Form 8-K
8-K — BRT Apartments Corp.
Accession: 0000014846-26-000038
Filed: 2026-08-10
Period: 2026-08-10
CIK: 0000014846
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — brt-20260810.htm (Primary)
EX-99.1 (exhibit991q22026.htm)
GRAPHIC (brtlogo.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: brt-20260810.htm · Sequence: 1
brt-20260810
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2026
BRT APARTMENTS CORP.
(Exact name of Registrant as specified in charter)
Maryland 001-07172 13-2755856
(State or other jurisdiction of incorporation) (Commission file No.) (IRS Employer I.D. No.)
60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 516-466-3100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock BRT NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure.
Certain of our executive officers will be meeting with analysts and other persons and may provide such persons with copies of, or discuss the information set forth in, the attached material.
Pursuant to, among other things, Regulation FD, we hereby furnish the information contained in the materials attached as Exhibit 99.1 to this Current Report on Form 8-K, which information is incorporated into these Items 2.02 and 7.01 (collectively, the “Item”) by this reference.
The information in this Current Report on Form 8-K under this Item, as well as Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The furnishing of this Report is not intended to constitute a determination by us that the information is material or that the dissemination of the information is required by Regulation FD or otherwise.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Supplemental Financial Information dated August 10, 2026
101 Cover Page Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BRT APARTMENTS CORP.
August 10, 2026 By: /s/ Isaac Kalish
Isaac Kalish
Chief Financial Officer and Senior Vice President
(Principal Financial Officer)
EX-99.1
EX-99.1
Filename: exhibit991q22026.htm · Sequence: 2
Document
Exhibit 99.1
SUPPLEMENTAL FINANCIAL
INFORMATION FOR THREE MONTHS ENDED
JUNE 30, 2026
August 10, 2026
60 Cutter Mill Rd., Great Neck, NY 11021
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
We consider some of the information set forth herein to contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property acquisition and disposition activity, joint venture activity, development and value add activity and other capital expenditures, and capital raising and financing activity, as well as revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases, beyond our control, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved and investors are cautioned not to place undue reliance on such information.
The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:
•inability to generate sufficient cash flows due to unfavorable economic and market conditions (e.g., inflation, volatile interest rates and the possibility of a recession), changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws or other factors;
•adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to maintain or increase rental or occupancy rates, competition, our ability to identify and consummate attractive acquisitions and dispositions on favorable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;
•general and local real estate conditions, including any changes in the value of our real estate;
•decreasing rental rates or increasing vacancy rates;
•challenges in acquiring or investing in multifamily properties (including challenges in (i) buying properties directly without the participation of joint venture partners and (ii) making alternative investments in multifamily properties, and the limited number of multifamily property investment/acquisition opportunities available to us), which transactions may not be completed or may not produce the cash flows or income expected;
•the competitive environment in which we operate, including competition that could adversely affect our ability to acquire properties and/or limit our ability to lease apartments or increase or maintain rental rates;
•exposure to risks inherent in investments in a single industry and sector;
•the concentration of our multifamily properties in the Southeastern United States and Texas, which makes us more susceptible to adverse developments in those markets;
•increases in expenses over which we have limited control, such as real estate taxes, insurance and utilities, due to inflation or other factors such as the ongoing conflicts between (i) Ukraine and Russia and (ii) Israel / the United States of America and Iran;
•impairment in the value of real estate we own;
•failure of property managers to properly manage properties;
•accessibility of debt and equity capital markets;
•disagreements with, or misconduct by, joint venture partners;
•inability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures due to the level and volatility of interest or capitalization rates or capital market conditions
•extreme weather and natural disasters such as hurricanes, tornadoes and floods;
•lack of or insufficient amounts of insurance to cover, among other things, losses from catastrophes;
•risks associated with acquiring value-add multifamily properties, which involves greater risks than more conservative approaches;
•the condition of Fannie Mae or Freddie Mac, which could adversely impact us;
•changes in Federal, state and local governmental laws and regulations, including laws and regulations relating to taxes and real estate and related investments;
•our failure to comply with laws, including those requiring access to our properties by disabled persons, which could result in substantial costs;
•board determinations as to timing and payment of dividends, if any, and our ability or willingness to pay future dividends;
•our ability to satisfy the complex rules required to maintain our qualification as a REIT for federal income tax purposes;
•possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us or a subsidiary owned by us or acquired by us;
•our dependence on information systems, risks associated with breaches of such systems and the impact on us and our competitors from the use of artificial intelligence;
•disease outbreaks and other public health events, and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;
•impact of climate change on our properties or operations;
•risks associated with the stock ownership restrictions of the Internal Revenue Code of 1986, as amended (the "Code") for REITs and the stock ownership limit imposed by our charter; and
•the other factors described in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report") including those set forth in such report under the captions "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations".
We undertake no obligation to update or revise the information herein, whether as a result of new information, future events or circumstances, or otherwise.
Units under rehabilitation for which we have received or accrued rental income from business interruption insurance, while not physically occupied, are treated as leased (i.e., occupied) at rental rates in effect at the time of the casualty.
We use pro rata (as defined under "Non-GAAP Financial Measures and Definitions") to help the reader gain a better understanding of our unconsolidated joint ventures. However, the use of pro rata information has certain limitations and is not representative of our operations and accounts as presented in accordance with GAAP. Accordingly, pro rata information should be used with caution and in conjunction with the GAAP data presented herein and in our reports filed with the SEC.
The state-by-state and property-by-property information for 2025 with respect to revenues, net operating income ("NOI") and weighted average monthly rent per occupied unit information has been reclassified (to reflect deferred rent concessions) to conform to the 2026 presentation.
Table of Contents Page Number
Quarterly Results
1
Financial Highlights
2
Components of Net Asset Value
3
Operating Results
4
Operating Results of Unconsolidated Properties
5
Funds From Operations and Adjusted Funds From Operations
6
Consolidated Balance Sheets
8
Preferred Equity Investments
9
Property Acquisitions and Refinances
10
Stock Repurchase Activity
11
Value-Add Program and Capital Expenditures
12
Debt Analysis
13
Portfolio Data by State
14
Combined Portfolio Metrics
15
Portfolio Table
18
Appendix
19
Non-GAAP Financial Measures and Definitions
20
Consolidated Same Store Comparisons
21
Unconsolidated Same Store Comparisons
23
Non-GAAP Financial Measures, Definitions and Reconciliations
25
Balance Sheets of Unconsolidated Joint Venture Entities
29
Table of Contents
BRT Apartments Corp. (NYSE: BRT)
`
Second Quarter 2026 and Subsequent Highlights
•Reported net loss per diluted share of $3.2 million or $0.19 per diluted share, compared to a net loss of $2.6 million or $0.14 in the second quarter of 2025.
•Funds from Operations, or FFO, of $0.29 per diluted share, compared to $0.29 in the second quarter of 2025.
•Adjusted Funds from Operations, or AFFO, of $0.36 per diluted share, compared to $0.36 in the second quarter of 2025.
