Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - BRT Apartments Corp. | exhibit991q42020.htm |
| EX-99.3 - EX-99.3 - BRT Apartments Corp. | exhibit993.htm |
| 8-K - 8-K - BRT Apartments Corp. | brt-20210311.htm |
Exhibit 99.2
| SUPPLEMENTAL FINANCIAL INFORMATION FOR THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2020 | ||
March 11, 2021
60 Cutter Mill Rd., Great Neck, NY 11021
FORWARD LOOKING STATEMENTS
The information set forth herein contains certain forward-looking statements 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. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "believe", "expect", "intend", "anticipate”, “estimate", "project", or similar expressions or variations thereof. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and are urged to read the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K to be filed on or about March 15, 2021.
We undertake no obligation to update or revise the information herein, whether as a result of new information, future events or circumstances, or otherwise.
Units under rehabilitation for which we have received or accrued rental income from business interruption insurance, while not physically occupied, are treated as leased (i.e., occupied) at rental rates in effect at the time of the casualty.
We use pro rata (as defined under "Non-GAAP Financial Measures and Definitions") to help the reader gain a better understanding of our unconsolidated joint ventures. However, the use of pro rata information has certain limitations and is not representative of our operations and accounts as presented in accordance with GAAP. Accordingly, pro rata information should be used with caution and in conjunction with the GAAP data presented herein and in our reports filed with the SEC.
| Table of Contents | Page Number | ||||
| Financial Highlights | 1 | ||||
| Operating Results | 2 | ||||
| Operating Results of Unconsolidated Properties | 3 | ||||
| Funds From Operations | 4 | ||||
| Consolidated Balance Sheets | 5 | ||||
| Balance Sheets of Unconsolidated Joint Venture Entities | 6 | ||||
| Portfolio Data by State | 7-8 | ||||
| Same Store Comparison - Consolidated | 9-10 | ||||
| Same Store Comparison - Unconsolidated | 11-12 | ||||
| Portfolio Data Combined | 13 | ||||
Multi-Family Acquisitions and Dispositions | 14 | ||||
| Value-Add Information and Capital Expenditures | 15 | ||||
| Debt Analysis | 16 | ||||
| Non-GAAP Financial Measures, Definitions, and Reconciliations | 17-20 | ||||
| Portfolio Table | 21 | ||||
BRT Apartments Corp. (NYSE: BRT)
Financial Highlights
_________________________________________________________________________________________________________
| As at December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||
| Market capitalization (thousands) | $ | 261,075 | $ | 277,680 | |||||||||||||||||||||||||
| Shares outstanding (thousands) | 17,176 | 16,363 | |||||||||||||||||||||||||||
| Closing share price | $ | 15.20 | $ | 16.97 | |||||||||||||||||||||||||
| Quarterly dividend declared per share | $ | 0.22 | $ | 0.22 | |||||||||||||||||||||||||
| Multi-family properties owned | 39 | 38 | |||||||||||||||||||||||||||
| Units (1) | 11,042 | 10,778 | |||||||||||||||||||||||||||
| Average occupancy (2) | 94.5 | % | 94.1 | % | |||||||||||||||||||||||||
| Average monthly rental revenue per occupied unit (2) | $ | 1,088 | $ | 1,056 | |||||||||||||||||||||||||
| Quarter ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||||||||
| Per share data | 2020 (Unaudited) | 2019 (Unaudited) | 2020 (Unaudited) | 2019 (Unaudited) | |||||||||||||||||||||||||
| (Loss) earnings per share basic | $ | (0.19) | $ | 0.38 | $ | (1.16) | $ | 0.05 | |||||||||||||||||||||
| (Loss) earnings per share diluted | $ | (0.19) | $ | 0.38 | $ | (1.16) | $ | 0.05 | |||||||||||||||||||||
| FFO per share of common stock (diluted) (3) | $ | 0.29 | $ | 0.21 | $ | 0.99 | $ | 0.74 | |||||||||||||||||||||
| AFFO per share of common stock (diluted) (3) | $ | 0.33 | $ | 0.30 | $ | 1.12 | $ | 1.03 | |||||||||||||||||||||
(1) For 2020, includes 1,880 units owned by consolidated subsidiaries and 9,162 units owned by unconsolidated subsidiaries. For 2019, includes 1,880 units owned by consolidated subsidiaries and 8,898 units owned by unconsolidated subsidiaries. Unconsolidated for 2020 and 2019 includes 741 units that were previously in lease-up
(2) For the period presented, average reflects stabilized properties and includes consolidated and unconsolidated assets.
See definition of stabilized properties under "Non-GAAP Financial Measures and Definitions."
(3) 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, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."
1
BRT Apartments Corp. (NYSE: BRT)
Operating Results
(dollars in thousands except per share data)
_____________________________________________________________________________________________________________________
| Three Months Ended December 31, (Unaudited) | Twelve months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rental revenue | $ | 7,029 | $ | 6,765 | $ | 27,451 | $ | 27,009 | |||||||||||||||
| Other income | 20 | 157 | 651 | 752 | |||||||||||||||||||
| Total revenues | 7,049 | 6,922 | 28,102 | 27,761 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Real estate operating expenses | 3,026 | 3,090 | 12,377 | 12,332 | |||||||||||||||||||
| Interest expense | 1,700 | 1,931 | 7,100 | 7,796 | |||||||||||||||||||
| General and administrative (1) | 2,647 | 2,636 | 11,701 | 10,091 | |||||||||||||||||||
| Impairment charge | — | — | 3,642 | — | |||||||||||||||||||
| Depreciation | 1,595 | 1,568 | 6,742 | 5,916 | |||||||||||||||||||
| Total expenses | 8,968 | 9,225 | 41,562 | 36,135 | |||||||||||||||||||
| Total revenues less total expenses | (1,919) | (2,303) | (13,460) | (8,374) | |||||||||||||||||||
| Equity in loss of unconsolidated joint ventures | (1,293) | (2,150) | (6,024) | (8,826) | |||||||||||||||||||
| Equity in earnings from sale of unconsolidated joint venture properties | — | 9,932 | — | 9,932 | |||||||||||||||||||
| Gain on sale of real estate | — | 680 | — | 10,618 | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | (1,387) | |||||||||||||||||||
| (Loss) income from continuing operations | (3,212) | 6,159 | (19,484) | 1,963 | |||||||||||||||||||
| Income tax provision | 56 | 51 | 248 | 270 | |||||||||||||||||||
| Net (loss) income from continuing operations, net of taxes | (3,268) | 6,108 | (19,732) | 1,693 | |||||||||||||||||||
| Net income attributable to non-controlling interests | (33) | 40 | (130) | (837) | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (3,301) | $ | 6,148 | $ | (19,862) | $ | 856 | |||||||||||||||
| Weighted average number of shares of common stock outstanding: | |||||||||||||||||||||||
| Basic | 17,176,401 | 16,159,308 | 17,115,697 | 15,965,631 | |||||||||||||||||||
| Diluted | 17,176,401 | 16,359,308 | 17,115,697 | 16,165,631 | |||||||||||||||||||
| Per share amounts attributable to common stockholders: | |||||||||||||||||||||||
| Basic | $ | (0.19) | $ | 0.38 | $ | (1.16) | $ | 0.05 | |||||||||||||||
| Diluted | $ | (0.19) | $ | 0.38 | $ | (1.16) | $ | 0.05 | |||||||||||||||
(1) Includes $14,000 and $712,000 in fees relating to the restatement for the three and twelve months ended December 31, 2020, respectively.
