EX-99.2 3 exhibit992q32021.htm EX-99.2 Document

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SUPPLEMENTAL FINANCIAL
INFORMATION FOR Q3 2021


November 8, 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 o 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 September 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


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As at September 30,
20212020
Market capitalization (thousands)$351,127 $202,333 
Shares outstanding (thousands)18,212 17,176 
Closing share price$19.28 $11.78 
Quarterly dividend declared per share$0.23 $0.22 
Multi-family properties owned3539
Units9,454(1)11,042(1)
Average occupancy (2)96.2%94.5%
Average monthly rental revenue per occupied unit (2)$1,152 $1,086 
Quarter ended September 30,
Per share data2021
(Unaudited)
2020
(Unaudited)
Income (loss) per share basic$1.55 $(0.44)
Income (loss) per share diluted$1.54 $(0.44)
FFO per diluted share of common stock (3)— 0.27 
AFFO per diluted share of common stock (3)0.31 0.28 
As at September 30,
20212020
Debt/Enterprise Value (4)66 %80 %
(1) For 2021, includes 2,010 units owned by consolidated subsidiaries and 7,444 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. There were no units in lease-up in the current quarter.
(2) For the periods 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, including BRT's pro-rata share of cash and cash equivalents at the unconsolidated Joint Ventures.. 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. See "Non-GAAP Financial Measures and Definitions" for an explanation of "pro-rata share".
1

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

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Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenues:
Rental and other revenue from real estate properties $7,709 $7,020 $21,762 $20,422 
Other income293 12 631 
Total revenues7,714 7,313 21,774 21,053 
Expenses:
Real estate operating expenses 3,404 3,289 9,687 9,351 
Interest expense1,535 1,731 4,804 5,400 
General and administrative3,114 2,730 9,382 9,054 
Impairment charge— 3,642 520 3,642 
Depreciation1,787 1,777 4,740 5,147 
Total expenses9,840 13,169 29,133 32,594 
Total revenues less total expenses(2,126)(5,856)(7,359)(11,541)
Equity in loss of unconsolidated joint ventures(4,196)(1,529)(6,033)(4,731)
Equity in earnings from sale of unconsolidated joint ventures properties34,982 34,982 
Gain on sale of real estate414 — 7,693 — 
Gain on sale of partnership interest— — 2,244 — 
Loss on extinguishment of debt(902)— (902)— 
Income (loss) from continuing operations28,172 (7,385)30,625 (16,272)
 Income tax provision31 65 155 192 
Net income (loss) from continuing operations, net of taxes28,141 (7,450)30,470 (16,464)
Net income attributable to non-controlling interests(35)(34)(102)(97)
Net income (loss) attributable to common stockholders$28,106 $(7,484)$30,368 $(16,561)
Weighted average number of shares of common stock outstanding:
Basic 17,261,520 17,176,401 16,916,623 17,095,315 
Diluted17,292,988 17,176,401 16,992,974 17,095,315 
Per share amounts attributable to common stockholders:
Basic $1.55 $(0.44)$1.71 $(0.97)
Diluted$1.54 $(0.44)$1.70 $(0.97)


2

BRT Apartments Corp. (NYSE: BRT)
Operating Results of Unconsolidated Properties
(amounts in thousands)

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Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenues:
Rental and other revenue$29,818 $32,341 $95,495 $94,726 
Total revenues29,818 32,341 95,495 94,726 
Expenses:
Real estate operating expenses14,587 16,092 45,523 45,298 
Interest expense7,568 8,663 24,562 26,186 
Depreciation8,288 10,411 28,464 31,184 
Total expenses30,443 35,166 98,549 102,668 
Total revenues less total expenses(625)(2,825)(3,054)(7,942)
Other equity earnings97 21 34 
Impairment of assets— — (2,813)— 
Insurance recoveries— — 2,813 — 
Gain on insurance recoveries1,246 427 1,246 765 
Gain on sale of real estate 83,984 — 83,984 — 
Loss on extinguishment of debt(9,401)— (9,401)— 
Net income (loss) from joint ventures$75,211 $(2,301)$72,796 $(7,143)
BRT's equity in loss and equity in earnings from sale of unconsolidated joint venture properties$30,786 $(1,529)$28,949 $(4,731)


