BRT APARTMENTS CORP. (NYSE:BRT) Files An 8-K Financial Statements and Exhibits
Item 9.01(a), the audited combined statement of revenues and
certain expenses of The Tower at OPOP, a 128 unit multi-family
high rise building located at 411 North 8th Street, St. Louis,
Missouri (“OPOP Tower”) and The Lofts at OPOP, a 53 unit
multi-family loft building located at 901 Locust Street, St.
Louis, Missouri (“OPOP Lofts”; and together with OPOP Tower,
the “OPOP Properties”), for the year ended December 31, 2016,
and (ii) Item 9.01(b) our unaudited pro forma financials
statements reflecting the acquisition of the OPOP Properties.
OPOP Tower was purchased on February 28, 2017 for $27.0 million,
including $20.0 million of mortgage debt obtained in connection
with the acquisition. The mortgage loan bears interest at a rate of
4.79%, matures in 2027, is interest only for 60 months and
amortizes over the remaining five years. We contributed $6.0
million to this venture for our 75.5% interest.
including $20.0 million of mortgage debt obtained in connection
with the acquisition. The mortgage loan bears interest at a rate of
4.79%, matures in 2027, is interest only for 60 months and
amortizes over the remaining five years. We contributed $6.0
million to this venture for our 75.5% interest.
OPOP Lofts was purchased on February 28, 2017, for $8 million,
including $6.2 million of mortgage debt obtained in connection with
the acquisition. The mortgage loan bears interest at a rate of
4.48%, matures in 2027, is interest only for 60 months and
amortizes over the remaining five years. We contributed $2.0
million to this venture for our 75.5% interest.
including $6.2 million of mortgage debt obtained in connection with
the acquisition. The mortgage loan bears interest at a rate of
4.48%, matures in 2027, is interest only for 60 months and
amortizes over the remaining five years. We contributed $2.0
million to this venture for our 75.5% interest.
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Item 9.01
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Financial Statements and Exhibits.
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(a)
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Financial Statement of property acquired – The OPOP
Properties |
Page
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(i) Independent Auditors Report
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(ii) Combined Statement of Revenues and Certain
Expenses for the year ended
December 31, 2016
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(iii) Notes to Combined Statement of Revenues and Certain
Expenses |
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(b)
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Unaudited Pro Forma Consolidated Financial Statements
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(i) Pro Forma Consolidated Balance Sheet at December 31,
2016 |
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(ii) Pro Forma Consolidated Statements of Income:
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For the year ended September 30, 2016
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For the three months ended December 31, 2016
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(ii) Notes to Pro Forma Consolidated Financial Statements
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(d)
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Exhibits
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Exhibit No.
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Title of Exhibit
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23.1
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Consent of BDO USA, LLP, dated April 19, 2017
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Independent Auditors Report
Stockholders and Board of Directors
BRT Apartments Corp.
Great Neck, New York
We have audited the accompanying combined statement of revenues and
certain expenses of the properties located at 411 North 8th Street,
St. Louis, Missouri (“OPOP Tower”) and 901 Locust Street, St.
Louis, Missouri (“OPOP Lofts”, and collectively the “OPOP
Properties”) for the year ended December 31, 2016.
certain expenses of the properties located at 411 North 8th Street,
St. Louis, Missouri (“OPOP Tower”) and 901 Locust Street, St.
Louis, Missouri (“OPOP Lofts”, and collectively the “OPOP
Properties”) for the year ended December 31, 2016.
Managements Responsibility for the Combined Financial Statements
Management is responsible for the preparation and fair presentation
of the combined statement of revenues and certain expenses in
accordance with accounting principles generally accepted in the
United States of America; this includes the design, implementation,
and maintenance of internal control relevant to the preparation and
fair presentation of the combined statement of revenues and certain
expenses that is free from material misstatement, whether due to
fraud or error.
of the combined statement of revenues and certain expenses in
accordance with accounting principles generally accepted in the
United States of America; this includes the design, implementation,
and maintenance of internal control relevant to the preparation and
fair presentation of the combined statement of revenues and certain
expenses that is free from material misstatement, whether due to
fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on the combined
statement of revenues and certain expenses based on our audit. We
conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the combined statement of revenues and certain
expenses is free from material misstatement.
