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BRT Apartments (BRT)

BRT Apartments Corp. is a real estate investment trust that directly, or through joint ventures, owns and operates multi-family properties.

Company profile

Ticker
BRT
Exchange
CEO
Jeffrey A. Gould
Employees
Incorporated
Location
Fiscal year end
Former names
BRT REALTY TRUST, BRT Realty Trust
SEC CIK
Subsidiaries
TRB No. 1 Corp. • TRB 69th Street Corp. • TRB Yonkers Corp. • TRB Lawrence Realty Corp. • TRB Daytona LLC • TRB Silvana LLC • TRB Avondale LLC • TRB Columbus LLC • TRB Arlington LLC • TRB Triple Play LLC ...
IRS number
132755856

BRT stock data

Calendar

8 Aug 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Sep 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 61.83M 61.83M 61.83M 61.83M 61.83M 61.83M
Cash burn (monthly) (no burn) (no burn) 1.04M 877.67K (no burn) (no burn)
Cash used (since last report) n/a n/a 1.75M 1.48M n/a n/a
Cash remaining n/a n/a 60.08M 60.35M n/a n/a
Runway (months of cash) n/a n/a 57.8 68.8 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 May 22 Investors L P Gould Common Stock Buy Acquire P No No 20 100 2K 2,996,922
19 May 22 Gould Matthew J Common Stock Buy Acquire P Yes No 20 100 2K 2,996,922
19 May 22 Jeffrey Gould Common Stock Buy Acquire P Yes No 20 100 2K 2,996,922
12 May 22 Investors L P Gould Common Stock Buy Acquire P No No 20 4,250 85K 2,996,822
12 May 22 Investors L P Gould Common Stock Buy Acquire P No No 19.99 1,564 31.26K 2,992,572
12 May 22 Investors L P Gould Common Stock Buy Acquire P No No 19.98 1,010 20.18K 2,991,008
12 May 22 Investors L P Gould Common Stock Buy Acquire P No No 19.93 100 1.99K 2,989,998
12 May 22 Gould Matthew J Common Stock Buy Acquire P Yes No 20 4,250 85K 2,996,822
12 May 22 Gould Matthew J Common Stock Buy Acquire P Yes No 19.99 1,564 31.26K 2,992,572
12 May 22 Gould Matthew J Common Stock Buy Acquire P Yes No 19.98 1,010 20.18K 2,991,008
29.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 86 89 -3.4%
Opened positions 7 17 -58.8%
Closed positions 10 5 +100.0%
Increased positions 32 24 +33.3%
Reduced positions 30 34 -11.8%
13F shares Current Prev Q Change
Total value 118.14M 128.27M -7.9%
Total shares 5.49M 5.35M +2.6%
Total puts 12.7K 0 NEW
Total calls 133.8K 115.3K +16.0%
Total put/call ratio 0.1
Largest owners Shares Value Change
BLK Blackrock 939.46K $20.19M +1.2%
Renaissance Technologies 603.09K $12.96M +1.0%
Vanguard 595.66K $12.8M +11.1%
Oppenheimer & Close 361.11K $7.76M -20.6%
Avantax Advisory Services 235.64K $5.06M +12.5%
Geode Capital Management 223.07K $4.79M +2.5%
STT State Street 202.62K $4.4M +4.8%
Relative Value Partners 185.79K $4.1M +8.2%
Hillsdale Investment Management 162.89K $3.5M NEW
State of New Jersey Common Pension Fund D 162.5K $3.49M 0.0%
Largest transactions Shares Bought/sold Change
Hillsdale Investment Management 162.89K +162.89K NEW
MS Morgan Stanley 115.82K +101.25K +695.0%
Oppenheimer & Close 361.11K -93.76K -20.6%
Balyasny Asset Management 0 -93.17K EXIT
Millennium Management 77.61K -78.36K -50.2%
Allspring Global Investments 81.82K +62.37K +320.6%
Vanguard 595.66K +59.44K +11.1%
Charles Schwab Investment Management 149.97K +51.14K +51.7%
Citadel Advisors 18.06K -36.79K -67.1%
ClariVest Asset Management 35.31K +35.31K NEW

