Document

EX-99.1 2 exhibit991q22025.htm EX-99.1 Document

Exhibit 99.1


SUPPLEMENTAL FINANCIAL INFORMATION FOR THREE MONTHS ENDED JUNE 30, 2025

August 7, 2025

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 Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property acquisition and disposition activity, joint venture activity, development and value add activity and other capital expenditures, and capital raising and financing activity, as well as revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases, beyond our control, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved and investors are cautioned not to place undue reliance on such information.

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

•inability to generate sufficient cash flows due to unfavorable economic and market conditions (e.g., inflation, volatile interest rates and the possibility of a recession), changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws or other factors;

•adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions and dispositions on favorable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

•general and local real estate conditions, including any changes in the value of our real estate;

•decreasing rental rates or increasing vacancy rates;

•challenges in acquiring or investing in multi-family properties (including challenges in (i) buying properties directly without the participation of joint venture partners and (ii) making alternative investments in multi-family properties, and the limited number of multi-family property investment/acquisition opportunities available to us), which transactions may not be completed or may not produce the cash flows or income expected;

•the competitive environment in which we operate, including competition that could adversely affect our ability to acquire properties and/or limit our ability to lease apartments or increase or maintain rental rates;

•exposure to risks inherent in investments in a single industry and sector;

•the concentration of our multi-family properties in the Southeastern United States and Texas, which makes us more susceptible to adverse developments in those markets;

•increases in expenses over which we have limited control, such as real estate taxes, insurance costs and utilities, due to inflation and other factors;

•impairment in the value of real estate we own;

•failure of property managers to properly manage properties;

•accessibility of debt and equity capital markets;

•disagreements with, or misconduct by, joint venture partners;

•inability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures due to the level and volatility of interest or capitalization rates or capital market conditions

•extreme weather and natural disasters such as hurricanes, tornadoes and floods;

•lack of or insufficient amounts of insurance to cover, among other things, losses from catastrophes;

•risks associated with acquiring value-add multi-family properties, which involves greater risks than more conservative approaches;

•the condition of Fannie Mae or Freddie Mac, which could adversely impact us;

•changes in Federal, state and local governmental laws and regulations, including laws and regulations relating to taxes and real estate and related investments;

•our failure to comply with laws, including those requiring access to our properties by disabled persons, which could result in substantial costs;

•board determinations as to timing and payment of dividends, if any, and our ability or willingness to pay future dividends;

•our ability to satisfy the complex rules required to maintain our qualification as a REIT for federal income tax purposes;

•possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us or a subsidiary owned by us or acquired by us;

•our dependence on information systems, risks associated with breaches of such systems and the impact on us by the use of artificial intelligence by our competitors;

•disease outbreaks and other public health events, and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;

•impact of climate change on our properties or operations;

•risks associated with the stock ownership restrictions of the Internal Revenue Code of 1986, as amended (the "Code") for REITs and the stock ownership limit imposed by our charter; and

•the other factors described in the reports we file with the SEC, including those set forth in our Annual Report on Form 10-K under the captions "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations".

We undertake no obligation to update or revise the information herein, whether as a result of new information, future events or circumstances, or otherwise.

Units under rehabilitation for which we have received or accrued rental income from business interruption insurance, while not physically occupied, are treated as leased (i.e., occupied) at rental rates in effect at the time of the casualty.

We use pro rata (as defined under "Non-GAAP Financial Measures and Definitions") to help the reader gain a better understanding of our unconsolidated joint ventures. However, the use of pro rata information has certain limitations and is not representative of our operations and accounts as presented in accordance with GAAP. Accordingly, pro rata information should be used with caution and in conjunction with the GAAP data presented herein and in our reports filed with the SEC.

The state-by-state and property-by-property revenue, weighted average rent per occupied unit and similar information presented herein do not give effect to the deferred rent concessions.


Table of Contents			Page Number
Quarterly Results			1
Financial Highlights			2
Components of Net Asset Value			3
Operating Results			4
Operating Results of Unconsolidated Properties			5
Funds From Operations and Adjusted Funds From Operations			6
Consolidated Balance Sheets			8
Preferred Equity Investments			9
Stock Repurchases			10
Value-Add Program and Capital Expenditures			11
Debt Analysis			12
Portfolio Data by State			13
Combined Portfolio Metrics			15
Portfolio Table			17
Appendix			18
Non-GAAP Financial Measure and Definitions			19
Consolidated Same Store Comparison			20
Unconsolidated Same Store Comparison			22
Reconciliations			24
Balance Sheets of Unconsolidated Joint Venture Entities			28

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Second Quarter 2025 and Subsequent Highlights

•Reported net loss per diluted share for the second quarter of 2025 of $2.57 million or $0.14 per diluted share, compared to a net loss of $2.35 million or $0.13 in the second quarter of 2024.

•Funds from Operations, or FFO, of $0.29 per diluted share, compared to $0.29 in the second quarter 2024.

•Adjusted Funds from Operations, or AFFO, of $0.36 per diluted share in the second quarter 2025, compared to $0.35 in the second quarter 2024.

•Equity in earnings of unconsolidated joint ventures was $299,000 in the second quarter 2025, compared to $389,000 in the second quarter 2024.

•Combined Portfolio NOI was $15.1 million for the second quarter of 2025 compared to $15.6 million for the corresponding prior-year period.

•On July 10, 2025, the Company, through a joint venture in which it has an 80% equity interest, acquired 1322 North, a 214-unit multi-family property located in Auburn, AL. The venture acquired the property for $36.5 million (including a $24 million mortgage). The mortgage matures in 2032, bears a 5.38% fixed interest rate, and is interest only through maturity. The Company contributed $10.7 million of equity to the joint venture for its equity interest. In connection with this transaction, the Company borrowed $7.0 million from its credit facility.

•Repurchased 63,356 shares during the second quarter 2025 at a weighted average price of $15.84, and for the first six months of 2025, the Company repurchased 142,080 shares at a weighted average price of $16.79.

•As of June 30, 2025, and August 1, 2025, the Company is authorized to repurchase up to $8,752,000 in BRT shares under the repurchase program.

•Maintained revolving credit facility of up to $40.0 million, with $7.0 million amount outstanding, and maturity in September 2027.

See the reconciliations provided later in this supplemental of FFO, AFFO and Combined Portfolio NOI, to net income, as calculated in accordance with GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."

