Core Viewpoint - BRT Apartments Corp. has filed its quarterly report for Q3 2024, highlighting its operations and financial performance in the multi-family real estate sector [1]. Group 1: Company Overview - BRT Apartments Corp. is a real estate investment trust (REIT) that primarily owns and operates multi-family properties, with some interests in joint ventures [1]. - As of September 30, 2024, the company owns or has interests in 29 multi-family properties, totaling 7,947 units across 11 states [1]. Group 2: Financial Reporting - The quarterly report on Form 10-Q for the quarter ended September 30, 2024, has been filed with the Securities and Exchange Commission [1]. - Financial statements and supplemental information are available on the company's investor relations website under "Financials – Quarterly Results" [1].

Financial Performance - Reported a net loss of $2.2 million, or $(0.12) per diluted share, for Q3 2024, with Funds from Operations (FFO) of $0.30 per diluted share and Adjusted Funds from Operations (AFFO) of $0.36 per diluted share[7]. - The company reported a net loss attributable to common stockholders of $2,205,000 for the three months ended September 30, 2024, compared to a net loss of $1,494,000 for the same period in 2023[17]. - GAAP net loss attributable to common stockholders for Q3 2024 was $(0.12) per share, compared to $(0.08) in Q3 2023[22]. - Funds from operations (FFO) attributable to common stockholders for the three months ended September 30, 2024, were $5,669,000, compared to $5,749,000 in the prior year[21]. - Adjusted funds from operations (AFFO) for the three months ended September 30, 2024, were $6,769,000, down from $7,692,000 in the same period of 2023[21]. - Total revenues for the three months ended September 30, 2024, were $24,396,000, an increase of 2.3% compared to $23,852,000 for the same period in 2023[17]. - Total revenues for the nine months ended September 30, 2024, were $71,253,000, an increase from $69,704,000 in the same period of 2023[17]. - Total revenues for the third quarter of 2024 reached $5,616,000, representing a 2.4% increase compared to $5,486,000 in 2023[56]. - Total revenues for the nine months ended September 30, 2024, were $33,529, compared to $34,244 for the same period in 2023, indicating a decrease of 2.1%[71]. Operating Income and Expenses - Net operating income for the three months ended September 30, 2024, was $15,981,000, compared to $15,979,000 for the same period in 2023[16]. - The company’s same store NOI for the third quarter of 2024 was $12,719,000, slightly up from $12,706,000 in 2023[64]. - Total combined operating income for Q3 2024 was $15,664,000, a slight increase of 0.6% compared to $15,566,000 in Q3 2023[36]. - Total combined operating expenses for Q3 2024 were $13,725,000, up 5.1% from $13,062,000 in Q3 2023[36]. - Total expenses for the three months ended September 30, 2024, were $27,242,000, up from $26,725,000 in the prior year, reflecting a 1.9% increase[17]. - Real estate operating expenses for the three months ended September 30, 2024, were $5,578, up from $5,023 in the same period of 2023, an increase of 11%[67]. Debt and Financing - Maintained a revolving credit facility of up to $40.0 million, with no outstanding balance, maturing in September 2027[7]. - The company had total debt outstanding of $600,472,000 as of September 30, 2024, which includes $447,147,000 in mortgages payable[16]. - Debt to Enterprise Value ratio was 68% as of September 30, 2024, compared to 67% in the previous year[14]. - Total principal payments due at maturity for 2024 amount to $451 million, with a weighted average interest rate of 4.92%[29]. - The weighted average interest rate for total principal payments due at maturity is 4.06%[28]. - The total principal payments due thereafter amount to $41,205 million, representing 36% of total principal payments due at maturity[29]. Occupancy and Rental Rates - Average occupancy across the portfolio was 94.4% as of September 30, 2024, consistent with the previous year[11]. - The average occupancy rate across the portfolio was 94.1% for the nine months ended September 30, 2024[34]. - The average rent per occupied unit across the consolidated portfolio was $1,363 for the quarter ended September 30, 2024[32]. - The average rent per occupied unit in Q3 2024 was $1,514, with variations across different properties[39]. - The average monthly rent per occupied unit is expected to rise to $1,363, which is a 0.8% increase from $1,352 in 2023[54]. Shareholder Activity - The company repurchased 6,563 shares during Q3 2024 at a weighted average price of $17.55[7]. - The company repurchased a total of 183,243 shares at an average cost of $18.07 per share during the year[24]. Future Outlook - The operational environment is expected to remain stable, with new supply growth muting rental rate increases until at least part of 2025[8]. - The company anticipates a disciplined capital allocation strategy and a focus on stabilizing occupancy in 2024, with potential growth opportunities in 2025[9]. - Total revenues for 2024 are projected at $23,773 million, reflecting a 2.7% increase from $23,142 million in 2023[51]. - The net operating income (NOI) for 2024 is expected to be $12,719 million, a slight increase of 0.1% compared to $12,706 million in 2023[51]. - Average occupancy for 2024 is projected at 94.5%, showing a marginal increase of 0.1% from 94.4% in 2023[54].