2
BRT Apartments Corp. (NYSE: BRT)
Operating Results of Unconsolidated Properties
(dollars in thousands, except per share data)
_____________________________________________________________________________________________________________________
| Three Months Ended December 31, (Unaudited) | Twelve months Ended December 31, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Rental and other revenue | $ | 32,332 | $ | 31,101 | $ | 127,058 | $ | 118,177 | ||||||||||||||||||
| Total revenues | 32,332 | 31,101 | 127,058 | 118,177 | ||||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Real estate operating expenses | 15,028 | 14,072 | 60,326 | 56,684 | ||||||||||||||||||||||
| Interest expense | 8,732 | 8,995 | 34,918 | 35,023 | ||||||||||||||||||||||
| Depreciation | 10,473 | 10,097 | 41,657 | 39,218 | ||||||||||||||||||||||
| Total expenses | 34,233 | 33,164 | 136,901 | 130,925 | ||||||||||||||||||||||
| Total revenues less total expenses | (1,901) | (2,063) | (9,843) | (12,748) | ||||||||||||||||||||||
| Gain on sale of real estate properties | — | 16,899 | — | 16,899 | ||||||||||||||||||||||
| Loss on extinguishment of debt | — | (1,639) | — | (2,018) | ||||||||||||||||||||||
| Other equity earnings | 3 | 15 | 117 | 177 | ||||||||||||||||||||||
| Gain on insurance recoveries | — | 270 | 765 | 787 | ||||||||||||||||||||||
| Net (Loss) income from joint ventures | $ | (1,898) | $ | 13,482 | $ | (8,961) | $ | 3,097 | ||||||||||||||||||
| BRT equity in loss and equity in earnings from sale of unconsolidated joint venture properties | $ | (1,293) | $ | 7,782 | $ | (6,024) | $ | 1,106 | ||||||||||||||||||
3
BRT Apartments Corp. (NYSE: BRT)
Funds from Operations
(dollars in thousands, except per share data)
_____________________________________________________________________________________________________________________
| Three Months Ended December 31, | Twelve months Ended December 31, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| GAAP Net (loss) income attributable to common stockholders | $ | (3,301) | $ | 6,148 | $ | (19,862) | $ | 856 | ||||||||||||||||||
| Add: depreciation of properties | 1,595 | 1,568 | 6,742 | 5,916 | ||||||||||||||||||||||
| Add: our share of depreciation in unconsolidated joint ventures | 6,670 | 6,409 | 26,493 | 24,935 | ||||||||||||||||||||||
| Add: Impairment charge | — | — | 3,642 | — | ||||||||||||||||||||||
| Deduct: our share of earnings from sale of unconsolidated joint venture properties | — | (9,932) | — | (9,932) | ||||||||||||||||||||||
| Deduct: gain on sale of real estate | — | (680) | — | (10,618) | ||||||||||||||||||||||
| Adjustments for non-controlling interests | (4) | (6) | (16) | 853 | ||||||||||||||||||||||
| NAREIT Funds from operations attributable to common stockholders | $ | 4,960 | $ | 3,507 | $ | 16,999 | $ | 12,010 | ||||||||||||||||||
| Adjustments for: straight-line rent accruals | (10) | (10) | (40) | (40) | ||||||||||||||||||||||
| Add: loss on extinguishment of debt | — | — | — | 1,387 | ||||||||||||||||||||||
| Add: our share of loss on extinguishment of debt from unconsolidated joint ventures | — | 963 | — | 1,236 | ||||||||||||||||||||||
| Add: amortization of restricted stock and restricted stock units | 461 | 383 | 1,821 | 1,492 | ||||||||||||||||||||||
| Add: amortization of deferred mortgage costs | 80 | 83 | 320 | 311 | ||||||||||||||||||||||
| Add: our share of deferred mortgage costs from unconsolidated joint venture properties | 147 | 149 | 626 | 980 | ||||||||||||||||||||||
| Less: our share of gain on insurance proceeds from unconsolidated joint venture | — | (216) | (519) | (630) | ||||||||||||||||||||||
| Adjustments for non-controlling interests | 1 | 2 | 6 | (119) | ||||||||||||||||||||||
| Adjusted funds from operations attributable to common stockholders | $ | 5,639 | $ | 4,861 | $ | 19,213 | $ | 16,627 | ||||||||||||||||||
| Three Months Ended December 31, | Twelve months Ended December 31, | |||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| GAAP Net loss attributable to common stockholders | $ | (0.19) | $ | 0.38 | $ | (1.16) | $ | 0.05 | ||||||||||||||||||
| Add: depreciation of properties | 0.09 | 0.09 | 0.39 | 0.37 | ||||||||||||||||||||||
| Add: our share of depreciation in unconsolidated joint ventures | 0.39 | 0.39 | 1.55 | 1.54 | ||||||||||||||||||||||
| Add: Impairment charge | — | — | 0.21 | — | ||||||||||||||||||||||
| Deduct our share of earnings on sale of real estate in unconsolidated joint venture | — | (0.61) | — | (0.61) | ||||||||||||||||||||||
| Deduct: gain on sale of real estate | — | (0.04) | — | (0.66) | ||||||||||||||||||||||
| Adjustment for non-controlling interests | — | — | — | 0.05 | ||||||||||||||||||||||
| NAREIT Funds from operations per diluted common share | 0.29 | 0.21 | 0.99 | 0.74 | ||||||||||||||||||||||
| Adjustments for: straight line rent accruals | — | — | — | — | ||||||||||||||||||||||
| Add: loss on extinguishment of debt | — | — | — | 0.09 | ||||||||||||||||||||||
| Add: our share of loss on extinguishment of debt from unconsolidated joint ventures | — | 0.06 | — | 0.08 | ||||||||||||||||||||||
| Add: amortization of restricted stock and restricted stock units | 0.03 | 0.02 | 0.10 | 0.09 | ||||||||||||||||||||||
| Add: amortization of deferred mortgage costs | — | 0.01 | 0.02 | 0.02 | ||||||||||||||||||||||
| Add: our share of deferred mortgage costs from unconsolidated joint venture properties | 0.01 | 0.01 | 0.04 | 0.06 | ||||||||||||||||||||||
| Less: our share of gain on insurance proceeds from unconsolidated joint venture | — | (0.01) | (0.03) | (0.04) | ||||||||||||||||||||||
| Adjustments for non-controlling interests | — | — | — | (0.01) | ||||||||||||||||||||||
| Adjusted funds from operations per diluted common share | $ | 0.33 | $ | 0.30 | $ | 1.12 | $ | 1.03 | ||||||||||||||||||
4
BRT Apartments Corp. (NYSE: BRT)
Consolidated Balance Sheets
(amounts in thousands, except per share amounts)
_____________________________________________________________________________________________________________________
| December 31, 2020 | December 31, 2019 | ||||||||||
| ASSETS | |||||||||||
| Real estate properties, net | $ | 160,192 | $ | 169,689 | |||||||
| Real estate loan | — | 4,150 | |||||||||
| Cash and cash equivalents | 19,885 | 22,699 | |||||||||
| Restricted cash | 8,800 | 9,719 | |||||||||
| Investments in unconsolidated joint ventures | 169,474 | 177,071 | |||||||||
| Other assets | 7,390 | 7,282 | |||||||||
| Total Assets | $ | 365,741 | $ | 390,610 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Mortgages payable, net of deferred costs | $ | 130,434 | $ | 133,215 | |||||||
| Junior subordinated notes, net of deferred costs | 37,083 | 37,063 | |||||||||
| Accounts payable and accrued liabilities | 20,536 | 20,772 | |||||||||
| Total Liabilities | 188,053 | 191,050 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
| BRT Apartments Corp. stockholders' equity: | — | — | |||||||||
| Preferred shares $.01 par value 2,000 shares authorized, none issued | |||||||||||
| Common stock, $.01 par value, 300,000 shares authorized; | 164 | 156 | |||||||||
| 16,432 and 15,638 shares outstanding | 245,605 | 232,331 | |||||||||
| Additional paid-in capital | (19) | (10) | |||||||||
| Accumulated other comprehensive loss | (67,978) | (32,824) | |||||||||
| Accumulated deficit | 177,772 | 199,653 | |||||||||
| Total BRT Apartments Corp. stockholders’ equity | (84) | (93) | |||||||||
| Non-controlling interests | 177,688 | 199,560 | |||||||||
