Exhibit 99.2
SUPPLEMENTAL FINANCIAL INFORMATION FOR THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 |
March 14, 2023
60 Cutter Mill Rd., Great Neck, NY 11021
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
We consider some of the information set forth herein to contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property acquisition and disposition activity, joint venture activity, development and value add activity and other capital expenditures, and capital raising and financing activity, as well as revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases, beyond our control, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved and investors are cautioned not to place undue reliance on such information.
The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:
•inability to generate sufficient cash flows due to unfavorable economic and market conditions (e.g., inflation, volatile interest rates and the possibility of a recession), changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws or other factors;
•adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions and dispositions on favorable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;
•general and local real estate conditions, including any changes in the value of our real estate;
•decreasing rental rates or increasing vacancy rates;
•challenges in acquiring properties (including challenges in buying properties directly without the participation of joint venture partners and the limited number of multi-family property acquisition
opportunities available to us), which acquisitions may not be completed or may not produce the cash flows or income expected;
•the competitive environment in which we operate, including competition that could adversely affect our ability to acquire properties and/or limit our ability to lease apartments or increase or maintain rental rates;
•exposure to risks inherent in investments in a single industry and sector;
•the concentration of our multi-family properties in the Southeastern United States and Texas, which makes us more susceptible to adverse developments in those markets;
•increases in expenses over which we have limited control, such as real estate taxes, insurance costs and utilities, due to inflation and other factors;
•impairment in the value of real estate we own;
•failure of property managers to properly manage properties;
•disagreements with, or misconduct by, joint venture partners;
•inability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures, due to, among other things, the level and volatility of interest or capital market conditions;
•extreme weather and natural disasters such as hurricanes, tornadoes and floods;
•lack of or insufficient amounts of insurance to cover, among other things, losses from catastrophes;
•risks associated with acquiring value-add multi-family properties, which involves greater risks than more conservative approaches;
•the condition of Fannie Mae or Freddie Mac, which could adversely impact us;
•changes in Federal, state and local governmental laws and regulations, including laws and regulations relating to taxes and real estate and related investments;
•our failure to comply with laws, including those requiring access to our properties by disabled persons, which could result in substantial costs;
•board determinations as to timing and payment of dividends, if any, and our ability or willingness to pay future dividends;
•our ability to satisfy the complex rules required to maintain our qualification as a REIT for federal income tax purposes;
•possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us or a subsidiary owned by us or acquired by us;
•our dependence on information systems and risks associated with breaches of such systems;
•disease outbreaks and other public health events, and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;
•impact of climate change on our properties or operations;
•risks associated with the stock ownership restrictions of the Internal Revenue Code of 1986, as amended (the "Code") for REITs and the stock ownership limit imposed by our charter; and
•the other factors described in the reports we file with the SEC, including those set forth in our Annual Report on Form 10-K under the captions "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations".
We undertake no obligation to update or revise the information herein, whether as a result of new information, future events or circumstances, or otherwise.
Units under rehabilitation for which we have received or accrued rental income from business interruption insurance, while not physically occupied, are treated as leased (i.e., occupied) at rental rates in effect at the time of the casualty.
We use pro rata (as defined under "Non-GAAP Financial Measures and Definitions") to help the reader gain a better understanding of our unconsolidated joint ventures. However, the use of pro rata information has certain limitations and is not representative of our operations and accounts as presented in accordance with GAAP. Accordingly, pro rata information should be used with caution and in conjunction with the GAAP data presented herein and in our reports filed with the SEC.
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BRT Apartments Corp. (NYSE: BRT)
Financial Highlights
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As at December 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Market capitalization (thousands) | $ | 371,982 | $ | 438,321 | |||||||||||||||||||||||||||||||||||||
Shares outstanding (thousands) | 18,940 | 18,271 | |||||||||||||||||||||||||||||||||||||||
Closing share price | $ | 19.64 | $ | 23.99 | |||||||||||||||||||||||||||||||||||||
Quarterly dividend declared per share | $ | 0.25 | $ | 0.23 | |||||||||||||||||||||||||||||||||||||
Quarter ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Combined | Consolidated | Unconsolidated | |||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Properties owned | 29 | 33 | 21 | 10 | 8 | (1) | 23 | ||||||||||||||||||||||||||||||||||
Units | 8,201 | 9,273 | 5,420 | 2,576 | 2,781 | 6,697 | |||||||||||||||||||||||||||||||||||
Quarter Average occupancy | 94.7 | % | 96.4 | % | 94.8 | % | 97.3 | % | 94.5 | % | 96.1 | % | |||||||||||||||||||||||||||||
Quarter Average monthly rental revenue per occupied unit | $ | 1,347 | $ | 1,233 | $ | 1,320 | $ | 1,276 | $ | 1,396 | $ | 1,169 | |||||||||||||||||||||||||||||
Quarter ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||||||||||||||||||||
Per share data | 2022 (Unaudited) | 2021 (Unaudited) | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(Loss) earnings per share basic | $ | (0.22) | $ | (0.08) | $ | 2.67 | $ | 1.63 | |||||||||||||||||||||||||||||||||
(Loss) earnings per share diluted | $ | (0.22) | $ | (0.08) | $ | 2.66 | $ | 1.62 | |||||||||||||||||||||||||||||||||
FFO per share of common stock (diluted) (2) | $ | 0.40 | $ | 0.35 | $ | 1.24 | $ | 0.97 | |||||||||||||||||||||||||||||||||
AFFO per share of common stock (diluted) (2) | $ | 0.37 | $ | 0.41 | $ | 1.52 | $ | 1.33 | |||||||||||||||||||||||||||||||||
As at December 31, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Debt to Enterprise Value (3) | 62 | % | 61 | % | |||||||||||||||||||||||||||||||||||||
See definition of stabilized properties under "Non-GAAP Financial Measures and Definitions."
(1) Excludes a planned 240-unit development property.
(2) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income,
as calculated in accordance with GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."
The per share data for all periods of FFO and AFFO is unaudited
(3) Enterprise Value is equal to debt plus market capitalization less cash and cash equivalents, including BRT's pro-rata share of cash and cash equivalents at the
unconsolidated Joint Ventures. Cash and cash equivalents excludes restricted cash. Debt is equal to 100% of the debt at the consolidated properties and BRT's
pro-rata share of debt at the unconsolidated joint ventures. See "Non-GAAP Financial Measures and Definitions" for an explanation of "pro-rata share."
(4) The per share data for all periods of FFO and AFFO is unaudited.
1
BRT Apartments Corp. (NYSE: BRT)
2023 Guidance
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2023 Combined Portfolio Guidance Assumptions (1) | Low End | Midpoint | High End | ||||||||
Property revenue growth | 5.2% | 5.7% | 6.2% | ||||||||
Controllable operating expense growth | 7.0% | 5.6% | 4.2% | ||||||||
Real estate tax and insurance expense growth (2) | 18.3% | 17.7% | 17.1% | ||||||||
Total operating expense growth | 10.3% | 9.2% | 8.2% | ||||||||
Property NOI growth | 1.4% | 3.1% | 4.7% | ||||||||
Capital Expenditures | |||||||||||
Recurring | $5.7 Million | $5.5 Million | $5.2 Million | ||||||||
Value add | $3.6 Million | $3.5 Million | $3.3 Million | ||||||||
Non- recurring | $1.8 Million | $1.7 Million | $1.6 Million | ||||||||
2023 Full Year EPS, FFO and AFFO Guidance Per Share (3) (5) | |||||||||||
Earnings per share (diluted) | $0.09 | $0.15 | $0.20 | ||||||||
FFO per share of common stock (diluted) (4) | $1.08 | $1.14 | $1.19 | ||||||||
AFFO per share of common stock (diluted) (4) | $1.50 | $1.56 | $1.61 |
_____________________________________________
(1) Combined Portfolio includes 28 properties and 7,707 units. Property assumptions exclude Chatham Court, which is under contract to sell.
(2) Real estate taxes and insurance are increasing 9.8% and 50.4% at the midpoint, respectively. The insurance increase is primarily due to the decision to implement a master insurance program effective Q4 2022, which replaced policies at 17 properties which were scheduled to expire throughout 2023. This decision will result in the recognition of higher insurance expense at an earlier point in 2023. We believe that future increases in insurance expense will be more in line with the market.
(3) Per Share guidance is based on 19.23 million weighted average shares outstanding, which includes for the year 164,000 shares of Restricted Stock and 148,000 shares issued pursuant to the Dividend Reinvestment Program (DRIP).
(4) See the reconciliation of Funds From Operations, or FFO, Adjusted Funds From Operations, or AFFO, and Combined Portfolio NOI to net income, as calculated in accordance with GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."
(5) This guidance, including all assumptions presented, constitutes forward-looking information. Actual full year 2023 EPS, FFO, AFFO and NOI could vary significantly from the projections presented.