•Equity in earnings of unconsolidated joint ventures was a loss of $1,000 compared to a $299,000 gain in the second quarter of 2025.
•Combined Portfolio NOI was $15.2 million for the second quarter of 2026 compared to $15.1 million for the corresponding prior-year period.
•On June 2, 2026, the Company entered into an agreement to acquire Ranch Lake Apartments, a 336-unit multi-family property located in Bradenton, FL. The Company is to acquire the property for approximately $80 million (subject to customary closing purchase price adjustments), including the assumption of an approximate $45.7 million mortgage insured by HUD. The mortgage carries an interest rate of 2.91% and matures in 2056. The closing is anticipated to take place during the first quarter of 2027.
•The Company anticipates that in August 2026, it will acquire, through a joint venture in which it anticipates having a 70% interest in a multifamily property located in Houston, TX for approximately $33 million; the venture anticipates funding the purchase price in part by obtaining an approximate $23.4 million mortgage which will mature in 2033 and will carry a currently estimated annual interest rate of 5.5%.
•In July 2026, the Company refinanced the maturing mortgage of $27.8 million (bearing an interest rate of 3.73%) on Civic Center 2 - Southaven, MS with a new mortgage of $47.9 million; such new mortgage matures on August 1, 2036, bears an interest rate of 5.38% and is interest only through maturity.
•Repurchased 202,828 shares during the second quarter 2026 at a weighted average price of $14.28. From July 1, 2026 to July 16, 2026, the Company repurchased 48,523 shares of our common stock at an average price of $15.12.
•As of August 3, 2026, the Company is authorized to repurchase up to approximately $4.9 million in BRT shares under the repurchase program.
•Maintained revolving credit facility of up to $40.0 million, with full availability, and maturity in September 2027.
•Declared a dividend of $0.25 per share for the second quarter of 2026.
See the reconciliations provided later in this supplemental of FFO, AFFO and Combined Portfolio NOI, to net income, as calculated in accordance with GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."
1
Table of Contents
BRT Apartments Corp. (NYSE: BRT)
Financial Highlights
_________________________________________________________________________________________________________
As of June 30,
2026 2025
Market capitalization (thousands) $ 288,372 $ 295,643
Shares outstanding (thousands) 18,762 18,903
Closing share price $ 15.37 $ 15.64
Quarterly dividend declared per share $ 0.25 $ 0.25
Quarter ended June 30,
Combined Consolidated Unconsolidated
2026 2025 2026 2025 2026 2025
Properties owned 31 29 21 21 10 8
Units 8,311 7,947 5,420 5,420 2,891 2,527
Average occupancy (a) 94.4 % 94.1 % 94.5 % 93.7 % 94.2 % 94.2 %
Weighted average monthly rent per occupied unit (a) $ 1,423 $ 1,399 $ 1,374 $ 1,358 $ 1,516 $ 1,498
(a) 2025 periods exclude a 240-unit multi-family property in lease up.
Quarter ended June 30,
Per share data 2026
(Unaudited) 2025
(Unaudited)
Loss per share, basic and diluted $ (0.19) $ (0.14)
FFO per share of common stock (diluted) (1) $ 0.29 $ 0.29
AFFO per share of common stock (diluted) (1) $ 0.36 $ 0.36
As of June 30,
2026 2025
Debt to Enterprise Value (2) 71 % 69 %
(1) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income, as calculated in accordance with
GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."
(2) Enterprise Value is equal to debt plus market capitalization less cash and cash equivalents, including BRT's pro-rata share of cash and cash equivalents at the
unconsolidated Joint Ventures. Cash and cash equivalents excludes restricted cash. Debt is equal to 100% of the debt at the consolidated properties and BRT's
pro-rata share of debt at the unconsolidated joint ventures. See "Non-GAAP Financial Measures and Definitions" for an explanation of "pro-rata share."
2
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BRT Apartments Corp. (NYSE: BRT)
Components of Net Asset Value
As of June 30, 2026
(all in thousands)
____________________________________________________________________________________________________________________
Net Operating Income (1)
Consolidated $ 12,659
Unconsolidated (Pro rata) 3,502
Total Net Operating Income $ 16,161
OTHER ASSETS
Cash and Cash Equivalents 22,718
Cash and Cash Equivalents - Unconsolidated pro rata 3,802
Restricted Cash 1,886
Other Assets 18,673
Other Assets - Unconsolidated pro rata 5,706
Total Cash and Other Assets $ 52,785
OTHER LIABILITIES
Accounts Payable and Accrued Liabilities 24,232
Accounts Payable and Accrued Liabilities - Unconsolidated pro rata 4,039
Total Other Liabilities $ 28,271
DEBT SUMMARY
Mortgages Payable:
Consolidated 469,352
Unconsolidated (Pro rata) 143,291
Total Mortgages Payable $ 612,643
Credit Facility —
Subordinated Notes 37,193
Total Debt Outstanding $ 649,836
Common Shares Outstanding 18,762
____________________________________________
(1) See the Appendix for a reconciliation of the non-GAAP amounts presented to GAAP amounts
3
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BRT Apartments Corp. (NYSE: BRT)
Operating Results
(amounts in thousands except per share data)
_____________________________________________________________________________________________________________________
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Revenues:
Rental and other revenue from real estate properties $ 24,041 $ 23,729 $ 48,211 $ 47,348
Loan interest and other income 433 468 868 955
Total revenues 24,474 24,197 49,079 48,303
Expenses:
Real estate operating expenses 11,382 11,117 21,871 21,667
Interest expense 5,993 5,707 11,953 11,383
General and administrative 3,534 3,744 7,401 7,814
Depreciation and amortization 6,708 6,580 13,391 13,121
Total expenses 27,617 27,148 54,616 53,985
Total revenues less total expenses (3,143) (2,951) (5,537) (5,682)
Equity in (loss) earnings of unconsolidated joint ventures (1) 299 (309) 712
Insurance recovery of casualty loss — 189 136 257
Loss from continuing operations (3,144) (2,463) (5,710) (4,713)
Income tax provision 37 60 113 118
Loss from continuing operations, net of taxes (3,181) (2,523) (5,823) (4,831)
Net income attributable to non-controlling interests (40) (43) (80) (87)
Net loss attributable to common stockholders $ (3,221) $ (2,566) $ (5,903) $ (4,918)
Weighted average number of shares of common stock outstanding:
Basic and diluted 17,979,991 17,985,801 18,021,620 17,986,443
Per share amounts attributable to common stockholders:
Basic and diluted $ (0.19) $ (0.14) $ (0.35) $ (0.26)
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BRT Apartments Corp. (NYSE: BRT)
Operating Results of Unconsolidated Properties
(amounts in thousands)
_____________________________________________________________________________________________________________________
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Revenues:
Rental and other revenue $ 13,847 $ 11,927 $ 27,279 $ 23,636
Total revenues 13,847 11,927 27,279 23,636
Expenses:
Real estate operating expenses 6,878 5,744 13,383 10,917
Interest expense 3,241 2,770 6,436 5,515
Depreciation 3,917 3,163 8,115 6,911
Total expenses 14,036 11,677 27,934 23,343
Total revenues less total expenses (189) 250 (655) 293
Other equity earnings 145 18 139 108
Net (loss) income from joint ventures $ (44) $ 268 $ (516) $ 401
BRT equity in earnings of unconsolidated joint venture properties $ (1) $ 299 $ (309) $ 712