3

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


.
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
GAAP Net income (loss) attributable to common stockholders$28,106 $(7,484)$30,368 $(16,561)
Add: depreciation of properties1,787 1,777 4,740 5,147 
Add: our share of depreciation in unconsolidated joint ventures5,514 6,624 18,389 19,823 
Add: Impairment charge— 3,642 520 3,642 
Add: our share of impairment charge in unconsolidated joint ventures— — 2,010 — 
Deduct: our share of equity in earnings from sale of unconsolidated joint venture(34,982)— (34,982)— 
Deduct: gain on sale of real estate and partnership interest(414)— (9,937)— 
Adjustments for non-controlling interests(4)(4)(12)(12)
NAREIT Funds from operations attributable to common stockholders4,555 11,096 12,039 
Adjustments for: straight-line rent accruals(10)(10)(30)(30)
Add: loss on extinguishment of debt902 — 902 — 
Add: our share of loss on extinguishment of debt from unconsolidated joint ventures4,581 — 4,581 — 
Add: amortization of restricted stock and restricted stock units843 461 1,950 1,360 
Add: amortization of deferred borrowing costs62 80 215 240 
Add: our share of deferred mortgage costs from unconsolidated joint venture properties148 156 439 479 
Less: our share of insurance recovery from unconsolidated joint ventures— — (2,010)— 
Less: our share of gain on insurance proceeds from unconsolidated joint venture(880)(350)(880)(519)
Adjustments for non-controlling interests
Adjusted funds from operations attributable to common stockholders$5,655 $4,894 $16,269 $13,574 


4


Funds from Operations
(amounts in thousands, except share and per share data)

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Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net income (loss) attributable to common stockholders$1.54 $(0.44)$1.69 $(0.97)
Add: depreciation of properties0.10 0.11 0.29 0.31 
Add: our share of depreciation in unconsolidated joint ventures0.30 0.39 1.04 1.16 
Add: Impairment charge— 0.21 0.03 0.21 
Add: our share of impairment charge in unconsolidated joint venture— — 0.11 — 
Deduct: our share of equity in earnings from sale of unconsolidated joint venture(1.92)— (1.97)— 
Deduct: gain on sale of real estate(0.02)— (0.56)— 
Adjustment for non-controlling interests— — — — 
NAREIT Funds from operations per diluted common share— 0.27 0.63 0.71 
Adjustments for: straight line rent accruals— — — — 
Add: loss on extinguishment of debt0.05 — 0.05 — 
Add: our share of loss on extinguishment of debt from unconsolidated joint ventures0.25 — 0.26 — 
Add: amortization of restricted stock and restricted stock units0.05 0.02 0.11 0.08 
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 0.03 
Less: our share of insurance recovery from unconsolidated joint ventures— — (0.11)— 
Less: our share of gain on insurance proceeds from unconsolidated joint venture(0.05)(0.02)(0.05)(0.03)
Adjustments for non-controlling interests— — — — 
Adjusted funds from operations per diluted common share$0.31 $0.28 $0.92 $0.80 
Diluted shares outstanding for FFO and AFFO 18,215,924 17,176,401 17,820,909 17,095,315 
5

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

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September 30, 2021
(unaudited)
December 31, 2020
ASSETS
Real estate properties, net of accumulated depreciation$224,620 $160,192 
Investments in unconsolidated joint ventures128,478 169,474 
Cash and cash equivalents29,598 19,885 
Restricted cash7,560 8,800 
Other assets7,792 7,390 
Total Assets $398,048 $365,741 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs$134,193 $130,434 
Junior subordinated notes, net of deferred costs37,098 37,083 
Accounts payable and accrued liabilities20,464 20,536 
Total Liabilities 191,755 188,053 
Commitments and contingencies
Equity:
BRT Apartments Corp. stockholders' equity:
Preferred shares $.01 par value 2,000 shares authorized, none outstanding— — 
 Common stock, $.01 par value, 300,000 shares authorized;
 17,230 and 16,432 shares outstanding
173 164 
Additional paid-in capital255,960 245,605 
Accumulated other comprehensive loss— (19)
Accumulated deficit(49,861)(67,978)
Total BRT Apartments Corp. stockholders’ equity206,272 177,772 
Non-controlling interests21 (84)
Total Equity206,293 177,688 
Total Liabilities and Equity$398,048 $365,741 

