EX-99.2 3 exhibit992q22021.htm EX-99.2 Document

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SUPPLEMENTAL FINANCIAL
INFORMATION FOR Q2 2021


August 5, 2021





60 Cutter Mill Rd., Great Neck, NY 11021














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FORWARD LOOKING STATEMENTS

The information set forth herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "believe", "expect", "intend", "anticipate”, “estimate", "project", or similar expressions or variations thereof. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and are urged to read the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020 and in reports filed with the SEC thereafter, including our Quarterly Report on Form 10-Q for the period ended June 30, 2021, that we anticipate will be filed shortly following the furnishing of this document.

The Company undertakes 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.




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Table of ContentsPage Number
Financial Highlights1
Operating Results2
Operating Results of Unconsolidated Properties3
Funds From Operations4
Consolidated Balance Sheets5
Balance Sheets of Unconsolidated Joint Venture Entities6
Portfolio Data by State7-8
Same Store Comparison - Consolidated9-10
Same Store Comparison - Unconsolidated11-12
Portfolio Data Combined13
Acquisitions and Dispositions14
Value-Add Information and Capital Expenditures15
Debt Analysis16
Non-GAAP Financial Measures, Definitions, and Reconciliations17-21
Portfolio Table22
    


BRT Apartments Corp. (NYSE: BRT)
Financial Highlights


_________________________________________________________________________________________________________
As at June 30,
20212020
Market capitalization (thousands)$314,773 $185,844 
Shares outstanding (thousands)18,153 17,176 
Closing share price$17.34 $10.82 
Quarterly dividend declared per share$0.22 $0.22 
Multi-family properties owned3739
Units10,562(1)11,042(1)
Average occupancy (2)95.2%93.1%
Average monthly rental revenue per occupied unit (2)$1,129 $1,087 
Quarter ended June 30,
Per share data2021
(Unaudited)
2020
(Unaudited)
Income (loss) per share basic and diluted$0.34 $(0.25)
FFO per diluted share of common stock (3)0.29 0.24 
AFFO per diluted share of common stock (3)0.31 0.27 
As at June 30,
20212020
Debt/Enterprise Value (4)64 %76 %
(1) For 2021, includes 1,608 units owned by consolidated subsidiaries and 8,954 units owned by unconsolidated subsidiaries.For 2020, includes 1,880 units owned by consolidated subsidiaries and 9,162 units owned by unconsolidated subsidiaries. Unconsolidated for 2020 includes 741 units in lease-up.
(2) For the period presented, average reflects stabilized properties and includes consolidated and unconsolidated assets.
See definition of stabilized properties under "Non-GAAP Financial Measures and Definitions."
(3) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income,
as calculated in accordance with GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."
(4) Enterprise Value is equal to debt plus market capitalization less cash and cash equivalents. Debt is equal to 100% of the debt at the consolidated properties and BRT's pro rata share of debt at the unconsolidated joint ventures,
1

BRT Apartments Corp. (NYSE: BRT)
Operating Results
(dollars in thousands, except share and per share data)

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Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues:
Rental and other revenue from real estate properties $6,958 $6,657 $14,053 $13,402 
Other income159 338 
Total revenues6,961 6,816 14,060 13,740 
Expenses:
Real estate operating expenses 3,166 3,004 6,283 6,062 
Interest expense1,609 1,809 3,269 3,669 
General and administrative3,154 2,957 6,268 6,324 
Impairment charge520 — 520 — 
Depreciation1,416 1,809 2,953 3,370 
Total expenses9,865 9,579 19,293 19,425 
Total revenues less total expenses(2,904)(2,763)(5,233)(5,685)
Equity in loss of unconsolidated joint ventures(492)(1,387)(1,837)(3,202)
Gain on sale of real estate7,279 — 7,279 — 
Gain on sale of partnership interest2,244 — 2,244 — 
Income (loss) from continuing operations6,127 (4,150)2,453 (8,887)
 Income tax provision67 65 124 127 
Net income (loss) from continuing operations, net of taxes6,060 (4,215)2,329 (9,014)
Net income attributable to non-controlling interests(33)(31)(67)(63)
Net income (loss) attributable to common stockholders$6,027 $(4,246)$2,262 $(9,077)
Weighted average number of shares of common stock outstanding:
Basic and diluted17,720,488 17,176,401 17,520,963 17,054,327 
Per share amounts attributable to common stockholders:
Basic and diluted$0.34 $(0.25)$0.13 $(0.53)


2

BRT Apartments Corp. (NYSE: BRT)
Operating Results of Unconsolidated Properties
(dollars in thousands, except per share data)