Revenue Performance - For the three months ended September 30, 2024, total revenues increased by 2.3% to $24.396 million compared to $23.852 million for the same period in 2023[91]. - Total revenues for the nine months ended September 30, 2024, were $71,661,000, an increase of $1,552,000 or 2.2% compared to $70,109,000 for the same period in 2023[100]. - Rental and other revenue from real estate properties rose by 2.8% to $24.177 million, primarily due to a net deferral of rent concessions of $539,000 and a net increase in rental rates of $159,000[91]. - Rental and other revenue from real estate properties increased by $1,549,000 or 2.2% to $71,253,000, driven by a $952,000 net increase in rent concessions deferrals and a $780,000 increase in rental rates[100]. Operating Expenses - Real estate operating expenses increased by 5.7% to $11.187 million, driven by higher real estate tax accruals and insurance premiums[93][94]. - Total expenses decreased by $1,601,000 or 1.9% to $80,556,000, primarily due to a reduction in depreciation and amortization expenses[102]. - Interest expense increased by $191,000 or 1.2% to $16,768,000, mainly due to additional costs related to Woodlands Financing and increased interest rates on junior subordinated notes[102]. - The company experienced a $1.0 million increase in real estate operating expenses for the nine months ended September 30, 2024, compared to the same period in 2023[144]. Financial Position - The company had available liquidity of $67.5 million as of November 6, 2024, including $27.5 million in cash and cash equivalents[111]. - As of September 30, 2024, the company had mortgage debt of $705.2 million, with a weighted average interest rate of 4.09% and a remaining term to maturity of approximately 6.3 years[114]. - The credit facility was amended to reduce borrowing capacity from $60 million to $40 million and extend maturity to September 2027[85]. - The company had no outstanding balance on its credit facility as of September 30, 2024, indicating a strong liquidity position[146]. Earnings and Dividends - The company paid a quarterly cash dividend of $0.25 per share on October 2, 2024, amounting to approximately $4.7 million for the most recent quarter[121]. - FFO for the three months ended September 30, 2024, decreased to $5.669 million from $5.749 million in the same period last year, primarily due to increased real estate operating expenses and interest expenses[132]. - AFFO for the three months ended September 30, 2024, decreased to $6.769 million from $7.692 million in the same period last year, reflecting similar factors affecting FFO[132]. - For the nine months ended September 30, 2024, FFO decreased to $15.786 million from $16.330 million, primarily due to increased operating expenses and a decline in rental revenue[132]. Property Performance - The company owns 21 multi-family properties with a total of 5,420 units and a carrying value of $619.5 million as of September 30, 2024[81]. - The Nashville property, Bells Bluff, is facing competitive pressure, leading to short-term rent concessions to maintain occupancy[87]. - For the three months ended September 30, 2024, Net Operating Income (NOI) increased to $12.99 million, up from $12.93 million in the same period of 2023, reflecting a $667,000 increase in rental revenue[143]. - For the nine months ended September 30, 2024, NOI rose to $38.64 million, compared to $38.14 million in the corresponding period of 2023, driven by a $1.5 million increase in rental revenue[144]. Challenges and Outlook - The company anticipates challenges in acquiring properties and controlling operating expenses due to the uncertain economic environment[83]. - The company anticipates operating expenses, mortgage amortization, and interest expenses totaling $107.1 million from October 1, 2024, through December 31, 2027, which may require additional equity issuance or property disposals if refinancing is not feasible[112]. Losses and Adjustments - The company reported a GAAP net loss attributable to common stockholders of $2.21 million for the three months ended September 30, 2024, compared to a loss of $1.49 million in the same period of 2023, representing a variance of $711,000[143]. - The provision for taxes for the three months ended September 30, 2024, was a loss of $310,000, compared to a loss of $122,000 in the same period of 2023, reflecting a variance of $188,000[143]. - The company recognizes limitations in using FFO and AFFO, emphasizing the importance of GAAP measures like net income and cash flows for performance evaluation[130].

