We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.22% | 18.48 | 18.76 | 18.3401 | 18.76 | 25,264 | 01:00:00 |
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.
|
|
|
|
|
||||
|
December 31,
2016 (Unaudited) |
|
September 30,
2016 |
||||
ASSETS
|
|
|
|
||||
Real estate properties, net of accumulated depreciation
and amortization of $45,371 and $41,995 |
$
|
746,183
|
|
|
$
|
759,576
|
|
Real estate loan
|
5,900
|
|
|
19,500
|
|
||
Cash and cash equivalents
|
51,231
|
|
|
27,399
|
|
||
Restricted cash
|
6,683
|
|
|
7,383
|
|
||
Deposits and escrows
|
18,283
|
|
|
18,972
|
|
||
Investment in unconsolidated joint ventures
|
14,672
|
|
|
298
|
|
||
Other assets
|
6,122
|
|
|
7,775
|
|
||
Real estate properties held for sale
|
—
|
|
|
33,996
|
|
||
Total Assets
|
$
|
849,074
|
|
|
$
|
874,899
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Mortgages payable, net of deferred costs of $5,191 and $5,873
|
$
|
573,577
|
|
|
$
|
588,457
|
|
Junior subordinated notes, net of deferred costs of $397 and $402
|
37,003
|
|
|
36,998
|
|
||
Accounts payable and accrued liabilities
|
18,873
|
|
|
20,716
|
|
||
Mortgage payable held for sale
|
—
|
|
|
27,052
|
|
||
Total Liabilities
|
629,453
|
|
|
673,223
|
|
||
|
|
|
|
||||
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, 13,231 and 13,232 issued
|
39,693
|
|
|
39,696
|
|
||
Additional paid-in capital
|
161,639
|
|
|
161,321
|
|
||
Accumulated other comprehensive income (loss)
|
1,666
|
|
|
(1,602
|
)
|
||
Accumulated deficit
|
(32,355
|
)
|
|
(48,125
|
)
|
||
Total BRT Realty Trust shareholders’ equity
|
170,643
|
|
|
151,290
|
|
||
Non-controlling interests
|
48,978
|
|
|
50,386
|
|
||
Total Equity
|
219,621
|
|
|
201,676
|
|
||
Total Liabilities and Equity
|
$
|
849,074
|
|
|
$
|
874,899
|
|
|
Three Months Ended
December 31, |
||||||
|
|||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Rental and other revenues from real estate properties
|
$
|
25,029
|
|
|
$
|
22,319
|
|
Other income
|
611
|
|
|
7
|
|
||
Total revenues
|
25,640
|
|
|
22,326
|
|
||
Expenses:
|
|
|
|
||||
Real estate operating expenses - including $610 and $433 to related parties
|
12,446
|
|
|
11,094
|
|
||
Interest expense - including $0 and $24 to related party
|
6,687
|
|
|
5,531
|
|
||
Advisor’s fees, related party
|
—
|
|
|
693
|
|
||
Property acquisition costs
|
—
|
|
|
57
|
|
||
General and administrative - including $79 and $26 to related parties
|
2,597
|
|
|
1,749
|
|
||
Provision for Federal tax
|
350
|
|
|
—
|
|
||
Depreciation
|
6,297
|
|
|
4,984
|
|
||
Total expenses
|
28,377
|
|
|
24,108
|
|
||
Total revenue less total expenses
|
(2,737
|
)
|
|
(1,782
|
)
|
||
Gain on sale of real estate
|
35,838
|
|
|
609
|
|
||
Loss on extinguishment of debt
|
(799
|
)
|
|
—
|
|
||
Income (loss) from continuing operations
|
32,302
|
|
|
(1,173
|
)
|
||
Loss from discontinued operations
|
—
|
|
|
(1,600
|
)
|
||
Net income (loss)
|
32,302
|
|
|
(2,773
|
)
|
||
Net (income) loss attributable to non-controlling interests
|
(16,532
|
)
|
|
739
|
|
||
Net income (loss) attributable to common shareholders
|
$
|
15,770
|
|
|
$
|
(2,034
|
)
|
|
|
|
|
||||
Basic and diluted per share amounts attributable to common shareholders:
|
|
|
|
||||
Income (loss) from continuing operations
|
$
|
1.13
|
|
|
$
|
(0.09
|
)
|
Loss from discontinued operations
|
—
|
|
|
(0.05
