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BRT APARTMENTS CORP.Accelerated 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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
 
FORM 10-Q

ý      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended June 30, 2018

OR
 
o         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File Number 001-07172
 
BRT APARTMENTS CORP.
(Exact name of Registrant as specified in its charter)

Maryland13-2755856
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)

60 Cutter Mill Road, Great Neck, NY11021 
(Address of principal executive offices)(Zip Code)

516-466-3100
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý   No o   
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 
Yes ý    No o 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “small reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer o
Accelerated filer ý
Non-accelerated filer o
Smaller reporting company o
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 o Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No ý
 
Indicate the number of shares outstanding of each of the issuer’s classes of stock, as of the latest practicable date.
 
15,674,802 Shares of Common Stock,
par value $0.01 per share, outstanding on August 2, 2018


Table of Contents
BRT APARTMENTS CORP. AND SUBSIDIARIES
Table of Contents


Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 6.


1

Table of Contents
Part I ‑ FINANCIAL INFORMATION
Item 1. Financial Statements
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)

June 30, 2018 (Unaudited)September 30, 2017
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $77,692 and $64,290$1,054,484 $902,281 
Real estate loan5,050 5,500 
Cash and cash equivalents25,061 12,383 
Restricted cash7,630 6,151 
Deposits and escrows23,265 27,839 
Investments in unconsolidated joint ventures20,542 21,415 
Other assets8,573 9,359 
Real estate property held for sale 8,969 
Total Assets (a)$1,144,605 $993,897 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $6,673 and $6,345$783,532 $697,826 
Junior subordinated notes, net of deferred costs of $367 and $38237,033 37,018 
Accounts payable and accrued liabilities22,554 22,348 
Total Liabilities (a)843,119 757,192 
Commitments and contingencies
Equity:
BRT Apartments Corp. stockholders' equity:
Preferred shares $.01 par value 2,000 shares authorized, none outstanding  
Common stock, $.01 par value, 300,000 shares authorized;
14,410 and 13,333 shares outstanding144 133 
Additional paid-in capital214,716 201,910 
Accumulated other comprehensive income2,408 1,000 
Accumulated deficit(18,626)(37,047)
Total BRT Apartments Corp. stockholders’ equity198,642 165,996 
Non-controlling interests102,844 70,709 
Total Equity301,486 236,705 
Total Liabilities and Equity$1,144,605 $993,897 


(a) The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 6. The consolidated balance sheets include the following amounts related to the Company's VIEs as of June 30, 2018 and September 30, 2017, respectively: $655,889 and $707,546 of real estate properties, $7,041 and $8,626 of cash and cash equivalents, $9,916 and $13,873 of deposits and escrows, $6,629 and $8,148 of other assets, $0 and $8,969 of real estate properties held for sale, $500,912 and $558,568 of mortgages payable and $10,893 and $14,419 of accounts payable and accrued liabilities.

See accompanying notes to consolidated financial statements.
2

Table of Contents
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except share data)

Three Months Ended
June 30,
Nine Months Ended
June 30,
2018 2017 2018 2017 
Revenues:
Rental and other revenues from real estate properties$29,951 $26,673 $87,589 $76,404 
Other income203 188 565 980 
Total revenues30,154 26,861 88,154 77,384 
Expenses:
Real estate operating expenses - including $851 and $696 to related parties for the three months ended and $2,472 and $1,948 for the nine months ended14,459 13,283 42,004 37,638 
Interest expense8,786 7,180 25,423 20,269 
General and administrative - including $160 and $84 to related parties for the three months ended and $389 and $266 for the nine months ended2,452 2,309 7,208 7,296 
Depreciation10,200 7,561 28,088 21,630 
Total expenses35,897 30,333 102,723 86,833 
Total revenue less total expenses(5,743)(3,472)(14,569)(9,449)
Equity in loss of unconsolidated joint ventures(127)(307)(215)(307)
Gain on sale of real estate  64,500 35,838 
Gain on insurance recovery  3,227  
Loss on extinguishment of debt  (850)(799)
(Loss) income from continuing operations(5,870)(3,779)52,093 25,283 
Income tax provision (benefit)101 41 (46)1,499 
Net (loss) income from continuing operations, net of taxes(5,971)(3,820)52,139 23,784 
Net loss (income) attributable to non-controlling interests1,282 418 (25,255)(15,645)
Net (loss) income attributable to common stockholders$(4,689)$(3,402)$26,884 $8,139 
Weighted average number of shares of common stock outstanding:
Basic14,411,940 14,035,074 14,224,680 13,983,495 
Diluted14,411,940 14,035,074 14,358,013 13,983,495 
Per share amounts attributable to common stockholders:
Basic$(0.33)$(0.24)$1.89 $0.58 
Diluted$(0.33)$(0.24)$1.87 $0.58 