2
BRT Apartments Corp. (NYSE: BRT)
Components of Net Asset Value
As of December 31, 2022
(dollars in thousands)
____________________________________________________________________________________________________________________
Net Operating Income (YTD 2022) | ||||||||||||||||||||
Consolidated | $ | 39,957 | ||||||||||||||||||
Unconsolidated (Pro rata) | 23,771 | |||||||||||||||||||
Total Net Operating Income | $ | 63,728 | ||||||||||||||||||
OTHER ASSETS | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 20,281 | ||||||||||||||||||
Cash and Cash Equivalents - Unconsolidated pro rata | 3,608 | |||||||||||||||||||
Restricted Cash | 872 | |||||||||||||||||||
Other Assets | 16,786 | |||||||||||||||||||
Other Assets - Unconsolidated pro rata | 10,153 | |||||||||||||||||||
Total Cash and Other Assets | $ | 51,700 | ||||||||||||||||||
OTHER LIABILITIES | ||||||||||||||||||||
Accounts Payable and Accrued Liabilities | $ | 22,631 | ||||||||||||||||||
Accounts Payable and Accrued Liabilities - Unconsolidated pro rata | 4,229 | |||||||||||||||||||
Total Other Liabilites | $ | 26,860 | ||||||||||||||||||
DEBT SUMMARY | ||||||||||||||||||||
Mortgages Payable: | ||||||||||||||||||||
Consolidated (1) | $ | 403,792 | ||||||||||||||||||
Unconsolidated (Pro rata) | 126,758 | |||||||||||||||||||
Total Mortgages Payable | $ | 530,550 | ||||||||||||||||||
Credit Facility (2) | 19,000 | |||||||||||||||||||
Subordinated Notes | 37,123 | |||||||||||||||||||
Total Debt Outstanding | $ | 586,673 | ||||||||||||||||||
Common Shares Outstanding | 18,940 |
_______________________________
(1) Excludes $21.2 million relating to a financing that occurred on 2/24/2023
(2 ) Amount outstanding of $19 million was paid off on 2/24/2023 with the proceeds from the above referenced financing
3
BRT Apartments Corp. (NYSE: BRT)
Results of Operations
(dollars in thousands except per share data)
_____________________________________________________________________________________________________________________
Three Months Ended December 31, (Unaudited) | Twelve months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental revenue and other revenue from other real estate properties | $ | 22,711 | $ | 10,279 | $ | 70,515 | $ | 32,041 | |||||||||||||||
Other income | — | 4 | 12 | 16 | |||||||||||||||||||
Total revenues | 22,711 | 10,283 | 70,527 | 32,057 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Real estate operating expenses | 10,262 | 4,515 | 30,558 | 14,202 | |||||||||||||||||||
Interest expense | 5,520 | 1,953 | 15,514 | 6,757 | |||||||||||||||||||
General and administrative | 3,815 | 3,239 | 14,654 | 12,621 | |||||||||||||||||||
Impairment charge | — | — | — | 520 | |||||||||||||||||||
Depreciation and amortization | 8,031 | 3,285 | 24,812 | 8,025 | |||||||||||||||||||
Total expenses | 27,628 | 12,992 | 85,538 | 42,125 | |||||||||||||||||||
Total revenues less total expenses | (4,917) | (2,709) | (15,011) | (10,068) | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 580 | 1,825 | 1,895 | (4,208) | |||||||||||||||||||
Equity in earnings from sale of unconsolidated joint venture properties | — | — | 64,531 | 34,982 | |||||||||||||||||||
Gain on sale of real estate | — | — | 6 | 7,693 | |||||||||||||||||||
Casualty loss | (850) | — | (850) | — | |||||||||||||||||||
Insurance recovery of casualty loss | 850 | — | 850 | — | |||||||||||||||||||
Gain on insurance recovery | — | — | 62 | — | |||||||||||||||||||
Gain on sale of partnership interest | — | 388 | — | 2,632 | |||||||||||||||||||
Loss on extinguishment of debt | — | (673) | (563) | (1,575) | |||||||||||||||||||
(Loss) income from continuing operations | (4,337) | (1,169) | 50,920 | 29,456 | |||||||||||||||||||
Income tax (benefit) provision | (155) | 51 | 821 | 206 | |||||||||||||||||||
Net (loss) income from continuing operations, net of taxes | (4,182) | (1,220) | 50,099 | 29,250 | |||||||||||||||||||
Income attributable to non-controlling interests | (37) | (34) | (144) | (136) | |||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (4,219) | $ | (1,254) | $ | 49,955 | $ | 29,114 | |||||||||||||||
Weighted average number of shares of common stock outstanding: | |||||||||||||||||||||||
Basic | 18,004,715 | 17,317,596 | 17,793,035 | 17,017,690 | |||||||||||||||||||
Diluted | 18,004,715 | 17,317,596 | 17,852,951 | 17,084,642 | |||||||||||||||||||
Per share amounts attributable to common stockholders: | |||||||||||||||||||||||
Basic | $ | (0.22) | $ | (0.08) | $ | 2.67 | $ | 1.63 | |||||||||||||||
Diluted | $ | (0.22) | $ | (0.08) | $ | 2.66 | $ | 1.62 |
4
BRT Apartments Corp. (NYSE: BRT)
Operating Results of Unconsolidated Properties
(dollars in thousands)
_____________________________________________________________________________________________________________________
Three Months Ended December 31, (Unaudited) | Twelve months Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental and other revenue | $ | 12,033 | $ | 26,411 | $ | 72,873 | $ | 121,906 | ||||||||||||||||||
Total revenues | 12,033 | 26,411 | 72,873 | 121,906 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Real estate operating expenses | 5,563 | 10,994 | 33,086 | 56,507 | ||||||||||||||||||||||
Interest expense | 2,507 | 6,402 | 16,269 | 30,964 | ||||||||||||||||||||||
Depreciation | 2,841 | 7,172 | 17,798 | 35,636 | ||||||||||||||||||||||
Total expenses | 10,911 | 24,568 | 67,153 | 123,107 | ||||||||||||||||||||||
Total revenues less total expenses | 1,122 | 1,843 | 5,720 | (1,201) | ||||||||||||||||||||||
Other equity earnings | 32 | 33 | 121 | 54 | ||||||||||||||||||||||
Impairment of assets | (8,553) | — | (8,553) | (2,813) | ||||||||||||||||||||||
Insurance recoveries | 8,553 | — | 8,553 | 2,813 | ||||||||||||||||||||||
Gain on insurance recoveries | — | 933 | 567 | 2,179 | ||||||||||||||||||||||
Gain on sale of real estate properties | — | — | 118,270 | 83,984 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (3,491) | (9,401) | ||||||||||||||||||||||
Net income from joint ventures | $ | 1,154 | $ | 2,809 | $ | 121,187 | $ | 75,615 | ||||||||||||||||||
BRT equity in earnings and equity in earnings from sale of unconsolidated joint venture properties | $ | 580 | $ | 1,825 | $ | 66,426 | $ | 30,774 |
5
BRT Apartments Corp. (NYSE: BRT)
Funds from Operations
(dollars in thousands)
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Three Months Ended December 31, | Twelve months Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
GAAP Net (loss) income attributable to common stockholders | $ | (4,219) | $ | (1,254) | $ | 49,955 | $ | 29,114 | ||||||||||||||||||
Add: depreciation of properties | 8,031 | 3,285 | 24,812 | 8,025 | ||||||||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 1,443 | 4,694 | 10,677 | 23,083 | ||||||||||||||||||||||
Add: impairment charge | — | — | — | 520 | ||||||||||||||||||||||
Add: our share of impairment charge in unconsolidated joint venture properties | 1,493 | — | 1,493 | 2,010 | ||||||||||||||||||||||
Add: casualty loss | 850 | — | 850 | — | ||||||||||||||||||||||
Deduct: gain on sales of real estate and partnership interests | — | (388) | (6) | (10,325) | ||||||||||||||||||||||
Deduct: our share of earnings from sale of unconsolidated joint venture properties | — | — | (64,531) | (34,982) | ||||||||||||||||||||||
Adjust for non-controlling interests | (4) | (4) | (16) | (16) | ||||||||||||||||||||||
Funds from operations | $ | 7,594 | $ | 6,333 | $ | 23,234 | $ | 17,429 | ||||||||||||||||||
Adjustments for: straight-line rent accruals | 6 | 12 | 24 | (18) | ||||||||||||||||||||||
Add: loss on extinguishment of debt | — | 673 | 563 | 1,575 | ||||||||||||||||||||||
Add: our share of loss on extinguishment of debt from unconsolidated joint ventures | — | — | 1,880 | 4,581 | ||||||||||||||||||||||
Add: amortization of restricted stock and RSU expense | 1,304 | 991 | 4,487 | 2,941 | ||||||||||||||||||||||
Add: amortization of deferred mortgage and debt costs | 240 | 80 | 628 | 295 | ||||||||||||||||||||||
Add: our share of deferred mortgage costs from unconsolidated joint venture properties | 28 | 103 | 227 | 542 | ||||||||||||||||||||||
Add: amortization of fair value adjustment for mortgage debt | 166 | — | 148 | — | ||||||||||||||||||||||
Less: insurance recovery of casualty loss | (850) | — | (850) | — | ||||||||||||||||||||||
Less: our share of insurance recovery from unconsolidated joint ventures | (1,493) | — | (1,493) | (2,010) | ||||||||||||||||||||||
Less: gain on insurance recovery | — | — | (62) | — | ||||||||||||||||||||||
Less: our share of gain on insurance proceeds from unconsolidated joint venture | — | (648) | (432) | (1,528) | ||||||||||||||||||||||
Adjustments for non-controlling interests | (1) | (2) | (4) | 4 | ||||||||||||||||||||||
Adjusted funds from operations | $ | 6,994 | $ | 7,542 | $ | 28,350 | $ | 23,811 |
6
Funds from Operations
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Three Months Ended December 31, | Twelve months Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
GAAP Net (loss) income attributable to common stockholders | $ | (0.22) | $ | (0.08) | $ | 2.66 | $ | 1.62 | ||||||||||||||||||
Add: depreciation of properties | 0.42 | 0.19 | 1.33 | 0.45 | ||||||||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 0.08 | 0.26 | 0.57 | 1.29 | ||||||||||||||||||||||
Add: Impairment charge | — | — | — | 0.03 | ||||||||||||||||||||||
Add: our share of impairment charge in unconsolidated joint ventures | 0.08 | — | 0.08 | 0.11 | ||||||||||||||||||||||
Add: casualty loss | 0.04 | — | 0.05 | — | ||||||||||||||||||||||
Deduct: gain on sales of real estate and partnership interest | — | (0.02) | — | (0.58) | ||||||||||||||||||||||
Deduct: our share of earnings from sale of unconsolidated joint venture properties | — | — | (3.45) | (1.95) | ||||||||||||||||||||||
Adjustment for non-controlling interests | — | — | — | — | ||||||||||||||||||||||
