Maryland | 13-2755856 | |||||||
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |||||||
incorporation or organization) |
60 Cutter Mill Road, Great Neck, NY | 11021 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | BRT | NYSE |
Large accelerated filer ☐ | Accelerated filer ☒ | |||||||
Non-accelerated filer ☐ | Smaller reporting company ☒ | |||||||
Page No. | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item | |||||||||||
Item 6. |
March 31, 2018 (Unaudited) | September 30, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||||||
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 $107,587 and $91,715 | Real estate properties, net of accumulated depreciation and amortization of $107,587 and $91,715 | $ | 1,098,932 | $ | 1,029,239 | |||||||||||||
Real estate loan | 5,200 | 5,500 | Real estate loan | 4,450 | 4,750 | |||||||||||||
Cash and cash equivalents | 30,974 | 12,383 | Cash and cash equivalents | 17,336 | 32,428 | |||||||||||||
Restricted cash | 7,702 | 6,151 | Restricted cash | 9,962 | 8,180 | |||||||||||||
Deposits and escrows | 23,655 | 27,839 | Deposits and escrows | 17,103 | 21,268 | |||||||||||||
Investments in unconsolidated joint ventures | 20,845 | 21,415 | Investments in unconsolidated joint ventures | 18,474 | 19,758 | |||||||||||||
Other assets | 7,005 | 9,359 | Other assets | 8,929 | 8,084 | |||||||||||||
Real estate property held for sale | — | 8,969 | Real estate property held for sale | 22,722 | — | |||||||||||||
Total Assets (a) | $ | 1,088,631 | $ | 993,897 | Total Assets (a) | $ | 1,197,908 | $ | 1,123,707 | |||||||||
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 $6,448 and $6,289 | Mortgages payable, net of deferred costs of $6,448 and $6,289 | $ | 846,409 | $ | 771,817 | |||||||||||||
Junior subordinated notes, net of deferred costs of $347 and $357 | Junior subordinated notes, net of deferred costs of $347 and $357 | 37,053 | 37,043 | |||||||||||||||
Credit facility, net of deferred costs of $ 77 and $0 | Credit facility, net of deferred costs of $ 77 and $0 | 8,923 | — | |||||||||||||||
Accounts payable and accrued liabilities | 17,002 | 22,348 | Accounts payable and accrued liabilities | 28,738 | 24,487 | |||||||||||||
Total Liabilities (a) | 797,255 | 757,192 | Total Liabilities (a) | 921,123 | 833,347 | |||||||||||||
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 | ||||||||||||||||
15,172 and 15,038 shares outstanding | 15,172 and 15,038 shares outstanding | 152 | 150 | |||||||||||||||
Additional paid-in capital | 203,838 | 201,910 | Additional paid-in capital | 217,671 | 216,981 | |||||||||||||
Accumulated other comprehensive income | 2,132 | 1,000 | Accumulated other comprehensive income | 143 | 1,688 | |||||||||||||
Accumulated deficit | (10,967 | ) | (37,047 | ) | Accumulated deficit | (35,049) | (20,044) | |||||||||||
Total BRT Apartments Corp. stockholders’ equity | 195,139 | 165,996 | Total BRT Apartments Corp. stockholders’ equity | 182,917 | 198,775 | |||||||||||||
Non-controlling interests | 96,237 | 70,709 | Non-controlling interests | 93,868 | 91,585 | |||||||||||||
Total Equity | 291,376 | 236,705 | Total Equity | 276,785 | 290,360 | |||||||||||||
Total Liabilities and Equity | $ | 1,088,631 | $ | 993,897 | Total Liabilities and Equity | $ | 1,197,908 | $ | 1,123,707 |
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, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Rental revenue | $ | 32,930 | $ | 29,951 | $ | 63,632 | $ | 59,427 | |||||||||||||||||||||||||||
Other income | 190 | 203 | 434 | 378 | |||||||||||||||||||||||||||||||
Total revenues | 33,120 | 30,154 | 64,066 | 59,805 | |||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||
Real estate operating expenses - including $990 and $851 to related parties for the three months ended and $1,917 and $1,687 for the six months ended | 16,100 | 14,459 | 30,914 | 28,657 | |||||||||||||||||||||||||||||||
Interest expense | 9,739 | 8,786 | 18,508 | 17,443 | |||||||||||||||||||||||||||||||
General and administrative - including $155 and $160 to related parties for the three months ended and $297 and $306 for the six months ended | 2,481 | 2,452 | 5,025 | 4,905 | |||||||||||||||||||||||||||||||
