Belpointe PREP LLC has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing rental revenue of $860,000, up from $468,000 in the same quarter of the previous year. The increase is attributed to the lease-up of certain residential units and retail spaces at Aster & Links.
Property expenses for the quarter were $2,083,000, up from $1,020,000 in the same quarter of the previous year. This increase is primarily due to expenses incurred at Aster & Links.
The company reported a net loss of $6,924,000 for the quarter, compared to a net loss of $3,302,000 in the previous year. The increase in net loss is primarily due to higher interest expenses and property expenses.
Interest expense for the quarter was $3,331,000, compared to zero in the previous year, due to the impact of non-cash amortization of debt discount and debt issuance costs.
Depreciation and amortization expenses increased to $1,464,000 from $485,000, primarily due to placing certain fixed assets into service at Aster & Links.
Cash used in operating activities was $8,710,000, while cash used in investing activities was $110,785,000, primarily related to funding costs for development properties.
Cash provided by financing activities was $123,425,000, primarily from proceeds of financings including the 1991 Main Mezzanine Loan and the 1991 Main Construction Loan.
Belpointe had cash and cash equivalents of $27,515,000 as of September 30, 2024. The company expects its cash on-hand, projected cash flows, and financing activities to be sufficient to meet its liquidity and capital resource requirements for the next 12 months.
The filing also details various real estate investments, including the completion of construction and lease-up at Aster & Links in Sarasota, Florida, and ongoing development at Viv in St. Petersburg, Florida.
Belpointe continues to focus on identifying, acquiring, developing, and managing commercial real estate located within qualified opportunity zones.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Belpointe PREP LLC Class A Units quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.