Company Quick10K Filing
BRT Apartments
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 16 $209
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2018-12-10 Annual: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-Q 2018-02-09 Quarter: 2017-12-31
10-K 2017-12-14 Annual: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-Q 2017-02-08 Quarter: 2016-12-31
10-K 2016-12-13 Annual: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-Q 2016-02-09 Quarter: 2015-12-31
10-K 2015-12-11 Annual: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-Q 2015-02-06 Quarter: 2014-12-31
10-K 2014-12-12 Annual: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-Q 2014-02-06 Quarter: 2013-12-31
10-K 2013-12-12 Annual: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-Q 2013-02-07 Quarter: 2012-12-31
10-K 2012-12-13 Annual: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-Q 2012-02-09 Quarter: 2011-12-31
10-K 2011-12-13 Annual: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-Q 2011-02-08 Quarter: 2010-12-31
10-K 2010-12-13 Annual: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-Q 2010-02-09 Quarter: 2009-12-31
8-K 2019-11-26 Enter Agreement, Leave Agreement, Other Events, Exhibits
8-K 2019-11-18 Regulation FD, Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-09-20 Regulation FD, Exhibits
8-K 2019-09-12 Other Events, Exhibits
8-K 2019-08-08 Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-12 Regulation FD, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-07 Exhibits
8-K 2019-04-18 Enter Agreement, Off-BS Arrangement
8-K 2019-03-14 Shareholder Vote
8-K 2019-02-07 Earnings, Amend Bylaw, Exhibits
8-K 2019-01-24 Regulation FD, Regulation FD, Exhibits
8-K 2018-12-19 Exhibits
8-K 2018-12-10 Earnings, Exhibits
8-K 2018-08-29 Regulation FD, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-05-17 Enter Agreement, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-03-13 Shareholder Vote, Regulation FD, Exhibits
8-K 2018-02-15 Exhibits
8-K 2018-02-09 Earnings, Exhibits
8-K 2018-02-07 Exhibits
8-K 2018-01-29 Exhibits
8-K 2018-01-11 Enter Agreement, Exhibits
8-K 2018-01-08 Regulation FD, Exhibits
8-K 2017-12-07 Exhibits
BRT 2019-09-30
Part I ‑ Financial Information
Item 1. Financial Statements
Note 1 - Organization and Background
Note 2 - Basis of Preparation
Note 3 - Equity
Note 4 ‑ Real Estate Properties
Note 5 ‑ Acquisitions and Dispositions
Note 6 - Variable Interest Entities
Note 7 - Restricted Cash
Note 8 - Investment in Unconsolidated Ventures
Note 9 - Debt Obligations
Note 10 - Related Party Transactions
Note 11 - Fair Value of Financial Instruments
Note 12 - Derivative Financial Instruments
Note 13 - New Accounting Pronouncements
Note 14 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 6. Exhibits
EX-31.1 exhibit311093019.htm
EX-31.2 exhibit312093019.htm
EX-31.3 exhibit313093019.htm
EX-32.1 exhibit321093019.htm
EX-32.2 exhibit322093019.htm
EX-32.3 exhibit323093019.htm

BRT Apartments Earnings 2019-09-30

BRT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CHMI 281 2,539 2,133 0 31 -60 -29 376 -12.9 -2%
CDR 264 1,216 683 146 0 20 83 261 0% 3.2 2%
BRG 255 2,136 1,426 202 0 -15 76 1,505 0% 19.7 -1%
LAND 233 629 397 32 0 5 29 555 0% 19.0 1%
TCI 213 854 485 82 0 164 226 422 0% 1.9 19%
BRT 209 1,198 921 126 0 -16 25 1,074 0% 43.8 -1%
CBL 198 5,049 4,127 815 0 -119 376 4,048 0% 10.8 -2%
CLPR 195 1,141 989 112 35 -2 49 1,096 31% 22.3 -0%
ORM 167 209 18 17 0 7 10 163 0% 15.7 3%
PLYM 167 493 321 64 0 -12 36 142 0% 4.0 -2%

Document
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
 
FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended September 30, 2019

OR
 
  \Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

      Commission File Number 001-07172
 
BRT APARTMENTS CORP.
(Exact name of Registrant as specified in its charter)
Maryland13-2755856
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization)

60 Cutter Mill Road, Great Neck, NY
11021  
(Address of principal executive offices)(Zip Code)

516-466-3100
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBRTNYSE

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Yes  No 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See definition of “large accelerated filer” “accelerated filer”, “smaller reporting company”and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):
Large accelerated filer ☐
Accelerated filer
Non-accelerated filer ☐
Smaller reporting company
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
 
Indicate the number of shares outstanding of each of the issuer’s classes of stock, as of the latest practicable date.
 
16,082,352 Shares of Common Stock,
par value $0.01 per share, outstanding on November 1, 2019


Table of Contents
BRT APARTMENTS CORP. AND SUBSIDIARIES
Table of Contents


Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 2.
Item 6.