|
)
|
||
Basic and diluted earnings (loss) per share
|
$
|
1.13
|
|
|
$
|
(0.14
|
)
|
|
|
|
|
||||
Amounts attributable to BRT Realty Trust:
|
|
|
|
||||
Income (loss) from continuing operations
|
$
|
15,770
|
|
|
$
|
(1,393
|
)
|
Loss from discontinued operations
|
—
|
|
|
(641
|
)
|
||
Net Income (loss)
|
$
|
15,770
|
|
|
$
|
(2,034
|
)
|
|
|
|
|
||||
Weighted average number of common shares outstanding:
|
|
|
|
||||
Basic and diluted
|
13,898,626
|
|
|
14,101,056
|
|
|
Three Months Ended
December 31, |
||||||
|
|||||||
|
2016
|
|
2015
|
||||
Net income (loss)
|
$
|
32,302
|
|
|
$
|
(2,773
|
)
|
Other comprehensive income:
|
|
|
|
||||
Unrealized gain on derivative instruments
|
3,268
|
|
|
20
|
|
||
Other comprehensive income
|
3,268
|
|
|
20
|
|
||
Comprehensive income (loss)
|
35,570
|
|
|
(2,753
|
)
|
||
Comprehensive income (loss) attributable to non-controlling interests
|
17,531
|
|
|
(736
|
)
|
||
Comprehensive income (loss) attributable to common shareholders
|
$
|
18,039
|
|
|
$
|
(2,017
|
)
|
|
Shares of Beneficial Interest
|
|
Additional
Paid-In Capital
|
|
Accumulated
Other Comprehensive (Loss)
|
|
Accumulated Deficit
|
|
Non- Controlling Interest
|
|
Total
|
||||||||||||
Balances, September 30, 2016
|
$
|
39,696
|
|
|
$
|
161,321
|
|
|
$
|
(1,602
|
)
|
|
$
|
(48,125
|
)
|
|
$
|
50,386
|
|
|
$
|
201,676
|
|
Compensation expense - restricted stock and restricted stock units
|
—
|
|
|
324
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
324
|
|
||||||
Contributions from non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,786
|
|
|
3,786
|
|
||||||
Distributions to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,726
|
)
|
|
(21,726
|
)
|
||||||
Shares repurchased - 1,200 shares
|
(3
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
15,770
|
|
|
16,532
|
|
|
32,302
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
3,268
|
|
|
—
|
|
|
—
|
|
|
3,268
|
|
||||||
Comprehensive income |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,570
|
|
||||||
Balances, December 31, 2016
|
$
|
39,693
|
|
|
$
|
161,639
|
|
|
$
|
1,666
|
|
|
$
|
(32,355
|
)
|
|
$
|
48,978
|
|
|
$
|
219,621
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
32,302
|
|
|
$
|
(2,773
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
6,604
|
|
|
6,351
|
|
||
Amortization of restricted stock
|
324
|
|
|
230
|
|
||
Gain on sale of real estate
|
(35,838
|
)
|
|
(609
|
)
|
||
Loss on extinguishment of debt
|
799
|
|
|
—
|
|
||
Increases and decreases from changes in other assets and liabilities:
|
|
|
|
||||
Change in straight-line rent
|
(22
|
)
|
|
(62
|
)
|
||
Decrease in interest receivable
|
2,362
|
|
|
—
|
|
||
Decrease (increase) in deposits and escrows
|
688
|
|
|
(1,610
|
)
|
||
Decrease in other assets
|
849
|
|
|
981
|
|
||
Decrease in accounts payable and accrued liabilities
|
(260
|
)
|
|
(591
|
)
|
||
Net cash provided by operating activities
|
7,808
|
|
|
1,917
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Collections from real estate loans
|
13,600
|
|
|
—
|
|
||
Additions to real estate properties
|
(20,335
|
)
|
|
(10,373
|
)
|
||
Net costs capitalized to real estate properties
|
(2,971
|
)
|
|
(15,398
|
)
|
||
Net change in restricted cash - Newark
|
—
|
|
|
(1,952
|
)
|
||
Net change in restricted cash - Multi Family
|
700
|
|
|
599
|
|
||