Depreciation | 10,347 | 10,200 | 19,964 | 19,440 | |||||||||||||||||||||||||||||||
Total expenses | 38,667 | 35,897 | 74,411 | 70,445 | |||||||||||||||||||||||||||||||
Total revenues less total expenses | (5,547) | (5,743) | (10,345) | (10,640) | |||||||||||||||||||||||||||||||
Equity in loss of unconsolidated joint ventures | (161) | (127) | (384) | (190) | |||||||||||||||||||||||||||||||
Gain on sale of real estate | — | — | — | 51,981 | |||||||||||||||||||||||||||||||
Gain on insurance recoveries | 517 | — | 517 | 3,227 | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (593) | |||||||||||||||||||||||||||||||
(Loss) income from continuing operations | (5,191) | (5,870) | (10,212) | 43,785 | |||||||||||||||||||||||||||||||
Income tax provision (benefit) | 59 | 101 | 121 | (152) | |||||||||||||||||||||||||||||||
Net (loss) income from continuing operations, net of taxes | (5,250) | (5,971) | (10,333) | 43,937 | |||||||||||||||||||||||||||||||
Net loss (income) attributable to non-controlling interests | 933 | 1,282 | 1,769 | (23,404) | |||||||||||||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (4,317) | $ | (4,689) | $ | (8,564) | $ | 20,533 | |||||||||||||||||||||||||||
Weighted average number of shares of common stock outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 15,900,316 | 14,411,940 | 15,893,443 | 14,327,477 | |||||||||||||||||||||||||||||||
Diluted | 15,900,316 | 14,411,940 | 15,893,443 | 14,527,477 | |||||||||||||||||||||||||||||||
Per share amounts attributable to common stockholders: | |||||||||||||||||||||||||||||||||||
Basic | $ | (0.27) | $ | (0.33) | $ | (0.54) | $ | 1.43 | |||||||||||||||||||||||||||
Diluted | $ | (0.27) | $ | (0.33) | $ | (0.54) | $ | 1.41 | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net (loss) income | $ | (5,250) | $ | (5,971) | $ | (10,333) | $ | 43,937 | |||||||||||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||||||||||||
Unrealized (loss) gain on derivative instruments | (1,353) | 398 | (2,222) | 1,530 | |||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (1,353) | 398 | (2,222) | 1,530 | |||||||||||||||||||||||||||||||
Comprehensive (loss) income | (6,603) | (5,573) | (12,555) | 45,467 | |||||||||||||||||||||||||||||||
Comprehensive loss (income) attributable to non-controlling interests | 1,346 | 1,160 | 2,446 | (23,872) | |||||||||||||||||||||||||||||||
Comprehensive (loss) income attributable to common stockholders | $ | (5,257) | $ | (4,413) | $ | (10,109) | $ | 21,595 |
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 Income | Accumulated Deficit | Non- Controlling Interest | Total | ||||||||||||||||||||||||||||||
Balances, December 31, 2017 | $ | 133 | $ | 202,225 | $ | 1,346 | $ | (33,292) | $ | 72,935 | $ | 243,347 | |||||||||||||||||||||||
Distributions - common stock - $0.20 per share | — | — | — | (2,897) | — | (2,897) | |||||||||||||||||||||||||||||
Restricted stock vesting | 1 | (1) | — | — | — | — | |||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | 297 | — | — | — | 297 | |||||||||||||||||||||||||||||
Consolidation of investment in limited partnership | — | — | — | — | 12,370 | 12,370 | |||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | 18,088 | 18,088 | |||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | (32,020) | (32,020) | |||||||||||||||||||||||||||||
Purchase of non-controlling interest | — | (82) | — | — | (168) | (250) | |||||||||||||||||||||||||||||
Shares issued through equity offering program, net | 2 | 1,399 | — | — | — | 1,401 | |||||||||||||||||||||||||||||
Net income | — | — | — | 25,222 | 24,686 | 49,908 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | 786 | — | 346 | 1,132 | |||||||||||||||||||||||||||||
Comprehensive income | 51,040 | ||||||||||||||||||||||||||||||||||
Balances, March 31, 2018 | $ | 136 | $ | 203,838 | $ | 2,132 | $ | (10,967) | $ | 96,237 | $ | 291,376 | |||||||||||||||||||||||