See accompanying notes to consolidated financial statements.
3

Table of Contents
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME 
(Unaudited)
(Dollars in thousands) 

Three Months Ended
June 30,
Nine Months Ended
June 30,
2018 2017 2018 2017 
Net (loss) income $(5,971)$(3,820)$52,139 $23,784 
Other comprehensive income:
Unrealized gain (loss) on derivative instruments398 (228)2,032 3,074 
Other comprehensive income (loss)398 (228)2,032 3,074 
Comprehensive (loss) income (5,573)(4,048)54,171 26,858 
Comprehensive loss (income) attributable to non-controlling interests1,160 1,260 (25,879)(16,099)
Comprehensive (loss) income attributable to common stockholders$(4,413)$(2,788)$28,292 $10,759 


See accompanying notes to consolidated financial statements.

4

Table of Contents
 BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
Nine Months Ended June 30, 2018
 (Unaudited)
(Dollars in thousands, except share data)

Common Stock
Additional
Paid-In Capital
Accumulated
Other Comprehensive (Loss) Income
Accumulated Deficit

Non- Controlling Interest
Total
Balances, September 30, 2017$133 $201,910 $1,000 $(37,047)$70,709 $236,705 
Distributions - common stock - $0.58 per share— — — (8,463)(8,463)
Restricted stock vesting1 (1)— — —  
Compensation expense - restricted stock and restricted stock units— 973 — — — 973 
Contributions from non-controlling interests— — — — 32,553 32,553 
Consolidation of investment in limited partnership— — — — 12,370 12,370 
Distributions to non-controlling interests— — — — (38,499)(38,499)
Purchase of non-controlling interest— (82)— — (168)(250)
Shares issued through equity offering program, net10 11,916 — — — 11,926 
Net income— — — 26,884 25,255 52,139 
Other comprehensive income— — 1,408 — 624 2,032 
Comprehensive income— — — — — 54,171 
Balances, June 30, 2018$144 $214,716 $2,408 $(18,626)$102,844 $301,486 

 
  See accompanying notes to consolidated financial statements.
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BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Dollars in Thousands)

Nine Months Ended June 30,
2018 2017 
Cash flows from operating activities:
Net income$52,139 $23,784 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation28,088 21,630 
Amortization of deferred borrowing fees1,130 889 
Amortization of restricted stock and restricted stock units973 1,063 
Equity in loss of unconsolidated joint ventures215 307 
Gain on sale of real estate(64,500)(35,838)
Gain on insurance recovery(3,227) 
Loss on extinguishment of debt850 799 
Increases and decreases from changes in other assets and liabilities:
Decrease in interest receivable 2,328 
Decrease (increase) in deposits and escrows8,135 (7,435)
Decrease in other assets6,068 910 
Decrease in accounts payable and accrued liabilities(59)(2,033)
Net cash provided by operating activities29,812 6,404 
Cash flows from investing activities:
Collections from real estate loan450 13,850 
Additions to real estate properties(177,343)(196,810)
Net costs capitalized to real estate properties(11,629)(7,261)
(Increase) decrease in restricted cash(1,479)1,592 
Investment in limited partnership(12,370) 
Purchase of non-controlling interests(250) 
Consolidation of investment in limited partnership1,279  
Net proceeds from the sale of real estate properties168,691 128,647 
Distributions from unconsolidated joint ventures656 282 
Contributions to unconsolidated joint ventures (14,394)
Net cash (used in) provided by investing activities(31,995)(74,094)
Cash flows from financing activities:
Proceeds from mortgages payable106,994 131,344 
Mortgage payoffs(84,726)(79,215)
Mortgage principal payments(3,752)(3,858)
Increase in deferred financing costs(1,323)(2,527)
Dividends paid(8,312) 
Contributions from non-controlling interests32,553 28,744 
Distributions to non-controlling interests(38,499)(24,231)
Proceeds from the sale of common stock11,926  
Repurchase of shares of beneficial interest/common stock (171)
Net cash provided by financing activities14,861 50,086 
Net increase (decrease) in cash and cash equivalents12,678 (17,604)
Cash and cash equivalents at beginning of period12,383 27,399 
Cash and cash equivalents at end of period$25,061 $9,795 