6

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

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At September 30, 2021, the Company held interests in unconsolidated joint ventures that own 27 multi-family properties (the "Unconsolidated Properties"). The condensed balance sheet below present information regarding such properties (dollars in thousands):

September 30, 2021
(unaudited)
ASSETS
Real estate properties, net of accumulated depreciation of $142,413$824,624 
Cash and cash equivalents13,328 
Other assets34,415 
Total Assets$872,367 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $3,953$659,148 
Accounts payable and accrued liabilities21,046 
Total Liabilities680,194 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity192,173 
Total Liabilities and Equity$872,367 





September 30, 2021
(unaudited)
BRT's interest in joint venture equity$128,478 
Unconsolidated Mortgages Payable:
BRT Pro-Rata Share$443,468 
Partner Share215,680 
     Total$659,148 


7

BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Quarter ended September 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$680$386$2946.8%98.3%$1,042
Georgia4481,70178291921.3%99.0%1,125
Florida2761,19249669616.2%98.3%1,267
Ohio26481236644610.4%96.1%964
Virginia2201,08743365415.2%96.5%1,490
South Carolina20886741545210.5%95.2%1,267
Tennessee 40296436859613.8%96.9%1,526
Other (3)4061582485.8%N/AN/A
Totals2,010$7,709$3,404$4,305100.0%97.4%$1,217
Unconsolidated (Pro-Rata Share) (1)
UnitsRevenuesProperty Operating ExpensesNOI (1)% of NOI ContributionAverage Occupancy
 (2)
Average Rent per Occ. Unit
 (2)
Texas2,561$5,753$3,037$2,71627.0%95.3%$1,176
South Carolina1,1832,5281,2851,24312.4%95.7%1,205
Georgia5111,3145837317.3%96.3%1,044
Florida2426904032872.9%95.2%1,145
Alabama9402,4871,1241,36313.6%96.5%992
Mississippi7761,9487591,18911.8%98.0%1,063
Tennessee3008994304694.7%96.4%1,191
North Carolina5761,5696908798.7%95.3%1,060
Missouri3551,2505956556.5%93.8%1,380
Other (3)1,1436265175.1%N/AN/A
Totals7,444$19,581$9,532$10,049100.0%95.9%$1,136

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(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, and for the unconsolidated properties includes Bells Bluff - Nashville, TN, at which we bought out our Joint Venture partner during the current quarter.











8

BRT Apartments Corp. (NYSE: BRT)
Portfolio Data by State
Nine months ended September 30, 2021
(dollars in thousands, except average rent per occ. unit amounts)

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Consolidated
 Units Revenues Property Operating Expenses NOI (1)% of NOI ContributionAverage Occupancy
 (2)
Average Rent per Occ. Unit
 (2)
Texas192$2,006$1,073$9337.7%96.8%$1,027
Georgia4485,0002,2712,72922.6%97.7%1,114
Florida2763,3811,3492,03216.8%98.2%1,225
Ohio2642,3941,0321,36211.3%97.6%938
Virginia2203,1771,1222,05517.0%98.1%1,448
South Carolina2082,5201,2461,27410.6%95.5%1,215
Tennessee4029643685964.9%96.9%1,526
Other (3)2,3201,2261,0949.1%N/AN/A
Totals2,010$21,762$9,687$12,075100.0%97.4%$1,167
Unconsolidated (Pro-Rata Share) (1)
UnitsRevenuesProperty Operating ExpensesNOI (1)% of NOI ContributionAverage Occupancy
 (2)
Average Rent per Occ. Unit
 (2)
Texas2,561$16,417$8,594$7,82324.4%93.6%$1,137
South Carolina1,1837,2793,5843,69511.5%93.8%1,120
Georgia5113,9001,7712,1296.7%95.7%1,038
Florida2421,9921,0229703.0%94.5%1,110
Alabama9407,3603,2624,09812.8%96.3%855
Mississippi7765,2491,9993,25010.2%98.1%1,041
Tennessee3002,6701,2081,4624.6%96.9%1,182
North Carolina5764,5342,0752,4597.7%94.8%1,083
Missouri3553,6701,8791,7915.6%90.8%1,390
Other (3)8,2113,8854,32613.5%N/AN/A
Totals7,444$61,282$29,279$32,003100.0%94.8%$1,088
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(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, and for the unconsolidated properties, includes Bells Bluff - Nashville, TN, at which we bought out our Joint Venture partner during the current quarter.


