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EX-99.1 - EXHIBIT 99.1 - BRT Apartments Corp. | exhibit991q12018.htm |
8-K - 8-K - BRT Apartments Corp. | a8-kxq12018.htm |
1Q 2018 SUPPLEMENTAL
FINANCIAL INFORMATION
February 9, 2018
BRT APARTMENTS CORP.
60 Cutter Mill Rd., Great Neck, NY 11021
Forward Looking Statements
The information set forth herein contains forward-looking information within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Forward-looking information included herein that is not historical fact is subject to a
number of risks and uncertainties, depending upon the risks and uncertainties described in the
Company's filings with the Securities and Exchange Commission (SEC), and actual results realized by the
Company could differ materially from the forward-looking information included herein. Existing and
prospective investors are cautioned not to place undue reliance on this forward-looking information,
which speak only as of the date hereof. The Company undertakes no obligation to update or revise the
information herein, whether as a result of new information, future events or circumstances, or
otherwise. The Company recommends that existing and prospective investors review the information
set forth in its Annual Report on Form 10-K filed contemporaneously herewith.
Our fiscal year ends on September 30 and unless otherwise indicated or the context otherwise requires,
all references to a quarter or year refer to the applicable fiscal quarter or year.
Table of Contents
Table of Contents Page Number
Financial Highlights 1
Operating Results 2
Funds From Operations 3
Consolidated Balance Sheets 4
Portfolio Data by State 5
Same Store Comparison (First Quarter) 6
Multi-Family Acquisitions and Dispositions 7
Debt Analysis 8
Non-GAAP Financial Measures, Definitions, and
Reconciliations
9-10
Portfolio Table 11
Financial Highlights
1
2017 2016 2017 2016 2015
Market Information
Market capitalization 165,324,544$ 110,077,118$ 150,320,535$ 111,190,680$ 99,976,487$
Shares outstanding 14,022,438 13,898,626 14,022,438 13,898,835 14,101,056
Closing share price 11.79$ 7.92$ 10.72$ 8.00$ 7.09$
Quarterly dividend declared per share 0.18$ -$ -$ -$ -$
Portfolio
Multi-family properties owned 34 30 33 33 28
Units 9,684 (2) 8,624 9,568 9,420 8,300
Average occupancy (1) 93.7 % 93.0 % 93.8 % 92.8 % 94.5 %
Average monthly rental revenue per occupied unit (1) $967 $863 $933 $852 $810
2017
(Unaudited)
2016
(Unaudited) 2017 2016 2015
Per Share Data
Earnings per share (basic) (3) 0.45$ 1.13$ 0.97$ 2.23$ (0.17)$
Earnings per share (diluted) (3) 0.45$ 1.13$ 0.97$ 2.23$ (0.17)$
FFO per share of common stock (4) 0.20$ 0.14$ 0.67$ 0.47$ 0.24$
AFFO per share of common stock (4) 0.26$ 0.21$ 0.88$ 0.78$ 0.36$
(1) Average includes stabilized properties and, for the quarter ended December 31, 2017, excludes Retreat at Cinco Ranch due to damage suffered from Hurricane Harvey.
(2) Includes 445 units at two properties engaged in lease-up activities and 402 units at a property under development.
(3) See note 1 on page 2 with respect to the capitalization of property acquisition costs.
(4) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income,
as calculated in accordance with GAAP, on page 3, and the definitions of such terms at page 10.
