BRT Apartments Corp (NYSE:BRT) Q2 2020 Earnings Conference Call - Final Transcript

Aug 11, 2020 • 08:30 am ET


BRT Apartments Corp (NYSE:BRT) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the BRT Apartments Corp Conference Call for the Second Quarter of 2020. [Operator Instructions]

At this time, I'd like to turn the conference over to Evelyn Infurna of ICR. You may begin.

Evelyn Infurna

Thank you. Good day everyone and welcome to BRT Apartments conference call. On the call today is Geoffrey 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 10-Q supplemental information and earnings release are available for your review on the Investor Relations section of BRT's website.

Before we begin, I'd 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 often be identified by words such as believe, expect, estimate, anticipate, intend and similar expressions and variations or negative 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 from 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 Form 10-Q 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 includes a discussion of funds from operations or FFO, adjusted funds from operations or AFFO, net operating income or NOI, and information regarding our pro rata share of the revenues, expenses, NOI, assets and liabilities of DRTs unconsolidated subsidiaries, 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. Unless otherwise indicated or the context otherwise requires discussions with respect to the operating results at the unconsolidated ventures reflects BRTs pro rata share of results.

For a more complete discussion of these non-GAAP measures to the company's earnings release, supplemental and 10-Q. Unless otherwise indicated or the context otherwise requires references to BRTs portfolio or it's multifamily portfolio and references to revenues, expenses, NOI, assets and liabilities refer to the results and accounts of BRTs wholly-owned subsidiaries and it pro rata share of unconsolidated subsidiaries. BRTs pro rata share to help provide a better understanding of unconsolidated joint ventures. However, the use of pro rata information has limitations and is not representative of our operations and accounts as presented in accordance with GAAP.

Accordingly, pro rata information should be used with caution and in conjunction with GAAP data presented in our supplemental and in our reports