_____________________________________________________________________________________________________________________


Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues:
Rental and other revenue$33,005 $31,542 $65,677 $62,385 
Total revenues33,005 31,542 65,677 62,385 
Expenses:
Real estate operating expenses15,233 14,674 30,936 29,206 
Interest expense8,472 8,766 16,994 17,523 
Depreciation9,791 10,417 20,176 20,773 
Total expenses33,496 33,857 68,106 67,502 
Total revenues less total expenses(491)(2,315)(2,429)(5,117)
Equity in earnings14 17 
Impairment charges(490)— (2,813)— 
Insurance recoveries490 — 2,813 — 
Gain on insurance recoveries— 338 — 338 
Net loss from joint ventures$(486)$(1,968)$(2,415)$(4,762)
BRT's equity in loss from joint ventures$(492)$(1,387)$(1,837)$(3,202)


3

BRT Apartments Corp. (NYSE: BRT)
Funds from Operations
(dollars in thousands, except per share data)
_____________________________________________________________________________________________________________________

Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
GAAP Net income (loss) attributable to common stockholders$6,027 $(4,246)$2,262 $(9,077)
Add: depreciation of properties1,416 1,809 2,953 3,370 
Add: our share of depreciation in unconsolidated joint ventures6,276 6,627 12,875 13,199 
Add: Impairment charge520 — 520 — 
Add: our share of impairment charge in unconsolidated joint ventures348 — 2,010 — 
Deduct: gain on sale of real estate and partnership interest(9,523)— (9,523)— 
Adjustments for non-controlling interests(4)(4)(8)(8)
NAREIT Funds from operations attributable to common stockholders5,060 4,186 11,089 7,484 
Adjustments for: straight-line rent accruals(10)(10)(20)(20)
Add: amortization of restricted stock and restricted stock units569 461 1,107 899 
Add: amortization of deferred borrowing costs73 80 153 160 
Add: our share of deferred mortgage costs from unconsolidated joint venture properties143 163 291 323 
Less: our share of insurance recovery from unconsolidated joint ventures(348)— (2,010)— 
Less: our share of gain on insurance proceeds from unconsolidated joint venture— (169)— (169)
Adjustments for non-controlling interests
Adjusted funds from operations attributable to common stockholders$5,489 $4,712 $10,614 $8,680 

Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
GAAP Net income (loss) attributable to common stockholders$0.34 $(0.25)$0.13 $(0.53)
Add: depreciation of properties0.09 0.10 0.17 0.20 
Add: our share of depreciation in unconsolidated joint ventures0.35 0.39 0.73 0.77 
Add: Impairment charge0.03 — 0.03 — 
Add: our share of impairment charge in unconsolidated joint venture0.02 — 0.11 — 
Deduct: gain on sale of real estate(0.54)— (0.54)— 
Adjustment for non-controlling interests— — — — 
NAREIT Funds from operations per diluted common share0.29 0.24 0.63 0.44 
Adjustments for: straight line rent accruals— — — — 
Add: amortization of restricted stock and restricted stock units0.03 0.03 0.06 0.05 
Add: amortization of deferred borrowing costs— — 0.01 0.01 
Add: our share of deferred mortgage costs from unconsolidated joint venture properties0.01 0.01 0.02 0.02 
Less: our share of insurance recovery from unconsolidated joint ventures(0.02)— (0.11)— 
Less: our share of gain on insurance proceeds from unconsolidated joint venture— (0.01)— (0.01)
Adjustments for non-controlling interests— — — — 
Adjusted funds from operations per diluted common share$0.31 $0.27 $0.61 $0.51 
4

BRT Apartments Corp. (NYSE: BRT)
Consolidated Balance Sheets
(amounts in thousands, except per share amounts)

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June 30, 2021
(unaudited)
December 31, 2020
ASSETS
Real estate properties, net of accumulated depreciation$140,991 $160,192 
Investments in unconsolidated joint ventures159,799 169,474 
Cash and cash equivalents34,666 19,885 
Restricted cash7,932 8,800 
Other assets7,851 7,390 
Total Assets $351,239 $365,741 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs$114,745 $130,434 
Junior subordinated notes, net of deferred costs37,093 37,083 
Accounts payable and accrued liabilities18,936 20,536 
Total Liabilities 170,774 188,053 
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;
16,820 and 16,432 shares outstanding172 164 
Additional paid-in capital254,053 245,605 
Accumulated other comprehensive loss(11)(19)
Accumulated deficit(73,734)(67,978)
Total BRT Apartments Corp. stockholders’ equity180,480 177,772 
Non-controlling interests(15)(84)
Total Equity180,465 177,688 
Total Liabilities and Equity$351,239 $365,741 

5

BRT Apartments Corp. (NYSE: BRT)
Balance Sheet of Unconsolidated Joint Venture Entities
(amounts in thousands, except per share amounts)

_____________________________________________________________________________________________________________________

At June 30, 2021, the Company held interests in unconsolidated joint ventures that own 30 multi-family properties (the "Unconsolidated Properties"). The condensed balance sheet below present information regarding such properties (dollars in thousands):