Distributions - common stock - $0.20 per share | — | — | — | (2,970) | (2,970) | ||||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | 361 | — | — | — | 361 | |||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | 9,930 | 9,930 | |||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | (2,163) | (2,163) | |||||||||||||||||||||||||||||
Shares issued through equity offering program, net | 8 | 10,517 | — | — | — | 10,525 | |||||||||||||||||||||||||||||
Net loss | — | — | — | (4,689) | (1,282) | (5,971) | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | 276 | — | 122 | 398 | |||||||||||||||||||||||||||||
Comprehensive loss | (5,573) | ||||||||||||||||||||||||||||||||||
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 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Non- Controlling Interest | Total | ||||||||||||||||||||||||||||||
Balances, December 31, 2018 | $ | 150 | $ | 216,981 | $ | 1,688 | $ | (20,044) | $ | 91,585 | $ | 290,360 | |||||||||||||||||||||||
Distributions - common stock - $0.20 per share | — | — | — | (3,221) | — | (3,221) | |||||||||||||||||||||||||||||
Restricted stock vesting | 2 | (2) | — | — | — | — | |||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | 365 | — | — | — | 365 | |||||||||||||||||||||||||||||
Consolidation of investment in limited partnership | — | — | — | — | 6,047 | 6,047 | |||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | 264 | 264 | |||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | (2,345) | (2,345) | |||||||||||||||||||||||||||||
Net loss | — | — | — | (4,247) | (836) | (5,083) | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | (606) | — | (263) | (869) | |||||||||||||||||||||||||||||
Comprehensive loss | (5,952) | ||||||||||||||||||||||||||||||||||
Balances, March 31, 2019 | $ | 152 | $ | 217,344 | $ | 1,082 | $ | (27,512) | $ | 94,452 | $ | 285,518 | |||||||||||||||||||||||
Distributions - common stock - $0.20 per share | — | — | — | (3,220) | — | (3,220) | |||||||||||||||||||||||||||||
Compensation expense - restricted stock and restricted stock units | — | 373 | — | — | — | 373 | |||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | 3,027 | 3,027 | |||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | (2,264) | (2,264) | |||||||||||||||||||||||||||||
Shares repurchased - 3,590 shares | — | (46) | — | — | — | (46) | |||||||||||||||||||||||||||||
Net loss | — | — | — | (4,317) | (933) | (5,250) | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | (939) | — | (414) | (1,353) | |||||||||||||||||||||||||||||
Comprehensive loss | — | — | — | — | — | (6,603) | |||||||||||||||||||||||||||||
Balances, June 30, 2019 | $ | 152 | $ | 217,671 | $ | 143 | $ | (35,049) | $ | 93,868 | $ | 276,785 |
Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net (loss) income | $ | (10,333) | $ | 43,937 | |||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation | 19,964 | 19,440 | |||||||||||||||||||||
Amortization of deferred financing costs | 937 | 766 | |||||||||||||||||||||
Amortization of restricted stock and restricted stock units | 738 | 658 | |||||||||||||||||||||
Equity in loss of unconsolidated joint ventures | 384 | 190 | |||||||||||||||||||||
Gain on sale of real estate | — | (51,981) | |||||||||||||||||||||
Gain on insurance recovery | (517) | (3,227) | |||||||||||||||||||||
Loss on extinguishment of debt | — | 593 | |||||||||||||||||||||
Increases and decreases from changes in other assets and liabilities: | |||||||||||||||||||||||
Decrease in deposits and escrows | 4,861 | 3,926 | |||||||||||||||||||||
(Increase) decrease in other assets | (2,358) | 5,138 | |||||||||||||||||||||
Decrease in accounts payable and accrued liabilities | 1,604 | 2,007 | |||||||||||||||||||||
Net cash provided by operating activities | 15,280 | 21,447 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Collections from real estate loan | 300 | 300 | |||||||||||||||||||||
Additions to real estate properties | (56,840) | (140,433) | |||||||||||||||||||||
Improvements to real estate properties | (4,755) | (10,019) | |||||||||||||||||||||
Investment in joint venture | (11,231) | (12,370) | |||||||||||||||||||||
Purchase of non-controlling interests | — | (250) | |||||||||||||||||||||
