2024-05-07 10:54:35 ET
Summary
- BRT Apartments Corp. shares have dropped nearly 30% since August 2022 due to higher rates and oversupply in Sun Belt markets.
- The company has been actively refurbishing distressed properties and selling them for a profit, but undercurrents have slowed its progress.
- BRT Apartments Corp also has a repurchase program fueled by asset sales, a near 5.4% yield, and recent insider buying.
- An investment analysis around BRT Apartments follows in the paragraphs below.
Shares of multi-family REIT BRT Apartments Corp. ( BRT ) have dropped nearly 30% of their value since August 2022 as higher rates and oversupply in parts of the Sun Belt markets have weighed. Those undercurrents have slowed a management team that had been active refurbishing distressed properties, selling them for a profit, and employing the funds to buy out its partners. With no meaningful mortgage rollovers until 2026, a repurchase program fueled by asset sales, a near 5.4% yield, the recent insider buying merited a deeper dive. An analysis follows below....
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BRT Apartments: High Yield Play With Some Concerns