statement of revenues and certain expenses based on our audit. We
conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the combined statement of revenues and certain
expenses is free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the combined statement of
revenues and certain expenses. The procedures selected depend on
the auditors judgment, including the assessment of the risks of
material misstatement of the combined statement of revenues and
certain expenses, whether due to fraud or error. In making those
risk assessments, the auditor considers internal controls relevant
to the entity’s preparation and fair presentation of the combined
statement of revenues and certain expenses in order to design audit
procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the
entitys internal controls. Accordingly, we express no such opinion.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall
presentation of the combined revenues and certain expenses.
about the amounts and disclosures in the combined statement of
revenues and certain expenses. The procedures selected depend on
the auditors judgment, including the assessment of the risks of
material misstatement of the combined statement of revenues and
certain expenses, whether due to fraud or error. In making those
risk assessments, the auditor considers internal controls relevant
to the entity’s preparation and fair presentation of the combined
statement of revenues and certain expenses in order to design audit
procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the
entitys internal controls. Accordingly, we express no such opinion.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall
presentation of the combined revenues and certain expenses.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the combined statement of revenues and certain
expenses referred to above presents fairly, in all material
respects, the revenues and certain expenses of OPOP Tower and OPOP
Lofts for the year ended December 31, 2016, in accordance with
accounting principles generally accepted in the United States of
America.
expenses referred to above presents fairly, in all material
respects, the revenues and certain expenses of OPOP Tower and OPOP
Lofts for the year ended December 31, 2016, in accordance with
accounting principles generally accepted in the United States of
America.
Emphasis of Matter
The accompanying combined statements of revenues and certain
expenses was prepared for the purpose of complying with rules and
regulations of the U.S. Securities and Exchange Commission and for
inclusion in a Current Report on Form 8-K of BRT Apartments Corp.
as described in Note 2 to the combined statement of revenues and
certain expenses and is not intended to be a complete presentation
of OPOP Tower’s and OPOP Lofts’ revenues and expenses.
expenses was prepared for the purpose of complying with rules and
regulations of the U.S. Securities and Exchange Commission and for
inclusion in a Current Report on Form 8-K of BRT Apartments Corp.
as described in Note 2 to the combined statement of revenues and
certain expenses and is not intended to be a complete presentation
of OPOP Tower’s and OPOP Lofts’ revenues and expenses.
/s/ BDO USA, LLP
New York, New York
April 19, 2017
/div>
The OPOP Properties
Combined Statement of Revenues and Certain Expenses
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Year Ended December 31, 2016
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Revenues:
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Rental income
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$
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3,199,000
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Other income
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202,000
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Rental and other income
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3,401,000
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Certain Expenses:
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Real estate taxes
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210,000
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Management fees
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167,000
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Utilities
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283,000
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Payroll
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232,000
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Insurance
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155,000
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Repairs and maintenance
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613,000
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Total certain expenses
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1,660,000
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Revenues in excess of certain expenses
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$
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1,741,000
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See Independent Auditors Report and accompanying notes to the
Combined Statement of Revenues and Certain Expenses
Combined Statement of Revenues and Certain Expenses
/div>
The OPOP Properties
Notes to Combined Statement of Revenues and Certain Expenses
1. Organization
The Tower at OPOP, located at 411 North 8th Street, St. Louis,
Missouri (“OPOP Tower”) is a 128 unit multi-family high rise
building and the Lofts at OPOP, located at 901 Locust Street,
St. Louis, Missouri (“OPOP Lofts”) is a multi-family loft
building with 53 units. OPOP Towers and OPOP Lofts are
collectively referred to as the “OPOP Properties” or the
“Properties”.
Missouri (“OPOP Tower”) is a 128 unit multi-family high rise
building and the Lofts at OPOP, located at 901 Locust Street,
St. Louis, Missouri (“OPOP Lofts”) is a multi-family loft
building with 53 units. OPOP Towers and OPOP Lofts are
collectively referred to as the “OPOP Properties” or the
“Properties”.