Funds from operations per common share - diluted | 0.40 | 0.35 | 1.24 | 0.97 | ||||||||||||||||||||||
Adjustment for: straight-line rent accruals | — | — | — | — | ||||||||||||||||||||||
Add: loss on extinguishment of debt | — | 0.04 | 0.03 | 0.09 | ||||||||||||||||||||||
Add: our share of loss on extinguishment of debt from unconsolidated joint ventures | — | — | 0.10 | 0.26 | ||||||||||||||||||||||
Add: amortization of restricted stock and RSU expense | 0.07 | 0.05 | 0.25 | 0.16 | ||||||||||||||||||||||
Add: amortization of deferred mortgage and debt costs | 0.01 | — | 0.03 | 0.02 | ||||||||||||||||||||||
Add: our share of amortization of deferred mortgage and debt costs from unconsolidated ventures | — | 0.01 | 0.01 | 0.03 | ||||||||||||||||||||||
Add: amortization of fair value adjustment for mortgage debt | 0.01 | 0.01 | — | |||||||||||||||||||||||
Less: insurance recovery of casualty loss | (0.04) | (0.05) | — | |||||||||||||||||||||||
Deduct: our share of insurance recovery from unconsolidated joint ventures | (0.08) | — | (0.08) | (0.11) | ||||||||||||||||||||||
Deduct: gain on insurance recovery | — | — | — | — | ||||||||||||||||||||||
Deduct: our share of gain on insurance proceeds from unconsolidated joint ventures | — | (0.04) | (0.02) | (0.09) | ||||||||||||||||||||||
Adjustment for non-controlling interests | — | — | — | — | ||||||||||||||||||||||
Adjusted funds from operations per common share - diluted | $ | 0.37 | $ | 0.41 | $ | 1.52 | $ | 1.33 | ||||||||||||||||||
Diluted shares outstanding for FFO and AFFO | 18,938,807 | 18,240,532 | 18,782,695 | 17,936,465 |
7
BRT Apartments Corp. (NYSE: BRT)
Consolidated Balance Sheets
(amounts in thousands, except per share amounts)
_____________________________________________________________________________________________________________________
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
ASSETS | ||||||||||||||
Real estate properties, net of accumulated depreciation | $ | 651,603 | $ | 293,550 | ||||||||||
Investment in unconsolidated joint ventures | 42,576 | 112,347 | ||||||||||||
Cash and cash equivalents | 20,281 | 32,339 | ||||||||||||
Restricted cash | 872 | 6,582 | ||||||||||||
Other assets | 16,786 | 10,341 | ||||||||||||
Real estate property held for sale | — | 4,379 | ||||||||||||
Total Assets | $ | 732,118 | $ | 459,538 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Mortgages payable, net of deferred costs | $ | 403,792 | $ | 199,877 | ||||||||||
Junior subordinated notes, net of deferred costs | 37,123 | 37,103 | ||||||||||||
Credit facility, net of deferred costs | 18,502 | — | ||||||||||||
Accounts payable and accrued liabilities | 22,631 | 19,607 | ||||||||||||
Total Liabilities | 482,048 | 256,587 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Equity: | ||||||||||||||
BRT Apartments Corp. stockholders' equity: | ||||||||||||||
Preferred shares $.01 par value 2,000 shares authorized, none issued | — | — | ||||||||||||
Common stock, $.01 par value, 300,000 shares authorized; | ||||||||||||||
18,006 and 17,349 shares outstanding | 180 | 173 | ||||||||||||
Additional paid-in capital | 273,863 | 258,161 | ||||||||||||
Accumulated deficit | (23,955) | (55,378) | ||||||||||||
Total BRT Apartments Corp. stockholders’ equity | 250,088 | 202,956 | ||||||||||||
Non-controlling interests | (18) | (5) | ||||||||||||
Total Equity | 250,070 | 202,951 | ||||||||||||
Total Liabilities and Equity | $ | 732,118 | $ | 459,538 |
8
BRT Apartments Corp. (NYSE: BRT)
Acquisitions and Dispositions
(dollars in thousands)
________________________________________________________________________________________
ACQUISITIONS | ||||||||||||||||||||||||||||||||||||||||||||
Buyouts of Joint Venture Interests | ||||||||||||||||||||||||||||||||||||||||||||
Property/Location | Purchase Date | Units | Purchase Price | Pre-Acquisition ownership % in the JV | Post-Acquisition Ownership % | |||||||||||||||||||||||||||||||||||||||
Verandas at Alamo - San Antonio, TX | 03/23/2022 | 288 | $ | 8,721 | 71.9 | % | 100 | % | ||||||||||||||||||||||||||||||||||||
Vanguard Heights - Creve Coeur, MO | 04/07/2022 | 174 | 4,880 | 78.4 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Jackson Square - Tallahassee, FL | 05/11/2022 | 242 | 7,215 | 80.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Brixworth at Bridge Street - Huntsville, AL | 05/24/2022 | 208 | 10,697 | 80.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Woodland Apartments - Boerne, TX | 05/26/2022 | 120 | 3,881 | 80.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Grove at River Place - Macon, GA | 06/30/2022 | 240 | 7,485 | 80.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Civic Center I - Southaven, MS | 07/12/2022 | 392 | 18,233 | 75.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Civic Center II - Southaven, MS | 07/12/2022 | 384 | 17,942 | 75.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Abbotts Run - Wilmington, NC | 07/14/2022 | 264 | 9,010 | 75.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Somerset At Trussville - Trussville, AL | 07/19/2022 | 328 | 10,558 | 80.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
Magnolia Pointe - Madison, AL | 08/03/2022 | 204 | 7,246 | 80.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
2,844 | $ | 105,868 | ||||||||||||||||||||||||||||||||||||||||||
In March 2023, the Company entered into an agreement to acquire a 238-unit property for a purchase price of $62.5 million and the assumption of approximately $32 million of mortgage debt with an interest rate of 3.34% and maturing in 2061. | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Joint Venture Interest in Development Project | ||||||||||||||||||||||||||||||||||||||||||||
Property/Location | Purchase Date | Planned Units | Purchase Price | Acquisition ownership % in the JV | ||||||||||||||||||||||||||||||||||||||||
Stono Oaks - Johns Island, SC | 3/10/2022 | 240 | $ | 3,500 | 17.45 | % | ||||||||||||||||||||||||||||||||||||||
DISPOSITIONS | ||||||||||||||||||||||||||||||||||||||||||||
Disposition of Property by Unconsolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||||
Property/Location | Sale Date | Units | Interest Owned | Sales Price | Gain on Sale | BRT's Share of Gain on Sale | BRT's share of Loss on extinguishment of debt | |||||||||||||||||||||||||||||||||||||
Verandas at Shavano - San Antonio, TX | 2/8/2022 | 288 | 65 | % | $ | 53,750 | $ | 23,652 | $ | 12,961 | $ | — | ||||||||||||||||||||||||||||||||
Retreat at Cinco Ranch - Katy, TX | 6/14/2022 | 268 | 75 | % | 68,300 | 30,595 | 17,378 | 686 | ||||||||||||||||||||||||||||||||||||
The Vive - Kannapolis, NC | 6/30/2022 | 312 | 65 | % | 91,250 | 47,086 | 22,720 | 787 | ||||||||||||||||||||||||||||||||||||
Waters Edge - Columbia, SC | 8/31/2022 | 204 | 80 | % | 32,400 | 16,937 | 11,472 | 388 | ||||||||||||||||||||||||||||||||||||
1,072 | $ | 245,700 | $ | 118,270 | $ | 64,531 | $ | 1,861 |
In March 2023, the unconsolidated joint venture that owns Chatham Court and Reflections, a 494 unit multi-family property located in Dallas, TX, and in which we have a 50% interest, entered into a contract to sell such property for $73.0 million.
9
BRT Apartments Corp. (NYSE: BRT)
Value-Add Program and Capital Expenditures
________________________________________________________________________________________
For the Quarter ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Value-Add Program | ||||||||||||||||||||||||||||||||
(Includes consolidated and unconsolidated amounts) | ||||||||||||||||||||||||||||||||
Units Rehabilitated (1) | Estimated Rehab Costs (2) | Estimated Rehab Costs Per unit | Estimated Average Monthly Rent Increase (3) | Estimated Annualized ROI (3) | Estimated units available to be renovated over next 24 months | |||||||||||||||||||||||||||
98 | $692,000 | $7,061 | $275 | 47% | 900 | |||||||||||||||||||||||||||
(1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period. | ||||||||||||||||||||||||||||||||
(2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into during the current period. | ||||||||||||||||||||||||||||||||
(3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units. |
For the twelve months ended December 31, 2022 | |||||||||||||||||
Capital Expenditures (5) | |||||||||||||||||
(Includes consolidated and unconsolidated amounts) | |||||||||||||||||
Gross Expenditures | Less: JV Partner Share | BRT Share of Expenditures (4) | |||||||||||||||
Estimated Recurring Capital Expenditures (1) | $ | 6,397,000 | $ | 1,117,000 | $ | 5,280,000 | |||||||||||
Estimated Non-Recurring Capital Expenditures (2) | 6,031,000 | 711,000 | 5,320,000 | ||||||||||||||
Total Capital Expenditures | $ | 12,428,000 | $ | 1,828,000 | $ | 10,600,000 | |||||||||||
Replacements (operating expense) (3) | $ | 2,924,000 | $ | 470,000 | $ | 2,454,000 | |||||||||||
Estimated Recurring Capital Expenditures and Replacements per unit (8,201 units) | $ | 1,137 | $ | 194 | $ | 943 | |||||||||||
(1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operation. | |||||||||||||||||
(2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the property, and revenue enhancing upgrades. | |||||||||||||||||
(3) Replacements are expensed as incurred at the property. | |||||||||||||||||
(4) Based on BRT's pro-rata share | |||||||||||||||||
(5) BRT previously classified capital expenditures on a property level basis. The Company has reclassified,herein the previously reported 2022 capital expenditures on a portfolio level basis and the 2022 numbers are presented in a manner in which we intend to present such information on a going forward basis. |
10
BRT Apartments Corp. (NYSE: BRT)
Debt Analysis
As of December 31, 2022
(dollars in thousands)
____________________________________________________________________________________________________________________________________
Consolidated | ||||||||||||||||||||||||||||||||
Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Percent of Total Principal Payments Due At Maturity | Weighted Average Interest Rate (1) | |||||||||||||||||||||||||||
2023 | $ | 2,712 | $ | 2,712 | $ | — | — | % | — | % | ||||||||||||||||||||||
2024 | 3,667 | 3,667 | — | — | % | — | % | |||||||||||||||||||||||||
2025 | 20,188 | 4,813 | 15,375 | 4 | % | 4.42 | % | |||||||||||||||||||||||||
2026 | 74,652 | 5,121 | 69,531 | 19 | % | 4.12 | % | |||||||||||||||||||||||||
2027 | 46,220 | 3,425 | 42,795 | 12 | % | 3.96 | % | |||||||||||||||||||||||||
Thereafter (a) | 260,519 | 24,315 | 236,204 | 65 | % | 3.96 | % | |||||||||||||||||||||||||
Total | $ | 407,958 | $ | 44,053 | $ | 363,905 | 100 | % | ||||||||||||||||||||||||
(a) Excludes a $21,173 mortgage obtained in February 2023 which is interest only, bears an interest rate of 4.45% and matures in March 2033 | ||||||||||||||||||||||||||||||||
Unconsolidated (BRT pro rata share) | ||||||||||||||||||||||||||||||||
Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Percent of Total Principal Payments Due At Maturity | Weighted Average Interest Rate (1) | |||||||||||||||||||||||||||
2023 | $ | 1,778 | $ | 1,778 | — | — | % | — | % | |||||||||||||||||||||||
2024 | 2,057 | 2,057 | $ | — | — | % | — | % | ||||||||||||||||||||||||
2025 | 2,154 | 2,154 | — | — | % | — | % | |||||||||||||||||||||||||
2026 | 21,362 | 2,130 | 19,232 | 17 | % | 4.17 | % | |||||||||||||||||||||||||
2027 | 13,364 | 1,810 | 11,554 | 10 | % | 4.15 | % | |||||||||||||||||||||||||
Thereafter | 86,715 | 1,902 | 84,813 | 73 | % | 3.84 | % | |||||||||||||||||||||||||
Total | $ | 127,430 | $ | 11,831 | $ | 115,599 | 100 | % | ||||||||||||||||||||||||
Combined (2) | ||||||||||||||||||||||||||||||||
Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Percent of Total Principal Payments Due At Maturity | Weighted Average Interest Rate (1) | |||||||||||||||||||||||||||
2023 | $ | 4,490 | $ | 4,490 | $ | — | — | % | — | % | ||||||||||||||||||||||
2024 | 5,724 | 5,724 | — | — | % | — | % | |||||||||||||||||||||||||
2025 | 22,342 | 6,967 | 15,375 | 3 | % | 4.42 | % | |||||||||||||||||||||||||
2026 | 96,014 | 7,251 | 88,763 | 19 | % | 4.13 | % | |||||||||||||||||||||||||
2027 | 59,584 | 5,235 | 54,349 | 11 | % | 4.00 | % | |||||||||||||||||||||||||
Thereafter | 347,234 | 26,217 | 321,017 | 67 | % | 3.93 | % | |||||||||||||||||||||||||
Total | $ | 535,388 | $ | 55,884 | $ | 479,504 | 100 | % | ||||||||||||||||||||||||
Weighted Average Remaining Term to Maturity (2) | 7.44 | yrs | ||||||||||||||||||||||||||||||
Weighted Average Interest Rate (2) | 3.98 | % | ||||||||||||||||||||||||||||||
Debt Service Coverage Ratio for the quarter ended December 31, 2022 | 1.66 | (3) | ||||||||||||||||||||||||||||||
(1) Based on balloon payments at maturity. Includes consolidated and BRT pro rata share amounts. | ||||||||||||||||||||||||||||||||
(2) Includes consolidated and BRT pro rata share unconsolidated amounts. | ||||||||||||||||||||||||||||||||
(3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100% of the unconsolidated amounts. |
Junior Subordinated Notes | |||||||||||
Principal Balance | $37,400 | ||||||||||
Interest Rate | 3 month LIBOR + 2.00% (i.e., 6.42% at 12/31/2022); Rate in effect for next payment on May 1, 2023 is 6.80% | ||||||||||
Maturity | April 30, 2036 | ||||||||||
Credit Facility (as of December 31, 2022) | |||||||||||
Maximum Amount Available | Up to $60,000 | ||||||||||
Amount Outstanding | $19,000 (1) | ||||||||||
Interest Rate | Prime (floor of 3.50%) (2) | ||||||||||
Maturity | September 14, 2025 |
(1) The amount outstanding was paid in full on February 24, 2023
(2) As of March 1, 2023, the interest rate in effect is 7.75%
11
BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Quarter ended December 31, 2022
(dollars in thousands, except monthly rent amounts)
_____________________________________________________________________________________________________________________
Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units at period end | Revenues | Property Operating Expenses | NOI (1) | % of NOI Contribution | Weighted Average Occupancy | Weighted Average Monthly Rent per Occ. Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 600 | $ | 2,287 | $ | 1,326 | $ | 961 | 7.7 | % | 91.1 | % | $ | 1,227 | |||||||||||||||||||||||||||||||||||||||||||
Georgia | 688 | 2,611 | 1,226 | 1,385 | 11.1 | % | 95.5 | % | 1,170 | |||||||||||||||||||||||||||||||||||||||||||||||
Florida | 518 | 2,319 | 936 | 1,383 | 11.1 | % | 94.8 | % | 1,433 | |||||||||||||||||||||||||||||||||||||||||||||||
Ohio | 264 | 917 | 374 | 543 | 4.4 | % | 97.5 | % | 1,055 | |||||||||||||||||||||||||||||||||||||||||||||||
Virginia | 220 | 1,139 | 446 | 693 | 5.6 | % | 95.3 | % | 1,639 | |||||||||||||||||||||||||||||||||||||||||||||||
North Carolina | 264 | 990 | 379 | 611 | 4.9 | % | 96.5 | % | 1,171 | |||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 474 | 2,051 | 1,150 | 901 | 7.2 | % | 96.0 | % | 1,319 | |||||||||||||||||||||||||||||||||||||||||||||||
Tennessee | 702 | 3,530 | 1,645 | 1,885 | 15.1 | % | 94.7 | % | 1,649 | |||||||||||||||||||||||||||||||||||||||||||||||
Alabama | 740 | 2,682 | 1,148 | 1,534 | 12.3 | % | 93.5 | % | 1,005 | |||||||||||||||||||||||||||||||||||||||||||||||
Missouri | 174 | 899 | 368 | 531 | 4.3 | % | 91.4 | % | 1,678 | |||||||||||||||||||||||||||||||||||||||||||||||
Mississippi | 776 | 2,906 | 1,156 | 1,750 | 14.1 | % | 96.7 | % | 1,210 | |||||||||||||||||||||||||||||||||||||||||||||||
Sold properties and legacy assets | — | 380 | 108 | 272 | 2.2 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Totals | 5,420 | $ | 22,711 | $ | 10,262 | $ | 12,449 | 100 | % | 94.8 | % | $ | 1,320 | |||||||||||||||||||||||||||||||||||||||||||
Unconsolidated (Pro-Rata Share) (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units at period end | Revenues | Property Operating Expenses | NOI (1) | % of NOI Contribution | Weighted Average Occupancy | Weighted Average Rent per Occ. Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 1,597 | $ | 3,532 | $ | 1,698 | $ | 1,834 | 56.1 | % | 94.2 | % | $ | 1,403 | |||||||||||||||||||||||||||||||||||||||||||
South Carolina | 713 | 1,234 | 404 | 830 | 25.4 | % | 93.7 | % | 1,463 | |||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 271 | 926 | 480 | 446 | 13.6 | % | 95.2 | % | 1,468 | |||||||||||||||||||||||||||||||||||||||||||||||
Alabama | 200 | 541 | 236 | 305 | 9.3 | % | 98.3 | % | 1,020 | |||||||||||||||||||||||||||||||||||||||||||||||
Sold properties | — | (61) | 83 | (144) | (4.4) | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
2,781 | $ | 6,172 | $ | 2,901 | $ | 3,271 | 100.0 | % | 94.5 | % | $ | 1,396 |
_________________________________________________________________________________
(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial
Measures and Definitions."
12
BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Twelve months ended December 31, 2022
(dollars in thousands, except monthly rent amounts)
____________________________________________________________________________________________________________________
Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Units at period end | Revenues | Property Operating Expenses | NOI (1) | % of NOI Contribution | Weighted Average Occupancy | Weighted Average Rent per Occ. Unit | ||||||||||||||||||||||||||||||||||||||
Texas | 600 | $ | 7,579 | $ | 3,852 | $ | 3,727 | 9.3 | % | 94.0 | % | $ | 1,194 | |||||||||||||||||||||||||||||||
Georgia | 688 | 8,786 | 3,995 | 4,791 | 12.0 | % | 96.8 | % | 1,167 | |||||||||||||||||||||||||||||||||||
Florida | 518 | 7,605 | 3,134 | 4,471 | 11.2 | % | 95.6 | % | 1,385 | |||||||||||||||||||||||||||||||||||
Ohio | 264 | 3,564 | 1,443 | 2,121 | 5.3 | % | 97.3 | % | 1,031 | |||||||||||||||||||||||||||||||||||
Virginia | 220 | 4,556 | 1,670 | 2,886 | 7.2 | % | 97.4 | % | 1,593 | |||||||||||||||||||||||||||||||||||
North Carolina | 264 | 1,825 | 708 | 1,117 | 2.8 | % | 96.3 | % | 1,157 | |||||||||||||||||||||||||||||||||||
South Carolina | 474 | 8,110 | 4,053 | 4,057 | 10.2 | % | 97.1 | % | 1,292 | |||||||||||||||||||||||||||||||||||
Tennessee | 702 | 13,812 | 5,925 | 7,887 | 19.7 | % | 96.6 | % | 1,569 | |||||||||||||||||||||||||||||||||||
Alabama | 740 | 5,098 | 2,133 | 2,965 | 7.4 | % | 93.9 | % | 1,109 | |||||||||||||||||||||||||||||||||||
Missouri | 174 | 2,630 | 1,081 | 1,549 | 3.9 | % | 94.3 | % | 1,621 | |||||||||||||||||||||||||||||||||||
Mississippi | 776 | 5,438 | 2,118 | 3,320 | 8.3 | % | 97.2 | % | 1,186 | |||||||||||||||||||||||||||||||||||
Sold properties and legacy assets | — | 1,512 | 446 | 1,066 | 2.7 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Totals | 5,420 | $ | 70,515 | $ | 30,558 | $ | 39,957 | 100 | % | 96.1 | % | $ | 1,300 | |||||||||||||||||||||||||||||||
Unconsolidated (Pro-Rata Share)(1) | ||||||||||||||||||||||||||||||||||||||||||||
Units at period end | Revenues | Property Operating Expenses | NOI (1) | % of NOI Contribution | Average Occupancy | Average Rent per Occ. Unit | ||||||||||||||||||||||||||||||||||||||
Texas | 1,597 | $ | 13,618 | $ | 6,585 | $ | 7,033 | 29.6 | % | 95.4% | $ | 1,299 | ||||||||||||||||||||||||||||||||
South Carolina | 713 | 4,855 | 1,749 | 3,106 | 13.1 | % | 96.0% | 1,337 | ||||||||||||||||||||||||||||||||||||
Georgia | 271 | 3,526 | 1,661 | 1,865 | 7.8 | % | 94.4% | 1,234 | ||||||||||||||||||||||||||||||||||||
Alabama | 200 | 2,064 | 983 | 1,081 | 4.5 | % | 96.3% | 1,043 | ||||||||||||||||||||||||||||||||||||
Other (2) | — | 19,709 | 9,023 | 10,686 | 45.0 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Totals | 2,781 | $ | 43,772 | $ | 20,001 | $ | 23,771 | 100 | % | 95.7 | % | $ | 1,247 | |||||||||||||||||||||||||||||||
_________________________________________________________________________________
(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial
Measures and Definitions."
