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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BRT Apartments Corp | NYSE:BRT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.07 | 0 | 12:00:04 |
Massachusetts
|
|
13-2755856
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
60 Cutter Mill Road, Great Neck, NY
|
|
11021
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
o
|
|
Accelerated filer
ý
|
|
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
(Do not check if a smaller reporting company)
|
|
|
Page No.
|
||
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
|
||
Item 2.
|
||
|
|
|
Item 6.
|
|
June 30,
2016 (Unaudited) |
|
September 30,
2015 |
||||
ASSETS
|
|
|
|
||||
Real estate properties, net of accumulated depreciation
and amortization of $38,024 and $34,142 |
$
|
668,985
|
|
|
$
|
591,727
|
|
|
|
|
|
||||
Real estate loan
|
19,500
|
|
|
—
|
|
||
Cash and cash equivalents
|
37,727
|
|
|
15,556
|
|
||
Restricted cash
|
6,397
|
|
|
6,518
|
|
||
Deferred costs, net
|
5,950
|
|
|
5,327
|
|
||
Deposits and escrows
|
15,442
|
|
|
12,782
|
|
||
Other assets
|
7,100
|
|
|
6,882
|
|
||
Assets of discontinued operations
|
—
|
|
|
173,228
|
|
||
Real estate asset held for sale
|
27,020
|
|
|
23,859
|
|
||
Total Assets
|
$
|
788,121
|
|
|
$
|
835,879
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Mortgages payable
|
$
|
516,617
|
|
|
$
|
456,064
|
|
Junior subordinated notes
|
37,400
|
|
|
37,400
|
|
||
Accounts payable and accrued liabilities
|
15,919
|
|
|
14,780
|
|
||
Liabilities of discontinued operations
|
—
|
|
|
148,213
|
|
||
Mortgage payable held for sale
|
27,130
|
|
|
19,248
|
|
||
Total Liabilities
|
597,066
|
|
|
675,705
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
||||
Equity:
|
|
|
|
||||
BRT Realty Trust shareholders’ equity:
|
|
|
|
||||
Preferred shares, $1 par value:
|
|
|
|
||||
Authorized 10,000 shares, none issued
|
—
|
|
|
—
|
|
||
Shares of beneficial interest, $3 par value:
|
|
|
|
||||
Authorized number of shares, unlimited, 13,240 and 13,428 issued
|
39,720
|
|
|
40,285
|
|
||
Additional paid-in capital
|
161,038
|
|
|
161,842
|
|
||
Accumulated other comprehensive loss
|
(927
|
)
|
|
(58
|
)
|
||
Accumulated deficit
|
(51,032
|
)
|
|
(79,414
|
)
|
||
Total BRT Realty Trust shareholders’ equity
|
148,799
|
|
|
122,655
|
|
||
Non-controlling interests
|
42,256
|
|
|
37,519
|
|
||
Total Equity
|
191,055
|
|
|
160,174
|
|
||
Total Liabilities and Equity
|
$
|
788,121
|
|
|
$
|
835,879
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Rental and other revenues from real estate properties
|
$
|
22,637
|
|
|
$
|
19,778
|
|
|
$
|
66,866
|
|
|
$
|
57,375
|
|
Other income
|
608
|
|
|
12
|
|
|
2,641
|
|
|
64
|
|
||||
Total revenues
|
23,245
|
|
|
19,790
|
|
|
69,507
|
|
|
57,439
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Real estate operating expenses - including $531 and $353 to related parties for the three months ended and $1,336 and $1,065 for the nine months ended
|
10,944
|
|
|
10,022
|
|
|
32,052
|
|
|
28,602
|
|
||||
Interest expense - including $86 to related party for the nine months ended June 30, 2016
|
6,014
|
|
|
4,855
|
|
|
17,594
|
|
|
14,354
|
|
||||
Advisor’s fees, related party
|
—
|
|
|
612
|
|
|
693
|
|
|
1,801
|
|
||||
Property acquisition costs - including $892 and $276 to related parties for the three months ended and $1,331 and $276 for the nine months ended
|
1,408
|
|
|
—
|
|
|
2,418
|
|
|
295
|
|
||||
General and administrative - including $47 and $57 to related party for the three months ended and $134 and $184 for the nine months ended
|
2,373
|
|
|
1,654
|
|
|
6,402
|
|
|
5,047
|
|
||||
Depreciation
|
5,871
|
|
|
4,453
|
|
|
16,487
|
|
|
12,655
|
|
||||
Total expenses
|
26,610
|
|
|
21,596
|
|
|
75,646
|
|
|
62,754
|
|
||||
Total revenue less total expenses
|
(3,365
|
)
|
|
(1,806
|
)
|
|
(6,139
|
)
|
|
(5,315
|
)
|
||||
Gain on sale of real estate
|
10,263
|
|
|
—
|
|
|
35,098
|
|
|
2,777
|
|
||||
Gain on sale of partnership interest
|
386
|
|
|
—
|
|
|
386
|
|
|