BRT Apartments Corp. (BRT or the Company) is a corporation
organized in Maryland. BRT is a real estate investment trust,
also known as a REIT, that is primarily focused on the
ownership, operation and development of multifamily properties.
organized in Maryland. BRT is a real estate investment trust,
also known as a REIT, that is primarily focused on the
ownership, operation and development of multifamily properties.
On February 28, 2017, a consolidated joint venture comprised of
an indirect 94.4% owned subsidiary of the Company and
unaffiliated joint venture partners acquired the OPOP
Properties for $35.0 million, including $26.2 million of
mortgage debt. The OPOP Properties were acquired from the same
seller in a single transaction.
an indirect 94.4% owned subsidiary of the Company and
unaffiliated joint venture partners acquired the OPOP
Properties for $35.0 million, including $26.2 million of
mortgage debt. The OPOP Properties were acquired from the same
seller in a single transaction.
2. Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying combined statement of revenues and certain
expenses of the OPOP Properties has been prepared in accordance
with Rule 3-14 of Regulation S-X of the U.S. Securities and
Exchange Commission for inclusion in the Companys Current
Report on Form 8-K. Accordingly, the combined statements of
revenues and certain expenses excludes certain expenses that
may not be comparable to those expected to be incurred in the
future operations of the aforementioned property. Items
excluded consist of interest expense, depreciation,
amortization, corporate expenses, and other costs not directly
related to future operations. The properties are being
presented together as they were purchased together from the
same seller.
expenses of the OPOP Properties has been prepared in accordance
with Rule 3-14 of Regulation S-X of the U.S. Securities and
Exchange Commission for inclusion in the Companys Current
Report on Form 8-K. Accordingly, the combined statements of
revenues and certain expenses excludes certain expenses that
may not be comparable to those expected to be incurred in the
future operations of the aforementioned property. Items
excluded consist of interest expense, depreciation,
amortization, corporate expenses, and other costs not directly
related to future operations. The properties are being
presented together as they were purchased together from the
same seller.
Significant Accounting Policies
Use of Estimates
The preparation of the combined statement of revenues and
certain expenses 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 statements of revenues and certain expenses. Actual
results could differ from those estimates.
certain expenses 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 statements of revenues and certain expenses. Actual
results could differ from those estimates.
Revenue Recognition
Rental revenue is recognized on an accrual basis when earned
and due from tenants. Leases are generally for a one-year term
and have no renewal options.
and due from tenants. Leases are generally for a one-year term
and have no renewal options.
Repairs and Maintenance
Major replacements and betterments that improve or extend the
life of the OPOP Properties are capitalized. Expenditures for
ordinary repairs and maintenance are charged to operations as
incurred.
life of the OPOP Properties are capitalized. Expenditures for
ordinary repairs and maintenance are charged to operations as
incurred.
3. Subsequent Events
Subsequent events were evaluated through April 19, 2017, the
date on which the combined statement of revenues and certain
expenses was available to be issued.
date on which the combined statement of revenues and certain
expenses was available to be issued.
/div>
BRT APARTMENTS CORP. AND SUBSIDIARIES
Pro Forma Consolidated Financial Statements
(Unaudited)
Conversion
BRT Apartments Corp., a Maryland corporation, is the
successor to BRT Realty Trust, a Massachusetts business
trust, to the conversion of BRT Realty Trust into BRT
Apartments Corp. on March 18, 2017.
successor to BRT Realty Trust, a Massachusetts business
trust, to the conversion of BRT Realty Trust into BRT
Apartments Corp. on March 18, 2017.