(2) Represents properties that were sold or which BRT bought out the partner's interest.
13
BRT Apartments Corp. (NYSE: BRT)
Combined Portfolio Metrics (1)
Quarter ended December 31, 2022 and 2021
(dollars in thousands)
____________________________________________________________________________________________________________________
Three Months Ended December 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Combined Revenues (2) | $ | 28,563 | $ | 26,315 | 8.5 | % | |||||||||||
Combined Operating Expenses (2) | |||||||||||||||||
Payroll | $ | 2,519 | $ | 2,298 | 9.6 | % | |||||||||||
Real Estate taxes | 3,198 | 2,369 | 35.0 | % | |||||||||||||
Management Fees | 883 | 902 | (2.1) | % | |||||||||||||
Insurance | 821 | 729 | 12.6 | % | |||||||||||||
Utilities | 1,742 | 1,532 | 13.7 | % | |||||||||||||
Repairs and Maintenance | 2,307 | 1,535 | 50.3 | % | |||||||||||||
Replacements | 650 | 542 | 19.9 | % | |||||||||||||
Advertising, Leasing and Other | 898 | 968 | (7.2) | % | |||||||||||||
Total Combined Operating Expenses | $ | 13,018 | $ | 10,875 | 19.7 | % | |||||||||||
Total Combined Operating Income | $ | 15,545 | $ | 15,440 | 0.7 | % |
_______________________________
(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating
Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis, and
the other multifamily properties that BRT bought out and presented at 100% ownership for all periods presented, with a total number of 8,201 units.
(2) For 2022, includes $948, $450, and $498 of revenues, expenses, and NOI respectively relating to Chatham Court, the property that is under contract to sell.
For 2021, includes $829, $443, and $387 of revenues, expenses, and NOI respectively relating to Chatham Court, the property that is under contract to sell.
14
BRT Apartments Corp. (NYSE: BRT)
Combined Portfolio Metrics (1)
Year ended December 31, 2022 and 2021
(dollars in thousands)
____________________________________________________________________________________________________________________
Twelve months Ended December 31, | ||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||
Combined Revenues (2) | $ | 102,629 | $ | 93,317 | 10.0 | % | ||||||||||||||
Combined Operating Expenses (2) | ||||||||||||||||||||
Payroll | $ | 8,875 | $ | 8,231 | 7.8 | % | ||||||||||||||
Real Estate taxes | 11,958 | 11,221 | 6.6 | % | ||||||||||||||||
Management Fees | 3,297 | 3,222 | 2.3 | % | ||||||||||||||||
Insurance | 2,929 | 2,691 | 8.8 | % | ||||||||||||||||
Utilities | 6,063 | 5,509 | 10.1 | % | ||||||||||||||||
Repairs and Maintenance | 6,261 | 5,319 | 17.7 | % | ||||||||||||||||
Replacements | 2,265 | 1,983 | 14.2 | % | ||||||||||||||||
Advertising, Leasing and Other | 3,178 | 3,208 | (0.9) | % | ||||||||||||||||
Total Combined Operating Expenses | $ | 44,826 | $ | 41,384 | 8.3 | % | ||||||||||||||
Total Combined Operating Income | $ | 57,803 | $ | 51,933 | 11.3 | % |
_______________________________
(1)Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Portfolio and reconciliation of Net Operating Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis, and the other multifamily properties that BRT currently owns presented at 100% ownership for all periods presented with a total number of 7,799 units.. Excludes Bells Bluff as it was not stabilized in both periods.
(2)For 2022, includes $3,613, $1,802 and $1,812 of revenues, expenses, and NOI, respectively, relating to Chatham Courtt.
For 2021, includes $3,010, $1,781 and $1,230 of revenues, expenses, and NOI, respectively relating to Chatham Court.
15
BRT Apartments Corp. (NYSE: BRT)
Portfolio Table
As of 3/01/2023
___________________________________________________________________________________________
Property | City | State | Year Built | Year Acquired | Property Age | Units | Q4 2022 Avg. Occupancy | Q4 2022 Avg. Rent per Occ. Unit | ||||||||||||||||||||||||
Consolidated Properties - All 100% owned | ||||||||||||||||||||||||||||||||
Silvana Oaks | North Charleston | SC | 2010 | 2012 | 12 | 208 | 93.9% | $ | 1,364 | |||||||||||||||||||||||
Avondale Station | Decatur | GA | 1954 | 2012 | 68 | 212 | 95.8% | 1,373 | ||||||||||||||||||||||||
Newbridge Commons | Columbus | OH | 1999 | 2013 | 23 | 264 | 97.5% | 1,055 | ||||||||||||||||||||||||
Avalon | Pensacola | FL | 2008 | 2014 | 14 | 276 | 95.5% | 1,526 | ||||||||||||||||||||||||
Parkway Grande | San Marcos | TX | 2014 | 2015 | 8 | 192 | 92.7% | 1,297 | ||||||||||||||||||||||||
Woodland Trails | LaGrange | GA | 2010 | 2015 | 12 | 236 | 94.4% | 1,265 | ||||||||||||||||||||||||
Kilburn Crossing | Fredericksburg | VA | 2005 | 2016 | 17 | 220 | 95.3% | 1,639 | ||||||||||||||||||||||||
Bell's Bluff | Nashville | TN | 2019 | 2018 | 3 | 402 | 94.2% | 1,816 | ||||||||||||||||||||||||
Crossings of Bellevue | Nashville | TN | 1985 | 2014 | 37 | 300 | 95.8% | 1,427 | ||||||||||||||||||||||||
Crestmont at Thornblade | Greenville | SC | 1998 | 2018 | 24 | 266 | 97.6% | 1,286 | ||||||||||||||||||||||||
Verandas at Alamo Ranch | San Antonio | TX | 2015 | 2016 | 7 | 288 | 87.7% | 1,190 | ||||||||||||||||||||||||
Vanguard Heights | Creve Coeur | MO | 2016 | 2017 | 6 | 174 | 91.4% | 1,678 | ||||||||||||||||||||||||
Jackson Square | Tallahassee | FL | 1996 | 2017 | 26 | 242 | 94.1% | 1,325 | ||||||||||||||||||||||||
Brixworth at Bridgestreet | Huntsville | AL | 1985 | 2013 | 37 | 208 | 92.6% | 1,005 | ||||||||||||||||||||||||
Woodland Apartments | Boerne | TX | 2007 | 2017 | 15 | 120 | 96.4% | 1,201 | ||||||||||||||||||||||||
Grove at River Place | Macon | GA | 1988 | 2016 | 34 | 240 | 96.3% | 901 | ||||||||||||||||||||||||
Civic Center 1 | Southaven | MS | 2002 | 2016 | 20 | 392 | 96.7% | 1,176 | ||||||||||||||||||||||||
Civic Center 2 | Southaven | MS | 2005 | 2016 | 17 | 384 | 96.6% | 1,244 | ||||||||||||||||||||||||
Abbotts Run | Wilmington | NC | 2001 | 2020 | 21 | 264 | 96.5% | 1,171 | ||||||||||||||||||||||||
Somerset at Trussville | Trussville | AL | 2007 | 2019 | 15 | 328 | 95.0% | 1,168 | ||||||||||||||||||||||||
Magnolia Pointe | Madison | AL | 1991 | 2017 | 31 | 204 | 91.9% | 1,180 | ||||||||||||||||||||||||
Weighted Avg./Total Consolidated | 21 | 5,420 | ||||||||||||||||||||||||||||||
Properties owned by Unconsolidated Joint Ventures (1) | ||||||||||||||||||||||||||||||||
% Ownership | ||||||||||||||||||||||||||||||||
Chatham Court and Reflections (1) | Dallas | TX | 1986 | 2016 | 36 | 494 | 94.8% | $ | 1,210 | 50.0 | % | |||||||||||||||||||||
Pointe at Lenox Park | Atlanta | GA | 1989 | 2016 | 33 | 271 | 95.2% | 1,468 | 74.0 | % | ||||||||||||||||||||||
Gateway Oaks | Forney | TX | 2016 | 2016 | 6 | 313 | 96.5% | 1,353 | 50.0 | % | ||||||||||||||||||||||
Mercer Crossing | Dallas | TX | 2015 | 2017 | 7 | 509 | 93.0% | 1,658 | 50.0 | % | ||||||||||||||||||||||
Canalside Lofts | Columbia | SC | 2008 | 2017 | 14 | 374 | 91.4% | 1,384 | 32.0 | % | ||||||||||||||||||||||
Landings of Carrier Parkway | Grand Prairie | TX | 2001 | 2018 | 22 | 281 | 92.7% | 1,348 | 50.0 | % | ||||||||||||||||||||||
Canalside Sola | Columbia | SC | 2015 | 2018 | 7 | 339 | 96.3% | 1,547 | 46.2 | % | ||||||||||||||||||||||
The Village at Lakeside | Auburn | AL | 1988 | 2019 | 34 | 200 | 98.3% | 1,020 | 80.0 | % | ||||||||||||||||||||||
Weighted Avg./Total Unconsolidated | 19 | 2,781 | ||||||||||||||||||||||||||||||
Development | ||||||||||||||||||||||||||||||||
Stono Oaks (2) | Johns Island | SC | ||||||||||||||||||||||||||||||
Weighted Avg./Total Portfolio | 20 | 8,201 |
____________________________________
(1) In March 2023, the Company entered into a contract to sell Chatham Court and Reflections.
(2) Purchased a 17.45% interest in a planned 240-unit development property.
