# EDGAR Filing Document

**Accession Number:** 0000014846
**File Stem:** 0000014846-25-000039
**Filing Date:** 2025-11
**Character Count:** 95288
**Document Hash:** b48d7763ed644f27cdf491550a449e4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000014846-25-000039.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0000014846-25-000039

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRT Apartments Corp.
- **CENTRAL INDEX KEY:** 0000014846
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 132755856
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07172
- **FILM NUMBER:** 251458809

**BUSINESS ADDRESS:**
- **STREET 1:** 60 CUTTER MILL RD
- **STREET 2:** SUITE 303
- **CITY:** GREAT NECK
- **STATE:** NY
- **ZIP:** 11021-3190
- **BUSINESS PHONE:** 5164663100

**MAIL ADDRESS:**
- **STREET 1:** 60 CUTTER MILL ROAD
- **STREET 2:** SUITE 303
- **CITY:** GREAT NECK
- **STATE:** NY
- **ZIP:** 11021

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRT Realty Trust
- **DATE OF NAME CHANGE:** 20170206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Gould Investors LP
- **DATE OF NAME CHANGE:** 20170127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRT REALTY TRUST
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? brt-20251106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

<u>Date of Report (Date of earliest event reported): November 6, 2025</u>

<u>BRT APARTMENTS CORP.</u>

(Exact name of Registrant as specified in charter)

Maryland 001-07172 13-2755856 <br> (State or other jurisdiction of incorporation) (Commission file No.) (IRS Employer I.D. No.)

<u>60 Cutter Mill Road, Suite 303, Great Neck, New York</u> <u>11021</u>

(Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant's telephone number, including area code: <u>516-466-3100</u>

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR

240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR

240.13e-4(c)

Securities registered pursuant to Section 12(b) of the Act:

<u>Title of each class</u> <u>Trading Symbol(s)</u> <u>Name of each exchange on which registered</u> <br> Common Stock BRT NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

------

**Item 2.02. Results of Operations and Financial Condition.**

**Item 7.01 Regulation FD Disclosure.**

Certain of our executive officers will be meeting with analysts and other persons and may provide such persons with copies of, or discuss the information set forth in, the attached material.

Pursuant to, among other things, Regulation FD, we hereby furnish the information contained in the materials attached as Exhibit 99.1 to this Current Report on Form 8-K, which information is incorporated into these Items 2.02 and 7.01 (collectively, the "Item") by this reference.

The information in this Current Report on Form 8-K under this Item, as well as Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The furnishing of this Report is not intended to constitute a determination by us that the information is material or that the dissemination of the information is required by Regulation FD or otherwise.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **Description** |
| <u>[99.1](exhibit991q32025.htm)</u> | Supplemental Financial Information dated November 6, 2025 |
| 101 | Cover Page Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | BRT APARTMENTS CORP. |
| November 6, 2025 | /s/ George Zweier |
| | George Zweier, Vice President |
| | and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![brtlogoa.jpg](brtlogoa.jpg)

<u>SUPPLEMENTAL FINANCIAL<br>INFORMATION FOR THREE MONTHS ENDED<br>SEPTEMBER 30, 2025</u>

November 6, 2025

60 Cutter Mill Rd., Great Neck, NY 11021

------

![brtlogoa.jpg](brtlogoa.jpg)

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to generate sufficient cash flows due to unfavorable economic and market conditions (e.g., inflation, volatile interest rates and the possibility of a recession), changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions and dispositions on favorable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general and local real estate conditions, including any changes in the value of our real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreasing rental rates or increasing vacancy rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges in acquiring or investing in multi-family properties (including challenges in (i) buying properties directly without the participation of joint venture partners and (ii) making alternative investments in multi-family properties, and the limited number of multi-family property investment/acquisition opportunities available to us), which transactions may not be completed or may not produce the cash flows or income expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the competitive environment in which we operate, including competition that could adversely affect our ability to acquire properties and/or limit our ability to lease apartments or increase or maintain rental rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to risks inherent in investments in a single industry and sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the concentration of our multi-family properties in the Southeastern United States and Texas, which makes us more susceptible to adverse developments in those markets;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in expenses over which we have limited control, such as real estate taxes, insurance costs and utilities, due to inflation and other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment in the value of real estate we own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of property managers to properly manage properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accessibility of debt and equity capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disagreements with, or misconduct by, joint venture partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures due to the level and volatility of interest or capitalization rates or capital market conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extreme weather and natural disasters such as hurricanes, tornadoes and floods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of or insufficient amounts of insurance to cover, among other things, losses from catastrophes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with acquiring value-add multi-family properties, which involves greater risks than more conservative approaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the condition of Fannie Mae or Freddie Mac, which could adversely impact us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in Federal, state and local governmental laws and regulations, including laws and regulations relating to taxes and real estate and related investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to comply with laws, including those requiring access to our properties by disabled persons, which could result in substantial costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• board determinations as to timing and payment of dividends, if any, and our ability or willingness to pay future dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to satisfy the complex rules required to maintain our qualification as a REIT for federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us or a subsidiary owned by us or acquired by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on information systems, risks associated with breaches of such systems and the impact on us by the use of artificial intelligence by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disease outbreaks and other public health events, and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of climate change on our properties or operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the stock ownership restrictions of the Internal Revenue Code of 1986, as amended (the "Code") for REITs and the stock ownership limit imposed by our charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other factors described in the reports we file with the SEC, including those set forth in our Annual Report on Form 10-K under the captions "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations".

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.

The state-by-state and property-by-property revenue, weighted average rent per occupied unit and similar information presented herein do not give effect to the deferred rent concessions.

------

![brtlogoa.jpg](brtlogoa.jpg)

---

| | |
|:---|:---|
| **Table of Contents** | **Page Number** |
| Quarterly Results | <u>[1](#if95c6b452bea4ad882457aa0031e2148_10)</u> |
| Financial Highlights | <u>[2](#if95c6b452bea4ad882457aa0031e2148_13)</u> |
| Components of Net Asset Value | <u>[3](#if95c6b452bea4ad882457aa0031e2148_16)</u> |
| Operating Results | <u>[4](#if95c6b452bea4ad882457aa0031e2148_19)</u> |
| Operating Results of Unconsolidated Properties | <u>[5](#if95c6b452bea4ad882457aa0031e2148_22)</u> |
| Funds From Operations and Adjusted Funds From Operations | <u>[6](#if95c6b452bea4ad882457aa0031e2148_28)</u> |
| Consolidated Balance Sheets | <u>[8](#if95c6b452bea4ad882457aa0031e2148_31)</u> |
| Preferred Equity Investments | <u>[9](#if95c6b452bea4ad882457aa0031e2148_34)</u> |
| Acquisitions | <u>[10](#if95c6b452bea4ad882457aa0031e2148_435)</u> |
| Stock Repurchases | <u>[11](#if95c6b452bea4ad882457aa0031e2148_37)</u> |
| Value-Add Program and Capital Expenditures | <u>[12](#if95c6b452bea4ad882457aa0031e2148_40)</u> |
| Debt Analysis | <u>[13](#if95c6b452bea4ad882457aa0031e2148_43)</u> |
| Portfolio Data by State | <u>[14](#if95c6b452bea4ad882457aa0031e2148_46)</u> |
| Combined Portfolio Metrics | <u>[15](#if95c6b452bea4ad882457aa0031e2148_52)</u> |
| Portfolio Table | <u>[18](#if95c6b452bea4ad882457aa0031e2148_58)</u> |
| Appendix | <u>[19](#if95c6b452bea4ad882457aa0031e2148_61)</u> |
| Non-GAAP Financial Measure and Definitions | <u>[20](#if95c6b452bea4ad882457aa0031e2148_64)</u> |
| Consolidated Same Store Comparison | <u>[21](#if95c6b452bea4ad882457aa0031e2148_67)</u> |
| Unconsolidated Same Store Comparison | <u>[23](#if95c6b452bea4ad882457aa0031e2148_73)</u> |
| Non-GAAP Financial Measures, Definitions and Reconciliations | <u>[25](#if95c6b452bea4ad882457aa0031e2148_79)</u> |
| Balance Sheets of Unconsolidated Joint Venture Entities | <u>[29](#if95c6b452bea4ad882457aa0031e2148_88)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**`**

![brtlogoa.jpg](brtlogoa.jpg)

