenues less total expenses | ( | ( | ( | ( | ||||||||||||||||||||||
Equity in earnings | ||||||||||||||||||||||||||
Impairment charges | ( | ( | ||||||||||||||||||||||||
Insurance recoveries | ||||||||||||||||||||||||||
Gain on insurance recoveries | ||||||||||||||||||||||||||
Net loss from joint ventures | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
BRT's equity in loss from joint ventures | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 2021 | December 31, 2020 | |||||||||||||
Mortgages payable | $ | $ | ||||||||||||
Junior subordinated notes | ||||||||||||||
Deferred financing costs | ( | ( | ||||||||||||
Total debt obligations, net of deferred costs | $ | $ |
Carrying and Fair Value | Fair Value Measurements Using Fair Value Hierarchy | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Interest rate swap | $ | $ | $ | $ | |||||||||||||||||||
Carrying and Fair Value | Fair Value Measurements Using Fair Value Hierarchy | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Interest rate swap | $ | $ | $ | |||||||||||||||||
Interest Rate Derivative | Current Notional Amount | Fixed Rate | Maturity | |||||||||||||||||
Interest rate swap | $ | % | April 1, 2022 |
Derivatives as of: | ||||||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||
Accounts payable and accrued liabilities | $ | Accounts payable and accrued liabilities | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Amount of (loss) gain recognized on derivative in Other Comprehensive Income | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Total amount of Interest expense presented in the Consolidated Statements of Operations | $ | $ | $ | $ |
Three Months Ended June 30, | ||||||||||||||||||||||||||
(Dollars in thousands): | 2021 | 2020 | Increase (Decrease) | % Change | ||||||||||||||||||||||
Rental revenue | $ | 6,958 | $ | 6,657 | $ | 301 | 4.5 | |||||||||||||||||||
Other income | 3 | 159 | (156) | (98.1) | ||||||||||||||||||||||
Total revenues | $ | 6,961 | $ | 6,816 | $ | 145 | 2.1 |
Three Months Ended June 30, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | Increase (Decrease) | % Change | ||||||||||||||||||||||
Real estate operating expenses | $ | 3,166 | $ | 3,004 | $ | 162 | 5.4 | |||||||||||||||||||
Interest expense | 1,609 | 1,809 | (200) | (11.1) | ||||||||||||||||||||||
General and administrative | 3,154 | 2,957 | 197 | 6.7 | ||||||||||||||||||||||
Impairment charge | 520 | — | 520 | N/A | ||||||||||||||||||||||
Depreciation | 1,416 | 1,809 | (393) | (21.7) | ||||||||||||||||||||||
Total expenses | $ | 9,865 | $ | 9,579 | $ | 286 | 3.0 |
Three Months Ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase (Decrease) | % change | |||||||||||||||||||||||
Rental and other revenues from unconsolidated joint ventures | $ | 33,005 | $ | 31,542 | $ | 1,463 | 4.6 | % | ||||||||||||||||||
Real estate operating expense from unconsolidated joint ventures | 15,233 | 14,674 | 559 | 3.8 | % | |||||||||||||||||||||
Interest expense from unconsolidated joint ventures | 8,472 | 8,766 | (294) | (3.4) | % | |||||||||||||||||||||
Depreciation from unconsolidated joint ventures | 9,791 | 10,417 | (626) | (6.0) | % | |||||||||||||||||||||
Total expenses from unconsolidated joint ventures | 33,496 | 33,857 | (361) | (1.1) | % | |||||||||||||||||||||
Total revenues less total expenses from unconsolidated joint ventures | (491) | (2,315) | 1,824 | 78.8 | % | |||||||||||||||||||||
Other equity earnings | 5 | 9 | (4) | (44.4) | % | |||||||||||||||||||||
Impairment charges | (490) | — | (490) | N/A | ||||||||||||||||||||||
Insurance recoveries | 490 | — | 490 | N/A | ||||||||||||||||||||||
Gain on insurance recoveries | — | 338 | (338) | N/A | ||||||||||||||||||||||
Net loss | (486) | (1,968) | 1,482 | 75.3 | % | |||||||||||||||||||||
Equity in (loss) of unconsolidated joint ventures | $ | (492) | $ | (1,387) | $ | 895 |
Six Months Ended June 30, | ||||||||||||||||||||||||||
(Dollars in thousands): | 2021 | 2020 | Increase (Decrease) | % Change | ||||||||||||||||||||||
Rental revenue | $ | 14,053 | $ | 13,402 | $ | 651 | 4.9 | |||||||||||||||||||
Other income | 7 | 338 | (331) | (97.9) | ||||||||||||||||||||||
Total revenues | $ | 14,060 | $ | 13,740 | $ | 320 | 2.3 |
Six Months Ended June 30, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | Increase (Decrease) | % Change | ||||||||||||||||||||||
Real estate operating expenses | $ | 6,283 | $ | 6,062 | $ | 221 | 3.6 | |||||||||||||||||||
Interest expense | 3,269 | 3,669 | (400) | (10.9) | ||||||||||||||||||||||
General and administrative | 6,268 | 6,324 | (56) | (0.9) | ||||||||||||||||||||||
Impairment charge | 520 | — | 520 | N/A | ||||||||||||||||||||||
Depreciation | 2,953 | 3,370 | (417) | (12.4) | ||||||||||||||||||||||
Total expenses | $ | 19,293 | $ | 19,425 | $ | (132) | (0.7) |
Six Months Ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Increase (Decrease) | % change | |||||||||||||||||||||||
Rental revenues from unconsolidated joint ventures | $ | 65,677 | $ | 62,385 | $ | 3,292 | 5.3 | % | ||||||||||||||||||