Proceeds from the sale of real estate properties
|
127,859
|
|
|
609
|
|
||
Investments in unconsolidated joint ventures
|
(14,335
|
)
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
104,518
|
|
|
(26,515
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from mortgages payable
|
9,369
|
|
|
20,531
|
|
||
Increase in other borrowed funds
|
—
|
|
|
14,001
|
|
||
Mortgage payoffs
|
(78,417
|
)
|
|
(5,613
|
)
|
||
Mortgage amortization
|
(1,206
|
)
|
|
(1,205
|
)
|
||
Increase in deferred borrowing costs
|
(291
|
)
|
|
(1,262
|
)
|
||
Capital contributions from non-controlling interests
|
3,786
|
|
|
3,531
|
|
||
Capital distribution to non-controlling interests
|
(21,726
|
)
|
|
(2,308
|
)
|
||
Proceeds from sale of New Market Tax Credits
|
—
|
|
|
2,746
|
|
||
Repurchase of shares of beneficial interest
|
(9
|
)
|
|
—
|
|
||
Net cash (used in) provided by financing activities
|
(88,494
|
)
|
|
30,421
|
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents
|
23,832
|
|
|
5,823
|
|
||
Cash and cash equivalents at beginning of period
|
27,399
|
|
|
15,556
|
|
||
Cash and cash equivalents at end of period
|
$
|
51,231
|
|
|
$
|
21,379
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid during the period for interest, net of capitalized interest of $84 and $117 respectively
|
$
|
6,372
|
|
|
$
|
7,221
|
|
Taxes paid
|
$
|
—
|
|
|
$
|
11
|
|
Acquisition of real estate through assumption of debt
|
$
|
27,638
|
|
|
$
|
16,051
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||
Land
|
|
$
|
126,242
|
|
|
$
|
128,409
|
|
Building
|
|
638,348
|
|
|
684,133
|
|
||
Building improvements
|
|
26,964
|
|
|
25,717
|
|
||
Real estate properties
|
|
791,554
|
|
|
838,259
|
|
||
Accumulated depreciation
|
|
(45,371
|
)
|
|
(44,687
|
)
|
||
Total real estate properties, net
|
|
$
|
746,183
|
|
|
$
|
793,572
|
|
|
September 30, 2016 Balance |
|
Additions |
|
Capitalized Costs and Improvements |
|
Depreciation
|
|
Sales
|
|
December 31, 2016 Balance |
||||||||||||
Multi-family
|
$
|
783,085
|
|
|
$
|
47,974
|
|
|
$
|
2,845
|
|
|
$
|
(6,270
|
)
|
|
$
|
(92,037
|
)
|
|
$
|
735,597
|
|
Land - Daytona, FL
|
8,021
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,021
|
|
||||||
Shopping centers/Retail - Yonkers, NY
|
2,466
|
|
|
—
|
|
|
126
|
|
|
(27
|
)
|
|
—
|
|
|
2,565
|
|
||||||
Total real estate properties
|
$
|
793,572
|
|
|
$
|
47,974
|
|
|
$
|
2,971
|
|
|
$
|
(6,297
|
)
|
|
$
|
(92,037
|
)
|
|
$
|
746,183
|
|
|
|
Preliminary Purchase Price Allocation
|
||
Land
|
|
$
|
8,957
|
|
Buildings and Improvements
|
|
29,601
|
|
|
Acquisition-related intangible assets
|
|
575
|
|
|
Total Consideration
|
|
$
|
39,133
|
|
Location
|
|
Purchase Date
|
|
No. of Units
|
|
Contract Purchase Price
|
|
Acquisition Mortgage Debt
|
|
Initial BRT Equity
|
|
Ownership Percentage
|
|
Capitalized Acquisition Costs
(a) |
||||||||||
Fredricksburg, VA
|
|
11/4/2016
|
|
220
|
|
|
$
|
38,490
|
|
|
$
|
29,940
|
|
|
$
|
8,720
|
|
|
80
|
%
|
|
$
|
643
|
|
Location
|
Sale
Date |
|
No. of
Units |
|
Sales Price
|
|
Gain on Sale
|
|
Non-controlling partner portion of gain
|
|||||||
Greenville, NC
|
10/19/2016
|
|
350
|
|
|
$
|
68,000
|
|
|
$
|
18,483
|
|
|
$
|
9,329
|
|
Panama City, FL
|
10/26/2016
|
|
160
|
|
|
14,720
|
|
|
7,393
|
|
|
3,478
|
|
|||
Atlanta, GA
|
11/21/2016
|
|
350
|
|
|
36,750
|
|
|
8,905
|
|
|
4,166
|
|
|||