June 30, 2021
(unaudited)
ASSETS
Real estate properties, net of accumulated depreciation of $142,413$896,944 
Cash and cash equivalents15,249 
Other assets32,116 
Real estate properties held for sale139,711 
Total Assets$1,084,020 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $5,311$814,067 
Accounts payable and accrued liabilities20,108 
Total Liabilities834,175 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity249,845 
Total Liabilities and Equity$1,084,020 
BRT's interest in joint venture equity$159,799 
Unconsolidated Mortgages Payable:
BRT Share$516,852 
Partner Share297,215 
     Total$814,067 


6

BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Quarter ended June 30, 2021
(dollars in thousands, except monthly rent amounts)

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Consolidated
 Units Revenues Property Operating Expenses NOI (1)% of NOI ContributionAverage OccupancyAverage Rent per Occ. Unit
Texas192$672$347$3259%96.4%$1,020
Georgia4481,67976491524%98.1%1,115
Florida2761,11245166117%98.2%1,219
Ohio26480334545812%98.5%931
Virginia2201,05334670719%99.2%1,440
South Carolina20883942641311%97.1%1,194
Other (3)8004873138%N/AN/A
Current Portfolio Totals1,608$6,958$3,166$3,792100%98.0%$1,147
Unconsolidated (Pro-Rata Share) (1)
UnitsRevenuesProperty Operating ExpensesNOI (1)% of NOI ContributionAverage Occupancy
 (2)
Average Rent per Occ. Unit
 (2)
Texas2,561$5,353$2,777$2,57623%93.4%$1,128
South Carolina1,1832,4161,1121,30412%92.3%1,173
Georgia1,0972,5981,1301,46813%97.1%1,159
Florida7641,7147649508%96.4%1,111
Alabama9402,4621,0821,38012%96.5%977
Mississippi7761,7906581,13210%98.3%1,040
Tennessee7021,8188409789%96.0%1,221
North Carolina5761,5197108097%94.8%1,062
Missouri3551,2296206095%88.4%1,394
Other (3)11369440%N/AN/A
Current Portfolio Totals8,954$21,012$9,762$11,250100%94.7%$1,125

_________________________________________________________________________________
(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 Measures and Definitions."
(2) Excludes properties that were sold or not stabilized for the full period presented.
(3) Includes legacy assets and properties sold during the period presented.













7

BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Six months ended June 30, 2021
(dollars in thousands, except monthly rent amounts)

____________________________________________________________________________________________________________________

Consolidated
 Units Revenues Property Operating Expenses NOI (1)% of NOI ContributionAverage Occupancy
 (2)
Average Rent per Occ. Unit
 (2)
Texas192$1,326$686$6408%96.1%$1,020
Georgia4483,2991,4891,81023%97.4%1,109
Florida2762,1898531,33617%98.1%1,205
Ohio2641,58266691612%98.3%926
Virginia2202,0906891,40118%98.9%1,428
South Carolina2081,65383182211%95.6%1,189
Other (3)1,9141,0698456%N/AN/A
Current Portfolio Totals1,608$14,053$6,283$7,770100%97.5%$1,139
Unconsolidated (Pro-Rata Share) (1)
UnitsRevenuesProperty Operating ExpensesNOI (1)% of NOI ContributionAverage Occupancy
 (2)
Average Rent per Occ. Unit
 (2)
Texas2,561$10,666$5,560$5,10623%92.8%$1,118
South Carolina1,1834,7502,2992,45111%93.2%1,109
Georgia1,0975,1122,2732,83913%96.4%1,147
Florida7643,3921,4981,8949%95.3%1,114
Alabama9404,8742,1372,73712%97.1%978
Mississippi7763,3001,2282,0729%98.2%1,031
Tennessee7023,5791,7091,8709%97.2%1,177
North Carolina5762,9651,3851,5807%94.8%1,067
Missouri3552,4211,2841,1375%89.3%1,394
Other (3)6423742686%N/AN/A
Current Portfolio Totals8,954$41,701$19,747$21,954100%94.7%$1,105
_________________________________________________________________________________
(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 Measures and Definitions."
(2) Excludes properties that were sold or not stabilized for the full period presented.
(3) Includes legacy assets and properties sold during the period presented.


8

BRT Apartments Corp. (NYSE: BRT)
Consolidated Same Store Comparisons
Quarters ended June 30, 2021 and 2020
(dollars in thousands, except monthly rent amounts)
_____________________________________________________________________________________________________________________
RevenuesProperty Operating ExpensesNOI
Units20212020% Change20212020% Change20212020% Change
Georgia 448$1,679$1,5597.7 %$764$62821.7 %$915$931(1.7)%
Florida2761,11293918.4 %45139414.5 %66154521.3 %
Texas 19267260211.6 %347348(0.3)%32525428.0 %
Ohio2648037319.8 %3453314.2 %45840014.5 %
Virginia2201,0539827.2 %346393(12.0)%70758920.0 %
South Carolina2088397935.8 %4264191.7 %41337410.4 %
Totals1,608$6,158$5,6069.8 %$2,679$2,5136.6 %$3,479$3,09312.5 %
0
Weighted Average OccupancyWeighted Average Monthly Rent per Occupied Unit
20212020% Change20212020% Change
Georgia 98.1 %95.8 %2.4 %$1,115$1,0823.0 %
Florida98.2 %92.2 %6.5 %1,2191,09511.3 %
Texas 96.4 %91.2 %5.7 %1,0201,0011.9 %
Ohio98.5 %93.1 %5.8 %9319171.5 %
Virginia99.2 %94.9 %4.5 %1,4401,4201.4 %
South Carolina97.1 %93.0 %4.4 %1,1941,1721.9 %
Weighted Average98.0 %93.7 %4.6 %$1,147$1,1063.7 %
_______________________________
See definition of Same Store under "Non-GAAP Financial Measures and Definitions"





































