GREAT NECK, N.Y., March 12, 2025 (GLOBE NEWSWIRE) -- BRT APARTMENTS CORP. (NYSE: BRT) announced today that it has filed its annual report on Form 10-K for the year ended December 31, 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 caption “Financials – Quarterly Results.” BRT is a real estate investment trust that owns, operates, and, to a lesser extent, makes preferred eq ...

Financial Performance - Reported net loss for Q4 2024 was $2.1 million, or $(0.11) per diluted share, and for the full year 2024, the net loss was $9.8 million, or $(0.52) per diluted share[10]. - Funds from Operations (FFO) for Q4 2024 was $0.27 per diluted share, while the full year FFO was $1.12 per diluted share[10]. - Adjusted Funds from Operations (AFFO) for Q4 2024 was $0.37 per diluted share, and for the full year, it was $1.43 per diluted share[10]. - Total revenues for the three months ended December 31, 2024, were $23,969,000, a slight increase from $23,508,000 in the same period of 2023, representing a growth of 1.96%[18]. - Total revenues for 2024 reached $23,062 million, a slight increase of 0.3% compared to $22,995 million in 2023[64]. - Total revenues for the three months ended December 31, 2024, increased to $11,653 million, up from $10,541 million in the same period of 2023, representing a growth of 10.6%[74]. - Rental and other revenue for the twelve months ended December 31, 2024, reached $45,182 million, compared to $44,785 million in 2023, showing a slight increase of 0.9%[77]. Operating Income and Expenses - Combined Portfolio Net Operating Income (NOI) decreased by 4.6% in Q4 2024 and by 0.2% for the full year compared to the previous year[10]. - Total combined operating income for the year ended December 31, 2024, was $61,924, a slight decrease of 0.2% compared to $62,060 in 2023[47]. - Total expenses for the three months ended December 31, 2024, were $27,386,000, up from $25,742,000 in 2023, indicating an increase of 6.37%[18]. - Total expenses for the twelve months ended December 31, 2024, were $45,070 million, an increase from $40,248 million in 2023, reflecting a rise of 12.5%[77]. - Property operating expenses increased to $10,827 million in 2024, up 6.7% from $10,144 million in 2023[64]. Occupancy and Rental Rates - Average occupancy for the quarter ended December 31, 2024, was 93.7%, slightly up from 93.6% in the previous year[13]. - The portfolio occupancy rate for the quarter ended December 31, 2024, was 93.7%[38]. - The weighted average monthly rent per occupied unit across the consolidated portfolio was $1,371[38]. - The weighted average monthly rent per occupied unit increased to $1,371 in 2024, a 0.7% rise from $1,362 in 2023[64]. - The average rent per occupied unit across consolidated properties is $1,378, with the highest being $1,732 at Kilburn Crossing[50]. Debt and Liabilities - The company reported total debt outstanding of $599,369,000, with consolidated mortgages payable at $446,471,000[16]. - The total liabilities increased to $508,549,000 in 2024 from $481,518,000 in 2023, reflecting a rise of 5.6%[24]. - The total principal payments due at maturity for consolidated debt is $412,735,000, with a weighted average interest rate of 4.10%[33]. - The total principal payments due at maturity amount to $521,968, representing 100% of the total principal[35]. - The weighted average interest rate for the debt is 4.08% with a debt service coverage ratio of 2.09 for the quarter ended December 31, 2024[35]. Shareholder Returns and Dividends - The company declared a dividend of $0.25 per share for Q1 2025, maintaining the same dividend as the previous year[10]. - The company repurchased 10,286 shares in Q4 2024 at a weighted average price of $17.80, totaling 193,529 shares repurchased in 2024[10]. Strategic Initiatives and Future Outlook - The company expects controllable expense growth to be modest compared to 2024, with a decline in insurance expenses anticipated[11]. - The company plans to pursue additional Preferred Equity financing opportunities similar to previous transactions in 2024[11]. - Long-term, the company believes the Sunbelt region offers advantages due to pro-business states and favorable migration patterns[11]. - The company aims to enhance its market position through strategic expansions and potential acquisitions in the upcoming fiscal year[76]. Joint Ventures and Investments - The equity in earnings from unconsolidated joint ventures was $658,000 for the three months ended December 31, 2024, compared to $588,000 in 2023, showing an increase of 11.88%[20]. - The company reported equity in earnings of joint ventures of $235 million for the twelve months ended December 31, 2024, compared to $126 million in 2023, marking an increase of 86.5%[77]. - The total assets of unconsolidated joint ventures as of December 31, 2024, amounted to $329,710 million, with BRT's share being $148,859 million[78]. - Mortgages payable for the unconsolidated joint ventures were $251,112 million as of December 31, 2024, indicating a significant liability[78]. Credit Losses and Reserves - The company recorded a provision for credit loss of $270,000 for the three months ended December 31, 2024, compared to no provision in the same period of 2023[18]. - The company has implemented a reserve for credit losses under ASU 2016-13, reflecting potential credit losses related to its loan portfolio[54]. - BRT's strategy includes evaluating market conditions and macroeconomic forecasts to adjust its credit loss reserves accordingly[54].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 (State or other jurisdiction of incorporation or organiza ...

