Maryland | 13-2755856 | |||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
60 Cutter Mill Road, Great Neck, NY | 11021 | |||||||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer ý | |||||||
Non-accelerated filer o | Smaller reporting company o | |||||||
(Do not check if a smaller reporting company) |
Page No. | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 6. |
March 31, 2018 (Unaudited) | September 30, 2017 | June 30, 2018 (Unaudited) | September 30, 2017 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Real estate properties, net of accumulated depreciation and amortization of $67,643 and $64,290 | $ | 993,250 | $ | 902,281 | ||||||||||||||
Real estate properties, net of accumulated depreciation and amortization of $77,692 and $64,290 | Real estate properties, net of accumulated depreciation and amortization of $77,692 and $64,290 | $ | 1,054,484 | $ | 902,281 | |||||||||||||
Real estate loan | 5,200 | 5,500 | Real estate loan | 5,050 | 5,500 | |||||||||||||
Cash and cash equivalents | 30,974 | 12,383 | Cash and cash equivalents | 25,061 | 12,383 | |||||||||||||
Restricted cash | 7,702 | 6,151 | Restricted cash | 7,630 | 6,151 | |||||||||||||
Deposits and escrows | 23,655 | 27,839 | Deposits and escrows | 23,265 | 27,839 | |||||||||||||
Investments in unconsolidated joint ventures | 20,845 | 21,415 | Investments in unconsolidated joint ventures | 20,542 | 21,415 | |||||||||||||
Other assets | 7,005 | 9,359 | Other assets | 8,573 | 9,359 | |||||||||||||
Real estate property held for sale | — | 8,969 | Real estate property held for sale | — | 8,969 | |||||||||||||
Total Assets (a) | $ | 1,088,631 | $ | 993,897 | Total Assets (a) | $ | 1,144,605 | $ | 993,897 | |||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Mortgages payable, net of deferred costs of $6,550 and $6,345 | $ | 743,225 | $ | 697,826 | ||||||||||||||
Junior subordinated notes, net of deferred costs of $372 and $382 | 37,028 | 37,018 | ||||||||||||||||
Mortgages payable, net of deferred costs of $6,673 and $6,345 | Mortgages payable, net of deferred costs of $6,673 and $6,345 | $ | 783,532 | $ | 697,826 | |||||||||||||
Junior subordinated notes, net of deferred costs of $367 and $382 | Junior subordinated notes, net of deferred costs of $367 and $382 | 37,033 | 37,018 | |||||||||||||||
Accounts payable and accrued liabilities | 17,002 | 22,348 | Accounts payable and accrued liabilities | 22,554 | 22,348 | |||||||||||||
Total Liabilities (a) | 797,255 | 757,192 | Total Liabilities (a) | 843,119 | 757,192 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||
Equity: | Equity: | |||||||||||||||||
BRT Apartments Corp. stockholders' equity: | BRT Apartments Corp. stockholders' equity: | |||||||||||||||||
Preferred shares $.01 par value 2,000 shares authorized, none outstanding | — | — | Preferred shares $.01 par value 2,000 shares authorized, none outstanding | — | — | |||||||||||||
Common stock, $.01 par value, 300,000 shares authorized; | Common stock, $.01 par value, 300,000 shares authorized; | |||||||||||||||||
13,575 and 13,333 shares outstanding | 136 | 133 | ||||||||||||||||
14,410 and 13,333 shares outstanding | 14,410 and 13,333 shares outstanding | 144 | 133 | |||||||||||||||
Additional paid-in capital | 203,838 | 201,910 | Additional paid-in capital | 214,716 | 201,910 | |||||||||||||
Accumulated other comprehensive income | 2,132 | 1,000 | Accumulated other comprehensive income | 2,408 | 1,000 | |||||||||||||
Accumulated deficit | (10,967 | ) | (37,047 | ) | Accumulated deficit | (18,626) | (37,047) | |||||||||||
Total BRT Apartments Corp. stockholders’ equity | 195,139 | 165,996 | Total BRT Apartments Corp. stockholders’ equity | 198,642 | 165,996 | |||||||||||||
Non-controlling interests | 96,237 | 70,709 | Non-controlling interests | 102,844 | 70,709 | |||||||||||||
Total Equity | 291,376 | 236,705 | Total Equity | 301,486 | 236,705 | |||||||||||||
Total Liabilities and Equity | $ | 1,088,631 | $ | 993,897 | Total Liabilities and Equity | $ | 1,144,605 | $ | 993,897 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Rental and other revenues from real estate properties | $ | 29,476 | $ | 24,702 | $ | 57,638 | $ | 49,731 | |||||||
Other income | 175 | 181 | 362 | 792 | |||||||||||
Total revenues | 29,651 | 24,883 | 58,000 | 50,523 | |||||||||||
Expenses: | |||||||||||||||
Real estate operating expenses - including $836 and $641 to related parties for the three months ended and $1,621 and $1,252 for the six months ended | 14,198 | 11,909 | 27,545 | 24,355 | |||||||||||
Interest expense | 8,657 | 6,402 | 16,637 | 13,089 | |||||||||||
General and administrative - including $146 and $103 to related parties for the three months ended and $228 and $182 for the six months ended | 2,453 | 2,390 | 4,756 | 4,987 | |||||||||||
Depreciation | 9,240 | 7,772 | 17,888 | 14,069 | |||||||||||
Total expenses | 34,548 | 28,473 | 66,826 | 56,500 | |||||||||||
Total revenue less total expenses | (4,897 | ) | (3,590 | ) | (8,826 | ) | (5,977 | ) | |||||||
Equity in loss of unconsolidated joint ventures | (63 | ) | — | (88 | ) | — | |||||||||
Gain on sale of real estate | 51,981 | — | 64,500 | 35,838 | |||||||||||
Gain on insurance recovery | 3,227 | — | 3,227 | — | |||||||||||
Loss on extinguishment of debt | (593 | ) | — | (850 | ) | (799 | ) | ||||||||
Income (loss) from continuing operations | 49,655 | (3,590 | ) | 57,963 | 29,062 | ||||||||||
Income tax (benefit) provision | (253 | ) | 1,108 | (147 | ) | 1,458 | |||||||||
Net income (loss) from continuing operations, net of taxes | 49,908 | (4,698 | ) | 58,110 | 27,604 | ||||||||||
Net (income) loss attributable to non-controlling interests | (24,686 | ) | 469 | (26,537 | ) | (16,063 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 25,222 | $ | (4,229 | ) | $ | 31,573 | $ | 11,541 | ||||||
Weighted average number of shares of common stock outstanding: | |||||||||||||||
