BRT APARTMENTS CORP. (NYSE:BRT), a multi-family real estate investment trust, today announced the Board of Directors has extended the term of the Company’s share repurchase program from December 31, 2023 (the “2023 Program”) to December 31, 2025 (the “2025 Program”) and increased the share repurchase authorization to up to $10 million (inclusive of the approximate $1.99 million remaining under the 2023 Program).
Since announcing on May 15, 2023 that BRT may redeploy a portion of the $19.4 million in net proceeds from its recent disposition of Chatham Court and Reflections, among other things, to fund potential stock repurchases, the Company has repurchased 166,565 shares at a weighted average price of approximately $18.09 per share.
The Board of Directors also declared a quarterly dividend of $0.25 per share. The dividend is payable on July 6, 2023 to stockholders of record at the close of business on June 26, 2023.
