BRT Apartments Corp. (NYSE:BRT) Q1 2023 Earnings Conference Call May 9, 2023 9:00 AM ET

Company Participants

Tripp Sullivan - Investor Relations

Jeffrey Gould - President and Chief Executive Officer

George Zweier - Chief Financial Officer

Ryan Baltimore - Chief Operating Officer

Conference Call Participants

Gaurav Mehta - EF Hutton

Michael Gorman - BTIG

Craig Kucera - B. Riley FBR

Operator

Good day, and welcome to the BRT Apartment Corporation's First Quarter Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the floor over to Mr. Tripp Sullivan of Investor Relations. Thank you. You may begin.

Tripp Sullivan

Thank you for joining us today. On the call are Jeffrey Gould, President and Chief Executive Officer; George Zweier, Chief Financial Officer; and Ryan Baltimore, Chief Operating Officer; as well as David Kalish, Senior Vice President.

I'd like to remind everyone that this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions, and beliefs. Listeners should not place undue reliance on any forward-looking statements, and are encouraged to review the Company's SEC filings, including its Form 10-Q for a more complete discussion of risks and other factors that could affect these forward-looking statements. Except as required by law, BRT does not undertake any obligation to publicly update or revise any forward-looking statements.

This call also includes a discussion of non-GAAP measures, including FFO, AFFO, NOI, combined portfolio NOI and information regarding our pro rata share of revenues, expenses, NOI, assets and liabilities of BRT's unconsolidated subsidiaries. All the non-GAAP information discussed today has certain limitations and should be used with caution and in conjunction with the GAAP data presented in our supplemental, earnings release and in our reports filed with the SEC. Please see these reports and filings for the definitions of each non-GAAP measure. As a reminder, the Company's supplemental information and earnings release have been posted on the Investor Relations section of BRT's website at www.brtapartments.com.

I'd now like to turn the call over to President and CEO, Jeffrey Gould. Please go ahead, Jeff.

Jeffrey Gould

Thank you, and welcome to the call. I'll start with some brief comments on our overall performance and the transaction environment. Then I'll turn the call over to George and Ryan for some additional color around our results.

Our first quarter results were consistent with what we've seen across the sector this quarter. Revenues were in line with what we were anticipating. Leasing was positive, although down from the levels achieved a year-ago. And expenses were in line with what we have estimated, borrowing some unexpected costs that George will discuss later.