Basic | 14,242,076 | 14,018,099 | 14,131,050 | 13,957,706 | |||||||||||
Diluted | 14,442,076 | 14,018,099 | 14,331,050 | 13,957,706 | |||||||||||
Per share amounts attributable to common stockholders: | |||||||||||||||
Basic | $ | 1.77 | $ | (0.30 | ) | $ | 2.23 | $ | 0.83 | ||||||
Diluted | $ | 1.75 | $ | (0.30 | ) | $ | 2.20 | $ | 0.83 | ||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Rental and other revenues from real estate properties | $ | 29,951 | $ | 26,673 | $ | 87,589 | $ | 76,404 | |||||||||||||||||||||||||||
Other income | 203 | 188 | 565 | 980 | |||||||||||||||||||||||||||||||
Total revenues | 30,154 | 26,861 | 88,154 | 77,384 | |||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Real estate operating expenses - including $851 and $696 to related parties for the three months ended and $2,472 and $1,948 for the nine months ended | 14,459 | 13,283 | 42,004 | 37,638 | |||||||||||||||||||||||||||||||
Interest expense | 8,786 | 7,180 | 25,423 | 20,269 | |||||||||||||||||||||||||||||||
General and administrative - including $160 and $84 to related parties for the three months ended and $389 and $266 for the nine months ended | 2,452 | 2,309 | 7,208 | 7,296 | |||||||||||||||||||||||||||||||
Depreciation | 10,200 | 7,561 | 28,088 | 21,630 | |||||||||||||||||||||||||||||||
Total expenses | 35,897 | 30,333 | 102,723 | 86,833 | |||||||||||||||||||||||||||||||
Total revenue less total expenses | (5,743) | (3,472) | (14,569) | (9,449) | |||||||||||||||||||||||||||||||
Equity in loss of unconsolidated joint ventures | (127) | (307) | (215) | (307) | |||||||||||||||||||||||||||||||
Gain on sale of real estate | — | — | 64,500 | 35,838 | |||||||||||||||||||||||||||||||
Gain on insurance recovery | — | — | 3,227 | — | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (850) | (799) | |||||||||||||||||||||||||||||||
(Loss) income from continuing operations | (5,870) | (3,779) | 52,093 | 25,283 | |||||||||||||||||||||||||||||||
Income tax provision (benefit) | 101 | 41 | (46) | 1,499 | |||||||||||||||||||||||||||||||
Net (loss) income from continuing operations, net of taxes | (5,971) | (3,820) | 52,139 | 23,784 | |||||||||||||||||||||||||||||||
Net loss (income) attributable to non-controlling interests | 1,282 | 418 | (25,255) | (15,645) | |||||||||||||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (4,689) | $ | (3,402) | $ | 26,884 | $ | 8,139 | |||||||||||||||||||||||||||
Weighted average number of shares of common stock outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 14,411,940 | 14,035,074 | 14,224,680 | 13,983,495 | |||||||||||||||||||||||||||||||
Diluted | 14,411,940 | 14,035,074 | 14,358,013 | 13,983,495 | |||||||||||||||||||||||||||||||
Per share amounts attributable to common stockholders: | |||||||||||||||||||||||||||||||||||
Basic | $ | (0.33) | $ | (0.24) | $ | 1.89 | $ | 0.58 | |||||||||||||||||||||||||||
Diluted | $ | (0.33) | $ | (0.24) | $ | 1.87 | $ | 0.58 | |||||||||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||||||||
Net (loss) income | $ | (5,971) | $ | (3,820) | $ | 52,139 | $ | 23,784 | |||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | 398 | (228) | 2,032 | 3,074 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 398 | (228) | 2,032 | 3,074 | |||||||||||||||||||||||||||||||
Comprehensive (loss) income | (5,573) | (4,048) | 54,171 | 26,858 | |||||||||||||||||||||||||||||||
Comprehensive loss (income) attributable to non-controlling interests | 1,160 | 1,260 | (25,879) | (16,099) | |||||||||||||||||||||||||||||||
Comprehensive (loss) income attributable to common stockholders | $ | (4,413) | $ | (2,788) | $ | 28,292 | $ | 10,759 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | 49,908 | $ | (4,698 | ) | $ | 58,110 | $ | 27,604 | ||||||
Other comprehensive income: | |||||||||||||||
Unrealized gain on derivative instruments | 1,132 | 135 | 1,634 | 3,403 | |||||||||||
Other comprehensive income | 1,132 | 135 | 1,634 | 3,403 | |||||||||||
Comprehensive income (loss) | 51,040 | (4,563 | ) | 59,744 | 31,007 | ||||||||||
Comprehensive (income) loss attributable to non-controlling interests | (25,032 | ) | 144 | (27,039 | ) | (17,387 | ) | ||||||||
Comprehensive income (loss) attributable to common stockholders | $ | 26,008 | $ | (4,419 | ) | $ | 32,705 | $ | 13,620 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Non- Controlling Interest | Total | ||||||||||||||||||||||||||||||
Balances, September 30, 2017 | $ | 133 | $ | 201,910 | $ | 1,000 | $ | (37,047) | $ | 70,709 | $ | 236,705 | |||||||||||||||||||||||
Distributions - common stock - $0.58 per share | — | — | — | (8,463) | (8,463) | ||||||||||||||||||||||||||||||
Restricted stock vesting | 1 | (1) | — | — | — | — | |||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | 973 | — | — | — | 973 | |||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | 32,553 | 32,553 | |||||||||||||||||||||||||||||
Consolidation of investment in limited partnership | — | — | — | — | 12,370 | 12,370 | |||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | (38,499) | (38,499) | |||||||||||||||||||||||||||||
Purchase of non-controlling interest | — | (82) | — | — | (168) | (250) | |||||||||||||||||||||||||||||
Shares issued through equity offering program, net | 10 | 11,916 | — | — | — | 11,926 | |||||||||||||||||||||||||||||
Net income | — | — | — | 26,884 | 25,255 | 52,139 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | 1,408 | — | 624 | 2,032 | |||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | 54,171 | |||||||||||||||||||||||||||||
Balances, June 30, 2018 | $ | 144 | $ | 214,716 | $ | 2,408 | $ | (18,626) | $ | 102,844 | $ | 301,486 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit | Non- Controlling Interest | Total | ||||||||||||||||||
Balances, September 30, 2017 | $ | 133 | $ | 201,910 | $ | 1,000 | $ | (37,047 | ) | $ | 70,709 | $ | 236,705 | ||||||||||