Real estate operating expense from unconsolidated joint ventures | 30,936 | 29,206 | 1,730 | 5.9 | % | |||||||||||||||||||||
Interest expense from unconsolidated joint ventures | 16,994 | 17,523 | (529) | (3.0) | % | |||||||||||||||||||||
Depreciation from unconsolidated joint ventures | 20,176 | 20,773 | (597) | (2.9) | % | |||||||||||||||||||||
Total expenses from unconsolidated joint ventures | 68,106 | 67,502 | 604 | 0.9 | % | |||||||||||||||||||||
Total revenues less total expenses from unconsolidated joint ventures | (2,429) | (5,117) | 2688 | 52.5 | % | |||||||||||||||||||||
Other equity earnings | 14 | 17 | (3) | (17.6) | % | |||||||||||||||||||||
Impairment charges | (2,813) | — | (2,813) | N/A | ||||||||||||||||||||||
Insurance recoveries | 2,813 | — | 2,813 | N/A | ||||||||||||||||||||||
Gain on insurance recoveries | — | 338 | (338) | N/A | ||||||||||||||||||||||
Net loss | (2,415) | (4,762) | $ | 2,347 | ||||||||||||||||||||||
Equity in (loss) of unconsolidated joint ventures | $ | (1,837) | $ | (3,202) | $ | 1,365 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
GAAP Net income (loss) attributable to common stockholders | $ | 6,027 | $ | (4,246) | $ | 2,262 | $ | (9,077) | ||||||||||||||||||
Add: depreciation of properties | 1,416 | 1,809 | 2,953 | 3,370 | ||||||||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 6,276 | 6,627 | 12,875 | 13,199 | ||||||||||||||||||||||
Add: Impairment charge | 520 | — | 520 | — | ||||||||||||||||||||||
Add: our share of impairment charge in unconsolidated joint venture | 348 | — | 2,010 | — | ||||||||||||||||||||||
Deduct: gain on sale of real estate and partnership interest | (9,523) | — | (9,523) | — | ||||||||||||||||||||||
Adjustments for non-controlling interests | (4) | (4) | (8) | (8) | ||||||||||||||||||||||
NAREIT Funds from operations attributable to common stockholders | 5,060 | 4,186 | 11,089 | 7,484 | ||||||||||||||||||||||
Adjustments for: straight-line rent accruals | (10) | (10) | (20) | (20) | ||||||||||||||||||||||
Add: amortization of restricted stock and restricted stock units | 569 | 461 | 1,107 | 899 | ||||||||||||||||||||||
Add: amortization of deferred borrowing costs | 73 | 80 | 153 | 160 | ||||||||||||||||||||||
Add: our share of deferred mortgage costs from unconsolidated joint venture properties | 143 | 163 | 291 | 323 | ||||||||||||||||||||||
Less: our share of insurance recovery | (348) | — | (2,010) | — | ||||||||||||||||||||||
Less: our share of gain on insurance proceeds from unconsolidated joint venture | — | (169) | — | (169) | ||||||||||||||||||||||
Adjustments for non-controlling interests | 2 | 1 | 4 | 3 | ||||||||||||||||||||||
Adjusted funds from operations attributable to common stockholders | $ | 5,489 | $ | 4,712 | $ | 10,614 | $ | 8,680 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
GAAP Net income (loss) attributable to common stockholders | $ | 0.34 | $ | (0.25) | $ | 0.13 | $ | (0.53) | ||||||||||||||||||
Add: depreciation of properties | 0.09 | 0.10 | 0.17 | 0.20 | ||||||||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 0.35 | 0.39 | 0.73 | 0.77 | ||||||||||||||||||||||
Add: Impairment charge | 0.03 | — | 0.03 | — | ||||||||||||||||||||||
Add: our share of impairment charge in unconsolidated joint venture | 0.02 | — | 0.11 | — | ||||||||||||||||||||||
Deduct: gain on sale of real estate | (0.54) | — | (0.54) | — | ||||||||||||||||||||||
Adjustment for non-controlling interests | — | — | — | — | ||||||||||||||||||||||
NAREIT Funds from operations per diluted common share | 0.29 | 0.24 | 0.63 | 0.44 | ||||||||||||||||||||||
Adjustments for: straight line rent accruals | — | — | — | — | ||||||||||||||||||||||
Add: amortization of restricted stock and restricted stock units | 0.03 | 0.03 | 0.06 | 0.05 | ||||||||||||||||||||||
Add: amortization of deferred borrowing costs | — | — | 0.01 | 0.01 | ||||||||||||||||||||||
Add: our share of deferred mortgage costs from unconsolidated joint venture properties | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||||||||||||||||
Less: our share of insurance recovery | (0.02) | — | (0.11) | — | ||||||||||||||||||||||
Less: our share of gain on insurance proceeds from unconsolidated joint venture | — | (0.01) | — | (0.01) | ||||||||||||||||||||||
Adjustments for non-controlling interests | — | — | — | — | ||||||||||||||||||||||
Adjusted funds from operations per diluted common share | $ | 0.31 | $ | 0.27 | $ | 0.61 | $ | 0.51 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
GAAP Net income (loss) attributable to common stockholders | $ | 6,027 | $ | (4,246) | $ | 2,262 | $ | (9,077) | ||||||||||||||||||
Less: Other Income | (3) | (159) | (7) | (338) | ||||||||||||||||||||||
Add: Interest expense | 1,609 | 1,809 | 3,269 | 3,669 | ||||||||||||||||||||||
General and administrative | 3,154 | 2,957 | 6,268 | 6,324 | ||||||||||||||||||||||
Impairment charge | 520 | — | 520 | — | ||||||||||||||||||||||
Depreciation | 1,416 | 1,809 | 2,953 | 3,370 | ||||||||||||||||||||||