| Total Equity | $ | 365,741 | $ | 390,610 | |||||||
| Total Liabilities and Equity | |||||||||||
5
BRT Apartments Corp. (NYSE: BRT)
Balance Sheet of Unconsolidated Joint Venture Entities
(amounts in thousands, except per share amounts)
_____________________________________________________________________________________________________________________
At December 31, 2020, the Company held interests in unconsolidated joint ventures that own 31 multi-family properties (the "Unconsolidated Properties"). The condensed balance sheet below present information regarding such properties (dollars in thousands):
| December 31, 2020 | ||||||||
| ASSETS | ||||||||
| Real estate properties, net of accumulated depreciation of $145,600 | $ | 1,075,178 | ||||||
| Cash and cash equivalents | 16,939 | |||||||
| Other assets | 29,392 | |||||||
| Total Assets | $ | 1,121,509 | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities: | ||||||||
| Mortgages payable, net of deferred costs of $563 | 829,646 | |||||||
| Accounts payable and accrued liabilities | 20,237 | |||||||
| Total Liabilities | 849,883 | |||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| Total unconsolidated joint venture equity | 271,626 | |||||||
| Total Liabilities and Equity | $ | 1,121,509 | ||||||
| BRT interest in joint venture equity | $ | 169,474 | ||||||
| Unconsolidated Mortgages Payable: | ||||||||
| BRT's pro-rata share | $ | 525,709 | ||||||
| Partner's pro rata share | 303,937 | |||||||
| Total | $ | 829,646 | ||||||
6
BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Quarter ended December 31, 2020
(dollars in thousands, except monthly rent amounts)
_____________________________________________________________________________________________________________________
| Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
| Units | Revenues | Property Operating Expenses | NOI (1) | % of NOI Contribution | Weighted Average Occupancy (2) | Weighted Average Rent per Occ. Unit (2) | ||||||||||||||||||||||||||||||||||||||
| Texas | 464 | $1,356 | $743 | $613 | 15 | % | 92.3 | % | $ | 895 | ||||||||||||||||||||||||||||||||||
| Georgia | 448 | 1,606 | 644 | 962 | 26 | % | 95.8 | % | 1,105 | |||||||||||||||||||||||||||||||||||
| Florida | 276 | 1,070 | 448 | 622 | 16 | % | 97.9 | % | 1,174 | |||||||||||||||||||||||||||||||||||
| Ohio | 264 | 784 | 342 | 442 | 11 | % | 97.4 | % | 934 | |||||||||||||||||||||||||||||||||||
| Virginia | 220 | 1,029 | 342 | 687 | 17 | % | 98.6 | % | 1,416 | |||||||||||||||||||||||||||||||||||
| South Carolina | 208 | 810 | 382 | 428 | 11 | % | 93.6 | % | 1,195 | |||||||||||||||||||||||||||||||||||
| Other (3) | — | 374 | 125 | 249 | 4 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
| Current Portfolio Totals | 1,880 | $7,029 | $3,026 | $4,003 | 100 | % | 95.6 | % | $ | 1,088 | ||||||||||||||||||||||||||||||||||
Unconsolidated (Pro-Rata Share) (1) | ||||||||||||||||||||||||||||||||||||||||||||
| Units | Revenues | Property Operating Expenses | NOI (1) | % of NOI Contribution | Weighted Average Occupancy (2) | Weighted Average Rent per Occ. Unit (2) | ||||||||||||||||||||||||||||||||||||||
| Texas | 2,561 | $5,178 | $2,590 | $2,588 | 24 | % | 91.2 | % | $ | 1,108 | ||||||||||||||||||||||||||||||||||
| South Carolina | 1,183 | 2,314 | 1,159 | 1,155 | 11 | % | 93.5 | % | 1,103 | |||||||||||||||||||||||||||||||||||
| Georgia | 1,097 | 2,521 | 1,238 | 1,283 | 12 | % | 95.9 | % | 1,130 | |||||||||||||||||||||||||||||||||||
| Florida | 972 | 2,195 | 1,009 | 1,186 | 11 | % | 94.5 | % | 1,073 | |||||||||||||||||||||||||||||||||||
| Alabama | 940 | 2,377 | 926 | 1,451 | 13 | % | 97.8 | % | 932 | |||||||||||||||||||||||||||||||||||
| Mississippi | 776 | 1,477 | 496 | 981 | 9 | % | 97.8 | % | 1,013 | |||||||||||||||||||||||||||||||||||
| Tennessee | 702 | 1,718 | 866 | 852 | 8 | % | 96.8 | % | 1,176 | |||||||||||||||||||||||||||||||||||
| North Carolina | 576 | 1,443 | 673 | 770 | 7 | % | 96.3 | % | 1,047 | |||||||||||||||||||||||||||||||||||
| Missouri | 355 | 1,264 | 585 | 679 | 5 | % | 91.7 | % | 1,433 | |||||||||||||||||||||||||||||||||||
| Current Portfolio Totals | 9,162 | $20,487 | $9,542 | $10,945 | 100 | % | 94.3 | % | $ | 1,089 | ||||||||||||||||||||||||||||||||||
_________________________________________________________________________________
(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial Measures and Definitions."
(2) Excludes properties that were sold or not stabilized for the full period presented.
(3) Includes properties sold during the periods presented and legacy assets.
7
Portfolio Data by State
Twelve months ended December 31, 2020
(dollars in thousands, except monthly rent amounts)
____________________________________________________________________________________________________________________
| Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
| Units | Revenues | Property Operating Expenses | NOI (1) | % of NOI Contribution | Weighted Average Occupancy (2) | Weighted Average Rent per Occ. Unit (2) | ||||||||||||||||||||||||||||||||||||||
| Texas | 464 | $5,442 | $3,173 | $2,269 | 15% | 92.7% | $918 | |||||||||||||||||||||||||||||||||||||
| Georgia | 448 | 6,316 | 2,514 | 3,802 | 25% | 96.0% | 1,089 | |||||||||||||||||||||||||||||||||||||
| Florida | 276 | 4,002 | 1,671 | 2,331 | 15% | 95.3% | 1,124 | |||||||||||||||||||||||||||||||||||||
| Ohio | 264 | 3,039 | 1,348 | 1,691 | 11% | 95.2% | 929 | |||||||||||||||||||||||||||||||||||||
| Virginia | 220 | 4,006 | 1,515 | 2,491 | 17% | 96.2% | 1,411 | |||||||||||||||||||||||||||||||||||||
| South Carolina | 208 | 3,218 | 1,676 | 1,542 | 10% | 93.2% | 1,182 | |||||||||||||||||||||||||||||||||||||
| Other (3) | — | 1,428 | 480 | 948 | 6% | N/A | N/A | |||||||||||||||||||||||||||||||||||||
| Current Portfolio Totals | 1,880 | $27,451 | $12,377 | $15,074 | 100% | 94.7% | $1,079 | |||||||||||||||||||||||||||||||||||||
| Unconsolidated (Pro-Rata Share)(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Units | Revenues | Property Operating Expenses | NOI (1) | % of NOI Contribution | Average Occupancy (2) | Average Rent per Occ. Unit (2) | ||||||||||||||||||||||||||||||||||||||
| Texas | 2,561 | $20,748 | $10,924 | $9,824 | 23% | 91.1% | $1,116 | |||||||||||||||||||||||||||||||||||||
| South Carolina | 1,183 | 9,026 | 4,620 | 4,406 | 10% | 91.9% | 1,103 | |||||||||||||||||||||||||||||||||||||
| Georgia | 1,097 | 9,697 | 4,734 | 4,963 | 12% | 93.9% | 1,114 | |||||||||||||||||||||||||||||||||||||
| Florida | 972 | 8,574 | 4,172 | 4,402 | 10% | 94.5% | 1,061 | |||||||||||||||||||||||||||||||||||||
| Alabama | 940 | 9,241 | 3,960 | 5,281 | 13% | 97.4% | 915 | |||||||||||||||||||||||||||||||||||||
| Mississippi | 776 | 5,767 | 2,062 | 3,705 | 9% | 96.9% | 994 | |||||||||||||||||||||||||||||||||||||
| Tennessee | 702 | 6,782 | 3,093 | 3,689 | 9% | 96.3% | 1,186 | |||||||||||||||||||||||||||||||||||||
| North Carolina | 576 | 5,394 | 2,323 | 3,071 | 7% | 94.0% | 1,002 | |||||||||||||||||||||||||||||||||||||
| Missouri | 355 | 5,213 | 2,386 | 2,827 | 7% | 96.5% | 1,473 | |||||||||||||||||||||||||||||||||||||
| Other (3) | — | 16 | 35 | (19) | — | N/A | N/A | |||||||||||||||||||||||||||||||||||||
| Current Portfolio Totals | 9,162 | $80,458 | $38,309 | $42,149 | 100% | 93.5% | $1,083 | |||||||||||||||||||||||||||||||||||||
_________________________________________________________________________________
(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial Measures and Definitions."