16
BRT Apartments Corp. (NYSE: BRT)
APPENDIX
17
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES AND DEFINITIONS
(dollars in thousands)
________________________________________________________________________________________
Adjusted Funds from Operations (AFFO)
BRT computes AFFO by adjusting FFO for loss on extinguishment of debt, our straight-line rent accruals, restricted stock and RSU compensation expense, fair value adjustment of mortgage debt, gain on insurance recovery, insurance recovery from casualty loss and deferred mortgage and debt costs (including, in each case as applicable, from its share of its unconsolidated joint ventures). Since the NAREIT White Paper(as described below) does not provide guidelines for computing AFFO, the computation of AFFO may vary from one REIT to another.
Combined Portfolio
Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis, and the other multifamily properties that BRT currently owns presented at 100% ownership for all periods presented.
Debt Service Coverage Ratio
Debt service coverage ratio is net operating income ("NOI") divided by total debt service and includes both consolidated and unconsolidated assets.
Funds from Operations (FFO)
BRT computes FFO in accordance with the “White Paper on Funds from Operations” issued by the National Association of Real Estate Investment Trusts (“NAREIT”) and NAREIT's related guidance. FFO is defined in the White Paper as net income (calculated in accordance with generally accepted accounting principles), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis.
Net Operating Income (NOI)
BRT computes NOI by adjusting net income (loss) to (a) add back (1) interest expense, (2) general and administrative expenses, (3) depreciation expense, (4) impairment charges, (5) provision for taxes, (6) loss on extinguishment of debt, (7) equity in loss of unconsolidated joint ventures, (8) casualty loss and (9) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate (3) gain on sale of partnership interest, (4) equity in earnings from sale of consolidated joint venture properties, (5) insurance recovery of casualty loss and (6) gain on insurance recoveries.
Pro-Rata Share
BRT's pro-rata share gives effect to its percentage equity interest in the unconsolidated joint ventures that own properties. Due to the operation of allocation/distribution provision of the joint venture agreements pursuant to which BRT participates in the ownership of these properties, BRT's share of the gain and loss on the sale of a property may be less than implied by BRT's percentage equity interest. Notwithstanding the foregoing, when referring to the number of units, average occupancy, and average rent per unit, the amount shown reflects 100% of the amount.
Same Store
Same store properties refer to stabilized properties (as described below) that we owned and operated for the entirety of periods being compared, except for properties that are under construction, in lease-up, or are undergoing development or redevelopment. We move properties previously excluded from our same store portfolio (because they were under construction, in lease up or are in development or redevelopment) into the same store designation once they have stabilized and such status has been reflected fully in all applicable periods of comparison.
Stabilized Properties
Newly constructed, lease-up, development and redevelopment properties are deemed stabilized upon the earlier to occur of the first full calendar quarter beginning (a) 12 months after the property is fully completed and put in service and (b) attainment of at least 90% physical occupancy.
Total Debt Service
Total debt service is the cash required to cover the repayment of interest and principal on a debt for a particular period. Total debt service is used in the calculation of the debt service coverage ratio which is used to determine the borrower’s ability to make debt service payments.
18
BRT Apartments Corp. (NYSE: BRT)
Consolidated Same Store Comparisons (1)
Quarters ended December 31, 2022 and 2021
(dollars in thousands, except monthly rent amounts)
_____________________________________________________________________________________________________________________
Revenues | Property Operating Expenses | NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 448 | $ | 1,906 | $ | 1,723 | 10.6 | % | $ | 852 | $ | 731 | 16.6 | % | $ | 1,054 | $ | 992 | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Florida | 276 | 1,331 | 1,213 | 9.7 | % | 480 | 511 | (6.1) | % | 851 | 702 | 21.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 192 | 778 | 704 | 10.5 | % | 446 | 282 | 58.2 | % | 332 | 422 | (21.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Ohio | 264 | 917 | 838 | 9.4 | % | 374 | 362 | 3.3 | % | 543 | 476 | 14.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Virginia | 220 | 1,139 | 1,096 | 3.9 | % | 446 | 369 | 20.9 | % | 693 | 727 | (4.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 208 | 933 | 864 | 8.0 | % | 551 | 461 | 19.5 | % | 382 | 403 | (5.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Tennessee | 402 | 2,229 | 2,056 | 8.4 | % | 1,176 | 948 | 24.1 | % | 1,053 | 1,108 | (5.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Totals | 2,010 | $ | 9,233 | $ | 8,494 | 8.7 | % | $ | 4,325 | $ | 3,664 | 18.0 | % | $ | 4,908 | $ | 4,830 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Weighted Average Occupancy | Weighted Average Monthly Rent per Occupied Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 95.0 | % | 98.5 | % | (3.6) | % | $ | 1,317 | $ | 1,152 | 14.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Florida | 95.5 | % | 97.8 | % | (2.4) | % | 1,526 | 1,326 | 15.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 92.7 | % | 97.7 | % | (5.1) | % | 1,297 | 1,088 | 19.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ohio | 97.5 | % | 97.2 | % | 0.3 | % | 1,055 | 972 | 8.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Virginia | 95.3 | % | 97.3 | % | (2.1) | % | 1,639 | 1,516 | 8.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 93.9 | % | 94.1 | % | (0.2) | % | 1,364 | 1,277 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tennessee | 94.2 | % | 96.8 | % | (2.7) | % | 1,816 | 1,626 | 11.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average | 94.9 | % | 97.2 | % | (2.4) | % | $ | 1,448 | $ | 1,293 | 12.0 | % |
_________________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and
Definitions."
19
BRT Apartments Corp. (NYSE: BRT)
Consolidated Same Store Comparisons (1)
Twelve months ended December 31, 2022 and 2021
(dollars in thousands, except monthly rent amounts)
____________________________________________________________________________________________________________________
Revenues | Property Operating Expenses | NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 448 | $ | 7,388 | $ | 6,723 | 9.9 | % | $ | 3,253 | $ | 3,002 | 8.4 | % | $ | 4,135 | $ | 3,721 | 11.1 | % | |||||||||||||||||||||||||||||||||||||||||||
Florida | 276 | 5,104 | 4,594 | 11.1 | % | 1,980 | 1,860 | 6.5 | % | 3,124 | 2,734 | 14.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 192 | 3,070 | 2,710 | 13.3 | % | 1,542 | 1,355 | 13.8 | % | 1,528 | 1,355 | 12.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Ohio | 264 | 3,564 | 3,232 | 10.3 | % | 1,443 | 1,394 | 3.5 | % | 2,121 | 1,838 | 15.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Virginia | 220 | 4,556 | 4,273 | 6.6 | % | 1,670 | 1,491 | 12.0 | % | 2,886 | 2,782 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 208 | 3,824 | 3,384 | 13.0 | % | 1,950 | 1,707 | 14.2 | % | 1,874 | 1,677 | 11.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Totals | 1,608 | $ | 27,506 | $ | 24,916 | 10.4 | % | $ | 11,838 | $ | 10,809 | 9.5 | % | $ | 15,668 | $ | 14,107 | 11.1 | % | |||||||||||||||||||||||||||||||||||||||||||
Weighted Average Occupancy | Weighted Average Monthly Rent per Occupied Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 96.9 | % | 98.1 | % | (1.2) | % | $ | 1,254 | $ | 1,124 | 11.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Florida | 96.3 | % | 98.1 | % | (1.8) | % | 1,438 | 1,250 | 15.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 95.9 | % | 97.1 | % | (1.2) | % | 1,209 | 1,042 | 16.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ohio | 97.3 | % | 97.5 | % | (0.2) | % | 1,031 | 947 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Virginia | 97.4 | % | 97.9 | % | (0.5) | % | 1,593 | 1,465 | 8.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 96.0 | % | 95.1 | % | 0.9 | % | 1,370 | 1,231 | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average | 96.7 | % | 97.5 | % | (0.8) | % | $ | 1,305 | $ | 1,167 | 11.8 | % |
________________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI
under "Non-GAAP Financial Measures and Definitions."
20
BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons (1)
Quarters ended December 31, 2022 and 2021
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)
________________________________________________________________________________________
Revenues | Property Operating Expenses | NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 1,597 | $ | 3,532 | $ | 3,169 | 11.5 | % | $ | 1,733 | $ | 1,454 | 19.2 | % | $ | 1,799 | $ | 1,715 | 4.9 | % | |||||||||||||||||||||||||||||||||||||||||||
Georgia | 271 | 926 | 847 | 9.3 | % | 491 | 363 | 35.3 | % | 434 | 483 | (10.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 713 | 1,234 | 1,186 | 4.0 | % | 404 | 385 | 4.9 | % | 830 | 801 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | 200 | 541 | 482 | 12.2 | % | 236 | 226 | 4.4 | % | 305 | 256 | 19.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Totals | 2,781 | $ | 6,233 | $ | 5,684 | 9.7 | % | $ | 2,864 | $ | 2,428 | 18.0 | % | $ | 3,368 | $ | 3,255 | 3.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Weighted Average Occupancy | Weighted Average Monthly Rent per Occupied Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 94.2 | % | 96.4 | % | (2.3) | % | $ | 1,404 | $ | 1,216 | 15.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 95.2 | % | 95.9 | % | (0.7) | % | 1,468 | 1,328 | 10.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 93.7 | % | 96.4 | % | (2.8) | % | 1,463 | 1,343 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | 98.3 | % | 97.2 | % | 1.1 | % | 1,020 | 932 | 9.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average | 94.5 | % | 96.4 | % | (2.0) | % | $ | 1,397 | $ | 1,239 | 12.8 | % |
________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial
Measures and Definitions."
21
BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons (1)
Twelve months ended December 31, 2022 and 2021
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)
_______________________________________________________________________________________
Revenues | Property Operating Expenses | NOI (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | 2022 | 2021 | % Change | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 1,597 | $ | 13,618 | $ | 12,060 | 12.9 | % | $ | 6,586 | $ | 6,107 | 7.8 | % | $ | 7,032 | $ | 5,953 | 18.1 | % | |||||||||||||||||||||||||||||||||||||||||||
Georgia | 271 | 3,526 | 3,269 | 7.9 | % | 1,660 | 1,374 | 20.8 | % | 1,866 | 1,895 | (1.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 713 | 4,855 | 4,379 | 10.9 | % | 1,749 | 1,686 | 3.7 | % | 3,106 | 2,693 | 15.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | 200 | 2,064 | 1,890 | 9.2 | % | 983 | 917 | 7.2 | % | 1,081 | 973 | 11.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Totals | 2,781 | $ | 24,063 | $ | 21,598 | 11.4 | % | $ | 10,978 | $ | 10,084 | 8.9 | % | $ | 13,085 | $ | 11,514 | 13.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Weighted Average Occupancy | Weighted Average Monthly Rent per Occupied Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 95.4 | % | 94.9 | % | 0.5 | % | $ | 1,327 | $ | 1,167 | 13.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 94.1 | % | 96.0 | % | (2.0) | % | 1,405 | 1,275 | 10.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 96.1 | % | 92.9 | % | 3.4 | % | 1,391 | 1,289 | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | 97.7 | % | 97.1 | % | 0.6 | % | 983 | 907 | 8.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average | 95.6 | % | 94.7 | % | 1.0 | % | $ | 1,326 | $ | 1,189 | 11.5 | % |
___________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial
Measures and Definitions."