As of September 30,December 31,
Quarter ended December 31, Year ended September 30,
Operating Results
(dollars in thousands, except per share amounts)
2
2017
(Unaudited)
2016
(Unaudited) 2017 2016 2015
Revenues
Rental and other revenue from real estate properties 28,162$ 25,029$ 104,477$ 95,202$ 77,023$
Other income 187 611 1,294 3,319 72
Total revenues 28,349 25,640 105,771 98,521 77,095
Expenses
Real estate operating expenses 13,347 12,446 51,279 47,519 38,609
Interest expense 7,980 6,687 28,171 23,878 19,297
Advisor's fees, related party - - - 693 2,448
Property acquisition costs (1) - - - 3,852 1,885
General and administrative 2,303 2,597 9,396 8,536 6,683
Depreciation 8,648 6,297 30,491 23,180 18,454
Total expenses 32,278 28,027 119,337 107,658 87,376
Total revenues less total expenses (3,929) (2,387) (13,566) (9,137) (10,281)
Equity in loss of unconsolidated joint ventures (25) - (384) - -
Gain on sale of real estate 12,519 35,838 52,601 46,477 15,005
Gain on sale of partnership interest - - - 386 -
Loss on extinguishment of debt (257) (799) (1,463) (4,547) -
Income from continuing operations 8,308 32,652 37,188 33,179 4,724
Provision for taxes 106 350 1,560 700 -
Income from continuing operations, net of taxes 8,202 32,302 35,628 32,479 4,724
Discontinued operations:
Loss from discontinued operations - - - (2,788) (6,329)
Gain on sale of partnership interest - - - 15,467 -
Income (loss) from discontinued operations - - - 12,679 (6,329)
Net income (loss) 8,202 32,302 35,628 45,158 (1,605)
Net income attributable to non-controlling interests (1,851) (16,532) (22,028) (13,869) (783)
Net income (loss) attributable to common stockholders 6,351$ 15,770$ 13,600$ 31,289$ (2,388)$
Per share amounts attributable to common stockholders:
Basic 0.45$ 1.13$ 0.97$ 2.23$ (0.17)$
Diluted 0.45$ 1.13$ 0.97$ 2.23$ (0.17)$
Weighted average number of shares of common stock outstanding:
Basic 14,022,438 13,898,626 13,993,638 14,017,279 14,133,352
Diluted 14,222,438 13,898,626 14,018,843 14,017,279 14,133,352
Quarter ended December 31, Year ended September 30,
(1) Effective with the quarter ended December 31, 2016, BRT capitalizes property acquisition costs in accordance
with ASU 2017-01, Business Combinations: Clarifying the Definition of a Business.
Funds From Operations
(dollars in thousands, except per share amounts)
3
2017
(Unaudited)
2016
(Unaudited) 2017 2016 2015
GAAP Net income (loss) attributable to common stockholders 6,351$ 15,770$ 13,600$ 31,289$ (2,388)$
Add: depreciation of properties 8,648 6,297 30,491 24,329 20,681
Add: our share of depreciation in unconsoliated joint ventures 217 83 737 20 20
Add: amortization of deferred leasing costs - - - 15 71
Deduct: gain on sales of real estate and partnership interests (12,519) (35,838) (52,601) (62,329) (15,005)
Adjustment for non-controlling interest 190 15,574 17,122 13,319 221
Funds from operations (FFO) attributable to 2,887$ 1,886$ 9,349$ 6,643$ 3,600$
common stockholders
Adjust for straight line rent accruals (10) (22) (56) (200) (411)
Add: loss on extinguishment of debt 257 799 1,463 4,547 -
Add: amortization of restricted stock and RSU expense 315 324 1,218 1,005 906
Add: amortization of deferred mortgage costs 359 301 1,244 1,645 2,242
Adjustment for non-controlling interest (127) (425) (920) (2,729) (703)
Adjusted funds from operations (AFFO) 3,681$ 2,863$ 12,298$ 10,911$ 5,634$
attributable to common stockholders
Per share data
GAAP Net income (loss) attributable to common stockholders 0.45$ 1.13$ 0.97$ 2.23$ (0.17)$
Add: depreciation of properties 0.59 0.46 2.18 1.74 1.46
Add: our share of depreciation in unconsoliated joint ventures 0.02 0.01 0.05 - -
Add: amortization of deferred leasing costs - - -
