BRT Realty Trust Reports Operating Results (10-Q)
Brt Realty Trust has a market cap of $91.7 million; its shares were traded at around $6.649 with a P/E ratio of 14.3 and P/S ratio of 5.1.
Highlight of Business Operations:For the three months ended December 31, 2011 and 2010 this VIE recorded revenues of $439,000 and $426,000 and operating expenses of $629,000 and $520,000, respectively, excluding interest expense and depreciation. The Trust made no capital contributions to this venture in the three months ended December 31, 2011.
The Trusts share of these three ventures earnings was $222,000 and $49,000 for the three months ended December 31, 2011 and 2010, respectively. The Trusts equity in these three unconsolidated ventures totaled $1,014,000 and $4,247,000 at December 31, 2011 and September 30, 2011, respectively.
During the three months ended December 31, 2011, the Trust sold equity securities for $556,000 with a cost basis of $574,000, determined by specific identification. Accordingly, the Trust recognized a loss of $18,000 from these sales. In the three months ended December 31, 2010, the Trust sold equity securities for $640,000 with a cost basis of $219,000, determined using average cost. Accordingly, the Trust recognized a gain of $421,000 from these sales.
· total revenues increased $702,000 or 28.6% from $2.5 million in the three months ended December 31, 2010 to $3.2 million in the three months ended December 31, 2011.
Interest on real estate loans. The increase is primarily due to a $35.0 million increase in the average balance of earning loans outstanding. The increase in such balance is attributable to the increase in loan originations which we believe is the result of improved economic conditions in fiscal 2011 compared to fiscal 2010. Partially offsetting this increase was a decrease in interest income of approximately $131,000 due to the decrease from 13.04% to 11.46% in the weighted average interest rate earned on the performing loan portfolio and the inclusion of $150,000 in cash basis income collected on a non-performing loan in the first quarter of fiscal 2011.
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