—
|
|
||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
(2,668
|
)
|
|
—
|
|
||||
Income (loss) from continuing operations
|
7,284
|
|
|
(1,806
|
)
|
|
26,677
|
|
|
(2,538
|
)
|
||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations
|
—
|
|
|
(1,702
|
)
|
|
(2,788
|
)
|
|
(4,883
|
)
|
||||
Gain on sale of partnership interest
|
—
|
|
|
—
|
|
|
15,467
|
|
|
—
|
|
||||
(Loss) income from discontinued operations
|
—
|
|
|
(1,702
|
)
|
|
12,679
|
|
|
(4,883
|
)
|
||||
Net income (loss)
|
7,284
|
|
|
(3,508
|
)
|
|
39,356
|
|
|
(7,421
|
)
|
||||
Net (income) loss attributable to non-controlling interests
|
(1,804
|
)
|
|
930
|
|
|
(10,974
|
)
|
|
1,597
|
|
||||
Net income (loss) attributable to common shareholders
|
$
|
5,480
|
|
|
$
|
(2,578
|
)
|
|
$
|
28,382
|
|
|
$
|
(5,824
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted per share amounts attributable to common shareholders:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
0.39
|
|
|
$
|
(0.13
|
)
|
|
$
|
1.00
|
|
|
$
|
(0.29
|
)
|
(Loss) income from discontinued operations
|
—
|
|
|
(0.05
|
)
|
|
1.02
|
|
|
(0.12
|
)
|
||||
Basic and diluted earnings (loss) per share
|
$
|
0.39
|
|
|
$
|
(0.18
|
)
|
|
$
|
2.02
|
|
|
$
|
(0.41
|
)
|
|
|
|
|
|
|
|
|
||||||||
Amounts attributable to BRT Realty Trust:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
5,480
|
|
|
$
|
(1,883
|
)
|
|
$
|
14,044
|
|
|
$
|
(4,069
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
(695
|
)
|
|
14,338
|
|
|
(1,755
|
)
|
||||
Net Income (loss)
|
$
|
5,480
|
|
|
$
|
(2,578
|
)
|
|
$
|
28,382
|
|
|
$
|
(5,824
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
13,932,515
|
|
|
14,101,056
|
|
|
14,055,436
|
|
|
14,144,236
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss)
|
$
|
7,284
|
|
|
$
|
(3,508
|
)
|
|
$
|
39,356
|
|
|
(7,421
|
)
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Unrealized (loss) gain on derivative instruments
|
(855
|
)
|
|
26
|
|
|
(869
|
)
|
|
(22
|
)
|
||||
Other comprehensive (loss) income
|
(855
|
)
|
|
26
|
|
|
(869
|
)
|
|
(22
|
)
|
||||
Comprehensive income (loss)
|
6,429
|
|
|
(3,482
|
)
|
|
38,487
|
|
|
(7,443
|
)
|
||||
Comprehensive income (loss) attributable to non-controlling interests
|
1,507
|
|
|
(926
|
)
|
|
10,675
|
|
|
(1,600
|
)
|
||||
Comprehensive income (loss) attributable to common shareholders
|
$
|
4,922
|
|
|
$
|
(2,556
|
)
|
|
$
|
27,812
|
|
|
$
|
(5,843
|
)
|
|
Shares of Beneficial Interest
|
|
Additional
Paid-In Capital
|
|
Accumulated
Other Comprehensive (Loss)
|
|
Accumulated Deficit
|
|
Non- Controlling Interest
|
|
Total
|
||||||||||||
Balances, September 30, 2015
|
$
|
40,285
|
|
|
$
|
161,842
|
|
|
$
|
(58
|
)
|
|
$
|
(79,414
|
)
|
|
$
|
37,519
|
|
|
$
|
160,174
|
|
Restricted stock vesting
|
390
|
|
|
(390
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Compensation expense - restricted stock and restricted stock units
|
—
|
|
|
689
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
689
|
|
||||||
Contributions from non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,639
|
|
|
22,639
|
|
||||||
Distributions to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,086
|
)
|
|
(27,086
|
)
|
||||||
Deconsolidation of joint ventures upon sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,790
|
)
|
|
(1,790
|
)
|
||||||
Shares repurchased - 318,554 shares
|
(955
|
)
|
|
(1,103
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,058
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
28,382
|
|
|
10,974
|
|
|
39,356
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(869
|
)
|
|
—
|
|
|
—
|
|
|
(869
|
)
|
||||||
Comprehensive income |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,487
|
|
||||||
Balances, June 30, 2016
|
$
|
39,720
|
|
|
$
|
161,038
|
|
|
$
|
(927
|
)
|
|
$
|
(51,032
|
)
|
|
$
|
42,256
|
|
|
$
|
191,055
|
|
|
Nine Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
39,356
|
|
|
$
|
(7,421
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
19,049
|
|
|
16,048
|
|
||
Amortization of restricted stock