9

BRT Apartments Corp. (NYSE: BRT)

Consolidated Same Store Comparisons
Six months ended June 30, 2021 and 2020
(dollars in thousands, except monthly rent amounts)
____________________________________________________________________________________________________________________
RevenuesProperty Operating ExpensesNOI
Units20212020% Change20212020% Change20212020% Change
Georgia 448$3,299$3,1145.9 %$1,489$1,21222.9 %$1,810$1,902(4.8)%
Florida2762,1891,88815.9 %8537996.8 %1,3361,08922.7 %
Texas 1921,3261,2426.8 %6866722.1 %64057012.3 %
Ohio2641,5821,4876.4 %666679(1.9)%91680813.4 %
Virginia2202,0901,9487.3 %689749(8.0)%1,4011,19916.8 %
South Carolina2081,6531,5943.7 %831857(3.0)%82273711.5 %
Totals1,608$12,139$11,2737.7 %$5,214$4,9685.0 %$6,925$6,3059.8 %
Weighted Average OccupancyWeighted Average Monthly Rent per Occupied Unit
20212020% Change20212020% Change
Georgia 97.4 %96.0 %1.5 %$1,109$1,0792.8 %
Florida98.1 %92.7 %5.8 %1,2051,0979.8 %
Texas 96.1 %91.1 %5.5 %1,0201,039(1.8)%
Ohio98.3 %94.0 %4.6 %9269220.4 %
Virginia98.9 %94.2 %5.0 %1,4281,4061.6 %
South Carolina95.6 %92.9 %2.9 %1,1891,1711.5 %
Weighted Average97.5 %93.9 %3.8 %$1,139$1,1082.8 %
_______________________________
See definition of Same Store under "Non-GAAP Financial Measures and Definitions"


10

BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons
Quarters ended June 30, 2021 and 2020
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)
________________________________________________________________________________________

RevenuesProperty Operating ExpensesNOI
Units20212020% Change20212020% Change20212020% Change
Texas2,561$5,353$5,1264.4 %$2,777$2,7072.6 %$2,576$2,4196.5 %
Georgia1,0972,5982,35210.5 %1,1311,168(3.2)%1,4671,18423.9 %
Florida7641,7141,6195.9 %76467513.2 %9509440.6 %
South Carolina 1,1832,4162,2417.8 %1,1121,122(0.9)%1,3041,11916.5 %
Mississippi7761,5391,4148.8 %5685219.0 %9718938.7 %
Alabama 9402,4622,2608.9 %1,0829859.8 %1,3801,2758.2 %
Missouri3551,2301,305(5.7)%6225856.3 %608720(15.6)%
North Carolina5761,5181,4455.1 %71057523.5 %808870(7.1)%
Tennessee3008908741.8 %38632219.9 %504552(8.7)%
Totals8,552$19,720$18,6365.8 %$9,152$8,6605.7 %$10,568$9,9765.9 %
Weighted Average OccupancyWeighted Average Monthly Rent per Occupied Unit
20212020% Change20212020% Change
Texas93.4 %90.5 %3.2 %$1,128$1,1190.8 %
Georgia97.1 %92.3 %5.2 %1,1591,1094.5 %
Florida96.4 %93.8 %2.8 %1,1111,1100.1 %
South Carolina 93.8 %89.9 %4.3 %1,1071,108(0.1)%
Mississippi98.3 %96.9 %1.4 %1,0409855.6 %
Alabama 96.5 %96.4 %0.1 %9779058.0 %
Missouri90.2 %96.3 %(6.3)%1,3921,498(7.1)%
North Carolina96.5 %93.6 %3.1 %1,0721,0581.3 %
Tennessee97.5 %95.3 %2.3 %1,1761,194(1.5)%
Weighted Average95.2 %92.9 %2.5 %$1,111$1,0931.6 %
________________________________
See definition of Same Store under "Non-GAAP Financial Measures and Definitions"





11

BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons
Six months ended June 30, 2021 and 2020
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)
_______________________________________________________________________________________

