BRT Apartments (BRT) 8-K BRT Apartments Corp. Provides Update

Exhibit 99.2

BRT APARTMENTS CORP. AND SUBSIDIARES 

CONSOLIDATED BALANCE SHEETS 

SEPTEMBER 30, 2019 

(Unaudited) 

(Amounts in thousands, except per share data)

							Proposed
	As reported			Adjustments			Restatement
ASSETS
Real estate properties net of accumulated depreciation	$	1,112,896		$	(195,867	)	$	917,029
Real estate loan		4,300			-			4,300
Cash and cash equivalents		18,466			(2,620	)		15,846
Restricted cash		10,789			-			10,789
Deposits and escrows		19,916			(2,927	)		16,989
Investments in unconsolidated joint ventures		18,020			32,165			50,185
Other assets		8,210			(506	)		7,704
Total Assets	$	1,192,597		$	(169,755	)	$	1,022,842
LIABILITIES AND EQUITY
Liabilities:
Mortgage payable, net of deferred costs		844,597			(139,569	)		705,028
Junior subordinated notes, net of deferred fees		37,058			-			37,058
Credit facility, net of deferred costs		3,530			-			3,530
Accounts payable and accrued liabilities		32,285			(3,582	)		28,703
Total Liabilities		917,470			(143,151	)		774,319
Commitments and contingencies
Equity:
BRT Apartments Corp. stockholders’ equity:
Preferred shares $.01 pa value 2,000 shares authorized, none outstanding		-			-			-
Common stock, $.01 par value, 300,000 shares authorized; 15,227 shares outstanding		152			-			152
Additional paid-in-capital		218,817			-			218,817
Accumulated other comprehensive loss		(75	)		-			(75	)
Accumulated deficit		(35,331	)		-			(35,331	)
Total BRT Apartments Corp. stockholders’ equity		183,563			-			183,563
Non-controlling interests		91,564			(26,604	)		64,960
Total Equity		275,127			(26,604	)		248,523
Total Liabilities and equity	$	1,192,597		$	(169,755	)	$	1,022,842

BRT APARTMENTS CORP. AND SUBSIDIARES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2018

(Unaudited)

(Amounts in thousands, except per share data)

							Proposed
	As reported			Adjustments			Restatement
ASSETS
Real estate properties net of accumulated depreciation	$	1,029,239		$	(151,293	)	$	877,946
Real estate loan		4,750			-			4,750
Cash and cash equivalents		32,428			(3,535	)		28,893
Restricted cash		8,180			-			8,180
Deposits and escrows		21,268			(1,522	)		19,746
Investments in unconsolidated joint ventures		19,758			24,274			44,032
Other assets		8,084			(250	)		7,834
Total Assets	$	1,123,707		$	(132,326	)	$	991,381
LIABILITIES AND EQUITY
Liabilities:
Mortgage payable, net of deferred costs		771,817			(106,486	)		665,331
Junior subordinated notes, net of deferred fees		37,043			-			37,043
Credit facility, net of deferred costs		-			-			-
Accounts payable and accrued liabilities		24,487			(1,565	)		22,922
Total Liabilities		833,347			(108,051	)		725,296
Commitments and contingencies
Equity:
BRT Apartments Corp. stockholders’ equity:
Preferred shares $.01 pa value 2,000 shares authorized, none outstanding		-			-			-
Common stock, $.01 par value, 300,000 shares authorized; 15,038 shares outstanding		150			-			150
Additional paid-in-capital		216,981			-			216,981
Accumulated other comprehensive loss		1,688			-			1,688
Accumulated deficit		(20,044	)		-			(20,044	)
Total BRT Apartments Corp. stockholders’ equity		198,775			-			198,775
Non-controlling interests		91,585			(24,275	)		67,310
Total Equity		290,360			(24,275	)		266,085
Total Liabilities and equity	$	1,123,707		$	(132,326	)	$	991,381

2

BRT APARTMENTS CORP. AND SUBSIDIARES 

CONSOLIDATED STATEMENT OF OPERATIONS 

NINE MONTHS ENDED SEPTEMBER 30, 2019 

(Unaudited) 

(Dollars in thousands)

							Proposed
	As reported			Adjustments			Restatement
Revenues
Rental Revenue	$	97,507		$	(14,704	)	$	82,803
Other Income		595			-			595
Total revenues		98,102			(14,704	)		83,398
Expenses:
Real estate operating expenses		47,195			(6,563	)		40,632
Interest expense		28,353			(3,942	)		24,411
General and administrative		7,455			-			7,455
Depreciation		29,914			(5,369	)		24,545
Total expenses		112,917			(15,874	)		97,043
Total revenues less total expenses		(14,815	)		1,170			(13,645	)
Equity in loss of unconsolidated joint ventures		(643	)		(669	)		(1,312	)
Gain on sale of real estate		9,938			-			9,938
Gain on insurance recoveries		517			-			517
Loss on extinguishment of debt		(1,766	)		-			(1,766	)
(Loss) income from continuing operations		(6,769	)		501			(6,268	)
Income tax provision		219			-			219
Net (loss) income from continuing operations, net of taxes		(6,988	)		501			(6,487	)
Net loss (income) attributable to non-controlling interests		1,696			(501	)		1,195
Net loss attributable to common stockholders	$	(5,292	)	$	-		$	(5,292	)
Weighted average number of shares of common stock outstanding:
Basic and diluted		15,900,362			-			15,900,362
Per share amounts attributable to common stockholders:
Basic and diluted	$	(0.33	)	$	-		$	(0.33	)

3

BRT APARTMENTS CORP. AND SUBSIDIARES

CONSOLIDATED STATEMENT OF OPERATIONS

TWELVE MONTHS ENDED DECEMBER 31, 2018

(Unaudited)

(Dollars in thousands)

	December 31, 2018			Adjustments			Proposed Restatement
Revenues
Rental Revenue	$	121,926		$	(14,045	)	$	107,881
Other Income		799			-			799
Total revenues		122,725			(14,045	)		108,680
Expenses:
Real estate operating expenses		59,542			(6,123	)		53,419
Interest expense		35,355			(4,192	)		31,163
General and administrative		9,383			-			9,383
Depreciation		40,048			(7,115	)		32,933
Total expenses		144,328			(17,430	)		126,898
Total revenues less total expenses		(21,603	)		3,385			(18,218	)
Equity in loss of unconsolidated joint ventures		(488	)		(1,694	)		(2,182	)
Gain on sale of real estate		71,919			-			71,919
Gain on insurance recoveries		6,083			-			6,083
Loss on extinguishment of debt		(800	)		-			(800	)
Income from continuing operations		55,111			1,691			56,802
Income tax provision		2			-			2
Net income from continuing operations, net of taxes		55,109			1,691			56,800
Net (income) attributable to non-controlling interests		(29,614	)		(1,691	)		(31,305	)
Net income attributable to common stockholders	$	25,495		$	-		$	25,495
Weighted average number of shares of common stock outstanding:
Basic		15,014,385			-			15,014,385
Diluted		15,214,385			-			15,214,385
Per share amounts attributable to common stockholders:
Basic	$	1.70		$	-		$	1.70
Diluted	$	1.68		$	-		$	1.68

4