(2) Excludes properties that were sold or not stabilized for the full period presented.
(3) Includes properties sold during the periods presented and legacy assets.
8
BRT Apartments Corp. (NYSE: BRT)
Consolidated Same Store Comparisons
Quarters ended December 31, 2020 and 2019
(dollars in thousands, except monthly rent amounts)
_____________________________________________________________________________________________________________________
| Revenues | Property Operating Expenses | NOI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Units | 2020 | 2019 | % Change | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Georgia | 448 | $1,606 | $1,543 | 4.1 | % | $644 | $544 | 18.4 | % | $962 | $999 | (3.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Florida | 276 | 1,070 | 960 | 11.5 | % | 448 | 459 | (2.4) | % | 622 | 501 | 24.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Texas | 464 | 1,356 | 1,377 | (1.5) | % | 743 | 790 | (5.9) | % | 613 | 587 | 4.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Ohio | 264 | 784 | 744 | 5.4 | % | 342 | 317 | 7.9 | % | 442 | 427 | 3.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Virginia | 220 | 1,029 | 983 | 4.7 | % | 342 | 378 | (9.5) | % | 687 | 605 | 13.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| South Carolina | 208 | 810 | 786 | 3.1 | % | 382 | 465 | (17.8) | % | 428 | 321 | 33.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Totals | 1,880 | $6,655 | $6,393 | 4.1 | % | $2,901 | $2,953 | (1.8) | % | $3,754 | $3,440 | 9.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average Occupancy | Weighted Average Monthly Rent per Occupied Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Georgia | 95.8 | % | 96.6 | % | (0.8) | % | $1,105 | $1,053 | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida | 97.9 | % | 94.0 | % | 4.1 | % | 1,174 | 1,099 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas | 92.3 | % | 91.0 | % | 1.4 | % | 895 | 922 | (2.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ohio | 97.4 | % | 96.3 | % | 1.1 | % | 934 | 897 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Virginia | 98.6 | % | 93.8 | % | 5.1 | % | 1,416 | 1,412 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Carolina | 93.6 | % | 93.0 | % | 0.6 | % | 1,195 | 1,172 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average | 95.6 | % | 94.1 | % | 1.6 | % | $1,088 | $1,061 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
_______________________________
See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial Measures and Definitions."
9
BRT Apartments Corp. (NYSE: BRT)
Consolidated Same Store Comparisons
Twelve months ended December 31, 2020 and 2019
(dollars in thousands, except monthly rent amounts)
____________________________________________________________________________________________________________________
| Revenues | Property Operating Expenses | NOI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Units | 2020 | 2019 | % Change | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Georgia | 448 | $7,045 | $6,809 | 3.5 | % | $2,863 | $2,705 | 5.8 | % | $4,182 | $4,104 | 1.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Florida | 276 | 3,099 | 2,969 | 4.4 | % | 1,671 | 1,679 | (0.5) | % | 1,428 | 1,290 | 10.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Texas | 272 | 3,217 | 3,013 | 6.8 | % | 1,676 | 1,650 | 1.6 | % | 1,541 | 1,363 | 13.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Ohio | 264 | 3,218 | 3,204 | 0.4 | % | 1,195 | 1,141 | 4.7 | % | 2,023 | 2,063 | (1.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Virginia | 220 | 4,002 | 3,840 | 4.2 | % | 1,319 | 1,227 | 7.5 | % | 2,683 | 2,613 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| South Carolina | 208 | 2,888 | 2,705 | 6.8 | % | 1,853 | 1,566 | 18.3 | % | 1,035 | 1,139 | (9.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Totals | 1,688 | $23,469 | $22,540 | 4.1 | % | $10,577 | $9,968 | 6.1 | % | $12,892 | $12,572 | 2.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average Occupancy | Weighted Average Monthly Rent per Occupied Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Georgia | 96.0 | % | 96.1 | % | (0.1) | % | $1,089 | $1,027 | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida | 95.3 | % | 96.4 | % | (1.1) | % | 1,124 | 1,065 | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas | 92.1 | % | 89.5 | % | 2.9 | % | 834 | 802 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ohio | 95.2 | % | 95.2 | % | 0.0 | % | 929 | 898 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Virginia | 96.2 | % | 95.1 | % | 1.2 | % | 1,411 | 1,389 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Carolina | 93.2 | % | 94.5 | % | (1.4) | % | 1,182 | 1,161 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average | 94.8 | % | 94.6 | % | 0.2 | % | $1,084 | $1,042 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
_______________________________
See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
10
BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons
Quarters ended December 31, 2020 and 2019
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)
________________________________________________________________________________________
| Revenues | Property Operating Expenses | NOI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Units | 2020 | 2019 | % Change | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas | 2,561 | $5,176 | $5,225 | (0.9) | % | $2,590 | $2,427 | 6.7 | % | $2,586 | $2,798 | (7.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Georgia | 1,097 | 2,521 | 2,397 | 5.2 | % | 1,238 | 1,060 | 16.8 | % | 1,283 | 1,337 | (4.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Florida | 972 | 2,197 | 2,095 | 4.9 | % | 1,015 | 1,018 | (0.3) | % | 1,182 | 1,077 | 9.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| South Carolina | 844 | 1,708 | 1,654 | 3.3 | % | 935 | 895 | 4.5 | % | 773 | 759 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mississippi | 776 | 1,477 | 1,392 | 6.1 | % | 496 | 510 | (2.7) | % | 981 | 882 | 11.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Alabama | 940 | 2,377 | 2,218 | 7.2 | % | 926 | 958 | (3.3) | % | 1,451 | 1,260 | 15.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Missouri | 355 | 1,264 | 1,267 | (0.2) | % | 585 | 595 | (1.7) | % | 679 | 672 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| North Carolina | 312 | 806 | 757 | 6.5 | % | 399 | 334 | 19.5 | % | 407 | 423 | (3.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Tennessee | 300 | 876 | 877 | (0.1) | % | 381 | 315 | 21.0 | % | 495 | 562 | (11.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Totals | 8,157 | $18,402 | $17,882 | 2.9 | % | $8,565 | $8,112 | 5.6 | % | $9,837 | $9,770 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average Occupancy | Weighted Average Monthly Rent per Occupied Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas | 91.2 | % | 92.2 | % | (1.1) | % | $1,108 | $1,118 | (0.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Georgia | 96.0 | % | 92.1 | % | 4.2 | % | 1,130 | 1,113 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida | 94.5 | % | 93.4 | % | 1.2 | % | 1,073 | 1,061 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Carolina | 93.3 | % | 90.9 | % | 2.6 | % | 1,103 | 1,124 | (1.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mississippi | 97.8 | % | 96.1 | % | 1.8 | % | 1,013 | 967 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alabama | 97.8 | % | 96.1 | % | 1.8 | % | 932 | 894 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Missouri | 91.7 | % | 94.7 | % | (3.2) | % | 1,433 | 1,462 | (2.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| North Carolina | 96.3 | % | 96.0 | % | 0.3 | % | 1,104 | 1,105 | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tennessee | 96.9 | % | 90.6 | % | 7.0 | % | 1,176 | 1,184 | (0.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average | 94.3 | % | 93.2 | % | 1.2 | % | $1,092 | $1,087 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
________________________________
See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial Measures and Definitions."
