BRT Apartments Corp. filed its annual report on Form 10-K for the year ended December 31, 2024, detailing its fourth-quarter and full-year financial performance. For the fourth quarter of 2024, the company reported a net loss per share of $(0.11), with FFO per share at $0.28 and Adjusted Funds From Operations (AFFO) per share at $0.37.
These figures represent a decline compared to the fourth quarter of 2023, which saw FFO per share of $0.34 and AFFO per share of $0.38. Total revenues for the fourth quarter increased slightly to $23,969 thousand from $23,508 thousand in the prior year period.
For the full year 2024, BRT reported a net loss per share of $(0.52), a decrease from a net income of $0.16 per share in 2023. Full-year FFO per share was $1.12, down from $1.19 in 2023, and AFFO per share was $1.43, down from $1.52 in 2023. The company's debt to enterprise value increased to 66% as of December 31, 2024, from 65% in 2023, indicating a slight increase in leverage.
As of December 31, 2024, BRT owned or had interests in 29 multi-family properties with 7,947 units across 11 states, and also held preferred equity investments in two multi-family properties. The average occupancy for the fourth quarter was 93.6%, with an average monthly rental revenue per occupied unit of $1,405.
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