|
689
|
|
|
676
|
|
||
Gain on sale of real estate
|
(35,098
|
)
|
|
(2,777
|
)
|
||
Gain on sale of partnership interest
|
(15,853
|
)
|
|
—
|
|
||
Loss on extinguishment of debt
|
2,668
|
|
|
—
|
|
||
Effect of deconsolidation of non-controlling interest
|
(1,692
|
)
|
|
—
|
|
||
Increases and decreases from changes in other assets and liabilities:
|
|
|
|
||||
(Increase) decrease in interest and dividends receivable
|
(2,212
|
)
|
|
16
|
|
||
(Increase) decrease in prepaid expenses
|
(434
|
)
|
|
(652
|
)
|
||
(Increase) decrease in deposits and escrows
|
(2,567
|
)
|
|
2,138
|
|
||
Decrease in other assets
|
2,216
|
|
|
3,996
|
|
||
Increase (decrease) in accounts payable and accrued liabilities
|
776
|
|
|
(19
|
)
|
||
Net cash provided by operating activities
|
6,898
|
|
|
12,005
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Collections from real estate loans
|
—
|
|
|
2,000
|
|
||
Additions to real estate properties
|
(189,299
|
)
|
|
(10,777
|
)
|
||
Net costs capitalized to real estate properties
|
(36,411
|
)
|
|
(45,784
|
)
|
||
Net change in restricted cash - Newark
|
(1,952
|
)
|
|
7,373
|
|
||
Net change in restricted cash - Multi Family
|
122
|
|
|
3,680
|
|
||
Purchase of non controlling interests
|
—
|
|
|
(4,679
|
)
|
||
Proceeds from the sale of real estate properties
|
166,400
|
|
|
9,604
|
|
||
Proceeds from the sale of joint venture interest
|
19,242
|
|
|
—
|
|
||
Net cash used in investing activities
|
(41,898
|
)
|
|
(38,583
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from mortgages payable
|
175,614
|
|
|
35,718
|
|
||
Increase in other borrowed funds
|
6,001
|
|
|
—
|
|
||
Mortgage payoffs
|
(112,234
|
)
|
|
(8,473
|
)
|
||
Mortgage amortization
|
(3,852
|
)
|
|
—
|
|
||
Loss on extinguishment of debt
|
(2,668
|
)
|
|
—
|
|
||
Increase in deferred borrowing costs
|
(1,932
|
)
|
|
(2,684
|
)
|
||
Capital contributions from non-controlling interests
|
22,639
|
|
|
1,419
|
|
||
Capital distribution to non-controlling interests
|
(27,085
|
)
|
|
(3,975
|
)
|
||
Proceeds from sale of New Market Tax Credits
|
2,746
|
|
|
—
|
|
||
Repurchase of shares of beneficial interest
|
(2,058
|
)
|
|
(2,422
|
)
|
||
Net cash provided by financing activities
|
57,171
|
|
|
19,583
|
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
22,171
|
|
|
(6,995
|
)
|
||
Cash and cash equivalents at beginning of period
|
15,556
|
|
|
23,181
|
|
||
Cash and cash equivalents at end of period
|
$
|
37,727
|
|
|
$
|
16,186
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
20,069
|
|
|
$
|
18,235
|
|
Taxes paid
|
$
|
632
|
|
|
$
|
131
|
|
Acquisition of real estate through assumption of debt
|
$
|
16,051
|
|
|
$
|
17,173
|
|
Real estate properties reclassified to assets held for sale
|
$
|
27,020
|
|
|
$
|
68,259
|
|
Accrued costs related to real estate property
|
$
|
—
|
|
|
$
|
3,920
|
|
Mortgage payable reclassified to held for sale
|
$
|
26,400
|
|
|
$
|
—
|
|
|
September 30, 2015 Balance |
|
Additions |
|
Capitalized Costs and Improvements |
|
Depreciation
|
|
Sales
|
|
June 30, 2016 Balance |
||||||||||||
Multi-family
|
$
|
605,040
|
|
|
$
|
205,350
|
|
|
$
|
29,225
|
|
|
$
|
(16,390
|
)
|
|
$
|
(137,688
|
)
|
|
$
|
685,537
|
|
Land - Daytona, FL
|
7,972
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
7,974
|
|
||||||
Shopping centers/Retail - Yonkers, NY
|
2,574
|
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
2,494
|
|
||||||
Total real estate properties
|
$
|
615,586
|
|
|
$
|
205,350
|
|
|
$
|
29,227
|
|
|
$
|
(16,470
|
)
|
|
$
|
(137,688
|
)
|
|
$
|
696,005
|
|
|
|
Preliminary Purchase Price Allocation
|
||
Land
|
|
$
|
18,875
|
|
Buildings and Improvements
|
|
69,688
|
|
|
Acquisition-related intangible assets
|
|
587
|
|
|
Total Consideration
|
|
$
|
89,150
|
|
|
|
Preliminary Purchase Price Allocation
|
|
Adjustments
|
|
Finalized Purchase Price Allocation
|
||||||
Land
|
|
$
|
28,556
|
|
|
$
|
(4,730
|
)
|
|
$
|
23,826
|
|
Building and improvements
|
|
181,912
|
|
|
4,087
|
|
|
185,999
|
|
|||
Acquisition-related intangible assets