11
BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons
Twelve months ended December 31, 2020 and 2019
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)
_______________________________________________________________________________________
| Revenues | Property Operating Expenses | NOI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Units | 2020 | 2019 | % Change | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas | 2,561 | $20,747 | $20,601 | 0.7 | % | $10,922 | $10,384 | 5.2 | % | $9,825 | $10,217 | (3.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Georgia | 1,097 | 9,696 | 9,318 | 4.1 | % | 4,734 | 4,308 | 9.9 | % | 4,962 | 5,010 | (1.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Florida | 972 | 8,573 | 8,226 | 4.2 | % | 4,172 | 4,070 | 2.5 | % | 4,401 | 4,156 | 5.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| South Carolina | 844 | 6,732 | 6,702 | 0.4 | % | 3,692 | 3,600 | 2.6 | % | 3,040 | 3,102 | (2.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mississippi | 776 | 5,767 | 5,540 | 4.1 | % | 2,063 | 2,057 | 0.3 | % | 3,704 | 3,483 | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Alabama | 412 | 3,964 | 3,610 | 9.8 | % | 1,703 | 1,555 | 9.5 | % | 2,261 | 2,055 | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Missouri | 355 | 5,212 | 5,054 | 3.1 | % | 2,386 | 2,337 | 2.1 | % | 2,826 | 2,717 | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Tennessee | 300 | 3,517 | 3,470 | 1.4 | % | 1,405 | 1,306 | 7.6 | % | 2,112 | 2,164 | (2.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Totals | 7,317 | $64,208 | $62,521 | 2.7 | % | $31,077 | $29,617 | 4.9 | % | $33,131 | $32,904 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average Occupancy | Weighted Average Monthly Rent per Occupied Unit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas | 91.1 | % | 92.5 | % | (1.5) | % | $1,116 | $1,095 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Georgia | 93.9 | % | 92.9 | % | 1.1 | % | 1,114 | 1,073 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Florida | 94.5 | % | 94.0 | % | 0.5 | % | 1,061 | 1,041 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| South Carolina | 91.9 | % | 91.4 | % | 0.5 | % | 1,103 | 1,108 | (0.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mississippi | 96.9 | % | 96.9 | % | 0.0 | % | 994 | 951 | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alabama | 97.6 | % | 96.7 | % | 0.9 | % | 876 | 812 | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Missouri | 95.0 | % | 94.3 | % | 0.7 | % | 1,473 | 1,458 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tennessee | 96.3 | % | 97.3 | % | (1.0) | % | 1,186 | 1,157 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average | 93.4 | % | 93.6 | % | (0.2) | % | $1,100 | $1,074 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
________________________________
See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial Measures and Definitions."
12
BRT Apartments Corp. (NYSE: BRT)
Portfolio Data Combined
(dollars in thousands, except monthly rent amounts)
________________________________________________________________________________________
Quarter Ended December 31,
| Portfolio | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | Property Operating Expenses | NOI | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | $7,029 | $3,026 | $4,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Unconsolidated (1) | 20,487 | 9,542 | 10,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Combined | $27,516 | $12,568 | $14,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Same Store | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | Property Operating Expenses | NOI | Revenues | Property Operating Expenses | NOI | Revenues | Property Operating Expenses | NOI | |||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | $6,655 | $2,901 | $3,754 | $6,393 | $2,953 | $3,440 | 4.1 | % | (1.8) | % | 9.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Unconsolidated (1) | 18,402 | 8,565 | 9,837 | 17,882 | 8,112 | 9,770 | 2.9 | % | 5.6 | % | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||
| Combined | $25,057 | $11,466 | $13,591 | $24,275 | $11,065 | $13,210 | 3.2 | % | 3.6 | % | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||
_____________________________________________________________
Twelve Months ended December 31,
| Portfolio | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | Property Operating Expenses | NOI | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | $27,451 | $12,377 | $15,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Unconsolidated (1) | 80,458 | 38,309 | 42,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Combined | $107,909 | $50,686 | $57,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Same Store | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | Property Operating Expenses | NOI | Revenues | Property Operating Expenses | NOI | Revenues | Property Operating Expenses | NOI | |||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | $23,469 | $10,577 | $12,892 | $22,540 | $9,968 | $12,572 | 4.1 | % | 6.1 | % | 2.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Unconsolidated (1) | 64,208 | 31,077 | 33,131 | 62,521 | 29,617 | 32,904 | 2.7 | % | 4.9 | % | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||
| Combined | $87,677 | $41,654 | $46,023 | $85,061 | $39,585 | $45,476 | 3.1 | % | 5.2 | % | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||
(1) Unconsolidated amounts represent BRT's pro-rata share. See definition of pro-rata under "Non-GAAP Financial Measures and Definitions.".