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BRT Apartments Corp. (NYSE: BRT)
Funds from Operations and
Adjusted Funds from Operations
(dollars in thousands)
____________________________________________________________________________________________________________________
The tables below provide a reconciliation of net loss determined in accordance with GAAP to FFO and AFFO on a dollar and per share basis for each of the indicated periods:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
GAAP Net loss attributable to common stockholders $ (3,221) $ (2,566) $ (5,903) $ (4,918)
Add: depreciation and amortization of properties 6,708 6,580 13,391 13,121
Add: our share of depreciation in unconsolidated joint venture properties 2,022 1,436 4,268 2,969
Adjustments for non-controlling interests (4) (4) (8) (8)
NAREIT Funds from operations attributable to common stockholders $ 5,505 $ 5,446 $ 11,748 $ 11,164
Adjustments for: deferred rent concessions and straight line rent 23 (179) (166) (81)
Adjustments for: our share of straight-line rent and rent concession accruals from
unconsolidated joint venture properties (17) 5 (48) (7)
Add: amortization of restricted stock and RSU expense 948 1,135 1,870 2,277
Add: amortization of deferred mortgage and debt costs 280 284 559 567
Add: our share of deferred mortgage costs from unconsolidated joint venture
properties 41 30 84 60
Add: amortization of fair value adjustment for mortgage debt 69 126 141 255
Adjusted funds from operations attributable to common stockholders $ 6,849 $ 6,847 $ 14,188 $ 14,235
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BRT Apartments Corp. (NYSE: BRT)
Funds from Operations and
Adjusted Funds from Operations
(dollars in thousands, except per share data)
____________________________________________________________________________________________________________________
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
GAAP Net loss attributable to common stockholders $ (0.17) $ (0.14) $ (0.31) $ (0.26)
Add: depreciation and amortization of properties 0.35 0.35 0.70 0.69
Add: our share of depreciation in unconsolidated joint venture properties 0.11 0.08 0.23 0.16
Adjustment for non-controlling interests — — — —
NAREIT Funds from operations per diluted common share $ 0.29 $ 0.29 $ 0.62 $ 0.59
Adjustments for: deferred rent concessions and straight line rent — (0.01) (0.01) —
Adjustments for: our share of straight-line rent and rent concession accruals in
unconsolidated joint venture properties — — — —
Add: amortization of restricted stock and RSU expense 0.06 0.05 0.10 0.12
Add: amortization of deferred mortgage and debt costs 0.01 0.02 0.03 0.03
Add: our share of deferred mortgage and debt costs from unconsolidated joint
venture properties — — — —
Add: amortization of fair value adjustment for mortgage debt — 0.01 0.01 0.01
Adjusted funds from operations per diluted common share $ 0.36 $ 0.36 $ 0.75 $ 0.75
Diluted shares outstanding for FFO and AFFO 18,825,000 18,909,000 18,896,000 18,906,000
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BRT Apartments Corp. (NYSE: BRT)
Consolidated Balance Sheets
(amounts in thousands, except per share amounts)
_____________________________________________________________________________________________________________________
June 30, 2026 December 31, 2025
(unaudited) (audited)
ASSETS
Real estate properties, net of accumulated depreciation and amortization $ 586,829 $ 596,814
Investment in unconsolidated joint ventures 43,297 46,121
Loan receivables, net of deferred fees and allowance for credit loss 17,752 17,723
Cash and cash equivalents 22,718 25,138
Restricted cash 1,886 2,521
Other assets 18,673 21,496
Total Assets $ 691,155 $ 709,813
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs $ 469,352 $ 471,083
Junior subordinated notes, net of deferred costs 37,193 37,183
Credit facility, net of deferred costs — —
Accounts payable and accrued liabilities 24,232 24,347
Total Liabilities 530,777 532,613
Commitments and contingencies
Equity:
BRT Apartments Corp. stockholders' equity:
Preferred shares $.01 par value 2,000 shares authorized, none issued — —
Common stock, $.01 par value, 300,000 shares authorized; 18,026 and 17,919 shares outstanding
180 180
Additional paid-in capital 273,949 275,408
Accumulated deficit (113,669) (98,346)
Total BRT Apartments Corp. stockholders’ equity 160,460 177,242
Non-controlling interests (82) (42)
Total Equity 160,378 177,200
Total Liabilities and Equity $ 691,155 $ 709,813
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BRT Apartments Corp. (NYSE: BRT)
Preferred Equity Investments
(dollars in thousands)
________________________________________________________________________________________
The Company invested in two separate joint ventures which in turn acquired multifamily properties in the locations identified below. In accordance with GAAP, these investments are treated as loans. These investments are unsecured and are subordinate, including the payment of the returns thereon, to the mortgage debt encumbering the property acquired by the applicable joint venture. Information as to these investments at June 30, 2026 and for the six months ended June 30, 2026 is summarized below:
Location Investment Date Annual Return Current Return Hurdle Return Invested Amount Redemption Date Deferred fees Estimated Credit Loss Interest Income
(Current Return)
Wilmington, NC October 2024 13 % 6.00 % 7.00 % $ 7,000 November 2031 $ (106) $ (110) $ 243
Kennesaw, GA November 2024 13 % 6.50 % 6.50 % 11,250 June 2029 (117) (165) 421
$ 18,250 $ (223) $ (275) $ 664
These investments provide for the Company to receive the following: (1) an Annual Return (as noted in the table above) compounded monthly, of which (a) the Current Return (as noted in the table above) is payable monthly to the extent of available cash flow, and (b) the Hurdle Return (as noted in the table above) is to be paid monthly from remaining cash flow if any, parri passu or after the sponsor's receipt of its management fees and specified returns on its investment and (2) the total amount invested by the Company, including any portion of the Current Return and the Hurdle Return not received by the Company, prior to any payments to the sponsor, upon the earlier to occur of certain events (e.g., sale of the property or the refinancing of the mortgage underlying the property) and the redemption date specified above. The Current Return is recorded as interest income when it is due from the sponsor and the Hurdle Return is recognized as interest income when it is received. Deferred loan fees are capitalized and recorded into income over the life of the investment. The Company's exposure to loss is limited to its original Invested Amount (as noted in the table above).
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BRT Apartments Corp. (NYSE: BRT)
Property Acquisitions & Refinances
(dollars in thousands)
_______________________________________________________________________________________
Contemplated Acquisitions
On June 2, 2026, the Company entered into an agreement to acquire Ranch Lake Apartments, a 336-unit multi-family property located in Bradenton, Florida. The purchase price is approximately $80,000,000 (subject to customary closing purchase price adjustments), including the assumption of an approximately $45,700,000 mortgage insured by the United States Department of Housing and Urban Development ("HUD"). The mortgage carries an interest rate of 2.91% and matures in 2056.