RevenuesProperty Operating ExpensesNOI
Units20212020% Change20212020% Change20212020% Change
Texas2,561$10,666$10,3622.9 %$5,560$5,4242.5 %$5,106$4,9383.4 %
Georgia1,0975,1124,6899.0 %2,2742,302(1.2)%2,8382,38718.9 %
Florida7643,3923,2474.5 %1,4981,4036.8 %1,8941,8442.7 %
South Carolina 8443,5613,3147.5 %1,8671,7626.0 %1,6941,5529.1 %
Mississippi7763,0492,8327.7 %1,1431,02811.2 %1,9061,8045.7 %
Alabama 1,0314,8744,5237.8 %2,1371,9698.5 %2,7372,5547.2 %
Missouri3552,4212,623(7.7)%1,2841,1759.3 %1,1371,448(21.5)%
Tennessee3001,7701,7620.5 %77862025.5 %9921,142(13.1)%
North Carolina3121,6871,5757.1 %7576909.7 %9308855.1 %
Totals8,040$36,532$34,9274.6 %$17,298$16,3735.6 %$19,234$18,5543.7 %
Weighted Average OccupancyWeighted Average Monthly Rent per Occupied Unit
20212020% Change20212020% Change
Texas92.8 %91.2 %1.8 %$1,118$1,1180.0 %
Georgia96.4 %91.8 %5.0 %1,1471,1083.5 %
Florida95.3 %94.5 %0.8 %1,1141,1001.3 %
South Carolina 93.2 %89.7 %3.9 %1,1091,111(0.2)%
Mississippi98.2 %96.2 %2.1 %1,0319825.0 %
Alabama 97.1 %96.4 %0.7 %9699047.2 %
Missouri89.3 %96.5 %(7.5)%1,3941,483(6.0)%
Tennessee97.2 %96.5 %0.7 %1,1941,1474.1 %
North Carolina95.6 %94.0 %1.7 %1,1681,1026.0 %
Weighted Average94.7 %93.1 %1.7 %$1,110$1,0941.5 %
________________________________
See definition of Same Store under "Non-GAAP Financial Measures and Definitions"




12

BRT Apartments Corp. (NYSE: BRT)
Portfolio Data Combined
(dollars in thousands, except monthly rent amounts)
________________________________________________________________________________________

Quarter Ended June 30,
Portfolio20212020
RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI
Consolidated$6,958$3,166$3,726$6,657$3,004$3,653
Unconsolidated (1)21,0129,76211,25019,9919,32410,667
Combined$27,970$12,928$15,042$26,648$12,328$14,320
Same Store
20212020Variance
RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI
Consolidated$6,158$2,679$3,479$5,606$2,513$3,0939.8 %6.6 %12.5 %
Unconsolidated (1)19,7209,15210,56818,6368,6609,9765.8 %5.7 %5.9 %
Combined$25,878$11,831$14,047$24,242$11,173$13,0696.7 %5.9 %7.5 %
_____________________________________________________________

Six months ended June 30,
Portfolio20212020
RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI
Consolidated$14,053$6,283$7,770$13,402$6,061$7,341
Unconsolidated (1)41,70119,74721,95439,48218,49720,985
Combined$55,754$26,030$29,724$52,884$24,558$28,326
Same Store
20212020Variance
RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI
Consolidated$12,139$5,214$6,925$11,273$4,968$6,3057.7 %5.0 %9.8 %
Unconsolidated (1)36,53217,29819,23434,92716,37318,5544.6 %5.6 %3.7 %
Combined$48,671$22,512$26,159$46,200$21,341$24,8595.3 %5.5 %5.2 %
_____________________________________________________________
(1) Unconsolidated amounts represent BRT's pro-rata share. See definition of pro-rata under "Non-GAAP Financial Measures and Definitions.".
13

BRT Apartments Corp. (NYSE: BRT)
Acquisitions and Dispositions
(dollars in thousands)

________________________________________________________________________________________

Acquisitions for the six months ended June 30, 2021
LocationPurchase DateUnitsPurchase PriceAcquisition Mortgage DebtInitial BRT EquityOwnership PercentageCapitalized Acquisition Costs
Southaven, MS (1)5/4/20210$6,000 $— (1)$— 14.69 %$— 
Dispositions for the six months ended June 30, 2021
LocationSale DateNo. of UnitsSales PriceGain on Sale
Houston, TX (2)5/26/2021272$24,500 $7,300 
Daytona Beach, FL (3)4/20/20212087,500 2,200 
480$32,000 $9,500 
Dispositions subsequent to June 30, 2021
LocationSale DateNo. of UnitsSales PriceGain on SaleBRT's Share of Gain on SaleMortgage Prepayment ChargeBRT Portion of Mortgage Prepayment Charge
Ocoee, FL7/20/2021522$108,000 $39,000 $19,000 $8,660 $4,200 
Lawrenceville, GA7/28/2021586118,000 44,000 15,000 — — 
1108$226,000 $83,000 $34,000 $8,660 $4,200 