13
BRT Apartments Corp. (NYSE: BRT)
Acquisitions and Dispositions
(dollars in thousands)
________________________________________________________________________________________
| Acquisition during the twelve months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
| Location | Purchase Date | Units | Purchase Price | Acquisition Mortgage Debt | Initial BRT Equity | Ownership Percentage | Capitalized Acquisition Costs | |||||||||||||||||||||||||||||||||||||
| Wilmington, NC (1) | 2/20/2020 | 264 | $ | 38,000 | $ | 23,160 | $ | 13,700 | 80 | % | $ | 459 | ||||||||||||||||||||||||||||||||
(1) Unconsolidated property
There were no dispositions during the twelve months ended December 31, 2020
14
BRT Apartments Corp. (NYSE: BRT)
Value-Add Program and Capital Expenditures
Quarter ended December 31, 2020
________________________________________________________________________________________
| Value-Add Program | ||||||||||||||||||||||||||||||||
| (Includes consolidated and unconsolidated amounts) | ||||||||||||||||||||||||||||||||
| Units Rehabilitated (1) | Estimated Rehab Costs (2) | Estimated Rehab Costs Per unit | Estimated Average Monthly Rent Increase (3) | Estimated Annualized ROI (3) | Estimated units available to be renovated over next 24 months | |||||||||||||||||||||||||||
| 45 | $302,000 | $6,711 | $116 | 21% | 600 | |||||||||||||||||||||||||||
| (1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period. | ||||||||||||||||||||||||||||||||
| (2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into during the current period. | ||||||||||||||||||||||||||||||||
| (3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units. | ||||||||||||||||||||||||||||||||
| Capital Expenditures | |||||||||||||||||
| (Includes consolidated and unconsolidated amounts) | |||||||||||||||||
| Gross Capital Expenditures | Less: JV Partner Share | BRT Share of Capital Expenditures (4) | |||||||||||||||
| Estimated Recurring Capital Expenditures (1) | $ | 153,000 | $ | 30,308 | $ | 122,692 | |||||||||||
| Estimated Non-Recurring Capital Expenditures (2) | 1,828,000 | 483,459 | 1,344,541 | ||||||||||||||
| Total Capital Expenditures | $ | 1,981,000 | $ | 513,767 | $ | 1,467,233 | |||||||||||
| Replacements (operating expense) (3) | $ | 640,912 | $ | 182,585 | $ | 458,327 | |||||||||||
| Estimated Recurring Capital Expenditures and Replacements per unit (11,042 units) | $ | 72 | $ | 19 | $ | 53 | |||||||||||
| (1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes revenue enhancing projects. | |||||||||||||||||
| (2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the property, and revenue enhancing upgrades. | |||||||||||||||||
| (3) Replacements are expensed as incurred at the property. | |||||||||||||||||
| (4) Based on BRT's equity interest. | |||||||||||||||||
15
BRT Apartments Corp. (NYSE: BRT)
Debt Analysis
As of December 31, 2020
(dollars in thousands)
____________________________________________________________________________________________________________________________________
| Consolidated | ||||||||||||||||||||||||||||||||
Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Percent of Total Principal Payments Due At Maturity | Weighted Average Interest Rate (1) | |||||||||||||||||||||||||||
| 2021 | $ | 17,274 | $ | 3,272 | $ | 14,002 | 12 | % | 4.29 | % | ||||||||||||||||||||||
| 2022 | 62,543 | 1,924 | 60,619 | 54 | % | 4.29 | % | |||||||||||||||||||||||||
| 2023 | 1,270 | 1,270 | — | — | % | — | % | |||||||||||||||||||||||||
| 2024 | 1,316 | 1,316 | — | — | % | — | % | |||||||||||||||||||||||||
| 2025 | 16,661 | 1,286 | 15,375 | 14 | % | 4.42 | % | |||||||||||||||||||||||||
| Thereafter | 31,933 | 8,769 | 23,164 | 20 | % | 3.77 | % | |||||||||||||||||||||||||
| Total | $ | 130,997 | $ | 17,837 | $ | 113,160 | 100 | % | ||||||||||||||||||||||||
| Unconsolidated (BRT pro rata share) | ||||||||||||||||||||||||||||||||
| Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Percent of Total Principal Payments Due At Maturity | Weighted Average Interest Rate (1) | |||||||||||||||||||||||||||
| 2021 | $ | 3,388 | $ | 3,388 | $ | — | — | % | — | % | ||||||||||||||||||||||
| 2022 | 48,443 | 4,984 | 43,459 | 10 | % | 3.38 | % | |||||||||||||||||||||||||
| 2023 | 29,582 | 4,997 | 24,585 | 5 | % | 4.12 | % | |||||||||||||||||||||||||
| 2024 | 5,782 | 5,782 | — | — | % | — | % | |||||||||||||||||||||||||
| 2025 | 16,972 | 7,102 | 9,870 | 2 | % | 3.94 | % | |||||||||||||||||||||||||
| Thereafter | 423,698 | 44,663 | 379,034 | 83 | % | 4.12 | % | |||||||||||||||||||||||||
| Total | $ | 527,865 | $ | 71,350 | $ | 456,948 | 100 | % | ||||||||||||||||||||||||
| Combined (2) | ||||||||||||||||||||||||||||||||
| Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Percent of Total Principal Payments Due At Maturity | Weighted Average Interest Rate (1) | |||||||||||||||||||||||||||
| 2021 | $ | 20,662 | $ | 6,660 | $ | 14,002 | 2 | % | 4.29 | % | ||||||||||||||||||||||
| 2022 | 110,986 | 6,908 | 104,078 | 18 | % | 3.91 | % | |||||||||||||||||||||||||
| 2023 | 30,852 | 6,267 | 24,585 | 4 | % | 4.12 | % | |||||||||||||||||||||||||
| 2024 | 7,098 | 7,098 | — | — | 0.00 | % | ||||||||||||||||||||||||||
| 2025 | 33,633 | 8,388 | 25,245 | 4 | % | 4.23 | % | |||||||||||||||||||||||||
| Thereafter | 455,631 | 53,432 | 402,198 | 72 | % | 4.10 | % | |||||||||||||||||||||||||
| Total | $ | 658,862 | $ | 88,753 | $ | 570,108 | 100 | % | ||||||||||||||||||||||||
| Weighted Average Remaining Term to Maturity (2) | 7.2 years | |||||||||||||||||||||||||||||||
| Weighted Average Interest Rate (2) | 4.04 | % | ||||||||||||||||||||||||||||||
| Debt Service Coverage Ratio for the quarter ended December 31, 2020 | 1.55 | (3) | ||||||||||||||||||||||||||||||
| (1) Based on balloon payments at maturity. Includes consolidated and BRT pro rata share amounts. | ||||||||||||||||||||||||||||||||
| (2) Includes consolidated and BRT pro rata share unconsolidated amounts. | ||||||||||||||||||||||||||||||||
| (3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100% of the unconsolidated amounts. | ||||||||||||||||||||||||||||||||
| Junior Subordinated Notes | |||||||||||
| Principal Balance | $37,400 | ||||||||||
| Interest Rate | 3 month LIBOR + 2.00% (i.e, 2.21% at 12/31/2020) | ||||||||||
| Maturity | April 30, 2036 | ||||||||||
| Credit Facility (as of March 11, 2021) | |||||||||||
| Maximum Amount Available | Up to $10,000 | ||||||||||
| Amount Outstanding | $0 | ||||||||||
| Interest Rate | Prime + 0.50% (floor of 4.25%) | ||||||||||
| Maturity | April 18, 2021 | ||||||||||
16
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________
We compute NOI by adjusting net income (loss) to (a) add back (1) depreciation expense, (2) general and administrative expenses, (3) interest expense, (4) loss on extinguishment of debt, (5) equity in loss of unconsolidated joint ventures, (6) provision for taxes, (7) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate, and (3) gain on insurance recoveries related to casualty loss. We define "Same Store NOI" as NOI for all our consolidated properties that were owned for the entirety of the periods being presented, other than properties in lease up and developments. 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. We view Same Store NOI as an important measure of operating performance because it allows a comparison of operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods. However, NOI should only be used as an alternative measure of our financial performance.
The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for the consolidated properties:
| Consolidated | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| GAAP Net (loss) income attributable to common stockholders | $ | (3,301) | $ | 6,148 | $ | (19,862) | 856 | |||||||||||||||||||
| Less: Other Income | (20) | (157) | (651) | (752) | ||||||||||||||||||||||
| Add: Interest expense | 1,700 | 1,931 | 7,100 | 7,796 | ||||||||||||||||||||||
| General and administrative | 2,647 | 2,636 | 11,701 | 10,091 | ||||||||||||||||||||||
| Depreciation | 1,595 | 1,568 | 6,742 | 5,916 | ||||||||||||||||||||||
| Impairment charge | — | — | 3,642 | — | ||||||||||||||||||||||
| Provision for taxes | 56 | 51 | 248 | 270 | ||||||||||||||||||||||
| Less: Gain on sale of real estate | — | (680) | — | (10,618) | ||||||||||||||||||||||
| Add: Loss on extinguishment of debt | — | — | — | 1,387 | ||||||||||||||||||||||
| Equity in loss of unconsolidated joint venture properties | 1,293 | 2,150 | 6,024 | 8,826 | ||||||||||||||||||||||
| Less: Equity in earnings from sale of unconsolidated joint venture properties | — | (9,932) | — | (9,932) | ||||||||||||||||||||||
| Add: Net loss attributable to non-controlling interests | 33 | (40) | 130 | 837 | ||||||||||||||||||||||
| Net Operating Income | $ | 4,003 | $ | 3,675 | 15,074 | 14,677 | ||||||||||||||||||||
| Less: Non-same store and non multi -family Net Operating Income | (249) | (235) | (2,182) | (2,105) | ||||||||||||||||||||||
| Same store Net Operating Income | $ | 3,754 | $ | 3,440 | $ | 12,892 | $ | 12,572 | ||||||||||||||||||
The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for BRT's pro rata share of the unconsolidated properties:
| Unconsolidated | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
| BRT equity in loss from joint ventures | $ | (1,293) | $ | (2,150) | $ | (6,024) | $ | (8,826) | ||||||||||||||||||
| Add: Interest expense | 5,571 | 5,706 | 22,317 | 22,345 | ||||||||||||||||||||||
| Depreciation | 6,670 | 6,405 | 26,492 | 24,921 | ||||||||||||||||||||||
| Less: Other equity earnings | (3) | (15) | (117) | (177) | ||||||||||||||||||||||
| Less: Gain on sale of insurance recoveries | — | (228) | (519) | (642) | ||||||||||||||||||||||
| Add: Loss on extinguishment of debt | — | 963 | 1,237 | |||||||||||||||||||||||
| Net Operating Income | $ | 10,945 | $ | 10,681 | $ | 42,149 | $ | 38,858 | ||||||||||||||||||
| Less: Non-same store Net Operating Income | (1,103) | (913) | (9,018) | (5,954) | ||||||||||||||||||||||
| Same store Net Operating Income | $ | 9,842 | $ | 9,768 | $ | 33,131 | $ | 32,904 | ||||||||||||||||||
17
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
_____________________________________________________________________________________________________________________
The condensed income statements below present, for the periods indicated, a reconciliation of the information that appears on Page 3 - Operating Results of Unconsolidated Properties to the BRT pro rata information presented here in this supplemental.