|
|
332
|
|
|
643
|
|
|
975
|
|
|||
Total Consideration
|
|
$
|
210,800
|
|
|
$
|
—
|
|
|
$
|
210,800
|
|
Location
|
|
Purchase Date
|
|
No. of Units
|
|
Contract Purchase Price
|
|
Acquisition Mortgage Debt
|
|
Initial BRT Equity
|
|
Ownership Percentage
|
|
Property Acquisition Costs
|
||||||||||
N. Charleston, SC (a)
|
|
10/13/2015
|
|
271
|
|
|
$
|
3,625
|
|
|
—
|
|
|
$
|
6,558
|
|
|
65
|
%
|
|
—
|
|
||
La Grange, GA
|
|
11/18/2015
|
|
236
|
|
|
22,800
|
|
|
$
|
16,051
|
|
|
6,824
|
|
|
100
|
%
|
|
$
|
57
|
|
||
Katy, TX
|
|
1/22/2016
|
|
268
|
|
|
40,250
|
|
|
30,750
|
|
|
8,150
|
|
|
75
|
%
|
|
382
|
|
||||
Macon, GA
|
|
2/1/2016
|
|
240
|
|
|
14,525
|
|
|
11,200
|
|
|
3,250
|
|
|
80
|
%
|
|
158
|
|
||||
Southaven, MS
|
|
2/29/2016
|
|
392
|
|
|
35,000
|
|
|
28,000
|
|
|
5,856
|
|
|
60
|
%
|
|
413
|
|
||||
San Antonio, TX
|
|
5/6/2016
|
|
288
|
|
|
35,150
|
|
|
26,400
|
|
|
6,688
|
|
|
65
|
%
|
|
539
|
|
||||
Dallas, TX
|
|
5/11/2016
|
|
494
|
|
|
37,000
|
|
|
27,938
|
|
|
6,750
|
|
|
50
|
%
|
|
567
|
|
||||
Columbia, SC
|
|
5/31/2016
|
|
204
|
|
|
17,000
|
|
|
12,934
|
|
|
4,930
|
|
|
80
|
%
|
|
302
|
|
||||
|
|
|
|
2,393
|
|
|
$
|
205,350
|
|
|
$
|
153,273
|
|
|
$
|
49,006
|
|
|
|
|
$
|
2,418
|
|
Location
|
Sale
Date |
|
No. of
Units |
|
Sales Price
|
|
Gain on Sale
|
|
Non-controlling partner portion of gain
|
|||||||
New York, NY
|
10/1/2015
|
|
1
|
|
|
$
|
652
|
|
|
$
|
609
|
|
|
—
|
|
|
Cordova, TN
|
3/2/2016
|
|
464
|
|
|
31,100
|
|
|
6,764
|
|
|
$
|
2,195
|
|
||
Kennesaw, GA
|
3/15/2016
|
|
450
|
|
|
64,000
|
|
|
17,429
|
|
|
10,037
|
|
|||
Pooler, GA
|
4/6/2016
|
|
300
|
|
|
38,500
|
|
|
5,710
|
|
|
1,405
|
|
|||
Collierville, TN
|
6/1/2016
|
|
324
|
|
|
34,300
|
|
|
4,586
|
|
|
917
|
|
|||
|
|
|
1,539
|
|
|
$
|
168,552
|
|
|
$
|
35,098
|
|
|
$
|
14,554
|
|
Statement of Operations
|
||||||||||||||||
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30,
|
||||||||||||
|
|
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental and other revenue from real estate properties
|
|
$
|
—
|
|
|
$
|
1,167
|
|
|
$
|
2,437
|
|
|
$
|
3,237
|
|
Other income
|
|
—
|
|
|
268
|
|
|
444
|
|
|
798
|
|
||||
Total revenues
|
|
—
|
|
|
1,435
|
|
|
2,881
|
|
|
4,035
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Real estate operating expenses
|
|
—
|
|
|
1,402
|
|
|
2,277
|
|
|
3,545
|
|
||||
Interest expense
|
|
—
|
|
|
1,151
|
|
|
2,242
|
|
|
3,718
|
|
||||
Depreciation
|
|
—
|
|
|
584
|
|
|
1,150
|
|
|
1,655
|
|
||||
Total expense
|
|
—
|
|
|
3,137
|
|
|
5,669
|
|
|
8,918
|
|
||||
Income from discontinued operations
|
|
—
|
|
|
(1,702
|
)
|
|
(2,788
|
)
|
|
(4,883
|
)
|
||||
Gain on sale of partnership interest
|
|
—
|
|
|
—
|
|
|
15,467
|
|
|
—
|
|
||||
Discontinued operations
|
|
$
|
—
|
|
|
$
|
(1,702
|
)
|
|
$
|
12,679
|
|
|
$
|
(4,883
|
)
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||
Mortgages payable (a)
|
|
$
|
516,617
|
|
|
$
|
456,064
|
|
Junior subordinated notes
|
|
37,400
|
|
|
37,400
|
|
||
Total debt obligations
|
|
$
|
554,017
|
|
|
$
|
493,464
|
|
Location
|
|
Closing Date
|
|
Acquisition Mortgage Debt
|
|
Interest Rate
|
|
Interest only period
|
|
Maturity Date
|
|||
LaGrange, GA
|
|
11/18/15
|
|
$
|
16,051
|
|
|
4.36
|
%
|
|
-
|
|
February 2022
|
Katy, TX
|
|
1/22/16
|
|
30,750
|
|
|
4.44
|
%
|
|
60 months
|
|
February 2026
|
|
Macon, GA
|
|
2/1/16
|
|
11,200
|
|
|
4.39
|
%
|
|
24 months
|
|
February 2026
|
|
Southaven, MS
|
|
2/29/16
|
|
28,000
|
|
|
4.24
|
%
|
|
60 months
|
|
March 2026
|
|
San Antonio, TX
|
|
5/6/16
|
|
26,400
|
|
|
3.61
|
%
|
|
23 months
|
|
May 2023
|
|
Dallas, TX
|
|
5/11/16
|
|
27,938
|
|
|
4.01
|
%
|
|
24 months
|
|
May 2028
|
|
Columbia, SC
|
|
5/31/16
|
|
12,934
|
|
|
4.28
|
%
|
|
36 months
|
|
June 2026
|
|
|
|
|
|
$
|
153,273
|
|
|
|
|
|
|
|
Location
|
|
Closing Date
|
|
Supplemental Mortgage Debt
|
|
Interest Rate
|
|
Maturity Date
|
|||
Pensacola, FL
|
|
10/13/15
|
|
$
|
3,194
|
|
|
4.92
|
%
|
|
March 2022
|
Atlanta, GA
|
|
11/10/15
|
|
5,000
|
|
|
4.93
|
%
|
|
July 2021
|
|
Houston, TX
