BRT Apartments Q2 net loss widens; FFO per share flat

Overview

• U.S. multifamily property owner's Q2 net loss widened yr/yr, FFO and AFFO per share flat

• Company entered agreements to acquire multifamily properties in Florida and Texas

• Repurchased 202,828 shares in Q2, with further repurchases in July

Outlook

• Company did not provide specific guidance for future quarters or the full year

Result Drivers

• PORTFOLIO STABILITY - Average occupancy and rent per unit remained stable yr/yr, with average occupancy at 94.4% and average monthly rent per occupied unit at $1,423

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the residential reits peer group is "buy"

• Wall Street's median 12-month price target for BRT Apartments Corp is $18.50, about 30.7% above its August 10 closing price of $14.15

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)