1

Table of Contents
Part I ‑ FINANCIAL INFORMATION
Item 1. Financial Statements
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share data)

September 30, 2019December 31, 2018
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $117,534 and $91,715$1,112,896  $1,029,239  
Real estate loan4,300  4,750  
Cash and cash equivalents18,466  32,428  
Restricted cash10,789  8,180  
Deposits and escrows19,916  21,268  
Investments in unconsolidated joint ventures18,020  19,758  
Other assets8,210  8,084  
Total Assets (a)$1,192,597  $1,123,707  
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $6,550 and $6,289$844,597  $771,817  
Junior subordinated notes, net of deferred costs of $342 and $35737,058  37,043  
Credit facility, net of deferred costs of $70 and $03,530    
Accounts payable and accrued liabilities32,285  24,487  
Total Liabilities (a)917,470  833,347  
Commitments and contingencies
Equity:
BRT Apartments Corp. stockholders' equity:
Preferred shares $.01 par value 2,000 shares authorized, none outstanding    
 Common stock, $.01 par value, 300,000 shares authorized;
 15,227 and 15,038 shares outstanding152  150  
Additional paid-in capital218,817  216,981  
Accumulated other comprehensive (loss) income(75) 1,688  
Accumulated deficit(35,331) (20,044) 
Total BRT Apartments Corp. stockholders’ equity183,563  198,775  
Non-controlling interests91,564  91,585  
Total Equity275,127  290,360  
Total Liabilities and Equity$1,192,597  $1,123,707  


(a) The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 6. The consolidated balance sheets include the following amounts related to the Company's VIEs as of September 30, 2019 and December 31, 2018, respectively: $677,189 and $584,074 of real estate properties; $7,408 and $5,207 of cash and cash equivalents; $10,186 and $11,705 of deposits and escrows; $4,238 and $6,302 of other assets; $521,494 and $446,779 of mortgages payable, net of deferred costs; and $14,780 and $11,816 of accounts payable and accrued liabilities.

See accompanying notes to consolidated financial statements.
2

Table of Contents
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands)


Three Months Ended
September 30,
Nine Months Ended
September 30,
2019201820192018
Revenues:
Rental revenue $33,875  $31,283  $97,507  $90,710  
Other income161  198  595  576  
Total revenues34,036  31,481  98,102  91,286  
Expenses:
Real estate operating expenses - including $960 and $896 to related parties for the three months ended and $2,877 and $2,583 for the nine months ended16,281  15,661  47,195  44,318  
Interest expense9,845  8,965  28,353  26,408  
General and administrative - including $105 and $109 to related parties for the three months ended and $403 and $416 for the nine months ended2,430  2,002  7,455  6,907  
Depreciation9,950  10,416  29,914  29,856  
Total expenses38,506  37,044  112,917  107,489  
Total revenues less total expenses(4,470) (5,563) (14,815) (16,203) 
Equity in loss of unconsolidated joint ventures(259) (174) (643) (364) 
Gain on sale of real estate9,938  424  9,938  52,405  
Gain on insurance recoveries  1,272  517  4,499  
Loss on extinguishment of debt(1,766)   (1,766) (593) 
 Income (loss) from continuing operations3,443  (4,041) (6,769) 39,744  
 Income tax provision (benefit)98  97  219  (55) 
Net income (loss) from continuing operations, net of taxes3,345  (4,138) (6,988) 39,799  
Net (income) loss attributable to non-controlling interests(73) 1,027  1,696  (22,377) 
Net income (loss) attributable to common stockholders$3,272  $(3,111) $(5,292) $17,422  
Weighted average number of shares of common stock outstanding:
Basic15,913,975  15,635,953  15,900,362  14,768,429  
Diluted16,113,975  15,635,953  15,900,362  14,968,429  
Per share amounts attributable to common stockholders:
Basic$0.21  $(0.20) $(0.33) $1.18  
Diluted$0.20  $(0.20) $(0.33) $1.16  


See accompanying notes to consolidated financial statements.
3

Table of Contents
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollars in thousands)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2019201820192018
Net income (loss) $3,345  $(4,138) $(6,988) $39,799  
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative instruments(322) 316  (2,544) 1,846  
Other comprehensive (loss) income (322) 316  (2,544) 1,846  
Comprehensive income (loss) 3,023  (3,822) (9,532) 41,645  
Comprehensive loss (income) attributable to non-controlling interests31  934  2,477  (22,938) 
Comprehensive income (loss) attributable to common stockholders$3,054  $(2,888) $(7,055) $18,707  


See accompanying notes to consolidated financial statements.