The completion of the transaction, which is anticipated to close in the first quarter of 2027, is subject to, among other things, HUD and lender approval of the mortgage assumption, and other customary closing conditions.
The Company anticipates that in August 2026, it will acquire, through a joint venture in which it anticipates having a 70% interest, a multifamily property located in Houston, Texas for approximately $33 million; the venture anticipates funding the purchase price in part by obtaining an approximate $23.4 million mortgage which will mature in 2033 and will carry a currently estimated annual interest rate of 5.5%. The Company anticipates contributing approximately $8.8 million of the equity toward the purchase, including $1.9 million of working capital reserves, and incurring an estimated $450,000 of transaction costs and $700,000 in deferred financing costs, which costs will be amortized over time. No assurance can be provided that this transaction will be completed on the terms or time frame indicated or that it will be accretive to earnings.
Refinances
In July 2026, the Company refinanced the maturing mortgage of $27,767,000 (bearing an interest rate of 3.73%) on Civic Center 2 - Southaven, MS with a new mortgage of $47,864,000; such new mortgage matures on August 1, 2036, bears a fixed interest rate of 5.38% and is interest only through maturity.
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BRT Apartments Corp. (NYSE: BRT)
Stock Repurchase Activity
________________________________________________________________________________________
The Company's stock repurchase activity during the periods indicated is reflected in the table below:
Month Shares repurchased Total cost Average Cost Per Share
April 2026 142,445 $1,991,896 $13.98
May 2026 — — —
June 2026 60,383 904,586 $14.98
Q2 2026 repurchase activity 202,828 $2,896,482 $14.28
On March 11, 2026, the Board of Directors replenished the value of the shares available to be purchased pursuant to this program to $10,000,000 of shares (a replenishment of $4,963,000 of shares from the shares that were available to be repurchased prior to such increase) and extended the program through December 31, 2028.
From July 1, 2026 to July 16, 2026, the Company repurchased 48,523 shares of its common stock at an average price of $15.12 per share for an aggregate cost of $733,483. At July 31, 2026, the Company is authorized to repurchase $4,971,632 shares of stock.
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Table of Contents
BRT Apartments Corp. (NYSE: BRT)
Value-Add Program and Capital Expenditures
Quarter ended June 30, 2026
________________________________________________________________________________________
Value-Add Program
(Includes consolidated and unconsolidated amounts)
Units Rehabilitated (1) Estimated Rehab Costs (2) Estimated Rehab Costs Per unit Estimated Average Monthly Rent Increase (3) Estimated Annualized ROI (3) Estimated units available to be renovated over next 24 months
26 $ 140,000 $ 5,400 $ 108 24% 171
(1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period.
(2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into
during the current period.
(3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any
particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a
particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units.
Capital Expenditures
(Includes consolidated and unconsolidated amounts)
Gross Capital Expenditures Less: JV Partner Share BRT Share of Capital Expenditures (4)
Estimated Recurring Capital Expenditures (1) $ 1,927,000 $ 111,000 $ 1,816,000
Estimated Non-Recurring Capital Expenditures (2) 830,000 110,000 720,000
Total Capital Expenditures $ 2,757,000 $ 221,000 $ 2,536,000
Replacements (operating expense) (3) $ 902,269 $ 97,900 $ 804,369
Estimated Recurring Capital Expenditures and
Replacements per unit (8,311 units) $ 340 $ 25 $ 315
(1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes
revenue enhancing projects.
(2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the
property, and revenue enhancing upgrades.
(3) Replacements are expensed and not capitalized as incurred at the property.
(4) Based on BRT's percentage equity interest.
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BRT Apartments Corp. (NYSE: BRT)
Debt Analysis
As of June 30, 2026
(dollars in thousands)
________________________________________________________________________________________________________________________________
Consolidated
Year
Total Principal Payments Scheduled Amortization Principal Payments Due at Maturity Percent of Total Principal Payments Due At Maturity Weighted Average Interest Rate (1)
2026 $ 29,770 $ 2,110 $ 27,660 6 % 3.73 %
2027 46,190 3,395 42,795 10 % 3.96 %
2028 40,697 2,746 37,951 9 % 4.47 %
2029 56,271 1,881 54,390 12 % 3.94 %
2030 22,432 1,167 21,265 5 % 4.71 %
Thereafter 278,126 18,770 259,356 58 % 4.34 %
Total $ 473,486 $ 30,069 $ 443,417 100 %
Unconsolidated (BRT pro rata share)
Year Total Principal Payments Scheduled Amortization Principal Payments Due at Maturity Percent of Total Principal Payments Due At Maturity Weighted Average Interest Rate (1)
2026 $ 18,245 $ 698 17,547 13 % 3.97 %
2027 19,239 1,193 $ 18,046 13 % 4.75 %
2028 34,252 928 33,324 24 % 4.26 %
2029 626 626 — — % — %
2030 678 678 — — % — %
Thereafter 70,915 159 70,756 51 % 3.85 %
Total $ 143,955 $ 4,282 $ 139,673 100 %
Combined (2)
Year Total Principal Payments Scheduled Amortization Principal Payments Due at Maturity Percent of Total Principal Payments Due At Maturity Weighted Average Interest Rate (1)
2026 $ 48,015 $ 2,808 $ 45,207 8 % 3.82 %
2027 65,429 4,588 60,841 10 % 4.20 %
2028 74,949 3,674 71,275 12 % 4.37 %
2029 56,897 2,507 54,390 9 % 3.94 %
2030 23,110 1,845 21,265 4 % 4.71 %
Thereafter 349,041 18,929 330,112 56 % 4.24 %
Total $ 617,441 $ 34,351 $ 583,090 99 %
Weighted Average Remaining Term to Maturity (2) 5.26 years
Weighted Average Interest Rate (2) 4.18 %
Debt Service Coverage Ratio for the quarter ended June 30, 2026 (3)
1.53
(1) Based on principal payments due at maturity.
(2) Includes consolidated and BRT's pro rata share of unconsolidated amounts.
(3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100%
of the unconsolidated amounts.