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BRT Apartments Corp. (NYSE: BRT)

Financial Highlights

_________________________________________________________________________________________________________


	As of June 30,
	2025				2024
Market capitalization (thousands)	$	295,643			$	326,864
Shares outstanding (thousands)	18,903				18,710
Closing share price	$	15.64			$	17.47
Quarterly dividend declared per share	$	0.25			$	0.25

	Quarter ended June 30,
	Combined								Consolidated						Unconsolidated
	2025				2024				2025			2024			2025				2024
Properties owned	29			(a)	29			(a)	21			21			8			(a)	8			(a)
Units (a)	7,947				7,947				5,420			5,420			2,527				2,527
Average occupancy (b)	94.1		%		94.3		%		93.7		%	94.2		%	94.2		%		94.5		%
Weighted average monthly rent per occupied unit (b)	$	1,399			$	1,387			$	1,358		$	1,341		$	1,498			$	1,497

(a) Includes a 240-unit multi-family property in lease up.
(b) Excludes a 240-unit multi-family property in lease up.
	Quarter ended June 30,
Per share data	2025 (Unaudited)				2024 (Unaudited
Loss per share, basic and diluted	$	(0.14)			$	(0.13)

FFO per share of common stock (diluted) (1)	$	0.29			$	0.29
AFFO per share of common stock (diluted) (1)	$	0.36			$	0.35

	As of June 30,
	2025				2024
Debt to Enterprise Value (2)	69		%		65		%

(1) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income, as calculated in accordance with

GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."

(2) Enterprise Value is equal to debt plus market capitalization less cash and cash equivalents, including BRT's pro-rata share of cash and cash equivalents at the

unconsolidated Joint Ventures. Cash and cash equivalents excludes restricted cash. Debt is equal to 100% of the debt at the consolidated properties and BRT's

pro-rata share of debt at the unconsolidated joint ventures. See "Non-GAAP Financial Measures and Definitions" for an explanation of "pro-rata share."

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BRT Apartments Corp. (NYSE: BRT)

Components of Net Asset Value

As of June 30, 2025

(all in thousands)

____________________________________________________________________________________________________________________












Net Operating Income for the three months ended June 30, 2025
Consolidated	$	12,612
Unconsolidated (Pro rata)	2,921
Total Net Operating Income	$	15,533

OTHER ASSETS
Cash and Cash Equivalents	$	23,645
Cash and Cash Equivalents - Unconsolidated pro rata	2,027
Restricted Cash	2,922
Other Assets	18,205
Other Assets - Unconsolidated pro rata	4,392
Total Cash and Other Assets	$	51,191

OTHER LIABILITIES
Accounts Payable and Accrued Liabilities	$	25,354
Accounts Payable and Accrued Liabilities - Unconsolidated pro rata	3,453
Total Other Liabilities	$	28,807

DEBT SUMMARY
Mortgages Payable:
Consolidated	$	444,983
Unconsolidated (Pro rata)	114,891
Total Mortgages Payable	$	559,874

Credit Facility	$	—
Subordinated Notes	37,173
Total Debt Outstanding	$	597,047

Common Shares Outstanding	18,903

____________________________________________

(1) See the Appendix for a reconciliation of the non-GAAP amounts presented to GAAP amounts

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Operating Results

(amounts in thousands except per share data)

_____________________________________________________________________________________________________________________


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues:
Rental and other revenue from real estate properties	$	23,729	$	23,778	$	47,348	$	47,076
Loan interest and other income	468		84		955		189
Total revenues	24,197		23,862		48,303		47,265
Expenses:
Real estate operating expenses	11,117		10,846		21,667		21,425
Interest expense	5,707		5,500		11,383		11,023
General and administrative	3,744		3,813		7,814		7,965

Depreciation and amortization	6,580		6,466		13,121		12,901
Total expenses	27,148		26,625		53,985		53,314
Total revenues less total expenses	(2,951)		(2,763)		(5,682)		(6,049)
Equity in earnings of unconsolidated joint ventures	299		389		712		617


Insurance recovery of casualty loss	189		—		257		—


Loss from continuing operations	(2,463)		(2,374)		(4,713)		(5,432)
Income tax provision (benefit)	60		(65)		118		13
Loss from continuing operations, net of taxes	(2,523)		(2,309)		(4,831)		(5,445)
Net income attributable to non-controlling interests	(43)		(36)		(87)		(71)
Net loss attributable to common stockholders	$	(2,566)	$	(2,345)	$	(4,918)	$	(5,516)

Weighted average number of shares of common stock outstanding:
Basic and diluted	17,985,801		17,737,452		17,986,443		17,681,514


Per share amounts attributable to common stockholders:
Basic and diluted	$	(0.14)	$	(0.13)	$	(0.26)	$	(0.30)

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BRT Apartments Corp. (NYSE: BRT)

Operating Results of Unconsolidated Properties

(amounts in thousands)

_____________________________________________________________________________________________________________________


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues:
Rental and other revenue	$	11,927	$	11,294	$	23,636	$	21,918
Total revenues	11,927		11,294		23,636		21,918

Expenses:
Real estate operating expenses	5,744		5,438		10,917		10,884
Interest expense	2,770		2,832		5,515		5,610
Depreciation	3,163		2,905		6,911		5,798
Total expenses	11,677		11,175		23,343		22,292
Total revenues less total expenses	250		119		293		(374)
Other equity earnings	18		3		108		21





Net income (loss) from joint ventures	$	268	$	122	$	401	$	(353)

BRT equity in earnings of unconsolidated joint venture properties	$	299	$	389	$	712	$	617

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BRT Apartments Corp. (NYSE: BRT)

Funds from Operations and

Adjusted Funds from Operations

(dollars in thousands)

____________________________________________________________________________________________________________________

The tables below provides a reconciliation of net loss determined in accordance with GAAP to FFO and AFFO on a dollar and per share basis for each of the indicated periods (dollars in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
GAAP Net loss attributable to common stockholders	$	(2,566)	$	(2,345)	$	(4,918)	$	(5,516)
Add: depreciation and amortization of properties	6,580		6,466		13,121		12,901
Add: our share of depreciation in unconsolidated joint venture properties	1,436		1,373		2,969		2,740




Adjustments for non-controlling interests	(4)		(4)		(8)		(8)
NAREIT Funds from operations attributable to common stockholders	$	5,446	$	5,490	$	11,164	$	10,117

Adjustments for: deferred rent concessions and straight line rent	(179)		(388)		(81)		(363)
Adjustments for: our share of straight-line rent and rent concession accruals from unconsolidated joint venture properties	5		(60)		(7)		(60)


Add: amortization of restricted stock and RSU expense	1,135		1,090		2,277		2,432
Add: amortization of deferred mortgage and debt costs	284		271		567		542
Add: our share of deferred mortgage costs from unconsolidated joint venture properties	30		30		60		60
Add: amortization of fair value adjustment for mortgage debt	126		139		255		282