**Third Quarter 2025 and Subsequent Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported net loss per diluted share for the third quarter of 2025 of $2.7 million or $0.14 per diluted share, compared to a net loss of $2.2 million or $0.12 in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funds from Operations, or FFO, of $0.28 per diluted share, compared to $0.30 in the third quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Funds from Operations, or AFFO, of $0.36 per diluted share in both comparable periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity in earnings of unconsolidated joint ventures was a loss of $75,000 in the third quarter 2025, compared to a $369,000 gain in the third quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combined Portfolio NOI was $15.3 million for the third quarter of 2025, compared to $15.6 million for the corresponding prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 15, 2025, the Company, through an unconsolidated joint venture in which it has an 80% equity interest, acquired 1322 North, a 214-unit garden style property located in Auburn, AL. The venture acquired the property for $36.5 million (including a $24.4 million mortgage). The mortgage matures in 2032, bears a 5.38% fixed interest rate, and is interest only through maturity. The Company contributed $10.8 million of equity to the joint venture for its equity interest and for planned improvements. In connection with this transaction, the Company borrowed $7.0 million from its credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 19, 2025, the Company, through an unconsolidated joint venture in which it has an 80% equity interest, acquired Oaks at Victory, a 150-unit garden style property located in Savannah, GA. The venture acquired the property for $23.0 million (including a $15.7 million mortgage). The mortgage, assumed at the time of acquisition, matures in 2031 and carries an interest rate of 2.71% with two years of interest only remaining and a 30-year amortization schedule. The Company contributed $8.4 million of equity to the joint venture for its equity interest and for planned improvements. In connection with this transaction, the Company borrowed $8.0 million from its credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of October 31, 2025, the Company is authorized to repurchase up to $8.8 million in BRT shares under the repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 26, 2025, the Company refinanced the maturing mortgage of $15,375,000 (and bearing an interest rate of 4.42%) on Parkway Grande - San Marcos, TX with a new mortgage of $15,776,000; such new mortgage matures on October 1, 2032, bears an interest rate of 5.09% and is interest only for five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintained revolving credit facility of up to $40.0 million, with $17.5 million outstanding as of October 31, 2025, and maturity in September 2027. The Company expects all outstanding debt on its credit facility to be paid off by the end of 2025.

*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."*

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

 **Financial Highlights**

**_________________________________________________________________________________________________________**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | As of September 30, | As of September 30, | | | | |
| | 2025 | 2024 | | | | |
| Market capitalization (thousands) | $296867 | $321947 |  |  |  |  |
| Shares outstanding (thousands) | 18957 | 18642 |  |  |  |  |
| Closing share price | $15.66 | $17.27 |  |  |  |  |
| Quarterly dividend declared per share | $0.25 | $0.25 |  |  |  |  |
|  | Quarter ended September 30, | Quarter ended September 30, | Quarter ended September 30, | Quarter ended September 30, | Quarter ended September 30, | Quarter ended September 30, |
|  | Combined | Combined | Consolidated | Consolidated | Unconsolidated | Unconsolidated |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Properties owned | 31 | 29 | 21 | 21 | 10 | 8 |
| Units | 8311 | 7947 | 5420 | 5420 | 2891 | 2527 |
| Average occupancy (a) | 94.5% | 94.4% | 94.7% | 94.5% | 94.1% | 94.1% |
| Weighted average monthly rent per occupied unit (a) | $1414 | $1404 | $1367 | $1363 | $1509 | $1504 |
| (a) 2024 periods exclude a 240-unit multi-family property in lease up. |  |  |  |  |  |  |
|  | Quarter ended September 30, | Quarter ended September 30, |  |  |  |  |
| **Per share data** | 2025<br>(Unaudited) | 2024<br>(Unaudited) |  |  |  |  |
| Loss per share, basic and diluted | $(0.14) | $(0.12) |  |  |  |  |
| FFO per share of common stock (diluted) (1) | $0.28 | $0.30 |  |  |  |  |
| AFFO per share of common stock (diluted) (1) | $0.36 | $0.36 |  |  |  |  |
|  | As of September 30, | As of September 30, |  |  |  |  |
|  | 2025 | 2024 |  |  |  |  |
| Debt to Enterprise Value (2) | 70% | 68% |  |  |  |  |

---

(1) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income, as calculated in accordance with

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."

(2) Enterprise Value is equal to debt plus market capitalization less cash and cash equivalents, including BRT's pro-rata share of cash and cash equivalents at the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated Joint Ventures. Cash and cash equivalents excludes restricted cash. Debt is equal to 100% of the debt at the consolidated properties and BRT's

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pro-rata share of debt at the unconsolidated joint ventures. See "Non-GAAP Financial Measures and Definitions" for an explanation of "pro-rata share."

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Components of Net Asset Value**

**As of September 30, 2025**

(all in thousands)

____________________________________________________________________________________________________________________

---

| | |
|:---|:---|
| **Net Operating Income for the three months ended September 30, 2025** | |
| Consolidated | $12689 |
| Unconsolidated (Pro rata) | 3452 |
| **Total Net Operating Income** | $16141 |
| **OTHER ASSETS** |  |
| Cash and Cash Equivalents | $21105 |
| Cash and Cash Equivalents - Unconsolidated pro rata | 2521 |
| Restricted Cash | 4860 |
| Other Assets | 20182 |
| Other Assets - Unconsolidated pro rata | 9590 |
| **Total Cash and Other Assets** | $58258 |
| **OTHER LIABILITIES** |  |
| Accounts Payable and Accrued Liabilities | $29031 |
| Accounts Payable and Accrued Liabilities - Unconsolidated pro rata | 4486 |
| **Total Other Liabilities** | $33517 |
| **DEBT SUMMARY** |  |
| **Mortgages Payable:** |  |
| Consolidated | $443803 |
| Unconsolidated (Pro rata) | 144431 |
| **Total Mortgages Payable** | $588234 |
| Credit Facility | $17500 |
| Subordinated Notes | 37178 |
| **Total Debt Outstanding** | $642912 |
| **Common Shares Outstanding** | **18957** |

---

____________________________________________

(1) See the Appendix for a reconciliation of the non-GAAP amounts presented to GAAP amounts

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Operating Results**

(amounts in thousands except per share data)

_____________________________________________________________________________________________________________________

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other revenue from real estate properties | $24031 | $24177 | $71379 | $71253 |
| &nbsp;&nbsp;&nbsp;Loan interest and other income | 403 | 219 | 1358 | 408 |
| &nbsp;&nbsp;&nbsp;Total revenues | 24434 | 24396 | 72737 | 71661 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate operating expenses | 11342 | 11187 | 33009 | 32612 |
| &nbsp;&nbsp;&nbsp;Interest expense | 5882 | 5745 | 17265 | 16768 |
| &nbsp;&nbsp;&nbsp;General and administrative | 3937 | 3811 | 11751 | 11776 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6619 | 6499 | 19740 | 19400 |
| &nbsp;&nbsp;&nbsp;Total expenses | 27780 | 27242 | 81765 | 80556 |
| Total revenues less total expenses | (3346) | (2846) | (9028) | (8895) |
| &nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated joint ventures | (75) | 369 | 637 | 986 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate | 755 |  | 755 |  |
| &nbsp;&nbsp;&nbsp;Insurance recovery of casualty loss |  |  | 257 |  |
| &nbsp;&nbsp;&nbsp;Loss from continuing operations | (2666) | (2477) | (7379) | (7909) |
| &nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 2 | (310) | 120 | (297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations, net of taxes | (2668) | (2167) | (7499) | (7612) |
| Net income attributable to non-controlling interests | (39) | (38) | (126) | (109) |
| Net loss attributable to common stockholders | $(2707) | $(2205) | $(7625) | $(7721) |
| Weighted average number of shares of common stock outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 18028496 | 17796206 | 18000615 | 17720024 |
| Per share amounts attributable to common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $(0.14) | $(0.12) | $(0.40) | $(0.41) |

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**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Operating Results of Unconsolidated Properties**

(amounts in thousands)

_____________________________________________________________________________________________________________________

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other revenue | $13043 | $11611 | $36679 | $33529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 13043 | 11611 | 36679 | 33529 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate operating expenses | 6203 | 5578 | 17120 | 16462 |
| &nbsp;&nbsp;&nbsp;Interest expense | 3103 | 2898 | 8618 | 8508 |
| &nbsp;&nbsp;&nbsp;Depreciation | 3956 | 2916 | 10867 | 8714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 13262 | 11392 | 36605 | 33684 |
| Total revenues less total expenses | (219) | 219 | 74 | (155) |
| &nbsp;&nbsp;&nbsp;Other equity earnings | 2 | 5 | 110 | 26 |
| Net income (loss) from joint ventures | $(217) | $224 | $184 | $(129) |
| BRT equity in earnings of unconsolidated joint venture properties | $(75) | $369 | $637 | $986 |

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**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Funds from Operations and**

**Adjusted Funds from Operations**

(dollars in thousands)

____________________________________________________________________________________________________________________

The tables below provides a reconciliation of net loss determined in accordance with GAAP to FFO and AFFO on a dollar and per share basis for each of the indicated periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| GAAP Net loss attributable to common stockholders | $(2707) | $(2205) | $(7625) | $(7721) |
| Add: depreciation and amortization of properties | 6619 | 6499 | 19740 | 19400 |
| Add: our share of depreciation in unconsolidated joint venture properties | 2062 | 1379 | 5031 | 4119 |
| Deduct: gain on sale of real estate | (755) |  | (755) |  |
| Adjustments for non-controlling interests | (4) | (4) | (12) | (12) |
| ***NAREIT Funds from operations attributable to common stockholders*** | $5215 | $5669 | $16379 | $15786 |
| Adjustments for: deferred rent concessions and straight line rent | (158) | (537) | (239) | (900) |
| Adjustments for: our share of straight-line rent and rent concession accruals from <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint venture properties | (9) | (45) | (16) | (105) |
| Add: amortization of restricted stock and RSU expense | 1244 | 1189 | 3521 | 3621 |
| Add: amortization of deferred mortgage and debt costs | 284 | 324 | 851 | 866 |
| Add: our share of deferred mortgage costs from unconsolidated joint venture <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; properties | 37 | 30 | 97 | 90 |
| Add: amortization of fair value adjustment for mortgage debt | 124 | 139 | 379 | 421 |
| Adjustments for non-controlling interests |  |  |  | (8) |
| ***Adjusted funds from operations attributable to common stockholders*** | $6737 | $6769 | $20972 | $19771 |