Distributions - common stock - $0.38 per share | — | — | — | (5,493 | ) | — | (5,493 | ) | |||||||||||||||
Restricted stock vesting | 1 | (1 | ) | — | — | — | — | ||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | 612 | — | — | — | 612 | |||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | 22,623 | 22,623 | |||||||||||||||||
Consolidation of investment in limited partnership | — | — | — | — | 12,370 | 12,370 | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | (36,336 | ) | (36,336 | ) | |||||||||||||||
Purchase of non-controlling interest | — | (82 | ) | — | — | (168 | ) | (250 | ) | ||||||||||||||
Shares issued through equity offering program, net | 2 | 1,399 | — | — | — | 1,401 | |||||||||||||||||
Net income | — | — | — | 31,573 | 26,537 | 58,110 | |||||||||||||||||
Other comprehensive income | — | — | 1,132 | — | 502 | 1,634 | |||||||||||||||||
Comprehensive income | — | — | — | — | — | 59,744 | |||||||||||||||||
Balances, March 31, 2018 | $ | 136 | $ | 203,838 | $ | 2,132 | $ | (10,967 | ) | $ | 96,237 | $ | 291,376 |
Nine Months Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income | $ | 52,139 | $ | 23,784 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation | 28,088 | 21,630 | |||||||||||||||||||||
Amortization of deferred borrowing fees | 1,130 | 889 | |||||||||||||||||||||
Amortization of restricted stock and restricted stock units | 973 | 1,063 | |||||||||||||||||||||
Equity in loss of unconsolidated joint ventures | 215 | 307 | |||||||||||||||||||||
Gain on sale of real estate | (64,500) | (35,838) | |||||||||||||||||||||
Gain on insurance recovery | (3,227) | — | |||||||||||||||||||||
Loss on extinguishment of debt | 850 | 799 | |||||||||||||||||||||
Increases and decreases from changes in other assets and liabilities: | |||||||||||||||||||||||
Decrease in interest receivable | — | 2,328 | |||||||||||||||||||||
Decrease (increase) in deposits and escrows | 8,135 | (7,435) | |||||||||||||||||||||
Decrease in other assets | 6,068 | 910 | |||||||||||||||||||||
Decrease in accounts payable and accrued liabilities | (59) | (2,033) | |||||||||||||||||||||
Net cash provided by operating activities | 29,812 | 6,404 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Collections from real estate loan | 450 | 13,850 | |||||||||||||||||||||
Additions to real estate properties | (177,343) | (196,810) | |||||||||||||||||||||
Net costs capitalized to real estate properties | (11,629) | (7,261) | |||||||||||||||||||||
(Increase) decrease in restricted cash | (1,479) | 1,592 | |||||||||||||||||||||
Investment in limited partnership | (12,370) | — | |||||||||||||||||||||
Purchase of non-controlling interests | (250) | — | |||||||||||||||||||||
Consolidation of investment in limited partnership | 1,279 | — | |||||||||||||||||||||
Net proceeds from the sale of real estate properties | 168,691 | 128,647 | |||||||||||||||||||||
Distributions from unconsolidated joint ventures | 656 | 282 | |||||||||||||||||||||
Contributions to unconsolidated joint ventures | — | (14,394) | |||||||||||||||||||||
Net cash (used in) provided by investing activities | (31,995) | (74,094) | |||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Proceeds from mortgages payable | 106,994 | 131,344 | |||||||||||||||||||||
Mortgage payoffs | (84,726) | (79,215) | |||||||||||||||||||||
Mortgage principal payments | (3,752) | (3,858) | |||||||||||||||||||||
Increase in deferred financing costs | (1,323) | (2,527) | |||||||||||||||||||||
Dividends paid | (8,312) | — | |||||||||||||||||||||
Contributions from non-controlling interests | 32,553 | 28,744 | |||||||||||||||||||||
Distributions to non-controlling interests | (38,499) | (24,231) | |||||||||||||||||||||
Proceeds from the sale of common stock | 11,926 | — | |||||||||||||||||||||
Repurchase of shares of beneficial interest/common stock | — | (171) | |||||||||||||||||||||
Net cash provided by financing activities | 14,861 | 50,086 | |||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 12,678 | (17,604) | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | 12,383 | 27,399 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 25,061 | $ | 9,795 |
Six Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 58,110 | $ | 27,604 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 17,888 | 14,069 | |||||
Amortization of deferred borrowing fees | 742 | 535 | |||||
Amortization of restricted stock and restricted stock units | 613 | 710 | |||||
Equity in loss of unconsolidated joint ventures | 88 | — | |||||
Gain on sale of real estate | (64,500 | ) | (35,838 | ) | |||
Gain on insurance recovery | (3,227 | ) | — | ||||
Loss on extinguishment of debt | 850 | 799 | |||||
Increases and decreases from changes in other assets and liabilities: | |||||||
Decrease in interest receivable | — | 2,324 | |||||
Decrease in deposits and escrows | 7,745 | 5,871 | |||||
Decrease in other assets | 7,230 | 1,154 | |||||
Decrease in accounts payable and accrued liabilities | (5,565 | ) | (5,662 | ) | |||
Net cash provided by operating activities | 19,974 | 11,566 | |||||
Cash flows from investing activities: | |||||||
Collections from real estate loan | 300 | 13,600 | |||||
Additions to real estate properties | (125,901 | ) | (60,580 | ) | |||
Net costs capitalized to real estate properties | (5,247 | ) | (5,430 | ) | |||
(Increase) decrease in restricted cash | (1,551 | ) | 764 | ||||
Investment in limited partnership | (12,370 | ) | — | ||||
Purchase of non-controlling interests | (250 | ) | — | ||||
Consolidation of investment in limited partnership | 1,279 | — | |||||
Net proceeds from the sale of real estate properties | 168,691 | 128,647 | |||||
Distributions from unconsolidated joint ventures | 482 | 166 | |||||
Contributions to unconsolidated joint ventures | — | (14,394 | ) | ||||
Net cash (used in) provided by investing activities | 25,433 | 62,773 | |||||
Cash flows from financing activities: | |||||||
Proceeds from mortgages payable | 78,945 | 40,363 | |||||