Adjustments for non-controlling interests	—		(4)		—		(8)
Adjusted funds from operations attributable to common stockholders	$	6,847	$	6,568	$	14,235	$	13,002

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BRT Apartments Corp. (NYSE: BRT)

Funds from Operations and

Adjusted Funds from Operations

(dollars in thousands, except per share data)

____________________________________________________________________________________________________________________


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
GAAP Net (loss) income attributable to common stockholders	$	(0.14)	$	(0.13)	$	(0.26)	$	(0.30)
Add: depreciation and amortization of properties	0.35		0.35		0.69		0.69
Add: our share of depreciation in unconsolidated joint venture properties	0.08		0.07		0.16		0.15




Adjustment for non-controlling interests	—		—		—		—
NAREIT Funds from operations per diluted common share	$	0.29	$	0.29	$	0.59	$	0.54

Adjustments for: deferred rent concessions and straight line rent	(0.01)		(0.02)		—		(0.02)
Adjustments for: our share of straight-line rent and rent concession accruals in unconsolidated joint venture properties	—		—		—		—


Add: amortization of restricted stock and RSU expense	0.05		0.06		0.12		0.13
Add: amortization of deferred mortgage and debt costs	0.02		0.01		0.03		0.03
Add: our share of deferred mortgage and debt costs from unconsolidated joint venture properties	—		—		—		—
Add: amortization of fair value adjustment for mortgage debt	0.01		0.01		0.01		0.02



Adjustments for non-controlling interests	—		—		—		—
Adjusted funds from operations per diluted common share	$	0.36	$	0.35	$	0.75	$	0.70

Diluted shares outstanding for FFO and AFFO	18,909,000		18,699,000		18,906,000		18,640,000

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BRT Apartments Corp. (NYSE: BRT)

Consolidated Balance Sheets

(amounts in thousands, except per share amounts)

_____________________________________________________________________________________________________________________


	June 30, 2025		December 31, 2024
	(unaudited)		(audited)
ASSETS
Real estate properties, net of accumulated depreciation and amortization	$	607,066	$	615,915
Investment in unconsolidated joint ventures	30,023		31,344
Loan receivables, net of deferred fees and credit loss	17,698		17,667
Cash and cash equivalents	23,645		27,856
Restricted cash	2,922		3,221
Other assets	18,205		17,460
Total Assets	$	699,559	$	713,463

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs	$	444,983	$	446,471
Junior subordinated notes, net of deferred costs	37,173		37,163
Credit facility, net of deferred costs	—		—
Accounts payable and accrued liabilities	25,354		24,915
Total Liabilities	507,510		508,549

Commitments and contingencies
Equity:
BRT Apartments Corp. stockholders' equity:
Preferred shares $.01 par value 2,000 shares authorized, none issued	—		—
Common stock, $.01 par value, 300,000 shares authorized; 17,980 and 17,872 shares outstanding	180		179
Additional paid-in capital	273,795		272,275

Accumulated deficit	(81,860)		(67,485)
Total BRT Apartments Corp. stockholders’ equity	192,115		204,969
Non-controlling interests	(66)		(55)
Total Equity	192,049		204,914
Total Liabilities and Equity	$	699,559	$	713,463

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BRT Apartments Corp. (NYSE: BRT)

Preferred Equity Investments

(dollars in thousands)

________________________________________________________________________________________

The Company invested in two separate joint ventures which in turn acquired multifamily properties in the locations identified below. In accordance with GAAP, these investments are treated as loans. These investments are unsecured and are subordinate, including the payment of the returns thereon, to the mortgage debt encumbering the property acquired by the applicable joint venture. Information as to these investments at June 30, 2025 and for the six months ended June 30, 2025 is summarized below (dollars and thousands):
















Location	Investment Date	Annual Return		Current Return		Hurdle Return		Invested Amount		Redemption Date	Deferred fees		Estimated Credit Loss		Interest Income (Current Return)
Wilmington, NC	October 2024	13	%	6.00	%	7.00	%	$	7,000	November 2031	$	125	$	102	$	217
Kennesaw, GA	November 2024	13	%	6.50	%	6.50	%	11,250		June 2029	157		168		376
								$	18,250		$	282	$	270	$	593

These investments provide for (1) an Annual Return (as noted in the table above) compounded monthly, to the Company, of which the Current Return (as noted in the table above) is payable monthly to the extent of available cash flow, and the Hurdle Return also to be paid monthly from remaining cash flow if any, parri passu or after the sponsor's receipt of its management fees and specified returns on its investment and (2) the total amount invested by the Company, including any unpaid portion of the Current Return and the Hurdle Return, to be payable to the Company, prior to any payments to the sponsor, upon the earlier to occur of certain events (e.g., sale of the property or the refinancing of the mortgage underlying the property) and the redemption date specified above. The Current Return is recorded as interest income when it is due from the sponsor and the Hurdle Return is recognized as interest income when it is received. Deferred loan fees are capitalized and recorded into income over the life of the investment. The Company's exposure to loss is limited to its original Invested Amount (as noted in the table above).

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BRT Apartments Corp. (NYSE: BRT)

Stock Repurchase Activity

________________________________________________________________________________________



The Company's stock repurchase activity during the periods indicated is reflected in the table below:
Month	Shares repurchased	Total cost		Average Cost Per Share
January 2025	65,018	$	1,133,000	$	17.49
February 2025	—	—		—
March 2025	13,706	244,000		17.84
Q1 2025 repurchase activity	78,724	$	1,377,000	17.55

April 2025	63,356	1,003,000		15.84
May 2025	—	—		—
June 2025	—	—		—
Q2 2025 repurchase activity	63,356	1,003,000		$	15.84

Total year to date repurchase activity	142,080	2,380,000		$	16.79

As of June 30, 2025 and August 1, 2025, up to $8,752,000 of shares are available to be repurchased under the repurchase program.

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BRT Apartments Corp. (NYSE: BRT)

Value-Add Program and Capital Expenditures

Quarter ended June 30, 2025

________________________________________________________________________________________


Value-Add Program
(Includes consolidated and unconsolidated amounts)
Units Rehabilitated (1)	Estimated Rehab Costs (2)		Estimated Rehab Costs Per unit		Estimated Average Monthly Rent Increase (3)		Estimated Annualized ROI (3)	Estimated units available to be renovated over next 24 months
26	$	164,000	$	6,300	$	121	23%	98




(1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period.
(2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into during the current period.
(3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units.