Provision for taxes | 67 | 65 | 124 | 127 | ||||||||||||||||||||||
Less: Gain on sale of real estate | (7,279) | — | (7,279) | — | ||||||||||||||||||||||
Gain on sale of partnership interest | (2,244) | — | (2,244) | — | ||||||||||||||||||||||
Equity in loss of unconsolidated joint venture properties | 492 | 1,387 | 1,837 | 3,202 | ||||||||||||||||||||||
Add: Net income attributable to non-controlling interests | 33 | 31 | 67 | 63 | ||||||||||||||||||||||
Net Operating Income | $ | 3,792 | $ | 3,653 | $ | 7,770 | $ | 7,340 | ||||||||||||||||||
Less: Non-same store Net Operating Income | $ | (313) | $ | (560) | $ | (845) | $ | (1,035) | ||||||||||||||||||
Same store Net Operating Income | $ | 3,479 | $ | 3,093 | $ | 6,925 | $ | 6,305 | ||||||||||||||||||
Exhibit No. | Title of Exhibits | |||||||
Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Senior Vice President—Finance pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of President and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Senior Vice President—Finance pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
Certification of Vice President and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
101 | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements. XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
104 | Cover Page Interactive Date File (formatted as inline XBRL and contained in Exhibit 101) |
August 6, 2021 | /s/Jeffrey A. Gould | |||||||
Jeffrey A. Gould, President and | ||||||||
Chief Executive Officer | ||||||||
August 6, 2021 | /s/George Zweier | |||||||
George Zweier, Vice President | ||||||||
and Chief Financial Officer | ||||||||
(principal financial officer) |
Date: | August 6, 2021 | /s/ Jeffrey A. Gould | ||||||||||||
Jeffrey A. Gould | ||||||||||||||
President and | ||||||||||||||
Chief Executive Officer |
Date: | August 6, 2021 | /s/ David W. Kalish | ||||||||||||
David W. Kalish | ||||||||||||||
Senior Vice President - Finance |
Date: | August 6, 2021 | /s/ George Zweier | ||||||||||||
George Zweier | ||||||||||||||
Vice President and | ||||||||||||||
Chief Financial Officer |
Date: | August 6, 2021 | /s/ Jeffrey A. Gould | ||||||||||||
Jeffrey A. Gould | ||||||||||||||
President and | ||||||||||||||
Chief Executive Officer |
Date: | August 6, 2021 | /s/ David W. Kalish | ||||||||||||
David W. Kalish | ||||||||||||||
Senior Vice President - Finance | ||||||||||||||
Date: | August 6, 2021 | /s/ George Zweier | ||||||||||||
George Zweier | ||||||||||||||
Vice President and | ||||||||||||||
Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Real estate accumulated depreciation | $ 32,193 | $ 30,837 |
Deferred mortgage costs | $ 740 | $ 880 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred shares, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, outstanding (in shares) | 17,230,000 | 16,432,000 |
Mortgages payable | ||
Debt Instrument [Line Items] | ||
Deferred mortgage costs | $ 433 | $ 563 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Deferred mortgage costs | $ 307 | $ 317 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement [Abstract] | ||||
Related party - real estate operating expenses | $ 7 | $ 8 | $ 14 | $ 16 |
Related party - general and administrative | $ 179 | $ 238 | $ 351 | $ 464 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 6,060 | $ (4,215) | $ 2,329 | $ (9,014) |
Other comprehensive income (loss): | ||||
Unrealized income (loss) on derivative instruments | 5 | 1 | 10 | (22) |
Other comprehensive income (loss) | 5 | 1 | 10 | (22) |
Comprehensive income (loss) | 6,065 | (4,214) | 2,339 | (9,036) |
Comprehensive (income) attributable to non-controlling interests | (34) | (30) | (69) | (59) |
Comprehensive income (loss) attributable to common stockholders | $ 6,031 | $ (4,244) | $ 2,270 | $ (9,095) |
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 |
Organization and Background |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Background | Organization and Background BRT Apartments Corp. (the "Company" or "BRT"), a Maryland corporation, owns and operates multi-family properties. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes. Generally, the multi-family properties are acquired with joint venture partners in transactions in which the Company contributes a significant portion of the equity. At June 30, 2021, the Company: (a) wholly owns seven multi-family properties located in six states with an aggregate of 1,608 units, and a carrying value of $134,458,000; and (b) has interests, through unconsolidated entities, in 30 multi-family properties located in nine states with an aggregate of 8,954 units and the carrying value of this net equity investment is $159,799,000. BRT's equity interests in these unconsolidated entities range from 32% to 90%. Most of the Company's properties are located in the Southeast United States and Texas. The Company also owns and operates various other real estate assets. At June 30, 2021, the carrying value of the other real estate assets was $6,593,000.