Mortgage payoffs | (84,727 | ) | (79,215 | ) | |||
Mortgage principal payments | (2,525 | ) | (2,539 | ) | |||
Increase in deferred financing costs | (817 | ) | (719 | ) | |||
Dividends paid | (5,380 | ) | — | ||||
Contributions from non-controlling interests | 22,623 | 6,398 | |||||
Distributions to non-controlling interests | (36,336 | ) | (22,832 | ) | |||
Proceeds from the sale of common stock | 1,401 | — | |||||
Repurchase of shares of beneficial interest/common stock | — | (47 | ) | ||||
Net cash provided by (used in) financing activities | (26,816 | ) | (58,591 | ) | |||
Net increase in cash and cash equivalents | 18,591 | 15,748 | |||||
Cash and cash equivalents at beginning of period | 12,383 | 27,399 | |||||
Cash and cash equivalents at end of period | $ | 30,974 | $ | 43,147 |
Six Months Ended March 31, | Nine Months Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||
Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | |||||||||||||||||||||||
Cash paid during the period for interest, net of capitalized interest of $0 and $84, respectively | $ | 15,859 | $ | 12,536 | ||||||||||||||||||||
Cash paid during the period for interest, net of capitalized interest of $27 and $249, respectively | Cash paid during the period for interest, net of capitalized interest of $27 and $249, respectively | $ | 23,385 | $ | 19,353 | |||||||||||||||||||
Taxes paid | $ | 39 | 1,778 | Taxes paid | $ | 139 | 1,899 | |||||||||||||||||
Acquisition of real estate through assumption of debt | $ | — | $ | 27,638 | Acquisition of real estate through assumption of debt | $ | 13,608 | $ | 27,638 | |||||||||||||||
Real estate properties reclassified to assets held for sale | Real estate properties reclassified to assets held for sale | $ | — | $ | 21,515 | |||||||||||||||||||
Consolidation of investment in limited partnership: | Consolidation of investment in limited partnership: | |||||||||||||||||||||||
Increase in real estate assets | $ | (72,395 | ) | $ | — | Increase in real estate assets | $ | (72,395) | $ | — | ||||||||||||||
Increase in deposits and escrows | (3,561 | ) | — | Increase in deposits and escrows | (3,561) | — | ||||||||||||||||||
Increase in other assets | (20 | ) | — | Increase in other assets | (20) | — | ||||||||||||||||||
Increase in mortgage payable | 53,060 | — | Increase in mortgage payable | 53,060 | — | |||||||||||||||||||
Increase in deferred financing costs | (657 | ) | — | Increase in deferred financing costs | (657) | — | ||||||||||||||||||
Increase in accounts payable and accrued liabilities | 112 | — | Increase in accounts payable and accrued liabilities | 112 | — | |||||||||||||||||||
Increase in non controlling interest | 12,370 | — | Increase in non controlling interest | 12,370 | — | |||||||||||||||||||
Decrease in investment in limited partnership | 12,370 | — | Decrease in investment in limited partnership | 12,370 | — | |||||||||||||||||||
Increase in cash upon consolidation of limited partnership | $ | 1,279 | $ | — | Increase in cash upon consolidation of limited partnership | $ | 1,279 | $ | — |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | 25,222 | $ | (4,229 | ) | 31,573 | 11,541 | ||||||||
Denominator: | |||||||||||||||
Denominator for basic earnings (loss) per share—weighted average number of shares | 14,242,076 | 14,018,099 | 14,131,050 | 13,957,706 | |||||||||||
Effect of diluted securities | 200,000 | — | 200,000 | — | |||||||||||
Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions | 14,442,076 | 14,018,099 | 14,331,050 | 13,957,706 | |||||||||||
Basic earnings (loss) per share | $ | 1.77 | $ | (0.30 | ) | $ | 2.23 | $ | 0.83 | ||||||
Diluted earnings (loss) per share | $ | 1.75 | $ | (0.30 | ) | $ | 2.20 | $ | 0.83 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||||||||||
Numerator for basic and diluted (loss) earnings per share attributable to common stockholders: | |||||||||||||||||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (4,689) | $ | (3,402) | 26,884 | 8,139 | |||||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||
Denominator for basic (loss) earnings per share—weighted average number of shares | 14,411,940 | 14,035,074 | 14,224,680 | 13,983,495 | |||||||||||||||||||||||||||||||
Effect of diluted securities (a) | — | — | 133,333 | — | |||||||||||||||||||||||||||||||
Denominator for diluted (loss) earnings per share—adjusted weighted average number of shares and assumed conversions | 14,411,940 | 14,035,074 | 14,358,013 | 13,983,495 | |||||||||||||||||||||||||||||||
Basic (loss) earnings per share | $ | (0.33) | $ | (0.24) | $ | 1.89 | $ | 0.58 | |||||||||||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.33) | $ | (0.24) | $ | 1.87 | $ | 0.58 |
June 30, 2018 | September 30, 2017 | |||||||||||||
Land | $ | 167,477 | $ | 138,094 | ||||||||||
Building | 929,305 | 808,366 | ||||||||||||
Building improvements | 35,394 | 31,411 | ||||||||||||
Real estate properties | 1,132,176 | 977,871 | ||||||||||||
Accumulated depreciation | (77,692) | (66,621) | ||||||||||||
Total real estate properties, net | $ | 1,054,484 | $ | 911,250 |
March 31, 2018 | September 30, 2017 | |||||||
Land | $ | 157,105 | $ | 138,094 | ||||
Building | 874,679 | 808,366 | ||||||
Building improvements | 29,109 | 31,411 | ||||||
Real estate properties | 1,060,893 | 977,871 | ||||||
Accumulated depreciation | (67,643 | ) | (66,621 | ) | ||||
Total real estate properties, net | $ | 993,250 | $ | 911,250 |
September 30, 2017 Balance | Additions | Capitalized Costs and Improvements | Depreciation | Sales | March 31, 2018 Balance | |||||||||||||||||||
Multi-family | $ | 890,300 | $ | 185,415 | $ | 5,247 | $ | (17,833 | ) | $ | (103,655 | ) | $ | 959,474 | ||||||||||
Multi-family development - West Nashville, TN | 10,448 | 12,881 | — | — | — | 23,329 | ||||||||||||||||||
Land - Daytona, FL | 8,021 | — | — | — | — | 8,021 | ||||||||||||||||||