Capital Expenditures
(Includes consolidated and unconsolidated amounts)
	Gross Capital Expenditures		Less: JV Partner Share		BRT Share of Capital Expenditures (4)
Estimated Recurring Capital Expenditures (1)	$	1,728,000	$	199,000	$	1,529,000
Estimated Non-Recurring Capital Expenditures (2)	1,388,000		407,000		981,000
Total Capital Expenditures	$	3,116,000	$	606,000	$	2,510,000

Replacements (operating expense) (3)	$	886,533	$	88,756	$	797,777

Estimated Recurring Capital Expenditures and Replacements per unit (7,707 units) (5)	$	339	$	37	$	302











(1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes revenue enhancing projects.
(2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the property, and revenue enhancing upgrades.
(3) Replacements are expensed and not capitalized as incurred at the property.
(4) Based on BRT's percentage equity interest.
(5) Excludes a 240-unit multi-family property in lease up.

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BRT Apartments Corp. (NYSE: BRT)

Debt Analysis

As of June 30, 2025

(dollars in thousands)

________________________________________________________________________________________________________________________________


Consolidated
Year	Total Principal Payments		Scheduled Amortization		Principal Payments Due at Maturity				Percent of Total Principal Payments Due At Maturity		Weighted Average Interest Rate (1)
2025	$	17,883	$	2,508	$	15,375			4	%	4.42	%
2026	74,622		5,091		69,531				17	%	4.12	%
2027	46,190		3,395		42,795				10	%	3.96	%
2028	40,696		2,745		37,951				9	%	4.47	%
2029	56,272		2,455		53,817				13	%	3.94	%
Thereafter	212,842		19,576		193,266				47	%	4.10	%
Total	$	448,505	$	35,770	$	412,735			100	%

Unconsolidated (BRT pro rata share)
Year	Total Principal Payments		Scheduled Amortization		Principal Payments Due at Maturity				Percent of Total Principal Payments Due At Maturity		Weighted Average Interest Rate (1)
2025	$	926	$	926	—				—	%	—	%
2026	25,816		1,806		$	24,010			22	%	4.65	%
2027	13,026		1,472		11,554				11	%	4.15	%
2028	34,265		450		33,815				31	%	4.26	%
2029	611		611		—				—	%	—	%
Thereafter	40,594		728		39,866				36	%	3.43	%
Total	$	115,238	$	5,993	$	109,245			100	%

Combined (2)
Year	Total Principal Payments		Scheduled Amortization		Principal Payments Due at Maturity				Percent of Total Principal Payments Due At Maturity		Weighted Average Interest Rate (1)
2025	$	18,809	$	3,434	$	15,375			3	%	4.42	%
2026	100,438		6,897		93,541				18	%	4.25	%
2027	59,216		4,867		54,349				10	%	4.00	%
2028	74,961		3,195		71,766				14	%	4.37	%
2029	56,883		3,066		53,817				10	%	3.94	%
Thereafter	253,436		20,304		233,132				45	%	3.98	%
Total	$	563,743	$	41,763	$	521,980			100	%
Weighted Average Remaining Term to Maturity (2)					5.2			years
Weighted Average Interest Rate (2)					4.08		%
Debt Service Coverage Ratio for the quarter ended June 30, 2025					1.56			(3)

(1) Based on principal payments due at maturity.
(2) Includes consolidated and BRT's pro rata share of unconsolidated amounts.
(3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100% of the unconsolidated amounts.


Junior Subordinated Notes
Principal Balance						$37,400, excluding deferred costs of $227,000
Interest Rate						3 month term SOFR + 2.26% (i.e., 6.54% at 6/30/2025)
Maturity						April 30, 2036

Credit Facility
Maximum Amount Available						Up to $40,000
Amount Outstanding (4)						$0
Interest Rate						1 month SOFR + 2.50% (floor of 6%)
Maturity						September 2027

______________________________________

(4) On July 9, 2025, the Company borrowed $7.0 million from its credit facility. The interest rate in effect on July 9, 2025 was 6.82%.

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Portfolio Data by State

Quarter ended June 30, 2025

(dollars in thousands, except monthly rent amounts)

_____________________________________________________________________________________________________________________


Consolidated
	Units at period end	Revenues		Property Operating Expenses		NOI (1)		% of NOI Contribution	Weighted Average Occupancy	Weighted Average Rent per Occ. Unit
Georgia	688	$	2,579	$	1,353	$	1,226	9.7%	90.8%	$	1,212
Florida	518	2,357		1,120		1,237		9.8%	94.6%	1,450
Texas	600	2,182		1,253		929		7.4%	90.8%	1,142
Ohio	264	980		476		504		4.0%	92.4%	1,198
Virginia	220	1,272		587		685		5.4%	98.0%	1,772
North Carolina	264	1,076		464		612		4.9%	93.8%	1,318
South Carolina	474	2,229		1,263		966		7.7%	94.3%	1,484
Tennessee	702	3,502		1,516		1,986		15.7%	96.4%	1,584
Alabama	740	2,841		1,351		1,490		11.8%	94.2%	1,205
Mississippi	776	3,159		1,129		2,030		16.1%	96.2%	1,312
Missouri	174	936		485		451		3.6%	95.4%	1,688
Net deferred rent	—	180		—		180		1.4%	N/A	N/A
Legacy assets	—	436		120		316		2.5%	N/A	N/A
Totals	5,420	$	23,729	$	11,117	$	12,612	100%	94.1%	$	1,358


Unconsolidated (Pro-Rata Share)
	Units at period end	Revenues		Property Operating Expenses		NOI (1)		% of NOI Contribution	Weighted Average Occupancy	Weighted Average Rent per Occ. Unit
Texas	1,103	$	2,585	$	1,459	$	1,126	38.5%	94.7%	$	1,474
South Carolina	713	1,384		489		895		30.6%	93.7%	1,608
Georgia	271	921		470		451		15.4%	92.2%	1,476
Alabama	200	638		302		336		11.5%	95.7%	1,254
Net deferred rent	—	(4)		—		(4)		(0.1)%	N/A	N/A
Other (2)	240	213		96		117		4.0%	N/A	N/A
Totals	2,527	$	5,737	$	2,816	$	2,921	100%	94.2%	$	1,496

_________________________________________________________________________________

(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

Measures and Definitions."

(2) Represents property in lease up.

