BRT Apartments Corp., a Great Neck-based real estate investment trust that owns properties primarily in the Southeast and Texas, has upped its dividend to 22 cents a share from 20 cents.
The Board of Directors approved the dividend payable October 10, 2019 to stockholders of record on September 25, 2019, citing two projects in the works.
BRT Apartments owns interests in 40 properties with a total of 11,362 apartments in 12 states and in two properties being developed with a total of 744 apartments in Nashville, Tennessee and Columbia, South Carolina.
“These properties are expected to provide incremental cash flow as they continue to progress to stabilization,” the company said in a written statement. “The strength of the overall portfolio and the incremental cash flow contribution from these properties support the decision to increase the dividend.”
BRT Apartments is a real estate investment trust that directly and through joint ventures owns and operates multi-family properties.