Junior Subordinated Notes
Principal Balance $37,400, excluding deferred costs of $207
Interest Rate 3 month term SOFR + 2.26% (i.e., 5.93% at 6/30/2026)
Maturity April 30, 2036
Credit Facility
Maximum Amount Available Up to $40,000
Amount Outstanding $0
Interest Rate 1 month SOFR + 2.50% (floor of 6%) (i.e., 6.18% at 6/30/2026)
Maturity September 2027
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BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Quarter ended June 30, 2026
(dollars in thousands, except monthly rent amounts)
_____________________________________________________________________________________________________________________
Consolidated
Units at period end Number of Properties Revenues Property Operating Expenses NOI (1) % of NOI Contribution Weighted Average Occupancy Weighted Average Rent per Occ. Unit
Georgia 688 3 $ 2,645 $ 1,478 $ 1,167 9.2% 93.5% $ 1,209
Florida 518 2 2,399 1,100 1,299 10.3% 95.2% 1,479
Texas 600 3 2,141 1,357 784 6.2% 89.4% 1,108
Ohio 264 1 1,014 524 490 3.9% 92.2% 1,229
Virginia 220 1 1,329 581 748 5.9% 97.0% 1,834
North Carolina 264 1 1,066 441 625 4.9% 94.2% 1,283
South Carolina 474 2 2,224 1,161 1,063 8.4% 93.8% 1,492
Tennessee 702 2 3,508 1,563 1,945 15.4% 95.9% 1,603
Alabama 740 3 2,987 1,368 1,619 12.8% 95.9% 1,221
Mississippi 776 2 3,358 1,196 2,162 17.1% 96.6% 1,383
Missouri 174 1 958 486 472 3.7% 96.5% 1,682
Legacy assets — — 412 127 285 2.3% N/A N/A
Totals 5,420 21 $ 24,041 $ 11,382 $ 12,659 100% 94.5% $ 1,374
Unconsolidated (Pro-Rata Share)
Units at period end Number of Properties Revenues Property Operating Expenses NOI (1) % of NOI Contribution Weighted Average Occupancy Weighted Average Rent per Occ. Unit
Texas 1,103 3 $ 2,582 $ 1,423 $ 1,159 33.1% 94.1% $ 1,441
South Carolina 953 3 1,667 660 1,007 28.8% 94.7% 1,726
Georgia 421 2 1,398 792 606 17.3% 93.1% 1,416
Alabama 414 2 1,388 658 730 20.8% 94.2% 1,334
Totals 2,891 10 $ 7,035 $ 3,533 $ 3,502 100% 94.2% $ 1,516
__________________________________________________________________________
(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial Measures and Definitions."
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BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Six Months Ended June 30, 2026
(dollars in thousands, except monthly rent amounts)
____________________________________________________________________________________________________________________
Consolidated
Units at period end Number of Properties Revenues Property Operating Expenses NOI (1) % of NOI Contribution Weighted Average Occupancy Weighted Average Rent per Occ. Unit
Georgia 688 3 $ 5,262 $ 2,830 $ 2,432 9.2% 92.4% $1,215
Florida 518 2 4,757 2,158 2,599 9.9% 95.6% 1,467
Texas 600 3 4,308 2,553 1,755 6.7% 89.0% 1,124
Ohio 264 1 2,042 1,010 1,032 3.9% 93.3% 1,223
Virginia 220 1 2,665 1,105 1,560 5.9% 96.6% 1,823
North Carolina 264 1 2,141 821 1,320 5.0% 95.0% 1,277
South Carolina 474 2 4,461 2,302 2,159 8.2% 93.5% 1,493
Tennessee 702 2 7,248 3,011 4,237 16.1% 96.0% 1,663
Alabama 740 3 5,899 2,619 3,280 12.5% 96.0% 1,213
Mississippi 776 2 6,709 2,277 4,432 16.8% 97.1% 1,376
Missouri 174 1 1,901 939 962 3.7% 96.3% 1,670
Legacy assets — — 818 246 572 2.2% N/A N/A
Totals 5,420 21 $ 48,211 $ 21,871 $ 26,340 100.0% 94.5 % $1,380
Unconsolidated (Pro-Rata Share)
Units at period end Number of Properties Revenues Property Operating Expenses NOI (1) % of NOI Contribution Average Occupancy Average Rent per Occ. Unit
Texas 1,103 3 $ 5,118 $ 2,752 $ 2,366 33.5% 93.6% $1,435
South Carolina 953 3 3,266 1,310 1,956 27.7% 93.4% 1,715
Georgia 421 2 2,805 1,558 1,247 17.7% 92.6% 1,421
Alabama 414 2 2,734 1,247 1,487 21.1% 93.5% 1,326
Other (2)
— — — — — 0.0% N/A N/A
Totals 2,891 10 $ 13,923 $ 6,867 $ 7,056 100% 93.4% $1,510
_________________________________________________________________________________
(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial
Measures and Definitions."
(2) Represents property in lease up.
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BRT Apartments Corp. (NYSE: BRT)
Combined Portfolio Metrics (1)
Quarters ended June 30, 2026 and 2025
(dollars in thousands)
_____________________________________________________________________________________________________________________
Three Months Ended June 30,
2026 2025 % Change
Combined Revenues $ 29,187 $ 28,820 1.3 %
Combined Operating Expenses
Payroll $ 2,661 $ 2,559 4.0 %
Real Estate taxes 3,722 3,643 2.2 %
Management Fees 816 802 1.7 %
Insurance 1,073 1,183 (9.3) %
Utilities 1,902 1,766 7.7 %
Repairs and Maintenance 1,858 1,917 (3.1) %
Replacements 763 798 (4.4) %
Advertising, Leasing and Other 1,153 1,049 9.9 %
Total Combined Operating Expenses $ 13,948 $ 13,717 1.7 %
Total Combined Operating Income $ 15,239 $ 15,103 0.90 %
______________________________________________________
(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating
Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis, for all periods presented, with a total of 7,707 units, excluding a 240-unit multi-family property in lease up.
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BRT Apartments Corp. (NYSE: BRT)
Combined Portfolio Metrics (1)
Six Months Ended June 30, 2026 and 2025
(dollars in thousands)
____________________________________________________________________________________________________________________
Six Months Ended June 30,
2026 2025 % Change
Combined Revenues $ 58,416 $ 57,467 1.7 %
Combined Operating Expenses
Payroll $ 4,975 $ 5,039 (1.3) %
Real Estate taxes 7,238 7,148 1.3 %
Management Fees 1,624 1,607 1.1 %
Insurance 2,151 2,379 (9.6) %
Utilities 3,762 3,633 3.6 %
Repairs and Maintenance 3,424 3,364 1.8 %
Replacements 1,353 1,347 0.4 %
Advertising, Leasing and Other 2,371 2,190 8.3 %
Total Combined Operating Expenses $ 26,898 $ 26,707 0.7 %
Total Combined Operating Income $ 31,518 $ 30,760 2.5 %
________________________________________________
(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating
Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis for all periods presented, with a total of 7,707 units, excluding a 240-unit multi-family property in lease up.
