BRT Apartments Corp. Files Q2 2024 10-Q

TL;DR

BRT Apartments Corp. Q2 2024 10-Q filed. Financials updated.

AI Summary

BRT Apartments Corp. filed its 10-Q for the period ending June 30, 2024. The company, previously known as BRT Realty Trust, is incorporated in New York and operates in the Real Estate Investment Trusts sector. Key financial data and reporting periods are detailed within the filing.

Why It Matters

This filing provides investors with an update on BRT Apartments Corp.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024)
• 1231 — Fiscal Year End (Company's fiscal year ends on December 31st)

Key Players & Entities

• BRT Apartments Corp. (company) — Filer
• BRT Realty Trust (company) — Former company name
• Gould Investors LP (company) — Former company name
• NY (location) — State of incorporation
• 20240630 (date) — Period of report
• 20240809 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ,172 Shares of Common Stock, par value $0.01 per share, outstanding on August 1, 202

Filing Documents

• brt-20240630.htm (10-Q) — 992KB
• exhibit102.htm (EX-10.2) — 50KB
• exhibit311q22024.htm (EX-31.1) — 10KB
• exhibit312q22024.htm (EX-31.2) — 9KB
• exhibit313q22024.htm (EX-31.3) — 10KB
• exhibit321q22024.htm (EX-32.1) — 6KB
• exhibit322q22024.htm (EX-32.2) — 6KB
• exhibit323q22024.htm (EX-32.3) — 6KB
• 0000014846-24-000050.txt ( ) — 5497KB
• brt-20240630.xsd (EX-101.SCH) — 32KB
• brt-20240630_cal.xml (EX-101.CAL) — 54KB
• brt-20240630_def.xml (EX-101.DEF) — 226KB
• brt-20240630_lab.xml (EX-101.LAB) — 498KB
• brt-20240630_pre.xml (EX-101.PRE) — 392KB
• brt-20240630_htm.xml (XML) — 541KB

- Financial Information

Part I - Financial Information Page No.

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets - Ju n e 3 0 , 2024 (unaudited) and December 31, 2023 (audited) 2 Consolidated Statements of Operations – Three and six months ended June 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Equity – Three and s ix months ended June 3 0 , 2024 and 2023 (unaudited) 4 Consolidated Statements of Cash Flows – Six months ended June 3 0 , 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks 33

Controls and Procedures

Item 4. Controls and Procedures 33

– Other Information

Part II – Other Information

Legal Proceedings

Item 1. Legal Proceedings 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 35 Table of Contents Explanatory Note Unless otherwise indicated or the context otherwise requires, all references to (i) "us", "we", "BRT" or the "Company" refer to BRT Apartments Corp. and its consolidated and unconsolidated subsidiaries; (ii) "acquisitions" include investments in and by unconsolidated joint ventures; and (iii) "same store properties" refer to properties that we owned and operated for the entirety of the periods being compared, except for properties that are under construction, in lease-up, or are undergoing development or redevelopment. We move properties previously excluded from our same store portfolio (because they were under construction, in lease up or are in development or redevelopment) into the same store designation once they have stabilized (as described below) and such status has been reflected fully in all quarters during the applicable periods of comparison. Newly constructed, lease-up, development and redevelopment properties are deemed stabilized upon the earlier to occur of the first full calendar quarter beginning (a) 12 months after the property is fully completed and put in service and (b) attainment of at least 90% physical occupancy. 1 Table of Contents

Financial Statements

Item 1. Financial Statements BRT APARTMENTS CORP. AND SUBSIDIARIES `CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share data) June 30, 2024 December 31, 2023 (unaudited) (audited) ASSETS Real estate properties, net of accumulated depreciation and amortization of $ 93,400 and $ 80,499 $ 626,291 $ 635,836 Investments in unconsolidated joint ventures 32,178 34,242 Cash and cash equivalents 18,946 23,512 Restricted cash 568 632 Other assets 16,730 15,741 Total Assets $ 694,713 $ 709,963 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $ 3,584 and $ 4,009 $ 421,250 $ 422,427 Junior subordinated notes, net of deferred costs of $ 247 and $ 257 37,153 37,143 Credit facility — — Accounts payable and accrued liabilities 21,636 21,948 Total Liabilities 480,039 481,518 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; 17,748 and 17,536 shares outstanding 177 175 Additional paid-in capital 268,382 267,271 Accumulated deficit ( 53,821 ) ( 38,986 ) Total BRT Apartments Corp. stockholders' equity 214,738 228,460 Non-controlling interest ( 64 ) ( 15 ) Total Equity 214,674 228,445 Total Liabilities and Equity $ 694,713 $ 709,963 See accompanying notes to consolidated financial statements. 2 Table of Contents BRT APARTMENTS CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Rental and other revenue from real estate properties $ 23,778 $ 23,255 $ 47,076 $ 46,194 Interest and other income 84 63 189 63 Total revenues 23,862 23,318 47,265 46,257 Expenses: Real estate operating expenses - including $ 8 and $ 10 to related parties for the three months ended

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements June 30, 2024 Note 1 – Organization and Background BRT Apartments Corp. (the "Company" or "BRT"), a Maryland corporation, owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes. These multi-family properties may be wholly owned by the Company (including its consolidated subsidiaries) or by unconsolidated joint ventures in which the Company generally contributed a significant portion of the equity. At June 30, 2024, the Company: (i) wholly owns 21 multi-family properties located in 11 states with an aggregate of 5,420 units and a carrying value of $ 624,502,000 ; (ii) has interests, through unconsolidated entities, in eight multi-family properties located in four states with an aggregate of 2,527 units with a carrying value of $ 32,178,000 ; and (iii) owns other assets, through consolidated and unconsolidated subsidiaries, with a carrying value of $ 1,789,000 . These 29 multi-family properties are located in 11 states; most of the properties are located in the Southeast United States and Texas. Note 2 – Basis of Preparation The accompanying interim unaudited consolidated financial statements, reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended June 30, 2024 and 2023, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2023, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP"). Accordingly, these unaudited statements should be read in conjunction with the Compa

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