BRT Apartments Corp. Reports Strong Revenue Growth in Latest Quarter
Segments of revenue
BRT Apartments Corp. reported total revenues of $23.85 million for the three months ended September 30, 2023, compared to $21.70 million in the same period last year. The majority of the revenue came from rental and other revenue from real estate properties, which amounted to $23.51 million, representing an increase from $21.69 million in the prior year's quarter. Additionally, the company generated $342,000 in other income during the quarter.
BRT Apartments Corp. demonstrated strong revenue growth in the latest quarter, with a year-over-year increase of approximately 10.0%. The increase in rental and other revenue from real estate properties can be attributed to the company's ownership and operation of multi-family properties across multiple states. The company's diversified portfolio and strategic investments in joint ventures have contributed to its revenue growth.
Despite the overall revenue growth, BRT Apartments Corp. also faced significant expenses during the quarter. Real estate operating expenses, including expenses to related parties, amounted to $10.58 million, representing an increase from $9.20 million in the same period last year. Interest expense also increased to $5.58 million, compared to $5.06 million in the prior year's quarter. These higher expenses impacted the company's profitability.
BRT Apartments Corp. reported a net increase in cash, cash equivalents, and restricted cash of $7.73 million for the nine months ended September 30, 2023. This positive cash flow indicates the company's ability to generate sufficient cash from its operations. Additionally, the company disclosed its ownership of 21 multi-family properties located in eleven states, with a total of 5,420 units and a carrying value of $638.17 million.
BRT Apartments Corp. delivered a strong performance in terms of revenue growth in the latest quarter. The company's rental and other revenue from real estate properties increased, driven by its ownership and operation of multi-family properties. However, the company also faced higher expenses, including real estate operating expenses and interest expense. Overall, BRT Apartments Corp. demonstrated its ability to generate positive cash flow and maintain a diversified portfolio of properties.