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BRT Apartments Corp. (NYSE: BRT)
Portfolio Table
As of June 30, 2026
___________________________________________________________________________________________
Property City State Year Built Year Acquired Property Age Units Q2 2026 Avg. Occupancy Q2 2026 Avg. Rent per Occ. Unit
Consolidated Properties - All 100% Owned
Silvana Oaks North Charleston SC 2010 2012 16 208 93.9% $ 1,592
Avondale Station Decatur GA 1954 2012 72 212 92.1% 1,389
Newbridge Commons Columbus OH 1999 2013 27 264 92.2% 1,229
Brixworth at Bridgestreet Huntsville AL 1985 2013 41 208 97.6% 1,017
Avalon Pensacola FL 2008 2014 18 276 95.5% 1,450
Crossings of Bellevue Nashville TN 1985 2014 41 300 97.1% 1,437
Parkway Grande San Marcos TX 2014 2015 12 192 91.7% 1,106
Woodland Trails LaGrange GA 2010 2015 16 236 97.3% 1,303
Kilburn Crossing Fredericksburg VA 2005 2016 21 220 97.0% 1,834
Verandas at Alamo Ranch San Antonio TX 2015 2016 11 288 88.5% 1,078
Grove at River Place Macon GA 1988 2016 38 240 90.8% 950
Civic Center 1 Southaven MS 2002 2016 24 392 97.7% 1,342
Civic Center 2 Southaven MS 2005 2016 21 384 95.5% 1,427
Vanguard Heights Creve Coeur MO 2016 2017 10 174 96.5% 1,682
Jackson Square Tallahassee FL 1996 2017 30 242 94.9% 1,512
Woodland Apartments Boerne TX 2007 2017 19 120 88.1% 1,182
Magnolia Pointe Madison AL 1991 2017 35 204 93.9% 1,219
Bells Bluff W. Nashville TN 2019 2018 7 402 95.0% 1,729
Crestmont at Thornblade Greenville SC 1998 2018 28 266 93.6% 1,413
Somerset at Trussville Trussville AL 2007 2019 19 328 96.0% 1,354
Abbotts Run Wilmington NC 2001 2020 25 264 94.2% 1,283
Weighted Avg./Total Consolidated 25 5,420
Properties owned by Unconsolidated Joint Ventures % Ownership
Pointe at Lenox Park Atlanta GA 1989 2016 37 271 93.0% 1,501 74 %
Gateway Oaks Forney TX 2016 2016 10 313 94.5% 1,293 50 %
Mercer Crossing Dallas TX 2015 2017 11 509 94.8% 1,614 50 %
Canalside Lofts Columbia SC 2008 2017 18 374 94.5% 1,502 32 %
Landings of Carrier Parkway Grand Prairie TX 2001 2018 25 281 92.3% 1,287 50 %
Canalside Sola Columbia SC 2015 2018 11 339 94.7% 1,747 46 %
The Village at Lakeside Auburn AL 1988 2019 38 200 95.5% 1,311 80 %
Stono Oaks Johns Island SC 2024 2022 2 240 95.1% 2,041 18 %
1322 North Auburn AL 2002 2025 24 214 93.0% 1,356 80 %
Oaks at Victory Savannah GA 1968 2025 58 150 93.4% 1,262 80 %
Weighted Avg./Total Unconsolidated 20 2,891
Weighted Avg./Total Portfolio 23 8,311
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BRT Apartments Corp. (NYSE: BRT)
APPENDIX
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BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________
Adjusted Funds from Operations (AFFO)
BRT computes AFFO by adjusting FFO for loss on extinguishment of debt, our straight-line rent and rent concession accruals, restricted stock and RSU compensation expense, fair value adjustment of mortgage debt, gain on insurance recovery, insurance recovery from casualty loss and deferred mortgage and debt costs (including, in each case as applicable, from its share of its unconsolidated joint ventures). Since the NAREIT White Paper(as described below) does not provide guidelines for computing AFFO, the computation of AFFO may vary from one REIT to another.
Combined Portfolio
Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis.
Debt Service Coverage Ratio
Debt service coverage ratio is net operating income ("NOI") divided by total debt service and includes both consolidated and unconsolidated assets.
Funds from Operations (FFO)
BRT computes FFO in accordance with the “White Paper on Funds from Operations” issued by the National Association of Real Estate Investment Trusts (“NAREIT”) and NAREIT's related guidance. FFO is defined in the White Paper as net income (calculated in accordance with generally accepted accounting principles).
Net Operating Income (NOI)
NOI is defined as "Rental and other revenue from real estate properties" less "Real estate operating expenses" in each case as presented on our statements of operations. Real estate operating expenses include real estate taxes, insurance, property management expense, utilities, repairs and maintenance, administrative and marketing. Other REIT’s may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REIT’s. We believe NOI provides an operating perspective not immediately apparent from GAAP operating income or net income (loss). NOI is one of the measures we use to evaluate our performance because it (i) measures the core operations of property performance by excluding corporate level expenses and other items unrelated to property operating performance and (ii) captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.
Pro-Rata Share
BRT's pro-rata share gives effect to its percentage equity interest in the unconsolidated joint ventures that own properties. Due to the operation of allocation/distribution provision of the joint venture agreements pursuant to which BRT participates in the ownership of these properties, BRT's share of the gain and loss on the sale of a property may be less than implied by BRT's percentage equity interest. Notwithstanding the foregoing, when referring to the number of units, average occupancy, and average rent per unit, the amount shown reflects 100% of the amount.
Same Store
Same store properties refer to stabilized properties (as described below) that are owned and operated for the entirety of periods being compared, except for properties that are under construction, legacy assets, in lease-up, or are undergoing development or redevelopment. We move properties previously excluded from our same store portfolio (because they were under construction, in lease up or are in development or redevelopment) into the same store designation once they have stabilized and such status has been reflected fully in all applicable periods of comparison.
Stabilized Properties
Newly constructed, lease-up, development and redevelopment properties are deemed stabilized upon the earlier to occur of the first full calendar quarter beginning (a) 12 months after the property is fully completed and put in service and (b) attainment of at least 90% physical occupancy.
Total Debt Service
Total debt service is the cash required to cover the repayment of interest and principal on a debt for a particular period. Total debt service is used in the calculation of the debt service coverage ratio which is used to determine the borrower’s ability to make debt service payments.
