BRT Apartments Corp. reported its financial results for the first quarter of 2025, revealing total revenues of $24.1 million, a 3% increase from $23.4 million in the same period last year. The growth was primarily driven by a $321,000 rise in rental and other revenue from real estate properties, attributed to increased rental rates across approximately two-thirds of the portfolio and higher ancillary income. However, the company recorded a net loss attributable to common stockholders of $2.4 million, or $(0.12) per share, compared to a loss of $3.2 million, or $(0.17) per share, in the prior year.
In terms of expenses, BRT's total expenses increased slightly to $26.8 million from $26.7 million year-over-year. The rise was influenced by a $292,000 increase in interest expenses, primarily due to financing for the Woodland Trails property, offset by a decrease in real estate operating expenses. The company reported equity in earnings from unconsolidated joint ventures of $413,000, up from $228,000 in the previous year, reflecting improved performance at its properties, including a reduction in losses at the Stono Oaks property, which is currently in lease-up.
BRT continues to focus on strategic growth, maintaining a portfolio of 29 multi-family properties across 11 states, with a total of 5,420 units. The company has also made preferred equity investments in two multi-family properties, valued at $17.7 million, which generated $293,000 in loan interest and other income during the quarter. As of March 31, 2025, BRT's total assets were valued at $703.9 million, a decrease from $713.5 million at the end of 2024, primarily due to a reduction in the carrying value of real estate properties.
Looking ahead, BRT anticipates challenges due to the uncertain economic environment, including inflation and volatile interest rates, which may impact rental and occupancy rates. The company is exploring alternative investments in the multi-family sector, including preferred equity investments and joint ventures, to enhance its portfolio. As of April 30, 2025, BRT reported available liquidity of $59.5 million, which includes $19.5 million in cash and cash equivalents and $40 million available under its credit facility, indicating a solid position to navigate upcoming financial obligations and potential growth opportunities.
About BRT Apartments Corp.
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