Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - BRT Apartments Corp. | ea120877-8k_brtapartm.htm |
| EX-99.1 - PRESS RELEASE DATED APRIL 20, 2020 - BRT Apartments Corp. | ea120877ex99-1_brtapartments.htm |
Exhibit 99.2
BRT APARTMENTS CORP. AND SUBSIDIARES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2019
(Unaudited)
(Amounts in thousands, except per share data)
| Proposed | ||||||||||||
| As reported | Adjustments | Restatement | ||||||||||
| ASSETS | ||||||||||||
| Real estate properties net of accumulated depreciation | $ | 1,112,896 | $ | (195,867 | ) | $ | 917,029 | |||||
| Real estate loan | 4,300 | - | 4,300 | |||||||||
| Cash and cash equivalents | 18,466 | (2,620 | ) | 15,846 | ||||||||
| Restricted cash | 10,789 | - | 10,789 | |||||||||
| Deposits and escrows | 19,916 | (2,927 | ) | 16,989 | ||||||||
| Investments in unconsolidated joint ventures | 18,020 | 32,165 | 50,185 | |||||||||
| Other assets | 8,210 | (506 | ) | 7,704 | ||||||||
| Total Assets | $ | 1,192,597 | $ | (169,755 | ) | $ | 1,022,842 | |||||
| LIABILITIES AND EQUITY | ||||||||||||
| Liabilities: | ||||||||||||
| Mortgage payable, net of deferred costs | 844,597 | (139,569 | ) | 705,028 | ||||||||
| Junior subordinated notes, net of deferred fees | 37,058 | - | 37,058 | |||||||||
| Credit facility, net of deferred costs | 3,530 | - | 3,530 | |||||||||
| Accounts payable and accrued liabilities | 32,285 | (3,582 | ) | 28,703 | ||||||||
| Total Liabilities | 917,470 | (143,151 | ) | 774,319 | ||||||||
| Commitments and contingencies | ||||||||||||
| Equity: | ||||||||||||
| BRT Apartments Corp. stockholders’ equity: | ||||||||||||
| Preferred shares $.01 pa value 2,000 shares authorized, none outstanding | - | - | - | |||||||||
| Common stock, $.01 par value, 300,000 shares authorized; 15,227 shares outstanding | 152 | - | 152 | |||||||||
| Additional paid-in-capital | 218,817 | - | 218,817 | |||||||||
| Accumulated other comprehensive loss | (75 | ) | - | (75 | ) | |||||||
| Accumulated deficit | (35,331 | ) | - | (35,331 | ) | |||||||
| Total BRT Apartments Corp. stockholders’ equity | 183,563 | - | 183,563 | |||||||||
| Non-controlling interests | 91,564 | (26,604 | ) | 64,960 | ||||||||
| Total Equity | 275,127 | (26,604 | ) | 248,523 | ||||||||
| Total Liabilities and equity | $ | 1,192,597 | $ | (169,755 | ) | $ | 1,022,842 | |||||
BRT APARTMENTS CORP. AND SUBSIDIARES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2018
(Unaudited)
(Amounts in thousands, except per share data)
| Proposed | ||||||||||||
| As reported | Adjustments | Restatement | ||||||||||
| ASSETS | ||||||||||||
| Real estate properties net of accumulated depreciation | $ | 1,029,239 | $ | (151,293 | ) | $ | 877,946 | |||||
| Real estate loan | 4,750 | - | 4,750 | |||||||||
| Cash and cash equivalents | 32,428 | (3,535 | ) | 28,893 | ||||||||
| Restricted cash | 8,180 | - | 8,180 | |||||||||
| Deposits and escrows | 21,268 | (1,522 | ) | 19,746 | ||||||||
| Investments in unconsolidated joint ventures | 19,758 | 24,274 | 44,032 | |||||||||
| Other assets | 8,084 | (250 | ) | 7,834 | ||||||||
| Total Assets | $ | 1,123,707 | $ | (132,326 | ) | $ | 991,381 | |||||
| LIABILITIES AND EQUITY | ||||||||||||
| Liabilities: | ||||||||||||
| Mortgage payable, net of deferred costs | 771,817 | (106,486 | ) | 665,331 | ||||||||
| Junior subordinated notes, net of deferred fees | 37,043 | - | 37,043 | |||||||||
| Credit facility, net of deferred costs | - | - | - | |||||||||
| Accounts payable and accrued liabilities | 24,487 | (1,565 | ) | 22,922 | ||||||||
| Total Liabilities | 833,347 | (108,051 | ) | 725,296 | ||||||||
| Commitments and contingencies | ||||||||||||
| Equity: | ||||||||||||
| BRT Apartments Corp. stockholders’ equity: | ||||||||||||
| Preferred shares $.01 pa value 2,000 shares authorized, none outstanding | - | - | - | |||||||||
| Common stock, $.01 par value, 300,000 shares authorized; 15,038 shares outstanding | 150 | - | 150 | |||||||||
| Additional paid-in-capital | 216,981 | - | 216,981 | |||||||||
| Accumulated other comprehensive loss | 1,688 | - | 1,688 | |||||||||
