Financial PerformanceBRT reported 3Q24 Core FFO of $0.31, which beat both our estimate of $0.27 and consensus estimates of $0.29.
Liquidity And ValuationBRT is in a strong liquidity position with approximately ~$86 million available and shares trading at a significant discount, leading management to repurchase stock as the best use of free cash flow.
Market PositionBRT is well-positioned as the most highly discounted regional name in multifamily REITs, with favorable demographic demand fundamentals in the Sunbelt region.