Hixson, TN
|
11/30/2016
|
|
156
|
|
|
10,775
|
|
|
608
|
|
|
152
|
|
|||
New York, NY
|
12/21/2016
|
|
1
|
|
|
465
|
|
|
449
|
|
|
—
|
|
|||
|
|
|
1,017
|
|
|
$
|
130,710
|
|
|
$
|
35,838
|
|
|
$
|
17,125
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||
Mortgages payable
(a)
|
|
$
|
578,768
|
|
|
$
|
621,382
|
|
Junior subordinated notes
|
|
37,400
|
|
|
37,400
|
|
||
Deferred mortgage costs
|
|
(5,588
|
)
|
|
(6,275
|
)
|
||
Total debt obligations
|
|
$
|
610,580
|
|
|
$
|
652,507
|
|
Location
|
|
Closing Date
|
|
Acquisition Mortgage Debt
|
|
Interest Rate
|
|
Interest only period
|
|
Maturity Date
|
|||
Fredricksburg, VA
|
|
11/4/16
|
|
$
|
27,638
|
|
|
3.68
|
%
|
|
N/A
|
|
February 2027
|
|
|
|
|
|
|
|
|
|
|
|
|
Location
|
|
Closing Date
|
|
Supplemental Mortgage Debt
|
|
Interest Rate
|
|
Maturity Date
|
|||
Fredricksburg, VA
|
|
11/4/16
|
|
$
|
2,261
|
|
|
4.84
|
%
|
|
February 2027
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2016
|
||||||||||
|
|
Multi-Family
Real Estate
|
|
Other
Assets
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental and other revenues from real estate properties
|
|
$
|
24,643
|
|
|
$
|
386
|
|
|
$
|
25,029
|
|
Other income
|
|
—
|
|
|
611
|
|
|
611
|
|
|||
Total revenues
|
|
24,643
|
|
|
997
|
|
|
25,640
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating expenses
|
|
12,349
|
|
|
97
|
|
|
12,446
|
|
|||
Interest expense
|
|
6,092
|
|
|
595
|
|
|
6,687
|
|
|||
General and administrative
|
|
2,544
|
|
|
53
|
|
|
2,597
|
|
|||
Provision for Federal Tax
|
|
343
|
|
|
7
|
|
|
350
|
|
|||
Depreciation
|
|
6,270
|
|
|
27
|
|
|
6,297
|
|
|||
Total expenses
|
|
27,598
|
|
|
779
|
|
|
28,377
|
|
|||
Total revenue less total expenses
|
|
(2,955
|
)
|
|
218
|
|
|
(2,737
|
)
|
|||
Gain on sale of real estate
|
|
35,389
|
|
|
449
|
|
|
35,838
|
|
|||
Loss on extinguishment of debt
|
|
(799
|
)
|
|
—
|
|
|
(799
|
)
|
|||
Income from continuing operations
|
|
31,635
|
|
|
667
|
|
|
32,302
|
|
|||
Net (income) attributable to non-controlling interests
|
|
(16,497
|
)
|
|
(35
|
)
|
|
(16,532
|
)
|
|||
Net income attributable to common shareholders before reconciling items
|
|
$
|
15,138
|
|
|
$
|
632
|
|
|
$
|
15,770
|
|
Segment Assets at December 31, 2016
|
|
$
|
832,265
|
|
|
$
|
16,809
|
|
|
$
|
849,074
|
|
|
|
Three Months Ended December 31, 2015
|
||||||||||
|
|
Multi-Family
Real Estate
|
|
Other Assets
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental and other revenues from real estate properties
|
|
$
|
22,003
|
|
|
$
|
316
|
|
|
$
|
22,319
|
|
Other income
|
|
—
|
|
|
7
|
|
|
7
|
|
|||
Total revenues
|
|
22,003
|
|
|
323
|
|
|
22,326
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating expenses
|
|
10,944
|
|
|
150
|
|
|
11,094
|
|
|||
Interest expense
|
|
5,459
|
|
|
72
|
|
|
5,531
|
|
|||
Advisor's fee, related party
|
|
594
|
|
|
99
|
|
|
693
|
|
|||
Property acquisition costs
|
|
57
|
|
|
—
|
|
|
57
|
|
|||
General and administrative
|
|
1,661
|
|
|
88
|
|
|
1,749
|
|
|||
Depreciation and amortization
|
|
4,957
|
|
|
27
|
|
|
4,984
|
|
|||
Total expenses
|
|
23,672
|
|
|
436
|
|
|
24,108
|
|
|||
Total revenues less total expenses
|
|
(1,669
|
)
|
|
(113
|
)
|
|
(1,782
|
)
|
|||
Gain on sale of real estate assets
|
|
—
|
|
|
609
|
|
|
609
|
|
|||
Net (loss) income
|
|
(1,669
|
)
|
|
496
|
|
|
(1,173
|
)
|
|||