Deduct: gain on sales of real estate and partnership interests (0.88) (2.58) (3.75) (4.45) (1.07)
Adjustment for non-controlling interest 0.02 1.12 1.22 0.95 0.02
Funds from operations (FFO) attributable to 0.20$ 0.14$ 0.67$ 0.47$ 0.24$
common stockholders
Adjust for straight line rent accruals - - - (0.01) (0.04)
Add: loss on exti guishment of debt 0.02 0.06 0.10 0.32 -
Add: amortization of restricted stock and RSU expense 0.02 0.02 0.09 0.07 0.07
Add: amortization of deferred mortgage costs 0.03 0.02 0.09 0.12 0.16
Adjustment for non-controlling interest (0.01) (0.03) (0.07) (0.19) (0.07)
Adjusted funds from operations (AFFO) 0.26$ 0.21$ 0.88$ 0.78$ 0.36$
attributable to common stockholders
Quarter Ended December 31, Year ended September 30,
Consolidated Balance Sheets
(amounts in thousands)
4
At December 31,
2017 2017 2016 2015
Assets
Real estate properties, net of accumulated depreciation 931,996$ 902,281$ 759,576$ 591,727$
Real estate loan 5,350 5,500 19,500 -
Cash and cash equivalents 13,687 12,383 27,399 15,556
Restricted cash 8,074 6,151 7,383 6,518
Deposits and escrows 23,630 27,839 18,972 12,782
Investment in unconsolidated joint ventures 21,115 21,415 298 -
Other assets 8,933 9,359 7,775 6,882
Assets of discontinued operations - - - 163,545
Real estate properties held for sale - 8,969 33,996 23,859
Total Assets 1,012,785$ 993,897$ 874,899$ 820,869$
Liabilities and equity
Liabilities
Mortgage payable, net of deferred costs 712,061$ 697,826$ 588,457$ 451,159$
Junior subordinated notes, net of deferred costs 37,023 37,018 36,998 36,978
Accounts payable and accrued liabilities 20,354 22,348 20,716 14,780
Liabilities of discontinued operations - - - 138,530
Mortgage payable held for sale - - 27,052 19,248
Total liabilities 769,438 757,192 673,223 660,695
Equity
133 133 - -
Shares of beneficial interest, $3 per value - - 39,696 40,285
Additional paid in capital 202,225 201,910 161,321 161,842
Accumulated other comprehensive income (loss) 1,346 1,000 (1,602) (58)
Accumulated deficit (33,292) (37,047) (48,125) (79,414)
Total BRT Apartments Corp. stockholders' equity 170,412 165,996 151,290 122,655
Non-co trolling interests 72,935 70,709 50,386 37,519
Total Equity 243,347 236,705 201,676 160,174
Total Liabilities and Equity 1,012,785$ 993,897$ 874,899$ 820,869$
Common Stock, $.01 par value, 300,000 shares
authorized; 13,336 shares issued at June 30, 2017
At September 30,
Portfolio Data by State
(dollars in thousands, except monthly rent amounts)
5
Quarter Ended December 31, 2017
Units (1) Revenues Expenses NOI (2)
% of NOI
Contribution
Average
Occupancy (3)
Weighted Average
Monthly Rent per
Occupied Unit (3)
Texas 2,815 $ 8,404 $ 4,685 $ 3,719 25% 92.1% 1,007$
Florida 1,060 4,027 (4) 1,778 (4) 2,249 15% 93.7% 1,144
Alabama 1,030 2,164 1,049 1,114 8% 93.3% 742
Georgia 959 2,896 1,245 1,651 11% 94.3% 950
Mississippi 776 2,124 724 1,400 9% 96.7% 877
Missouri 775 2,664 1,282 1,381 9% 91.9% 1,006
South Carolina 683 1,941 891 1,050 7% 91.4% 1,007
Indiana 400 913 540 373 3% 96.2% 689
Tennessee 300 1,047 406 641 4% 98.9% 1,109
Ohio 264 693 300 393 3% 98.2% 820
Virginia 220 898 316 582 4% 93.2% 1,275
Other - 391 130 261 2% N/A N/A
T t ls 9,282 $ 28,162 $ 13,347 $ 14,815 100% 93.7% 967$
(1) Excludes 402 units under development in West Nashville, TN and, only with respect to the number of units, the Melbourne, FL property with 208 units
sold during the three months ended December 31, 2017.
(3) Excludes properties that are not stabilized and Retreat at Cinco Ranch.
(4) Includes $207 and $110 in revenues and expenses, respectively, relating to properties sold during the three months ended December 31, 2017.
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, at page 10 and the definition at page 10.