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BRT APARTMENTS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(Unaudited)
(Dollars in Thousands)

Nine Months Ended June 30,
2018 2017 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of capitalized interest of $27 and $249, respectively$23,385 $19,353 
Taxes paid$139 1,899 
Acquisition of real estate through assumption of debt$13,608 $27,638 
Real estate properties reclassified to assets held for sale$ $21,515 
Consolidation of investment in limited partnership:
Increase in real estate assets$(72,395)$ 
Increase in deposits and escrows(3,561) 
Increase in other assets(20) 
Increase in mortgage payable53,060  
Increase in deferred financing costs(657) 
Increase in accounts payable and accrued liabilities112  
Increase in non controlling interest12,370  
Decrease in investment in limited partnership12,370  
Increase in cash upon consolidation of limited partnership$1,279 $ 



See accompanying notes to consolidated financial statements.
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BRT APARTMENTS CORP. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 2018

Note 1 – Organization and Background

BRT Apartments Corp. (the "Company"), a Maryland corporation, owns, operates and develops multi-family properties. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes.
Generally, the multi-family properties are acquired with joint venture partners in transactions in which the Company contributes a significant portion of the equity. At June 30, 2018, the Company owns: (a) 36 multi-family properties with 10,121 units (including 402 units at a property under development), located in 11 states with a carrying value of $1,044,063,000; and (b) interests in three unconsolidated multi-family joint ventures with a carrying value of $20,328,000.

Note 2 – Basis of Preparation

The accompanying interim unaudited consolidated financial statements as of June 30, 2018, and for the three and nine months ended June 30, 2018 and 2017, reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and nine months ended June 30, 2018 and 2017, are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2017, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. 
The consolidated financial statements include the accounts and operations of the Company, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities ("VIEs") in which the Company is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
The Company’s consolidated joint ventures that own multi-family properties were determined to be VIEs because the voting rights of some equity investors in the applicable joint venture entity are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits that could potentially be significant to the VIE.
The joint ventures that own properties in Ocoee, FL, Lawrenceville, GA, Dallas, TX, Farmers Branch, TX and Grand Prairie, TX were determined not to be a VIEs but are consolidated because the Company has controlling rights in such entities.
With respect to its unconsolidated joint ventures, as (i) the Company is primarily the managing member but does not exercise substantial operating control over these entities or the Company is not the managing member and (ii) such entities are not VIEs, the Company has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.

The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture.  
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one-year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.

Note 3 - Equity

Equity Distribution Agreements

In January 2018, the Company entered into equity distribution agreements, which were amended in May 2018, with three sales agents to sell up to an aggregate of $30,000,000 of its common stock from time-to-time in an at-the-market offering. During the quarter ended June 30, 2018, the Company sold 835,374 shares of common stock for net proceeds of
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$10,525,000, after giving effect to related fees and commissions of $218,000. Since the commencement of the at-the-market offering program through June 30, 2018, we sold 948,940 shares for an aggregate sales price of $12,237,000. From July 1, 2018 through August 2, 2018, the Company sold 558,777 shares of common stock for net proceeds of $7,437,000, after giving effect to related fees and commissions of $154,000
Common Stock Dividend Distribution

The Company declared a quarterly cash distribution of $0.20 per share, payable on July 6, 2018, to stockholders of record on June 25, 2018.