Shopping centers/Retail - Yonkers, NY | 2,481 | — | — | (55 | ) | — | 2,426 | |||||||||||||||||
Total real estate properties | $ | 911,250 | $ | 198,296 | $ | 5,247 | $ | (17,888 | ) | $ | (103,655 | ) | $ | 993,250 |
September 30, 2017 Balance | Additions | Capitalized Costs and Improvements | Depreciation | Sales | June 30, 2018 Balance | |||||||||||||||||||||||||||||||||
Multi-family | $ | 890,300 | $ | 240,374 | $ | 11,629 | $ | (28,006) | $ | (104,396) | $ | 1,009,901 | ||||||||||||||||||||||||||
Multi-family development - West Nashville, TN | 10,448 | 23,715 | — | — | — | 34,163 | ||||||||||||||||||||||||||||||||
Land - Daytona, FL | 8,021 | — | — | — | — | 8,021 | ||||||||||||||||||||||||||||||||
Shopping centers/Retail - Yonkers, NY | 2,481 | — | — | (82) | — | 2,399 | ||||||||||||||||||||||||||||||||
Total real estate properties | $ | 911,250 | $ | 264,089 | $ | 11,629 | $ | (28,088) | $ | (104,396) | $ | 1,054,484 |
Purchase Price Allocation | ||||||||
Land | $ | 44,040 | ||||||
Building and improvements | 184,003 | |||||||
Acquisition-related intangible assets | 5,355 | |||||||
Total consideration | $ | 233,398 |
Purchase Price Allocation | ||||
Land | $ | 37,282 | ||
Building and improvements | 140,027 | |||
Acquisition-related intangible assets | 3,992 | |||
Total consideration | $ | 181,301 |
Location | Purchase Date | No. of Units | Purchase Price | Acquisition Mortgage Debt | Initial BRT Equity | Ownership Percentage | Capitalized Acquisition Costs | Location | Purchase Date | No. of Units | Purchase Price | Acquisition Mortgage Debt | Initial BRT Equity | Ownership Percentage | Capitalized Acquisition Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Madison, AL | 12/7/2017 | 204 | $ | 18,420 | $ | 15,000 | $ | 4,456 | 80 | % | $ | 247 | Madison, AL | 12/7/2017 | 204 | $ | 18,420 | $ | 15,000 | $ | 4,456 | 80 | % | $ | 247 | |||||||||||||||||||||||||||||||||||||||||||
Boerne, TX (a) | 12/14/2017 | 120 | 12,000 | 9,200 | 3,780 | 80 | % | 244 | Boerne, TX (a) | 12/14/2017 | 120 | 12,000 | 9,200 | 3,780 | 80 | % | 244 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ocoee, FL | 2/7/2018 | 522 | 71,347 | 53,060 | 12,370 | 50 | % | 1,047 | Ocoee, FL | 2/7/2018 | 522 | 71,347 | 53,060 | 12,370 | 50 | % | 1,047 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lawrenceville, GA | 2/15/2018 | 586 | 77,229 | 54,447 | 15,179 | 50 | % | 767 | Lawrenceville, GA | 2/15/2018 | 586 | 77,229 | 54,447 | 15,179 | 50 | % | 767 | |||||||||||||||||||||||||||||||||||||||||||||||||||
1,432 | $ | 178,996 | $ | 131,707 | $ | 35,785 | $ | 2,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daytona, FL | Daytona, FL | 4/30/2018 | 208 | 20,500 | 13,608 | 6,900 | 80 | % | 386 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Prairie, TX | Grand Prairie, TX | 5/17/2018 | 281 | 30,800 | 18,995 | 7,300 | 50 | % | 411 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,921 | $ | 230,296 | $ | 164,310 | $ | 49,985 | $ | 3,102 |
Location | Purchase Date | No. of Units | Purchase Price | Acquisition Mortgage Debt | Initial BRT Equity | Ownership Percentage | Capitalized Acquisition Costs | Location | Purchase Date | No. of Units | Purchase Price | Acquisition Mortgage Debt | Initial BRT Equity | Ownership Percentage | Capitalized Acquisition Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fredricksburg, VA | 11/4/2016 | 220 | $ | 38,490 | $ | 29,940 | $ | 8,720 | 80 | % | $ | 643 | Fredricksburg, VA | 11/4/2016 | 220 | $ | 38,490 | $ | 29,940 | $ | 8,720 | 80 | % | $ | 643 | |||||||||||||||||||||||||||||||||||||||||||
St. Louis, MO | 2/28/2017 | 128 | 27,000 | 20,000 | 6,001 | 75.5 | % | 423 | St. Louis, MO | 2/28/2017 | 128 | 27,000 | 20,000 | 6,001 | 75.5 | % | 423 | |||||||||||||||||||||||||||||||||||||||||||||||||||
St. Louis, MO | 2/28/2017 | 53 | 8,000 | 6,200 | 2,002 | 75.5 | % | 134 | St. Louis, MO | 2/28/2017 | 53 | 8,000 | 6,200 | 2,002 | 75.5 | % | 134 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Creve Coeur, MO | Creve Coeur, MO | 4/4/2017 | 174 | 39,600 | 29,000 | 9,408 | 78.0 | % | 569 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West Nashville, TN | West Nashville, TN | 6/2/2017 | 402 | 5,228 | — | 4,800 | 58.0 | % | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmers Branch, TX | Farmers Branch, TX | 6/29/2017 | 509 | 85,698 | 55,200 | 16,200 | 50.0 | % | 992 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
401 | $ | 73,490 | $ | 56,140 | $ | 16,723 | $ | 1,200 | 1,486 | $ | 204,016 | $ | 140,340 | $ | 47,131 | $ | 2,761 |
Location | Sale Date | No. of Units | Sales Price | Gain on Sale | Non-controlling partner portion of gain | Location | Sale Date | No. of Units | Sales Price | Gain on Sale | Non-controlling partner portion of gain | ||||||||||||||||||||||||||||||||||
Melbourne, FL | 10/25/2017 | 208 | $ | 22,250 | $ | 12,519 | $ | 2,504 | Melbourne, FL | 10/25/2017 | 208 | $ | 22,250 | $ | 12,519 | $ | 2,504 | ||||||||||||||||||||||||||||
Palm Beach Gardens, FL | 2/5/2018 | 542 | 97,200 | 41,830 | 20,593 | Palm Beach Gardens, FL | 2/25/2018 | 542 | 97,200 | 41,830 | 20,593 | ||||||||||||||||||||||||||||||||||
Valley, AL | 2/23/2018 | 618 | 51,000 | 9,712 | 4,547 | Valley, AL | 2/23/2018 | 618 | 51,000 | 9,712 | 4,547 | ||||||||||||||||||||||||||||||||||
Fort Washington | 1/18/2018 | 1 | 470 | 439 | — | ||||||||||||||||||||||||||||||||||||||||
New York, NY | New York, NY | 1/18/2018 | 1 | 470 | 439 | — | |||||||||||||||||||||||||||||||||||||||
1,369 | $ | 170,920 | $ | 64,500 | $ | 27,644 | 1,369 | $ | 170,920 | $ | 64,500 | $ | 27,644 |
Location | Sale Date | No. of Units | Sales Price | Gain on Sale | Non-controlling partner portion of gain | ||||||||||||||||||||||||
Greenville, SC | 10/19/2016 | 350 | $ | 68,000 | $ | 18,483 | $ | 9,329 | |||||||||||||||||||||
Panama City, FL | 10/26/2016 | 160 | 14,720 | 7,393 | 3,478 | ||||||||||||||||||||||||
Atlanta, GA | 11/21/2016 | 350 | 36,750 | 8,905 | 4,166 | ||||||||||||||||||||||||