|
Basis of Preparation |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying interim unaudited consolidated financial statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended June 30, 2021 and 2020, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2020, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP"). Accordingly, these unaudited statements should be read in conjunction with the Company's audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020, as amended, filed with the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the accounts and operations of the Company and its wholly-owned subsidiaries. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. For each venture, the Company evaluated the rights provided to each party in the venture to assess the consolidation of the venture. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are variable interest entities ("VIEs"). Additionally, the Company does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. The joint venture that owns a property in Yonkers, New York, was determined not to be a VIE but is consolidated because the Company has controlling rights in such entity. The preparation of the financial statements in conformity with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one-year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Equity Distribution Agreements In November 2019, the Company entered into equity distribution agreements, as amended March 31, 2021, with three sales agents to sell up to an aggregate of $30,000,000 of its common stock from time-to-time in an at-the-market offering. During the six months ended June 30, 2021, the Company sold 410,221 shares for an aggregate sales price of $7,462,000 before commissions and fees of $112,000. During the six months ended June 30, 2020, the Company sold 694,298 shares for an aggregate sales price of $12,293,000, before commissions and fees of $185,000 and offering related expenses of $31,000. From the commencement of this program through June 30, 2021, the Company sold 1,216,482 shares for an aggregate sales price of $21,777,000 before commissions and fees of $327,000 and offering related expenses of $56,000. Common Stock Dividend Distribution The Company declared a quarterly cash distribution of $0.22 per share, payable on July 9, 2021 to stockholders of record on June 25, 2021. Stock Based Compensation The Company's 2020 Incentive Plan (the "2020 Plan") permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, for up to a maximum of 1,000,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards. As of June 30, 2021, 527,149 shares are available for issuance pursuant to awards under the 2020 Plan. Restricted Stock Units In June 2021, the Company issued restricted stock units (the "Units") to acquire up to 210,375 shares of common stock pursuant to the 2020 Plan. The Units entitled the recipients, subject to continued service through the March 31, 2024 vesting date, to receive (i) the underlying shares if and to the extent certain performance and/or market conditions are satisfied at the vesting date, and (ii) an amount equal to the cash dividends (the "RSU Dividend Equivalents") paid from the grant date through the vesting date with respect to the shares of common stock underlying the Units if, when, and to the extent, the related Units vest. For financial statement purposes, because the Units were not participating securities, the shares underlying the Units are excluded in the outstanding shares reflected on the consolidated balance sheet and from the calculation of basic earnings per share. The shares underlying the Units are contingently issuable shares. In June 2016, the Company issued Units to acquire up to 450,000 shares of common stock pursuant to the 2016 Amended and Restated Incentive Plan (the "2016 Plan"). Such Units entitled the recipients, subject to continued service through the March 31, 2021 vesting date, to receive (i) the underlying shares if and to the extent certain performance and/or market conditions are satisfied at the vesting date, and (ii) an amount equal to the cash dividends paid from the grant date through the vesting date with respect to the shares of common stock underlying the Units if, when, and to the extent, the related Units vest. In the quarter ended June 30, 2021, it was determined that the market conditions with respect to 250,000 shares underlying Units issued under the 2016 Plan had been satisfied; such shares, with an aggregate market value of $4,200,000 as of the vesting date, were issued and an aggregate of $775,000 of RSU Dividend Equivalents was paid. It was also determined that the performance conditions with respect to 200,000 shares underlying Units had not been satisfied; the 200,000 Units were forfeited. Expense is recognized over the applicable vesting period on the Units which the Company expects to vest. For the three months ended June 30, 2021 and 2020, the Company recorded $34,000 and $35,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the Units and for the six months ended June 30, 2021 and 2020, the Company recorded $71,000 and $70,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the Units. Restricted Stock In June 2021 and January 2021, the Company granted 160,000 and 156,774 shares, respectively of restricted stock pursuant to the 2020 Plan. As of June 30, 2021, an aggregate of 923,219 shares of unvested restricted stock are outstanding pursuant to the 2020 Incentive Plan, the 2018 Incentive Plan (the "2018 Plan") and the 2016 Plan. No additional awards may be granted under the 2018 Plan or the 2016 Plan. The shares of restricted stock vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but is included in the earnings per share computation. For the three months ended June 30, 2021 and 2020, the Company recorded $535,000 and $426,000 respectively, and for the six months ended June 30, 2021 and 2020, the Company recorded $1,036,000 and $829,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At June 30, 2021 and December 31, 2020, $8,625,000 and $4,411,000, respectively, has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted stock awards. The weighted average remaining vesting period of these shares of restricted stock is 2.85 years. Stock Buyback On September 12, 2019, the Board of Directors approved a repurchase plan authorizing the Company, effective as of October 1, 2019, to repurchase up to $5,000,000 of shares of common stock through September 30, 2021. During the three and six months ended June 30, 2021 , the Company did not repurchase any shares. During the six months ended June 30, 2020, the Company repurchased 39,093 shares of common stock at an average market price of $15.76 for an aggregate cost of $616,000. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. The Units are excluded from the basic earnings per share calculation, as they are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings per share is determined by dividing net income applicable to common stockholders for the applicable period by the weighted average number of shares of common stock deemed to be outstanding during such period. In calculating diluted earnings per share, the Company, for the three and six months ended June 30, 2021 did not include any shares underlying the Units as criteria with respect to the Units has not been met and for the three and six months ended June 30, 2021 and June 30, 2020, did not include any shares underlying the Units as their effect would have been anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except share amounts):
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Leases |
6 Months Ended |
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Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Lessor Accounting The Company owns a commercial rental property leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with tenant options to extend or terminate the leases. Revenues from such leases are reported as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and accounts for the combined component in accordance with ASC 842. Lessee Accounting The Company is a lessee under a ground lease in Yonkers, NY which is classified as an operating lease. The ground lease expires September 30, 2024 and provides for one 21-year renewal option. As of June 30, 2021, the remaining lease term, including the renewal option deemed exercised, is 24.3 years. The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a five-year renewal option. As of June 30, 2021, the remaining lease term, including renewal options deemed exercised, is 15.5 years. As of June 30, 2021, the Company's Right of Use ("ROU") assets and lease liabilities were $2,668,000 and $2,721,000, respectively. As of December 31, 2020, the Company's ROU assets and lease liabilities were $2,652,000 and $2,674,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing rate (“IBR”). The Company considers the general economic environment and its historical borrowing rate activity and factors in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. The Company’s ground lease offers a renewal option which it assesses against relevant economic factors to determine whether it is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset.
