Fri, Sep 20, 9:12 PM (91 days ago)
Belpointe PREP, LLC's Amendment No. 1 to its Form 10-K for the fiscal year ending December 31, 2023, primarily updates certification language without altering financial disclosures or events. The company reported a significant increase in rental revenue by 62% to $2.25 million, driven by new acquisitions and lease adjustments. However, total expenses surged 53% to $16.64 million, attributed to property expenses, general administrative costs, and a $4.06 million impairment charge. Consequently, the net loss escalated by 74% to $14.36 million, resulting in a loss per Class A unit of $4.04. The firm remains focused on investing in commercial real estate within qualified opportunity zones, maintaining at least 90% of its assets in such properties. As of December 31, 2023, total assets were valued at $382.12 million, with liabilities of $57.05 million, reflecting a debt strategy aimed at leveraging investments. Future outlooks are cautious due to economic uncertainties, including rising interest rates and inflation, which could affect investment performance and financing conditions. The company emphasizes risk management and operational oversight, with ongoing strategies to optimize its portfolio and financial structure.