Hixson,TN | 11/30/2016 | 156 | 10,775 | 608 | 152 | ||||||||||||||||||||||||
New York, NY | 12/21/2016 | 1 | 465 | 449 | — | ||||||||||||||||||||||||
1,017 | $ | 130,710 | $ | 35,838 | $ | 17,125 |
June 30, 2018 (unaudited) | September 30, 2017 | |||||||||||||
ASSETS | ||||||||||||||
Real estate properties, net of accumulated depreciation of $53,918 and $52,873 | $ | 655,889 | $ | 707,546 | ||||||||||
Cash and cash equivalents | 7,041 | 8,626 | ||||||||||||
Deposits and escrows | 9,916 | 13,873 | ||||||||||||
Other assets | 6,629 | 8,148 | ||||||||||||
Real estate properties held for sale | — | 8,969 | ||||||||||||
Total Assets | $ | 679,475 | $ | 747,162 | ||||||||||
LIABILITIES | ||||||||||||||
Mortgages payable, net of deferred costs of $4,200 and $5,170 | $ | 500,912 | $ | 558,568 | ||||||||||
Accounts payable and accrued liabilities | 10,893 | 14,419 | ||||||||||||
Total Liabilities | $ | 511,805 | $ | 572,987 |
March 31, 2018 (unaudited) | September 30, 2017 | |||||||
ASSETS | ||||||||
Real estate properties, net of accumulated depreciation of $48,037 and $52,873 | $ | 625,714 | $ | 707,546 | ||||
Cash and cash equivalents | 9,228 | 8,626 | ||||||
Deposits and escrows | 8,632 | 13,873 | ||||||
Other assets | 5,765 | 8,148 | ||||||
Real estate properties held for sale | — | 8,969 | ||||||
Total Assets | $ | 649,339 | $ | 747,162 | ||||
LIABILITIES | ||||||||
Mortgages payable, net of deferred costs of $4,189 and $5,170 | $ | 479,093 | $ | 558,568 | ||||
Accounts payable and accrued liabilities | 7,550 | 14,419 | ||||||
Total Liabilities | $ | 486,643 | $ | 572,987 |
Location | Number of Units | Carrying Value | Mortgage Debt | Percent Ownership | ||||||||||||||||||||||
Columbia, SC | 374 | $ | 4,739 | $ | 40,584 | 32 | % | |||||||||||||||||||
Columbia, SC (a) | 339 | 8,665 | 28,422 | 46 | % | |||||||||||||||||||||
Forney, TX (b) | 313 | 6,924 | 25,350 | 50 | % | |||||||||||||||||||||
Other investments | N/A | 214 | N/A | N/A | ||||||||||||||||||||||
1,026 | $ | 20,542 | $ | 94,356 |
Location | Number of Units | Carrying Value | Mortgage Debt | Percent Ownership | ||||||||||
Columbia, SC | 374 | $ | 4,832 | $ | 41,000 | 32 | % | |||||||
Columbia, SC (a) | 339 | 8,665 | — | 46 | % | |||||||||
Forney, TX (b) | 313 | 7,140 | 25,350 | 50 | % | |||||||||
Other investments | N/A | 208 | N/A | N/A | ||||||||||
1,026 | $ | 20,845 | $ | 66,350 |
June 30, 2018 | September 30, 2017 | |||||||||||||
Mortgages payable | $ | 790,205 | $ | 704,171 | ||||||||||
Junior subordinated notes | 37,400 | 37,400 | ||||||||||||
Deferred mortgage costs | (7,040) | (6,727) | ||||||||||||
Total debt obligations, net of deferred costs | $ | 820,565 | $ | 734,844 |
March 31, 2018 | September 30, 2017 | |||||||
Mortgages payable | $ | 749,775 | $ | 704,171 | ||||
Junior subordinated notes | 37,400 | 37,400 | ||||||
Deferred mortgage costs | (6,922 | ) | (6,727 | ) | ||||
Total debt obligations, net of deferred costs | $ | 780,253 | $ | 734,844 |
Location | Closing Date | Acquisition Mortgage Debt | Interest Rate | Interest only period | Maturity Date | Location | Closing Date | Acquisition Mortgage Debt | Interest Rate | Interest only period | Maturity Date | ||||||||||||||||||||||||||||||||||
Madison, AL | 12/7/17 | $ | 15,000 | 4.08 | % | 60 months | January 2028 | Madison, AL | 12/7/17 | $ | 15,000 | 4.08 | % | 60 months | January 2028 | ||||||||||||||||||||||||||||||
Boerne, TX (a) | 12/14/17 | 9,200 | LIBOR+ 2.39% | 36 months | January 2028 | Boerne, TX (a) | 12/14/17 | 9,200 | LIBOR+ 2.39% | 36 months | January 2028 | ||||||||||||||||||||||||||||||||||
Ocoee, FL | 2/7/18 | 53,060 | 3.90 | % | 84 months | January 2028 | Ocoee, FL | 2/7/18 | 53,060 | 3.90 | % | 84 months | January 2028 | ||||||||||||||||||||||||||||||||
Lawrenceville, GA | 2/15/18 | 54,447 | 3.97 | % | 120 months | March 2028 | Lawrenceville, GA | 2/15/18 | 54,447 | 3.97 | % | 120 months | March 2028 | ||||||||||||||||||||||||||||||||
Daytona Beach, FL | Daytona Beach, FL | 4/30/18 | 13,608 | 3.94 | % | 24 months | May 2025 | ||||||||||||||||||||||||||||||||||||||
Grand Prairie, TX | Grand Prairie, TX | 5/17/18 | 18,995 | 4.37 | % | 60 months | July 2028 | ||||||||||||||||||||||||||||||||||||||
$ | 131,707 | ||||||||||||||||||||||||||||||||||||||||||||
$ | 164,310 |
Location | Closing Date | Maximum Loan Amount | Amount outstanding | Interest Rate | Maturity Date | Extension Option | Location | Closing Date | Maximum Loan Amount | Amount outstanding | Interest Rate | Maturity Date | Extension Option | |||||||||||||||||||||||||||||||||||||||||
N Charleston, SC (a) | 10/13/2015 | $ | 30,265 | $ | 29,890 | LIBOR + 1.70% | 10/13/2019 | 1 year | N Charleston, SC (a) | 10/13/2015 | $ | 30,265 | $ | 30,265 | LIBOR + 1.70% | 10/13/2019 | 1 year | |||||||||||||||||||||||||||||||||||||
Nashville,TN | 6/2/2017 | 47,426 | — | LIBOR + 2.85% | 6/2/2020 | N/A | Nashville,TN | 6/2/2017 | 47,426 | 8,679 | LIBOR + 2.85% | 6/2/2022 | N/A | |||||||||||||||||||||||||||||||||||||||||
$ | 77,691 | $ | 29,890 | $ | 77,691 | $ | 38,944 |
Carrying and Fair Value | Fair Value MeasurementsUsing Fair Value Hierarchy | ||||||||||||||||||||||
Level 1 | Level 2 | ||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Interest rate swaps | $ | 3,473 | — | $ | 3,473 | ||||||||||||||||||
Interest rate cap | 5 | — | 5 | ||||||||||||||||||||
Total Financial Assets | $ | 3,478 | — | $ | 3,478 | ||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Interest rate swap | $ | — | — | $ | — |
Carrying and Fair Value | Fair Value Measurements Using Fair Value Hierarchy | |||||||||
Level 1 | Level 2 | |||||||||
Financial Assets: | ||||||||||
Interest rate swaps | $ | 3,070 | — | $ | 3,070 | |||||
Interest rate cap | 9 | — | 9 | |||||||
Total Financial Assets | $ | 3,079 | — | $ | 3,079 | |||||
Financial Liabilities: | ||||||||||
Interest rate swap | $ | — | — | $ | — |