Same Store Comparisons
First Quarter
2018 and 2017
(dollars in thousands, except monthly rent amounts)
6
Quarter ended December 31, 2017
Units Q1 2018 Q1 2017 Growth Q1 2018 Q1 2017 Growth Q1 2018 Q1 2017 Growth
Texas (1) 1,918 $ 5,607 $ 5,324 5.3% $ 3,287 $ 3,038 8.2% $ 2,320 $ 2,286 1.5%
Florida 818 3,106 3,119 (0.4%) 1,358 1,567 (13.3%) 1,748 1,551 12.7%
Alabama 826 2,026 1,987 2.0% 995 1,032 (3.5%) 1,031 955 7.9%
Georgia 959 2,896 2,729 6.1% 1,245 1,317 (5.5%) 1,651 1,412 17.0%
Missouri 420 1,092 1,005 8.6% 640 402 59.1% 452 603 (25.1%)
South Carolina 412 1,272 1,297 (1.9%) 707 698 1.3% 565 599 (5.7%)
Indiana 400 913 807 13.1% 540 488 10.8% 373 319 16.8%
Mississippi 776 2,124 2,060 3.1% 724 796 (9.0%) 1,400 1,264 10.8%
Tennessee 300 1,047 1,014 3.3% 406 385 5.6% 641 629 1.9%
Ohio 264 693 637 8.7% 300 307 (2.3%) 393 330 18.9%
Totals 7,093 $ 20,776 $ 19,979 4.0% $ 10,202 $ 10,030 1.7% $ 10,574 $ 9,949 6.3%
Quarter ended December 31, 2017
Q1 2018 Q1 2017 Growth Q1 2018 Q1 2017 Growth
Texas (1) 93.5% 90.3% 3.5% $ 931 $ 910 2.4%
Florida 93.2% 94.4% (1.3%) 1,235 1,218 1.4%
Alabama 93.2% 95.7% (2.7%) 745 733 1.5%
Georgia 94.3% 94.0% 0.4% 950 915 3.8%
Missouri 93.5% 90.5% 3.3% 771 824 (6.4%)
South Carolina 91.4% 94.1% (2.9%) 1,007 997 1.0%
Indiana 96.2% 87.8% 9.6% 689 646 6.6%
Mississippi 96.7% 97.2% (0.5%) 877 854 2.7%
Tennessee 98.9% 97.9% 1.0% 1,109 1,079 2.8%
Ohio 98.2% 96.2% 2.1% 820 769 6.7%
Totals 93.3% 94.1% (0.9%) $ 925 $ 907 2.0%
(2) Generally, negative variances in NOI are, among other things, due to higher turnover, changes in occupancy, increases in real estate taxes, and/or increases in insurance.
(1) Excludes Retreat at Cinco Ranch in Katy, TX that suffered significant damage as a result of Hurricane Harvey.
Average Occupancy
Weighted Average Monthly Rent per Occupied
Unit
Revenues Property Operating Expenses NOI (2)
Multi-Family Acquisitions and Dispositions
Quarter Ended
December 31, 2017
(dollars in thousands)
7
Acquisitions
Location
Purchase
Date No. of Units
Contract
Purchase Price
Acquisition
Mortgage Debt Initial BRT Equity
Ownership
Percentage
Capitalized
Acquisition Costs
Madison, AL 12/7/2017 204 18,420$ 15,000$ 4,456$ 80.0% 247$
Boerne, TX 12/14/2017 120 11,500 (1) 9,200 3,780 80.0% 239
324 29,920$ 24,200$ 8,236$ 486$
Acquisitions Subsequent to December 31, 2017
Location
Purchase
Date No. of Units
Contract
Purchase Price
Acquisition
Mortgage Debt Initial BRT Equity
Ownership
Percentage
Capitalized
Acquisition Costs
Ocoee, FL 2/7/2018 522 71,347$ 53,060$ 12,370$ 1$ 1,049$
Dispositions
Location Sale Date No. of Units Sales Price Gain on Sale
BRT Portion of
Gain on Sale (2)
Mortgage
Prepayment
Charge
BRT Portion of
Mortgage
Prepayment Charge
Melbourne, FL 10/25/2017 208 22,250$ 12,519$ 10,015$ 260$ 200$
Dispositions Subsequent to December 31, 2017
Location Sale Date No. of Units Sales Price Estimated Gain
BRT Portion of
Estimated Gain (3)
Mortgage
Prepayment
Charge
BRT Portion of
Mortgage
Prepayment Charge
Palm Beach Gardens, FL 2/5/2018 542 97,200$ 41,800$ 21,300$ 594$ 304$
(1) Includes $500,000 for the acquisition of a land parcel adjacent to the property.
