Benzinga | May 13, 2021 09:32AM EDT

BRT Apartments Announces Termination Of Public Offering Of Common Stock

BRT Apartments Corp. (NYSE:BRT) (the "Company"), today announced it has terminated the contemplated underwritten public offering of its common stock previously announced on May 10, 2021. The termination results from an assessment by the Company's management that the current volatile equity market conditions are not conducive for an offering on terms that would be in the best interests of the Company and its stockholders. As a result of such termination, no shares of common stock will be sold pursuant to the offering.



The Company had intended to use a significant portion of the net proceeds of the offering to fund all or a portion of the purchase price for its previously announced acquisition of its joint venture partners' 41.9% interest in the entity that owns Bells Bluff, a 402-unit multi-family property located in West Nashville, TN ("Bells Bluff"). In light of the termination of the offering, the Company anticipates that it will fund the purchase price from its available cash, its $15 million credit facility and proceeds from property sales. As of April 30, 2021, the Company's liquidity was approximately $45.49 million, comprising $21.98 million of cash and cash equivalents, $8.51 million of restricted cash, and up to $15.0 million available under its credit facility.

The offering was being made pursuant to an effective shelf-registration statement declared effective by the Securities and Exchange Commission in 2019.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is prohibited.