NYSE: BRT
BRT Apartments Corp.CIK 0000014846 · SIC 6798 · Real Estate Investment Trusts
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BRT Apartments posts wider loss as debt costs rise; $80M Florida acquisition pending
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(Amounts in thousands, except shares and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Rental and other revenue from real estate properties | 24,041 | 23,729 | 48,211 | 47,348 |
| Loan interest and other income | 433 | 468 | 868 | 955 |
| Total revenues | 24,474 | 24,197 | 49,079 | 48,303 |
| Expenses: | ||||
| Real estate operating expenses including $9 and $6 to related parties for the three months ended and $17 and $15 for the six months ended | 11,382 | 11,117 | 21,871 | 21,667 |
| Interest expense | 5,993 | 5,707 | 11,953 | 11,383 |
| General and administrative including $251 and $163 to related parties for the three months ended and $504 and $341 for the six months ended | 3,534 | 3,744 | 7,401 | 7,814 |
| Depreciation and amortization | 6,708 | 6,580 | 13,391 | 13,121 |
| Total expenses | 27,617 | 27,148 | 54,616 | 53,985 |
| Total revenues less total expenses | (3,143) | (2,951) | (5,537) | (5,682) |
| Equity in (loss) earnings of unconsolidated joint ventures | (1) | 299 | (309) | 712 |
| Insurance recovery of casualty loss | — | 189 | 136 | 257 |
| Loss from continuing operations | (3,144) | (2,463) | (5,710) | (4,713) |
| Income tax provision | 37 | 60 | 113 | 118 |
| Loss from continuing operations, net of taxes | (3,181) | (2,523) | (5,823) | (4,831) |
| Net income attributable to non-controlling interest | (40) | (43) | (80) | (87) |
| Net loss attributable to common stockholders | (3,221) | (2,566) | (5,903) | (4,918) |
| Weighted average number of shares of common stock outstanding: | ||||
| Basic and diluted | 17,979,991 | 17,985,801 | 18,021,620 | 17,986,443 |
| Net loss per share amounts attributable to common stockholders: | ||||
| Basic and diluted | (0.19) | (0.14) | (0.35) | (0.26) |
Consolidated Balance Sheets
(Amounts in thousands, except per share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 (audited) |
|---|---|---|
| ASSETS | ||
| Real estate properties, net of accumulated depreciation and amortization of $146,212 and $132,821 | 586,829 | 596,814 |
| Investments in unconsolidated joint ventures | 43,297 | 46,121 |
| Loan receivables, net of deferred fees of $223 and $252 and allowance for credit loss of $275 and $275 | 17,752 | 17,723 |
| Cash and cash equivalents | 22,718 | 25,138 |
| Restricted cash | 1,886 | 2,521 |
| Other assets | 18,673 | 21,496 |
| Total Assets | 691,155 | 709,813 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Mortgages payable, net of deferred costs of $4,134 and $4,614 | 469,352 | 471,083 |
| Junior subordinated notes, net of deferred costs of $207 and $217 | 37,193 | 37,183 |
| Credit facility | — | — |
| Accounts payable and accrued liabilities | 24,232 | 24,347 |
| Total Liabilities | 530,777 | 532,613 |
| Commitments and contingencies | ||
| Equity: | ||
| BRT Apartments Corp. stockholders' equity: | ||
| Preferred shares $0.01 par value 2,000 shares authorized, none outstanding | — | — |
| Common stock, $0.01 par value, 300,000 shares authorized; 18,026 and 17,919 shares outstanding | 180 | 180 |
| Additional paid-in capital | 273,949 | 275,408 |
| Accumulated deficit | (113,669) | (98,346) |
| Total BRT Apartments Corp. stockholders’ equity | 160,460 | 177,242 |
| Non-controlling interests | (82) | (42) |
| Total Equity | 160,378 | 177,200 |
| Total Liabilities and Equity | 691,155 | 709,813 |
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in Thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (5,823) | (4,831) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 13,391 | 13,121 |
| Amortization of deferred financing costs | 559 | 567 |
| Amortization of debt fair value adjustment | 141 | 255 |
| Amortization of deferred loan fee income | (29) | (31) |
| Amortization of restricted stock and restricted stock units | 1,870 | 2,277 |
| Equity in loss (earnings) of unconsolidated joint ventures | 309 | (712) |
| Increases and decreases from changes in other assets and liabilities: | ||
| Increase in other assets | (1,881) | (2,333) |
| (Decrease) increase in accounts payable and accrued liabilities | (115) | 411 |
| Net cash provided by operating activities | 8,422 | 8,724 |
| Cash flows from investing activities: | ||
| Improvements to real estate properties | (3,406) | (4,272) |
| Distributions from unconsolidated joint ventures | 2,515 | 2,033 |
| Net cash used in investing activities | (891) | (2,239) |
| Cash flows from financing activities: | ||
| Mortgage principal payments | (2,352) | (2,231) |
| Dividends paid | (5,677) | (9,429) |
| Distributions to non-controlling interests | (120) | (98) |
| Proceeds from issuance of DRIP shares | 2,079 | 1,630 |
| Repurchase of shares of common stock | (5,408) | (2,386) |
| Net cash used in financing activities | (11,478) | (12,514) |
| Net decrease in cash, cash equivalents, restricted cash and escrows: | (3,947) | (6,029) |
| Cash, cash equivalents, restricted cash and escrows at beginning of period | 35,620 | 40,579 |
| Cash, cash equivalents, restricted cash and escrows at end of period | 31,673 | 34,550 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid during the period for interest expense | 11,035 | 10,638 |
| Cash paid for income taxes and excise taxes | 220 | 237 |
| Supplemental disclosure of non-cash financing activity: | ||
| Distributions to common stockholders | 3,743 | — |
Amounts as printed on the EDGAR/iXBRL face — (Amounts in thousands, except shares and per share data); (Amounts in thousands, except per share data); (Dollars in Thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