(2) BRT's gain equals the property gain of $12,519 less the non-controlling interest of $2,504.
(3) BRT's estimated gain equals the property gain of $41,800 less the non-controlling interest of $20,500.
Debt Analysis
As of December 31, 2017
(in thousands, except property data amounts)
8
Mortgage Debt
Year
Total Principal
Payments
Scheduled
Amortization
Principal Payments
Due at Maturity
Percent of Total
Principal
Payments Due At
Maturity
Weighted
Average Interest
Rate (1)
2018 33,503$ 4,503$ 29,000$ 5% 3.99%
2019 51,011 6,335 44,676 7% 3.83%
2020 62,145 6,804 55,341 9% 3.36%
2021 22,386 8,384 14,002 2% 4.29%
2022 40,593 8,521 32,072 5% 4.40%
Thereafter 508,643 40,907 467,736 73% 4.18%
Total 718,281$ 75,454$ 642,827$ 100%
Weighted Average Remaining Term to Maturity 6.9 years
Weighted Average Interest Rate 4.07%
Debt Service Coverage Ratio (2) 1.42
(2) See definition of Debt Service Coverage Ratio on page 11
Junior Subordinated Notes
Principal Balance $37,400
Interest Rate 3 month LIBOR + 2.00% (i.e, 3.17% at 12/31/2017)
Maturity April 30, 2036
(1) Is based on balloon payments at maturity
NON-GAAP FINANCIAL MEASURES
DEFINITIONS AND RECONCILIATIONS
(dollars in thousands)
9
We define NOI as total property revenues less total property operating expenses. Property operating expenses exclude, among
other things, depreciation and interest expense on the related property. Other REIT’s may use different methodologies for
calculating NOI, and accordingly, our NOI may not be comparable to other REIT’s. We believe NOI provides an operating
perspective not immediately apparent from GAAP operating income or net (loss) income. NOI is one of the measures we use to
evaluate our performance because it (i) measures the core operations of property performance by excluding corporate level
expenses and other items unrelated to property operating performance and (ii) captures trends in rental housing and property
operating expenses. However, NOI should only be used as an alternative measure of our financial performance.
The following table provides a reconciliation of NOI to net income attributable to common stock
holders as computed in accordance with GAAP for the periods presented:
2017
(Unaudited)
2016
(Unaudited)
GAAP Net income attributable to common stockholders 6,351$ 15,770$
Less: Other Income (187) (611)
A d: Interest xpense 7,980 6,687
G ral a administrative 2,303 2,597
Depreciation 8,648 6,297
Less: Gain on sale of real estate (12,519) (35,838)
Add: Loss on extinguishment of debt 257 799
Equity in loss of unconsolidated joint ventures 25 -
Provision for taxes 106 350
Add: Net income attributable to non-controlling interests 1,851 16,532
Net Operating Income 14,815$ 12,583$
Quarter ended December 31,
NON-GAAP FINANCIAL MEASURES
DEFINITIONS AND RECONCILIATIONS
(dollars in thousands)
10
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 as real estate depreciation and amortization, gains and losses on the sale of real estate assets and impairment on
depreciable assets. Historical accounting convention used for real estate assets requires straight-line depreciation of buildings
and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values
have historically risen or fallen with market conditions, it is management’s view, and we believe the view of many industry
investors and analysts, that the presentation of operating results for a REIT using the historical accounting for depreciation is
insufficient. FFO excludes gains and losses from the sale of real estate, which we believe provides management and investors
with a helpful additional measure of the performance of our real estate portfolio, as it allows for comparisons, year to year,
that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general,
administrative and other expenses, and interest expenses.
Adjusted Funds from Operations (AFFO)
AFFO, as defined by us, excludes from FFO straight line rent adjustments, loss on extinguishment of debt, amortization of
restricted stock and RSU expense and amortization of deferred mortgage costs. Management believes that excluding
acquisition-related expenses from AFFO provides investors with supplemental performance information that is consistent with
the performance models and analysis used by management and provides investors a view of the performance of our portfolio
over time, including after the time we cease to acquire properties on a frequent and regular basis. We believe that AFFO
enables investors to compare the performance of our portfolio with other REITs that have not recently engaged in acquisitions,
as well as a comparison of our performance with that of other non-traded REITs, as AFFO, or an equivalent measure is routinely
reported by non-traded REITs, and we believe often used by analysts and investors for comparison purposes.