| Accumulated deficit | (20,044 | ) | - | (20,044 | ) | |||||||
| Total BRT Apartments Corp. stockholders’ equity | 198,775 | - | 198,775 | |||||||||
| Non-controlling interests | 91,585 | (24,275 | ) | 67,310 | ||||||||
| Total Equity | 290,360 | (24,275 | ) | 266,085 | ||||||||
| Total Liabilities and equity | $ | 1,123,707 | $ | (132,326 | ) | $ | 991,381 | |||||
2
BRT APARTMENTS CORP. AND SUBSIDIARES
CONSOLIDATED STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2019
(Unaudited)
(Dollars in thousands)
| Proposed | ||||||||||||
| As reported | Adjustments | Restatement | ||||||||||
| Revenues | ||||||||||||
| Rental Revenue | $ | 97,507 | $ | (14,704 | ) | $ | 82,803 | |||||
| Other Income | 595 | - | 595 | |||||||||
| Total revenues | 98,102 | (14,704 | ) | 83,398 | ||||||||
| Expenses: | ||||||||||||
| Real estate operating expenses | 47,195 | (6,563 | ) | 40,632 | ||||||||
| Interest expense | 28,353 | (3,942 | ) | 24,411 | ||||||||
| General and administrative | 7,455 | - | 7,455 | |||||||||
| Depreciation | 29,914 | (5,369 | ) | 24,545 | ||||||||
| Total expenses | 112,917 | (15,874 | ) | 97,043 | ||||||||
| Total revenues less total expenses | (14,815 | ) | 1,170 | (13,645 | ) | |||||||
| Equity in loss of unconsolidated joint ventures | (643 | ) | (669 | ) | (1,312 | ) | ||||||
| Gain on sale of real estate | 9,938 | - | 9,938 | |||||||||
| Gain on insurance recoveries | 517 | - | 517 | |||||||||
| Loss on extinguishment of debt | (1,766 | ) | - | (1,766 | ) | |||||||
| (Loss) income from continuing operations | (6,769 | ) | 501 | (6,268 | ) | |||||||
| Income tax provision | 219 | - | 219 | |||||||||
| Net (loss) income from continuing operations, net of taxes | (6,988 | ) | 501 | (6,487 | ) | |||||||
| Net loss (income) attributable to non-controlling interests | 1,696 | (501 | ) | 1,195 | ||||||||
| Net loss attributable to common stockholders | $ | (5,292 | ) | $ | - | $ | (5,292 | ) | ||||
| Weighted average number of shares of common stock outstanding: | ||||||||||||
| Basic and diluted | 15,900,362 | - | 15,900,362 | |||||||||
| Per share amounts attributable to common stockholders: | ||||||||||||
| Basic and diluted | $ | (0.33 | ) | $ | - | $ | (0.33 | ) | ||||
3
BRT APARTMENTS CORP. AND SUBSIDIARES
CONSOLIDATED STATEMENT OF OPERATIONS
TWELVE MONTHS ENDED DECEMBER 31, 2018
(Unaudited)
(Dollars in thousands)
| December 31, 2018 | Adjustments | Proposed Restatement | ||||||||||
| Revenues | ||||||||||||
| Rental Revenue | $ | 121,926 | $ | (14,045 | ) | $ | 107,881 | |||||
| Other Income | 799 | - | 799 | |||||||||
| Total revenues | 122,725 | (14,045 | ) | 108,680 | ||||||||
| Expenses: | ||||||||||||
| Real estate operating expenses | 59,542 | (6,123 | ) | 53,419 | ||||||||
| Interest expense | 35,355 | (4,192 | ) | 31,163 | ||||||||
| General and administrative | 9,383 | - | 9,383 | |||||||||
| Depreciation | 40,048 | (7,115 | ) | 32,933 | ||||||||
| Total expenses | 144,328 | (17,430 | ) | 126,898 | ||||||||
| Total revenues less total expenses | (21,603 | ) | 3,385 | (18,218 | ) | |||||||
| Equity in loss of unconsolidated joint ventures | (488 | ) | (1,694 | ) | (2,182 | ) | ||||||
| Gain on sale of real estate | 71,919 | - | 71,919 | |||||||||
| Gain on insurance recoveries | 6,083 | - | 6,083 | |||||||||
| Loss on extinguishment of debt | (800 | ) | - | (800 | ) | |||||||
| Income from continuing operations | 55,111 | 1,691 | 56,802 | |||||||||
| Income tax provision | 2 | - | 2 | |||||||||
| Net income from continuing operations, net of taxes | 55,109 | 1,691 | 56,800 | |||||||||
| Net (income) attributable to non-controlling interests | (29,614 | ) | (1,691 | ) | (31,305 | ) | ||||||
| Net income attributable to common stockholders | $ | 25,495 | $ | - | $ | 25,495 | ||||||
| Weighted average number of shares of common stock outstanding: | ||||||||||||
| Basic | 15,014,385 | - | 15,014,385 | |||||||||
| Diluted | 15,214,385 | - | 15,214,385 | |||||||||
| Per share amounts attributable to common stockholders: | ||||||||||||
| Basic | $ | 1.70 | $ | - | $ | 1.70 | ||||||
| Diluted | $ | 1.68 | $ | - | $ | 1.68 | ||||||
4