Good day, and welcome to the BRT Apartments Corp’s Third Quarter 2021 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the floor over to Stephen Swett at ICR. Thank you. You may begin.

Thank you for joining us today for BRT Apartments Corp’s third quarter 2021 earnings conference call. On the call today is Jeffrey Gould, President and Chief Executive Officer. Also available are George Zweier, Chief Financial Officer; and Senior Vice Presidents, David Kalish, and Ryan Baltimore. I would like to remind everyone that this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations, assumptions, and beliefs. Forward-looking statements can often be identified by words such as believe, expect, estimate, anticipate, intend, and similar expressions, and variations or negatives of these words. Forward-looking statements include, but are not limited to, statements regarding BRT’s strategy and expectations for the future. They are not guarantees of future results, and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Listeners should not place undue reliance on any forward-looking statements, and are encouraged to review the company’s SEC filings, including its Form 10-K and Form 10-Q for a more complete discussion of risks and other factors that could affect these forward-looking statements. Except as required by law, BRT does not undertake any obligation to publicly update or revise any forward-looking statements. This conference call also includes a discussion of funds from operations, or FFO; adjusted funds from operations, or AFFO; net operating income or NOI; and information regarding our pro rata share of revenues, expenses, NOI, assets and liabilities, of BRT’s unconsolidated subsidiaries, all of which are non-GAAP financial measures of performance. These non-GAAP measures should be used as a supplement to, and not a substitute for, net income computed in accordance with GAAP. Unless otherwise indicated, or the context otherwise requires, discussions with respect to operating results…

Thank you, and welcome to the call. We are pleased with our results in the third quarter, as our portfolio continued to perform very well, and we continue to make progress on our initiatives to increase our wholly-owned portfolio, unlock value, reduce leverage, and strengthen our multi-family platform. Let me begin with our results for the third quarter of 2021. Net income attributable to common stockholders was $28.1 million or $1.54 per diluted share compared to a net loss of $7.5 million or $0.44 per diluted share in the same quarter 2020. FFO was $7,000 or less than a $0.01 per diluted share compared to $4.6 million or $0.27 per diluted share in the same quarter last year. The decline reflects our $4.6 million share of the loss on extinguishment of debt incurred by an unconsolidated joint venture in connection with two property sales. It also reflects our share of the loss on extinguishment of debt of $902,000 incurred in paying off mortgage debt in the principle amount of $31.9 million at several consolidated properties. AFFO was $5.7 million or $0.31 per diluted share compared to $4.9 million or $0.28 per diluted share in the third quarter of 2020. This 10.7% increase per share was primarily due to reduced interest expense and improved operating margins, occupancy and rental rates across our portfolio. Turning to our portfolio, at September 30, 2021, our wholly-owned portfolio consists of eight multi-family communities containing 2010 units. We also owned interest through unconsolidated entities in another 27 communities to containing 7,444 units. In the third quarter rental revenues, including our pro rata share of unconsolidated entities were $27.3 million versus $27.5 million in the 2020 quarter. This decrease was primarily due to the sale of assets during the current quarter. Portfolio NOI was $14.4 million up…

Thank you. [Operator Instructions] There are no questions registered at this time. I would like to turn the conference back over to Jeff Gould for any closing remarks.

Yes. I want say thank you all for your time, and we appreciate your continued interest in BRT. Have a good day. And thanks very much.

This concludes today’s conference call. You may disconnect your lines. Thank you for participating and have a pleasant day. : :