BRT Apartments Corp. Reports 2.1% Revenue Growth but Increases Net Loss in Q1 2026

BRT Apartments Corp. reported its financial results for the first quarter of 2026, revealing a total revenue of $24.6 million, a 2.1% increase from $24.1 million in the same period last year. The growth in revenue was primarily driven by a 2.3% rise in rental and other income from real estate properties, which reached $24.2 million, up from $23.6 million. However, the company experienced a net loss attributable to common stockholders of $2.7 million, compared to a loss of $2.4 million in the prior year, resulting in a loss per share of $0.14, compared to $0.12 in the previous year.

In terms of operational performance, BRT's total expenses increased slightly to $27.0 million from $26.8 million, reflecting a 0.6% rise. Notably, interest expenses rose by 5.0% to $6.0 million, attributed to higher mortgage interest costs following recent refinancing activities. General and administrative expenses decreased by 5.0% to $3.9 million, aided by a reduction in non-cash amortization expenses related to equity awards. The company also reported a loss of $308,000 from its unconsolidated joint ventures, a significant decline from earnings of $413,000 in the previous year, primarily due to operating losses from newly acquired properties.

BRT Apartments Corp. continues to manage a diversified portfolio, owning 21 multifamily properties with a total of 5,420 units and a carrying value of approximately $589.9 million. The company also holds interests in ten additional multifamily properties through unconsolidated joint ventures, valued at $44.8 million. As of March 31, 2026, BRT's total assets amounted to $698.4 million, a decrease from $709.8 million at the end of 2025, largely due to a reduction in other assets and real estate properties.

Looking ahead, BRT anticipates challenges stemming from the uncertain economic environment, including inflation and rising interest rates, which may impact rental income and occupancy rates. The company has $88.6 million of mortgage debt maturing in 2026 and 2027, and it expects refinancing at higher rates than its current average of 4.22%. BRT's management is focused on maintaining liquidity, with approximately $61.8 million available as of May 1, 2026, including $21.8 million in cash and cash equivalents and $40 million under its credit facility. The company plans to continue its share repurchase program, having repurchased 176,148 shares in the first quarter, and intends to pay a quarterly cash dividend of $0.25 per share.