BRT Apartments Corp has reported a net loss of $4.1 million in the first quarter. The Combined Portfolio NOI increased by 1.0% year over year, with an estimated 3.6% increase if adjusted for early cancellation costs related to a new master insurance policy and other expenses incurred during the period.
The company 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, and reaffirmed full-year 2023 guidance and assumptions accordingly. BRT is expected to complete acquisition of a 238-unit multifamily property in Richmond, Virginia before the end of this year while agreeing to sell Chatham Court and Reflections multifamily property located in Dallas Texas with approximately $19m net proceeds available for new investment opportunities anticipated during Q2 2023 completion date .
An expert analysis into BRT Apartments Corp’s first quarter earnings reveals that despite posting losses there are still positive signs indicating potential growth ahead as they continue their strategic investments into real estate markets across America .