22
BRT Apartments Corp. (NYSE: BRT)
Buyout NOI by State
Three and Twelve Months Ended December 31, 2022 and 2021
Assuming 100% Ownership
(dollars in thousands)
________________________________________________________________________________________
Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Consolidated | Revenues | Expenses | NOI | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||
Alabama | $ | 2,682 | $ | 1,148 | $ | 1,534 | $ | 2,522 | $ | 1,014 | $ | 1,508 | ||||||||||||||||||||||||||
Florida | 988 | 456 | 532 | 867 | 326 | 541 | ||||||||||||||||||||||||||||||||
Georgia | 705 | 374 | 331 | 628 | 313 | 315 | ||||||||||||||||||||||||||||||||
Mississippi | 2,906 | 1,156 | 1,750 | 2,677 | 789 | 1,888 | ||||||||||||||||||||||||||||||||
Missouri | 899 | 368 | 531 | 855 | 397 | 458 | ||||||||||||||||||||||||||||||||
North Carolina | 990 | 379 | 611 | 896 | 335 | 561 | ||||||||||||||||||||||||||||||||
South Carolina | 1,118 | 599 | 519 | 1,018 | 548 | 470 | ||||||||||||||||||||||||||||||||
Tennessee | 1,301 | 469 | 832 | 1,166 | 363 | 803 | ||||||||||||||||||||||||||||||||
Texas | 1,509 | 880 | 629 | 1,509 | 698 | 811 | ||||||||||||||||||||||||||||||||
Totals | $ | 13,098 | $ | 5,829 | $ | 7,269 | $ | 12,138 | $ | 4,783 | $ | 7,355 | ||||||||||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Revenues | Expenses | NOI | Revenues | Expenses | NOI | |||||||||||||||||||||||||||||||||
Alabama | $ | 10,487 | $ | 4,456 | $ | 6,031 | $ | 9,962 | $ | 4,228 | $ | 5,734 | ||||||||||||||||||||||||||
Florida | 3,818 | 1,853 | 1,965 | 3,357 | 1,604 | 1,753 | ||||||||||||||||||||||||||||||||
Georgia | 2,699 | 1,429 | 1,270 | 2,476 | 1,262 | 1,214 | ||||||||||||||||||||||||||||||||
Mississippi | 11,224 | 4,143 | 7,081 | 10,367 | 3,711 | 6,656 | ||||||||||||||||||||||||||||||||
Missouri | 3,545 | 1,479 | 2,066 | 3,464 | 1,506 | 1,958 | ||||||||||||||||||||||||||||||||
North Carolina | 3,807 | 1,496 | 2,311 | 3,362 | 1,478 | 1,884 | ||||||||||||||||||||||||||||||||
South Carolina | 4,286 | 2,103 | 2,183 | 3,828 | 2,009 | 1,819 | ||||||||||||||||||||||||||||||||
Tennessee | 4,944 | 1,893 | 3,051 | 4,503 | 1,873 | 2,630 | ||||||||||||||||||||||||||||||||
Texas | 6,250 | 3,158 | 3,092 | 5,484 | 2,820 | 2,664 | ||||||||||||||||||||||||||||||||
Totals | $ | 51,060 | $ | 22,010 | $ | 29,050 | $ | 46,803 | $ | 20,491 | $ | 26,312 |
23
BRT Apartments Corp. (NYSE: BRT)
Buyout NOI Reconciliation
Three and Twelve Months Ended December 31, 2022 and 2021
Assuming 100% Ownership
(dollars in thousands)
________________________________________________________________________________________
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net (Loss) income | $ | (4,219) | $ | (1,254) | $ | 49,955 | $ | 29,114 | ||||||||||||||||||
Less: Equity in earnings from JV | (580) | (1,825) | (66,426) | (30,774) | ||||||||||||||||||||||
Add: Net income from unconsolidated JV | 1,154 | 2,809 | 121,187 | 75,615 | ||||||||||||||||||||||
Less: Other income | — | (4) | (12) | (16) | ||||||||||||||||||||||
Add: Interest Expense | 5,520 | 1,953 | 15,514 | 6,757 | ||||||||||||||||||||||
General and administrative | 3,815 | 3,239 | 14,654 | 12,621 | ||||||||||||||||||||||
Impairment Charge | — | — | — | 520 | ||||||||||||||||||||||
Depreciation and amortization | 8,031 | 3,285 | 24,812 | 8,025 | ||||||||||||||||||||||
Provision for taxes | (155) | 51 | 821 | 206 | ||||||||||||||||||||||
Loss on Extinguishment of debt | — | 673 | 563 | 1,575 | ||||||||||||||||||||||
Unconsolidated Interest Expense | 2,507 | 6,402 | 16,269 | 30,964 | ||||||||||||||||||||||
Unconsolidated Depreciation | 2,841 | 7,172 | 17,798 | 35,636 | ||||||||||||||||||||||
Unconsolidated Loss on Extinguishment of debt | — | — | 3,491 | 9,401 | ||||||||||||||||||||||
Less: Gain on sale of real estate | — | — | (6) | (7,693) | ||||||||||||||||||||||
Gain on sale of partnership interest | — | (388) | — | (2,632) | ||||||||||||||||||||||
Insurance Recovery | — | — | — | — | ||||||||||||||||||||||
Gain on Insurance Recoveries | — | — | (62) | — | ||||||||||||||||||||||
Casualty loss | 850 | — | — | — | ||||||||||||||||||||||
Insurance recovery of casualty los | (850) | — | — | — | ||||||||||||||||||||||
Unconsolidated Impairment | 8,553 | — | 8,553 | 2,813 | ||||||||||||||||||||||
Unconsolidated Insurance Recovery | (8,553) | — | (8,553) | (2,813) | ||||||||||||||||||||||
Unconsolidated Gain on Insurance Recoveries | — | (933) | (567) | (2,179) | ||||||||||||||||||||||
Unconsolidated Gain on Sale | — | — | (118,270) | (83,984) | ||||||||||||||||||||||
Unconsolidated Other equity earnings | (32) | (33) | (121) | (54) | ||||||||||||||||||||||
Add: Net loss attributable to non-controlling interests | 37 | 34 | 144 | 136 | ||||||||||||||||||||||
Net Operating Income | 18,919 | 21,181 | 79,744 | 83,238 | ||||||||||||||||||||||
Less: Non-buyout net operating income | 11,650 | 13,826 | 50,694 | 56,926 | ||||||||||||||||||||||
Buyout Net Operating Income | $ | 7,269 | $ | 7,355 | $ | 29,050 | $ | 26,312 | ||||||||||||||||||
24
BRT Apartments Corp. (NYSE: BRT)
RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________
The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for the consolidated properties:
Consolidated | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
GAAP Net (loss) income attributable to common stockholders | $ | (4,219) | $ | (1,254) | $ | 49,955 | $ | 29,114 | ||||||||||||||||||
Less: Other Income | — | (4) | (12) | (16) | ||||||||||||||||||||||
Add: Interest expense | 5,520 | 1,953 | 15,514 | 6,757 | ||||||||||||||||||||||
General and administrative | 3,815 | 3,239 | 14,654 | 12,621 | ||||||||||||||||||||||
Depreciation and amortization | 8,031 | 3,285 | 24,812 | 8,025 | ||||||||||||||||||||||
Impairment charge | — | — | — | 520 | ||||||||||||||||||||||
Provision for taxes | (155) | 51 | 821 | 206 | ||||||||||||||||||||||
Less: Gain on sale of real estate | — | — | (6) | (7,693) | ||||||||||||||||||||||
Gain on the sale of partnership interest | — | (388) | — | (2,632) | ||||||||||||||||||||||
Add: Loss on extinguishment of debt | — | 673 | 563 | 1,575 | ||||||||||||||||||||||
Equity in (earnings) loss of unconsolidated joint venture properties | (580) | (1,825) | (1,895) | 4,208 | ||||||||||||||||||||||
Casualty loss | 850 | — | 850 | — | ||||||||||||||||||||||
Less: Equity in earnings from sale of unconsolidated joint venture properties | — | — | (64,531) | (34,982) | ||||||||||||||||||||||
Insurance recovery of casualty loss | (850) | — | (850) | — | ||||||||||||||||||||||
Gain on insurance recovery | — | — | (62) | — | ||||||||||||||||||||||
Add: Net loss attributable to non-controlling interests | 37 | 34 | 144 | 136 | ||||||||||||||||||||||
Net Operating Income | $ | 12,449 | $ | 5,764 | $ | 39,957 | $ | 17,839 | ||||||||||||||||||
Less: Non-same store and non- multi -family Net Operating Income | (7,541) | (934) | (24,289) | (3,732) | ||||||||||||||||||||||
Same store Net Operating Income | $ | 4,908 | $ | 4,830 | $ | 15,668 | $ | 14,107 |
25
BRT Apartments Corp. (NYSE: BRT)
RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________
The following tables provides a reconciliation of BRT's Equity in earnings from NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for BRT's pro rata share of the unconsolidated properties:
Unconsolidated | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
BRT equity in earnings from joint ventures | $ | 580 | $ | 1,825 | $ | 66,426 | $ | 30,774 | ||||||||||||||||||
Add: Interest expense | 1,280 | 4,229 | 9,872 | 20,196 | ||||||||||||||||||||||
Depreciation | 1,443 | 4,694 | 10,677 | 23,083 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 1,876 | 4,581 | ||||||||||||||||||||||
Impairment of assets | 1,493 | — | 1,493 | 2,010 | ||||||||||||||||||||||
Less: Gain on sale of real estate | — | — | (64,531) | (34,982) | ||||||||||||||||||||||
Other equity earnings | (32) | (32) | (121) | (53) | ||||||||||||||||||||||
Insurance recoveries | (1,493) | — | (1,493) | (2,010) | ||||||||||||||||||||||
Gain on sale of insurance recoveries | — | (648) | (428) | (1,528) | ||||||||||||||||||||||
Net Operating Income | $ | 3,271 | $ | 10,068 | $ | 23,771 | $ | 42,071 | ||||||||||||||||||
Less: Non-same store Net Operating Income | (97) | (6,813) | (10,686) | (30,557) | ||||||||||||||||||||||
Same store Net Operating Income | $ | 3,368 | $ | 3,255 | $ | 13,085 | $ | 11,514 | ||||||||||||||||||
Consolidated same store Net Operating Income | $ | 4,908 | $ | 4,830 | $ | 15,668 | $ | 14,107 | ||||||||||||||||||
Unconsolidated same store Net Operating Income | 3,368 | 3,255 | 13,085 | 11,514 | ||||||||||||||||||||||
Buyout Net Operating Income | 7,269 | 7,355 | 29,050 | 26,312 | ||||||||||||||||||||||
