Brt Apartments Corp. (md) · NYSE:BRT
Brt Apartments Corp. (md) — BRT Apartments — Q2 2017 Earnings Presentation
16 slides from Brt Apartments Corp. (md)'s earnings presentation, May 10, 2017
Slide 1: Supplemental Information Quarter Ended March 31, 2017
Supplemental Information Quarter Ended March 31, 2017 A NATIONAL MULTI-FAMILY EQUITY REIT SERVING OUR CUSTOMERS FOR OVER 35 YEARS
Slide 2: Table of Contents
2 Table of Contents Description Page # Table of Contents 2 Disclosure 3 Company Profile 4 Market Information, Per Share Data and Portfolio Data 5 Consolidated Balance Sheets 6 Consolidated Statements of Operations 7 Acquisitions and Sales 8 FFO/AFFO 9 Debt Information 10 Portfolio Summary Data 11 Ne
Slide 3: Disclosure
The information presented herein speaks only as of the date or periods indicated, and we do not undertake any obligation, and disclaim any duty, to update any of this information. Our future financial performance is subject to various risks and uncertainties that could cause actual results to differ
Slide 4: Company Profile
We are an internally managed real estate investment trust, also known as a REIT, that is primarily focused on the ownership, operation and development of multi-family properties. These activities are primarily conducted through joint ventures in which we typically have an 80% equity interest in the
Slide 5: Market Information, Per Share Data and Portfolio Data
2017 2016 2016 2015 2014 Market Information Market capitalization 116,677,054$ 97,115,867$ 111,190,680$ 99,976,487$ 107,273,903$ Shares outstanding 14,040,560 13,973,506 13,898,835 14,101,056 14,303,187 Closing share price 8.31$ 6.95$ 8.00$ 7.09$ 7.50$ Portfolio Multi family properties owned 32 31 3
Slide 6: Consolidated Balance Sheets
2016 2015 2014 Assets Real estate properties, net of accumulated depreciation 781,114$ 759,576$ 591,727$ 635,612$ Real estate loan 5,900 19,500 - - Cash and cash equivalents 43,147 27,399 15,556 23,181 Restricted cash 6,619 7,383 6,518 32,390 Deposits and escrows 13,101 18,972 12,782 12,273 Investme
Slide 7: Consolidated Statements of Operations
2017 (Unaudited) 2016 (Unaudited) 2016 2015 2014 Revenues Rental and other revenue from real estate properties 24,702$ 23,993$ 90,945$ 77,023$ 61,725$ Other Income 181 2,026 3,319 72 88 Total Revenues 24,883 26,019 94,264 77,095 61,813 Expenses Real estate operating expenses 11,909 12,097 43,262 38,
Slide 8: Acquisitions and Sales
Acquisitions Location Purchase Date No. of Units Contract Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs St. Louis, MO 2/28/2017 53 8,000$ 6,200$ 2,002$ 75.5% 134$ St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 75.5% 423 181 35,000$ 26
Slide 9: FFO/AFFO
2017 (Unaudited) 2016 (Unaudited) 2016 2015 2014 GAAP Net (loss) income attributable to common stockholders (4,229)$ 24,936$ 31,289$ (2,388)$ (9,454)$ Add: depreciation of properties 7,772 6,104 24,329 20,681 15,562 Add: our share of depreciation in unconsoliated joint ventures 130 5 20 20 20 Add: a
Slide 10: Debt Information
10 Debt Information at March 31, 2017 (Dollars in Thousands) Mortgage Debt Year Total Principal Payments Scheduled Amortization Principal Payments Due at Maturity Weighted Average Interest Rate (a) 2017 2,845$ 2,845$ - - 2018 6,231 6,231 - - 2019 75,907 6,394 69,513$ 4.10% 2020 57,666 11,537 46,129
Slide 11: Portfolio Summary
Portfolio Summary State Number of Properties Number of Units Average quarterly rent per occupied unit Average quarterly occupancy Texas 11 2,750 916$ 92% Georgia 4 959 917 94% Florida 3 1,026 1,153 93% South Carolina 3 683 992 (1) 95% (1) Alabama 2 826 725 95% Missippippi 2 776 852 95% Tennessee 1 3
Slide 12: Portfolio Summary
12 Portfolio Summary For the Quarter Ended March 31, 2017 - 200 400 600 800 1,000 1,200 Average quarterly rent per occupied unit Average quarterly rent per occupied unit Note: South Carolina quarterly occupancy excludes a 271 unit property in lease-up stage 0.00% 50.00% 100.00% Average Quarterly Occ
Slide 13: Net Operating Income – Quarterly
Quarter ended March 31, 2017 (Unaudited) REVENUES EXPENSES NET OPERATING INCOME Texas 7,794$ 4,385$ 3,409$ Florida 3,698 1,644 2,054 Georgia 2,745 1,273 1,472 South Carolina 1,363 739 624 Tennessee 994 399 595 Missouri 1,374 631 743 Indiana 836 493 343 Mississippi 2,040 808 1,232 Ohio 672 252 420 Al
Slide 14: Net Operating Income - Prior Fiscal Year
Revenues Expenses Net Operating Income Texas 23,827$ 12,158$ 11,669$ Florida 15,652 7,197 8,455 Georgia 10,706 4,422 6,284 South Carolina 6,613 2,973 3,640 Tennessee 9,735 5,653 4,082 Missouri 3,854 1,672 2,182 Indiana 3,152 1,588 1,564 Kansas 3,132 1,325 1,807 Mississippi 2,679 956 1,723 Ohio 2,440
Slide 15: Reconciliation of Net (Loss) Income to Net Operating Income
We define NOI as total property revenues less total property expenses. Other REIT’s may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REIT’s. We believe that this measure provides an operating perspective not immediately apparent from GAAP o
Slide 16: Definitions
Definitions Funds from Operations (FFO) FFO is a non-GAAP financial performance measure defined by the National Association of Real Estate Investment Trusts and is widely recognized by investors and analysts as one measure of operating performance of a REIT. The FFO calculation excludes items such a