---

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Funds from Operations and**

**Adjusted Funds from Operations**

(dollars in thousands, except per share data)

____________________________________________________________________________________________________________________

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| GAAP Net (loss) income attributable to common stockholders | $(0.14) | $(0.12) | $(0.40) | $(0.41) |
| Add: depreciation and amortization of properties | 0.35 | 0.35 | 1.04 | 1.04 |
| Add: our share of depreciation in unconsolidated joint venture properties | 0.11 | 0.07 | 0.27 | 0.22 |
| Deduct: gain on sale of real estate | (0.04) |  | (0.04) |  |
| Adjustment for non-controlling interests |  |  |  |  |
| ***NAREIT Funds from operations per diluted common share*** | $0.28 | $0.30 | $0.87 | $0.85 |
| Adjustments for: deferred rent concessions and straight line rent | (0.01) | (0.03) | (0.01) | (0.05) |
| Adjustments for: our share of straight-line rent and rent concession accruals in <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint venture properties |  |  |  |  |
| Add: amortization of restricted stock and RSU expense | 0.07 | 0.06 | 0.17 | 0.19 |
| Add: amortization of deferred mortgage and debt costs | 0.01 | 0.02 | 0.05 | 0.05 |
| Add: our share of deferred mortgage and debt costs from unconsolidated joint<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; venture properties |  |  | 0.01 |  |
| Add: amortization of fair value adjustment for mortgage debt | 0.01 | 0.01 | 0.02 | 0.02 |
| Adjustments for non-controlling interests |  |  |  |  |
| ***Adjusted funds from operations per diluted common share*** | $0.36 | $0.36 | $1.11 | $1.06 |
| Diluted shares outstanding for FFO and AFFO | 18951324 | 18758435 | 18921440 | 18679558 |

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**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Consolidated Balance Sheets**

(amounts in thousands, except per share amounts)

_____________________________________________________________________________________________________________________

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | **(audited)** |
| **ASSETS** | | |
| Real estate properties, net of accumulated depreciation and amortization | $602141 | $615915 |
| Investment in unconsolidated joint ventures | 48169 | 31344 |
| Loan receivables, net of deferred fees and credit loss | 17713 | 17667 |
| Cash and cash equivalents | 21105 | 27856 |
| Restricted cash | 4860 | 3221 |
| Other assets | 20182 | 17460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $714170 | $713463 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| Mortgages payable, net of deferred costs | $443803 | $446471 |
| Junior subordinated notes, net of deferred costs | 37178 | 37163 |
| Credit facility, net of deferred costs | 17500 |  |
| Accounts payable and accrued liabilities | 29031 | 24915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 527512 | 508549 |
| Commitments and contingencies |  |  |
| Equity: |  |  |
| BRT Apartments Corp. stockholders' equity: |  |  |
| Preferred shares $.01 par value 2,000 shares authorized, none issued |  |  |
| Common stock, $.01 par value, 300,000 shares authorized; 18,034 and 17,872 shares outstanding | 180 | 179 |
| Additional paid-in capital | 275870 | 272275 |
| Accumulated deficit | (89306) | (67485) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total BRT Apartments Corp. stockholders' equity | 186744 | 204969 |
| Non-controlling interests | (86) | (55) |
| &nbsp;&nbsp;&nbsp;Total Equity | 186658 | 204914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Equity | $714170 | $713463 |

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**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Preferred Equity Investments**

(dollars in thousands)

________________________________________________________________________________________

The Company invested in two separate joint ventures which in turn acquired multifamily properties in the locations identified below. In accordance with GAAP, these investments are treated as loans. These investments are unsecured and are subordinate, including the payment of the returns thereon, to the mortgage debt encumbering the property acquired by the applicable joint venture. Information as to these investments at September 30, 2025 and for the nine months ended September 30, 2025 is summarized below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Investment Date** | **Annual Return** | **Current Return** | **Hurdle Return** | **Invested Amount** | **Redemption Date** | **Deferred fees** | **Estimated Credit Loss** | **Interest Income<br>(Current Return)** |
| Wilmington, NC | October 2024 | 13% | 6.00% | 7.00% | $7000 | November 2031 | $(120) | $102 | $331 |
| Kennesaw, GA | November 2024 | 13% | 6.50% | 6.50% | 11250 | June 2029 | (147) | 168 | 572 |
|  |  |  |  |  | $18250 |  | $(267) | $270 | $903 |

---

These investments provide for (1) an Annual Return (as noted in the table above) compounded monthly, to the Company, of which the Current Return (as noted in the table above) is payable monthly to the extent of available cash flow, and the Hurdle Return also to be paid monthly from remaining cash flow if any, parri passu or after the sponsor's receipt of its management fees and specified returns on its investment and (2) the total amount invested by the Company, including any unpaid portion of the Current Return and the Hurdle Return, to be payable to the Company, prior to any payments to the sponsor, upon the earlier to occur of certain events (*e.g.,* sale of the property or the refinancing of the mortgage underlying the property) and the redemption date specified above. The Current Return is recorded as interest income when it is due from the sponsor and the Hurdle Return is recognized as interest income when it is received. Deferred loan fees are capitalized and recorded into income over the life of the investment. The Company's exposure to loss is limited to its original Invested Amount (as noted in the table above).

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Property Acquisition Through Unconsolidtaatef Joint Ventures**

(dollars in thousands)

_______________________________________________________________________________________

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ACQUISITIONS** | | | | | | |
| **Property Acquisition through Unconsolidated Joint Ventures** | **Property Acquisition through Unconsolidated Joint Ventures** | **Property Acquisition through Unconsolidated Joint Ventures** | **Property Acquisition through Unconsolidated Joint Ventures** | **Property Acquisition through Unconsolidated Joint Ventures** | **Property Acquisition through Unconsolidated Joint Ventures** | **Property Acquisition through Unconsolidated Joint Ventures** |
| Property/Location | Purchase Date | Units | Purchase Price | Acquisition ownership % in the JV | BRT Contribution | Mortgage |
| 1322 North, Auburn, AL | 7/15/2025 | 214 | $36500 | 80% | $10750 | $24419 |
| Oaks at Victory, Savannah, GA | 9/19/2025 | 150 | $23000 | 80% | $8380 | $15680 |

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**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Stock Repurchase Activity**

________________________________________________________________________________________

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's stock repurchase activity (not affiliated purchases) during the periods indicated is reflected in the table below:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's stock repurchase activity (not affiliated purchases) during the periods indicated is reflected in the table below:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's stock repurchase activity (not affiliated purchases) during the periods indicated is reflected in the table below:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's stock repurchase activity (not affiliated purchases) during the periods indicated is reflected in the table below:  |
| Month | Shares repurchased | Total cost | Average Cost Per Share |
| January 1, 2025 - March 31, 2025 | 78724 | $1381841 | $17.55 |
| April 1, 2025 - June 30, 2025 | 63356 | 1003459 | 15.84 |
| July 1, 2025 - September 30, 2025 |  |  |  |
| Total year to date repurchase activity | 142080 | $2385300 | $16.79 |

---

As of September 30, 2025 and October 31. 2025, up to $8,752,028 of shares are available to be repurchased under the repurchase program.

