FREIT Announces Second Quarter 2024 Results
FINANCIAL HIGHLIGHTS & OPERATING STATISTICS |
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For the Fiscal Quarter Ended |
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For the Six Months Ended |
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2024 |
2023 |
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2024 |
2023 |
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GAAP Earnings Per Share - Basic and Diluted |
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AFFO Per Share - Basic and Diluted |
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Dividends Per Share |
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Total Average Residential Occupancy |
96.5 % |
97.5 % |
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95.9 % |
97.2 % |
Total Average Commercial Occupancy |
50.7 % |
64.8 % |
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50.4 % |
65.6 % |
Results for the Quarter
Total real estate revenue increased 5.2% to approximately
Net income attributable to common equity ("Net Income") was approximately
(Refer to "Table of Revenue & Net Income Components")
Results for Six Months
Total real estate revenue increased 2.7% to approximately
Net Income was approximately
(Refer to "Table of Revenue & Net Income Components")
Table of Revenue & Net Income Components |
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For the Fiscal Quarter Ended |
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For the Six Months Ended |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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(In Thousands Except Per Share Amounts) |
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(In Thousands Except Per Share Amounts) |
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Revenue: |
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Commercial properties |
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$ 18 |
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$ (256) |
Residential properties |
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5,221 |
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4,880 |
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341 |
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10,268 |
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9,633 |
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635 |
Total real estate revenues |
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7,275 |
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6,916 |
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359 |
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14,274 |
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13,895 |
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379 |
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Operating expenses: |
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Real estate operating expenses |
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3,539 |
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3,438 |
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101 |
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7,048 |
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6,825 |
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223 |
General and administrative expenses |
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1,015 |
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975 |
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40 |
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2,823 |
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1,802 |
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1,021 |
Depreciation |
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789 |
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732 |
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57 |
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1,514 |
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1,454 |
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60 |
Total operating expenses |
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5,343 |
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5,145 |
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198 |
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11,385 |
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10,081 |
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1,304 |
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Financing costs |
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(1,782) |
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(1,951) |
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169 |
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(3,624) |
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(3,827) |
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203 |
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Investment income |
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279 |
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218 |
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61 |
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686 |
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407 |
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279 |
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Gain (Loss) on investment in tenancy-in-common |
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62 |
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(121) |
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183 |
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(47) |
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(188) |
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141 |
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Net loss on sale of |
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(92) |
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(203) |
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111 |
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(171) |
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(446) |
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275 |
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Net income (loss) |
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399 |
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(286) |
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685 |
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(267) |
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(240) |
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(27) |
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Net loss attributable to noncontrolling interests in subsidiaries |
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134 |
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383 |
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(249) |
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288 |
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756 |
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(468) |
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Net income attributable to common equity |
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$ 533 |
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$ 97 |
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$ 436 |
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$ 21 |
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$ 516 |
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$ (495) |
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Earnings per share: |
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Basic and diluted |
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$ 0.07 |
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$ 0.01 |
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$ 0.06 |
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$ 0.00 |
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$ 0.07 |
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Weighted average shares outstanding: |
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Basic |
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7,453 |
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7,441 |
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7,451 |
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7,433 |
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Diluted |
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7,457 |
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7,446 |
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7,455 |
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7,440 |
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Segment Property Net Operating Income ("NOI")
NOI for the residential properties increased modestly to approximately
Financing Update
On
Dividend
The Board of Directors of FREIT declared a second quarter dividend of
Adjusted Funds From Operations
Funds From Operations ("FFO") is a non-GAAP measure defined by the
The modified FFO computation is referred to as Adjusted Funds From Operations ("AFFO"). FREIT believes that AFFO is a superior measure of its operating performance. FREIT computes FFO and AFFO as follows:
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For the Fiscal Quarter Ended |
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For the Six Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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(In Thousands Except Per Share Amounts) |
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(In Thousands Except Per Share Amounts) |
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Funds From Operations ("FFO") (a) |
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Net income (loss) |
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$ 399 |
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$ (286) |
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$ (267) |
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$ (240) |
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Depreciation of consolidated properties |
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789 |
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732 |
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1,514 |
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1,454 |
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Amortization of deferred leasing costs |
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38 |
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21 |
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64 |
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40 |
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Distributions to non-controlling interests |
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- |
(b) |
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(c) |
(180) |
(b) |
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(c) |
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Net loss on sale of |
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92 |
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203 |
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171 |
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446 |
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Adjustment to loss on investment in tenancy-in-common for depreciation |
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363 |
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358 |
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725 |
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716 |
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FFO |
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Per Share - Basic |
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Per Share - Diluted |
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(a) As prescribed by NAREIT. |
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(b) FFO excludes the additional distribution of proceeds to non-controlling interests in the amount of approximately |
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(c) FFO excludes the additional distribution of proceeds to non-controlling interests in the amount of approximately |
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Adjusted Funds From Operations ("AFFO") |
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FFO |
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Deferred rents (Straight lining) |
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29 |
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48 |
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58 |
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76 |
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Capital Improvements - Apartments |
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(169) |
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(145) |
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(265) |
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(290) |
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AFFO |
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$ 931 |
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Per Share - Basic and Diluted |
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Weighted Average Shares Outstanding: |
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Basic |
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7,453 |
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7,441 |
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7,451 |
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7,433 |
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Diluted |
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7,457 |
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7,446 |
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7,455 |
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7,440 |
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FFO and AFFO do not represent cash generated from operating activities in accordance with accounting principles generally accepted in
The statements in this report, which relate to future earnings or performance, are forward-looking. Actual results may differ materially and be adversely affected by such factors as market and economic conditions, longer than anticipated lease-up periods or the inability of certain tenants to pay rents. Additional information about these factors is contained in the Company's filings with the
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