BRT Realty Trust (BRT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Brt Realty Trust has a market cap of $92.4 million; its shares were traded at around $6.6 with and P/S ratio of 6.4. BRT is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC.
Interest on loans decreased by $5,146,000, or 82%, to $1,159,000 for the six months ended March 31, 2010 from $6,305,000 for the six months ended March 31, 2009. The average balance of earning loans outstanding decreased by approximately $97 million, accounting for a decrease in interest income of $6,622,000. This decrease is due to reduced originations combined with payoffs, foreclosures and an increase in non-performing loans. Offsetting this decrease was the receipt of $637,000 of cash basis income in the current quarter on non-performing and previously paid off loans. The interest rate earned on the performing portfolio also increased 189 basis points to 13.82% accounting for the remaining increase of $839,000.
Interest on Borrowed Funds - Interest on borrowed funds decreased to $523,000 for the three months ended March 31, 2010, from $1,403,000 for the three months ended March 31, 2009, a decline of $880,000, or 63%. The average outstanding balance of our junior subordinated notes declined from $56.7 million for the three months ended March 31, 2009 to $40.4 million, the result of our partial retirement of the notes. The retirement of these notes accounted for a decrease in interest expense of $195,000. The restructuring of the notes in the prior fiscal year resulted in a decrease of interest expense of $476,000. Interest expense from our credit facility declined $56,000 as the credit facility was terminated in the prior fiscal year. The remaining decline of $153,000 is the result of a reduction in amortization of deferred borrowing costs.
Interest on borrowed funds decreased to $1,045,000 for the six months ended March 31, 2010, from $2,802,000 for the six months ended March 31, 2009, a decline of $1,757,000, or 63%. The average outstanding balance of our junior subordinated notes declined from $56.7 million for the six months ended March 31, 2009 to $40.4 million, the result of our partial retirement of the notes. The retirement of these notes accounted for a decrease in interest expense of $392,000. The restructuring of the notes in the prior fiscal year resulted in a decrease of interest expense of $952,000. Interest expense from our credit facility declined $109,000 as the credit facility was terminated in the prior fiscal year. The remaining decline of $304,000 is the result of a reduction in amortization of deferred borrowing costs.
Advisor s Fee - The advisor s fee, which is calculated based on invested assets, decreased by $91,000, or 31%, for the three months ended March 31, 2010 to $204,000 from $295,000 for the three months ended March 31, 2009 and decreased by $255,000, or 39%, for the six months ended March 31, 2010 to $397,000 from $652,000 for the six months ended March 31, 2009. For both the three and six month period ending March 31, 2010, the decline is due to a decreased level of invested assets, primarily loans and real estate.
Equity in earnings (loss) of unconsolidated ventures- Equity in earnings (loss) of unconsolidated ventures increased $2,206,000 from a loss of $2,171,000 in the three months ended March 31, 2009 to income of $35,000 in the three months ended March 31, 2010. For the six month period this category increased $2,197,000, from a loss of $2,087,000 to income of $110,000. For both the three and six month period, the increase is the result a loss being recorded in the both prior three and six months periods by our joint venture with the CIT group. In both prior periods, the venture recorded a loan loss provision to reflect a decrease in the value of a non performing loan which was secured by a multi family property. There is no comparable expense in the current three or six month period as the joint venture has ceased its operations.
Read the The complete Report
Brt Realty Trust has a market cap of $92.4 million; its shares were traded at around $6.6 with and P/S ratio of 6.4. BRT is in the portfolios of Michael Price of MFP Investors LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Interest on Real Estate Loans - Interest on loans decreased by $1,743,000, or 71%, to $714,000 for the three months ended March 31, 2010 from $2,457,000 for the three months ended March 31, 2009. The average balance of earning loans outstanding decreased by approximately $75.7 million, accounting for a decrease in interest income of $2,370,000. This decrease is due to reduced originations combined with payoffs, foreclosures and an increase in non-performing loans. Offsetting this decrease was the receipt of $506,000 of cash basis income in the current quarter on non-performing and previously paid off loans. The interest rate earned on the performing portfolio also increased 62 basis points to 12.56% accounting for the remaining increase of $121,000.Interest on loans decreased by $5,146,000, or 82%, to $1,159,000 for the six months ended March 31, 2010 from $6,305,000 for the six months ended March 31, 2009. The average balance of earning loans outstanding decreased by approximately $97 million, accounting for a decrease in interest income of $6,622,000. This decrease is due to reduced originations combined with payoffs, foreclosures and an increase in non-performing loans. Offsetting this decrease was the receipt of $637,000 of cash basis income in the current quarter on non-performing and previously paid off loans. The interest rate earned on the performing portfolio also increased 189 basis points to 13.82% accounting for the remaining increase of $839,000.
Interest on Borrowed Funds - Interest on borrowed funds decreased to $523,000 for the three months ended March 31, 2010, from $1,403,000 for the three months ended March 31, 2009, a decline of $880,000, or 63%. The average outstanding balance of our junior subordinated notes declined from $56.7 million for the three months ended March 31, 2009 to $40.4 million, the result of our partial retirement of the notes. The retirement of these notes accounted for a decrease in interest expense of $195,000. The restructuring of the notes in the prior fiscal year resulted in a decrease of interest expense of $476,000. Interest expense from our credit facility declined $56,000 as the credit facility was terminated in the prior fiscal year. The remaining decline of $153,000 is the result of a reduction in amortization of deferred borrowing costs.
Interest on borrowed funds decreased to $1,045,000 for the six months ended March 31, 2010, from $2,802,000 for the six months ended March 31, 2009, a decline of $1,757,000, or 63%. The average outstanding balance of our junior subordinated notes declined from $56.7 million for the six months ended March 31, 2009 to $40.4 million, the result of our partial retirement of the notes. The retirement of these notes accounted for a decrease in interest expense of $392,000. The restructuring of the notes in the prior fiscal year resulted in a decrease of interest expense of $952,000. Interest expense from our credit facility declined $109,000 as the credit facility was terminated in the prior fiscal year. The remaining decline of $304,000 is the result of a reduction in amortization of deferred borrowing costs.
Advisor s Fee - The advisor s fee, which is calculated based on invested assets, decreased by $91,000, or 31%, for the three months ended March 31, 2010 to $204,000 from $295,000 for the three months ended March 31, 2009 and decreased by $255,000, or 39%, for the six months ended March 31, 2010 to $397,000 from $652,000 for the six months ended March 31, 2009. For both the three and six month period ending March 31, 2010, the decline is due to a decreased level of invested assets, primarily loans and real estate.
Equity in earnings (loss) of unconsolidated ventures- Equity in earnings (loss) of unconsolidated ventures increased $2,206,000 from a loss of $2,171,000 in the three months ended March 31, 2009 to income of $35,000 in the three months ended March 31, 2010. For the six month period this category increased $2,197,000, from a loss of $2,087,000 to income of $110,000. For both the three and six month period, the increase is the result a loss being recorded in the both prior three and six months periods by our joint venture with the CIT group. In both prior periods, the venture recorded a loan loss provision to reflect a decrease in the value of a non performing loan which was secured by a multi family property. There is no comparable expense in the current three or six month period as the joint venture has ceased its operations.
Read the The complete Report