Consolidation of investment in joint venture | 1,458 | 1,279 | |||||||||||||||||||||
Net proceeds from the sale of real estate properties | — | 146,901 | |||||||||||||||||||||
Distributions from unconsolidated joint ventures | 898 | 381 | |||||||||||||||||||||
Net cash used in investing activities | (70,170) | (14,211) | |||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Proceeds from mortgages payable | 82,325 | 82,524 | |||||||||||||||||||||
Mortgage payoffs | (38,200) | (75,436) | |||||||||||||||||||||
Mortgage principal payments | (2,721) | (2,424) | |||||||||||||||||||||
Proceeds from credit facility | 9,000 | — | |||||||||||||||||||||
Increase in deferred financing costs | (1,098) | (943) | |||||||||||||||||||||
Dividends paid | (6,361) | (5,788) | |||||||||||||||||||||
Contributions from non-controlling interests | 3,291 | 28,018 | |||||||||||||||||||||
Distributions to non-controlling interests | (4,610) | (34,183) | |||||||||||||||||||||
Proceeds from the sale of common stock | — | 11,926 | |||||||||||||||||||||
Repurchase of shares of common stock | (46) | — | |||||||||||||||||||||
Net cash provided by financing activities | 41,580 | 3,694 | |||||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (13,310) | 10,930 | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 40,608 | 21,761 | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 27,298 | $ | 32,691 |
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, | Six Months Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||
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 $695 and $59, respectively | Cash paid during the period for interest, net of capitalized interest of $695 and $59, respectively | $ | 18,218 | $ | 15,780 | |||||||||||||||||||
Taxes paid | $ | 39 | 1,778 | Taxes paid | $ | 44 | $ | 114 | ||||||||||||||||
Acquisition of real estate through assumption of debt | $ | — | $ | 27,638 | Acquisition of real estate through assumption of debt | $ | — | $ | 13,608 | |||||||||||||||
Consolidation of investment in limited partnership: | ||||||||||||||||||||||||
Real estate properties reclassified to assets held for sale | Real estate properties reclassified to assets held for sale | $ | 22,722 | $ | — | |||||||||||||||||||
Accrued additions of property and equipment | Accrued additions of property and equipment | $ | 2,160 | $ | — | |||||||||||||||||||
Consolidation of investment in joint venture: | Consolidation of investment in joint venture: | |||||||||||||||||||||||
Increase in real estate assets | $ | (72,395 | ) | $ | — | Increase in real estate assets | $ | (48,624) | $ | — | ||||||||||||||
Increase in deposits and escrows | (3,561 | ) | — | Increase in deposits and escrows | (696) | — | ||||||||||||||||||
Increase in other assets | (20 | ) | — | Increase in other assets | (189) | — | ||||||||||||||||||
Increase in mortgage payable | 53,060 | — | Increase in mortgage payable | 33,347 | — | |||||||||||||||||||
Increase in deferred financing costs | (657 | ) | — | Increase in deferred financing costs | (65) | — | ||||||||||||||||||
Increase in accounts payable and accrued liabilities | 112 | — | Increase in accounts payable and accrued liabilities | 407 | — | |||||||||||||||||||
Increase in non controlling interest | 12,370 | — | Increase in non controlling interest | 6,047 | — | |||||||||||||||||||
Decrease in investment in limited partnership | 12,370 | — | ||||||||||||||||||||||
Increase in cash upon consolidation of limited partnership | $ | 1,279 | $ | — | ||||||||||||||||||||
Decrease in investment in joint venture | Decrease in investment in joint venture | 11,231 | — | |||||||||||||||||||||
Increase in cash upon consolidation of joint venture | Increase in cash upon consolidation of joint venture | $ | 1,458 | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: | |||||||||||||||||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (4,317) | $ | (4,689) | (8,564) | 20,533 | |||||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||