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Leases | Leases Lessor Accounting The Company owns a commercial rental property leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with tenant options to extend or terminate the leases. Revenues from such leases are reported as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and accounts for the combined component in accordance with ASC 842. Lessee Accounting The Company is a lessee under a ground lease in Yonkers, NY which is classified as an operating lease. The ground lease expires September 30, 2024 and provides for one 21-year renewal option. As of June 30, 2021, the remaining lease term, including the renewal option deemed exercised, is 24.3 years. The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a five-year renewal option. As of June 30, 2021, the remaining lease term, including renewal options deemed exercised, is 15.5 years. As of June 30, 2021, the Company's Right of Use ("ROU") assets and lease liabilities were $2,668,000 and $2,721,000, respectively. As of December 31, 2020, the Company's ROU assets and lease liabilities were $2,652,000 and $2,674,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing rate (“IBR”). The Company considers the general economic environment and its historical borrowing rate activity and factors in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. The Company’s ground lease offers a renewal option which it assesses against relevant economic factors to determine whether it is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset.
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Real Estate Properties |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties | Real Estate Properties Real estate properties consist of the following (dollars in thousands):
A summary of real estate property owned is as follows (dollars in thousands):
Property Dispositions On May 26, 2021 the Company sold its Kendall Manor-Houston, TX property, which had a book value of $16,842,000, for $24,500,000 and recognized a gain on the sale of the property of $7,279,000. In connection with the sale, the Company paid off the existing debt in the amount of $14,260,000.
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Impairment Charges |
6 Months Ended |
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Jun. 30, 2021 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | Impairment ChargesThe Company reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Company measures and records impairment charges, and reduces the carrying value of owned properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. For its unconsolidated joint venture investments, the Company measures and records impairment losses, and reduces the carrying value of the equity investment when indicators of impairment are present and the expected discounted cash flows related to the investment is less than the carrying value. When the Company does not expect to recover its carrying value on properties held for use, the Company reduces its carrying value to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. When the Company does not expect to recover its carrying value on unconsolidated joint ventures that are under contract for sale, the Company, when it is determined that the sale is probable, reduces its carrying value to its fair value. During the three and six months ended June 30, 2021, the Company recorded an impairment charge of $520,000 related to its investment in the OPOP Tower and Lofts properties, St Louis, MO, as the carrying value exceeded the fair value by that amount. The fair value is based upon the contract price of a sale agreement which the Company has entered into.
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Restricted Cash |
6 Months Ended |
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Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted CashRestricted cash represents funds held for specific purposes and are therefore not available for general corporate purposes. The restricted cash reflected on the consolidated balance sheets represents funds that are held by the Company specifically for capital improvements at certain multi-family properties owned by unconsolidated joint ventures. |
Investment in Unconsolidated Ventures |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Ventures | Investment in Unconsolidated VenturesAt June 30, 2021 and December 31, 2020, the Company held interests in unconsolidated joint ventures (the "Unconsolidated Properties"), that own 30 and 31 multi-family properties, respectively. The condensed balance sheets below present information regarding such properties (dollars in thousands):
As of the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
At June 30, 2021 and December 31, 2020, the weighted average interest rate on the mortgages payable is 3.96% and 3.96%, respectively, and the weighted average remaining term to maturity is 7.23 years and 7.67 years, respectively. The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands):
During the three and six months ended June 30, 2021, three of the unconsolidated Texas joint ventures recognized (i) $490,000 and $2,813,000 of impairment charges, respectively, as a result of ice storm damage and (ii) $490,000 and $2,813,000 of related insurance recoveries, respectively. On April 20, 2021, the Company sold its joint venture interest in Anatole Apartments, a property located in Daytona Beach, FL. The Company recognized a gain of $2,244,000 on the sale. On May 4, 2021, the Company purchased a 14.69% interest in Civic Center I and Civic Center II - Southaven, MS, from its joint venture partner for $6,031,000. After giving effect to this purchase, the Company owns 74.69% of the equity interest in the venture that owns these properties. On May 7, 2021, the Company entered into an agreement to acquire the 41.9% interest owned by its joint venture partners in the entity that owns Bells Bluff, a 402-unit multi-family property located in West Nashville, TN. The purchase price for the interest, after giving effect to the joint venture partners' carried interest, is $28,000,000, subject to working capital and certain other adjustments. After giving effect to this purchase, Bells Bluff will be wholly-owned by the Company. The completion of this purchase is subject to customary closing conditions, including the refinancing of the $47,200,000 floating rate (i.e., 2.975% at June 30, 2021) mortgage debt on the property. On July 20, 2021, the joint venture which owns The Avenue Apartments, Ocoee, FL sold the property for $107,661,000 and for the quarter ended September 30, 2021, will recognize a gain on the sale of this property of approximately $39,000,000. The Company's share of the gain will be approximately $19,000,000. The joint venture will also recognize a mortgage prepayment charge of $8,661,000 of which BRT's share will be approximately $4,200,000. At June 30, 2021, there was $53,060,000 of mortgage debt secured by this property which bore a 3.90% interest rate. On July 28, 2021, the joint venture which owns Parc at 980, Lawrenceville, GA sold the property for $118,250,000 million and for the quarter ended September 30, 2021, will recognize a gain on the sale of this property of approximately $44,000,000. Our share of the gain will be approximately $15,000,000. At June 30, 2021, there was $54,447,000 of mortgage debt secured by this property which bore a 3.97% interest rate.
