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), with most assets in the Southeast U.S. and Texas.

• Entered agreement to acquire a 336-unit property in Florida for $80M, expected to close in Q1 2027, and anticipates a $33M joint venture acquisition in Houston, TX.

• Refinanced a $27.8M mortgage with a new $47.9M loan at 5.38% interest; further refinancings expected to increase debt and interest expense.

Financial highlights

• Q2 2026 total revenues rose 1.1% year-over-year to $24.5M; six-month revenues up 1.6% to $49.1M.

• Net loss attributable to common stockholders was $3.2M for Q2 2026 ($0.19/share) and $5.9M for six months ($0.35/share).

• FFO per diluted share was $0.29 for Q2 and $0.62 for six months; AFFO per diluted share was $0.36 for Q2 and $0.75 for six months.

• Same store NOI for Q2 2026 was $12.4M, up $78K year-over-year; six-month same store NOI was $25.8M, up $725K.

Outlook and guidance

• Expects higher mortgage interest expense as $51.4M and $103.1M of debt mature in 2026 and 2027, with refinancing at higher rates.

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

• Board intends to maintain REIT status and quarterly dividend, but will evaluate payout based on liquidity and capital needs.