GREENWICH, CONNECTICUT - Belpointe PREP, LLC (NYSE American: OZ), a publicly traded qualified opportunity fund, announced that its properties in Florida have sustained no significant damage from Hurricane Milton. The company's CEO, Brandon Lacoff, expressed relief and extended sympathies to those affected by the storm. The preliminary assessments of the properties, Aster & Links in Sarasota and Viv in St. Petersburg, indicate minimal impact.
At Aster & Links, a temporary power outage was quickly resolved with the aid of generators, maintaining critical life safety systems. The development's structural integrity was credited for the safety of residents and tenants during the extreme weather event. In St. Petersburg, the construction crane at the Viv development endured the storm's severe conditions, which the company attributes to their rigorous precautionary measures.
Belpointe OZ's portfolio includes over 2,500 units in development across four cities, with total project costs exceeding $1.3 billion. The company has recently filed with the U.S. Securities and Exchange Commission for the sale of up to $1.5 billion of Class A units. Potential investors are advised to read the company's prospectus and SEC filings for a comprehensive understanding of the investment's risks, objectives, and other pertinent information.
The company's statements regarding the preliminary assessments and ongoing evaluations of storm damage are forward-looking and subject to change. Belpointe OZ emphasizes its commitment to community support and the well-being of its projects and residents. This news is based on a press release statement from Belpointe PREP, LLC.
InvestingPro Insights
As Belpointe PREP, LLC (NYSE American: OZ) navigates the aftermath of Hurricane Milton, investors may find additional context in the company's financial metrics and market position. According to InvestingPro data, Belpointe PREP has a market capitalization of $238.79 million, reflecting its size within the real estate development sector.
The company's revenue for the last twelve months as of Q2 2023 stood at $1.7 million, with a concerning revenue growth decline of -16.05% over the same period. This figure, coupled with the quarterly revenue decline of -50.64% in Q2 2023, suggests that Belpointe PREP may be facing challenges in its operational performance, which could be exacerbated by events such as natural disasters.
InvestingPro Tips highlight that Belpointe PREP is a niche player in its industry, which aligns with the company's focus on opportunity zone investments and its portfolio of over 2,500 units in development. However, the tip also notes that the company is not profitable over the last twelve months, which is corroborated by the negative gross profit of -$3.16 million and an operating income of -$11.05 million for the same period.
These financial indicators provide important context to the company's recent announcement about its properties withstanding Hurricane Milton. While the lack of significant damage is positive news, investors should consider the broader financial picture when evaluating Belpointe PREP's resilience and growth potential.
For a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide deeper insights into Belpointe PREP's financial health and market position.
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