In a recent development, BRT Apartments Corp. (NYSE:BRT), a real estate investment trust, announced the upcoming departure of its Chief Financial Officer, George Zweier. The announcement came through a filing with the Securities and Exchange Commission on Thursday.
The company, currently valued at $349 million, has shown mixed financial performance with a current ratio of 2.13, indicating strong liquidity position. According to InvestingPro data, analysts expect net income to decline this year.
Zweier informed the company on Monday that he will resign from his position within the next two years, although a specific departure date was not provided. The notice did not include reasons for Zweier's decision or mention a successor. It is not clear whether BRT Apartments has begun searching for a new CFO or if an interim officer will be appointed.
BRT Apartments Corp., headquartered in Great Neck, New York, operates within the real estate sector, focusing on apartment buildings. The company's shares are traded on the New York Stock Exchange under the ticker symbol BRT.
The SEC filing also included routine financial statements and exhibits but did not contain any additional information regarding changes in the company’s financial condition or operations. BRT Apartments Corp. has previously undergone name changes, with its former names including BRT Realty Trust (NYSE:BRT) and Gould Investors LP.
The information for this article is based on a press release statement.
In other recent news, BRT Apartments Corp., a real estate investment trust based in New York, has reported its financial results. The company, which has not disclosed specific details of the financial results in the 8-K summary, typically includes crucial figures such as revenue, net income, earnings per share, and guidance on future performance in these reports. These metrics are essential for investors and analysts to gauge the firm's financial health and prospects.
In addition to the financial results, BRT Apartments Corp. has been the subject of significant developments. B.Riley maintained a Buy rating on the company and increased the price target to $21.00 from $20.50, indicating a positive outlook. This comes despite a slowdown in same-store net operating income (SSNOI) in the first half of 2024, attributed to the arrival of new competing properties and a decrease in average rent at the Bell’s Bluff property in Nashville.
Further, the company secured a $27.4 million mortgage for its Woodland Trails property in Georgia, with a fixed interest rate of 5.22% until its maturity in 2031. The proceeds from this mortgage are anticipated to be used for investments in additional multi-family properties and general corporate purposes, possibly including the repurchase of BRT's common stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.