| Three Months Ended December 31, 2020 | ||||||||||||||||||||
| Total | Partner Share | BRT Share | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Rental and other revenue | $ | 32,332 | $ | 11,845 | $ | 20,487 | ||||||||||||||
| Total revenues | 32,332 | 11,845 | 20,487 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Real estate operating expenses | 15,028 | 5,486 | 9,542 | |||||||||||||||||
| Interest expense | 8,732 | 3,161 | 5,571 | |||||||||||||||||
| Depreciation | 10,473 | 3,803 | 6,670 | |||||||||||||||||
| Total expenses | 34,233 | 12,450 | 21,783 | |||||||||||||||||
| Total revenues less total expenses | (1,901) | (605) | (1,296) | |||||||||||||||||
| Gain on sale of real estate properties | — | — | — | |||||||||||||||||
| Other equity in earnings | 3 | — | 3 | |||||||||||||||||
| Gain on insurance recoveries | — | — | — | |||||||||||||||||
| Loss on extinguishment of debt | — | — | — | |||||||||||||||||
| Net loss | $ | (1,898) | $ | (605) | $ | (1,293) | ||||||||||||||
| Three Months Ended December 31, 2019 | ||||||||||||||||||||
| Total | Partner Share | BRT Share | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Rental and other revenue | $ | 31,101 | $ | 11,409 | $ | 19,692 | ||||||||||||||
| Total revenues | 31,101 | 11,409 | 19,692 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Real estate operating expenses | 14,072 | 5,061 | 9,011 | |||||||||||||||||
| Interest expense | 8,995 | 3,289 | 5,706 | |||||||||||||||||
| Depreciation | 10,097 | 3,692 | 6,405 | |||||||||||||||||
| Total expenses | 33,164 | 12,042 | 21,122 | |||||||||||||||||
| Total revenues less total expenses | (2,063) | (633) | (1,430) | |||||||||||||||||
| Gain on sale of real estate properties | 16,899 | 6,967 | 9,932 | |||||||||||||||||
| Gain on insurance recoveries | (1,639) | (2,602) | 963 | |||||||||||||||||
| Other equity earnings | 15 | — | 15 | |||||||||||||||||
| Loss on extinguishment of debt | 270 | 42 | 228 | |||||||||||||||||
| Net income (loss) | $ | 13,482 | $ | 5,700 | $ | 7,782 | ||||||||||||||
18
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
_____________________________________________________________________________________________________________________
The condensed income statements below present for the periods indicated a reconciliation of the information that appears in note 7 of BRT's Annual report on Form 10-K to the BRT pro rata information presented here in this supplemental.
| Twelve Months Ended December 31, 2020 | ||||||||||||||||||||
| Total | Partner Share | BRT Share | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Rental and other revenue | $ | 127,058 | $ | 46,600 | $ | 80,458 | ||||||||||||||
| Total revenues | 127,058 | 46,600 | 80,458 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Real estate operating expenses | 60,326 | 22,017 | 38,309 | |||||||||||||||||
| Interest expense | 34,918 | 12,601 | 22,317 | |||||||||||||||||
| Depreciation | 41,657 | 15,165 | 26,492 | |||||||||||||||||
| Total expenses | 136,901 | 49,783 | 87,118 | |||||||||||||||||
| Total revenues less total expenses | (9,843) | (3,183) | (6,660) | |||||||||||||||||
| Gain on sale of real estate properties | — | — | — | |||||||||||||||||
| Loss on extinguishment of debt | — | — | — | |||||||||||||||||
| Other equity earnings | 117 | — | 117 | |||||||||||||||||
| Gain on insurance recoveries | 765 | 246 | 519 | |||||||||||||||||
| Net loss | $ | (8,961) | $ | (2,937) | $ | (6,024) | ||||||||||||||
| Twelve Months Ended December 31, 2019 | ||||||||||||||||||||
| Total | Partner Share | BRT Share | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Rental and other revenue | $ | 118,177 | $ | 43,037 | $ | 75,140 | ||||||||||||||
| Total revenues | 118,177 | 43,037 | 75,140 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Real estate operating expenses | 56,684 | 20,402 | 36,282 | |||||||||||||||||
| Interest expense | 35,023 | 12,678 | 22,345 | |||||||||||||||||
| Depreciation | 39,218 | 14,297 | 24,921 | |||||||||||||||||
| Total expenses | 130,925 | 47,377 | 83,548 | |||||||||||||||||
| Total revenues less total expenses | (12,748) | (4,340) | (8,408) | |||||||||||||||||
| Gain on sale of real estate properties | 16,899 | 6,967 | 9,932 | |||||||||||||||||
| Loss on extinguishment of debt | (2,018) | (3,255) | 1,237 | |||||||||||||||||
| Other equity earnings | 177 | — | 177 | |||||||||||||||||
| Gain on insurance recoveries | 787 | 145 | 642 | |||||||||||||||||
| Net loss | $ | 3,097 | $ | 1,991 | $ | 1,106 | ||||||||||||||
19
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________
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 excludes from FFO straight line rent adjustments, loss on extinguishment of debt, amortization of restricted stock and RSU expense, amortization of deferred mortgage costs and gain on insurance recovery. 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 and includes both consolidated and unconsolidated assets.
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.
Same Store
Same store properties refer to stabilized properties that we owned and operated for the entirety of periods being compared, except for properties that are under construction, in lease-up, or are undergoing development or redevelopment. We move properties previously excluded from our same store portfolio (because they were under construction, in lease up or are in development or redevelopment) into the same store designation once they have stabilized (as described below) and such status has been reflected fully in all applicable periods of comparison.
Stabilized Properties
Newly constructed, lease-up, development and redevelopment properties are deemed stabilized upon the earlier to occur of the first full calendar quarter beginning (a) 12 months after the property is fully completed and put in service and (b) attainment of at least 90% physical occupancy.
Pro-Rata Share
BRT's pro-rata share gives effect to its percentage equity interest in the unconsolidated joint ventures that own properties. Due to the operation of allocation/distribution provision of the joint venture agreements pursuant to which BRT participates in the ownership of these properties, BRT's share of the gain and loss on the sale of a property may be less than implied by BRT's percentage equity interest. Notwithstanding the foregoing, when referring to the number of units, average occupancy, and average rent per unit, the amount shown reflects 100% of the amount.