Financial report summary

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Risks
  • The continuation of the COVID-19 pandemic, the responses thereto and the economic consequences flowing therefrom, may adversely impact our business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service our debt obligations, and our ability to pay cash dividends to our stockholders.
  • Most of our multi-family properties are located in the Southeast and Texas which makes us susceptible to adverse developments in such markets.
  • Risks involved in conducting real estate activity through joint ventures.
  • The failure of third party property management companies to properly manage our properties or obtain sufficient insurance coverage could adversely impact our results of operations.
  • Increasing real estate taxes, utilities and insurance premiums may negatively impact operating results.
  • We may not be able to compete with competitors, many of which have greater financial and other resources than we possess.
  • Our operating results are significantly influenced by demand for multi-family properties generally, and a decrease in such demand will likely have a greater adverse effect on our revenues than if we owned a more diversified real estate portfolio.
  • Our value-add activities involve greater risks than more conservative investment strategies.
  • Increased competition and increased affordability of residential homes could limit our ability to retain our tenants or increase or maintain rents.
  • Our operating results and assets may be negatively affected if our insurance coverage is insufficient to compensate us for casualty events occurring at our properties.
  • If we are unable to refinance $64.7 million in balloon payments on mortgage debt maturing through 2024, we may be forced to sell properties on disadvantageous terms.
  • Our failure to comply with our obligations under our debt instruments may reduce our stockholders’ equity, and adversely affect our net income and ability to pay dividends.
  • We may not have sufficient funds to make required or desired capital improvements.
  • Our acquisition, development and value-add activities are limited by the funds available to us.
  • If we are required to make payments under any “bad boy” carve out guarantees that we have provided in connection with certain mortgages and related loans, our business and financial results could be materially adversely affected.
  • We could be negatively impacted by changes in our relationship with Fannie Mae or Freddie Mac, changes in the condition of Fannie Mae or Freddie Mac and by changes in government support for multi-family housing.
  • We depend on our subsidiaries for cash flow and will be adversely impacted if these subsidiaries are prohibited from distributing cash to us.
  • Changes to the U.S. federal income tax laws could have an adverse impact on our business and financial results.
  • Liabilities relating to environmental matters may impact the value of our properties.
  • Compliance or failure to comply with the ADA or other safety regulations and requirements could result in substantial costs.
  • We could be adversely affected if we or any of our subsidiaries are required to register as an investment company under the Investment Company Act of 1940 as amended (the “1940 Act”).
  • We face numerous risks associated with the real estate industry that could adversely affect our results of operations through decreased revenues or increased costs.
  • Compliance with REIT requirements may hinder our ability to maximize profits.
  • Because real estate investments are illiquid, we may not be able to reconfigure our portfolio on a timely basis.
  • We may incur impairment charges in 2022.
  • Our transactions with affiliated entities involve conflicts of interest.
  • Senior management and other key personnel are critical to our business and our future success may depend on our ability to retain them.
  • The stock market is volatile, and fluctuations in our operating results, removal from various indices and other factors could cause our stock price to decline.
  • Breaches of information technology systems could materially harm our business and reputation.
Management Discussion
  • Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations.
  • We are an internally managed real estate investment trust, also known as a REIT, that is focused on the ownership, operation and, to a lesser extent, development of multi-family properties. These properties may be wholly owned or owned by unconsolidated joint ventures in which we generally contributed 65% to 80% of the equity. At December 31, 2021, we: (i) wholly-own ten multi-family properties with an aggregate of 2,576 units and a carrying value of $291.5 million, and (ii) have ownership interests, through unconsolidated entities, in 23 multi-family properties with an aggregate of 6,697 units, and the carrying value of our net equity investment therein is $112.3 million. These 33 properties are located in eleven states; most of which are located in the Southeast United States and Texas.
  • The Impact of the COVID-19 Pandemic; 2021 and Recent Developments.

Content analysis

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Positive
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Legalese
Litigous
Readability
H.S. sophomore Avg
New words: assert, asserted, compensatory, discretion, DRP, Edge, exemplary, Harbison, injury, Loft, made, opportunity, original, Pensacola, personal, preceding, punitive, replacement, sixteen, umbrella
Removed: addition, ATM, Bluff, Center, Civic, monthly, Notwithstanding, scheduled