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Value-Add Program and Capital Expenditures**

**Quarter ended September 30, 2025**

________________________________________________________________________________________

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Value-Add Program** | **Value-Add Program** | | | | |
| (Includes consolidated and unconsolidated amounts) | (Includes consolidated and unconsolidated amounts) |  |  |  |  |
| Units Rehabilitated (1) | Estimated Rehab Costs (2) | Estimated Rehab Costs Per unit | Estimated Average Monthly Rent Increase (3) | Estimated Annualized ROI (3) | Estimated units available to be renovated over next 24 months |
| 23 | $107000 | $4640 | $143 | 37% | 135 |
| (1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period. | (1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period. | (1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period. | (1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period. | (1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period. | (1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period. |
| (2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into <br>&nbsp;&nbsp;&nbsp;&nbsp; during the current period. | (2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into <br>&nbsp;&nbsp;&nbsp;&nbsp; during the current period. | (2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into <br>&nbsp;&nbsp;&nbsp;&nbsp; during the current period. | (2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into <br>&nbsp;&nbsp;&nbsp;&nbsp; during the current period. | (2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into <br>&nbsp;&nbsp;&nbsp;&nbsp; during the current period. | (2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into <br>&nbsp;&nbsp;&nbsp;&nbsp; during the current period. |
| (3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any <br>&nbsp;&nbsp;&nbsp;&nbsp; particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a <br>&nbsp;&nbsp;&nbsp;&nbsp; particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units. | (3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any <br>&nbsp;&nbsp;&nbsp;&nbsp; particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a <br>&nbsp;&nbsp;&nbsp;&nbsp; particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units. | (3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any <br>&nbsp;&nbsp;&nbsp;&nbsp; particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a <br>&nbsp;&nbsp;&nbsp;&nbsp; particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units. | (3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any <br>&nbsp;&nbsp;&nbsp;&nbsp; particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a <br>&nbsp;&nbsp;&nbsp;&nbsp; particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units. | (3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any <br>&nbsp;&nbsp;&nbsp;&nbsp; particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a <br>&nbsp;&nbsp;&nbsp;&nbsp; particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units. | (3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any <br>&nbsp;&nbsp;&nbsp;&nbsp; particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a <br>&nbsp;&nbsp;&nbsp;&nbsp; particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Capital Expenditures** | | | |
| (Includes consolidated and unconsolidated amounts) | (Includes consolidated and unconsolidated amounts) |  |  |
|  | Gross Capital Expenditures | Less: JV Partner Share | BRT Share of Capital Expenditures (4) |
| Estimated Recurring Capital Expenditures (1) | $1550000 | $139000 | $1411000 |
| Estimated Non-Recurring Capital Expenditures (2) | 981000 | 296000 | 685000 |
| Total Capital Expenditures | $2531000 | $435000 | $2096000 |
| Replacements (operating expense) (3) | $924513 | $82059 | $842454 |
| Estimated Recurring Capital Expenditures and <br>Replacements per unit (7,707 units) (5) | $321 | $29 | $292 |
| (1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes<br>&nbsp;&nbsp;&nbsp;&nbsp; revenue enhancing projects. | (1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes<br>&nbsp;&nbsp;&nbsp;&nbsp; revenue enhancing projects. | (1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes<br>&nbsp;&nbsp;&nbsp;&nbsp; revenue enhancing projects. | (1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes<br>&nbsp;&nbsp;&nbsp;&nbsp; revenue enhancing projects. |
| (2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the <br>&nbsp;&nbsp;&nbsp;&nbsp; property, and revenue enhancing upgrades.  | (2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the <br>&nbsp;&nbsp;&nbsp;&nbsp; property, and revenue enhancing upgrades.  | (2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the <br>&nbsp;&nbsp;&nbsp;&nbsp; property, and revenue enhancing upgrades.  | (2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the <br>&nbsp;&nbsp;&nbsp;&nbsp; property, and revenue enhancing upgrades.  |
| (3) Replacements are expensed and not capitalized as incurred at the property. | (3) Replacements are expensed and not capitalized as incurred at the property. | (3) Replacements are expensed and not capitalized as incurred at the property. | (3) Replacements are expensed and not capitalized as incurred at the property. |
| (4) Based on BRT's percentage equity interest. | (4) Based on BRT's percentage equity interest. | (4) Based on BRT's percentage equity interest. | (4) Based on BRT's percentage equity interest. |
| (5) Excludes a 240-unit multi-family property in lease up. | (5) Excludes a 240-unit multi-family property in lease up. | (5) Excludes a 240-unit multi-family property in lease up. | (5) Excludes a 240-unit multi-family property in lease up. |

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**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Debt Analysis**

**As of September 30, 2025**

(dollars in thousands)

________________________________________________________________________________________________________________________________

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated** | | | | | |
| Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Principal Payments Due at Maturity | Weighted Average Interest Rate (1) |
| 2025 | 1270 | 1270 | $|  | —% |
| 2026 | 74622 | 5091 | 69531 | 69531 | 4.12% |
| 2027 | 46190 | 3395 | 42795 | 42795 | 3.96% |
| 2028 | 40696 | 2745 | 37951 | 37951 | 4.47% |
| 2029 | 56272 | 2455 | 53817 | 53817 | 3.94% |
| Thereafter | 228617 | 19771 | 208846 | 208846 | 4.17% |
| Total | 447667 | 34727 | $| 412940 |  |
| **Unconsolidated (BRT *pro rata* share)** | **Unconsolidated (BRT *pro rata* share)** |  |  |  |  |
| Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Principal Payments Due at Maturity | Weighted Average Interest Rate (1) |
| 2025 | 470 | 470 |  |  | —% |
| 2026 | 25816 | 1806 | $| 24010 | 4.64% |
| 2027 | 13092 | 1538 | 11554 | 11554 | 4.15% |
| 2028 | 34537 | 722 | 33815 | 33815 | 4.26% |
| 2029 | 890 | 890 |  |  | —% |
| Thereafter | 72056 | 1015 | 71041 | 71041 | 3.85% |
| Total | 146861 | 6441 | $| 140420 |  |
| **Combined (2)** | **Combined (2)** | **Combined (2)** |  |  |  |
| Year | Total Principal Payments | Scheduled Amortization | Principal Payments Due at Maturity | Principal Payments Due at Maturity | Weighted Average Interest Rate (1) |
| 2025 | 1740 | 1740 | $|  | —% |
| 2026 | 100438 | 6897 | 93541 | 93541 | 4.25% |
| 2027 | 59282 | 4933 | 54349 | 54349 | 4.00% |
| 2028 | 75233 | 3467 | 71766 | 71766 | 4.37% |
| 2029 | 57162 | 3345 | 53817 | 53817 | 3.94% |
| Thereafter | 300673 | 20786 | 279887 | 279887 | 4.09% |
| Total | 594528 | 41168 | $| 553360 |  |
| Weighted Average Remaining Term to Maturity (2) | Weighted Average Remaining Term to Maturity (2) | Weighted Average Remaining Term to Maturity (2) | 5.2 | 5.2 |  |
| Weighted Average Interest Rate (2) | Weighted Average Interest Rate (2) | Weighted Average Interest Rate (2) | 4.11 | 4.11% |  |
| Debt Service Coverage Ratio for the quarter ended September 30, 2025 | Debt Service Coverage Ratio for the quarter ended September 30, 2025 | Debt Service Coverage Ratio for the quarter ended September 30, 2025 | 1.50 | 1.50 |  |
| (1) Based on principal payments due at maturity.  | (1) Based on principal payments due at maturity.  | (1) Based on principal payments due at maturity.  | (1) Based on principal payments due at maturity.  | (1) Based on principal payments due at maturity.  | (1) Based on principal payments due at maturity.  |
| (2) Includes consolidated and BRT's *pro rata* share of unconsolidated amounts. | (2) Includes consolidated and BRT's *pro rata* share of unconsolidated amounts. | (2) Includes consolidated and BRT's *pro rata* share of unconsolidated amounts. | (2) Includes consolidated and BRT's *pro rata* share of unconsolidated amounts. | (2) Includes consolidated and BRT's *pro rata* share of unconsolidated amounts. | (2) Includes consolidated and BRT's *pro rata* share of unconsolidated amounts. |
| (3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100%<br>&nbsp;&nbsp;&nbsp;&nbsp; of the unconsolidated amounts. | (3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100%<br>&nbsp;&nbsp;&nbsp;&nbsp; of the unconsolidated amounts. | (3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100%<br>&nbsp;&nbsp;&nbsp;&nbsp; of the unconsolidated amounts. | (3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100%<br>&nbsp;&nbsp;&nbsp;&nbsp; of the unconsolidated amounts. | (3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100%<br>&nbsp;&nbsp;&nbsp;&nbsp; of the unconsolidated amounts. | (3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100%<br>&nbsp;&nbsp;&nbsp;&nbsp; of the unconsolidated amounts. |

---

---

| | |
|:---|:---|
| **Junior Subordinated Notes** | |
| Principal Balance | $37,400, excluding deferred costs of $222,000 |
| Interest Rate | 3 month term SOFR + 2.26% (i.e., 6.57% at 9/30/2025) |
| Maturity | April 30, 2036 |
| **Credit Facility** |  |
| Maximum Amount Available | Up to $40,000 |
| Amount Outstanding (4) | $17,500, excluding deferred costs of $271 |
| Interest Rate | 1 month SOFR + 2.50% (floor of 6%) (i.e., 6.74% at 9/30/2025) |
| Maturity | September 2027 |

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**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Portfolio Data by State**

**Quarter ended September 30, 2025**

(dollars in thousands, except monthly rent amounts)