Denominator for basic earnings per share—weighted average number of shares | 15,900,316 | 14,411,940 | 15,893,443 | 14,327,477 | |||||||||||||||||||||||||||||||
Effect of diluted securities | — | — | — | 200,000 | |||||||||||||||||||||||||||||||
Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions | 15,900,316 | 14,411,940 | 15,893,443 | 14,527,477 | |||||||||||||||||||||||||||||||
Basic (loss) earnings per share | $ | (0.27) | $ | (0.33) | $ | (0.54) | $ | 1.43 | |||||||||||||||||||||||||||
Diluted (loss) earnings per share | $ | (0.27) | $ | (0.33) | $ | (0.54) | $ | 1.41 |
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 |
June 30, 2019 | December 31, 2018 | |||||||||||||
Land | $ | 164,838 | $ | 155,573 | ||||||||||
Building | 1,022,194 | 924,378 | ||||||||||||
Building improvements | 46,297 | 41,003 | ||||||||||||
Real estate properties | 1,233,329 | 1,120,954 | ||||||||||||
Accumulated depreciation | (111,675) | (91,715) | ||||||||||||
Total real estate properties, net | $ | 1,121,654 | $ | 1,029,239 |
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 |
| December 31, 2018 Balance | Additions | Capitalized Costs and Improvements | Depreciation | June 30, 2019 Balance | |||||||||||||||||||||||||||||||||
Multi-family | $ | 964,320 | $ | 92,170 | $ | 6,837 | $ | (19,682) | $ | 1,043,645 | ||||||||||||||||||||||||||||
Multi-family lease-up - West Nashville, TN | 54,555 | — | 13,372 | (227) | 67,700 | |||||||||||||||||||||||||||||||||
Land - Daytona, FL | 8,021 | — | — | — | 8,021 | |||||||||||||||||||||||||||||||||
Shopping centers/Retail - Yonkers, NY | 2,343 | — | — | (55) | 2,288 | |||||||||||||||||||||||||||||||||
Total real estate properties | $ | 1,029,239 | $ | 92,170 | $ | 20,209 | $ | (19,964) | $ | 1,121,654 |
Allocation of Purchase Price | ||||||||
Land | $ | 6,101 | ||||||
Building and improvements | 84,987 | |||||||
Acquisition-related intangible assets | 1,082 | |||||||
Total consideration | $ | 92,170 |
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 | |||||||||||||||||||||||||||||||||||||
Kannapolis, North Carolina | 3/12/2019 | 312 | $ | 48,065 | $ | 33,347 | $ | 11,231 | 65 | % | $ | 559 | ||||||||||||||||||||||||||||||||
Birmingham, Alabama | 5/7/2019 | 328 | 43,000 | 32,250 | 11,625 | 80 | % | 546 | ||||||||||||||||||||||||||||||||||||
640 | $ | 91,065 | $ | 65,597 | $ | 22,856 | $ | 1,105 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||
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 | ||||||||||||||||
Lawrenceville, GA | 2/15/2018 | 586 | 77,229 | 54,447 | 15,179 | 50 | % | 767 | ||||||||||||||||
1,432 | $ | 178,996 | $ | 131,707 | $ | 35,785 | $ | 2,305 |
Location | Purchase Date | No. of Units | Purchase Price | Acquisition Mortgage Debt | Initial BRT Equity | Ownership Percentage | Capitalized Acquisition Costs | |||||||||||||||||||||||||||||||||||||
Ocoee, FL | 2/7/2018 | 522 | $ | 71,347 | $ | 53,060 | $ | 12,370 | 50.0 | % | $ | 1,047 | ||||||||||||||||||||||||||||||||
Lawrenceville, GA | 2/15/2018 | 586 | 77,229 | 54,447 | 15,179 | 50.0 | % | 767 | ||||||||||||||||||||||||||||||||||||
Daytona, FL | 4/30/2018 | 208 | 20,500 | 13,608 | 6,900 | 80.0 | % | 386 | ||||||||||||||||||||||||||||||||||||
Grand Prairie, TX | 5/17/2018 | 281 | 30,800 | 18,995 | 7,300 | 50.0 | % | 411 | ||||||||||||||||||||||||||||||||||||
1,597 | $ | 199,876 | $ | 140,110 | $ | 41,749 | $ | 2,611 |
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 | ||||||||||||
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 | ||||||||||||||||
401 | $ | 73,490 | $ | 56,140 | $ | 16,723 | $ | 1,200 |
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 | ||||||||
Palm Beach Gardens, FL | 2/5/2018 | 542 | 97,200 | 41,830 | 20,593 | |||||||||||
Valley, AL | 2/23/2018 | 618 | 51,000 | 9,712 | 4,547 | |||||||||||
Fort Washington | 1/18/2018 | 1 | 470 | 439 | — | |||||||||||
1,369 | $ | 170,920 | $ | 64,500 | $ | 27,644 |
Location | Sale Date | No. of Units | Sales Price | Gain on Sale | Non-controlling partner's portion of the gain | ||||||||||||||||||||||||
Palm Beach Gardens, FL | 2/5/2018 | 542 | $ | 97,200 | $ | 41,830 | $ | 20,593 | |||||||||||||||||||||
