BRT Apartments Corp. is a Great Neck, New York-headquartered, self-administered and self-managed REIT that owns and operates multifamily properties primarily in the Southeastern United States and Texas, with a portfolio at June 30, 2026 of 21 wholly-owned properties (5,420 units, $585.3 million carrying value), 10 unconsolidated joint venture properties (2,891 units, $43.3 million carrying value), and 2 preferred equity investments ($17.8 million), for a total of 31 properties across 11 states concentrated in Georgia, Florida, Texas, Ohio, and Virginia. For the second quarter ended June 30, 2026, the Company generated total revenues of $24.5 million (up 1.1 percent year-over-year), a net loss attributable to common stockholders of $(3.2) million ($(0.18) per share), Funds from Operations (FFO) of $0.29 per diluted share (flat year-over-year), and Adjusted Funds from Operations (AFFO) of $0.36 per diluted share (flat year-over-year). Combined Portfolio NOI was $15.2 million for Q2 2026. The same store portfolio showed occupancy of 93.5 percent in Georgia (688 units), 95.2 percent in Florida (518 units), 89.4 percent in Texas (600 units), 92.2 percent in Ohio (264 units), and 97.0 percent in Virginia (220 units). The Company entered into an agreement on June 2, 2026 to acquire Ranch Lake Apartments, a 336-unit multifamily property.
The investment thesis rests on three variables. The same store NOI and occupancy trajectory is the load-bearing operating variable, with the Q2 2026 Combined Portfolio NOI of $15.2 million and weighted average occupancies ranging from 89.4 percent (Texas) to 97.0 percent (Virginia) reflecting the portfolio's stability in the Southeast and Texas, and the strategic intent is to maintain occupancy and grow NOI through rent increases and expense management. The joint venture and preferred equity model is the load-bearing capital allocation variable, with 10 unconsolidated JV properties (2,891 units) and 2 preferred equity investments representing a capital-light growth engine that generates equity in earnings (a $1 thousand loss in Q2 2026 vs a $299 thousand gain in Q2 2025), and the strategic intent is to continue leveraging the JV model for acquisitions while managing the partner risk. The acquisition and development pipeline is the load-bearing growth variable, with the June 2, 2026 agreement to acquire Ranch Lake Apartments (336 units) and the value-add program and capital expenditures representing the external growth engine, and the strategic intent is to deploy capital into accretive acquisitions while managing the concentration risk in the Southeast and Texas.