Interest Rate Derivative | Notional Amount | Fixed Rate | Maturity | Interest Rate Derivative | Notional Amount | Fixed Rate | Maturity | ||||||||||||||||||||||
Interest rate cap on LIBOR | $ | 9,200 | 3.86 | % | January 1, 2021 | Interest rate cap on LIBOR | $ | 9,200 | 3.86 | % | January 1, 2021 | ||||||||||||||||||
Interest rate swap | 1,387 | 5.25 | % | April 1, 2022 | Interest rate swap | 1,657 | 5.25 | % | April 1, 2022 | ||||||||||||||||||||
Interest rate swap | 26,400 | 3.61 | % | May 6, 2023 | Interest rate swap | 26,316 | 3.61 | % | May 6, 2023 | ||||||||||||||||||||
Interest rate swap | 27,000 | 4.05 | % | September 19, 2026 | Interest rate swap | 27,000 | 4.05 | % | September 19, 2026 |
Derivatives as of: | Derivatives as of: | Derivatives as of: | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2018 | September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | June 30, 2018 | September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||||||||||||||||||||
Other Assets | $ | 3,079 | Other Assets | $ | 1,460 | Other Assets | $ | 3,478 | Other Assets | $ | 1,460 | |||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | — | Accounts payable and accrued liabilities | $ | 14 | Accounts payable and accrued liabilities | $ | — | Accounts payable and accrued liabilities | $ | 14 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) recognized on derivative in Other Comprehensive Income | $ | 444 | $ | (309) | $ | 2,034 | $ | 2,739 | ||||||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from Accumulated Other Comprehensive Income into Interest expense | $ | 46 | $ | (80) | $ | 2 | $ | (336) |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Amount of gain recognized on derivative in Other Comprehensive Income | $ | 1,132 | $ | 65 | $ | 1,590 | $ | 3,189 | ||||||||
Amount of loss reclassified from Accumulated Other Comprehensive Income into Interest expense | $ | — | $ | 70 | $ | 44 | $ | 214 |
Three Months Ended March 31, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands): | 2018 | 2017 | Increase (Decrease) | % Change | (Dollars in thousands): | 2018 | 2017 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||
Rental and other revenues from real estate properties | $ | 29,476 | $ | 24,702 | $ | 4,774 | 19.3 | Rental and other revenues from real estate properties | $ | 29,951 | $ | 26,673 | $ | 3,278 | 12.3 | ||||||||||||||||||||||||||||||||
Other income | 175 | 181 | (6 | ) | (3.3 | ) | Other income | 203 | 188 | 15 | 8.0 | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 29,651 | $ | 24,883 | $ | 4,768 | 19.2 | Total revenues | $ | 30,154 | $ | 26,861 | $ | 3,293 | 12.3 |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||
Real estate operating expenses | $ | 14,459 | $ | 13,283 | $ | 1,176 | 8.9 | |||||||||||||||||||||||||
Interest expense | 8,786 | 7,180 | 1,606 | 22.4 | ||||||||||||||||||||||||||||
General and administrative | 2,452 | 2,309 | 143 | 6.2 | ||||||||||||||||||||||||||||
Depreciation | 10,200 | 7,561 | 2,639 | 34.9 | ||||||||||||||||||||||||||||
Total expenses | $ | 35,897 | $ | 30,333 | $ | 5,564 | 18.3 |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2018 | 2017 | Increase (Decrease) | % Change | ||||||||||
Real estate operating expenses | $ | 14,198 | $ | 11,909 | $ | 2,289 | 19.2 | |||||||
Interest expense | 8,657 | 6,402 | 2,255 | 35.2 | ||||||||||
General and administrative | 2,453 | 2,390 | 63 | 2.6 | ||||||||||
Depreciation | 9,240 | 7,772 | 1,468 | 18.9 | ||||||||||
Total expenses | $ | 34,548 | $ | 28,473 | $ | 6,075 | 21.3 |
Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands): | 2018 | 2017 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||
Rental and other revenues from real estate properties | $ | 87,589 | $ | 76,404 | $ | 11,185 | 14.6 | |||||||||||||||||||||||||
Other income | 565 | 980 | (415) | (42.3) | ||||||||||||||||||||||||||||
Total revenues | $ | 88,154 | $ | 77,384 | $ | 10,770 | 13.9 |
Six Months Ended March 31, | |||||||||||||||
(Dollars in thousands): | 2018 | 2017 | Increase (Decrease) | % Change | |||||||||||
Rental and other revenues from real estate properties | $ | 57,638 | $ | 49,731 | $ | 7,907 | 15.9 | ||||||||
Other income | 362 | 792 | (430 | ) | (54.3 | ) | |||||||||
Total revenues | $ | 58,000 | $ | 50,523 | $ | 7,477 | 14.8 |
Six Months Ended March 31, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2018 | 2017 | Increase (Decrease) | % Change | (Dollars in thousands) | 2018 | 2017 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||||||||||||
Real estate operating expenses | $ | 27,545 | $ | 24,355 | $ | 3,190 | 13.1 | Real estate operating expenses | $ | 42,004 | $ | 37,638 | $ | 4,366 | 11.6 | ||||||||||||||||||||||||||||||||
Interest expense | 16,637 | 13,089 | 3,548 | 27.1 | Interest expense | 25,423 | 20,269 | 5,154 | 25.4 | ||||||||||||||||||||||||||||||||||||||
General and administrative | 4,756 | 4,987 | (231 | ) | (4.6 | ) | General and administrative | 7,208 | 7,296 | (88) | (1.2) | ||||||||||||||||||||||||||||||||||||
Depreciation | 17,888 | 14,069 | 3,819 | 27.1 | Depreciation | 28,088 | 21,630 | 6,458 | 29.9 | ||||||||||||||||||||||||||||||||||||||
Total expenses | $ | 66,826 | $ | 56,500 | $ | 10,326 | 18.3 | Total expenses | $ | 102,723 | $ | 86,833 | $ | 15,890 | 18.3 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||
GAAP Net (loss) income attributable to common stockholders | $ | (4,689) | $ | (3,402) | $ | 26,884 | $ | 8,139 | ||||||||||||||||||||||||||||||
Add: depreciation of properties | 10,200 | 7,561 | 28,088 | 21,630 | ||||||||||||||||||||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 385 | 308 | 1,201 | 521 | ||||||||||||||||||||||||||||||||||
Deduct: gain on sale of real estate | — | — | (64,500) | (35,838) | ||||||||||||||||||||||||||||||||||
Adjustments for non-controlling interests | (3,160) | (1,834) | 19,436 | 11,817 | ||||||||||||||||||||||||||||||||||