Valley, AL | 2/23/2018 | 618 | 51,000 | 9,712 | 4,547 | ||||||||||||||||||||||||
New York, NY | 1/18/2018 | 1 | 470 | 439 | — | ||||||||||||||||||||||||
1,161 | $ | 148,670 | $ | 51,981 | $ | 25,140 |
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, 2019 (unaudited) | December 31, 2018 (unaudited) | |||||||||||||
ASSETS | ||||||||||||||
Real estate properties, net of accumulated depreciation of $65,094 and $53,637 | $ | 660,298 | $ | 584,074 | ||||||||||
Cash and cash equivalents | 7,143 | 5,207 | ||||||||||||
Deposits and escrows | 9,250 | 11,705 | ||||||||||||
Other assets | 4,840 | 6,302 | ||||||||||||
Real estate properties held for sale | 22,722 | — | ||||||||||||
Total Assets | $ | 704,253 | $ | 607,288 | ||||||||||
LIABILITIES | ||||||||||||||
Mortgages payable, net of deferred costs of $3,957 and $3,786 | $ | 522,707 | $ | 446,779 | ||||||||||
Accounts payable and accrued liabilities | 13,835 | 11,816 | ||||||||||||
Total Liabilities | $ | 536,542 | $ | 458,595 |
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 | $ | 4,832 | $ | 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 |
Location | Number of Units | Carrying Value of Investment | Mortgage Balance | Percent Ownership | ||||||||||||||||||||||
Columbia, SC | 374 | $ | 4,426 | $ | 39,847 | 32 | % | |||||||||||||||||||
Columbia, SC (a) | 339 | 7,786 | 40,679 | 46 | % | |||||||||||||||||||||
Forney, TX (b) | 313 | 6,189 | 25,350 | 50 | % | |||||||||||||||||||||
Other investments | N/A | 73 | N/A | N/A | ||||||||||||||||||||||
1,026 | $ | 18,474 | $ | 105,876 |
June 30, 2019 | December 31, 2018 | |||||||||||||
Mortgages payable | $ | 852,857 | $ | 778,106 | ||||||||||
Junior subordinated notes | 37,400 | 37,400 | ||||||||||||
Credit facility | 9,000 | — | ||||||||||||
Deferred financing costs | (6,872) | (6,646) | ||||||||||||
Total debt obligations, net of deferred costs | $ | 892,385 | $ | 808,860 |
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 | ||||||||
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 | ||||||||
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 | |||||||
$ | 131,707 |
Location | Closing Date | Acquisition Mortgage Debt | Interest Rate | Interest only period | Maturity Date | |||||||||||||||||||||||||||
Kannapolis, NC | 3/12/19 | $ | 33,347 | 3.52 | % | — | 3/1/2052 | |||||||||||||||||||||||||
Birmingham, AL | 5/7/19 | 32,250 | 4.19 | % | 72 months | 6/1/2029 | ||||||||||||||||||||||||||
$ | 65,597 | |||||||||||||||||||||||||||||||
Location | Closing Date | Maximum Loan Amount | Amount outstanding | Interest Rate | Maturity Date | Extension Option | ||||||||||||||||||||||||||||||||
Nashville,TN | 6/2/2017 | $ | 47,426 | $ | 41,580 | 30 day LIBOR + 2.85% | 6/2/2022 | N/A | ||||||||||||||||||||||||||||||
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 | ||||||||
Nashville,TN | 6/2/2017 | 47,426 | — | LIBOR + 2.85% | 6/2/2020 | N/A | ||||||||||
$ | 77,691 | $ | 29,890 |
Carrying and Fair Value | Fair Value Measurements Using Fair Value Hierarchy | ||||||||||||||||||||||
Level 1 | Level 2 | ||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Interest rate swaps | $ | 225 | — | $ | 225 | ||||||||||||||||||
Interest rate caps | — | — | — | ||||||||||||||||||||
Total Financial Assets | $ | 225 | — | $ | 225 | ||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Interest rate swap | $ | 13 | — | $ | 13 | ||||||||||||||||||
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 | Current Notional Amount | Fixed Rate | Maturity | |||||||||||||||||
Interest rate swap | $ | 1,234 | 5.25 | % | April 1, 2022 | |||||||||||||||
Interest rate swap | 25,794 | 3.61 | % | May 6, 2023 | ||||||||||||||||
Interest rate swap | 27,000 | 4.05 | % | September 19, 2026 | ||||||||||||||||
Interest Rate Derivative | Notional Amount | Fixed Rate | Maturity | ||||||
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 | 26,400 | 3.61 | % | May 6, 2023 | |||||
Interest rate swap | 27,000 | 4.05 | % | September 19, 2026 |
Derivatives as of: | ||||||||||||||||||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||||||||||||||