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Debt Obligations |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations | Debt Obligations Debt obligations consist of the following (dollars in thousands):
Mortgages Payable The weighted average interest rate on the Company's mortgage payables at June 30, 2021 was 4.14% and the weighted average remaining term to maturity is 4.34 years. For the three months ended June 30, 2021 and 2020, interest expense, which includes amortization of deferred financing costs, was $1,378,000 and $1,468,000, respectively. For the six months ended June 30, 2021 and 2020, interest expense, which includes amortization of deferred financing costs, was $2,808,000 and $2,943,000, respectively. In July 2021, the Company paid down $17,000,000 of mortgage debt pertaining to a primary loan of one property and a supplemental loan of a second property. Such debt was scheduled to mature in 2022 and bore a weighted average interest rate of 4.46%. Credit Facility The Company's credit facility with an affiliate of Valley National Bank, as amended and modified from time-to-time, allows the Company to borrow, subject to compliance with borrowing base requirements and other conditions, up to $15,000,000 to facilitate the acquisition of multi-family properties and for working capital (including dividend payments) and operating expenses. The facility is secured by the cash available in certain cash accounts maintained by the Company at Valley National Bank, matures April 2023 and bears an adjustable interest rate of 50 basis points over the prime rate, with a floor of 4.25%. The interest rate in effect as of June 30, 2021 is 4.25%. There is an unused facility fee of 0.25% per annum on the difference between the outstanding loan balance and maximum amount then available under the facility. For the three months ended June 30, 2021 and 2020, interest expense, which includes amortization of deferred financing costs and unused fees, was $19,000 and $47,000. For the six months ended June 30, 2021 and 2020, interest expense, which includes amortization of deferred financing costs and unused fees, was $36,000 and $62,000. Deferred financing costs of $30,000 and $12,000, are recorded in other assets on the Consolidated balance sheets at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021, the Company is in compliance in all material respects with its obligation under the facility. At June 30, 2021 and July 31, 2021, there was no outstanding balance on the facility. Junior Subordinated Notes At June 30, 2021 and December 31, 2020, the outstanding principal balance of the Company's junior subordinated notes was $37,400,000, before deferred financing costs of $307,000 and $317,000, respectively. The interest rate on the outstanding balance resets quarterly and is based on three months LIBOR + 2.00%. The rate in effect at June 30, 2021 and 2020 was 2.21% and 2.76%, respectively. The notes mature April 30, 2036.The junior subordinated notes require interest only payments through the maturity date of April 30, 2036, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense for the three months ended June 30, 2021 and 2020, which includes amortization of deferred financing costs, was $212,000 and $293,000, respectively. Interest expense for the six months ended June 30, 2021 and 2020, which includes amortization of deferred financing costs, was $426,000 and $663,000, respectively.
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Related Party Transactions |
6 Months Ended |
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Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has retained certain of its executive officers and Fredric H. Gould, a director, among other things, to participate in the Company's multi-family property analysis and approval process (which includes service on an investment committee), provide investment advice, and provide long-term planning and consulting with executives and employees with respect to other business matters, as required. The aggregate fees incurred for these services in each of the three months ended June 30, 2021 and 2020 were $349,000 and for each of the six months ended June 30, 2021 and 2020 was $699,000. Management of certain properties owned by the Company and certain joint venture properties is provided by Majestic Property Management Corp. ("Majestic Property"), a company wholly owned by Fredric H. Gould. Certain of the Company's officers and directors are also officers and directors of Majestic Property. Majestic Property may also provide real estate brokerage and construction supervision services to these properties. These fees amounted to $7,000 and $8,000 for the three months ended June 30, 2021 and 2020, respectively, and $14,000 and $16,000 for the six months ended June 30, 2021 and 2020, respectively. Pursuant to a shared services agreement between the Company and several affiliated entities, including Gould Investors L.P. ("Gould Investors"), the owner and operator of a diversified portfolio of real estate and other assets, and One Liberty Properties, Inc., a NYSE listed equity REIT, the (i) services of the part time personnel that perform certain executive, administrative, legal, accounting and clerical functions and (ii) certain facilities and other resources, are provided to the Company. The allocation of expenses for the facilities, personnel and other resources shared by, among others, the Company and Gould Investors, is computed in accordance with such agreement and is included in general and administrative expense on the consolidated statements of operations. During the three months ended June 30, 2021 and 2020, allocated general and administrative expenses reimbursed by the Company to Gould Investors pursuant to the shared services agreement aggregated $$179,000 and $$238,000, respectively, and $351,000 and $464,000 for the six months ended June 20, 2021 and 2020, respectively. Fredric H. Gould is executive officer and sole stockholder of Georgetown Partners, Inc., the managing general partner of Gould Investors. Mr. Gould is also the vice chairman of the board of directors of One Liberty Properties and certain of the Company's officers and directors are also officers or directors of One Liberty Properties and Georgetown Partners.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Financial Instruments Not Carried at Fair Value The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not recorded at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At June 30, 2021 and December 31, 2020, the estimated fair value of the notes is lower than their carrying value by approximately $8,539,000 and $8,670,000, respectively, based on a market interest rate of 4.13% and 4.22%, respectively. Mortgages payable: At June 30, 2021, the estimated fair value of the Company’s mortgages payable is greater than their carrying value by approximately $1,322,000, assuming market interest rates between 3.38% and 3.80%. At December 31, 2020, the estimated fair value of the Company's mortgages payable was greater than their carrying value by approximately $3,831,000, assuming market interest rates between 2.87% and 3.28%. Market interest rates were determined using rates which the Company believes reflects institutional lender yield requirements at the balance sheet dates. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. Financial Instruments Carried at Fair Value The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Company does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of June 30, 2021 (dollars in thousands):
Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 2020 (dollars in thousands):
Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. At June 30, 2021 and December 31, 2020, this derivative is included in other liabilities on the consolidated balance sheet. Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of June 30, 2021 and December 31, 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and determined that the credit valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Company determined that its derivative valuation is classified in Level 2 of the fair value hierarchy. Non-recurring fair value measurements The Company reviews each investment in real estate and joint venture interests when events or circumstances change, indicating the carrying value of the investment may not be recoverable. In the evaluation of an investment for impairment, many factors are considered, including estimated current and expected cash flows from the asset during the projected hold period, costs necessary to extend the life of the asset, expected capitalization rates, projected stabilized net operating income, and the ability to hold or dispose of the asset in the ordinary course of business. On June 8, 2021, we entered into a non-binding contract to sell our interests in OPOP Tower and Lofts to our partner for $3,000,000, which was below the asset carrying value as of June 30, 2021. As a result, we recorded an impairment charge of $520,000. As the estimate of fair value was based on a non-binding, privately negotiated contract, the Company classified the fair value estimate of the asset to determine impairment in Level 2 of the fair value hierarchy.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges of Interest Rate Risk The Company's objective in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive (Loss) income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of June 30, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheets as of the dates indicated (dollars in thousands):
The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive income (loss) for the dates indicated (dollars in thousands):
The Company estimates an additional $14,000 will be reclassified from other comprehensive loss as an increase to interest expense over the next twelve months. Credit-risk-related Contingent Features The agreement between the Company and its derivative counterparties provides that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company could be declared in default on its derivative obligations. As of June 30, 2021 and December 31, 2020, the fair value of derivatives in a net liability position including interest but excluding any adjustment for nonperformance risk related to these agreements was $15,000 and $25,000, respectively. As of June 30, 2021 and December 31, 2020, the Company has not posted any collateral related to this agreement and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle it obligations under the agreement termination value of $15,000 and $25,000, at June 30, 2021 and December 31, 2020 respectively.