9

BRT Apartments Corp. (NYSE: BRT)
Consolidated Same Store Comparisons (1)
Quarters ended September 30, 2021 and 2020
(dollars in thousands, except monthly rent amounts)

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RevenuesProperty Operating ExpensesNOI
Units20212020% Change20212020% Change20212020% Change
Georgia 448$1,701$1,5966.6 %$782$65818.8 %$919$938(2.0)%
Florida2761,1921,04414.2 %49642417.0 %69662012.3 %
Texas 1926806553.8 %3873811.6 %2932746.9 %
Ohio2648127685.7 %36632711.9 %4464411.1 %
Virginia2201,0871,0295.6 %4334242.1 %6546058.1 %
South Carolina2088678146.5 %415437(5.0)%45237719.9 %
Totals1,608$6,339$5,9067.3 %$2,879$2,6518.6 %$3,460$3,2556.3 %
0
Weighted Average OccupancyWeighted Average Monthly Rent per Occupied Unit
20212020% Change20212020% Change
Georgia 99.0 %96.4 %2.7 %$1,125$1,0923.0 %
Florida98.3 %97.7 %0.6 %1,2671,13012.1 %
Texas 98.3 %96.2 %2.2 %1,0421,0340.8 %
Ohio96.1 %95.2 %0.9 %9649372.9 %
Virginia96.5 %97.9 %(1.4)%1,4901,4185.1 %
South Carolina95.2 %93.6 %1.7 %1,2671,1916.4 %
Weighted Average97.5 %96.2 %1.4 %$1,181$1,1245.1 %
_______________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"





































10

BRT Apartments Corp. (NYSE: BRT)

Consolidated Same Store Comparisons (1)
Nine months ended September 30, 2021 and 2020
(dollars in thousands, except monthly rent amounts)

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RevenuesProperty Operating ExpensesNOI
Units20212020% Change20212020% Change20212020% Change
Georgia 448$5,000$4,7106.2 %$2,271$1,87021.4 %$2,729$2,840(3.9)%
Florida2763,3812,93215.3 %1,3491,22310.3 %2,0321,70918.9 %
Texas 1922,0061,8975.7 %1,0731,0531.9 %93384410.5 %
Ohio2642,3942,2556.2 %1,0321,0062.6 %1,3621,2499.0 %
Virginia2203,1772,9776.7 %1,1221,173(4.3)%2,0551,80413.9 %
South Carolina2082,5202,4084.7 %1,2461,294(3.7)%1,2741,11414.4 %
Totals1,608$18,478$17,1797.6 %$8,093$7,6196.2 %$10,385$9,5608.6 %
Weighted Average OccupancyWeighted Average Monthly Rent per Occupied Unit
20212020% Change20212020% Change
Georgia 98.0 %96.1 %2.0 %$1,114$1,0832.9 %
Florida98.2 %94.4 %4.0 %1,2251,10810.6 %
Texas 96.8 %92.8 %4.3 %1,0271,038(1.1)%
Ohio97.6 %94.4 %3.4 %9389271.2 %
Virginia98.1 %95.4 %2.8 %1,4481,4102.7 %
South Carolina95.5 %93.1 %2.6 %1,2151,1783.1 %
Weighted Average97.5 %94.6 %3.1 %$1,153$1,1143.5 %
_______________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"


11

BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons (1)
Quarters ended September 30, 2021 and 2020
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)