Acquisitions
On February 28, 2017, TRB OPOP LLC, an indirect wholly owned
subsidiary of BRT Apartments Corp. (“BRT” or the
“Company”) and an unaffiliated joint venture partner,
acquired a 128 unit multi-family high rise building located
at 411 North 8th Street, St. Louis, Missouri (“OPOP Tower”)
and a 53 unit multi-family loft building located at 901
Locust Street, St. Louis, Missouri (“OPOP Lofts”; and
together with OPOP Tower, the “OPOP Properties”) for $27.0
million and $8.0 million, respectively, including $20.0
million and $6.2 million, respectively, of mortgage debt
obtained in connection with the acquisitions. The Company
owns a 75.5% interest in this venture.
subsidiary of BRT Apartments Corp. (“BRT” or the
“Company”) and an unaffiliated joint venture partner,
acquired a 128 unit multi-family high rise building located
at 411 North 8th Street, St. Louis, Missouri (“OPOP Tower”)
and a 53 unit multi-family loft building located at 901
Locust Street, St. Louis, Missouri (“OPOP Lofts”; and
together with OPOP Tower, the “OPOP Properties”) for $27.0
million and $8.0 million, respectively, including $20.0
million and $6.2 million, respectively, of mortgage debt
obtained in connection with the acquisitions. The Company
owns a 75.5% interest in this venture.
On November 10, 2016, TRB Canalside Lofts, LLC, an indirect
wholly owned subsidiary of the Company and unaffiliated joint
venture partners, acquired a 374 unit multi-family property
located at 383 Taylor Street, Columbia, South Carolina
(Canalside Lofts”) for $58.3 million, including $41.0
million of mortgage debt assumed in connection with the
acquisitions. The Company owns a 32.12% interest in this
unconsolidated venture.
wholly owned subsidiary of the Company and unaffiliated joint
venture partners, acquired a 374 unit multi-family property
located at 383 Taylor Street, Columbia, South Carolina
(Canalside Lofts”) for $58.3 million, including $41.0
million of mortgage debt assumed in connection with the
acquisitions. The Company owns a 32.12% interest in this
unconsolidated venture.
On November 4, 2016, Kilburn Crossing, LLC, an indirect
wholly owned subsidiary of the Company and an unaffiliated
joint venture partner, acquired a 220 unit multi-family
property located at 6601 Charmed Way, Fredericksburg,
Virginia (Kilburn Crossing) for $38.5 million, including
$29.9 million of mortgage debt obtained in connection with
the acquisition. The Company owns a 80% interest in this
venture.
wholly owned subsidiary of the Company and an unaffiliated
joint venture partner, acquired a 220 unit multi-family
property located at 6601 Charmed Way, Fredericksburg,
Virginia (Kilburn Crossing) for $38.5 million, including
$29.9 million of mortgage debt obtained in connection with
the acquisition. The Company owns a 80% interest in this
venture.
The acquisitions of Canalside Lofts and Kilburn Crossing are
referred to collectively as the “Previously Reported
Acquisitions”.
referred to collectively as the “Previously Reported
Acquisitions”.
Presentation
The unaudited pro forma consolidated balance sheet is
presented as if the acquisitions of the OPOP Properties had
been completed on December 31, 2016. The unaudited pro forma
consolidated statement of income for the year ended September
30, 2016 is presented as if the OPOP Properties and the
Previously Reported Acquisitions had been completed on
October 1, 2015. The unaudited pro forma consolidated
statement of income for the three months ended December 31,
2016, is presented as if the acquisition had been completed
on October 1, 2016.
presented as if the acquisitions of the OPOP Properties had
been completed on December 31, 2016. The unaudited pro forma
consolidated statement of income for the year ended September
30, 2016 is presented as if the OPOP Properties and the
Previously Reported Acquisitions had been completed on
October 1, 2015. The unaudited pro forma consolidated
statement of income for the three months ended December 31,
2016, is presented as if the acquisition had been completed
on October 1, 2016.
These unaudited pro forma consolidated financial statements
are presented for informational purposes only and should be
read in conjunction with the Companys Annual Report on Form
10-K for the year ended September 30, 2016.
are presented for informational purposes only and should be
read in conjunction with the Companys Annual Report on Form
10-K for the year ended September 30, 2016.