|
|
2/9/16
|
|
3,865
|
|
|
4.94
|
%
|
|
August 2021
|
|
Huntsville, AL
|
|
4/15/16
|
|
2,650
|
|
|
5.29
|
%
|
|
November 2023
|
|
|
|
|
|
$
|
14,709
|
|
|
|
|
|
|
Three Months Ended June 30, 2016
|
||||||||||
|
Multi-Family
Real Estate
|
|
Other
Assets
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and other revenues from real estate properties
|
$
|
22,281
|
|
|
$
|
356
|
|
|
$
|
22,637
|
|
Other income
|
—
|
|
|
608
|
|
|
608
|
|
|||
Total revenues
|
22,281
|
|
|
964
|
|
|
23,245
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Real estate operating expenses
|
10,789
|
|
|
155
|
|
|
10,944
|
|
|||
Interest expense
|
5,991
|
|
|
23
|
|
|
6,014
|
|
|||
Property acquisition costs
|
1,408
|
|
|
—
|
|
|
1,408
|
|
|||
General and administrative
|
2,326
|
|
|
47
|
|
|
2,373
|
|
|||
Depreciation
|
5,844
|
|
|
27
|
|
|
5,871
|
|
|||
Total expenses
|
26,358
|
|
|
252
|
|
|
26,610
|
|
|||
Total revenue less total expenses
|
(4,077
|
)
|
|
712
|
|
|
(3,365
|
)
|
|||
Gain on sale of real estate
|
10,263
|
|
|
—
|
|
|
10,263
|
|
|||
Gain on sale of partnership interest
|
386
|
|
|
—
|
|
|
386
|
|
|||
(Loss) income from continuing operations
|
6,572
|
|
|
712
|
|
|
7,284
|
|
|||
Net (income) loss attributable to non-controlling interests
|
(1,776
|
)
|
|
(28
|
)
|
|
(1,804
|
)
|
|||
Net income attributable to common shareholders before reconciling items
|
$
|
4,796
|
|
|
$
|
684
|
|
|
$
|
5,480
|
|
Reconciling adjustment:
|
|
|
|
|
|
||||||
Discontinued operations
|
|
|
|
|
—
|
|
|||||
Net income attributable to common shareholders
|
|
|
|
|
$
|
5,480
|
|
||||
Segment Assets at June 30, 2016
|
$
|
757,522
|
|
|
$
|
30,599
|
|
|
$
|
788,121
|
|
|
|
Three Months Ended June 30, 2015
|
||||||||||
|
|
Multi-Family
Real Estate
|
|
Other Assets
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental and other revenues from real estate properties
|
|
$
|
19,425
|
|
|
$
|
353
|
|
|
$
|
19,778
|
|
Other income
|
|
—
|
|
|
12
|
|
|
12
|
|
|||
Total revenues
|
|
19,425
|
|
|
365
|
|
|
19,790
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating expenses
|
|
9,875
|
|
|
147
|
|
|
10,022
|
|
|||
Interest expense
|
|
4,652
|
|
|
203
|
|
|
4,855
|
|
|||
Advisor's fee, related party
|
|
522
|
|
|
90
|
|
|
612
|
|
|||
General and administrative
|
|
1,571
|
|
|
83
|
|
|
1,654
|
|
|||
Depreciation and amortization
|
|
4,423
|
|
|
30
|
|
|
4,453
|
|
|||
Total expenses
|
|
21,043
|
|
|
553
|
|
|
21,596
|
|
|||
Total revenues less total expenses
|
|
(1,618
|
)
|
|
(188
|
)
|
|
(1,806
|
)
|
|||
|
|
|
|
|
|
|
||||||
Net (income) loss attributable to non-controlling interests
|
|
(52
|
)
|
|
982
|
|
|
930
|
|
|||
Net (loss) income attributable to common shareholders before reconciling items
|
|
$
|
(1,670
|
)
|
|
$
|
794
|
|
|
$
|
(876
|
)
|
Reconciling adjustment:
|
|
|
|
|
|
|
||||||
Discontinued operations
|
|
|
|
|
|
(1,702
|
)
|
|||||
Net loss attributable to common shareholders
|
|
|
|
|
|
$
|
(2,578
|
)
|
||||
Segment Assets at June 30, 2015
|
|
$
|
586,648
|
|
|
$
|
15,301
|
|
|
$
|
601,949
|
|
|
|
Nine Months Ended June 30, 2016
|
||||||||||
|
|
Multi-Family
Real Estate
|
|
Other Assets
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental and other revenues from real estate properties
|
|
$
|
65,836
|
|
|
$
|
1,030
|
|
|
$
|
66,866
|
|
Other income
|
|
—
|
|
|
2,641
|
|
|
2,641
|
|
|||
Total revenues
|
|
65,836
|
|
|
3,671
|
|
|
69,507
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating expenses
|
|
31,604
|
|
|
448
|
|
|
32,052
|
|
|||
Interest expense
|
|
17,478
|
|
|
116
|
|
|
17,594
|
|
|||
Advisor's fee, related party
|
|
593
|
|
|
100
|
|
|
693
|
|
|||
Property acquisition costs
|
|
2,418
|
|
|
—
|
|
|
2,418
|
|
|||
General and administrative
|
|
6,221
|
|
|
181
|
|
|
6,402
|
|
|||
Depreciation
|
|
16,407
|
|
|
80
|
|
|
16,487
|
|
|||
Total expenses
|
|
74,721
|
|
|
925
|
|
|
75,646
|
|
|||
Total revenue less total expenses
|
|
(8,885
|
)
|
|
2,746
|
|
|
(6,139
|
)
|
|||
Gain on sale of real estate
|
|
34,489
|
|
|
609
|
|
|
35,098
|
|
|||
