BRT Apartments Reports Q2 2024 Financial Results
Overview
BRT Apartments (NYSE:BRT), a real estate investment trust (REIT) specializing in multi-family properties, today announced its financial results for the second quarter of 2024.
For the quarter, BRT Apartments reported:
- Net income of $29.0 million, or $0.29 per share
- Funds from operations (FFO) of $32.5 million, or $0.32 per share
- Same-store net operating income (NOI) growth of 3.5%
- Portfolio occupancy of 96.7%
Property Portfolio
As of June 30, 2024, BRT Apartments owned and operated 29 multi-family properties with a total of 7,947 units. The properties are located in 11 states across the United States.
Financial Performance
BRT Apartments' financial performance in the second quarter of 2024 was driven by strong same-store NOI growth and a stable portfolio occupancy rate.
The company's same-store NOI growth was driven by a combination of rental rate increases and expense control.
The company's portfolio occupancy rate remained stable at 96.7%, reflecting the continued strong demand for multi-family housing in the United States.
Outlook
BRT Apartments is optimistic about the future and believes that the company is well-positioned to continue to deliver strong results.
The company's outlook is supported by the following factors:
- Continued strong demand for multi-family housing in the United States
- BRT Apartments' strong property portfolio
- The company's experienced management team
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