Company Quick10K Filing
Quick10K
BRT Apartments
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$14.17 16 $225
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
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 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 2018-03-13 Shareholder Vote, Regulation FD, Exhibits
8-K 2018-02-15 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
C Citigroup 156,390
XYL Xylem 14,230
DEI Douglas Emmett 6,920
MLNX Mellanox Technologies 6,420
OXM Oxford Industries 1,340
EVFM Evofem Biosciences 203
POLA Polar Power 42
GLGI Greystone Logistics 0
TXSO Texas South Energy 0
LFER Life On Earth 0
BRT 2019-06-30
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 - Real Estate Properties Held for Sale
Note 8 - Restricted Cash
Note 9 - Investment in Unconsolidated Ventures
Note 10 - Debt Obligations
Note 11 - Related Party Transactions
Note 12 - Fair Value of Financial Instruments
Note 13 - Derivative Financial Instruments
Note 14 - New Accounting Pronouncements
Note 15 - 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 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exhibit311063019.htm
EX-31.2 exhibit312063019.htm
EX-31.3 exhibit313063019.htm
EX-32.1 exhibit321063019.htm
EX-32.2 exhibit322063019.htm
EX-32.3 exhibit323063019.htm

BRT Apartments Earnings 2019-06-30

BRT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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 June 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.
 
15,896,805 Shares of Common Stock,
par value $0.01 per share, outstanding on August 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)

June 30, 2019December 31, 2018
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $107,587 and $91,715$1,098,932 $1,029,239 
Real estate loan4,450 4,750 
Cash and cash equivalents17,336 32,428 
Restricted cash9,962 8,180 
Deposits and escrows17,103 21,268 
Investments in unconsolidated joint ventures18,474 19,758 
Other assets8,929 8,084 
Real estate property held for sale22,722  
Total Assets (a)$1,197,908 $1,123,707 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $6,448 and $6,289$846,409 $771,817 
Junior subordinated notes, net of deferred costs of $347 and $35737,053 37,043 
Credit facility, net of deferred costs of $ 77 and $08,923  
Accounts payable and accrued liabilities28,738 24,487 
Total Liabilities (a)921,123 833,347 
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;
 15,172 and 15,038 shares outstanding152 150 
Additional paid-in capital217,671 216,981 
Accumulated other comprehensive income143 1,688 
Accumulated deficit(35,049)(20,044)
Total BRT Apartments Corp. stockholders’ equity182,917 198,775 
Non-controlling interests93,868 91,585 
Total Equity276,785 290,360 
Total Liabilities and Equity$1,197,908 $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 June 30, 2019 and December 31, 2018, respectively: $660,226 and $584,074 of real estate properties; $7,143 and $5,207 of cash and cash equivalents; $9,250 and $11,705 of deposits and escrows; $4,840 and $6,302 of other assets; $22,722 and $0 of real estate property held for sale; $522,707 and $446,779 of mortgages payable, net of deferred costs; and $13,835 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
June 30,
Six Months Ended
June 30,
2019 20182019 2018 
Revenues:
Rental revenue $32,930 $29,951 $63,632 $59,427 
Other income190 203 434 378 
Total revenues33,120 30,154 64,066 59,805 
Expenses:
Real estate operating expenses - including $990 and $851 to related parties for the three months ended and $1,917 and $1,687 for the six months ended16,100 14,459 30,914 28,657 
Interest expense9,739 8,786 18,508 17,443 
General and administrative - including $155 and $160 to related parties for the three months ended and $297 and $306 for the six months ended2,481 2,452 5,025 4,905 
Depreciation10,347 10,200 19,964 19,440 
Total expenses38,667 35,897 74,411 70,445 
Total revenues less total expenses(5,547)(5,743)(10,345)(10,640)
Equity in loss of unconsolidated joint ventures(161)(127)(384)(190)
Gain on sale of real estate   51,981 
Gain on insurance recoveries517  517 3,227 
Loss on extinguishment of debt   (593)
(Loss) income from continuing operations(5,191)(5,870)(10,212)43,785 
 Income tax provision (benefit)59 101 121 (152)
Net (loss) income from continuing operations, net of taxes(5,250)(5,971)(10,333)43,937 
Net loss (income) attributable to non-controlling interests933 1,282 1,769 (23,404)
Net (loss) income attributable to common stockholders$(4,317)$(4,689)$(8,564)$20,533 
Weighted average number of shares of common stock outstanding:
Basic15,900,316 14,411,940 15,893,443 14,327,477 
Diluted15,900,316 14,411,940 15,893,443 14,527,477 
Per share amounts attributable to common stockholders:
Basic$(0.27)$(0.33)$(0.54)$1.43 
Diluted$(0.27)$(0.33)$(0.54)$1.41 


