BRT Realty Trust (NYSE:BRT) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 08:30 am ET


BRT Realty Trust (NYSE:BRT) Q3 2019 Earnings Conference Call - Final Transcript


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Good day and welcome to the BRT Apartment Corp Conference Call for the Third Quarter of 2019. Today's conference is being recorded.

At this time, I would like to turn the conference over to Morey Marcus of ICR. Thank you, you may begin.

Morey Marcus

Thank you. Good day everyone and welcome to the BRT Apartments' conference call. On the call today is Jeffrey Gould, President and Chief Executive Officer. Also available are George Zweier, Chief Financial Officer; David Kalish, Senior Vice President; and Ryan Baltimore, Senior Vice President.

As a reminder, this call is being webcast through the company's website at Additionally, the company's supplemental information and earnings release are available for your review and the company's 10-Q will be available later today on the Investor Relations section of the BRT's website.

Before we begin, 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. Forward-looking statements can be often identified by words such as believe, expect, estimate, anticipate, intend and similar expressions and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding BRT's strategy and expectations for the future.

They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially for those expressed in any forward-looking statements. Listeners should not place undue reliance on any forward-looking statements and are encouraged to review the company's most recent annual report on Form 10-K and the company's other filings with the SEC 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 conference call also include a discussion of funds from operations, or FFO; adjusted funds from operations or AFFO; and net operating income or NOI, all of which are non-GAAP financial measures of performance.

These non-GAAP measures should be used as a supplement to and not a substitute for net income computed in accordance with GAAP. For a more complete discussion of FFO, AFFO and NOI see the company's earnings release and supplemental that were filed yesterday and the 10-Q that will be filed later today. As a reminder, the company changed its fiscal year, so that it ends on December 31.

I would now like to turn the call over to Jeffrey Gould, President and CEO of BRT Apartments Corp. Please go ahead, Jeff.

Jeffrey Gould

Thank you, Morey. I would like to welcome everyone to BRT's third quarter conference call. Let me start with an overview of our differentiated multifamily business model. BRT is focused on the ownership, operation and to a limited extent, development of multifamily properties. These properties are owned primarily through consolidated joint ventures in which we generally contribute 65% to 80% of the equity.

The properties concentrated