(1) Acquired 14.69% interest owned by the Joint Venture Partner, bringing the ownership to 74.69%
(2) Wholly owned property
(3) Sale of BRT's 80% ownership interest to the Joint Venture Partner



14

BRT Apartments Corp. (NYSE: BRT)
Value-Add Program and Capital Expenditures
Quarter ended June 30, 2021

________________________________________________________________________________________

Value-Add Program
(Includes consolidated and unconsolidated amounts)
Units Rehabilitated (1)Estimated Rehab Costs (2)Estimated Rehab Costs Per unitEstimated Average Monthly Rent Increase (3)Estimated Annualized ROI (3)Estimated units available to be renovated (24 months)
58$369,000$6,362$17834%650
(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 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 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 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)
Gross Capital ExpendituresLess: JV Partner ShareBRT Share of Capital Expenditures (4)
Estimated Recurring Capital Expenditures (1)$220,000 $49,867 $170,133 
Estimated Non-Recurring Capital Expenditures (2)1,713,000 359,585 1,353,415 
Total Capital Expenditures$1,933,000 $409,452 $1,523,548 
Replacements (operating expense) (3)$604,403 $184,121 $420,282 
Estimated Recurring Capital Expenditures and
Replacements per unit
$75 $22 $53 
(1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations -
       it excludes 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 property, and revenue enhancing upgrades.
(3) Replacements are expensed as incurred at the property.
(4) Based on BRT's equity interest.

15

BRT Apartments Corp. (NYSE: BRT)
Debt Analysis
As of June 30, 2021
(dollars in thousands)
____________________________________________________________________________________________________________________________________
Consolidated
Year
Total Principal PaymentsScheduled AmortizationPrincipal Payments Due at Maturity Percent of Total Principal Payments Due At MaturityWeighted Average Interest Rate (1)
2021$1,456 $1,456 $— $— 0.00 %
202262,543 1,924 60,619 61 %4.29 %
20231,270 1,270 — — — 
20241,316 1,316 — — — 
202516,661 1,286 15,375 16 %4.42 %
Thereafter 31,932 8,768 23,164 23 %3.77 %
Total$115,178 $16,020 $99,158 100 %
Unconsolidated (BRT pro rata share)
YearTotal Principal PaymentsScheduled AmortizationPrincipal Payments Due at MaturityPercent of Total Principal Payments Due At MaturityWeighted Average Interest Rate (1)
2021$1,781 $1,781 $— — — 
202248,228 4,769 43,459 %3.35 %
202329,528 4,943 24,585 %4.12 %
20245,722 5,722 — — — 
20257,168 7,168 — — 0.00 %
Thereafter 424,425 28,445 395,980 85 %4.15 %
Total$516,852 $52,828 $464,024 100 %
Combined
YearTotal Principal PaymentsScheduled AmortizationPrincipal Payments Due at MaturityPercent of Total Principal Payments Due At MaturityWeighted Average Interest Rate (1)
2021$3,237 $3,237 $— %4.29 %
2022110,771 6,693 104,078 18 %3.76 %
202330,798 6,213 24,585 %4.05 %
20247,038 7,038 — — — 
202523,829 8,454 15,375 %4.21 %
Thereafter 456,357 37,213 419,144 72 %4.08 %
Total$632,030 $68,848 $563,182 97 %
Weighted Average Remaining Term to Maturity (2)6.7 years
Weighted Average Interest Rate (2)4.03 %
Debt Service Coverage Ratio for the quarter ended June 30, 2021 1.54 (3)
(1) Based on balloon payments at maturity. The Combined table Includes consolidated and BRT pro rata share amounts
(2) Includes consolidated and BRT pro rata share unconsolidated amounts.
(3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100% of the unconsolidated amounts.
Junior Subordinated Notes
Principal Balance $37,400
Interest Rate3 month LIBOR + 2.00% (i.e, 2.19% at 6/30/21)
MaturityApril 30, 2036
Credit Facility (as of August 5, 2021)
Maximum Amount Available Up to $15,000
Amount Outstanding $0
Interest RatePrime + 0.50% (floor of 4.25%)

16

BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________
We compute 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 loss of unconsolidated joint ventures, (6) provision for taxes, (7) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate, and (3) gain on insurance recoveries related to casualty loss. We define "Same Store NOI" as NOI for all our consolidated properties that were owned for the entirety of the periods being presented, other than properties in lease up and developments. 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 (loss) income. 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. We view Same Store NOI as an important measure of operating performance because it allows a comparison of operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods. However, NOI should only be used as an alternative measure of our financial performance.