_____________________________________________________________________________________________________________________

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | | | | | |
| | **Units at period end** | **Number of Properties** | **Revenues** |<br>**Property Operating Expenses** |<br>**NOI (1)** |<br>**% of NOI Contribution** |<br>**Weighted Average Occupancy** |<br>**Weighted Average Rent per Occ. Unit** |
| Georgia | 688 | 3 | $2582 | $1438 | $1144 | 9.0% | 90.0% | $1222 |
| Florida | 518 | 2 | 2402 | 1238 | 1164 | 9.2% | 94.4% | 1475 |
| Texas | 600 | 3 | 2210 | 1344 | 866 | 6.8% | 93.9% | 1111 |
| Ohio | 264 | 1 | 990 | 472 | 518 | 4.1% | 95.6% | 1179 |
| Virginia | 220 | 1 | 1281 | 555 | 726 | 5.7% | 95.8% | 1786 |
| North Carolina | 264 | 1 | 1043 | 428 | 615 | 4.8% | 95.0% | 1249 |
| South Carolina | 474 | 2 | 2230 | 1139 | 1091 | 8.6% | 93.9% | 1492 |
| Tennessee | 702 | 2 | 3605 | 1506 | 2099 | 16.5% | 97.2% | 1628 |
| Alabama | 740 | 3 | 2883 | 1318 | 1565 | 12.3% | 94.4% | 1216 |
| Mississippi | 776 | 2 | 3296 | 1277 | 2019 | 15.9% | 97.1% | 1354 |
| Missouri | 174 | 1 | 944 | 499 | 445 | 3.5% | 95.0% | 1672 |
| Net deferred rent |  |  | 163 |  | 163 | 1.3% | N/A | N/A |
| Legacy assets |  |  | 402 | 128 | 274 | 2.2% | N/A | N/A |
| **Totals** | **5420** | **21** | $**24031** | $**11342** | $**12689** | **100%** | **94.7%** | $**1367** |
| **Unconsolidated (Pro-Rata Share)** | **Unconsolidated (Pro-Rata Share)** | **Unconsolidated (Pro-Rata Share)** | **Unconsolidated (Pro-Rata Share)** |  |  |  |  |  |
|  | **Units at period end** | **Number of Properties** | **Revenues** | **Property Operating Expenses** | **NOI (1)** | **% of NOI Contribution** | **Weighted Average Occupancy** | **Weighted Average Rent per Occ. Unit** |
| Texas | 1103 | 3 | $2610 | $1373 | $1237 | 35.8% | 94.1% | $1461 |
| South Carolina | 953 | 3 | 1604 | 633 | 971 | 28.1% | 93.4% | 1671 |
| Georgia | 421 | 2 | 1024 | 503 | 521 | 15.1% | 95.5% | 1493 |
| Alabama | 414 | 2 | 1275 | 562 | 713 | 20.7% | 94.5% | 1257 |
| Net deferred rent |  |  | 9 |  | 9 | 0.3% | N/A | N/A |
| **Totals** | **2891** | **10** | $**6522** | $**3071** | $**3451** | **100%** | **94.1%** | $**1509** |

---

__________________________________________________________________________

(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measures and Definitions."

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Portfolio Data by State**

**Nine Months Ended September 30, 2025**

(dollars in thousands, except monthly rent amounts)

____________________________________________________________________________________________________________________

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | | | | | |
| | **Units at period end** | **Number of Properties** | **Revenues** |<br>**Property Operating Expenses** |<br>**NOI (1)** |<br>**% of NOI Contribution** |<br>**Weighted Average Occupancy** |<br>**Weighted Average Rent per Occ. Unit** |
| Georgia | 688 | 3 | $7766 | $4100 | $3666 | 9.6% | 90.0% | $1223 |
| Florida | 518 | 2 | 7156 | 3415 | 3741 | 9.7% | 94.8% | 1469 |
| Texas | 600 | 3 | 6674 | 3830 | 2844 | 7.4% | 92.3% | 1143 |
| Ohio | 264 | 1 | 2971 | 1389 | 1582 | 4.1% | 94.7% | 1186 |
| Virginia | 220 | 1 | 3826 | 1652 | 2174 | 5.7% | 97.2% | 1771 |
| North Carolina | 264 | 1 | 3222 | 1316 | 1906 | 5.0% | 95.3% | 1292 |
| South Carolina | 474 | 2 | 6662 | 3545 | 3117 | 8.1% | 93.8% | 1481 |
| Tennessee | 702 | 2 | 10653 | 4444 | 6209 | 16.2% | 96.0% | 1623 |
| Alabama | 740 | 3 | 8513 | 3980 | 4533 | 11.8% | 94.4% | 1201 |
| Mississippi | 776 | 2 | 9605 | 3526 | 6079 | 15.8% | 95.7% | 1332 |
| Missouri | 174 | 1 | 2811 | 1452 | 1359 | 3.5% | 94.5% | 1684 |
| Net deferred rent |  |  | 248 |  | 248 | 0.6% | N/A | N/A |
| Legacy assets |  |  | 1272 | 360 | 912 | 2.4% | N/A | N/A |
| **Totals** | **5420** | **21** | $**71379** | $**33009** | $**38370** | **100.0%** | **94.2%** | **$1366** |
| **Unconsolidated (Pro-Rata Share)** | **Unconsolidated (Pro-Rata Share)** | **Unconsolidated (Pro-Rata Share)** | **Unconsolidated (Pro-Rata Share)** |  |  |  |  |  |
|  | **Units at period end** | **Number of Properties** | **Revenues** | **Property Operating Expenses** | **NOI (1)** | **% of NOI Contribution** | **Average Occupancy** | **Average Rent per Occ. Unit** |
| Texas | 1103 | 3 | $7738 | $4124 | $3614 | 38.4% | 93.9% | $1467 |
| South Carolina | 713 | 3 | 4121 | 1476 | 2645 | 28.1% | 94.4% | 1602 |
| Georgia | 421 | 2 | 2867 | 1450 | 1417 | 15.0% | 91.3% | 1495 |
| Alabama | 414 | 2 | 2535 | 1158 | 1377 | 14.6% | 95.3% | 1064 |
| Net deferred rent |  |  | 16 |  | 16 | 0.2% | N/A | N/A |
| Other (2) | 240 |  | 640 | 286 | 354 | 3.8% | N/A | N/A |
| **Totals** | **2891** | **10** | $**17917** | $**8494** | $**9423** | **100%** | **94.1%** | **$1466** |

---

_________________________________________________________________________________

(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measures and Definitions."

(2) Represents property in lease up.

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Combined Portfolio Metrics (1)**

**Quarters ended September 30, 2025 and 2024**

(dollars in thousands)

_____________________________________________________________________________________________________________________

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | |
| | **2025** | **2024** |<br>**% Change** |
| **Combined Revenues** | $29218 | $29389 | (0.6)% |
| **Combined Operating Expenses** |  |  |  |
| Payroll | $2650 | $2537 | 4.5% |
| Real Estate taxes | 3669 | 3492 | 5.1% |
| Management Fees | 811 | 809 | 0.2% |
| Insurance | 1195 | 1456 | (17.9)% |
| Utilities | 1952 | 1865 | 4.7% |
| Repairs and Maintenance | 1694 | 1686 | 0.5% |
| Replacements | 814 | 834 | (2.4)% |
| Advertising, Leasing and Other | 1098 | 1048 | 4.8% |
| **Total Combined Operating Expenses** | $13883 | $13727 | 1.1% |
| **Total Combined Operating Income** | $15335 | $15662 | (2.1)% |

---

______________________________________________________

(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis, for all periods presented, with a total of 7,707 units, excluding a 240-unit multi-family property in lease up.

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Combined Portfolio Metrics (1)**

**Nine Months Ended September 30, 2025 and 2024**

(dollars in thousands)

____________________________________________________________________________________________________________________

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | |
| | **2025** | **2024** |<br>**% Change** |
| **Combined Revenues** | $86684 | $86816 | (0.2)% |
| **Combined Operating Expenses** |  |  |  |
| Payroll | $7689 | $7383 | 4.1% |
| Real Estate taxes | 10818 | 10551 | 2.5% |
| Management Fees | 2419 | 2438 | (0.8)% |
| Insurance | 3573 | 4314 | (17.2)% |
| Utilities | 5586 | 5318 | 5.0% |
| Repairs and Maintenance | 5057 | 4796 | 5.4% |
| Replacements | 2161 | 2114 | 2.2% |
| Advertising, Leasing and Other | 3287 | 3233 | 1.7% |
| **Total Combined Operating Expenses** | $40590 | $40147 | 1.1% |
| **Total Combined Operating Income** | $46094 | $46669 | (1.2)% |

---

________________________________________________

(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis for all periods presented, with a total of 7,707 units, excluding a 240-unit multi-family property in lease up.