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BRT Apartments Corp. (NYSE: BRT)
Consolidated Same Store Comparisons (1)(3)
Quarters ended June 30, 2026 and 2025
(dollars in thousands, except monthly rent amounts)
_____________________________________________________________________________________________________________________
Revenues (4) Property Operating Expenses NOI (2) (4)
Units 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change
Georgia 688 $ 2,645 $ 2,566 3.1 % $ 1,478 $ 1,353 9.2 % $ 1,167 $ 1,213 (3.8) %
Florida 518 2,399 2,385 0.6 % 1,100 1,120 (1.8) % 1,299 1,265 2.7 %
Texas 600 2,141 2,208 (3.0) % 1,357 1,253 8.3 % 784 955 (17.9) %
Ohio 264 1,014 981 3.4 % 524 476 10.1 % 490 505 (3.0) %
Virginia 220 1,329 1,273 4.4 % 581 587 (1.0) % 748 686 9.0 %
North Carolina 264 1,066 1,072 (0.6) % 441 464 (5.0) % 625 608 2.8 %
South Carolina 474 2,224 2,234 (0.4) % 1,161 1,263 (8.1) % 1,063 971 9.5 %
Tennessee 702 3,508 3,570 (1.7) % 1,563 1,516 3.1 % 1,945 2,054 (5.3) %
Alabama 740 2,987 2,843 5.1 % 1,368 1,351 1.3 % 1,619 1,492 8.5 %
Mississippi 776 3,358 3,216 4.4 % 1,196 1,129 5.9 % 2,162 2,087 3.6 %
Missouri 174 958 945 1.4 % 486 485 0.2 % 472 460 2.6 %
Totals 5,420 $ 23,629 $ 23,293 1.4 % $ 11,255 $ 10,997 2.3 % $ 12,374 $ 12,296 0.6 %
Weighted Average Occupancy Weighted Average Monthly Rent per Occupied Unit (4)
2026 2025 % Change 2026 2025 % Change
Georgia 93.5 % 90.8 % 3.0 % $ 1,209 $ 1,203 0.5 %
Florida 95.2 % 94.6 % 0.6 % 1,479 1,468 0.7 %
Texas 89.4 % 90.8 % (1.5) % 1,108 1,157 (4.2) %
Ohio 92.2 % 92.4 % (0.2) % 1,229 1,200 2.4 %
Virginia 97.0 % 98.0 % (1.0) % 1,834 1,772 3.5 %
North Carolina 94.2 % 93.8 % 0.4 % 1,283 1,312 (2.2) %
South Carolina 93.8 % 94.3 % (0.5) % 1,492 1,492 0.0 %
Tennessee 95.9 % 96.4 % (0.5) % 1,603 1,609 (0.4) %
Alabama 95.9 % 94.2 % 1.8 % 1,221 1,206 1.2 %
Mississippi 96.6 % 96.2 % 0.4 % 1,383 1,338 3.4 %
Missouri 96.5 % 95.4 % 1.2 % 1,682 1,706 (1.4) %
Weighted Average 94.5 % 94.1 % 0.4 % $ 1,374 $ 1,369 0.4 %
____________________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and
Definitions."
(3) Excludes legacy assets
(4) The revenues, NOI and weighted average monthly rent per occupied unit information for 2025 has been reclassified (to reflect deferred rent concessions) to conform to the 2026 presentation.
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BRT Apartments Corp. (NYSE: BRT)
Consolidated Same Store Comparisons (1)
Six Months Ended June 30, 2026 and 2025
(dollars in thousands, except monthly rent amounts)
____________________________________________________________________________________________________________________
Revenues Property Operating Expenses NOI (2)
Units 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change
Georgia 688 $ 5,262 $ 5,183 1.5 % $ 2,830 $ 2,662 6.3 % $ 2,432 $ 2,521 (3.5) %
Florida 518 4,757 4,786 (0.6) % 2,158 2,177 (0.9) % 2,599 2,609 (0.4) %
Texas 600 4,308 4,501 (4.3) % 2,553 2,486 2.7 % 1,755 2,015 (12.9) %
Ohio 264 2,042 1,982 3.0 % 1,010 917 10.1 % 1,032 1,065 (3.1) %
Virginia 220 2,665 2,547 4.6 % 1,105 1,097 0.7 % 1,560 1,450 7.6 %
North Carolina 264 2,141 2,168 (1.2) % 821 888 (7.5) % 1,320 1,280 3.1 %
South Carolina 474 4,461 4,438 0.5 % 2,302 2,406 (4.3) % 2,159 2,032 6.3 %
Tennessee 702 7,248 6,965 4.1 % 3,011 2,938 2.5 % 4,237 4,027 5.2 %
Alabama 740 5,899 5,668 4.1 % 2,619 2,662 (1.6) % 3,280 3,006 9.1 %
Mississippi 776 6,709 6,373 5.3 % 2,277 2,249 1.2 % 4,432 4,124 7.5 %
Missouri 174 1,901 1,867 1.8 % 939 953 (1.5) % 962 914 5.3 %
5,420 $ 47,393 $ 46,478 2.0 % $ 21,625 $ 21,435 $21,435 0.9 % $ 25,768 $ 25,043 2.9 %
Weighted Average Occupancy Weighted Average Monthly Rent per Occupied Unit
2026 2025 % Change 2026 2025 % Change
Georgia 92.4 % 90.0 % 2.7 % $ 1,215 $ 1,222 (0.6) %
Florida 95.6 % 94.9 % 0.7 % 1,467 1,476 (0.6) %
Texas 89.0 % 91.5 % (2.7) % 1,124 1,169 (3.8) %
Ohio 93.3 % 94.3 % (1.1) % 1,223 1,190 2.8 %
Virginia 96.6 % 98.0 % (1.4) % 1,823 1,766 3.2 %
North Carolina 95.0 % 95.5 % (0.5) % 1,277 1,307 (2.3) %
South Carolina 93.8 % 93.7 % 0.1 % 1,493 1,480 0.9 %
Tennessee 96.0 % 95.3 % 0.7 % 1,663 1,593 4.4 %
Alabama 96.0 % 94.4 % 1.7 % 1,213 1,203 0.8 %
Mississippi 97.1 % 95.6 % 1.6 % 1,376 1,336 3.0 %
Missouri 96.2 % 94.2 % 2.1 % 1,670 1,690 (1.2) %
Weighted Average 94.5 % 93.9 % 0.7 % $ 1,380 $ 1,367 1.0 %
______________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and
Definitions."
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BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons (1)
Quarters ended June 30, 2026 and 2025
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)
________________________________________________________________________________________
Revenues (3) Property Operating Expenses NOI (2)
Units 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change
Texas 1,103 $ 2,582 $ 2,579 0.1 % $ 1,423 $ 1,459 (2.5) % $ 1,159 $ 1,120 3.5 %
South Carolina 713 1,393 1,383 0.7 % 512 489 4.7 % 881 894 (1.5) %
Georgia 271 921 927 (0.6) % 466 470 (0.9) % 455 457 (0.4) %
Alabama 200 662 638 3.8 % 292 302 (3.3) % 370 336 10.1 %
Totals 2,287 $ 5,558 $ 5,527 0.6 % $ 2,693 $ 2,720 (1.0) % $ 2,865 $ 2,807 2.1 %
Weighted Average Occupancy Weighted Average Monthly Rent per Occupied Unit
2026 2025 % Change 2026 2025 % Change
Texas 94.1 % 94.7 % (0.6) % $ 1,441 $ 1,469 (1.9) %
South Carolina 94.6 % 93.7 % 1.0 % 1,619 1,607 0.7 %
Georgia 93.0 % 92.2 % 0.9 % 1,501 1,495 0.4 %
Alabama 95.5 % 95.7 % (0.2) % 1,311 1,253 4.6 %
Weighted Average 94.2 % 94.2 % 0.1 % $ 1,492 $ 1,496 (0.3) %
_____________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial
Measures and Definitions."
(3) The revenues, NOI and weighted average monthly rent per occupied unit information for 2025 has been reclassified (to reflect deferred rent concessions) to conform to the 2026 presentation.
