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BRT Apartments Corp. (MD) (BRT-0.55%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that BRT wholly owns 21 multi-family properties with a carrying value of $614.2 million and has interests in eight multi-family properties through unconsolidated entities with a carrying value of $31.3 million.
In 2024, BRT made preferred equity investments totaling $18.3 million in joint ventures for properties in Wilmington, North Carolina, and Kennesaw, Georgia. These investments are subordinate to $51.3 million in mortgage debt.
BRT obtained a $27.4 million mortgage on its Woodland Trails-LaGrange, GA property, which matures in September 2031 and bears a fixed interest rate of 5.22%.
The company amended its credit facility with Valley National Bank, reducing borrowing capacity to $40 million and extending the maturity to September 2027.
BRT sold a cooperative apartment in New York, NY, for approximately $1.1 million, recognizing a gain of $806,000.
The company repurchased 193,529 shares of its common stock for approximately $3.5 million and authorized up to $10 million in share repurchases through December 31, 2026.
BRT reported rental and other revenue from real estate properties of $94.8 million, a 1.8% increase from the previous year, attributed to higher rental rates and increased rent concessions.
Real estate operating expenses increased by 4.1% to $43.6 million, driven by higher real estate taxes, insurance costs, and utility expenses.
The company recorded a provision for credit loss of $270,000 related to its preferred equity investments.
BRT's net income attributable to common stockholders was a loss of $9.8 million, compared to a net income of $3.9 million in the previous year.
The company declared dividends of $1.00 per share in 2024 and anticipates maintaining its REIT status by distributing at least 90% of its taxable income.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BRT Apartments Corp. (MD) annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.