BRT Apartments Corp. (NYSE:BRT) Q4 2022 Earnings Conference Call March 15, 2023 9:00 AM ET

Company Participatns

Jeffrey Gould - President and Chief Executive Officer

George Zweier - Chief Financial Officer

Ryan Baltimore - Chief Operating Officer

David Kalish - Senior Vice President

Conference Call Participants

Gaurav Mehta - EF Hutton

Aaron Hecht - JMP Securities

Operator

Good day, and welcome to the BRT Apartments Corp. Fourth Quarter 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I’d now like to turn the conference over to [Trip Sullivan] of Investor Relations. Please go ahead.

Unidentified Company Representative

Thank you for joining us today for BRT Apartment's fourth quarter 2022 earnings conference call. On the call today 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 would 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-K and 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 reported filings with the SEC. Please see these reports and filings for the definitions of each non-GAAP measures. 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 have a few comments on our overall performance, the state of the company and some insight on the market environment. Then I'll turn it over to George for some additional color around our results. I'll ask Ryan to come out on at the end to discuss our 2023 guidance. I'm very pleased with what we've accomplished at BRT this year. We made significant progress on our strategic goals, such as growing the wholly owned portfolio, improving the balance sheet with most of our mortgage debt at fixed interest rates, driving NOI growth and creating value. The scale and importance of the transactions we completed in 2022 can't be emphasized enough. I'd like to thank our entire team for their contributions to our success. We remain in front of a number of long-term secular trends at BRT with our portfolio position in markets that are experiencing population and job growth. Some concerns have been expressed this quarter within our industry about the impact of inflation on the cost of living, new supply in several markets, and the timing and ultimate scale of a recession, among others. These are real challenges for us and for the industry.