See accompanying notes to consolidated financial statements.
3

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

Three Months Ended
June 30,
Six Months Ended
June 30,
2019 20182019 2018 
Net (loss) income $(5,250)$(5,971)$(10,333)$43,937 
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative instruments(1,353)398 (2,222)1,530 
Other comprehensive (loss) income (1,353)398 (2,222)1,530 
Comprehensive (loss) income (6,603)(5,573)(12,555)45,467 
Comprehensive loss (income) attributable to non-controlling interests1,346 1,160 2,446 (23,872)
Comprehensive (loss) income attributable to common stockholders$(5,257)$(4,413)$(10,109)$21,595 


See accompanying notes to consolidated financial statements.

4

Table of Contents
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 

 See accompanying notes to consolidated financial statements.











5

Table of Contents
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, 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 - 3,590 shares— (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 

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)

Six Months Ended June 30,
2019 2018
Cash flows from operating activities:
 Net (loss) income$(10,333)$43,937 
 Adjustments to reconcile net (loss) income to net cash provided by operating activities:
  Depreciation19,964 19,440 
  Amortization of deferred financing costs937 766 
  Amortization of restricted stock and restricted stock units738 658 
  Equity in loss of unconsolidated joint ventures384 190 
  Gain on sale of real estate (51,981)
  Gain on insurance recovery(517)(3,227)
  Loss on extinguishment of debt 593 
 Increases and decreases from changes in other assets and liabilities:
  Decrease in deposits and escrows4,861 3,926 
  (Increase) decrease in other assets(2,358)5,138 
  Decrease in accounts payable and accrued liabilities1,604 2,007 
Net cash provided by operating activities15,280 21,447 
Cash flows from investing activities:
  Collections from real estate loan300 300 
  Additions to real estate properties(56,840)(140,433)
  Improvements to real estate properties(4,755)(10,019)
  Investment in joint venture(11,231)(12,370)
  Purchase of non-controlling interests (250)
  Consolidation of investment in joint venture1,458 1,279 
  Net proceeds from the sale of real estate properties 146,901 
  Distributions from unconsolidated joint ventures898 381 
Net cash used in investing activities(70,170)(14,211)
Cash flows from financing activities:
  Proceeds from mortgages payable82,325 82,524 
  Mortgage payoffs(38,200)(75,436)
  Mortgage principal payments(2,721)(2,424)
    Proceeds from credit facility9,000  
  Increase in deferred financing costs(1,098)(943)
  Dividends paid(6,361)(5,788)
  Contributions from non-controlling interests3,291 28,018 
  Distributions to non-controlling interests(4,610)(34,183)
    Proceeds from the sale of common stock  11,926 
  Repurchase of shares of common stock(46) 
Net cash provided by financing activities41,580 3,694 
  Net (decrease) increase in cash, cash equivalents and restricted cash(13,310)10,930 
  Cash, cash equivalents and restricted cash at beginning of period40,608 21,761 
  Cash, cash equivalents and restricted cash at end of period$27,298 $32,691 


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BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(Unaudited)
(Dollars in Thousands)

Six Months Ended June 30,
2019 2018 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of capitalized interest of $695 and $59, respectively$18,218 $15,780 
  Taxes paid$44 $114 
  Acquisition of real estate through assumption of debt$ $13,608 
  Real estate properties reclassified to assets held for sale$22,722 $ 
Accrued additions of property and equipment$2,160 $ 
Consolidation of investment in joint venture:
Increase in real estate assets$(48,624)$ 
Increase in deposits and escrows(696) 
Increase in other assets(189) 
Increase in mortgage payable33,347  
Increase in deferred financing costs(65) 
Increase in accounts payable and accrued liabilities407  
Increase in non controlling interest6,047  
Decrease in investment in joint venture11,231  
  Increase in cash upon consolidation of joint venture$1,458 $ 



See accompanying notes to consolidated financial statements.
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BRT APARTMENTS CORP. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 2019


Note 1 – Organization and Background

BRT Apartments Corp. (the "Company"), a Maryland corporation, owns, operates and develops multi-family properties. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes.
Generally, the multi-family properties are acquired with joint venture partners in transactions in which the Company contributes a significant portion of the equity. At June 30, 2019, the Company owns: (a) 37 multi-family properties with 10,336 units (including 402 units in lease-up), located in 12 states with a carrying value of $1,111,344,000; and (b) interests in three unconsolidated multi-family joint ventures with 1,026 units (including 339 units in lease-up) located in two states with a carrying value of $18,402,000.

