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]

Core Viewpoint - BRT Apartments Corp. has filed its quarterly report for Q2 2024, highlighting its operations and financial performance as a real estate investment trust focused on multi-family properties [1] Company Overview - BRT Apartments Corp. is a real estate investment trust (REIT) that owns, operates, and holds interests in joint ventures related to multi-family properties [1] - As of June 30, 2024, the company owns or has interests in 29 multi-family properties, totaling 7,947 units across 11 states [1] Financial Reporting - The quarterly report on Form 10-Q for the quarter ended June 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]

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 ...

Revenue Performance - Total revenues for the three months ended June 30, 2024, increased by 2.3% to $23.862 million compared to $23.318 million for the same period in 2023[80]. - Total revenues for the six months ended June 30, 2024, were $47,265,000, representing a 2.2% increase from $46,257,000 in the same period of 2023[88]. - Rental and other revenue from real estate properties rose by 2.2% to $23.778 million, driven by a $343,000 increase in rental rates across most of the portfolio[80]. - Rental and other revenue from real estate properties increased by $882,000, or 1.9%, primarily due to a $876,000 rise in rental rates across most of the portfolio[89]. Expense Management - Total expenses decreased by 3.0% to $26.625 million for the three months ended June 30, 2024, down from $27.452 million in the same period of 2023[82]. - Real estate operating expenses increased by 2.8% to $10.846 million, primarily due to a $319,000 rise in insurance premiums and a $115,000 increase in real estate tax accruals[82]. - Real estate operating expenses rose to $21,425,000, a 2.1% increase from $20,982,000 in the prior year, driven by higher insurance premiums and real estate tax accruals[91]. - Real estate operating expenses increased by $297,000 for the three months ended June 30, 2024, affecting overall profitability[124]. - A $443,000 increase in real estate operating expenses was noted for the six months ended June 30, 2024, impacting NOI growth[125]. Earnings and Profitability - Equity in earnings from unconsolidated joint ventures decreased by $75,000 to $389,000 for the three months ended June 30, 2024, primarily due to charges from Stono Oaks and the loss of income from properties sold in May 2023[85]. - FFO for the three months ended June 30, 2024, was $5,490, compared to $5,299 for the same period in 2023, reflecting an increase due to amortization of deferred rent concessions and a Tennessee franchise tax refund[112]. - AFFO for the three months ended June 30, 2024, decreased to $6,568 from $7,181 in the prior year, primarily due to increased real estate operating expenses and the absence of an insurance recovery from a casualty loss[112]. - FFO for the six months ended June 30, 2024, decreased to $10,117 from $10,581 in the prior year, impacted by the Chatham Sale and increased cash compensation expenses[112]. - AFFO for the six months ended June 30, 2024, was $13,002, down from $14,055 in the same period last year, influenced by increased operating expenses and the absence of prior year insurance recoveries[112]. - The company reported a GAAP net loss attributable to common stockholders of $(2,345) for the three months ended June 30, 2024, compared to a net income of $11,202 for the same period in 2023[112]. - The company reported a variance of $(13,547,000) in GAAP net income attributable to common stockholders for the three months ended June 30, 2024[124]. Capital Management - The company repurchased 53,619 shares of common stock at an average price of $17.34 for a total of $930,000 during the quarter ended June 30, 2024[77]. - The credit facility was amended to reduce borrowing capacity from $60 million to $40 million and extend maturity to September 2027, with an anticipated additional interest expense of approximately $1.5 million per year[76]. - The credit facility allows borrowing up to $40 million, with no outstanding balance as of August 1, 2024, and an interest rate of 7.85%[99]. - The company had available liquidity of $54.7 million as of August 1, 2024, including $14.7 million in cash and cash equivalents[96]. - The company anticipates $111.1 million in mortgage amortization and interest expenses from July 1, 2024, through December 31, 2027[97]. - As of June 30, 2024, the company had mortgage debt of $677.5 million, with a weighted average interest rate of 4.02%[98]. Operational Insights - The company continues to face competitive pressure at the Bells Bluff property, leading to short-term rent concessions and reduced rental rates to maintain occupancy[77]. - The company expects real estate tax accruals to remain higher than in 2023 for the remainder of the year[83]. - The interest rate on junior subordinated notes was 7.59% as of June 30, 2024, with a potential annual interest expense increase of approximately $374,000 for a 100 basis point rise in rates[127]. - There was no outstanding balance on the credit facility at June 30, 2024, which bears interest at a rate of one month term SOFR plus 250 basis points[127]. Non-GAAP Measures - The company’s NOI is a non-GAAP measure used to evaluate property performance, which excludes general and administrative expenses and other non-property related items[121]. - For the three months ended June 30, 2024, Net Operating Income (NOI) increased by $225,000 compared to the same period in 2023, primarily due to a $343,000 increase in rental revenue[124]. - For the six months ended June 30, 2024, NOI increased by $439,000 from the corresponding period in 2023, driven by an $845,000 increase in rental revenue at most properties[125]. - The company experienced an increase in amortization of deferred rent concessions in 2024, contributing to the FFO increase, while the prior year included an early extinguishment of debt charge[115]. Management Commentary - The company’s management emphasizes the importance of GAAP measures such as net income and cash flows from operations in evaluating performance, despite the use of FFO and AFFO[110]. - The company’s general and administrative expenses were $3,813,000 for the three months ended June 30, 2024, showing a slight decrease from the previous year[124].

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 ...

About BRT Apartments Corp: BRT is a real estate investment trust that owns, operates and, to a lesser extent, develops multi-family properties. Additional information on BRT, its operations and portfolio, is available at BRT's website at: http://brtapartments.com. Interested parties are encouraged to review the reports BRT files with the Securities and Exchange Commission for additional information. GREAT NECK, N.Y., June 11, 2024 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) announced that its Board ...

About BRT Apartments Corp: BRT APARTMENTS CORP. 60 Cutter Mill Road Suite 303 Great Neck, New York 11021 Telephone (516) 466-3100 Telecopier (516) 466-3132 http://brtapartments.com GREAT NECK, N.Y., June 11, 2024 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT) announced that its Board of Directors declared a quarterly dividend of $0.25 per share. The dividend is payable July 9, 2024, to stockholders of record at the close of business on June 25, 2024. BRT estimates that if it does not sell any multi-fam ...