Thu, Nov 7, 9:54 PM (243 days ago)
BRT Apartments Corp. (BRT), reported its Q3 2024 financial results, showing a slight revenue increase of 2.3% to $24,396,000 compared to Q3 2023. Rental revenue rose 2.8% despite rent concessions impacting net income, which fell to a loss of $2,205,000 from a loss of $1,494,000 in the prior year. Total expenses increased by 1.9% to $27,242,000, driven by higher real estate operating costs and interest expenses, particularly related to new mortgage financing. For the nine months ended September 30, 2024, revenue rose 2.2% to $71,661,000, while net income dropped significantly to a loss of $7,721,000 from a profit of $5,610,000 in the previous year, primarily due to the absence of prior gains from property sales and lower equity earnings from joint ventures. The company maintains a robust liquidity position with $67.5 million available, including a $40 million credit facility. However, challenges persist, including competitive pressures on rental rates and rising operational costs. Future operations may be impacted by economic uncertainties and the need for refinancing upcoming balloon payments. The company declared a quarterly dividend of $0.25 per share, reaffirming its commitment to maintaining REIT status.