Company Overview - BRT Apartments Corp. (NYSE: BRT) is a multifamily residential REIT that has been operating since 1972, yet it remains overlooked by many market participants, presenting potential opportunities for analysts to explore [1]. Market Position - The company operates in the multifamily residential sector, which is a significant area of focus for investors looking for stable income and growth potential [1].

Core Viewpoint - BRT Apartments has underperformed the Vanguard Real Estate Index Fund in 2024 but is expected to outperform going forward due to attractive valuation metrics and potential benefits from Fed rate cuts [1][10]. Company Overview - BRT Apartments is a residential REIT focused on the Sun Belt region, with approximately 81% of net operating income (NOI) from its consolidated portfolio and 19% from joint ventures [2]. - The consolidated portfolio's NOI is primarily derived from Mississippi (16%), Tennessee (14.6%), and Alabama (12.2%) [2]. Operational Overview - In Q2 2024, BRT reported an adjusted FFO of $0.35 per share, a 5% decrease year-over-year, influenced by adjustments for straight-line rent and rent concessions [5]. - Occupancy remained flat year-over-year at 94.3%, with net operating income increasing by 1.8% year-over-year [6]. - BRT's operational performance is weaker compared to peers like Independence Realty Trust, with lower occupancy growth and NOI growth [7]. 2024 Outlook Commentary - The company anticipates that new supply will limit rent growth until the second half of 2024, focusing on maintaining stable occupancy until rental rates can increase [8]. - A more favorable transaction environment is expected in the latter half of 2024, particularly for smaller operators facing capital challenges [8]. Capital Structure - As of Q2 2024, BRT's net debt stood at $553 million, representing 62% of its $897 million enterprise value [9]. - The weighted average interest rate for BRT's debt is 4.03%, with a significant portion of floating-rate debt that will benefit from anticipated Fed rate cuts [11]. Prospects and Valuation - BRT is projected to deliver an adjusted FFO of approximately $1.35 to $1.40 per share in 2024, translating to an attractive adjusted FFO multiple of about 12.75 [10]. - The market-implied cap rate based on NOI is around 7.1%, which is favorable compared to peers [10]. - There is potential for improvement in general and administrative expenses, which could make BRT an acquisition target in the future [10].

分组1 - BRT Realty (BRT) reported quarterly funds from operations (FFO) of $0.35 per share, missing the Zacks Consensus Estimate of $0.37 per share, and down from $0.37 per share a year ago, representing an FFO surprise of -5.41% [1] - The company posted revenues of $23.86 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.76%, compared to year-ago revenues of $23.32 million [2] - BRT has surpassed consensus revenue estimates two times over the last four quarters [2] 分组2 - BRT shares have lost about 3.8% since the beginning of the year, while the S&P 500 has gained 11.5% [3] - The company's FFO outlook is crucial for investors to assess future stock performance, with current consensus FFO estimates at $0.38 for the coming quarter and $1.50 for the current fiscal year [4][7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the top 32% of over 250 Zacks industries, indicating a favorable industry outlook [8]

GREAT NECK, N.Y., Aug. 09, 2024 (GLOBE NEWSWIRE) -- BRT APARTMENTS CORP. (NYSE:BRT), a real estate investment trust that owns, operates, and, to a lesser extent, holds interests in joint ventures that own multi-family properties, announced that it has filed its quarterly report on Form 10-Q for the quarter ended June 30, 2024 with the Securities and Exchange Commission. The financial statements and supplemental financial information can be accessed on the Company's investor relations website under the capti ...

Exhibit 99.1 | --- | --- | |--------------------------------------------------------------|--------------------------| | | | | SUPPLEMENTAL INFORMATION FOR THREE JUNE 30, 2024 | FINANCIAL MONTHS ENDED | August 9, 2024 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-07172 BRT APARTMENTS CORP. (Exact name of Registrant as specified in its charter) Maryland 13-2755856 (State or other jurisdiction of (I.R.S. Employer Identif ...

BRT is a real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties. As of June 30, 2024, BRT owns or has interests in 29 multi-family properties with 7,947 units in 11 states. For additional information on BRT's operations, activities and properties, please visit its website at www.brtapartments.com. BRT APARTMENTS CORP. 60 Cutter Mill Road Suite 303 Great Neck, New York 11021 Telephone: (516) 466-3100 Email: investors@BRTapa ...