Debt Service Coverage Ratio
Debt service coverage ratio is net operating income ("NOI") divided by total debt service.
Total Debt Service
Total debt service is the cash required to cover the repayment of interest and principal on a debt for a particular period. Total
debt service is used in the calculation of the debt service coverage ratio which is used to determine the borrower’s ability to
make debt service payments.
Stabilized Properties
Stabilized properties include all our consolidated properties, other than those in lease-up or development, and for the 2018
quarter, also excludes a Katy, Texas property that was damaged by Hurricane Harvey.
Same Store
Same store refers to stabilized properties that we and our consolidated joint ventures owned and operated for the entirety of
both periods being compared.
Portfolio Table
As of 2/9/2018
11
Property City State Year Built Property Age No. of Units
Q1 2018
Avg.
Occupancy
Q1 2018 Avg
Rent per
Occ. Unit
%
Ownership
Silvana Oaks North Charleston SC 2010 9 208 97% 1,134 100%
Avondale Station Decatur GA 1950 69 212 98% 1,023 100%
Stonecrossing Houston TX 1978 41 240 94% 877 91%
Pathway Houston TX 1979 40 144 93% 900 91%
Brixworth at Bridgestreet Huntsville AL 1985 34 208 96% 725 80%
Newbridge Commons Columbus OH 1999 20 264 98% 820 100%
Waterside at Castleton Indianapolis IN 1983 36 400 96% 689 80%
Crossings of Bellevue Nashville TN 1985 34 300 99% 1,109 80%
Kendall Manor Houston TX 1981 38 272 92% 835 80%
Avalon Pensacola FL 2008 11 276 89% 992 98%
Apartments at Venue Valley AL 2008/2009 11 618 92% 752 61%
Parkway Grande San Marcos TX 2014 5 192 93% 1,061 80%
Cedar Lakes Lake St. Louis MO 1985 34 420 94% 771 80%
Factory at Garco North Charleston SC 2017 2 271 79% 973 65%
Woodland Trails LaGrange GA 2010 9 236 96% 904 100%
Retreat at Cinco Ranch Katy TX 2008 11 268 58% 1,460 75%
Grove at River Place Macon GA 1988 31 240 94% 705 80%
Civic Center 1 Southaven MS 2002 17 392 97% 854 60%
Verandas at Shavano Park San Antonio TX 2014 5 288 96% 992 65%
Chatham Court and Reflections Dallas TX 1986 33 494 93% 906 50%
Waters Edge at Harbison Columbia SC 1996 23 204 86% 862 80%
Pointe at Lenox Park Atlanta GA 1989 30 271 92% 1,152 74%
Civic Center 2 Southaven MS 2005 14 384 97% 899 60%
Verandas at Alamo Ranch San Antonio TX 2015 4 288 94% 975 72%
Kilburn Crossing Fredericksburg VA 2005 14 220 93% 1,275 80%
OPOP Towers St. Louis MO 2014 5 128 89% 1,637 76%
OPOP Lofts St. Louis MO 2014 5 53 86% 1,454 76%
Vanguard Heights Creve Coeur MO 2016 3 174 79% 1,694 78%
Mercer Crossing Dallas TX 2014/2016 5 509 87% 1,321 50%
Jackson Square Tallahassee FL 1996 23 242 95% 964 80%
Magnolia Pointe Madison AL 1991 28 204 95% 709 80%
Woodland Apartments Boerne TX 2007 12 120 92% 870 80%
The Avenue Ocoee FL 1998 21 522 N/A N/A 50%
Total/Weighted Average 20.7 9,262
Development Projects
Bell's Bluff Nashville TN N/A N/A 402 N/A N/A 58%
Total (Including Development Projects) 9,664
Unconsolidated Joint Ventures City State Year Built Property Age No. of Units
%
Ownership
Canalside Sola (1) Columbia SC N/A N/A 338 46%
Canalside Lofts Columbia SC 2008/2013 11 374 32%
Gateway Oaks Forney TX 2016 3 313 50%
Total 1,025
(1) Development project