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Portfolio Table**

**As of September 30, 2025**

___________________________________________________________________________________________

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **City** | **State** | **Year Built** | **Year Acquired** | **Property Age** | **Units** | **Q3 2025 Avg. Occupancy** | **Q3 2025 Avg. Rent per Occ. Unit** | |
| **Consolidated Properties - All 100% Owned** | **Consolidated Properties - All 100% Owned** | | | | | | | | |
| Silvana Oaks | North Charleston | SC | 2010 | 2012 | 15 | 208 | 93.7% | $1598 |  |
| Avondale Station | Decatur | GA | 1954 | 2012 | 71 | 212 | 94.3% | 1395 |  |
| Newbridge Commons | Columbus | OH | 1999 | 2013 | 26 | 264 | 95.6% | 1179 |  |
| Brixworth at Bridgestreet | Huntsville | AL | 1985 | 2013 | 40 | 208 | 93.1% | 1054 |  |
| Avalon | Pensacola | FL | 2008 | 2014 | 17 | 276 | 94.2% | 1463 |  |
| Crossings of Bellevue | Nashville | TN | 1985 | 2014 | 40 | 300 | 97.6% | 1434 |  |
| Parkway Grande | San Marcos | TX | 2014 | 2015 | 11 | 192 | 95.8% | 1094 |  |
| Woodland Trails | LaGrange | GA | 2010 | 2015 | 15 | 236 | 88.3% | 1336 |  |
| Kilburn Crossing | Fredericksburg | VA | 2005 | 2016 | 20 | 220 | 95.8% | 1786 |  |
| Verandas at Alamo Ranch | San Antonio | TX | 2015 | 2016 | 10 | 288 | 91.4% | 1080 |  |
| Grove at River Place | Macon | GA | 1988 | 2016 | 37 | 240 | 87.9% | 946 |  |
| Civic Center 1 | Southaven | MS | 2002 | 2016 | 23 | 392 | 97.3% | 1318 |  |
| Civic Center 2 | Southaven | MS | 2005 | 2016 | 20 | 384 | 96.9% | 1390 |  |
| Vanguard Heights | Creve Coeur | MO | 2016 | 2017 | 9 | 174 | 95.0% | 1672 |  |
| Jackson Square | Tallahassee | FL | 1996 | 2017 | 29 | 242 | 94.7% | 1488 |  |
| Woodland Apartments | Boerne | TX | 2007 | 2017 | 18 | 120 | 96.7% | 1208 |  |
| Magnolia Pointe | Madison | AL | 1991 | 2017 | 34 | 204 | 94.3% | 1252 |  |
| Bell's Bluff | W. Nashville | TN | 2019 | 2018 | 6 | 402 | 97.0% | 1773 |  |
| Crestmont at Thornblade | Greenville | SC | 1998 | 2018 | 27 | 266 | 94.2% | 1409 |  |
| Somerset at Trussville | Trussville | AL | 2007 | 2019 | 18 | 328 | 95.2% | 1294 |  |
| Abbotts Run | Wilmington | NC | 2001 | 2020 | 24 | 264 | 95.0% | 1249 |  |
| ***Weighted Avg./Total Consolidated*** |  |  |  |  | **24** | **5420** |  |  |  |
| **Properties owned by Unconsolidated Joint Ventures** | **Properties owned by Unconsolidated Joint Ventures** | **Properties owned by Unconsolidated Joint Ventures** | **Properties owned by Unconsolidated Joint Ventures** |  |  |  |  |  | **% Ownership** |
| Pointe at Lenox Park | Atlanta | GA | 1989 | 2016 | 36 | 271 | 95.8% | 1494 | 74% |
| Gateway Oaks | Forney | TX | 2016 | 2016 | 9 | 313 | 94.5% | 1335 | 50% |
| Mercer Crossing | Dallas | TX | 2015 | 2017 | 10 | 509 | 94.7% | 1631 | 50% |
| Canalside Lofts | Columbia | SC | 2008 | 2017 | 17 | 374 | 95.4% | 1498 | 32% |
| Landings of Carrier Parkway | Grand Prairie | TX | 2001 | 2018 | 24 | 281 | 92.8% | 1290 | 50% |
| Canalside Sola | Columbia | SC | 2015 | 2018 | 10 | 339 | 93.4% | 1762 | 46% |
| The Village at Lakeside | Auburn | AL | 1988 | 2019 | 37 | 200 | 98.0% | 1274 | 80% |
| Stono Oaks | Johns Island | SC | 2023 | 2022 |  | 240 | 90.4% | 1821 | 17.45% |
| 1322 North | Auburn | AL | 2002 | 2025 | 23 | 214 | 91.2% | 1237 | 80% |
| Oaks at Victory | Savannah | GA | 1968 | 2025 | 57 | 150 | 91.5% | 1475 | 80% |
| ***Weighted Avg./Total Unconsolidated*** |  |  |  |  | **19** | **2891** |  |  |  |
| ***Weighted Avg./Total Portfolio*** |  |  |  |  | **22** | **8311** |  |  |  |

---

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

APPENDIX

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS**

(dollars in thousands)

________________________________________________________________________________________

***Adjusted Funds from Operations (AFFO)***

BRT computes AFFO by adjusting FFO for loss on extinguishment of debt, our straight-line rent and rent concession accruals, restricted stock and RSU compensation expense, fair value adjustment of mortgage debt, gain on insurance recovery, insurance recovery from casualty loss and deferred mortgage and debt costs (including, in each case as applicable, from its share of its unconsolidated joint ventures). Since the NAREIT White Paper(as described below) does not provide guidelines for computing AFFO, the computation of AFFO may vary from one REIT to another.

***Combined Portfolio***

Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis.

***Debt Service Coverage Ratio***

Debt service coverage ratio is net operating income ("NOI") divided by total debt service and includes both consolidated and unconsolidated assets.

***Funds from Operations (FFO)***

BRT computes FFO in accordance with the "White Paper on Funds from Operations" issued by the National Association of Real Estate Investment Trusts ("NAREIT") and NAREIT's related guidance. FFO is defined in the White Paper as net income (calculated in accordance with generally accepted accounting principles). NOI is defined as "Rental and other revenue from real estate properties" as presented on our statements of operations less "Real estate operating expenses" as presented on our statements of operations. Real estate operating expenses include real estate taxes, insurance, property management expense, utilities, repairs and maintenance, administrative and marketing. Other REIT's may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REIT's. We believe NOI provides an operating perspective not immediately apparent from GAAP operating income or net income (loss). NOI is one of the measures we use to evaluate our performance because it (i) measures the core operations of property performance by excluding corporate level expenses and other items unrelated to property operating performance and (ii) captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.

***Net Operating Income (NOI)***

BRT computes NOI by adjusting net income (loss) to (a) add back (1) depreciation expense, (2) general and administrative expenses, (3) interest expense, (4) loss on extinguishment of debt, (5) equity in earnings (loss) of unconsolidated joint ventures, (6) provision for taxes, and (7) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate (3) insurance recovery of casualty loss, and (4) gain on insurance recoveries related to casualty loss.

***Pro-Rata Share***

BRT's pro-rata share gives effect to its percentage equity interest in the unconsolidated joint ventures that own properties. Due to the operation of allocation/distribution provision of the joint venture agreements pursuant to which BRT participates in the ownership of these properties, BRT's share of the gain and loss on the sale of a property may be less than implied by BRT's percentage equity interest. Notwithstanding the foregoing, when referring to the number of units, average occupancy, and average rent per unit, the amount shown reflects 100% of the amount.

***Same Store***

Same store properties refer to stabilized properties (as described below) that we owned and operated for the entirety of periods being compared, except for properties that are under construction, legacy assets, 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 and such status has been reflected fully in all applicable periods of comparison.

***Stabilized Properties***

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.

***Total Debt Service***

Total debt service is the cash required to cover the repayment of interest and principal on a debt for a particular period. Total debt service is used in the calculation of the debt service coverage ratio which is used to determine the borrower's ability to make debt service payments.

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Same Store Comparisons (1)**

**Quarters ended September 30, 2025 and 2024** 

(dollars in thousands, except monthly rent amounts)

_____________________________________________________________________________________________________________________

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Revenues** | **Revenues** | **Revenues** | **Property Operating Expenses** | **Property Operating Expenses** | **Property Operating Expenses** | **NOI (2)** | **NOI (2)** | **NOI (2)** |
| |<br>**Units** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Georgia | 688 | $2582 | $2647 | (2.5)% | $1438 | $1418 | 1.4% | $1144 | $1229 | (6.9)% |
| Florida | 518 | 2402 | 2352 | 2.1% | 1238 | 1225 | 1.1% | 1164 | 1127 | 3.3% |
| Texas | 600 | 2210 | 2377 | (7.0)% | 1344 | 1326 | 1.4% | 866 | 1051 | (17.6)% |
| Ohio | 264 | 990 | 981 | 0.9% | 472 | 515 | (8.3)% | 518 | 466 | 11.2% |
| Virginia | 220 | 1281 | 1219 | 5.1% | 555 | 515 | 7.8% | 726 | 704 | 3.1% |
| North Carolina | 264 | 1043 | 1059 | (1.5)% | 428 | 460 | (7.0)% | 615 | 599 | 2.7% |
| South Carolina | 474 | 2230 | 2181 | 2.2% | 1139 | 1268 | (10.2)% | 1091 | 913 | 19.5% |
| Tennessee | 702 | 3605 | 3509 | 2.7% | 1506 | 1473 | 2.2% | 2099 | 2036 | 3.1% |
| Alabama | 740 | 2883 | 2810 | 2.6% | 1318 | 1287 | 2.4% | 1565 | 1523 | 2.8% |
| Mississippi | 776 | 3296 | 3151 | 4.6% | 1277 | 1119 | 14.1% | 2019 | 2032 | (0.6)% |
| Missouri | 174 | 944 | 948 | (0.4)% | 499 | 448 | 11.4% | 445 | 500 | (11.0)% |
| Net deferred rent | **—** | 163 | 539 |  |  |  |  | 163 | 539 |  |
| **Totals** | **5420** | $**23629** | $**23773** | **(0.6)%** | $**11214** | $**11054** | **1.4%** | $**12415** | $**12719** | **(2.4)%** |
|  |  | **Weighted Average Occupancy** | **Weighted Average Occupancy** | **Weighted Average Occupancy** | **Weighted Average Monthly Rent per Occupied Unit** | **Weighted Average Monthly Rent per Occupied Unit** | **Weighted Average Monthly Rent per Occupied Unit** |  |  |  |
|  |  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |  |  |  |
| Georgia |  | 90.0% | 91.7% | (1.9)% | $1222 | $1243 | (1.7)% |  |  |  |
| Florida |  | 94.4% | 94.9% | (0.5)% | 1475 | 1469 | 0.4% |  |  |  |
| Texas |  | 93.9% | 94.1% | (0.2)% | 1111 | 1208 | (8.0)% |  |  |  |
| Ohio |  | 95.6% | 94.1% | 1.6% | 1179 | 1172 | 0.6% |  |  |  |
| Virginia |  | 95.8% | 96.8% | (1.0)% | 1786 | 1714 | 4.2% |  |  |  |
| North Carolina |  | 95.0% | 94.6% | 0.4% | 1249 | 1291 | (3.3)% |  |  |  |
| South Carolina |  | 94.0% | 95.2% | (1.3)% | 1492 | 1443 | 3.4% |  |  |  |
| Tennessee |  | 97.3% | 95.0% | 2.4% | 1628 | 1615 | 0.8% |  |  |  |
| Alabama |  | 94.4% | 94.5% | (0.1)% | 1216 | 1180 | 3.1% |  |  |  |
| Mississippi |  | 97.1% | 94.8% | 2.4% | 1354 | 1317 | 2.8% |  |  |  |
| Missouri |  | 95.0% | 95.6% | (0.6)% | 1672 | 1703 | (1.8)% |  |  |  |
| **Weighted Average** |  | **94.7%** | **94.4%** | **0.3%** | $**1367** | $**1363** | **0.3%** |  |  |  |

