BRT Apartments Corp. announced its financial results for the first quarter ended March 31, 2025, reporting a net loss per diluted share of $(0.12), a 26% improvement from the $(0.17) net loss per diluted share in the first quarter of 2024. Funds From Operations (FFO) per diluted share increased by 20% to $0.30, up from $0.25 in the prior-year period.
Adjusted Funds From Operations (AFFO) per diluted share also saw an 11% increase, reaching $0.39 compared to $0.35 in Q1 2024. Total revenues for the quarter were $24,106 thousand, an increase from $23,403 thousand in Q1 2024, driven by a rise in rental revenue and a significant increase in loan interest and other income to $487 thousand from $105 thousand.
The company's Combined Portfolio Net Operating Income (NOI) increased by 2.2% for the first quarter of 2025. BRT repurchased 78,724 shares during Q1 2025 at a weighted average price of $17.55, and an additional 63,356 shares subsequent to March 31, 2025, at $15.84. As of April 14, 2025, $8,752,000 remained authorized under the share repurchase program.
BRT maintained its $40.0 million revolving credit facility with $0 outstanding and a maturity in September 2027, while its Debt to Enterprise Value stood at 67%. The company anticipates a challenging operational environment in 2025 due to new supply, expecting to prioritize stable occupancy and pursue additional Preferred Equity financing opportunities.
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