Brt apartments corp. acquires remaining jv interests in two communities for a purchase price of $12.8 million; additional agreements in place to acquire remaining interests in nine communities for a purchase price of $89.3 million

Great neck, n.y., april 12, 2022 (globe newswire) -- brt apartments corp. (nyse:brt) today announced that it completed the acquisition of the remaining interests in joint ventures that own two multi-family properties with an aggregate of 462 units. the purchase price for these interests was $12.8 million and because these properties are wholly owned, the company will include the assets and liabilities of these properties on its consolidated balance sheet, including the aggregate mortgage debt currently on these properties of, as of march 31, 2022, $56.7 million, with a weighted average remaining term to maturity of, 8.4 years, and a weighted average interest rate of 4.04%. in aggregate, these two properties contributed approximately $150,000 of equity in loss of unconsolidated joint ventures in 2021.
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