Stock Based Compensation

The Company's Amended and Restated 2018 Incentive Plan (the "2018 Plan") permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance share awards and any one or more of the foregoing, up to a maximum of 600,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards.
Restricted Stock Units
In June 2016, the Company issued restricted stock units (the "Units") to acquire up to 450,000 shares of common stock pursuant to the 2016 Amended and Restated Incentive Plan (the "2016 Incentive Plan") . The Units entitle the recipients, subject to continued service through the March 31, 2021 vesting date, to receive (i) the underlying shares if and to the extent certain performance and/or market conditions are satisfied at the vesting date, and (ii) an amount equal to the cash dividends paid from the grant date through the vesting date with respect to the shares of common stock underlying the Units if, when, and to the extent, the related Units vest. For financial statement purposes, because the Units are not participating securities, the shares underlying the Units are excluded in the outstanding shares reflected on the consolidated balance sheet and from the calculation of basic earnings per share. The shares underlying the Units are contingently issuable shares and 200,000 of these shares have been included in the diluted earnings per share as the market conditions with respect to such units had been met at June 30, 2018.
Expense is recognized over the five year vesting period on the Units which the Company expects to vest. For the three months ended June 30, 2018 and 2017, the Company recorded $73,000 and $110,000, respectively, and for the nine months ended June 30, 2018 and 2017, the Company recorded $219,000 and $329,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the Units. At June 30, 2018, and September 30, 2017, $797,000 and $1,015,000 of compensation expense, respectively, had been deferred and will be charged to expense over the remaining vesting period.
Restricted Stock
In March 2018, the Company granted 144,797 shares of restricted stock pursuant to the 2018 Incentive Plan. As of June 30, 2018, an aggregate of 706,097 shares of unvested restricted stock are outstanding pursuant to the 2018 Incentive Plan, 2016 Incentive Plan and 2012 Incentive Plan. No additional awards may be granted under the 2016 Incentive Plan and 2012 Incentive Plan. The shares of restricted stock vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation. 
For the three months ended June 30, 2018 and 2017, the Company recorded $287,000 and $243,000, respectively, and for the nine months ended June 30, 2018 and 2017, the Company recorded $754,000 and $733,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At June 30, 2018 and September 30, 2017, $3,313,000 and $2,356,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted stock awards. The weighted average remaining vesting period of these shares of restricted stock is 2.6 years.



Stock Buyback
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On September 5, 2017, the Board of Directors approved a repurchase plan authorizing the Company, effective as of October 1, 2017, to repurchase up to $5,000,000 of shares of common stock through September 30, 2019. No shares have been repurchased pursuant to this plan.
Per Share Data
Basic earnings per share is determined by dividing net income applicable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. The Units are excluded from the basic earnings per share calculation, as they are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings per share is determined by dividing net income applicable to common stockholders for the applicable period by the weighted average number of shares of common stock deemed to be outstanding during such period. For the nine months ended June 30, 2018, the Company included 133,333 shares of common stock underlying the Units in the calculation of diluted earning per share as a market criteria, with respect to the units, has been met at June 30, 2018.
The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except share amounts):
Three Months Ended June 30,Nine Months Ended June 30,
2018 2017 2018 2017 
Numerator for basic and diluted (loss) earnings per share attributable to common stockholders:
Net (loss) income attributable to common stockholders$(4,689)$(3,402)26,884 8,139 
Denominator:
Denominator for basic (loss) earnings per share—weighted average number of shares14,411,940 14,035,074 14,224,680 13,983,495 
Effect of diluted securities (a)  133,333  
Denominator for diluted (loss) earnings per share—adjusted weighted average number of shares and assumed conversions14,411,940 14,035,074 14,358,013 13,983,495 
Basic (loss) earnings per share$(0.33)$(0.24)$1.89 $0.58 
Diluted (loss) earnings per share$(0.33)$(0.24)$1.87 $0.58 
(a)  For the three months ended June 30, 2018, no shares were included as their effect would have been anti-dilutive.

