BRT Apartments : Supplemental
BRT
Exhibit 99.2
SUPPLEMENTAL FINANCIAL
INFORMATION FOR THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2024
March 12, 2025
60 Cutter Mill Rd., Great Neck, NY 11021
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
We consider some of the information set forth herein to contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to our expectations for future periods. Forward- looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property acquisition and disposition activity, joint venture activity, development and value add activity and other capital expenditures, and capital raising and financing activity, as well as revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases, beyond our control, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved and investors are cautioned not to place undue reliance on such information.
The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:
We undertake no obligation to update or revise the information herein, whether as a result of new information, future events or circumstances, or otherwise.
Units under rehabilitation for which we have received or accrued rental income from business interruption insurance, while not physically occupied, are treated as leased (i.e., occupied) at rental rates in effect at the time of the casualty.
We use pro rata (as defined under "Non-GAAP Financial Measures and Definitions") to help the reader gain a better understanding of our unconsolidated joint ventures. However, the use of pro rata information has certain limitations and is not representative of our operations and accounts as presented in accordance with GAAP. Accordingly, pro rata information should be used with caution and in conjunction with the GAAP data presented herein and in our reports filed with the SEC.
2
Table of Contents
Page Number
Quarterly Results
2
Financial Highlights
4
Components of Net Asset Value
5
Results of Operation
6
Operating Results of Unconsolidated Properties
7
Funds From Operations
8
Consolidated Balance Sheets
10
Preferred Equity Investment
11
Value-Add Information and Capital Expenditures
12
Debt Analysis
13
Portfolio Data by State
14
Combined Portfolio Metrics
16
Portfolio Table
18
Appendix
19
Non-GAAP Financial Measure and Definitions
20
Same Store Comparison - Consolidated
22
Same Store Comparison - Unconsolidated
24
Reconciliations
26
Balance Sheet of Unconsolidated Joint Ventures
30
Table of Contents
BRT Apartments Corp. (NYSE: BRT)
Fourth Quarter and Full Year 2024 and Subsequent Highlights
See the reconciliations provided later in this supplemental of FFO, AFFO and Combined Portfolio NOI, to net income, as calculated in accordance with GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."
Full Year 2025 Outlook
2
3
Table of Contents
BRT Apartments Corp. (NYSE: BRT)
Financial Highlights
_________________________________________________________________________________________________________
As of December 31,
2024
2023
Market capitalization (thousands)
$
338,657
$
345,439
Shares outstanding (thousands)
18,783
18,582
Closing share price
$
18.03
$
18.59
Quarterly dividend declared per share
$
0.25
$
0.25
Quarter ended December 31,
Combined
Consolidated
Unconsolidated
2024
2023
2024
2023
2024
2023
Properties owned (1)
29
28
21
21
8
7
Units
7,947
7,707
5,420
5,420
2,527
2,287
Quarter Average occupancy
93.6 %
93.4 %
93.7 %
93.5 %
93.6 %
93.0 %
Quarter Average monthly rental revenue per
$
1,405
$
1,404
$
1,371
$
1,362
$
1,487
$
1,504
occupied unit
_______________________________
Three months ended
Twelve months ended
December 31,
December 31,
Per share data
2024
2023
2024
2023
(Unaudited)
(Unaudited)
(Loss) earnings per share basic and diluted
$
(0.11)
$
(0.11)
$
(0.52)
$
0.16
FFO per share of common stock (diluted) (1)
$
0.28
$
0.34
$
1.12
$
1.19
AFFO per share of common stock (diluted) (1)
$
0.37
$
0.38
$
1.43
$
1.52
As of December 31,
2024
2023
Debt to Enterprise Value (2)
66 %
65 %
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Table of Contents
BRT Apartments Corp. (NYSE: BRT)
Components of Net Asset Value
As of December 31, 2024
(all in thousands)