Note 2 – Basis of Preparation

The accompanying interim unaudited consolidated financial statements as of June 30, 2019, and for the three and six months ended June 30, 2019 and 2018, reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended June 30, 2019 and 2018, are not necessarily indicative of the results for the full year. The consolidated unaudited balance sheet as of December 31, 2018, has been derived from the unaudited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP"). Accordingly, these unaudited statements should be read in conjunction with the Company's audited financial statements included in its Annual Report on Form 10-K for the year ended September 30, 2018, filed with the Securities and Exchange Commission ("SEC") on December 10, 2018, for complete financial statements.
The consolidated financial statements include the accounts and operations of the Company, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities ("VIEs") in which the Company is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
The Company’s consolidated joint ventures that own multi-family properties, except as set forth in the following paragraph, were determined to be VIEs because the voting rights of some equity investors in the applicable joint venture entity are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits that could potentially be significant to the VIE.
The joint ventures that own properties in Ocoee, FL, Lawrenceville, GA, Dallas, TX, Farmers Branch, TX and Grand Prairie, TX were determined not to be a VIEs but are consolidated because the Company has controlling rights in such entities.
With respect to its unconsolidated joint ventures, as (i) the Company is generally the managing member but does not exercise substantial operating control over these entities or the Company is not the managing member and (ii) such entities are not VIEs, the Company has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.

The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture.  
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one-year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.


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In February 2019, the Board of Directors of the Company authorized a change in the Company’s fiscal year end from September 30 to December 31. The change is intended to better align the Company’s fiscal year with the fiscal year of other multi-family REITs. As a result of the change in fiscal year, (i) the Company’s 2019 fiscal year began on January 1, 2019 and ends on December 31, 2019 and (ii) the Company filed a Transition Report on Form 10-Q covering the transition period from October 1, 2018 to December 31, 2018.

Note 3 - Equity

Equity Distribution Agreements

In January 2018, the Company entered into equity distribution agreements, which were amended in May 2018, with three sales agents to sell up to an aggregate of $30,000,000 of its common stock from time-to-time in an at-the-market offering. During the quarter ended June 30, 2019, the Company did not sell any shares. From the commencement of this program through June 30, 2019, the Company sold 1,590,935 shares for an aggregate sales price of $20,913,000 before commissions of $424,000 and offering related expenses of $78,000.

Common Stock Dividend Distribution

The Company declared a quarterly cash distribution of $0.20 per share, payable on July 9, 2019 to stockholders of record on June 25, 2019.

