BRT Apartments Corp. (NYSE:BRT) Q4 2023 Earnings Conference Call March 13, 2024 9:00 AM ET

Company Participants

Tripp Sullivan – Investor Relations

Jeffrey Gould – President and Chief Executive Officer

Conference Call Participants

Michael Gorman – BTIG

Barry Oxford – Colliers

Operator

Good day, and welcome to BRT Apartments Corp’s Fourth Quarter and Year-End Earnings Conference Call. Today’s conference is being recorded. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

At this time, I would like to turn the floor over to 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; 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 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 and 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

Good morning. We’re approaching the end of the Q4 earnings cycle and the commentary we’ve all heard this quarter has focused on rental rates, transaction activity, expenses and the impact of new supply in the Sunbelt. We’ll be very brief with our commentary today, so we can drill down into those topics in Q&A. To quickly summarize 2023, I want to highlight the ongoing simplification of the business that we started in 2021 by taking full ownership of a majority of our properties, the improvement in our balance sheet and the disciplined approach to our capital allocation.