Revisiting BRT Apartments – Insider Weekends
Key Insights: BRT Apartments is a New York based multifamily REIT with 28 properties across 11 states that focuses primarily on sunbelt states like Texas, South Carolina and Alabama. We consistently saw brothers Jeffrey and Matthew Gould purchase shares of BRT indirectly through their real estate firm Gould Investors in the first half of 2023, and after a roughly one year break, these purchases have resumed. We’ve written about BRT before, at a time where it seemed fairly undervalued and well-positioned for future growth and wanted to revisit the company after fiscal 2023 results were released. Results for 2023 weren’t necessarily poor, but they weren’t the strong results we expected either – revenue and AFFO both grew, but net income and FFO were lower when compared to fiscal 2022. 2024 looks to be another challenging year for BRT, though management continues to have faith in the company – repurchasing $14.4 million worth of shares in 2023 and an addition $2.3 million worth of shares in 2024 so far. BRT Apartments Corp (BRT): $17.64 Market Cap: $344.5 M Enterprise Value: $782.95 When writing our April 2023 Monthly Newsletter, we were torn between writing about the asset management firm Victory Capital (VCTR)...
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