secwatch.observer — SEC 8-K summary
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Issuer:     BRT Apartments Corp. (BRT)
CIK:        0000014846
Form:       8-K
Filed at:   2023-05-15T23:59:59+00:00
Accession:  0000014846-23-000019
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

BRT JV sells Dallas 494-unit property for ~$14.6M gain; proceeds fund Richmond purchase and buyback
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- 50%-owned JV completed sale of 494-unit Dallas property; estimated share of gain $14.6M.
- Net proceeds of ~$19.4M; early extinguishment debt charge of $167k.
- Proceeds to partially fund $62.5M purchase of 238-unit Richmond property (assume $32M debt at 3.34% maturing 2061).
- Also plan to use proceeds for $5M stock repurchase program previously announced.
- The sold property contributed $753k equity in earnings in 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/14846/000001484623000019/0000014846-23-000019-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/14846/000001484623000019/brt-20230512.htm
  HTML page:      https://secwatch.observer/filing/0000014846-23-000019

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