BRT Apartments (BRT) Q3 2025 earnings summary

Executive summary

• Owns 21 wholly-owned multi-family properties (5,420 units) and interests in 10 unconsolidated properties (2,891 units) across 11 states, mainly in the Southeast and Texas.

• Completed two joint venture acquisitions in Q3 2025: 1322 North in Auburn, AL ($36.5M) and Oaks at Victory in Savannah, GA ($23.0M), expanding the portfolio by 364 units.

• Reported a net loss of $2.7M ($0.14 per share) for Q3 2025, compared to a $2.2M loss ($0.12 per share) in Q3 2024.

• FFO per share was $0.28, down from $0.30 in Q3 2024; AFFO per share remained flat at $0.36.

• $8.8M remains authorized for share repurchases as of October 31, 2025.

Financial highlights

• Q3 2025 total revenues: $24.4M, up 0.2% year-over-year; nine months: $72.7M, up 1.5%.

• Market capitalization as of September 30, 2025, was $296.9M, with 18.96M shares outstanding at $15.66 per share.

• Debt to enterprise value increased to 70% from 68% year-over-year.

• Q3 2025 net operating income for consolidated properties: $12.7M; combined portfolio NOI: $15.3M.

• Quarterly dividend: $0.25/share, paid October 2025.

Outlook and guidance

• Expects interest expense to rise due to refinancing of $196.3M in mortgage debt maturing through 2027 at higher rates.

• Anticipates quarterly interest expense to increase by ~$430,000 after contemplated refinancings.

• Management expects all outstanding debt on the credit facility to be paid off by year-end 2025.

• Limited funds for new acquisitions; focus remains on joint ventures and preferred equity investments.

• Forward-looking statements highlight expectations for continued property acquisitions, value-add activity, and capital expenditures, but caution is noted due to economic and market uncertainties.