BRT Apartments Corp Reports First Quarter Earnings
Real estate investment trust BRT Apartments Corp has posted a net loss of $4.1 million in the first quarter. The company saw a Combined Portfolio NOI increase of 1.0% year over year in Q1. BRT said it would have seen a 3.6% increase if adjusted for early cancellation costs related to a new master insurance policy and other expenses.
BRT confirmed it had fully repaid outstanding borrowings of $19m on its $60m credit facility, using proceeds from a fixed-rate mortgage loan secured by Silvana Oaks in North Charleston, South Carolina.
Additionally, it affirmed full-year 2023 guidance and assumptions. The company expects to complete the acquisition of a 238-unit multifamily property in Richmond, Virginia by the end of the year. BRT has agreed to sell the Chatham Court and Reflections multifamily property located in Dallas, Texas, and expects the sale to be completed in Q2 2023, with approximately $19m in net proceeds available for new investment opportunities.