BRT Apartments Corp. released its financial results for the second quarter ended June 30, 2025, reporting a GAAP net loss per share of ($0.14), which was better than analyst estimates of ($0.15). Total revenues reached $24.197 million, exceeding analyst expectations.
Adjusted Funds From Operations (AFFO) per diluted share increased to $0.36, up from $0.35 in Q2 2024, while Funds From Operations (FFO) per diluted share remained steady at $0.29. However, the combined portfolio Net Operating Income (NOI) declined by 3.4% to $15.1 million compared to the prior year, with same-store NOI decreasing in Georgia by 7.6% and Texas by 12.0%.
Average occupancy across owned properties was 94.1%, a slight decrease from 94.3% in Q2 2024, and average rent per occupied unit rose by 0.9% to $1,399. The company's debt-to-enterprise value ratio increased to 69% as of June 30, 2025, up four percentage points year over year, with mortgages payable at $559.9 million.
BRT continued its value-add renovation program, completing 26 unit upgrades that resulted in an average monthly rent increase of $121 per unit. The company repurchased 63,356 shares at an average price of $15.84 after quarter-end, bringing the year-to-date total to 142,080 shares. The quarterly dividend was maintained at $0.25 per share.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.