BRT Apartments (BRT) investor relations material

Executive summary

• Owns 21 wholly-owned multifamily properties (5,420 units) and interests in 10 unconsolidated joint ventures (2,891 units), plus preferred equity in 2 properties, mainly in the Southeast US and Texas.

• Reports a net loss attributable to common stockholders of $2.68 million for Q1 2026, compared to a $2.35 million loss in Q1 2025.

• Rental and other revenue increased 2.3% year-over-year, driven by improved occupancy and rental rates.

Financial highlights

• Total revenues for Q1 2026 were $24.6 million, up from $24.1 million in Q1 2025.

• Net operating income (NOI) rose to $13.7 million from $13.1 million year-over-year.

• Funds from operations (FFO) attributable to common stockholders was $6.24 million, up from $5.72 million.

• Adjusted funds from operations (AFFO) was $7.34 million, nearly flat year-over-year.

• Net loss per share was $(0.14), compared to $(0.12) in the prior year.

Outlook and guidance

• Expects real estate operating expenses to rise in 2026 due to payroll and utility costs.

• Anticipates higher mortgage interest expense as $88.6 million and $65.9 million of debt mature in 2026 and 2027, respectively, with refinancing at higher rates.

• Operating cash flow and available cash are insufficient to fully fund $259.1 million of balloon payments due through 2028; may require refinancing, equity issuance, or property sales.