Other Assets | $ | 225 | Other Assets | $ | 3,793 | |||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 13 | Accounts payable and accrued liabilities | $ | — |
Derivatives as of: | ||||||||||
March 31, 2018 | September 30, 2017 | |||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||
Other Assets | $ | 3,079 | Other Assets | $ | 1,460 | |||||
Accounts payable and accrued liabilities | $ | — | Accounts payable and accrued liabilities | $ | 14 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Amount of gain (loss) recognized on derivative in Other Comprehensive Income | $ | (1,234) | $ | 444 | $ | (1,978) | $ | 1,576 | ||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from Accumulated Other Comprehensive Income into Interest expense | $ | 108 | $ | 46 | $ | 226 | $ | 46 | ||||||||||||||||||||||||||||||
Total amount of Interest expense presented in the Consolidated Statement of Operations | $ | 9,739 | $ | 8,786 | $ | 18,508 | $ | 17,443 |
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 June 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands): | 2019 | 2018 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||
Rental revenue | $ | 32,930 | $ | 29,951 | $ | 2,979 | 9.9 | |||||||||||||||||||||||||
Other income | 190 | 203 | (13) | (6.4) | ||||||||||||||||||||||||||||
Total revenues | $ | 33,120 | $ | 30,154 | $ | 2,966 | 9.8 |
Three Months Ended March 31, | |||||||||||||||
(Dollars in thousands): | 2018 | 2017 | Increase (Decrease) | % Change | |||||||||||
Rental and other revenues from real estate properties | $ | 29,476 | $ | 24,702 | $ | 4,774 | 19.3 | ||||||||
Other income | 175 | 181 | (6 | ) | (3.3 | ) | |||||||||
Total revenues | $ | 29,651 | $ | 24,883 | $ | 4,768 | 19.2 |
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 |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||
Real estate operating expenses | $ | 16,100 | $ | 14,459 | $ | 1,641 | 11.3 | |||||||||||||||||||||||||
Interest expense | 9,739 | 8,786 | 953 | 10.8 | ||||||||||||||||||||||||||||
General and administrative | 2,481 | 2,452 | 29 | 1.2 | ||||||||||||||||||||||||||||
Depreciation | 10,347 | 10,200 | 147 | 1.4 | ||||||||||||||||||||||||||||
Total expenses | $ | 38,667 | $ | 35,897 | $ | 2,770 | 7.7 |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||
Equity in loss of unconsolidated joint ventures | (161) | $ | (127) | $ | (34) | 26.8 | ||||||||||||||||||||||||||
Gain on insurance recoveries | 517 | — | 517 | N/A | ||||||||||||||||||||||||||||
Total other income and expenses | $ | 356 | $ | (127) | $ | 483 | (380.3) | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands): | 2019 | 2018 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||
Rental revenue | $ | 63,632 | $ | 59,427 | $ | 4,205 | 7.1 | |||||||||||||||||||||||||
Other income | 434 | 378 | 56 | 14.8 | ||||||||||||||||||||||||||||
Total revenues | $ | 64,066 | $ | 59,805 | $ | 4,261 | 7.1 |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||
Real estate operating expenses | $ | 30,914 | $ | 28,657 | $ | 2,257 | 7.9 | |||||||||||||||||||||||||
Interest expense | 18,508 | 17,443 | 1,065 | 6.1 | ||||||||||||||||||||||||||||
General and administrative | 5,025 | 4,905 | 120 | 2.4 | ||||||||||||||||||||||||||||
Depreciation | 19,964 | 19,440 | 524 | 2.7 | ||||||||||||||||||||||||||||
Total expenses | $ | 74,411 | $ | 70,445 | $ | 3,966 | 5.6 |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | Increase (Decrease) | % Change | ||||||||||||||||||||||||||||
Equity in loss of unconsolidated joint ventures | (384) | $ | (190) | $ | (194) | 102.1 | ||||||||||||||||||||||||||
Gain on sale of real estate | — | 51,981 | (51,981) | (100.0) | ||||||||||||||||||||||||||||
Gain on insurance recoveries | 517 | 3,227 | (2,710) | (84.0) | ||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (593) | 593 | (100.0) | ||||||||||||||||||||||||||||
Total other income and expenses | $ | 133 | $ | 54,425 | $ | (54,292) | (99.8) | % |
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, | |||||||||||||||
(Dollars in thousands) | 2018 | 2017 | Increase (Decrease) | % Change | |||||||||||