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Portfolio Data by State

Six Months Ended June 30, 2025

(dollars in thousands, except monthly rent amounts)

____________________________________________________________________________________________________________________


Consolidated
	Units at period end	Revenues		Property Operating Expenses		NOI (1)		% of NOI Contribution	Weighted Average Occupancy		Weighted Average Rent per Occ. Unit
Texas	600	$	4,464	$	2,486	$	1,978	7.7%	91.5%		$1,158
Georgia	688	5,184		2,662		2,522		9.8%	90.0%		1,223
Florida	518	4,754		2,177		2,577		10.0%	94.9%		1,466
Ohio	264	1,981		917		1,064		4.1%	94.3%		1,190
Virginia	220	2,545		1,097		1,448		5.6%	98.0%		1,764
North Carolina	264	2,179		888		1,291		5.0%	95.5%		1,314
South Carolina	474	4,432		2,406		2,026		7.9%	93.8%		1,476
Tennessee	702	7,048		2,938		4,110		16.0%	95.3%		1,621
Alabama	740	5,630		2,662		2,968		11.6%	94.4%		1,193
Missouri	174	1,867		953		914		3.6%	94.2%		1,690
Mississippi	776	6,309		2,249		4,060		15.8%	94.9%		1,322
Net deferred rent	—	85		—		85		0.3%	N/A		N/A
Legacy assets	—	870		232		638		2.5%	N/A		N/A
Totals	5,420	$	47,348	$	21,667	$	25,681	100.0%	93.9	%	$1,365


Unconsolidated (Pro-Rata Share)
	Units at period end	Revenues		Property Operating Expenses		NOI (1)		% of NOI Contribution	Average Occupancy		Average Rent per Occ. Unit
Texas	1,103	$	5,130	$	2,751	$	2,379	39.8%	93.9%		$1,461
South Carolina	713	2,738		976		1,762		29.5%	94.3%		1,595
Georgia	271	1,843		946		897		15.0%	91.4%		1,496
Alabama	200	1,259		599		660		11.1%	96.0%		1,241
Net deferred rent	—	8		—		8		0.1%	N/A		N/A
Other (2)	240	417		152		265		4.4%	N/A		N/A
Totals	2,527	$	11,395	$	5,424	$	5,971	100%	93.9%		$1,487

_________________________________________________________________________________

(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

Measures and Definitions."

(2) Represents property in lease up.

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Combined Portfolio Metrics (1)

Quarters ended June 30, 2025 and 2024

(dollars in thousands)

_____________________________________________________________________________________________________________________


	Three Months Ended June 30,
	2025		2024		% Change
Combined Revenues	$	28,817	$	28,972	(0.5)	%

Combined Operating Expenses
Payroll	$	2,559	$	2,421	5.7	%
Real Estate taxes	3,643		3,522		3.4	%
Management Fees	802		804		(0.2)	%
Insurance	1,183		1,443		(18.0)	%
Utilities	1,766		1,706		3.5	%
Repairs and Maintenance	1,917		1,609		19.1	%
Replacements	798		728		9.6	%
Advertising, Leasing and Other	1,049		1,112		(5.7)	%
Total Combined Operating Expenses	$	13,717	$	13,345	2.8	%

Total Combined Operating Income	$	15,100	$	15,627	(3.4)	%

____________________________________________

(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating

Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis, for all periods presented, with a total of 7,707 units, excluding a 240-unit multi-family property in lease up.

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Combined Portfolio Metrics (1)

Six Months Ended June 30, 2025 and 2024

(dollars in thousands)

____________________________________________________________________________________________________________________


	Six Months Ended June 30,
	2025		2024		% Change
Combined Revenues	$	57,455	$	57,366	0.2	%

Combined Operating Expenses
Payroll	$	5,039	$	4,846	4.0	%
Real Estate taxes	7,149		7,060		1.3	%
Management Fees	1,607		1,629		(1.4)	%
Insurance	2,379		2,859		(16.8)	%
Utilities	3,633		3,453		5.2	%
Repairs and Maintenance	3,364		3,109		8.2	%
Replacements	1,347		1,280		5.2	%
Advertising, Leasing and Other	2,189		2,188		0.0	%
Total Combined Operating Expenses	$	26,707	$	26,424	1.1	%

Total Combined Operating Income	$	30,748	$	30,942	(0.6)	%

________________________________________________

(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating

Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis for all periods presented, with a total of 7,707 units, excluding a 240-unit multi-family property in lease up.

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Portfolio Table

As of June 30, 2025

___________________________________________________________________________________________


Property	City	State	Year Built	Year Acquired	Property Age	Units	Q2 2025 Avg. Occupancy	Q2 2025 Avg. Rent per Occ. Unit
Consolidated Properties - All 100% Owned
Silvana Oaks	North Charleston	SC	2010	2012	15	208	95.4%	$	1,597
Avondale Station	Decatur	GA	1954	2012	71	212	93.6%	1,391
Newbridge Commons	Columbus	OH	1999	2013	26	264	92.4%	1,198
Brixworth at Bridgestreet	Huntsville	AL	1985	2013	40	208	94.4%	1,049
Avalon	Pensacola	FL	2008	2014	17	276	95.5%	1,441
Crossings of Bellevue	Nashville	TN	1985	2014	40	300	98.1%	1,433
Parkway Grande	San Marcos	TX	2014	2015	11	192	89.9%	1,157
Woodland Trails	LaGrange	GA	2010	2015	15	236	88.7%	1,334
Kilburn Crossing	Fredericksburg	VA	2005	2016	20	220	98.0%	1,772
Verandas at Alamo Ranch	San Antonio	TX	2015	2016	10	288	89.7%	1,091
Grove at River Place	Macon	GA	1988	2016	37	240	90.5%	931
Civic Center 1	Southaven	MS	2002	2016	23	392	96.5%	1,273
Civic Center 2	Southaven	MS	2005	2016	20	384	95.9%	1,353
Vanguard Heights	Creve Coeur	MO	2016	2017	9	174	95.4%	1,688
Jackson Square	Tallahassee	FL	1996	2017	29	242	93.5%	1,459
Woodland Apartments	Boerne	TX	2007	2017	18	120	94.7%	1,234
Magnolia Pointe	Madison	AL	1991	2017	34	204	94.6%	1,214
Bell's Bluff	W. Nashville	TN	2019	2018	6	402	95.2%	1,700
Crestmont at Thornblade	Greenville	SC	1998	2018	27	266	93.5%	1,394
Somerset at Trussville	Trussville	AL	2007	2019	18	328	93.8%	1,298
Abbotts Run	Wilmington	NC	2001	2020	24	264	93.8%	1,318
Weighted Avg./Total Consolidated					24	5,420


Properties owned by Unconsolidated Joint Ventures										% Ownership
Pointe at Lenox Park	Atlanta	GA	1989	2016	36	271	92.2%	1,476		74	%
Gateway Oaks	Forney	TX	2016	2016	9	313	95.4%	1,351		50	%
Mercer Crossing	Dallas	TX	2015	2017	10	509	95.9%	1,641		50	%
Canalside Lofts	Columbia	SC	2008	2017	17	374	92.9%	1,508		32	%
Landings of Carrier Parkway	Grand Prairie	TX	2001	2018	24	281	91.5%	1,298		50	%
Canalside Sola	Columbia	SC	2015	2018	10	339	94.6%	1,729		46	%
The Village at Lakeside	Auburn	AL	1988	2019	37	200	95.7%	1,254		80	%
Weighted Avg./Total Unconsolidated					18	2,287