Core Points - BRT Apartments Corp. declared a quarterly dividend of $0.25 per share, payable on April 4, 2025, to stockholders of record as of March 27, 2025 [1] - The Board of Directors approved the extension of the share repurchase program through December 2026, increasing the repurchase value to $10 million [1] Company Overview - BRT is a real estate investment trust (REIT) that owns, operates, and makes preferred equity investments in joint ventures owning multi-family properties [2] - As of December 31, 2024, BRT owns or has interests in 29 multi-family properties with a total of 7,947 units across 11 states, along with preferred equity investments in two additional multi-family properties [2]

Core Insights - Albert Anthony is a Croatian-American media personality who has gained over 1,000 followers on investor platforms since 2023, focusing on markets and stocks [1] - He is set to launch a new book titled "Financial Markets: Growing A Dividend Income Portfolio" in 2025, which aligns with his ongoing article series on the same topic [1] - Albert Anthony has a background in management and information systems, having worked in the IT department of a top-10 financial firm [1] Company Overview - Albert Anthony operates under the brand Albert Anthony & Co., a sole proprietorship registered in Austin, Texas [1] - The company focuses on building a dividend portfolio through the Future Investor Fund, which is managed by Albert Anthony himself [1] Educational Background - Albert Anthony has completed degrees and certificates from various institutions, including Drew University, Corporate Finance Institute, UVA Darden School of Business, CompTIA, and Microsoft [1] Public Engagement - He has participated in numerous business and innovation conferences in Southeast Europe and has spoken at startup and digital nomad events in Croatia and Austin [1]

Core Viewpoint - Investors in BRT Apartments Corp. should closely monitor the stock due to significant movements in the options market, particularly the Mar 21, 2025 $5 Call, which has high implied volatility [1] Group 1: Implied Volatility - Implied volatility indicates the market's expectation of future price movement, with high levels suggesting a potential significant move or an upcoming event that could lead to a rally or sell-off [2] - The current high implied volatility for BRT Apartments may signal a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4] Group 2: Analyst Sentiment - BRT Apartments holds a Zacks Rank of 4 (Sell) in the REIT and Equity Trust - Residential industry, which is in the bottom 18% of the Zacks Industry Rank [3] - Over the past 60 days, no analysts have raised their earnings estimates for the current quarter, while one analyst has lowered the estimate, resulting in a decrease of the Zacks Consensus Estimate from 37 cents per share to 36 cents [3]

Group 1 - BRT Realty (BRT) reported quarterly funds from operations (FFO) of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.35 per share, but down from $0.41 per share a year ago, indicating a 12.2% year-over-year decline [1] - The company achieved revenues of $24.4 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.50%, and showing an increase from $23.85 million in the same quarter last year [2] - BRT has surpassed consensus FFO estimates two times over the last four quarters and topped consensus revenue estimates three times during the same period [2] Group 2 - The stock has underperformed, losing about 3.2% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The current consensus FFO estimate for the upcoming quarter is $0.37 on revenues of $23.83 million, and for the current fiscal year, it is $1.42 on revenues of $94.71 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is in the top 37% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

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].