20
BRT Apartments Corp. (NYSE: BRT)
Portfolio Table
As of 3/11/2021
___________________________________________________________________________________________
| Property | City | State | Year Built | Year Acquired | Property Age | Units | Q4 2020 Avg. Occupancy | Q4 2020 Avg. Rent per Occ. Unit | % Ownership | |||||||||||||||||||||||
| Consolidated Properties | ||||||||||||||||||||||||||||||||
| Silvana Oaks | North Charleston | SC | 2010 | 2012 | 12 | 208 | 93.6% | $ | 1,195 | 100 | % | |||||||||||||||||||||
| Avondale Station | Decatur | GA | 1950 | 2012 | 72 | 212 | 92.9% | 1,190 | 100 | % | ||||||||||||||||||||||
| Newbridge Commons | Columbus | OH | 1999 | 2013 | 23 | 264 | 97.4% | 934 | 100 | % | ||||||||||||||||||||||
| Kendall Manor | Houston | TX | 1981 | 2014 | 41 | 272 | 90.2% | 797 | 100 | % | ||||||||||||||||||||||
| Avalon | Pensacola | FL | 2008 | 2014 | 14 | 276 | 97.9% | 1,174 | 100 | % | ||||||||||||||||||||||
| Parkway Grande | San Marcos | TX | 2014 | 2015 | 8 | 192 | 95.3% | 1,026 | 100 | % | ||||||||||||||||||||||
| Woodland Trails | LaGrange | GA | 2010 | 2015 | 12 | 236 | 98.3% | 1,033 | 100 | % | ||||||||||||||||||||||
| Kilburn Crossing | Fredericksburg | VA | 2005 | 2016 | 17 | 220 | 98.6% | 1,416 | 100 | % | ||||||||||||||||||||||
| Weighted Avg./Total Consolidated | 25 | 1,880 | ||||||||||||||||||||||||||||||
| Properties owned by Unconsolidated Joint Ventures | ||||||||||||||||||||||||||||||||
| Brixworth at Bridgestreet | Huntsville | AL | 1985 | 2013 | 37 | 208 | 98.1% | 850 | 80 | % | ||||||||||||||||||||||
| Crossings of Bellevue | Nashville | TN | 1985 | 2014 | 37 | 300 | 96.8% | 1,176 | 80 | % | ||||||||||||||||||||||
| Retreat at Cinco Ranch | Katy | TX | 2008 | 2016 | 14 | 268 | 94.1% | 1,206 | 75 | % | ||||||||||||||||||||||
| Grove at River Place | Macon | GA | 1988 | 2016 | 34 | 240 | 94.8% | 785 | 80 | % | ||||||||||||||||||||||
| Civic Center 1 | Southaven | MS | 2002 | 2016 | 20 | 392 | 98.0% | 977 | 60 | % | ||||||||||||||||||||||
| Verandas at Shavano Park | San Antonio | TX | 2014 | 2016 | 8 | 288 | 92.9% | 1,046 | 65 | % | ||||||||||||||||||||||
| Chatham Court and Reflections | Dallas | TX | 1986 | 2016 | 36 | 494 | 81.8% | 938 | 50 | % | ||||||||||||||||||||||
| Waters Edge at Harbison | Columbia | SC | 1996 | 2016 | 26 | 204 | 96.4% | 932 | 80 | % | ||||||||||||||||||||||
| Pointe at Lenox Park | Atlanta | GA | 1989 | 2016 | 33 | 271 | 96.7% | 1,240 | 74 | % | ||||||||||||||||||||||
| Civic Center 2 | Southaven | MS | 2005 | 2016 | 17 | 384 | 97.5% | 1,051 | 60 | % | ||||||||||||||||||||||
| Verandas at Alamo Ranch | San Antonio | TX | 2015 | 2016 | 7 | 288 | 94.3% | 1,032 | 71.9 | % | ||||||||||||||||||||||
| OPOP Towers | St. Louis | MO | 2014 | 2017 | 8 | 128 | 93.5% | 1,207 | 75.5 | % | ||||||||||||||||||||||
| OPOP Lofts | St. Louis | MO | 2014 | 2017 | 8 | 53 | 82.3% | 1,371 | 75.5 | % | ||||||||||||||||||||||
| Vanguard Heights | Creve Coeur | MO | 2016 | 2017 | 6 | 174 | 93.3% | 1,617 | 78.4 | % | ||||||||||||||||||||||
| Mercer Crossing | Dallas | TX | 2014/2016 | 2017 | 8 | 509 | 89.3% | 1,273 | 50 | % | ||||||||||||||||||||||
| Jackson Square | Tallahassee | FL | 1996 | 2017 | 26 | 242 | 94.6% | 1,109 | 80 | % | ||||||||||||||||||||||
| Magnolia Pointe | Madison | AL | 1991 | 2017 | 31 | 204 | 97.6% | 959 | 80 | % | ||||||||||||||||||||||
| Woodland Apartments | Boerne | TX | 2007 | 2017 | 15 | 120 | 98.3% | 977 | 80 | % | ||||||||||||||||||||||
| The Avenue | Ocoee | FL | 1998 | 2018 | 24 | 522 | 94.7% | 1,102 | 50 | % | ||||||||||||||||||||||
| Parc at 980 | Lawrenceville | GA | 1997 | 2018 | 25 | 586 | 96.1% | 1,218 | 50 | % | ||||||||||||||||||||||
| Anatole Apartments | Daytona Beach | FL | 1986 | 2018 | 36 | 208 | 93.8% | 959 | 80 | % | ||||||||||||||||||||||
| Landings of Carrier Parkway | Grand Prairie | TX | 2001 | 2018 | 21 | 281 | 94.1% | 1,122 | 50 | % | ||||||||||||||||||||||
| Crestmont at Thornblade | Greenville | SC | 1998 | 2018 | 24 | 266 | 93.2% | 1,042 | 90 | % | ||||||||||||||||||||||
| The Vive at Kellswater | Kannapolis | NC | 2011 | 2019 | 11 | 312 | 96.3% | 1,104 | 65 | % | ||||||||||||||||||||||
| Somerset at Trussville | Trussville | AL | 2007 | 2019 | 15 | 328 | 98.0% | 1,005 | 80 | % | ||||||||||||||||||||||
| The Village at Lakeside | Auburn | AL | 1988 | 2019 | 34 | 200 | 97.5% | 872 | 80 | % | ||||||||||||||||||||||
| Canalside Lofts | Columbia | SC | 2008/2013 | 2017 | 14 | 374 | 92.1% | 1,245 | 32 | % | ||||||||||||||||||||||
| Gateway Oaks | Forney | TX | 2016 | 2016 | 6 | 313 | 97.2% | 1,164 | 50 | % | ||||||||||||||||||||||
| Abbotts Run | Wilmington | NC | 2001 | 2020 | 21 | 264 | 93.9% | 978 | 80 | % | ||||||||||||||||||||||
| Weighted Avg./Total Unconsolidated | 21 | 8,421 | ||||||||||||||||||||||||||||||
| Projects previously in lease-up: (1) | ||||||||||||||||||||||||||||||||
| Bell's Bluff | Nashville | TN | 2018 | 3 | 402 | 73.9% | 1,506 | 58.1 | % | |||||||||||||||||||||||
| Canalside Sola | Columbia | SC | 2018 | 3 | 339 | 85.1% | 1,401 | 46.2 | % | |||||||||||||||||||||||
| Weighted Avg./Total (lease-up) | 3 | 741 | ||||||||||||||||||||||||||||||
| Weighted Avg./Total Portfolio | 20 | 11,042 | ||||||||||||||||||||||||||||||
| (1) Unconsolidated. Bell's Bluff and Canalside SOLA exited lease up status in September 2020 and January 2020, respectively. | ||||||||||||||||||||||||||||||||
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