Weighted Avg./Total Portfolio					22	7,707
Lease up
Stono Oaks	Johns Island	SC	2023	2022		240	85.0%			18	%
Total Units						7,947

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

APPENDIX

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

________________________________________________________________________________________

Adjusted Funds from Operations (AFFO)

BRT computes AFFO by adjusting FFO for loss on extinguishment of debt, our straight-line rent and rent concession accruals, restricted stock and RSU compensation expense, fair value adjustment of mortgage debt, gain on insurance recovery, insurance recovery from casualty loss and deferred mortgage and debt costs (including, in each case as applicable, from its share of its unconsolidated joint ventures). Since the NAREIT White Paper(as described below) does not provide guidelines for computing AFFO, the computation of AFFO may vary from one REIT to another.

Combined Portfolio

Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis.

Debt Service Coverage Ratio

Debt service coverage ratio is net operating income ("NOI") divided by total debt service and includes both consolidated and unconsolidated assets.

Funds from Operations (FFO)

BRT computes FFO in accordance with the “White Paper on Funds from Operations” issued by the National Association of Real Estate Investment Trusts (“NAREIT”) and NAREIT's related guidance. FFO is defined in the White Paper as net income (calculated in accordance with generally accepted accounting principles). NOI is defined as "Rental and other revenue from real estate properties" as presented on our statements of operations less "Real estate operating expenses" as presented on our statements of operations. Real estate operating expenses include real estate taxes, insurance, property management expense, utilities, repairs and maintenance, administrative and marketing. Other REIT’s may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REIT’s. We believe NOI provides an operating perspective not immediately apparent from GAAP operating income or net income (loss). NOI is one of the measures we use to evaluate our performance because it (i) measures the core operations of property performance by excluding corporate level expenses and other items unrelated to property operating performance and (ii) captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.

Net Operating Income (NOI)

BRT computes NOI by adjusting net income (loss) to (a) add back (1) depreciation expense, (2) general and administrative expenses, (3) interest expense, (4) loss on extinguishment of debt, (5) equity in earnings (loss) of unconsolidated joint ventures, (6) provision for taxes, and (7) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate (3) insurance recovery of casualty loss, and (4) gain on insurance recoveries related to casualty loss.

Pro-Rata Share

BRT's pro-rata share gives effect to its percentage equity interest in the unconsolidated joint ventures that own properties. Due to the operation of allocation/distribution provision of the joint venture agreements pursuant to which BRT participates in the ownership of these properties, BRT's share of the gain and loss on the sale of a property may be less than implied by BRT's percentage equity interest. Notwithstanding the foregoing, when referring to the number of units, average occupancy, and average rent per unit, the amount shown reflects 100% of the amount.

Same Store

Same store properties refer to stabilized properties (as described below) that we owned and operated for the entirety of periods being compared, except for properties that are under construction, legacy assets, in lease-up, or are undergoing development or redevelopment. We move properties previously excluded from our same store portfolio (because they were under construction, in lease up or are in development or redevelopment) into the same store designation once they have stabilized and such status has been reflected fully in all applicable periods of comparison.

Stabilized Properties

Newly constructed, lease-up, development and redevelopment properties are deemed stabilized upon the earlier to occur of the first full calendar quarter beginning (a) 12 months after the property is fully completed and put in service and (b) attainment of at least 90% physical occupancy.

Total Debt Service

Total debt service is the cash required to cover the repayment of interest and principal on a debt for a particular period. Total debt service is used in the calculation of the debt service coverage ratio which is used to determine the borrower’s ability to make debt service payments.

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Consolidated Same Store Comparisons (1)

Quarters ended June 30, 2025 and 2024

(dollars in thousands, except monthly rent amounts)

_____________________________________________________________________________________________________________________


		Revenues								Property Operating Expenses							NOI (2)
	Units	2025			2024			% Change		2025			2024		% Change		2025		2024		% Change
Georgia	688	$	2,579		$	2,680		(3.8)	%	$	1,353		$	1,353	0.0	%	$	1,226	$	1,327	(7.6)	%
Florida	518	2,357			2,338			0.8	%	1,120			1,133		(1.1)	%	1,237		1,205		2.7	%
Texas	600	2,182			2,321			(6.0)	%	1,253			1,265		(0.9)	%	929		1,056		(12.0)	%
Ohio	264	980			988			(0.8)	%	476			591		(19.5)	%	504		397		27.0	%
Virginia	220	1,272			1,208			5.3	%	587			528		11.2	%	685		680		0.7	%
North Carolina	264	1,076			1,087			(1.0)	%	464			441		5.2	%	612		646		(5.3)	%
South Carolina	474	2,229			2,251			(1.0)	%	1,263			1,117		13.1	%	966		1,134		(14.8)	%
Tennessee	702	3,502			3,192			9.7	%	1,516			1,461		3.8	%	1,986		1,731		14.7	%
Alabama	740	2,841			2,854			(0.5)	%	1,351			1,294		4.4	%	1,490		1,560		(4.5)	%
Mississippi	776	3,159			3,150			0.3	%	1,129			1,111		1.6	%	2,030		2,039		(0.4)	%
Missouri	174	936			928			0.9	%	485			435		11.5	%	451		493		(8.5)	%
Net deferred rent	—	180			413					—		—	—				180		413
Totals	5,420	$	23,293		$	23,410		(0.5)	%	$	10,997		$	10,729	2.5	%	$	12,296	$	12,681	(3.0)	%

		Weighted Average Occupancy								Weighted Average Monthly Rent per Occupied Unit
		2025			2024			% Change		2025			2024		% Change
Georgia		90.8		%	91.3		%	(0.5)	%	$	1,212		$	1,245	(2.7)	%
Florida		94.6		%	93.9		%	0.7	%	1,450			1,463		(0.9)	%
Texas		90.8		%	93.7		%	(3.1)	%	1,142			1,193		(4.3)	%
Ohio		92.4		%	96.3		%	(4.0)	%	1,198			1,141		5.0	%
Virginia		98.0		%	96.5		%	1.6	%	1,772			1,686		5.1	%
North Carolina		93.8		%	95.0		%	(1.3)	%	1,318			1,283		2.7	%
South Carolina		94.3		%	95.1		%	(0.8)	%	1,484			1,471		0.9	%
Tennessee		96.4		%	94.2		%	2.3	%	1,584			1,468		7.9	%
Alabama		94.2		%	96.6		%	(2.5)	%	1,205			1,196		0.8	%
Mississippi		96.2		%	95.0		%	1.3	%	1,312			1,308		0.3	%
Missouri		95.4		%	93.9		%	1.6	%	1,688			1,698		(0.6)	%
Weighted Average		94.1		%	93.9		%	0.2	%	$	1,358		$	1,341	1.3	%

_______________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and

Definitions."

