other material
confidence high
sentiment positive
materiality 0.65
BRT completes three partner buyouts, raises dividend 8.7% to $0.25, shareholders approve incentive plan
BRT Apartments Corp.
- Completed purchases of 20% interests in three apartment properties (570 units) for $21.8M; properties now wholly owned.
- Expects additional partner buyouts for six properties by July 31, 2022, aggregate purchase price ~$68.7M, mortgage debt ~$139.7M.
- Quarterly dividend increased by $0.02 to $0.25 per share, payable July 8, 2022 to holders of record June 30, 2022.
- At annual meeting, shareholders elected all directors, ratified EY as auditor, and approved 2022 Incentive Plan (1M shares).
- Three completed buyouts add expected quarterly rental revenue of ~$2.0M and operating expenses of $939K; occupancy 95.1%.