Stock Based Compensation

The Company's 2018 Incentive Plan (the "2018 Plan") permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance share awards and any one or more of the foregoing, up to a maximum of 600,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units or certain performance based awards.
Restricted Stock Units
In June 2016, the Company issued restricted stock units (the "Units") to acquire up to 450,000 shares of common stock pursuant to the 2016 Amended and Restated Incentive Plan (the "2016 Incentive Plan"). The Units entitle the recipients, subject to continued service through the March 31, 2021 vesting date, to receive (i) the underlying shares if and to the extent certain performance and/or market conditions are satisfied at the vesting date, and (ii) an amount equal to the cash dividends paid from the grant date through the vesting date with respect to the shares of common stock underlying the Units if, when, and to the extent, the related Units vest. For financial statement purposes, because the Units are not participating securities, the shares underlying the Units are excluded in the outstanding shares reflected on the consolidated balance sheet and from the calculation of basic earnings per share. The shares underlying the Units are contingently issuable shares.
Expense is recognized over the five-year vesting period on the Units which the Company expects to vest. For the three months ended June 30, 2019 and 2018, the Company recorded $36,000 and $73,000, respectively, and for the six months ended June 30, 2019 and 2018, the Company recorded $71,000 and $146,000 of compensation expense related to the amortization of unearned compensation with respect to the Units. At June 30, 2019, and December 31, 2018, $248,000 and $319,000 of compensation expense, respectively, had been deferred and will be charged to expense over the remaining vesting period.
Restricted Stock
In January 2019, the Company granted 156,399 shares of restricted stock pursuant to the 2018 Incentive Plan. As of June 30, 2019, an aggregate of 725,296 shares of unvested restricted stock are outstanding pursuant to the 2018 Incentive Plan, 2016 Incentive Plan and 2012 Incentive Plan. No additional awards may be granted under the 2016 Incentive Plan and the 2012 Incentive Plan. The shares of restricted stock vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation. 
For the three months ended June 30, 2019 and 2018, the Company recorded $337,000 and $287,000, respectively, and for the six months ended June 30, 2019 and 2018, the Company recorded $667,000 and $511,000 of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At June 30, 2019
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and December 31, 2018, $4,011,000 and $2,735,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted stock awards. The weighted average remaining vesting period of these shares of restricted stock is 2.6 years.
Stock Buyback
On September 5, 2017, the Board of Directors approved a repurchase plan authorizing the Company, effective as of October 1, 2017, to repurchase up to $5,000,000 of shares of common stock through September 30, 2019. During the three and six months ended June 30, 2019, the Company repurchased 3,590 shares of common stock at an average market price of $12.80 for an aggregate cost of $46,000. During the three and six months ended June 30, 2018, there were no repurchases of common stock. As of June 30, 2019, $4,793,000 is remaining under the repurchase plan
Per Share Data
Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. The Units are excluded from the basic earnings per share calculation, as they are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings per share is determined by dividing net income applicable to common stockholders for the applicable period by the weighted average number of shares of common stock deemed to be outstanding during such period. In calculating diluted earnings per share, the Company, for the three and six months ended June 30, 2019 and the three months ended June 30, 2018, did not include any shares underlying the Units as their effect would have been anti-dilutive. For the six months ended June 30, 2018, the Company included 200,000 shares of common stock underlying the Units as the market criteria with respect to the Units had been met at June 30, 2018.
The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2019 20182019 2018 
Numerator for basic and diluted earnings (loss) per share attributable to common stockholders:
Net (loss) income attributable to common stockholders$(4,317)$(4,689)(8,564)20,533 
Denominator:
Denominator for basic earnings per share—weighted average number of shares15,900,316 14,411,940 15,893,443 14,327,477 
Effect of diluted securities    200,000 
Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions15,900,316 14,411,940 15,893,443 14,527,477 
Basic (loss) earnings per share$(0.27)$(0.33)$(0.54)$1.43 
Diluted (loss) earnings per share$(0.27)$(0.33)$(0.54)$1.41 


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Note 4 ‑ Real Estate Properties

Real estate properties, including properties held for sale, consist of the following (dollars in thousands):
June 30, 2019December 31, 2018
Land$164,838 $155,573 
Building1,022,194 924,378 
Building improvements46,297 41,003 
  Real estate properties1,233,329 1,120,954 
Accumulated depreciation(111,675)(91,715)
  Total real estate properties, net$1,121,654 $1,029,239 


A summary of real estate properties owned, including properties held for sale, is as follows (dollars in thousands):
      

December 31, 2018
Balance
AdditionsCapitalized Costs and ImprovementsDepreciation June 30, 2019
Balance
Multi-family$964,320 $92,170 $6,837 $(19,682)$1,043,645 
Multi-family lease-up - West Nashville, TN54,555  13,372 (227)67,700 
Land - Daytona, FL8,021    8,021 
Shopping centers/Retail - Yonkers, NY2,343   (55)2,288 
Total real estate properties$1,029,239 $92,170 $20,209 $(19,964)$1,121,654 
         
The following table summarizes the allocation of the purchase price with respect to two properties purchased during the six months ended June 30, 2019 (dollars in thousands):
Allocation of Purchase Price
Land$6,101 
Building and improvements84,987 
Acquisition-related intangible assets1,082 
Total consideration$92,170 

The purchase price of the properties acquired, inclusive of acquisition costs, was allocated to the acquired assets based on their estimated relative fair values on the acquisition date.

Note 5 ‑ Acquisitions and Dispositions

Property Acquisitions

The table below provides information regarding the Company's purchase of multi-family properties during the six months ended June 30, 2019 (dollars in thousands):

LocationPurchase DateNo. of UnitsPurchase PriceAcquisition Mortgage DebtInitial BRT EquityOwnership PercentageCapitalized Acquisition Costs
Kannapolis, North Carolina3/12/2019312 $48,065 $33,347 $11,231 65 %$559 
Birmingham, Alabama5/7/2019328 43,000 32,250 11,625 80 %546 
640 $91,065 $65,597 $22,856 $1,105 


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The table below provides information regarding the Company's purchases of multi-family properties during the six months ended June 30, 2018 (dollars in thousands):
Location