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New Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the Financial Accounting Standard Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, lease, derivatives and other contracts. This guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material effect on the consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update provides specific guidance for transactions for acquiring goods and services from nonemployees and specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC Topic 606, Revenue from Contracts with Customers. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material effect on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) establishing ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2022. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsSubsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of June 30, 2021, that warrant additional disclosure, have been included in the notes to the consolidated financial statements. |
Basis of Preparation (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | The accompanying interim unaudited consolidated financial statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended June 30, 2021 and 2020, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2020, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP"). Accordingly, these unaudited statements should be read in conjunction with the Company's audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020, as amended, filed with the Securities and Exchange Commission ("SEC"). |
Consolidated Financial Statements and Variable Interest Entities | The consolidated financial statements include the accounts and operations of the Company and its wholly-owned subsidiaries. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. For each venture, the Company evaluated the rights provided to each party in the venture to assess the consolidation of the venture. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are variable interest entities ("VIEs"). Additionally, the Company does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. The joint venture that owns a property in Yonkers, New York, was determined not to be a VIE but is consolidated because the Company has controlling rights in such entity.
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Use of Estimates | The preparation of the financial statements in conformity with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one-year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. |
Financial Instruments Carried at Fair Value | Financial Instruments Carried at Fair Value The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the Financial Accounting Standard Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, lease, derivatives and other contracts. This guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material effect on the consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update provides specific guidance for transactions for acquiring goods and services from nonemployees and specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC Topic 606, Revenue from Contracts with Customers. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material effect on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) establishing ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2022. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.
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Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except share amounts):
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Real Estate Properties (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Real Estate Properties Owned | Real estate properties consist of the following (dollars in thousands):
A summary of real estate property owned is as follows (dollars in thousands): As of the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
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Investment in Unconsolidated Ventures (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | The condensed balance sheets below present information regarding such properties (dollars in thousands):
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Summary of Real Estate Properties Owned | Real estate properties consist of the following (dollars in thousands):
A summary of real estate property owned is as follows (dollars in thousands): As of the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
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Debt Obligations (Tables) |
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Schedule of Debt Obligations | Debt obligations consist of the following (dollars in thousands):
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value | Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of June 30, 2021 (dollars in thousands):
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Derivative Financial Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Interest Rate Derivatives | As of June 30, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
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Schedule of Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheets | The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheets as of the dates indicated (dollars in thousands):
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Schedule of Effect of Derivative Financial Instrument on Consolidated Statements of Comprehensive (Loss) Income | The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive income (loss) for the dates indicated (dollars in thousands):
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Schedule of Financial Assets and Liabilities Measured at Fair Value | Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of June 30, 2021 (dollars in thousands):
|
Basis of Preparation (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Equity - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: | ||||
Net income (loss) attributable to common stockholders | $ 6,027 | $ (4,246) | $ 2,262 | $ (9,077) |
Denominator: | ||||
Denominator for basic earnings per share—weighted average number of shares (in shares) | 17,720,488 | 17,176,401 | 17,520,963 | 17,054,327 |
Basic income (loss) per share (in dollars per share) | $ 0.34 | $ (0.25) | $ 0.13 | $ (0.53) |
Diluted income (loss) per share (in dollars per share) | $ 0.34 | $ (0.25) | $ 0.13 | $ (0.53) |
Leases - Lessee Accounting (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021
USD ($)
contract
|
Dec. 31, 2020
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset | $ 2,668 | $ 2,652 |
Lease liability | $ 2,721 | $ 2,674 |