________________________________________________________________________________________

RevenuesProperty Operating ExpensesNOI
Units20212020% Change20212020% Change20212020% Change
Texas2,561$5,751$5,21310.3 %$3,032$2,9144.0 %$2,719$2,29918.3 %
Georgia5111,3141,2782.8 %583631(7.6)%73164713.0 %
Florida2426906466.8 %40336211.3 %2872841.1 %
South Carolina 1,1832,5282,3039.8 %1,2851,2284.6 %1,2431,07515.6 %
Mississippi7761,5651,4587.3 %61053913.2 %9559193.9 %
Alabama 9402,4872,3416.2 %1,1241,0675.3 %1,3631,2747.0 %
Missouri3551,2511,326(5.7)%597627(4.8)%654699(6.4)%
North Carolina5761,5681,4399.0 %6906457.0 %87879410.6 %
Tennessee3008998782.4 %4304046.4 %469474(1.1)%
Totals7,444$18,053$16,8826.9 %$8,754$8,4174.0 %$9,299$8,4659.9 %
Weighted Average OccupancyWeighted Average Monthly Rent per Occupied Unit
20212020% Change20212020% Change
Texas95.3 %90.5 %5.3 %$1,176$1,1224.8 %
Georgia96.4 %96.4 %0.0 %1,0441,0113.3 %
Florida95.1 %95.5 %(0.4)%1,1451,0746.6 %
South Carolina 95.1 %94.8 %0.3 %1,1401,0874.9 %
Mississippi98.0 %97.3 %0.7 %1,0639986.5 %
Alabama 96.4 %97.1 %(0.7)%9929207.8 %
Missouri93.8 %95.1 %(1.4)%1,3801,494(7.6)%
North Carolina95.3 %93.5 %1.9 %1,1161,0476.6 %
Tennessee96.4 %95.6 %0.8 %1,1911,1820.8 %
Weighted Average95.8 %93.9 %2.0 %$1,130$1,0814.5 %
________________________________
(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"





12

BRT Apartments Corp. (NYSE: BRT)
Unconsolidated Same Store Comparisons (1)
Nine months ended September 30, 2021 and 2020
BRT Pro-rata Share
(dollars in thousands, except monthly rent amounts)

_______________________________________________________________________________________

RevenuesProperty Operating ExpensesNOI
Units20212020% Change20212020% Change20212020% Change
Texas2,561$16,416$15,5715.4 %$8,593$8,3343.1 %$7,823$7,2378.1 %
Georgia5113,9003,6576.6 %1,7711,813(2.3)%2,1291,84415.5 %
Florida2421,9921,9303.2 %1,02291611.6 %9701,014(4.3)%
South Carolina 8445,4095,0237.7 %2,8702,7584.1 %2,5392,26512.1 %
Mississippi7764,6144,2907.6 %1,7531,56811.8 %2,8612,7225.1 %
Alabama 1,0317,3606,8647.2 %3,2623,0357.5 %4,0983,8297.0 %
Missouri3553,6703,949(7.1)%1,8791,8014.3 %1,7912,148(16.6)%
Tennessee3002,6702,6411.1 %1,2081,02418.0 %1,4621,617(9.6)%
North Carolina3122,5612,3747.9 %1,1611,0698.6 %1,4001,3057.3 %
Totals6,932$48,592$46,2995.0 %$23,519$22,3185.4 %$25,073$23,9814.6 %
Weighted Average OccupancyWeighted Average Monthly Rent per Occupied Unit
20212020% Change20212020% Change
Texas93.7 %91.0 %3.0 %$1,137$1,1191.6 %
Georgia95.7 %92.7 %3.2 %1,0381,0152.3 %
Florida94.7 %94.9 %(0.2)%1,1101,0832.5 %
South Carolina 93.8 %91.4 %2.6 %1,1201,1031.5 %
Mississippi98.1 %96.6 %1.6 %1,0429875.6 %
Alabama 96.1 %96.7 %(0.6)%8557937.8 %
Missouri90.8 %96.0 %(5.4)%1,3901,487(6.5)%
Tennessee96.9 %96.2 %0.7 %1,1821,190(0.7)%
North Carolina95.4 %94.1 %1.4 %1,1841,1027.4 %
  Weighted Average94.8 %93.4 %1.5 %$1,093$1,0682.3 %
________________________________
(1)See definition of Same Store under "Non-GAAP Financial Measures and Definitions"




13

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

________________________________________________________________________________________

Quarter Ended September 30,
Portfolio20212020
RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI
Consolidated$7,709$3,404$4,305$7,020$3,289$3,731
Unconsolidated (1)19,5819,53210,04920,48910,27110,218
Combined$27,290$12,936$14,354$27,509$13,560$13,949
Same Store
20212020Variance
RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI
Consolidated$6,339$2,879$3,460$5,906$2,651$3,2557.3 %8.6 %6.3 %
Unconsolidated (1)18,0538,7549,29916,8828,4178,4656.9 %4.0 %9.9 %
Combined$24,392$11,633$12,759$22,788$11,068$11,7207.0 %5.1 %8.9 %
_____________________________________________________________