The unaudited pro forma consolidated financial statements are
based on assumptions and estimates considered appropriate by
the Companys management; however, such statements do not
purport to represent what the Companys financial position and
results of operations would have been assuming the completion
of the acquisition on October 1, 2015, nor do they purport to
project the Companys financial position and results of
operations at any future date or for any future period.
based on assumptions and estimates considered appropriate by
the Companys management; however, such statements do not
purport to represent what the Companys financial position and
results of operations would have been assuming the completion
of the acquisition on October 1, 2015, nor do they purport to
project the Companys financial position and results of
operations at any future date or for any future period.
In the opinion of the Companys management, all adjustments
necessary to reflect the effects of the transactions
described above have been included in the pro forma
consolidated financial statements.
necessary to reflect the effects of the transactions
described above have been included in the pro forma
consolidated financial statements.
/div>
>>BRT APARTMENTS CORP. AND SUBSIDIARIES
PRO FORMA – UNAUDITED CONSOLIDATED BALANCE SHEET
At December 31, 2016
(Amounts in thousands, except per share data)
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The Company Historical
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Purchase of the OPOP Properties
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The Company
Pro Forma
as Adjusted
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ASSETS
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Real estate properties, net of accumulated
depreciation |
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$
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746,183
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$
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35,557
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$
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781,740
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|
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Real estate loan
|
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5,900
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5,900
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Cash and cash equivalents
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51,231
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(8,172
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)
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43,059
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Restricted cash
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6,683
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|
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|
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6,683
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Deposits and escrows
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18,283
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|
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18,861
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Investment in unconsolidated joint ventures
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14,672
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14,672
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Other assets
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6,122
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6,230
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Total Assets
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$
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849,074
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$
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28,071
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$
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877,145
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LIABILITIES AND EQUITY
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Liabilities:
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|
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Mortgages payable, net of deferred costs
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$
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573,577
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$
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25,855
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$
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599,432
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Junior subordinated notes, net of deferred
costs |
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37,003
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|
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|
|
|
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37,003
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Accounts payable and accrued liabilities
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18,873
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|
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|
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18,969