Net (income) loss attributable to non-controlling interests
|
|
(199
|
)
|
|
(21
|
)
|
|
(220
|
)
|
|||
Net (loss) income attributable to common shareholders before reconciling items
|
|
$
|
(1,868
|
)
|
|
$
|
475
|
|
|
$
|
(1,393
|
)
|
Reconciling adjustment:
|
|
|
|
|
|
|
||||||
Discontinued operations, net of
non-controlling interest |
|
|
|
|
|
(641
|
)
|
|||||
Net loss attributable to common shareholders
|
|
|
|
|
|
$
|
(2,034
|
)
|
||||
Segment Assets at December 31, 2015
|
|
$
|
689,231
|
|
|
$
|
191,251
|
|
|
$
|
880,482
|
|
|
Carrying and Fair Value
|
|
Fair Value Measurements
Using Fair Value Hierarchy
|
|||||||
|
|
Level 1
|
|
Level 2
|
||||||
Financial Assets:
|
|
|
|
|
|
|||||
Interest rate swap
|
$
|
1,666
|
|
|
—
|
|
|
$
|
1,666
|
|
Interest Rate Derivative
|
|
Notional Amount
|
|
Rate
|
|
Maturity
|
|||
Interest rate swap
|
|
$
|
1,531
|
|
|
5.25
|
%
|
|
April 1, 2022
|
Interest rate swap
|
|
$
|
26,400
|
|
|
3.61
|
%
|
|
May 6, 2023
|
Interest rate swap
|
|
$
|
27,000
|
|
|
4.05
|
%
|
|
September 19, 2026
|
Derivatives as of:
|
||||||||||
December 31, 2016
|
|
September 30, 2016
|
||||||||
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Other Assets
|
|
$
|
1,666
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
1,602
|
|
|
|
Three Months Ended
December 31, |
||||||
|
|
2016
|
|
2015
|
||||
Amount of gain recognized on derivative in Other Comprehensive Income (loss)
|
|
$
|
3,123
|
|
|
$
|
12
|
|
Amount of gain (loss) reclassified from Accumulated
Other Comprehensive Income (loss) into Interest Expense
|
|
$
|
(145
|
)
|
|
$
|
(8
|
)
|
|
|
Three Months Ended
December 31, |
|
|
|
|
|||||||||
(Dollars in thousands):
|
|
2016
|
|
2015
|
|
Increase
|
|
%
Change
|
|||||||
Rental and other revenues from real estate properties
|
|
$
|
25,029
|
|
|
$
|
22,319
|
|
|
$
|
2,710
|
|
|
12.1
|
%
|
Other income
|
|
611
|
|
|
7
|
|
|
604
|
|
|
N/M
|
|
|||
Total revenues
|
|
$
|
25,640
|
|
|
$
|
22,326
|
|
|
$
|
3,314
|
|
|
14.8
|
%
|
•
|
$8.3 million from 10 properties acquired during the twelve months ended
September 30,
2016,
|
•
|
$818,000 from same store properties due primarily to a net increase in rental rates at four multi-family properties, and
|
•
|
$515,000 from a property acquired in the three months ended
December 31, 2016
.
|
|
|
Three Months Ended
December 31, |
|
|
|
|
|||||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
|
Increase
(Decrease)
|
|
% Change
|
|||||||
Real estate operating expenses
|
|
12,446
|
|
|
11,094
|
|
|
$
|
1,352
|
|
|
12.2
|
%
|
||
Interest expense
|
|
6,687
|
|
|
5,531
|
|
|
1,156
|
|
|
20.9
|
%
|
|||
Advisor’s fees, related party
|
|
—
|
|
|
693
|
|
|
(693
|
)
|
|
(100.0
|
)%
|
|||
Property acquisition costs
|
|
—
|
|
|
57
|
|
|
(57
|
)
|
|
(100.0
|
)%
|
|||
General and administrative
|
|
2,597
|
|
|
1,749
|
|
|
848
|
|
|
48.5
|
%
|
|||
Provision for Federal taxes
|
|
350
|
|
|
0
|
|
|
350
|
|
|
N/M
|
|
|||
Depreciation
|
|
6,297
|
|
|
4,984
|
|
|
1,313
|
|
|
26.3
|
%
|
|||
Total expenses
|
|
$
|
28,377
|
|
|
$
|
24,108
|
|
|
$
|
4,269
|
|
|
17.7
|
%
|
•
|
$500,000 from same store properties - approximately $302,000 due to increased real estate taxes at several properties and approximately $220,000 of increased repair and maintenance expense, and
|
•
|
$155,000 from a property acquired during the
three months ended December 31, 2016
.