Gain on sale of partnership interest
|
|
386
|
|
|
—
|
|
|
386
|
|
|||
Loss on extinguishment of debt
|
|
(2,668
|
)
|
|
—
|
|
|
(2,668
|
)
|
|||
Income from continuing operations
|
|
23,322
|
|
|
3,355
|
|
|
26,677
|
|
|||
|
|
|
|
|
|
|
||||||
Net (income) loss attributable to non-controlling interests
|
|
(12,555
|
)
|
|
1,581
|
|
|
(10,974
|
)
|
|||
Net income attributable to common shareholders before reconciling items
|
|
$
|
10,767
|
|
|
$
|
4,936
|
|
|
$
|
15,703
|
|
Reconciling adjustment:
|
|
|
|
|
|
|
||||||
Discontinued operations
|
|
|
|
|
|
12,679
|
|
|||||
Net income attributable to common shareholders
|
|
|
|
|
|
$
|
28,382
|
|
||||
Segment Assets at June 30, 2016
|
|
$
|
757,522
|
|
|
$
|
30,599
|
|
|
$
|
788,121
|
|
|
|
Nine Months Ended June 30, 2015
|
||||||||||
|
|
Multi-Family
Real Estate
|
|
Other
Real Estate
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
Rental and other revenues from real estate properties
|
|
$
|
56,382
|
|
|
$
|
993
|
|
|
$
|
57,375
|
|
Other income
|
|
—
|
|
|
64
|
|
|
64
|
|
|||
Total revenues
|
|
56,382
|
|
|
1,057
|
|
|
57,439
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating expenses
|
|
28,195
|
|
|
407
|
|
|
28,602
|
|
|||
Interest expense
|
|
14,047
|
|
|
307
|
|
|
14,354
|
|
|||
Advisor's fee, related party
|
|
1,525
|
|
|
276
|
|
|
1,801
|
|
|||
Property acquisition costs
|
|
295
|
|
|
—
|
|
|
295
|
|
|||
General and administrative
|
|
4,760
|
|
|
287
|
|
|
5,047
|
|
|||
Depreciation
|
|
12,567
|
|
|
88
|
|
|
12,655
|
|
|||
Total expenses
|
|
61,389
|
|
|
1,365
|
|
|
62,754
|
|
|||
Total revenue less total expenses
|
|
(5,007
|
)
|
|
(308
|
)
|
|
(5,315
|
)
|
|||
Gain on sale of real estate
|
|
2,777
|
|
|
—
|
|
|
2,777
|
|
|||
Income from continuing operations
|
|
(2,230
|
)
|
|
(308
|
)
|
|
(2,538
|
)
|
|||
|
|
|
|
|
|
|
||||||
Net (income) loss attributable to non-controlling interests
|
|
(1,067
|
)
|
|
2,664
|
|
|
1,597
|
|
|||
Net (loss) income attributable to common shareholders before reconciling items
|
|
$
|
(3,297
|
)
|
|
$
|
2,356
|
|
|
$
|
(941
|
)
|
Reconciling adjustment:
|
|
|
|
|
|
|
||||||
Discontinued operations
|
|
|
|
|
|
(4,883
|
)
|
|||||
Net loss attributable to common shareholders
|
|
|
|
|
|
$
|
(5,824
|
)
|
||||
Segment Assets at June 30, 2015
|
|
$
|
586,648
|
|
|
$
|
15,301
|
|
|
$
|
601,949
|
|
|
Carrying and Fair Value
|
|
Fair Value Measurements
Using Fair Value Hierarchy
|
|||||||
|
|
Level 1
|
|
Level 2
|
||||||
Financial Liabilities:
|
|
|
|
|
|
|||||
Interest rate swaps
|
$
|
928
|
|
|
—
|
|
|
$
|
928
|
|
Interest Rate Derivative
|
|
Notional Amount
|
|
Rate
|
|
Maturity
|
|||
Interest rate swap
|
|
$
|
1,586
|
|
|
5.25
|
%
|
|
April 1, 2022
|
Interest rate swap
|
|
$
|
26,400
|
|
|
3.61
|
%
|
|
May 6, 2023
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Amount of loss recognized on derivative in Other Comprehensive Income (loss)
|
|
$
|
(906
|
)
|
|
$
|
18
|
|
|
$
|
(935
|
)
|
|
$
|
(47
|
)
|
Amount of loss reclassified from Accumulated
Other Comprehensive Income (loss) into Interest Expense
|
|
$
|
(50
|
)
|
|
$
|
(8
|
)
|
|
$
|
(65
|
)
|
|
$
|
(25
|
)
|
|
|
Three Months Ended
June 30, |
|
|
|
|
|||||||||
(Dollars in thousands):
|
|
2016
|
|
2015
|
|
Increase
|
|
%
Change
|
|||||||
Rental and other revenues from real estate properties
|
|
$
|
22,637
|
|
|
$
|
19,778
|
|
|
$
|
2,859
|
|
|
14.5
|
%
|
Other income
|
|
608
|
|
|
12
|
|
|
596
|
|
|
N/M
|
|
|||
Total revenues
|
|
$
|
23,245
|
|
|
$
|
19,790
|
|
|
$
|
3,455
|
|
|
17.5
|
%
|
•
|
$1.3 million from three properties acquired in the three months ended
June 30, 2016
,
|
•
|
$5.8 million from seven properties acquired during the nine months ended March 31, 2016,
|
•
|
$483,000 from same store properties due primarily to a net increase in rental rates at several of our multi-family properties, and
|
•
|
$825,000 from the Southridge, SC property at which construction is complete and lease up activities are ongoing. As of March 31, 2016 and June 30, 2016, the occupancy at this property was 55% and 73%, respectively.