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|
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Total Liabilities
|
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629,453
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|
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25,951
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|
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655,404
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Commitments and contingencies
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Equity:
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BRT Apartments Corp. stockholders’ equity:
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Preferred shares, $.01 and $1 par value:
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authorized 2,000 and 10,000 shares, none issued
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Common stock $.01 par value, 300,000 shares
authorized; |
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Shares of beneficial interest, $3 par value:
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authorized number of shares, unlimited, 13,306
issued |
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39,693
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|
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39,693
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Additional paid-in capital
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161,639
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|
|
|
|
|
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161,639
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|
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Accumulated other comprehensive loss
|
|
1,666
|
|
|
|
|
|
|
1,666
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|
|||
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Accumulated deficit
|
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(32,355
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)
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|
|
|
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(32,355
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)
|
|||
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Total BRT Apartments Corp. shareholders’
equity |
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170,643
|
|
|
|
|
|
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170,643
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|
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Non-controlling interests
|
|
48,978
|
|
|
|
2,120
|
|
|
51,098
|
|
|||
|
Total Equity
|
|
219,621
|
|
|
|
2,120
|
|
|
221,741
|
|
|||
|
Total Liabilities and Equity
|
|
$
|
849,074
|
|
|
|
$
|
28,071
|
|
|
$
|
877,145
|
|
See accompanying notes to the unaudited pro forma
consolidated financial statements
consolidated financial statements
/div>
BRT APARTMENTS CORP. AND SUBSIDIARIES
PRO FORMA – UNAUDITED CONSOLIDATED STATEMENT OF INCOME
For The Year Ended September 30, 2016
(Dollars in thousands, except share data)
|
|
The Company Historical
|
|
Previously Reported Acquisitions
|
|
Purchase of the OPOP Properties
|
|
The Company
Pro Forma
as Adjusted
|
||||||||
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Revenues:
|
|
|
|
|
|
|
|
||||||||
|
Rental and other revenues from real estate
properties
|
$
|
90,945
|
|
|
$
|
3,466
|
|
|
$
|
3,727
|
|
|
$
|
98,138
|
|
|
Other income
|
3,319
|
|
|
|
|
|
|
|
|
3,319
|
|
||||
|
Total revenues
|
94,264
|
|
|
3,466
|
|
|
3,727
|
|
|
101,457
|
|
||||
|
Expenses:
|
|
|
|
|
|
|
|
||||||||
|
Real estate operating expenses – including
$1,950 to related parties
|
43,262
|
|
|
1,151
|
|
|
1,627
|
|
|
46,040
|
|
||||
|
Interest expense
|
23,878
|
|
|
1,159
|
|
(a)
|
1,254
|
|
|
26,291
|
|
||||
|
Advisor’s fees, related party
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Property acquisition costs – including $2,221
to related parties |
3,852
|
|
|
|
|
|
|
|
|
3,852
|
|
||||
|
General and administrative-including $1,020 to
related party |
8,536
|
|
|
|
|
|
|
|
|
8,536
|
|
||||
|
Provision for Federal tax
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Depreciation
|
23,180
|
|
|
|
|
(b)
|
1,815
|
|
|
25,957
|
|
||||
|
Total expenses
|
104,101
|
|
|
3,272
|
|
|
4,696
|
|
|
112,069
|
|
||||
|
Total revenues less total expenses
|
(9,837
|
)
|
|
|
|
|
(969
|
)
|
|
(10,612
|
)
|
||||
|
Gain on sale of real estate assets
|
46,477
|
|
|
|
|
|
|
|
|
46,477
|
|
||||
|
Gain on sale of partnership interest
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loss on extinguishment of debt
|
(4,547
|
)
|
|
|
|
|
|
|
|
(4,547
|
)
|
||||
|
Equity in earnings of unconsolidated joint
ventures |
|
|
|
|
|
|
|
|
|
|
|||||
|
Income (loss) from continuing operations
|
32,479
|
|
|
|
|
|
(969
|
)
|
|
31,904
|
|
||||
|
Discontinued Operations:
|
|
|
|
|
|
|
|
||||||||
|
Loss from discontinued operations
|
(2,788
|
)
|
|
|
|
|
|
|
|
(2,788
|
)
|
||||
|
Gain on sale of partnership interest
|
15,467
|
|
|
|
|
|
|
|
|
15,467
|
|
||||
|
Income from discontinued operations
|
12,679
|
|
|
|
|
|
|
|
|
12,679
|
|
||||
|
Net income
|
45,158
|
|
|
|
|
|
(969
|
)
|
|
44,583
|
|
||||
|
Net (income) attributable to non-controlling
interests |
(13,869
|
)
|
|
(39
|
)
|
|
|
|
|
(13,671
|
)
|
||||
|
Net income attributable to common stockholders
|
$
|
31,289
|
|
|
$
|
|
|
|
$
|
(732
|
)
|
|
$