---

____________________________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions."

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Consolidated Same Store Comparisons (1)**

**Nine Months Ended September 30, 2025 and 2024**

(dollars in thousands, except monthly rent amounts)

____________________________________________________________________________________________________________________

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Revenues** | **Revenues** | **Revenues** | **Property Operating Expenses** | **Property Operating Expenses** | **Property Operating Expenses** | **NOI (2)** | **NOI (2)** | **NOI (2)** |
| |<br>**Units** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Georgia | 688 | $7766 | $7958 | (2.4)% | $4100 | $4171 | (1.7)% | $3666 | $3787 | (3.2)% |
| Florida | 518 | 7156 | 7062 | 1.3% | 3415 | 3496 | (2.3)% | 3741 | 3566 | 4.9% |
| Texas | 600 | 6674 | 6987 | (4.5)% | 3830 | 3859 | (0.8)% | 2844 | 3128 | (9.1)% |
| Ohio | 264 | 2971 | 2935 | 1.2% | 1389 | 1434 | (3.1)% | 1582 | 1501 | 5.4% |
| Virginia | 220 | 3826 | 3609 | 6.0% | 1652 | 1518 | 8.8% | 2174 | 2091 | 4.0% |
| North Carolina | 264 | 3222 | 3198 | 0.8% | 1316 | 1336 | (1.5)% | 1906 | 1862 | 2.4% |
| South Carolina | 474 | 6662 | 6619 | 0.6% | 3545 | 3564 | (0.5)% | 3117 | 3055 | 2.0% |
| Tennessee | 702 | 10653 | 10117 | 5.3% | 4444 | 4397 | 1.1% | 6209 | 5720 | 8.5% |
| Alabama | 740 | 8513 | 8484 | 0.3% | 3980 | 3879 | 2.6% | 4533 | 4605 | (1.6)% |
| Mississippi | 776 | 9605 | 9370 | 2.5% | 3526 | 3312 | 6.5% | 6079 | 6058 | 0.3% |
| Missouri | 174 | 2811 | 2826 | (0.5)% | 1452 | 1302 | 11.5% | 1359 | 1524 | (10.8)% |
| Net deferred Rent |  | 248 | 952 |  |  | **—** |  | 248 | 952 |  |
|  | **5420** | $**70107** | $**70117** | **0.0%** | $**32649** | $**32268** | **1.2%** | $**37458** | $**37849** | **(1.0)%** |
|  |  | **Weighted Average Occupancy** | **Weighted Average Occupancy** | **Weighted Average Occupancy** | **Weighted Average Monthly Rent per Occupied Unit** | **Weighted Average Monthly Rent per Occupied Unit** | **Weighted Average Monthly Rent per Occupied Unit** |  |  |  |
|  |  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |  |  |  |
| Georgia |  | 90.0% | 91.5% | (1.6)% | $1223 | $1241 | (1.5)% |  |  |  |
| Florida |  | 94.8% | 94.8% | 0.0% | 1469 | 1464 | 0.3% |  |  |  |
| Texas |  | 92.3% | 92.9% | (0.6)% | 1143 | 1198 | (4.6)% |  |  |  |
| Ohio |  | 94.7% | 94.9% | (0.2)% | 1186 | 1155 | 2.7% |  |  |  |
| Virginia |  | 97.2% | 96.4% | 0.8% | 1771 | 1690 | 4.8% |  |  |  |
| North Carolina |  | 95.3% | 94.9% | 0.4% | 1292 | 1282 | 0.8% |  |  |  |
| South Carolina |  | 93.8% | 95.1% | (1.4)% | 1481 | 1453 | 1.9% |  |  |  |
| Tennessee |  | 95.9% | 93.5% | 2.6% | 1623 | 1571 | 3.3% |  |  |  |
| Alabama |  | 94.4% | 94.4% | 0.0% | 1201 | 1192 | 0.8% |  |  |  |
| Mississippi |  | 95.7% | 94.4% | 1.4% | 1332 | 1308 | 1.8% |  |  |  |
| Missouri |  | 94.5% | 95.1% | (0.6)% | 1684 | 1697 | (0.8)% |  |  |  |
| **Weighted Average** |  | **94.1%** | **94.0%** | **0.1%** | $**1366** | $**1353** | **1.0%** |  |  |  |

---

______________________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions."

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Unconsolidated Same Store Comparisons (1)**

**Quarters ended September 30, 2025 and 2024**

**BRT Pro-rata Share**

(dollars in thousands, except monthly rent amounts)

________________________________________________________________________________________

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Revenues** | **Revenues** | **Revenues** | **Property Operating Expenses** | **Property Operating Expenses** | **Property Operating Expenses** | **NOI (2)** | **NOI (2)** | **NOI (2)** |
| | **Units** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Texas | 1103 | $2610 | $2628 | (0.7)% | $1373 | $1385 | (0.9)% | $1237 | $1243 | (0.5)% |
| South Carolina | 713 | 1381 | 1358 | 1.7% | 499 | 512 | (2.5)% | 882 | 846 | 4.3% |
| Georgia | 271 | 951 | 975 | (2.5)% | 491 | 473 | 3.8% | 460 | 502 | (8.4)% |
| Alabama | 200 | 652 | 610 | 6.9% | 306 | 303 | 1.0% | 346 | 307 | 12.7% |
| Net deferred rent |  | (5) | **45** | 0.0% | **—** | **—** | 0.0% | (5) | 45 | 0.0% |
| **Totals** | **2287** | $**5589** | $**5616** | **(0.5)%** | $**2669** | $**2673** | **(0.1)%** | $**2920** | $**2943** | **(0.8)%** |
|  |  | **Weighted Average Occupancy** | **Weighted Average Occupancy** | **Weighted Average Occupancy** | **Weighted Average Monthly Rent per Occupied Unit** | **Weighted Average Monthly Rent per Occupied Unit** | **Weighted Average Monthly Rent per Occupied Unit** |  |  |  |
|  |  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |  |  |  |
| Texas |  | 94.1% | 92.7% | 1.5% | $1461 | $1504 | (2.9)% |  |  |  |
| South Carolina |  | 94.4% | 94.5% | (0.1)% | 1622 | 1591 | 1.9% |  |  |  |
| Georgia |  | 95.8% | 95.1% | 0.7% | 1494 | 1530 | (2.4)% |  |  |  |
| Alabama |  | 98.0% | 98.8% | (0.8)% | 1274 | 1173 | 8.6% |  |  |  |
| **Weighted Average** |  | **94.8%** | **94.1%** | **0.7%** | $**1498** | $**1504** | **(0.4)%** |  |  |  |

---

_____________________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measures and Definitions."

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Unconsolidated Same Store Comparisons (1)**

**Nine Months Ended September 30, 2025 and 2024**

**BRT Pro-rata Share**

(dollars in thousands, except monthly rent amounts)