Combined Portfolio Net Operating Income | $ | 15,545 | $ | 15,440 | $ | 57,803 | $ | 51,933 |
26
BRT Apartments Corp. (NYSE: BRT)
2023 Guidance Reconciliation
_____________________________________________________________________________________________________________________
Guidance Reconciliation: | Low End | Mid Point | High End | |||||||||||||||||
Net income per share attributable to common stockholders | $0.09 | $0.15 | $0.20 | |||||||||||||||||
Add: depreciation of properties | 1.44 | 1.44 | 1.44 | |||||||||||||||||
Add: our share of depreciation in unconsolidated joint ventures | 0.29 | 0.29 | 0.29 | |||||||||||||||||
Deduct: gain on sale of real estate | (0.74) | (0.74) | (0.74) | |||||||||||||||||
Adjustment for non controlling interests | — | — | — | |||||||||||||||||
FFO per share of common stock (diluted) | $1.08 | $1.14 | $1.19 | |||||||||||||||||
Adjustment for: straight-line rent accruals | — | — | — | |||||||||||||||||
Add: amortization of restricted stock and RSU expense | 0.31 | 0.32 | 0.32 | |||||||||||||||||
Add: amortization of deferred mortgage and debt costs | 0.06 | 0.06 | 0.05 | |||||||||||||||||
Add: our share of amortization of deferred mortgage and debt costs from unconsolidated ventures | 0.01 | 0.01 | 0.01 | |||||||||||||||||
Add: loss on extinguishment of debt | 0.01 | 0.01 | 0.01 | |||||||||||||||||
Add: amortization of fair value adjustment for mortgage debt | 0.03 | 0.03 | 0.03 | |||||||||||||||||
Adjustments for non- controlling interests | — | — | — | |||||||||||||||||
AFFO per common share (diluted) | $1.50 | $1.57 | $1.61 |
27
BRT Apartments Corp. (NYSE: BRT)
RECONCILIATIONS
(dollars in thousands)
_____________________________________________________________________________________________________________________
The condensed income statements for the unconsolidated properties below, for the three months ended December 31, 2022, presents BRT's pro-rata information.
Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
Total | Partner Share | BRT Share | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Rental and other revenue | $ | 12,033 | $ | 5,861 | $ | 6,172 | |||||||||||||||||||||||
Total revenues | 12,033 | 5,861 | 6,172 | ||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Real estate operating expenses | 5,563 | 2,616 | 2,947 | ||||||||||||||||||||||||||
Interest expense | 2,507 | 1,227 | 1,280 | ||||||||||||||||||||||||||
Depreciation | 2,841 | 1,398 | 1,443 | ||||||||||||||||||||||||||
Total expenses | 10,911 | 5,241 | 5,670 | ||||||||||||||||||||||||||
Total revenues less total expenses | 1,122 | 620 | 502 | ||||||||||||||||||||||||||
Equity in earnings of joint ventures | 32 | (46) | 78 | ||||||||||||||||||||||||||
Impairment of assets | (8,553) | (7,060) | (1,493) | ||||||||||||||||||||||||||
Insurance recoveries | 8,553 | 7,060 | 1,493 | ||||||||||||||||||||||||||
Gain on insurance recoveries | — | — | — | ||||||||||||||||||||||||||
Gain on sale of real estate properties | — | — | — | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | ||||||||||||||||||||||||||
Net income | $ | 1,154 | $ | 574 | $ | 580 | (1) |
Three Months Ended December 31, 2021 | |||||||||||||||||||||||
Total | Partner Share | BRT Share | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other revenue | $ | 26,411 | $ | 9,171 | $ | 17,240 | |||||||||||||||||
Total revenues | 26,411 | 9,171 | 17,240 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Real estate operating expenses | 10,994 | 3,822 | 7,172 | ||||||||||||||||||||
Interest expense | 6,402 | 2,173 | 4,229 | ||||||||||||||||||||
Depreciation | 7,172 | 2,478 | 4,694 | ||||||||||||||||||||
Total expenses | 24,568 | 8,473 | 16,095 | ||||||||||||||||||||
Total revenues less total expenses | 1,843 | 698 | 1,145 | ||||||||||||||||||||
Equity in earnings of joint ventures | 33 | 1 | 32 | ||||||||||||||||||||
Impairment of assets | — | — | — | ||||||||||||||||||||
Insurance recoveries | 933 | 933 | — | ||||||||||||||||||||
Gain on insurance recoveries | — | (648) | 648 | ||||||||||||||||||||
Gain on sale of real estate properties | — | — | — | ||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | ||||||||||||||||||||
Net loss | $ | 2,809 | $ | 984 | $ | 1,825 | (1) |
(1) Reflects BRT's share as determined in accordance with GAAP - not its pro-rata share
28
BRT Apartments Corp. (NYSE: BRT)
RECONCILIATIONS
(dollars in thousands)
_____________________________________________________________________________________________________________________
The condensed income statements below present for the periods indicated a reconciliation of the information that appears in note 6 of BRT's Annual Report on Form 10-K to the BRT pro rata information presented here in this supplemental.
Twelve Months Ended December 31, 2022 | ||||||||||||||||||||
Total | Partner Share | BRT Share | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental and other revenue | $ | 72,873 | $ | 29,101 | $ | 43,772 | ||||||||||||||
Total revenues | 72,873 | 29,101 | 43,772 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Real estate operating expenses | 33,086 | 13,039 | 20,047 | |||||||||||||||||
Interest expense | 16,269 | 6,397 | 9,872 | |||||||||||||||||
Depreciation | 17,798 | 7,121 | 10,677 | |||||||||||||||||
Total expenses | 67,153 | 26,557 | 40,596 | |||||||||||||||||
Total revenues less total expenses | 5,720 | 2,544 | 3,176 | |||||||||||||||||
Equity in earnings of joint ventures | 121 | (46) | 167 | |||||||||||||||||
Impairment of assets | (8,553) | (7,060) | (1,493) | |||||||||||||||||
Insurance recoveries | 8,553 | 7,060 | 1,493 | |||||||||||||||||
Gain on insurance recoveries | 567 | 139 | 428 | |||||||||||||||||
Gain on sale of real estate properties | 118,270 | 53,739 | 64,531 | |||||||||||||||||
Loss on extinguishment of debt | (3,491) | (1,615) | (1,876) | |||||||||||||||||
Net income | $ | 121,187 | $ | 54,761 | $ | 66,426 |
Twelve Months Ended December 31, 2021 | ||||||||||||||||||||
Total | Partner Share | BRT Share | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental and other revenue | $ | 121,906 | $ | 43,384 | $ | 78,522 | ||||||||||||||
Total revenues | 121,906 | 43,384 | 78,522 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Real estate operating expenses | 56,507 | 20,056 | 36,451 | |||||||||||||||||
Interest expense | 30,964 | 10,768 | 20,196 | |||||||||||||||||
Depreciation | 35,636 | 12,553 | 23,083 | |||||||||||||||||
Total expenses | 123,107 | 43,377 | 79,730 | |||||||||||||||||
Total revenues less total expenses | (1,201) | 7 | (1,208) | |||||||||||||||||
Equity in earnings of joint ventures | 54 | 1 | 53 | |||||||||||||||||
Impairment of assets | (2,813) | (803) | (2,010) | |||||||||||||||||
Insurance recoveries | 2,813 | 803 | 2,010 | |||||||||||||||||
Gain on insurance recoveries | 2,179 | 651 | 1,528 | |||||||||||||||||
Gain on sale of real estate properties | 83,984 | 49,002 | 34,982 | |||||||||||||||||
Loss on extinguishment of debt | (9,401) | (4,820) | (4,581) | |||||||||||||||||
Net loss | $ | 75,615 | $ | 44,841 | $ | 30,774 |
29
BRT Apartments Corp. (NYSE: BRT)
Balance Sheet of Unconsolidated Joint Ventures
(dollars in thousands)
_____________________________________________________________________________________________________________________
The condensed balance sheet below at December 31, 2022, represent a reconciliation of the information that appears in note 6 of BRT's Annual Report on Form 10-K to the BRT pro rata information presented here in the supplemental. The Company held interests in unconsolidated joint ventures that own eight multi-family properties and a planned 240-unit development property (the "Unconsolidated Properties"). The condensed balance sheet below presents information regarding such properties (dollars in thousands):
December 31, 2022 | ||||||||||||||||||||
TOTAL | BRT Share | Partner Share | ||||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate properties, net of accumulated depreciation | $ | 318,304 | $ | 160,040 | $ | 158,264 | ||||||||||||||
Cash and cash equivalents | 6,591 | 3,608 | 2,983 | |||||||||||||||||
Other assets | 35,372 | 10,153 | 25,219 | |||||||||||||||||
Total Assets | $ | 360,267 | $ | 173,801 | $ | 186,466 | ||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Mortgages payable, net of deferred costs | 255,261 | 126,758 | 128,503 | |||||||||||||||||
Accounts payable and accrued liabilities | 8,222 | 4,467 | 3,755 | |||||||||||||||||
Total Liabilities | 263,483 | 131,225 | 132,258 | |||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Total unconsolidated joint venture equity | 96,784 | 42,576 | 54,208 | |||||||||||||||||
Total Liabilities and Equity | $ | 360,267 | $ | 173,801 | $ | 186,466 | ||||||||||||||
30