BRT Apartments completes $12.8M JV buyout, agreements for $89.3M for nine more properties

BRT Apartments Corp.

Completed $12.8M buyout of JV interests in 2 properties (462 units); adds $56.7M mortgage debt at 4.04% avg rate.
Agreements to buy remaining JV interests in nine properties (2,382 units) for ~$89.4M; adds $169.2M mortgage debt at 4.22% avg rate.
Post buyouts, BRT will wholly own 21 properties (5,420 units) and have interests in 11 other properties (3,565 units).
Funding sources: available cash, credit facility, ATM equity program, potential property sales, and $19M new mortgage.
Nine properties contributed $1.0M equity earnings in 2021; acquisitions expected to close over next several months.

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