|
|
|
Three Months Ended
June 30, |
|
|
|
|
|||||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
|
Increase
(Decrease)
|
|
% Change
|
|||||||
Real estate operating expenses
|
|
10,944
|
|
|
10,022
|
|
|
$
|
922
|
|
|
9.2
|
%
|
||
Interest expense
|
|
6,014
|
|
|
4,855
|
|
|
1,159
|
|
|
23.9
|
%
|
|||
Advisor’s fees, related party
|
|
—
|
|
|
612
|
|
|
(612
|
)
|
|
(100.0
|
)%
|
|||
Property acquisition costs
|
|
1,408
|
|
|
—
|
|
|
1,408
|
|
|
N/M
|
|
|||
General and administrative
|
|
2,373
|
|
|
1,654
|
|
|
719
|
|
|
43.5
|
%
|
|||
Depreciation
|
|
5,871
|
|
|
4,453
|
|
|
1,418
|
|
|
31.8
|
%
|
|||
Total expenses
|
|
$
|
26,610
|
|
|
$
|
21,596
|
|
|
$
|
5,014
|
|
|
23.2
|
%
|
•
|
$2.6 million from seven properties acquired during the nine months ended March 31, 2016,
|
•
|
$611,000 from three properties acquired in the three months ended
June 30, 2016
,
|
•
|
$325,000 from the Southridge, SC property which began phasing in operations in April 2015, and
|
•
|
$125,000 from same store properties due to a net increase in repairs and maintenance at several properties.
|
•
|
$1.8 million from mortgages on seven properties acquired during the six months ended March 31, 2016
|
•
|
$344,000 is due to the mortgages on three properties acquired in the three months ended ended
June 30, 2016
,
|
•
|
$295,000 from six properties that obtained supplemental debt, and
|
•
|
$218,000 for the Southridge, SC property as we ceased capitalizing interest on buildings that were completed.
|
•
|
$2.2 million from seven properties acquired during the nine months ended March 31, 2016
|
•
|
$413,000 from three properties acquired during the three months ended
June 30, 2016
, and
|
•
|
$175,000 due to the commencement of depreciation upon completion of certain buildings at the Southridge, SC property.
|
|
|
Nine Months Ended
June 30,
|
|
|
|
|
|||||||||
(Dollars in thousands):
|
|
2016
|
|
2015
|
|
Increase
|
|
%
Change
|
|||||||
Rental and other revenues from real estate properties
|
|
$
|
66,866
|
|
|
$
|
57,375
|
|
|
$
|
9,491
|
|
|
16.5
|
%
|
Other income
|
|
2,641
|
|
|
64
|
|
|
2,577
|
|
|
N/M
|
|
|||
Total revenues
|
|
$
|
69,507
|
|
|
$
|
57,439
|
|
|
$
|
12,068
|
|
|
21.0
|
%
|
•
|
$9.1 million from the inclusion, for the full
nine
months, of four multi-family properties that were only owned for a portion of the corresponding period in the prior year,
|
•
|
$6.5 million from seven stabilized multi-family properties acquired in the nine months ended
June 30, 2016
,
|
•
|
$2.0 million from the Southridge ,SC property as a result of commencement of lease up activities in April 2015, and
|
•
|
$1.7 million from same store operations due primarily to a net increase in rental rates at several of our multi-family properties.
|
|
|
Nine Months Ended
June 30, |
|
|
|
|
|||||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
|
Increase
(Decrease)
|
|
% Change
|
|||||||
Real estate operating expenses
|
|
$
|
32,052
|
|
|
$
|
28,602
|
|
|
$
|
3,450
|
|
|
12.1
|
%
|
Interest expense
|
|
17,594
|
|
|
14,354
|
|
|
3,240
|
|
|
22.6
|
%
|
|||
Advisor’s fees, related party
|
|
693
|
|
|
1,801
|
|
|
(1,108
|
)
|
|
(61.5
|
)%
|
|||
Property acquisition costs
|
|
2,418
|
|
|
295
|
|
|
2,123
|
|
|
719.7
|
%
|
|||
General and administrative
|
|
6,402
|
|
|
5,047
|
|
|
1,355
|
|
|
26.8
|
%
|
|||
Depreciation
|
|
16,487
|
|
|
12,655
|
|
|
3,832
|
|
|
30.3
|
%
|
|||
Total expenses
|
|
$
|
75,646
|
|
|
$
|
62,754
|
|
|
$
|
12,892
|
|
|
|
•
|
$4.4 million from the inclusion, for the full
nine
months ended
June 30,
2016, of four multi-family properties that were owned for a portion of the corresponding period in the prior year,
|
•
|
$2.8 million from seven stabilized multi-family properties acquired in the nine months ended
June 30, 2016
,
|
•
|
$804,000 at the Southridge development which commenced operations in April 2015, and
|
•
|
$370,000 from same store operations as a result of increases in repairs and maintenance and real estate taxes at several properties.
|
•
|
$2.7 million from the inclusion, for the full
nine
months ended
June 30,
2016, of interest expense of four multi-family properties that were owned for a portion of the corresponding period in the prior year,
|
•
|
$2.0 million is due to the mortgages on the seven multi-family properties acquired in the nine months ended
June 30, 2016
, and
|
•
|
$622,000 from five properties that obtained supplemental debt, and
|
•
|
$392,000 from the Southridge, SC property as we ceased capitalizing interest as buildings were completed.
|
•
|
$3.7 million from the inclusion, for the full
nine
months ended
June 30,
2016, of depreciation from four multi-family properties that were only owned for a portion of the corresponding period in the prior year.,
|
•
|
$1.8 million from the seven multi-family properties acquired during the nine months ended
June 30, 2016
,
|
•
|
$695,000 from the finalization of purchase price allocations with respect to properties acquired in the nine months ended
June 30, 2016
, and
|
•
|
$764,000 due to completion of buildings at our Southridge, SC property.
