BRT Apartments Q2 net income $1.91/diluted (up 461.8% YoY); AFFO $0.37 (up 19.4%)

BRT Apartments Corp.

2022-Q2 EPS reported $2.53 revenue$26,119,000

Net income $35.61M ($1.91/diluted) vs $6.03M ($0.34) in Q2 2021 helped by $40.1M equity earnings from JV property sales.
AFFO per diluted share $0.37 vs $0.31 YoY, driven by improved operating margins across portfolio and lower interest expense.
FFO per diluted share fell to $0.20 from $0.29 due to higher mortgage prepayment charges and state income taxes.
Year-to-date acquired partners' remaining interests in 11 properties for $105.45M, expanding ownership in growth markets.
CEO noted fixed-rate mortgage debt lessens inflation impact and ample liquidity to address economic uncertainty.

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