NAREIT Funds from operations attributable to common stockholders | 2,736 | 2,633 | 11,109 | 6,269 | ||||||||||||||||||||||||||||||||||
Adjustments for: straight-line rent accruals | (10) | (10) | (30) | (46) | ||||||||||||||||||||||||||||||||||
Add: loss on extinguishment of debt | — | — | 850 | 799 | ||||||||||||||||||||||||||||||||||
Add: amortization of restricted stock and restricted stock units | 361 | 353 | 973 | 1,063 | ||||||||||||||||||||||||||||||||||
Add: amortization of deferred mortgage costs | 383 | 349 | 1,115 | 874 | ||||||||||||||||||||||||||||||||||
Deduct gain on insurance recovery | — | — | (3,227) | — | ||||||||||||||||||||||||||||||||||
Adjustments for non-controlling interests | (87) | (72) | 220 | (541) | ||||||||||||||||||||||||||||||||||
Adjusted funds from operations attributable to common stockholders | $ | 3,383 | $ | 3,253 | $ | 11,010 | $ | 8,418 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||
GAAP Net (loss) income attributable to common stockholders | $ | (0.33) | $ | (0.24) | $ | 1.87 | $ | 0.58 | ||||||||||||||||||||||||||||||
Add: depreciation of properties | 0.71 | 0.54 | 1.95 | 1.55 | ||||||||||||||||||||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 0.03 | 0.02 | 0.08 | 0.04 | ||||||||||||||||||||||||||||||||||
Deduct: gain on sale of real estate | — | — | (4.50) | (2.56) | ||||||||||||||||||||||||||||||||||
Adjustment for non-controlling interests | (0.21) | (0.13) | 1.37 | 0.84 | ||||||||||||||||||||||||||||||||||
NAREIT Funds from operations per common stock basic and diluted | 0.20 | 0.19 | 0.77 | 0.45 | ||||||||||||||||||||||||||||||||||
Adjustments for: straight line rent accruals | — | — | — | — | ||||||||||||||||||||||||||||||||||
Add: loss on extinguishment of debt | — | — | 0.06 | 0.06 | ||||||||||||||||||||||||||||||||||
Add: amortization of restricted stock and restricted stock units | 0.02 | 0.03 | 0.06 | 0.08 | ||||||||||||||||||||||||||||||||||
Add: amortization of deferred mortgage costs | 0.03 | 0.02 | 0.08 | 0.06 | ||||||||||||||||||||||||||||||||||
Deduct gain on insurance recovery | — | — | (0.22) | — | ||||||||||||||||||||||||||||||||||
Adjustments for non-controlling interests | (0.01) | (0.01) | 0.02 | (0.04) | ||||||||||||||||||||||||||||||||||
Adjusted funds from operations per common stock basic and diluted | $ | 0.24 | $ | 0.23 | $ | 0.77 | $ | 0.61 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
GAAP Net income attributable to common stockholders | $ | 25,222 | $ | (4,229 | ) | $ | 31,573 | $ | 11,541 | |||||||
Add: depreciation of properties | 9,240 | 7,772 | 17,888 | 14,069 | ||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 447 | 130 | 816 | 213 | ||||||||||||
Deduct: gain on sale of real estate | (51,981 | ) | — | (64,500 | ) | (35,838 | ) | |||||||||
Adjustments for non-controlling interests | 22,406 | (1,923 | ) | 22,596 | 13,651 | |||||||||||
NAREIT Funds from operations attributable to common stockholders | 5,334 | 1,750 | 8,373 | 3,636 | ||||||||||||
Adjustments for: straight-line rent accruals | (10 | ) | (14 | ) | (20 | ) | (36 | ) | ||||||||
Add: loss on extinguishment of debt | 593 | — | 850 | 799 | ||||||||||||
Add: amortization of restricted stock and restricted stock units | 297 | 386 | 612 | 710 | ||||||||||||
Add: amortization of deferred mortgage costs | 373 | 224 | 732 | 525 | ||||||||||||
Deduct gain on insurance recovery | (3,227 | ) | — | (3,227 | ) | — | ||||||||||
Adjustments for non-controlling interests | 434 | (44 | ) | 307 | (469 | ) | ||||||||||
Adjusted funds from operations attributable to common stockholders | $ | 3,794 | $ | 2,302 | $ | 7,627 | $ | 5,165 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
GAAP Net income attributable to common stockholders | $ | 1.75 | $ | (0.30 | ) | $ | 2.21 | $ | 0.83 | |||||||
Add: depreciation of properties | 0.64 | 0.55 | 1.23 | 1.01 | ||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 0.03 | 0.01 | 0.06 | 0.02 | ||||||||||||
Deduct: gain on sale of real estate | (3.60 | ) | — | (4.50 | ) | (2.58 | ) | |||||||||
Adjustment for non-controlling interests | 1.55 | (0.14 | ) | 1.58 | 0.98 | |||||||||||
NAREIT Funds from operations per common stock basic and diluted | 0.37 | 0.12 | 0.58 | 0.26 | ||||||||||||
Adjustments for: straight line rent accruals | — | — | — | — | ||||||||||||
Add: loss on extinguishment of debt | 0.04 | — | 0.06 | 0.06 | ||||||||||||
Add: amortization of restricted stock and restricted stock units | 0.01 | 0.03 | 0.04 | 0.05 | ||||||||||||
Add: amortization of deferred mortgage costs | 0.03 | 0.02 | 0.05 | 0.04 | ||||||||||||
Deduct gain on insurance recovery | (0.22 | ) | — | (0.22 | ) | — | ||||||||||
Adjustments for non-controlling interests | 0.03 | (0.01 | ) | 0.02 | (0.04 | ) | ||||||||||
Adjusted funds from operations per common stock basic and diluted | $ | 0.26 | $ | 0.16 | $ | 0.53 | $ | 0.37 |
Exhibit No. | Title of Exhibits | |||||||
Certification of President and Chief Executive Officer pursuant to Section 302 of the | ||||||||
Certification of Senior Vice President—Finance pursuant to Section 302 of the | ||||||||
Certification of Vice President and Chief Financial Officer pursuant to Section 302 of the | ||||||||
Certification of President and Chief Executive Officer pursuant to Section 906 of the | ||||||||
Certification of Senior Vice President—Finance pursuant to Section 906 of the | ||||||||
Certification of Vice President and Chief Financial Officer pursuant to Section 906 of the | ||||||||
XBRL Taxonomy Extension Schema Document | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Definition Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.INS | 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. |
/s/ Jeffrey A. Gould | ||||||||
Jeffrey A. Gould, President and | ||||||||
Chief Executive Officer | ||||||||
/s/ George Zweier | ||||||||
George Zweier, Vice President | ||||||||
and Chief Financial Officer | ||||||||
(principal financial officer) |