Note 4 ‑ Real Estate Properties

Real estate properties (including properties held for sale) consist of the following (dollars in thousands):
June 30, 2018September 30, 2017
Land$167,477 $138,094 
Building929,305 808,366 
Building improvements35,394 31,411 
Real estate properties1,132,176 977,871 
Accumulated depreciation(77,692)(66,621)
Total real estate properties, net$1,054,484 $911,250 

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A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands):
 


September 30, 2017
Balance
AdditionsCapitalized Costs and ImprovementsDepreciation SalesJune 30, 2018
Balance
Multi-family$890,300 $240,374 $11,629 $(28,006)$(104,396)$1,009,901 
Multi-family development - West Nashville, TN10,448 23,715    34,163 
Land - Daytona, FL8,021     8,021 
Shopping centers/Retail - Yonkers, NY2,481   (82) 2,399 
Total real estate properties$911,250 $264,089 $11,629 $(28,088)$(104,396)$1,054,484 
         
The following table summarizes the allocation of the purchase price of six properties purchased during the nine months ended June 30, 2018 (dollars in thousands):
Purchase Price Allocation
Land$44,040 
Building and improvements184,003 
Acquisition-related intangible assets5,355 
Total consideration$233,398 

The purchase price of properties acquired, inclusive of acquisition costs, were allocated to the acquired assets based on their estimated relative fair values on the acquisition dates. During the nine months ended June 30, 2018, there have been no changes made to the previously recorded purchase price allocations.

 As result of the damage caused by Hurricane Harvey in 2017, the Company reduced the carrying value of Retreat at Cinco Ranch, located in Katy, TX by $3,471,000 and, because the Company believed it was probable that it would recover such sum from its insurance coverage, recorded a receivable for the same amount. Through June 30, 2018, the Company received $7,384,000 in insurance recoveries related to Hurricane Harvey, of which $3,227,000 is recorded as a gain on insurance recovery in the nine months ended June 30, 2018 and $686,000 has been recognized as rental income (i.e., $98,000 in 2017 and $294,000 and $588,000 in the three and nine months ended June 30, 2018, respectively.)

Note 5 ‑ Acquisitions and Dispositions

Property Acquisitions

The table below provides information regarding the Company's purchases of multi-family properties for the nine months ended June 30, 2018 (dollars in thousands):

LocationPurchase DateNo. of UnitsPurchase PriceAcquisition Mortgage DebtInitial BRT EquityOwnership PercentageCapitalized Acquisition Costs
Madison, AL12/7/2017204 $18,420 $15,000 $4,456 80 %$247 
Boerne, TX (a)12/14/2017120 12,000 9,200 3,780 80 %244 
Ocoee, FL2/7/2018522 71,347 53,060 12,370 50 %1,047 
Lawrenceville, GA2/15/2018586 77,229 54,447 15,179 50 %767 
Daytona, FL4/30/2018208 20,500 13,608 6,900 80 %386 
Grand Prairie, TX5/17/2018281 30,800 18,995 7,300 50 %411 
1,921 $230,296 $164,310 $49,985 $3,102 
_________________________________
(a)  Includes $500 for the acquisition of a land parcel adjacent to the property.

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In the quarter ended June 30, 2018, the Company purchased its partner's 2.5% equity interest in Avalon Apartments, located in Pensacola, FL, for $250,000. The property is now wholly owned by the Company. 


 
The table below provides information regarding the Company's purchases of multi-family properties during the nine months ended June 30, 2017 (dollars in thousands):

LocationPurchase DateNo. of UnitsPurchase PriceAcquisition Mortgage DebtInitial BRT EquityOwnership PercentageCapitalized Acquisition Costs
Fredricksburg, VA11/4/2016220 $38,490 $29,940 $8,720 80 %$643 
St. Louis, MO2/28/2017128 27,000 20,000 6,001 75.5 %423 
St. Louis, MO2/28/201753 8,000 6,200 2,002 75.5 %134 
Creve Coeur, MO4/4/2017174 39,600 29,000 9,408 78.0 %569 
West Nashville, TN6/2/2017402 5,228  4,800 58.0 % 
Farmers Branch, TX6/29/2017509 85,698 55,200 16,200 50.0 %992