Real estate operating expenses | $ | 27,545 | $ | 24,355 | $ | 3,190 | 13.1 | ||||||||
Interest expense | 16,637 | 13,089 | 3,548 | 27.1 | |||||||||||
General and administrative | 4,756 | 4,987 | (231 | ) | (4.6 | ) | |||||||||
Depreciation | 17,888 | 14,069 | 3,819 | 27.1 | |||||||||||
Total expenses | $ | 66,826 | $ | 56,500 | $ | 10,326 | 18.3 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
GAAP Net (loss) income attributable to common stockholders | $ | (4,317) | $ | (4,689) | $ | (8,564) | $ | 20,533 | ||||||||||||||||||||||||||||||
Add: depreciation of properties | 10,347 | 10,200 | 19,964 | 19,440 | ||||||||||||||||||||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 467 | 385 | 934 | 832 | ||||||||||||||||||||||||||||||||||
Deduct: gain on sale of real estate | — | — | — | (51,981) | ||||||||||||||||||||||||||||||||||
Adjustments for non-controlling interests | (3,018) | (3,160) | (5,793) | 19,246 | ||||||||||||||||||||||||||||||||||
NAREIT Funds from operations attributable to common stockholders | 3,479 | 2,736 | 6,541 | 8,070 | ||||||||||||||||||||||||||||||||||
Adjustments for: straight-line rent accruals | (10) | (10) | (20) | (20) | ||||||||||||||||||||||||||||||||||
Add: loss on extinguishment of debt | — | — | — | 593 | ||||||||||||||||||||||||||||||||||
Add: amortization of restricted stock and restricted stock units | 372 | 361 | 737 | 658 | ||||||||||||||||||||||||||||||||||
Add: amortization of deferred mortgage costs | 558 | 383 | 937 | 756 | ||||||||||||||||||||||||||||||||||
Deduct gain on insurance recovery | (517) | — | (517) | (3,227) | ||||||||||||||||||||||||||||||||||
Adjustments for non-controlling interests | (11) | (87) | (89) | 347 | ||||||||||||||||||||||||||||||||||
Adjusted funds from operations attributable to common stockholders | $ | 3,871 | $ | 3,383 | $ | 7,589 | $ | 7,177 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
GAAP Net (loss) income attributable to common stockholders | $ | (0.27) | $ | (0.33) | $ | (0.54) | $ | 1.41 | ||||||||||||||||||||||||||||||
Add: depreciation of properties | 0.65 | 0.71 | 1.25 | 1.34 | ||||||||||||||||||||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 0.03 | 0.03 | 0.06 | 0.06 | ||||||||||||||||||||||||||||||||||
Deduct: gain on sale of real estate | — | — | — | (3.58) | ||||||||||||||||||||||||||||||||||
Adjustment for non-controlling interests | (0.19) | (0.21) | (0.36) | 1.32 | ||||||||||||||||||||||||||||||||||
NAREIT Funds from operations per common stock basic and diluted | 0.22 | 0.20 | 0.41 | 0.55 | ||||||||||||||||||||||||||||||||||
Adjustments for: straight line rent accruals | — | — | — | — | ||||||||||||||||||||||||||||||||||
Add: loss on extinguishment of debt | — | — | — | 0.04 | ||||||||||||||||||||||||||||||||||
Add: amortization of restricted stock and restricted stock units | 0.01 | 0.02 | 0.05 | 0.05 | ||||||||||||||||||||||||||||||||||
Add: amortization of deferred mortgage costs | 0.04 | 0.03 | 0.06 | 0.05 | ||||||||||||||||||||||||||||||||||
Deduct gain on insurance recovery | (0.03) | — | (0.03) | (0.22) | ||||||||||||||||||||||||||||||||||
Adjustments for non-controlling interests | — | (0.01) | (0.01) | 0.02 | ||||||||||||||||||||||||||||||||||
Adjusted funds from operations per common stock basic and diluted | $ | 0.24 | $ | 0.24 | $ | 0.48 | $ | 0.49 |
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 |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1 - April 30, 2019 | — | — | — | 4,838,489 | ||||||||||||||||||||||
May 1 - May 31, 2019 | — | — | — | 4,838,489 | ||||||||||||||||||||||
June 1 - June 30, 2019 | 3,590 | $ | 12.80 | 3,590 | 4,792,535 | |||||||||||||||||||||
Total | 3,590 | $ | 12.80 | 3,590 |
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 | ||||||||
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. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation | |||||||
101.DEF | XBRL Taxonomy Extension | |||||||
101.LAB | XBRL Taxonomy Extension | |||||||
101.PRE | XBRL Taxonomy Extension Presentation |
August 8, 2019 | ||||||||
/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) |