Nine months ended September 30,
Portfolio20212020
RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI
Consolidated$21,762$9,687$12,075$20,422$9,351$11,071
Unconsolidated (1)61,28229,27932,00359,97128,76731,204
Combined$83,044$38,966$44,078$80,393$38,118$42,275
Same Store
20212020Variance
RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI RevenuesProperty Operating ExpensesNOI
Consolidated$18,478$8,093$10,385$17,179$7,619$9,5607.6 %6.2 %8.6 %
Unconsolidated (1)48,59223,51925,07346,29922,31823,9815.0 %5.4 %4.6 %
Combined$67,070$31,612$35,458$63,478$29,937$33,5415.7 %5.6 %5.7 %
_____________________________________________________________
(1) Unconsolidated amounts represent BRT's pro-rata share. See definition of pro-rata under "Non-GAAP Financial Measures and Definitions.".
14

BRT Apartments Corp. (NYSE: BRT)
Acquisitions and Dispositions
Year to date as of November 8, 2021
(dollars in thousands)

________________________________________________________________________________________

ACQUISITIONS
Acquisition of Joint Venture Interests
LocationPurchase DateUnitsPurchase PricePre-Acquisition ownership % in the JVPost-Acquisition Ownership %
Southaven, MS5/4/2021776$6,000 60 %74.69 %
Nashville, TN8/18/2140227,860 58.1 %100 %
Greenville, SC10/1/20212661,570 90 %100 %
1,444 $35,430 
DISPOSITIONS
Disposition of Wholly-Owned Property
LocationSale DateNo. of UnitsSales PriceGain on Sale
Houston, TX5/26/2021272$24,500 $7,300 
Dispositions of Joint Venture Interests
LocationSale DateNo. of UnitsSales PriceBRT's Share of Gain on Sale Partnership Interest
Daytona Beach, FL4/20/2021208$7,500 $2,200 80.0 %
St. Louis, MO11/4/20211813,000 385 75.5 %
389$10,500 $2,585 
Disposition of Property by Unconsolidated Joint Ventures
LocationSale DateNo. of UnitsSales PriceGain on Sale
BRT's Share of Gain on Sale (1)
Loss on Extinguishment of Debt
BRT's Share of Loss on Extinguishment of Debt (1)
Ocoee, FL7/20/2021522$107,700 $39,000 $19,500 $9,100 $4,500 
Lawrenceville, GA7/28/2021586118,000 44,000 15,500 308 107 
1,108 $225,700 $83,000 $35,000 $9,408 $4,607 
____________________________________

(1) The term "share" refers to BRT's share of such item as determined in accordance with GAAP - not its pro-rata share.


15

BRT Apartments Corp. (NYSE: BRT)
Value-Add Program and Capital Expenditures
Quarter ended September 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)
67$437,000$6,522$22642%750
(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's Pro-Rata Share of Capital Expenditures
Estimated Recurring Capital Expenditures (1)$203,000 $47,109 $155,891 
Estimated Non-Recurring Capital Expenditures (2)1,872,000 441,696 1,430,304 
Total Capital Expenditures$2,075,000 $488,805 $1,586,195 
Replacements (operating expense) (3)$604,403 $184,121 $420,282 
Estimated Recurring Capital Expenditures and
Replacements per unit
$85 $24 $61 
(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.