4


BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Dollars in thousands, except per share data)

Common StockAdditional
Paid-In Capital
Accumulated
Other Comprehensive Income (loss)
Accumulated Deficit
Non- Controlling Interest
Total
Balances, December 31, 2018$150  $216,981  $1,688  $(20,044) $91,585  $290,360  
Distributions - common stock - $0.20 per share—  —  —  (3,221) —  (3,221) 
Restricted stock vesting2  (2) —  —  —    
Compensation expense - restricted stock and restricted stock units—  365  —  —  —  365  
Consolidation of investment in limited partnership—  —  —  —  6,047  6,047  
Contributions from non-controlling interests—  —  —  —  264  264  
Distributions to non-controlling interests—  —  —  —  (2,345) (2,345) 
Net loss—  —  —  (4,247) (836) (5,083) 
Other comprehensive loss—  —  (606) —  (263) (869) 
Comprehensive loss(5,952) 
Balances, March 31, 2019$152  $217,344  $1,082  $(27,512) $94,452  $285,518  
Distributions - common stock - $0.20 per share—  —  —  (3,220) —  (3,220) 
Compensation expense - restricted stock and restricted stock units—  373  —  —  —  373  
Contributions from non-controlling interests—  —  —  —  3,027  3,027  
Distributions to non-controlling interests—  —  —  —  (2,264) (2,264) 
Shares repurchased —  (46) —  —  —  (46) 
Net loss—  —  —  (4,317) (933) (5,250) 
Other comprehensive loss—  —  (939) —  (414) (1,353) 
Comprehensive loss(6,603) 
Balances, June 30, 2019$152  $217,671  $143  $(35,049) $93,868  $276,785  
Distributions - common stock - $0.22 per share—  —  —  (3,554) —  (3,554) 
Compensation expense - restricted stock and restricted stock units—  372  —  —  —  372  
Contributions from non-controlling interests—  —  —  —  1,237  1,237  
Distributions to non-controlling interests—  —  —  —  (3,510) (3,510) 
Shares issued through equity offering program, net—  774  —  —  —  774  
Net income—  —  —  3,272  73  3,345  
Other comprehensive loss—  —  (218) —  (104) (322) 
Comprehensive loss3,023  
Balances, September 30, 2019$152  $218,817  $(75) $(35,331) $91,564  $275,127  

See accompanying notes to consolidated financial statements.


5


BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(Dollars in thousands, except per share data)
Common StockAdditional
Paid-In Capital
Accumulated
Other Comprehensive Income
Accumulated Deficit
Non- Controlling Interest
Total
Balances, December 31, 2017$133  $202,225  $1,346  $(33,292) $72,935  $243,347  
Distributions - common stock - $0.20 per share—  —  —  (2,897) —  (2,897) 
Restricted stock vesting1  (1) —  —  —    
Compensation expense - restricted stock and restricted stock units—  297  —  —  —  297  
Consolidation of investment in limited partnership—  —  —  —  12,370  12,370  
Contributions from non-controlling interests—  —  —  —  18,088  18,088  
Distributions to non-controlling interests—  —  —  —  (32,020) (32,020) 
Purchase of non-controlling interest—  (82) —  —  (168) (250) 
Shares issued through equity offering program, net2  1,399  —  —  —  1,401  
Net income—  —  —  25,222  24,686  49,908  
Other comprehensive income—  —  786  —  346  1,132  
Comprehensive income51,040  
Balances, March 31, 2018$136  $203,838  $2,132  $(10,967) $96,237  $291,376  
Distributions - common stock - $0.20 per share—  —  —  (2,970) —  (2,970) 
Compensation expense - restricted stock and restricted stock units—  361  —  —  —  361  
Contributions from non-controlling interests—  —  —  —  9,930  9,930  
Distributions to non-controlling interests—  —  —  —  (2,163) (2,163) 
Shares issued through equity offering program, net8  10,517  —  —  —  10,525  
Net loss—  —  —  (4,689) (1,282) (5,971) 
Other comprehensive income—  —  276  —  122  398  
Comprehensive loss(5,573) 
Balances, June 30, 2018$144  $214,716  $2,408  $(18,626) $102,844  $301,486  
Distributions - common stock - $0.20 per share—  —  —  (3,190) —  (3,190) 
Compensation expense - restricted stock and restricted stock units—  15  —  —  —  15  
Distributions to non-controlling interests—  —  —  —  (1,525) (1,525) 
Purchase of non-controlling interest—  (3,035) —  —  (1,889) (4,924) 
Shares issued through equity offering program, net6  8,480  —  —  —  8,486  
Shares repurchased —  (41) —  —  —  (41) 
Net loss—  —  —  (3,111) (1,027) (4,138) 
Other comprehensive income—  —  221  —  95  316  
Comprehensive loss(3,822) 
Balances, September 30, 2018$150  $220,135  $2,629  $(24,927) $98,498  $296,485  

 See accompanying notes to consolidated financial statements.
6

Table of Contents
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in Thousands)

Nine Months Ended September 30,
20192018
Cash flows from operating activities:
 Net (loss) income$(6,988) $39,799  
 Adjustments to reconcile net (loss) income to net cash provided by operating activities:
  Depreciation29,914  29,856  
  Amortization of deferred financing costs1,345  1,068  
  Amortization of restricted stock and restricted stock units1,110  673  
  Equity in loss of unconsolidated joint ventures643  364  
  Gain on sale of real estate(9,938) (52,405) 
  Gain on insurance recovery(517) (4,499) 
  Loss on extinguishment of debt1,766  593  
 Increases and decreases from changes in other assets and liabilities:
  Decrease in deposits and escrows2,048