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:


ConsolidatedThree Months Ended June 30,Six Months Ended June 30,
2021202020212020
GAAP Net income (loss) attributable to common stockholders$6,027 $(4,246)$2,262 $(9,077)
Less: Other Income(3)(159)(7)(338)
Add: Interest expense1,609 1,809 3,269 3,669 
         General and administrative3,154 2,957 6,268 6,324 
         Impairment charge520 — 520 — 
         Depreciation1,416 1,809 2,953 3,370 
         Provision for taxes67 65 124 127 
Less: Gain on sale of real estate(7,279)— (7,279)— 
Gain on sale of partnership interest(2,244)— (2,244)— 
         Equity in loss of unconsolidated joint venture properties492 1,387 1,837 3,202 
Add: Net income attributable to non-controlling interests33 31 67 63 
Net Operating Income$3,792 $3,653 7,770 7,340 
Less: Non-same store Net Operating Income$(313)$(560)$(845)$(1,035)
Same store Net Operating Income$3,479 $3,093 $6,925 $6,305 





17

BRT Apartments Corp. (NYSE: BRT)

The following tables provides a reconciliation of NOI to equity in loss of unconsolidated joint ventures as computed in accordance with GAAP for the periods presented for BRT's pro rata share of the unconsolidated properties:


Unconsolidated Three Months Ended June 30,Six Months Ended June 30, 2021
2021202020212020
BRT's equity in loss from joint ventures$(492)$(1,387)$(1,837)$(3,202)
Add: Interest expense5,471 5,605 10,930 11,175 
         Depreciation6,276 6,627 12,875 13,199 
Less: Impairment of asset348 — 2,010 — 
          Insurance recovery(348)— (2,010)— 
  Gain on insurance recovery— (169)— (169)
          Equity in earnings of joint ventures (5)(9)(14)(17)
Net Operating Income$11,250 $10,667 $21,954 $20,986 
Less: Non-same store Net Operating Income$(682)$(691)$(2,720)0$(2,432)
Same store Net Operating Income$10,568 $9,976 $19,234 $18,554 
Consolidated same store Net Operating Income$3,479 $3,093 $6,925 $6,305 
Unconsolidated same store Net Operating Income10,568 9,976 19,234 18,554 
Combined same store Net Operating Income$14,047 14,047,000 $13,069 $26,159 $24,859 

18

BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)

_____________________________________________________________________________________________________________________

The condensed income statements below present, for the periods indicated, a reconciliation of the information that appears in note 8 of BRT's Quarterly report on Form 10-Q to the BRT pro rata information presented here in this supplemental.

Three Months Ended June 30, 2021
TotalPartner ShareBRT Share
Revenues:
Rental and other revenue$33,005 $11,993 $21,012 
Total revenues33,005 11,993 21,012 
Expenses:
Real estate operating expenses15,233 5,471 9,762 
Interest expense8,472 3,001 5,471 
Depreciation9,791 3,515 6,276 
Total expenses33,496 11,987 21,509 
Total revenues less total expenses(491)(497)
Equity in earnings— 
Impairment charges(490)(142)(348)
Insurance recoveries490 142 348 
Net loss$(486)$$(492)

Three Months Ended June 30, 2020
TotalPartner ShareBRT Share
Revenues:
Rental and other revenue$31,542 $11,551 $19,991 
Total revenues$31,542 $11,551 $19,991 
Expenses:
Real estate operating expenses14,674 5,350 9,324 
Interest expense8,766 3,161 5,605 
Depreciation10,417 3,790 6,627 
Total expenses33,857 12,301 21,556 
Total revenues less total expenses(2,315)(750)(1,565)
Equity in earnings— 
Insurance recoveries— — — 
Net loss$(1,968)$(581)$(1,387)


19

BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)

_____________________________________________________________________________________________________________________

The condensed income statements below present for the periods indicated a reconciliation of the information that appears in note 8 of BRT's Quarterly report on Form 10-Q to the BRT pro rata information presented here in this supplemental.

Six Months Ended June 30, 2021
TotalPartner ShareBRT Share
Revenues:
Rental and other revenue$65,677 $23,976 $41,701 
Total revenues65,677 23,976 41,701 
Expenses:
Real estate operating expenses30,936 11,189 19,747 
Interest expense16,994 6,064 10,930 
Depreciation20,176 7,301 12,875 
Total expenses68,106 24,554 43,552 
Total revenues less total expenses(2,429)(578)(1,851)
Equity in earnings14 — 14 
Impairment charges(2,813)(803)(2,010)
Insurance recoveries2,813 803 2,010 
Net loss$(2,415)$(578)$(1,837)



Six Months Ended June 30, 2020
TotalPartner ShareBRT Share
Revenues:
Rental and other revenue$62,385 $22,903 $39,482 
Total revenues62,385 22,903 39,482 
Expenses:
Real estate operating expenses29,206 10,710 18,496 
Interest expense17,523 6,348 11,175 
Depreciation20,773 7,574 13,199 
Total expenses67,502 24,632 42,870 
Total revenues less total expenses(5,117)(1,729)(3,388)
Equity in earnings17 — 17 
Insurance recoveries— — 
Net loss$(4,762)$(1,560)$(3,202)


20

BRT Apartments Corp. (NYSE: BRT)
NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS
(dollars in thousands)
________________________________________________________________________________________

Funds from Operations (FFO)
FFO is a non-GAAP financial performance measure defined by the National Association of Real Estate Investment Trusts and is widely recognized by investors and analysts as one measure of operating performance of a REIT. The FFO calculation excludes items such as real estate depreciation and amortization, gains and losses on the sale of real estate assets and impairment on depreciable assets. Historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, it is management’s view, and we believe the view of many industry investors and analysts, that the presentation of operating results for a REIT using the historical accounting for depreciation is insufficient. FFO excludes gains and losses from the sale of real estate, which we believe provides management and investors with a helpful additional measure of the performance of our real estate portfolio, as it allows for comparisons, year to year, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general, administrative and other expenses, and interest expenses.