____________________________________________________________________________________________________________________
Net Operating Income (1)
Consolidated
$
51,218
Unconsolidated (Pro rata)
11,877
Total Net Operating Income
$
63,095
OTHER ASSETS
Cash and Cash Equivalents
$
27,856
Cash and Cash Equivalents - Unconsolidated pro rata
2,315
Loans
17,667
Restricted Cash
3,221
Other Assets
17,460
Other Assets - Unconsolidated pro rata
2,822
Total Cash and Other Assets
$
71,341
OTHER LIABILITIES
Accounts Payable and Accrued Liabilities
$
24,915
Accounts Payable and Accrued Liabilities - Unconsolidated pro rata
2,160
Total Other Liabilities
$
27,075
DEBT SUMMARY
Mortgages Payable, net of deferred costs:
Consolidated
$
446,471
Unconsolidated (Pro rata)
115,735
Total Mortgages Payable
$
562,206
Credit Facility
-
Subordinated Notes
37,163
Total Debt Outstanding
$
599,369
Common Shares Outstanding
18,783
_____________________________________________
(1) See the Appendix for a reconciliation of the non-GAAP amounts presented to GAAP amounts
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Table of Contents
BRT Apartments Corp. (NYSE: BRT)
Results of Operations (dollars in thousands except per share data)
_____________________________________________________________________________________________________________________
Three months Ended
Twelve months Ended
December 31,
(Unaudited)
December 31,
2024
2023
2024
2023
Revenues:
Rental revenue and other revenue from other real estate properties
$
23,520
$
23,365
$
94,773
$
93,069
Other income
449
143
857
548
Total revenues
23,969
23,508
95,630
93,617
Expenses:
Real estate operating expenses
10,943
10,256
43,555
41,821
Interest expense
5,828
5,584
22,596
22,161
General and administrative
3,819
3,513
15,595
15,433
Provision for credit loss
270
-
270
-
Depreciation and amortization
6,526
6,389
25,926
28,484
Total expenses
27,386
25,742
107,942
107,899
Total revenues less total expenses
(3,417)
(2,234)
(12,312)
(14,282)
Equity in earnings of unconsolidated joint ventures
658
588
1,644
2,293
Equity in earnings from sale of unconsolidated joint venture properties
-
-
-
14,744
Gain on sale of real estate
806
-
806
604
Casualty loss
-
(323)
-
(323)
Insurance recovery of casualty loss
-
317
-
793
Gain on insurance recovery
-
-
-
240
(Loss) income from continuing operations
(1,953)
(1,652)
(9,862)
4,069
Income tax provision (benefit)
71
49
(226)
54
Net (loss) income from continuing operations, net of taxes
(2,024)
(1,701)
(9,636)
4,015
Income attributable to non-controlling interests
(46)
(36)
(155)
(142)
Net (loss) income attributable to common stockholders
$
(2,070)
$
(1,737)
$
(9,791)
$
3,873
Weighted average number of shares of common stock outstanding:
Basic
17,848,134
17,608,708
17,752,226
17,918,270
Diluted
17,848,134
17,608,708
17,752,226
17,948,276
Per share amounts attributable to common stockholders:
Basic
$
(0.11)
$
(0.11)
$
(0.52)
$
0.16
Diluted
$
(0.11)
$
(0.11)
$
(0.52)
$
0.16
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Table of Contents
BRT Apartments Corp. (NYSE: BRT)
Operating Results of Unconsolidated Properties
(dollars in thousands)
_____________________________________________________________________________________________________________________
Three months Ended
Twelve months Ended
December 31,
(Unaudited)
December 31,
2024
2023
2024
2023
Revenues:
Rental and other revenue
$
11,653
$
10,541
$
45,182
$
44,785
Total revenues
11,653
10,541
45,182
44,785
Expenses:
Real estate operating expenses
5,378
4,742
21,840
20,577
Interest expense
2,849
2,211
11,357
9,268
Depreciation
3,159
2,570
11,873
10,403
Total expenses
11,386
9,523
45,070
40,248
Total revenues less total expenses
267
1,018
112
4,537
Other equity earnings
209
7
235
126
Gain on insurance recoveries
-
-
-
65
Gain on sale of real estate properties
-
-
-
38,418
Loss on extinguishment of debt
-
-
-
(561)
Net income from joint ventures
$
476
$
1,025
$
347
$
42,585
BRT equity in earnings and equity in earnings from sale of unconsolidated joint
$
658
$
588
$
1,644
$
17,037
venture properties
7
Disclaimer
BRT Apartments Corp. published this content on March 12, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 12, 2025 at 21:19:21.333.