|
|
Nine Months Ended
June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flow from operating activities
|
$
|
6,898
|
|
|
$
|
12,005
|
|
Cash flow used in investing activities
|
(41,898
|
)
|
|
(38,583
|
)
|
||
Cash flow from financing activities
|
57,171
|
|
|
19,583
|
|
||
Net change in cash and cash equivalents
|
22,171
|
|
|
(6,995
|
)
|
||
Cash and cash equivalents a beginning of year
|
15,556
|
|
|
23,181
|
|
||
Cash and cash equivalents at end of year
|
$
|
37,727
|
|
|
$
|
16,186
|
|
|
|
Three Months Ended
June 30,
|
|
Nine Months Ended
June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
GAAP Net income (loss) attributable to common shareholders
|
|
$
|
5,480
|
|
|
$
|
(2,578
|
)
|
|
$
|
28,382
|
|
|
$
|
(5,824
|
)
|
Add: depreciation of properties
|
|
5,871
|
|
|
5,033
|
|
|
17,636
|
|
|
14,299
|
|
||||
Add: our share of depreciation in unconsolidated joint ventures
|
|
5
|
|
|
5
|
|
|
15
|
|
|
15
|
|
||||
Add: amortization of deferred leasing costs
|
|
—
|
|
|
16
|
|
|
15
|
|
|
47
|
|
||||
Deduct: gains on sale of real estate and partnership interest
|
|
(10,649
|
)
|
|
—
|
|
|
(50,951
|
)
|
|
(2,777
|
)
|
||||
Adjustments for non-controlling interests
|
|
655
|
|
|
(1,209
|
)
|
|
10,093
|
|
|
(2,233
|
)
|
||||
NAREIT Funds from operations attributable to common shareholders
|
|
1,362
|
|
|
1,267
|
|
|
5,190
|
|
|
3,527
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Adjustments for: straight line rent accruals
|
|
(1
|
)
|
|
(117
|
)
|
|
(130
|
)
|
|
(318
|
)
|
||||
Add: amortization of restricted stock and restricted stock units
|
|
271
|
|
|
232
|
|
|
689
|
|
|
676
|
|
||||
Add: amortization of deferred mortgage costs
|
|
248
|
|
|
514
|
|
|
1,416
|
|
|
1,723
|
|
||||
Adjustments for non-controlling interests
|
|
(50
|
)
|
|
(149
|
)
|
|
(432
|
)
|
|
(549
|
)
|
||||
Adjusted funds from operations attributable to common shareholders
|
|
$
|
1,830
|
|
|
$
|
1,747
|
|
|
$
|
6,733
|
|
|
$
|
5,059
|
|
|
|
Three Months Ended
June 30,
|
|
Nine Months Ended
June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
GAAP Net income (loss) attributable to common shareholders
|
|
$
|
0.39
|
|
|
$
|
(0.18
|
)
|
|
$
|
2.02
|
|
|
$
|
(0.41
|
)
|
Add: depreciation of properties
|
|
0.42
|
|
|
0.36
|
|
|
1.25
|
|
|
1.01
|
|
||||
Add: our share of depreciation in unconsolidated joint ventures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Add: amortization of deferred leasing costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Deduct: gain on sale of real estate and partnership interest
|
|
(0.76
|
)
|
|
—
|
|
|
(3.62
|
)
|
|
(0.20
|
)
|
||||
Adjustment for non-controlling interests
|
|
0.05
|
|
|
(0.09
|
)
|
|
0.72
|
|
|
(0.07
|
)
|
||||
NAREIT Funds from operations attributable to common shareholders
|
|
0.10
|
|
|
0.09
|
|
|
0.37
|
|
|
0.33
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Adjustments for: straight line rent accruals
|
|
—
|
|
|
(0.01
|
)
|
|
(0.01
|
)
|
|
(0.02
|
)
|
||||
Add: amortization of restricted stock and restricted stock units
|
|
0.02
|
|
|
0.02
|
|
|
0.05
|
|
|
0.05
|
|
||||
Add: amortization of deferred mortgage costs
|
|
0.02
|
|
|
0.04
|
|
|
0.10
|
|
|
0.12
|
|
||||
Adjustments for non-controlling interests
|
|
—
|
|
|
(0.01
|
)
|
|
(0.03
|
)
|
|
(0.04
|
)
|
||||
Adjusted funds from operations attributable to common shareholders
|
|
$
|
0.14
|
|
|
$
|
0.13
|
|
|
$
|
0.48
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
•
|
should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;
|
•
|
have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
|
•
|
may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and
|
•
|
were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time.
|
Exhibit
No.
|
|
Title of Exhibits
|
31.1
|
|
Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002
|
31.2
|
|
Certification of Senior Vice President—Finance pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002
|
31.3
|
|
Certification of Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002
|
32.1
|
|
Certification of President and Chief Executive Officer pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
|
32.2
|
|
Certification of Senior Vice President—Finance pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
|
32.3
|
|
Certification of Vice President and Chief Financial Officer pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
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101.INS
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XBRL Instance Document
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101.SCH
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|
XBRL Taxonomy Extension Schema Document
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101.CAL
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|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
|
|
XBRL Taxonomy Extension Definition Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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|
August 9, 2016
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/s/ Jeffrey A. Gould
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|
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Jeffrey A. Gould, President and
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Chief Executive Officer
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|
|
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|
|
|
|
|
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August 9, 2016
|
/s/ George Zweier
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George Zweier, Vice President
|
|
|
and Chief Financial Officer
|
|
|
(principal financial officer)
|
|
1 Year BRT Apartments Chart |
1 Month BRT Apartments Chart |
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