Adjusted Funds from Operations (AFFO)
AFFO excludes from FFO straight line rent adjustments, loss on extinguishment of debt, amortization of restricted stock and RSU expense, amortization of deferred mortgage costs and gain on insurance recovery. AFFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides investors a view of the performance of our portfolio over time, including after the time we cease to acquire properties on a frequent and regular basis. We believe that AFFO enables investors to compare the performance of our portfolio with other REITs that have not recently engaged in acquisitions, as well as a comparison of our performance with that of other non-traded REITs, as AFFO, or an equivalent measure is routinely reported by non-traded REITs, and we believe often used by analysts and investors for comparison purposes.

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.

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.

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.

Same Store
Same store refers to stabilized properties that we and our consolidated joint ventures owned and operated for the entirety of both periods being compared.

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.


21

BRT Apartments Corp. (NYSE: BRT)
Portfolio Table
As of 8/05/2021
___________________________________________________________________________________________
PropertyCityStateYear BuiltYear AcquiredProperty AgeUnitsQ2 2021 Avg. OccupancyQ2 2021 Avg. Rent per Occ. Unit% Ownership
Consolidated Properties
Silvana OaksNorth CharlestonSC201020121220897.1%$1,194 100 %
Avondale StationDecaturGA195020127221297.6%1,191 100 %
Newbridge CommonsColumbusOH199920132326498.5%931 100 %
AvalonPensacolaFL200820141427698.2%1,219 100 %
Parkway GrandeSan MarcosTX20142015819296.4%1,020 100 %
Woodland TrailsLaGrangeGA201020151223698.5%1,047 100 %
Kilburn CrossingFredericksburgVA200520161722099.2%1,440 100 %
Weighted Avg./Total Consolidated221,608
Properties owned by Unconsolidated Joint Ventures
Brixworth at BridgestreetHuntsvilleAL198520133720895.7%873 80 %
Crossings of BellevueNashvilleTN198520143730097.5%1,176 80 %
Retreat at Cinco RanchKatyTX200820161426897.4%1,236 75 %
Grove at River PlaceMaconGA198820163424096.1%789 80 %
Civic Center 1SouthavenMS200220162039298.6%1,008 74.7 %
Verandas at Shavano ParkSan AntonioTX20142016828889.3%1,070 65 %
Chatham Court and ReflectionsDallasTX198620163649493.0%947 50 %
Waters Edge at HarbisonColumbiaSC199620162620496.2%994 80 %
Pointe at Lenox ParkAtlantaGA198920163327196.9%1,261 74 %
Civic Center 2SouthavenMS200520161738498.0%1,073 74.7 %
Verandas at Alamo RanchSan AntonioTX20152016728886.0%1,008 71.9 %
Gateway OaksForneyTX20162016631397.2%1,168 50 %
OPOP TowersSt. LouisMO20142017812888.8%1,141 75.5 %
OPOP LoftsSt. LouisMO2014201785383.0%1,272 75.5 %
Vanguard HeightsCreve CoeurMO20162017617493.3%1,600 78.4 %
Mercer CrossingDallasTX2014/20162017850996.8%1,363 50 %
Jackson SquareTallahasseeFL199620172624295.2%1,089 80 %
Magnolia PointeMadisonAL199120173120497.3%1,034 80 %
Woodland ApartmentsBoerneTX200720171512084.7%834 80 %
Canalside LoftsColumbiaSC2008/201320171437490.9%1,179 32 %
Landings of Carrier ParkwayGrand Prairie TX200120182128195.5%1,137 50 %
Crestmont at ThornbladeGreenvilleSC199820182426696.1%1,099 90 %
Bell's BluffNashvilleTN20182018440294.8%1,256 58.1 %
Canalside Sola ColumbiaSC20182018433988.6%1,348 46.2 %
The Vive at KellswaterKannapolisNC201120191131296.5%1,164 65 %
Somerset at TrussvilleTrussvilleAL200720191532896.8%1,055 80 %
The Village at LakesideAuburnAL198820193420096.0%896 80 %
Abbotts RunWilmingtonNC200120202126495.3%939 80 %
Weighted Avg./Total Unconsolidated197,846
Weighted Avg./Total Portfolio209,454

22