Ground Lease | Yonkers, NY | ||
Lessee, Lease, Description [Line Items] | ||
Number of contracts | contract | 1 | |
Renewal term option | 21 years | |
Remaining term | 24 years 3 months 18 days | |
Corporate Office | Great Neck, NY | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term option | 5 years | |
Remaining term | 15 years 6 months |
Real Estate Properties - Schedule of Real Estate Properties (Including Properties Held For Sale) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Real Estate [Abstract] | ||
Land | $ 23,317 | $ 25,585 |
Building | 141,143 | 154,854 |
Building improvements | 8,724 | 10,590 |
Real estate properties | 173,184 | 191,029 |
Accumulated depreciation | (32,193) | (30,837) |
Total real estate properties, net | $ 140,991 | $ 160,192 |
Real Estate- Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
May 26, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Real Estate Properties [Line Items] | ||||||
Real estate properties | $ 173,184 | $ 173,184 | $ 191,029 | |||
Real estate properties, net of accumulated depreciation | 140,991 | 140,991 | $ 160,192 | |||
Gain on sale of real estate | $ 7,279 | $ 0 | $ 7,279 | $ 0 | ||
Kendall Manor Houston Texas | ||||||
Real Estate Properties [Line Items] | ||||||
Real estate properties | $ 16,842,000 | |||||
Real estate properties, net of accumulated depreciation | 24,500,000 | |||||
Gain on sale of real estate | 7,279,000 | |||||
Outstanding principal balance | $ 14,260,000 |
Impairment Charges (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Asset Impairment Charges [Abstract] | ||||
Impairment charge | $ 520 | $ 0 | $ 520 | $ 0 |
Investment in Unconsolidated Ventures - Summary of Real Estate Properties Owned (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Land | $ 23,317 | $ 25,585 |
Building | 141,143 | 154,854 |
Building improvements | 8,724 | 10,590 |
Real estate properties | 173,184 | 191,029 |
Accumulated depreciation | (32,193) | (30,837) |
Total real estate properties, net | 140,991 | 160,192 |
Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Land | 110,887 | 148,341 |
Building | 893,443 | 1,029,739 |
Building improvements | 35,027 | 42,698 |
Real estate properties | 1,039,357 | 1,220,778 |
Accumulated depreciation | (142,413) | (145,600) |
Total real estate properties, net | $ 896,944 | $ 1,075,178 |
Investment in Unconsolidated Ventures - Income Statement Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenues: | ||||
Total revenues | $ 6,961 | $ 6,816 | $ 14,060 | $ 13,740 |
Expenses: | ||||
Real estate operating expenses | 3,166 | 3,004 | 6,283 | 6,062 |
Interest expense | 1,609 | 1,809 | 3,269 | 3,669 |
Depreciation | 1,416 | 1,809 | 2,953 | 3,370 |
Total expenses | 9,865 | 9,579 | 19,293 | 19,425 |
Total revenues less total expenses | (2,904) | (2,763) | (5,233) | (5,685) |
Impairment charges | (520) | 0 | (520) | 0 |
Net loss from joint ventures | 33 | 31 | 67 | 63 |
BRT's equity in loss from joint ventures | 6,027 | (4,246) | 2,262 | (9,077) |
Unconsolidated Joint Ventures | ||||
Revenues: | ||||
Rental and other revenue | 33,005 | 31,542 | 65,677 | 62,385 |
Total revenues | 33,005 | 31,542 | 65,677 | 62,385 |
Expenses: | ||||
Real estate operating expenses | 15,233 | 14,674 | 30,936 | 29,206 |
Interest expense | 8,472 | 8,766 | 16,994 | 17,523 |
Depreciation | 9,791 | 10,417 | 20,176 | 20,773 |
Total expenses | 33,496 | 33,857 | 68,106 | 67,502 |
Total revenues less total expenses | (491) | (2,315) | (2,429) | (5,117) |
Equity in earnings | 5 | 9 | 14 | 17 |
Impairment charges | (490) | 0 | (2,813) | 0 |
Insurance recoveries | 490 | 0 | 2,813 | 0 |
Gain on insurance recoveries | 0 | 338 | 0 | 338 |
Net loss from joint ventures | (486) | (1,968) | (2,415) | (4,762) |
BRT's equity in loss from joint ventures | $ (492) | $ (1,387) | $ (1,837) | $ (3,202) |
Debt Obligations - Summary of Debt Obligations (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (740) | $ (880) |
Total debt obligations, net of deferred costs | 151,838 | 167,517 |
Mortgages payable | ||
Debt Instrument [Line Items] | ||
Debt, long-term and short-term debt, combined amount | 115,178 | 130,997 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Debt, long-term and short-term debt, combined amount | $ 37,400 | $ 37,400 |
Debt Obligations - Mortgage Payable (Details) - Mortgages payable - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jul. 31, 2021 |
|
Debt Instrument [Line Items] | |||||
Weighted average interest rate on mortgage debt (as a percentage) | 4.14% | 4.14% | |||
Average maturity | 4 years 4 months 2 days | ||||
Interest expense | $ 1,378 | $ 1,468 | $ 2,808 | $ 2,943 | |
Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate on mortgage debt (as a percentage) | 4.46% | ||||
Outstanding principal balance | $ 17,000 |
Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Debt Obligations | |||||
Deferred costs | $ 740 | $ 740 | $ 880 | ||
Junior subordinated notes | |||||
Debt Obligations | |||||
Outstanding principal balance | 37,400 | 37,400 | 37,400 | ||
Deferred costs | $ 307 | $ 307 | $ 317 | ||
Effective interest rate | 2.21% | 2.76% | 2.21% | 2.76% | |
Interest expense | $ 212 | $ 293 | $ 426 | $ 663 | |
Junior subordinated notes | London Interbank Offered Rate (LIBOR) | |||||
Debt Obligations | |||||
Basis spread on variable rate | 2.00% |
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Related Party Transaction [Line Items] | ||||
Related party - general and administrative | $ 179 | $ 238 | $ 351 | $ 464 |
Director | Advisory services | ||||
Related Party Transaction [Line Items] | ||||
Related party expense | 349 | 699 | ||
Majestic Property Management Corporation | Real Property Management Real Estate Brokerage And Construction Supervision Services | ||||
Related Party Transaction [Line Items] | ||||
Related party expense | 7 | 8 | 14 | 16 |
Gould Investors Limited Partnership | Shared Services Agreement | ||||
Related Party Transaction [Line Items] | ||||
Related party - general and administrative | $ 179 | $ 238 | $ 351 | $ 464 |
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - Interest rate swap - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Level 1 | ||
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | ||
Total Financial Liabilities | $ 0 | $ 0 |
Level 2 | ||
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | ||
Total Financial Liabilities | 13 | 23 |
Level 3 | ||
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | ||
Total Financial Liabilities | 0 | 0 |
Carrying and Fair Value | ||
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | ||
Total Financial Liabilities | $ 13 | $ 23 |
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