16

BRT Apartments Corp. (NYSE: BRT)
Debt Analysis
As of September 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$508 $508 $— $— — 
202230,990 1,598 29,392 43 %4.29 %
20231,270 1,270 — — — 
20241,316 1,316 — — — 
202516,661 1,286 15,375 23 %4.42 %
Thereafter 83,933 60,769 23,164 34 %3.77 %
Total$134,678 $66,747 $67,931 100 %
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$980 $980 $— — — 
202221,015 4,511 16,504 %3.35 %
202329,685 5,100 24,585 %4.12 %
20245,884 5,884 — — — 
20256,914 6,914 — — — 
Thereafter 378,990 27,561 351,429 90 %4.15 %
Total$443,468 $50,950 $392,518 100 %
Combined
YearTotal Principal PaymentsScheduled AmortizationPrincipal Payments Due at MaturityPercent of Total Principal Payments Due At MaturityWeighted Average Interest Rate (1)
2021$1,488 $1,488 $— %4.29 %
202252,005 6,109 45,896 10 %3.76 %
202330,955 6,370 24,585 %4.05 %
20247,200 7,200 — %— 
202523,575 8,200 15,375 %4.21 %
Thereafter 462,923 88,330 374,593 81 %4.08 %
Total$578,146 $117,697 $460,449 100 %
Weighted Average Remaining Term to Maturity (2)8.2 years
Weighted Average Interest Rate (2)4.00 %
Debt Service Coverage Ratio for the quarter ended September 30, 2021 1.51 (3)
(1) Based on balloon payments at maturity. The Combined table Includes consolidated and BRT's pro-rata share.
(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% of the unconsolidated amounts.
Junior Subordinated Notes
Principal Balance $37,400
Interest Rate3 month LIBOR + 2.00% (i.e, 2.13% at 9/30/21)
MaturityApril 30, 2036
Credit Facility (as of November 8, 2021)
Maximum Amount Available Up to $15,000
Amount Outstanding $0
Interest RatePrime + 0.50% (floor of 4.25%)

17

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 September 30,Nine Months Ended September 30,
2021202020212020
GAAP Net income (loss) attributable to common stockholders$28,106 $(7,484)$30,368 $(16,561)
Less: Other Income(5)(293)(12)(631)
Add: Interest expense1,535 1,731 4,804 5,400 
         General and administrative3,114 2,730 9,382 9,054 
         Impairment charge— 3,642 520 3,642 
         Depreciation1,787 1,777 4,740 5,147 
         Provision for taxes31 65 155 192 
Less: Gain on sale of real estate(414)— (7,693)— 
 Gain on sale of partnership interest— — (2,244)— 
   Equity in earnings from sale of unconsolidated joint venture
   properties
(34,982)— (34,982)— 
Add: Loss on extinguishment of debt902 — 902 — 
         Equity in loss of unconsolidated joint venture properties4,196 1,529 6,033 4,731 
Add: Net income attributable to non-controlling interests35 34 102 97 
Net Operating Income$4,305 $3,731 $12,075 $11,071 
Less: Non-same store Net Operating Income$(845)$(476)$(1,690)$(1,511)
Same store Net Operating Income$3,460 $3,255 $10,385 $9,560 





18

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

________________________________________________________________________________________

The following table 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 September 30,Nine Months Ended September 30, 2021
2021202020212020
BRT's equity in loss from joint ventures$30,786 $(1,529)$28,949 $(4,731)
Add: Interest expense5,037 5,571 15,967 16,746 
         Depreciation5,514 6,623 18,389 19,822 
Less: Impairment of asset— — 2,010 — 
          Insurance recovery— — (2,010)— 
Gain on insurance recovery(880)(350)(880)(519)
Gain on sale of real estate(34,982)— (34,982)— 
          Equity in earnings of joint ventures (7)(97)(21)(17)
Add: Loss on extinguishment of debt4,581 — — — 4,581 — — 
Net Operating Income$10,049 $10,218 $32,003 $31,301 
Less: Non-same store Net Operating Income$(749)$(1,753)$(6,930)0$(7,223)
Same store Net Operating Income$9,300 $8,465 $25,073 $24,078 
Consolidated same store Net Operating Income$3,460 $3,255 $10,385 $9,560 
Unconsolidated same store Net Operating Income9,300 8,465 25,073 24,078 
Combined same store Net Operating Income$12,760 12,760,000 $11,720 $35,458 $33,638 

19

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 8 to the consolidated financial statements included in BRT's Quarterly Report on Form 10-Q for the period ended September 30, 2021 to the BRT pro-rata information presented below.
Three Months Ended September 30, 2021
TotalJV Partner's ShareBRT's Pro-Rata Share
Revenues:
Rental and other revenue$29,818 $10,237 $19,581 
Total revenues29,818 10,237 19,581 
Expenses:
Real estate operating expenses14,587 5,055 9,532 
Interest expense7,568 2,531 5,037 
Depreciation