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Consolidated Same Store Comparisons (1)

Six Months Ended June 30, 2025 and 2024

(dollars in thousands, except monthly rent amounts)

____________________________________________________________________________________________________________________


		Revenues								Property Operating Expenses							NOI (2)
	Units	2025			2024			% Change		2025		2024			% Change		2025		2024		% Change
Georgia	688	$	5,184		$	5,311		(2.4)	%	$	2,662	$	2,753		(3.3)	%	$	2,522	$	2,558	(1.4)	%
Florida	518	4,754			4,710			0.9	%	2,177		2,271			(4.1)	%	2,577		2,439		5.7	%
Texas	600	4,464			4,610			(3.2)	%	2,486		2,533			(1.9)	%	1,978		2,077		(4.8)	%
Ohio	264	1,981			1,954			1.4	%	917		919			(0.2)	%	1,064		1,035		2.8	%
Virginia	220	2,545			2,390			6.5	%	1,097		1,003			9.4	%	1,448		1,387		4.4	%
Missouri	174	1,867			1,878			(0.6)	%	953		854			11.6	%	914		1,024		(10.7)	%
Alabama	740	5,630			5,674			(0.8)	%	2,662		2,592			2.7	%	2,968		3,082		(3.7)	%
North Carolina	264	2,179			2,139			(0.6)	%	888		876			11.6	%	1,291		1,263		(10.7)	%
Mississippi	776	6,309			6,219			(0.8)	%	2,249		2,193			2.7	%	4,060		4,026		(3.7)	%
South Carolina	474	4,432			4,438			1.9	%	2,406		2,296			1.4	%	2,026		2,142		2.2	%
Tennessee	702	7,048			6,608			1.4	%	2,938		2,924			2.6	%	4,110		3,684		0.8	%
Net deferred Rent	—	85			413					413		—					(328)		413
Totals	5,420	$	46,478		$	46,344		0.3	%	$	21,435	$	21,214	$21,214	1.0	%	$	24,630	$	25,130	(2.0)	%

		Weighted Average Occupancy								Weighted Average Monthly Rent per Occupied Unit
		2025			2024			% Change		2025		2024			% Change
Georgia		90.0		%	91.4		%	(1.5)	%	$	1,223	$	1,240		(1.4)	%
Florida		94.9		%	94.7		%	0.2	%	1,466		1,461			0.3	%
Texas		91.5		%	93.0		%	(1.6)	%	1,158		1,193			(2.9)	%
Ohio		94.3		%	95.4		%	(1.2)	%	1,190		1,147			3.7	%
Virginia		98.0		%	96.2		%	1.9	%	1,764		1,677			5.2	%
South Carolina		93.8		%	95.1		%	(1.4)	%	1,476		1,458			1.2	%
Tennessee		95.3		%	92.7		%	2.8	%	1,621		1,549			4.6	%
Missouri		94.2		%	94.8		%	(0.6)	%	1,690		1,694			(0.2)	%
Alabama		94.4		%	95.2		%	(0.8)	%	1,193		1,198			(0.4)	%
North Carolina		95.5		%	95.0		%	0.5	%	1,314		1,278			2.8	%
Mississippi		94.9		%	94.7		%	0.2	%	1,322		1,303			1.5	%
Weighted Average		93.9		%	93.7		%	0.2	%	1,365		1,349			1.2	%

_______________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and

Definitions."

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Unconsolidated Same Store Comparisons (1)

Quarters ended June 30, 2025 and 2024

BRT Pro-rata Share

(dollars in thousands, except monthly rent amounts)

________________________________________________________________________________________


		Revenues								Property Operating Expenses						NOI (2)
	Units	2025			2024			% Change		2025		2024		% Change		2025		2024		% Change
Texas	1,103	$	2,585		$	2,665		(3.0)	%	$	1,459	$	1,347	8.3	%	$	1,126	$	1,318	(14.6)	%
Georgia	271	921			949			(3.0)	%	470		480		(2.1)	%	451		469		(3.8)	%
South Carolina	713	1,384			1,356			2.1	%	489		500		(2.2)	%	895		856		4.6	%
Alabama	200	638			592			7.8	%	302		289		4.5	%	336		303		10.9	%
Net deferred rent		(4)			—			0.0	%	—		—		0.0	%	(4)		—		0.0	%
Totals	2,287	$	5,524		$	5,562		(0.7)	%	$	2,720	$	2,616	4.0	%	$	2,804	$	2,946	(4.8)	%

		Weighted Average Occupancy								Weighted Average Monthly Rent per Occupied Unit
		2025			2024			% Change		2025		2024		% Change
Texas		94.7		%	93.6		%	1.2	%	$	1,474	$	1,514	(2.6)	%
Georgia		92.2		%	93.4		%	(1.3)	%	1,476		1,515		(2.6)	%
South Carolina		93.7		%	95.2		%	(1.6)	%	1,614		1,567		3.0	%
Alabama		95.7		%	98.0		%	(2.3)	%	1,254		1,144		9.6	%
Weighted Average		94.2		%	94.5		%	(0.4)	%	$	1,498	$	1,497	0.1	%

________________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

Measures and Definitions."

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Unconsolidated Same Store Comparisons (1)

Six Months Ended June 30, 2025 and 2024

BRT Pro-rata Share

(dollars in thousands, except monthly rent amounts)

_______________________________________________________________________________________


		Revenues								Property Operating Expenses						NOI (2)
	Units	2025			2024			% Change		2025		2024		% Change		2025		2024		% Change
Texas	1,103	$	5,130		$	5,262		(2.5)	%	$	2,751	$	2,728	0.8	%	$	2,379	$	2,534	(6.1)	%
Georgia	271	1,843			1,931			(4.6)	%	946		951		(0.5)	%	897		980		(8.5)	%
South Carolina	713	2,738			2,653			3.2	%	977		979		(0.2)	%	1,761		1,674		5.2	%
Alabama	200	1,259			1,176			7.1	%	598		552		8.3	%	661		624		5.9	%
Net deferred rent		7			—			0.0	%	—		—		0.0	%	7		$	—	0.0	%
Totals	2,287	$	10,977		$	11,022		(0.4)	%	$	5,272	$	5,210	1.2	%	$	5,705	$	5,812	(1.8)	%

		Weighted Average Occupancy								Weighted Average Monthly Rent per Occupied Unit
		2025			2024			% Change		2025		2024		% Change
Texas		93.9		%	92.5		%	1.5	%	$	1,461	$	1,514	(3.5)	%
Georgia		91.4		%	94.0		%	(2.8)	%	1,496		1,535		(2.5)	%
South Carolina		94.3		%	94.8		%	(0.5)	%	1,595		1,541		3.5	%
Alabama		96.0		%	97.3		%	(1.3)	%	1,241		1,136		9.2	%
Weighted Average		93.9		%	93.8		%	0.1	%	$	1,487	$	1,491	(0.3)	%

___________________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

Measures and Definitions."

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

________________________________________________________________________________________

The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for the consolidated properties:


Consolidated	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
GAAP Net loss attributable to common stockholders	$	(2,566)	$	(2,345)	$	(4,918)	$	(5,516)
Less: Loan interest and other income	(468)		(84)		(955)		(189)
Add: Interest expense	5,707		5,500		11,383		11,023
General and administrative	3,744		3,813		7,814		7,965

Depreciation and amortization	6,580		6,466		13,121		12,901
Provision for taxes	60		(65)		118		13



Insurance recovery	(189)		—		(257)		—


Adjust for: Equity in earnings of unconsolidated joint venture properties	(299)		(389)		(712)		(617)
Add: Net income attributable to non-controlling interests	43		36		87		71
Net Operating Income	$	12,612	$	12,932	$	25,681	$	25,651

Less: Non-same store Net Operating Income	316		251		$	638	$	521
Same store Net Operating Income	$	12,296	$	12,681	$	25,043	$	25,130

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

________________________________________________________________________________________

The following tables provides a reconciliation of BRT's Equity in earnings from NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for BRT's pro rata share of the unconsolidated properties:


Unconsolidated	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
BRT equity in earnings from joint ventures	$	299	$	389	$	712	$	617
Add: Interest expense	1,205		1,230		2,399		2,449
Depreciation	1,435		1,373		2,968		2,740





Equity in earnings of joint ventures	(18)		(3)		(108)		(21)
Net Operating Income	$	2,921	$	2,989	$	5,971	$	5,785

Less: Non-same store Net Operating Income	$	117	$	43	266		(27)
Same store Net Operating Income	$	2,804	$	2,946	$	5,705	$	5,812



Consolidated same store Net Operating Income	$	12,296	$	12,681	$	25,043	$	25,130
Unconsolidated same store Net Operating Income	2,804		2,946		5,705		5,812
Combined same store Net Operating Income	$	15,100	$	15,627	$	30,748	$	30,942

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

_____________________________________________________________________________________________________________________

The condensed income statements for the unconsolidated properties below, present, for the periods indicated, a reconciliation of the information that appears in note 7 to the consolidated financial statements included in BRT's Quarterly Report on Form 10-Q for the period ended June 30, 2025 to the BRT pro-rata information presented below:


	Three Months Ended June 30, 2025
	Total		BRT's Pro Rata Share		Partner Share
Revenues:
Rental and other revenue	$	11,927	$	5,737	$	6,190
Total revenues	11,927		5,737		6,190
Expenses:
Real estate operating expenses	5,744		2,816		2,928
Interest expense	2,770		1,205		1,565
Depreciation	3,163		1,435		1,728
Total expenses	11,677		5,456		6,221

Total revenues less total expenses	250		281		(31)

Other equity earnings	18		18		—





Net income	$	268	299		$	(31)


	Three Months Ended June 30, 2024
	Total		BRT's Pro Rata Share		Partner Share
Revenues:
Rental and other revenue	$	11,294	$	5,680	$	5,614
Total revenues	11,294		5,680		5,614
Expenses:
Real estate operating expenses	5,438		2,691		2,747
Interest expense	2,832		1,230		1,602
Depreciation	2,905		1,373		1,532
Total expenses	11,175		5,294		5,881

Total revenues less total expenses	119		386		(267)

Other equity earnings	3		3		—





Net income	$	122	$	389	$	(267)

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

_____________________________________________________________________________________________________________________

The condensed income statements for the unconsolidated properties below present for the periods indicated a reconciliation of the information that appears in note 7 of BRT's report on Form 10-Q to the BRT pro rata information presented here in this supplemental.


	Six Months Ended June 30, 2025
	Total		BRT's Pro Rata Share		Partner Share
Revenues:
Rental and other revenue	$	23,636	$	11,395	$	12,241
Total revenues	23,636		11,395		12,241
Expenses:
Real estate operating expenses	10,917		5,424		5,493
Interest expense	5,515		2,399		3,116
Depreciation	6,911		2,968		3,943
Total expenses	23,343		10,791		$	12,552

Total revenues less total expenses	293		604		(311)

Other equity earnings	108		108		—





Net income	$	401	$	712	$	(311)


	Six Months Ended June 30, 2024
	Total		BRT's Pro Rata Share		Partner Share
Revenues:
Rental and other revenue	$	21,918	$	11,154	$	10,764
Total revenues	21,918		11,154		10,764
Expenses:
Real estate operating expenses	10,884		5,369		5,515
Interest expense	5,610		2,449		3,161
Depreciation	5,798		2,740		3,058
Total expenses	22,292		10,558		$	11,734

Total revenues less total expenses	(374)		596		(970)

Other equity earnings	21		21		—


Gain on insurance recoveries	—		—		—
Gain on sale of real estate properties	—		—		—
Loss on extinguishment of debt	—		—		—
Net income	$	(353)	$	617	(970)

Table of Contents

BRT Apartments Corp. (NYSE: BRT)

Balance Sheets of Unconsolidated Joint Venture Entities

(dollars in thousands)

_____________________________________________________________________________________________________________________

At June 30, 2025, the Company held interests in unconsolidated joint ventures that own 7 multi-family properties (the "Unconsolidated Properties") and an interest in a multi-family property that is in lease up. The condensed balance sheet below present information regarding such properties:


	June 30, 2025
	TOTAL		BRT's Pro Rata Share		Partner Share
ASSETS
Real estate properties, net of accumulated depreciation	$	313,704	$	141,623	$	172,081
Cash and cash equivalents	4,643		2,027		2,616
Other assets	8,587		4,392		4,195

Total Assets	$	326,934	$	148,042	$	178,892

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs	249,552		114,891		134,661
Accounts payable and accrued liabilities	7,284		3,453		3,831
Total Liabilities	256,836		118,344		138,492
Commitments and contingencies

Equity:
Total unconsolidated joint venture equity	70,098		29,697		40,401
Total Liabilities and Equity	$	326,934	$	148,041	$	178,893