BRT Apartments Corp. reported a modest increase in total revenues for the fiscal year ending December 31, 2025, reaching $97.0 million, up from $95.6 million in 2024, marking a 1.5% growth. The rental and other revenue from real estate properties saw a slight increase of 0.5%, totaling $95.3 million, while loan interest and other income surged by 105.7% to $1.8 million. Despite this revenue growth, the company experienced a net loss attributable to common stockholders of $11.9 million, compared to a loss of $9.8 million in the previous year, primarily due to increased operating expenses and interest costs.
In 2025, BRT Apartments made strategic moves to enhance its portfolio, acquiring an 80% interest in two multi-family properties through joint ventures for a total of $59.5 million. The company also refinanced four mortgages totaling $58 million, resulting in an expected decrease in annual principal payments by $1.2 million, although annual interest expenses are projected to rise by $1.8 million. Additionally, BRT sold a cooperative apartment unit in New York for approximately $1 million, realizing a gain of $755,000.
Operationally, BRT Apartments managed 21 wholly-owned multi-family properties with a total of 5,420 units, alongside interests in ten additional properties through joint ventures. The company reported an average occupancy rate of 93.9% across its properties, a slight increase from the previous year. However, the overall net operating income (NOI) decreased by $35,000 year-over-year, attributed to rising real estate operating expenses, which increased by 1.2% to $44.1 million.
The company’s financial outlook remains cautious, with management highlighting challenges posed by the uncertain economic environment, including inflation and rising interest rates. BRT anticipates that its mortgage interest expenses will increase as it faces $154.6 million in principal balances maturing through 2027. The company has approximately $65.1 million in liquidity, including cash and available credit, but acknowledges that its operating cash flow may not be sufficient to cover all upcoming debt obligations without refinancing or asset sales.
Looking ahead, BRT Apartments Corp. plans to continue focusing on its multi-family property investments while navigating the complexities of the current market. The company has extended its share repurchase program through December 2028, with an increased authorization of up to $10 million, reflecting its commitment to returning value to shareholders amidst ongoing operational adjustments.
About BRT Apartments Corp.
BRT Apartments Corp. is a real estate investment trust (REIT) specializing in owning and operating multi-family residential properties, primarily garden-style apartments, across the Southeastern United States and Texas. The company holds interests in wholly owned properties, joint ventures, and preferred equity investments, focusing on Class B or better assets with stable cash flows and value-add potential. BRT leverages fixed-rate mortgage financing and partners with local property managers to generate rental income and capital appreciation.
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