|
30,912
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic and diluted per share amounts
attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
|
Basic and diluted earnings per share
|
$
|
2.23
|
|
|
$
|
0.03
|
|
|
$
|
(0.05
|
)
|
|
$
|
2.21
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average number of shares of common
stock outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic and diluted
|
14,017,279
|
|
|
14,017,279
|
|
|
14,017,279
|
|
|
14,017,279
|
|
See accompanying notes to the pro forma unaudited
consolidated financial statements
consolidated financial statements
/div>
BRT APARTMENTS CORP. AND SUBSIDIARIES
PRO FORMA – UNAUDITED CONSOLIDATED STATEMENT OF INCOME
For The Three Months Ended December 31, 2016
(Dollars in thousands, except share data)
|
|
The Company Historical
|
|
Previously Reported Acquisitions
|
|
Purchase of the OPOP Properties
|
|
The Company
Pro Forma
as Adjusted
|
||||||||
|
Revenues:
|
|
|
|
|
|
|
|
||||||||
|
Rental and other revenues from real estate
properties
|
$
|
25,029
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
26,313
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total revenues
|
25,640
|
|
|
|
|
|
|
|
|
26,924
|
|
||||
|
Expenses:
|
|
|
|
|
|
|
|
||||||||
|
Real estate operating expenses – including
$1,950 to related parties
|
12,446
|
|
|
|
|
|
|
|
|
12,986
|
|
||||
|
Interest expense
|
6,687
|
|
|
|
|
(a)
|
|
|
|
7,112
|
|
||||
|
Advisor’s fees, related party
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Property acquisition costs – including $2,221
to related parties |
|
|
|
|
|
|
|
|
|
|
|
||||
|
General and administrative-including $1,020
to related party |
2,597
|
|
|
|
|
|
|
|
|
2,597
|
|
||||
|
Provision for Federal Tax
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Depreciation
|
6,297
|
|
|
|
|
(b)
|
|
|
|
6,863
|
|
||||
|
Total expenses
|
28,377
|
|
|
|
|
|
1,135
|
|
|
29,908
|
|
||||
|
Total revenues less total expenses
|
(2,737
|
)
|
|
(44
|
)
|
|
(203
|
)
|
|
(2,984
|
)
|
||||
|
Gain on sale of real estate assets
|
35,838
|
|
|
|
|
|
|
|
|
35,838
|
|
||||
|
Loss on extinguishment of debt
|
(799
|
)
|
|
|
|
|
|
|
|
(799
|
)
|
||||
|
Equity in earnings of unconsolidated joint
ventures |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income
|
32,302
|
|
|
|
|
|
(203
|
)
|
|
32,105
|
|
||||
|
Net (income) attributable to non-controlling
interests |
(16,532
|
)
|
|
|
|
|
|
|
|
(16,473
|
)
|
||||
|
Net income attributable to common
stockholders |
$
|
15,770
|
|
|
$
|
|
|
|
$
|
(153
|
)
|
|
$
|
15,632
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic and diluted per share amounts
attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
|
Basic and diluted earnings per share
|
$
|
1.13
|
|
|
$
|
|
|
|
$
|
(0.01
|
)
|
|
$
|
1.12
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average number of shares of common
stock outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic and diluted
|
13,898,626
|
|
|
13,898,626
|
|
|
13,898,626
|
|
|
13,898,626
|
|
See accompanying notes to the unaudited pro forma
consolidated financial statements
consolidated financial statements
/div>
BRT APARTMENTS CORP. AND SUBSIDIARIES
Notes to Pro Forma Unaudited Consolidated Financial
Statements
Statements
(Unaudited)
Basis of Pro Forma Presentation
|
1.
|
The historical consolidated financial
statements of the Company include the accounts of the Company and consolidated subsidiaries in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control, are accounted for under the equity method of accounting. Accordingly, the Companys share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income (loss) under the caption Other Income. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method of accounting. |
|
2.
|
Notes to the pro forma unaudited consolidated
balance sheet and statements of income for OPOP Towers and OPOP Lofts for the year ended September 30, 2016. |
|
a)
|
To reflect the interest expense resulting from
the mortgages securing OPOP Towers and OPOP Lofts which expense is calculated at interest rates of 4.79% ($20.0 million) and 4.48% ($6.2 million) and includes amortization of deferred financing costs. |
|
b)
|
To reflect depreciation expense on the
estimated useful life of the properties of 30 years. |
/div>
About BRT APARTMENTS CORP. (NYSE:BRT)
BRT Apartments Corp. is a real estate investment trust (REIT). The Trust is focused on the ownership, operation and development of multi-family properties. These activities are primarily conducted through joint ventures in which the Trust has an equity interest in the entity owning the property. The Trust’s segments include Multi-Family Real Estate and Other Assets. The Multi-Family Real Estate segment includes the ownership, operation and development of multi-family properties. The Other Assets segment includes the ownership and operation of the Trust’s other real estate assets and a real estate loan. As of December 31, 2016, the Trust owned 30 multi-family properties with 8,624 units located in 11 states (including 271 units at a property in the lease up stage), and interests in two unconsolidated joint ventures. The Trust also owns and operates various other real estate assets. BRT APARTMENTS CORP. (NYSE:BRT) Recent Trading Information
BRT APARTMENTS CORP. (NYSE:BRT) closed its last trading session down -0.03 at 8.01 with 20,636 shares trading hands.