_______________________________________________________________________________________

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Revenues** | **Revenues** | **Revenues** | **Property Operating Expenses** | **Property Operating Expenses** | **Property Operating Expenses** | **NOI (2)** | **NOI (2)** | **NOI (2)** |
| |<br>**Units** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Texas | 1103 | $7738 | $7889 | (1.9)% | $4124 | $4113 | 0.3% | $3614 | $3776 | (4.3)% |
| South Carolina | 713 | 4121 | 4013 | 2.7% | 1476 | 1487 | (0.7)% | 2645 | 2526 | 4.7% |
| Georgia | 271 | 2794 | 2906 | (3.9)% | 1438 | 1424 | 1.0% | 1356 | 1482 | (8.5)% |
| Alabama | 200 | 1911 | 1786 | 7.0% | 903 | 855 | 5.6% | 1008 | 931 | 8.3% |
| Net deferred rent |  | 13 | 105 | 0.0% | **—** | **—** | 0.0% | 13 | $105 | **0.0%** |
| **Totals** | **2287** | $**16577** | $**16699** | **(0.7)%** | $**7941** | $**7879** | **0.8%** | $**8636** | $**8820** | **(2.1)%** |
|  |  | **Weighted Average Occupancy** | **Weighted Average Occupancy** | **Weighted Average Occupancy** | **Weighted Average Monthly Rent per Occupied Unit** | **Weighted Average Monthly Rent per Occupied Unit** | **Weighted Average Monthly Rent per Occupied Unit** |  |  |  |
|  |  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |  |  |  |
| Texas |  | 94.0% | 92.6% | 1.5% | $1467 | $1510 | (2.8)% |  |  |  |
| South Carolina |  | 94.4% | 94.7% | (0.3)% | 1602 | 1558 | 2.8% |  |  |  |
| Georgia |  | 92.8% | 94.3% | (1.6)% | 1496 | 1534 | (2.5)% |  |  |  |
| Alabama |  | 96.7% | 97.8% | (1.1)% | 1252 | 1149 | 9.0% |  |  |  |
| **Weighted Average** |  | **94.2%** | **93.9%** | **0.3%** | $**1493** | $**1495** | **(0.1)%** |  |  |  |

---

________________________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measures and Definitions."

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

 **NON-GAAP FINANCIAL MEASURES, DEFINITIONS AND RECONCILIATIONS**

(dollars in thousands)

________________________________________________________________________________________

The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for the consolidated properties:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP Net loss attributable to common stockholders | $(2707) | $(2205) | $(7625) | $(7721) |
| Less: Loan interest and other income | (403) | (219) | (1358) | (408) |
| Add: Interest expense | 5882 | 5745 | 17265 | 16768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3937 | 3811 | 11751 | 11776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6619 | 6499 | 19740 | 19400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes | 2 | (310) | 120 | (297) |
| Less: Gain on sale of real estate | (755) |  | (755) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance recovery |  |  | (257) |  |
| Adjust for: Equity in earnings of unconsolidated joint venture properties | 75 | (369) | (637) | (986) |
| Add: Net income attributable to non-controlling interests | 39 | 38 | 126 | 109 |
| **Net Operating Income** | $12689 | $12990 | $38370 | $38641 |
| **Less: Non-same store Net Operating Income** | 274 | 271 | $912 | $792 |
| **Same store Net Operating Income** | $12415 | $12719 | $37458 | $37849 |

---

------

**BRT Apartments Corp. (NYSE: BRT)**

**NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS**

(dollars in thousands)

________________________________________________________________________________________

The following tables provides a reconciliation of BRT's Equity in earnings from NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for BRT's *pro rata* share of the unconsolidated properties:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Unconsolidated** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| BRT equity in earnings from joint ventures | $(75) | $369 | $637 | $986 |
| Add: Interest expense | 1467 | 1244 | 3866 | 3693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 2062 | 1379 | 5030 | 4119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in earnings of joint ventures | (2) | (4) | (110) | (25) |
| **Net Operating Income** | $3452 | $2988 | $9423 | $8773 |
| **Less: Non-same store Net Operating Income** | $532 | $45 | 787 | (47) |
| **Same store Net Operating Income** | $2920 | $2943 | $8636 | $8820 |
| **Consolidated same store Net Operating Income** | $12415 | $12719 | $37458 | $37849 |
| **Unconsolidated same store Net Operating Income** | 2920 | 2943 | 8636 | 8820 |
| **Combined same store Net Operating Income** | $15335 | $15662 | $46094 | $46669 |

---

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS**

(dollars in thousands)

_____________________________________________________________________________________________________________________

The condensed income statements for the unconsolidated properties below, present, for the periods indicated, a reconciliation of the information that appears in note 7 to the consolidated financial statements included in BRT's Quarterly Report on Form 10-Q for the period ended September 30, 2025 to the BRT *pro-rata* information presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Total** | **BRT's Pro Rata Share** | **Partner Share** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other revenue | $13043 | $6522 | $6521 |
| &nbsp;&nbsp;&nbsp;Total revenues | 13043 | 6522 | 6521 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate operating expenses | 6203 | 3070 | 3133 |
| &nbsp;&nbsp;&nbsp;Interest expense | 3103 | 1467 | 1636 |
| &nbsp;&nbsp;&nbsp;Depreciation | 3956 | 2062 | 1894 |
| Total expenses | 13262 | 6599 | 6663 |
| Total revenues less total expenses | (219) | (77) | (142) |
| &nbsp;&nbsp;&nbsp;Other equity earnings | 2 | 2 |  |
| Net income | $(217) | (75) | $(142) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Total** | **BRT's Pro Rata Share** | **Partner Share** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other revenue | $11611 | $5741 | $5870 |
| &nbsp;&nbsp;&nbsp;Total revenues | 11611 | 5741 | 5870 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate operating expenses | 5578 | 2753 | 2825 |
| &nbsp;&nbsp;&nbsp;Interest expense | 2898 | 1244 | 1654 |
| &nbsp;&nbsp;&nbsp;Depreciation | 2916 | 1379 | 1537 |
| Total expenses | 11392 | 5376 | 6016 |
| Total revenues less total expenses | 219 | 365 | (146) |
| &nbsp;&nbsp;&nbsp;Other equity earnings | 5 | 4 | 1 |
| Net income | $224 | $369 | $(145) |

---

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS**

(dollars in thousands)

_____________________________________________________________________________________________________________________

The condensed income statements for the unconsolidated properties below present for the periods indicated a reconciliation of the information that appears in note 7 of BRT's report on Form 10-Q to the BRT *pro rata* information presented here in this supplemental.

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Total** | **BRT's Pro Rata Share** | **Partner Share** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other revenue | $36679 | $17917 | $18762 |
| &nbsp;&nbsp;&nbsp;Total revenues | 36679 | 17917 | 18762 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Real estate operating expenses | 17120 | 8494 | 8626 |
| &nbsp;&nbsp;&nbsp;Interest expense | 8618 | 3866 | 4752 |
| &nbsp;&nbsp;&nbsp;Depreciation | 10867 | 5030 | 5837 |
| Total expenses | 36605 | 17390 | $19215 |
| Total revenues less total expenses | 74 | 527 | (453) |
| &nbsp;&nbsp;&nbsp;Other equity earnings | 110 | 110 |  |
| Net income | $184 | $637 | $(453) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Total** | **BRT's Pro Rata Share** | **Partner Share** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and other revenue | $33529 | $16895 | $16634 |
| &nbsp;&nbsp;&nbsp;Total revenues | 33529 | 16895 | 16634 |
| Expenses: |  |  |  |
| Real estate operating expenses | 16462 | 8122 | 8340 |
| &nbsp;&nbsp;&nbsp;Interest expense | 8508 | 3693 | 4815 |
| &nbsp;&nbsp;&nbsp;Depreciation | 8714 | 4119 | 4595 |
| Total expenses | 33684 | 15934 | $17750 |
| Total revenues less total expenses | (155) | 961 | (1116) |
| &nbsp;&nbsp;&nbsp;Other equity earnings | 26 | 25 | 1 |
| &nbsp;&nbsp;&nbsp;Gain on insurance recoveries |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate properties |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |
| Net income | $(129) | $986 | (1115) |

---

------

**<u>[**Table of Contents**](#if95c6b452bea4ad882457aa0031e2148_7)</u>**

**BRT Apartments Corp. (NYSE: BRT)**

**Balance Sheets of Unconsolidated Joint Venture Entities**

(dollars in thousands)

_____________________________________________________________________________________________________________________

At September 30, 2025, the Company held interests in unconsolidated joint ventures that own 10 multi-family properties (the "Unconsolidated Properties"). The condensed balance sheet below present information regarding such properties:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **TOTAL** | **BRT's Pro Rata Share** | **Partner Share** |
| **ASSETS** | | | |
| Real estate properties, net of accumulated depreciation | $366408 | $18488 | $347920 |
| Cash and cash equivalents | 5491 | 2521 | 2970 |
| Other assets | 15612 | 9590 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $387511 | $30599 | $356912 |
| **LIABILITIES AND EQUITY** |  |  |  |
| Liabilities: |  |  |  |
| Mortgages payable, net of deferred costs | 286193 | 144431 | 141762 |
| Accounts payable and accrued liabilities | 9442 | 4486 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 295635 | 148917 | 146718 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies |  |  |  |
| Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unconsolidated joint venture equity | 91876 | 47782 | 44094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Equity | $387511 | $196699 | $190812 |

---

<br>