|
•
|
$2.5 million due to mortgages on ten properties acquired in the twelve months ended
September 30, 2016
,
|
•
|
$181,000 from a mortgage on one property acquired during the
three
months ended
December 31, 2016
, and
|
|
Three Months Ended
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flow from operating activities
|
$
|
7,808
|
|
|
$
|
1,917
|
|
Cash flow provided by (used in) investing activities
|
104,518
|
|
|
(26,515
|
)
|
||
Cash flow (used in) provided by from financing activities
|
(88,494
|
)
|
|
30,421
|
|
||
Net change in cash and cash equivalents
|
23,832
|
|
|
5,823
|
|
||
Cash and cash equivalents a beginning of period
|
27,399
|
|
|
15,556
|
|
||
Cash and cash equivalents at end of year
|
$
|
51,231
|
|
|
$
|
21,379
|
|
|
|
Three Months Ended
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
GAAP Net income (loss) attributable to common shareholders
|
|
$
|
15,770
|
|
|
$
|
(2,034
|
)
|
Add: depreciation of properties
|
|
6,297
|
|
|
5,661
|
|
||
Add: our share of depreciation in unconsolidated joint ventures
|
|
83
|
|
|
5
|
|
||
Add: amortization of deferred leasing costs
|
|
—
|
|
|
14
|
|
||
Deduct: gains on sale of real estate and partnership interest
|
|
(35,838
|
)
|
|
(609
|
)
|
||
Adjustments for non-controlling interests
|
|
15,574
|
|
|
(1,385
|
)
|
||
NAREIT Funds from operations attributable to common shareholders
|
|
1,886
|
|
|
1,652
|
|
||
|
|
|
|
|
||||
Adjustments for: straight line rent accruals
|
|
(22
|
)
|
|
(62
|
)
|
||
Add: loss on extinguishment of debt
|
|
799
|
|
|
—
|
|
||
Add: amortization of restricted stock and restricted stock units
|
|
324
|
|
|
230
|
|
||
Add: amortization of deferred mortgage costs
|
|
301
|
|
|
685
|
|
||
Adjustments for non-controlling interests
|
|
(425
|
)
|
|
(239
|
)
|
||
Adjusted funds from operations attributable to common shareholders
|
|
$
|
2,863
|
|
|
$
|
2,266
|
|
|
|
Three Months Ended
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
GAAP Net income (loss) attributable to common shareholders
|
|
$
|
1.13
|
|
|
$
|
(0.14
|
)
|
Add: depreciation of properties
|
|
0.46
|
|
|
0.40
|
|
||
Add: our share of depreciation in unconsolidated joint ventures
|
|
0.01
|
|
|
—
|
|
||
Add: amortization of deferred leasing costs
|
|
—
|
|
|
—
|
|
||
Deduct: gain on sale of real estate and partnership interest
|
|
(2.58
|
)
|
|
(0.04
|
)
|
||
Adjustment for non-controlling interests
|
|
1.12
|
|
|
(0.10
|
)
|
||
NAREIT Funds from operations per common share basic and diluted
|
|
0.14
|
|
|
0.12
|
|
||
|
|
|
|
|
||||
Adjustments for: straight line rent accruals
|
|
—
|
|
|
—
|
|
||
Add: loss on extinguishment of debt
|
|
0.06
|
|
|
—
|
|
||
Add: amortization of restricted stock and restricted stock units
|
|
0.02
|
|
|
0.02
|
|
||
Add: amortization of deferred mortgage costs
|
|
0.02
|
|
|
0.04
|
|
||
Adjustments for non-controlling interests
|
|
(0.03
|
)
|
|
(0.01
|
)
|
||
Adjusted funds from operations per common share basic and diluted
|
|
$
|
0.21
|
|
|
$
|
0.17
|
|
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
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Definition Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
February 8, 2017
|
/s/ Jeffrey A. Gould
|
|
|
Jeffrey A. Gould, President and
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 8, 2017
|
/s/ George Zweier
|
|
|
George Zweier, Vice President
|
|
|
and Chief Financial Officer
|
|
|
(principal financial officer)
|
|
1 Year BRT Apartments Chart |
1 Month BRT Apartments Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions