BRT Apartments (BRT) Q2 2025 earnings summary

Executive summary

• Owns 21 wholly-owned multi-family properties (5,420 units) and interests in 8 unconsolidated properties (2,527 units) as of June 30, 2025, mainly in the Southeast US and Texas.

• Acquired a 214-unit property in Auburn, AL via joint venture in July 2025, funded partly by a $7M credit facility draw.

• Faces challenges from inflation, higher interest rates, and oversupply in key markets, impacting rental and occupancy rates.

Financial highlights

• Q2 2025 total revenues: $24.2M, up 1.4% year-over-year; six-month revenues: $48.3M, up 2.2%.

• Q2 2025 net loss attributable to common stockholders: $(2.6)M, or $(0.14) per share; six-month net loss: $(4.9)M, or $(0.26) per share.

• Q2 2025 FFO: $5.4M ($0.29/share); AFFO: $6.8M ($0.36/share). Six-month FFO: $11.2M ($0.59/share); AFFO: $14.2M ($0.75/share).

• Q2 2025 same store NOI: $12.3M, down $0.4M year-over-year; six-month same store NOI: $25.0M, down $0.1M.

• Q2 2025 rental and other revenue: $23.7M, flat year-over-year; loan interest and other income increased to $468K.

Outlook and guidance

• Expects mortgage interest expense to rise as $174.5M in mortgage debt matures through 2027, with new rates higher than current weighted average of 4.09%.

• Anticipates continued acquisition challenges due to asset mispricing and market oversupply.

• Plans to maintain REIT status and current quarterly dividend rate, but may need to issue equity or sell properties if unable to refinance balloon payments.