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BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons (1)
Six Months Ended June 30, 2026 and 2025
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)
_______________________________________________________________________________________
Revenues Property Operating Expenses NOI (2)
Units 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change
Texas 1,103 $ 5,118 $ 5,144 (0.5) % $ 2,752 $ 2,751 0.0 % $ 2,366 $ 2,393 (1.1) %
South Carolina 713 2,746 2,737 0.3 % 1,023 976 4.8 % 1,723 1,761 (2.2) %
Georgia 271 1,841 1,849 (0.4) % 941 946 (0.5) % 900 903 (0.3) %
Alabama 200 1,318 1,259 4.7 % 557 599 (7.0) % 761 660 15.3 %
Totals 2,287 $ 11,023 $ 10,989 0.3 % $ 5,273 $ 5,272 0.0 % $ 5,750 $ 5,717 0.6 %
Weighted Average Occupancy Weighted Average Monthly Rent per Occupied Unit
2026 2025 % Change 2026 2025 % Change
Texas 93.6 % 93.9 % (0.3) % $ 1,435 $ 1,465 (2.0) %
South Carolina 93.8 % 94.3 % (0.5) % 1,608 1,591 1.1 %
Georgia 92.9 % 91.4 % 1.6 % 1,501 1,505 (0.3) %
Alabama 96.5 % 96.0 % 0.5 % 1,302 1,240 5.0 %
Weighted Average 93.8 % 93.9 % (0.1) % $ 1,485 $ 1,489 (0.3) %
________________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"
(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial
Measures and Definitions."
24
Table of Contents
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS AND RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________
The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for the consolidated properties:
Consolidated Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
GAAP Net loss attributable to common stockholders $ (3,221) $ (2,566) $ (5,903) $ (4,918)
Less: Loan interest and other income (433) (468) (868) (955)
Add: Interest expense 5,993 5,707 11,953 11,383
General and administrative 3,534 3,744 7,401 7,814
Depreciation and amortization 6,708 6,580 13,391 13,121
Provision for taxes 37 60 113 118
Less: Insurance recoveries — (189) (136) (257)
Adjust for: Equity in loss (earnings) of unconsolidated joint venture properties 1 (299) 309 (712)
Add: Net income attributable to non-controlling interests 40 43 80 87
Net Operating Income $ 12,659 $ 12,612 $ 26,340 $ 25,681
Less: Non-same store Net Operating Income 285 316 $ 572 $ 638
Same store Net Operating Income $ 12,374 $ 12,296 $ 25,768 $ 25,043
25
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________
The following tables provides a reconciliation of BRT's Equity in earnings from NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for BRT's pro rata share of the unconsolidated properties:
Unconsolidated Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
BRT equity in (loss) earnings from joint ventures $ (1) $ 299 $ (309) $ 712
Add: Interest expense 1,627 1,205 3,237 2,399
Depreciation 2,021 1,435 4,267 2,968
Less Equity in loss (earnings) of joint ventures (145) (18) (139) (108)
Net Operating Income $ 3,502 $ 2,921 $ 7,056 $ 5,971
Less: Non-same store Net Operating Income $ 637 $ 114 1,306 254
Same store Net Operating Income $ 2,865 $ 2,807 $ 5,750 $ 5,717
Consolidated same store Net Operating Income $ 12,374 $ 12,296 $ 25,768 $ 25,043
Unconsolidated same store Net Operating Income 2,865 2,807 5,750 5,717
Combined same store Net Operating Income $ 15,239 $ 15,103 $ 31,518 $ 30,760
26
Table of Contents
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
_____________________________________________________________________________________________________________________
The condensed income statements for the unconsolidated properties below, present, for the periods indicated, a reconciliation of the information that appears in note 9 to the consolidated financial statements included in BRT's Quarterly Report on Form 10-Q for the period ended June 30, 2026 to the BRT pro-rata information presented below:
Three Months Ended June 30, 2026
Total BRT's Pro Rata Share Partner Share
Revenues:
Rental and other revenue $ 13,847 $ 7,035 $ 6,812
Total revenues 13,847 7,035 6,812
Expenses:
Real estate operating expenses 6,878 3,533 3,345
Interest expense 3,241 1,627 1,614
Depreciation 3,917 2,021 1,896
Total expenses 14,036 7,181 6,855
Total revenues less total expenses (189) (146) (43)
Other equity earnings 145 145 —
Net loss $ (44) (1) $ (43)
Three Months Ended June 30, 2025
Total BRT's Pro Rata Share Partner Share
Revenues:
Rental and other revenue $ 11,927 $ 5,737 $ 6,190
Total revenues 11,927 5,737 6,190
Expenses:
Real estate operating expenses 5,744 2,816 2,928
Interest expense 2,770 1,205 1,565
Depreciation 3,163 1,435 1,728
Total expenses 11,677 5,456 6,221
Total revenues less total expenses 250 281 (31)
Other equity earnings 18 18 —
Net income $ 268 $ 299 $ (31)
27
Table of Contents
BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
_____________________________________________________________________________________________________________________
The condensed income statements for the unconsolidated properties below present for the periods indicated a reconciliation of the information that appears in note 7 of BRT's report on Form 10-Q to the BRT pro rata information presented here in this supplemental.
Six Months Ended June 30, 2026
Total BRT's Pro Rata Share Partner Share
Revenues:
Rental and other revenue $ 27,279 $ 13,923 $ 13,356
Total revenues 27,279 13,923 13,356
Expenses:
Real estate operating expenses 13,383 6,867 6,516
Interest expense 6,436 3,237 3,199
Depreciation 8,115 4,267 3,848
Total expenses 27,934 14,371 $ 13,563
Total revenues less total expenses (655) (448) (207)
Other equity earnings 139 139 —
Net income $ (516) $ (309) $ (207)
Six Months Ended June 30, 2025
Total BRT's Pro Rata Share Partner Share
Revenues:
Rental and other revenue $ 23,636 $ 11,395 $ 12,241
Total revenues 23,636 11,395 12,241
Expenses:
Real estate operating expenses 10,917 5,424 5,493
Interest expense 5,515 2,399 3,116
Depreciation 6,911 2,968 3,943
Total expenses 23,343 10,791 $ 12,552
Total revenues less total expenses 293 604 (311)
Other equity earnings 108 108 —
Gain on insurance recoveries — — —
Gain on sale of real estate properties — — —
Loss on extinguishment of debt — — —
Net income $ 401 $ 712 (311)
28
Table of Contents
BRT Apartments Corp. (NYSE: BRT)
Balance Sheets of Unconsolidated Joint Venture Entities
(dollars in thousands)
_____________________________________________________________________________________________________________________
At June 30, 2026, the Company held interests in unconsolidated joint ventures that own 10 multi-family properties (the "Unconsolidated Properties"). The condensed balance sheet below present information regarding such properties:
June 30, 2026
TOTAL BRT's Pro Rata Share Partner Share
ASSETS
Real estate properties, net of accumulated depreciation $ 358,068 $ 181,119 $ 176,949
Cash and cash equivalents 7,194 3,802 3,392
Other assets 9,775 5,706 4,069
Total Assets $ 375,037 $ 190,627 $ 184,410
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs 283,772 143,291 140,481
Accounts payable and accrued liabilities 8,277 4,039 4,238
Total Liabilities 292,049 147,330 144,719
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity 82,988 43,297 39,691
Total Liabilities and Equity $ 375,037 $ 190,627 $ 184,410
29
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