BRT Apartments Corp. reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total revenues for the third quarter increased to $24.4 million, up from $23.9 million in the same period of 2023, reflecting a 2.3% rise. This increase was primarily driven by rental and other revenue from real estate properties, which rose to $24.2 million from $23.5 million, a 2.8% increase attributed to net deferrals of rent concessions and higher rental rates.

Despite the revenue growth, the company experienced a net loss attributable to common stockholders of $2.2 million for the third quarter, compared to a loss of $1.5 million in the prior year. The basic and diluted loss per share also increased to $(0.12) from $(0.08). For the nine months ended September 30, 2024, BRT reported a net loss of $7.6 million, a significant decline from a net income of $5.7 million in the same period of 2023.

Total expenses for the third quarter rose to $27.2 million, up from $26.7 million, with notable increases in real estate operating expenses, including higher insurance premiums and utility costs. Interest expenses also increased, primarily due to new financing arrangements. General and administrative expenses decreased, reflecting reduced amortization related to restricted stock units.

The company’s total assets as of September 30, 2024, were $717.7 million, a slight increase from $710.0 million at the end of 2023. However, total liabilities rose to $508.0 million from $481.5 million, leading to a decrease in stockholders’ equity to $209.9 million from $228.5 million.

Strategically, BRT Apartments Corp. continues to expand its portfolio, owning 21 multi-family properties with a total of 5,420 units and interests in eight additional properties through joint ventures. The company provided $18.3 million to joint ventures for acquisitions in North Carolina and Georgia, expecting an annual return of approximately 13.0%. Additionally, the company amended its credit facility, reducing borrowing capacity and extending maturity, while also securing a $27.4 million mortgage for a property in Georgia.

As of September 30, 2024, BRT had cash and cash equivalents of $45.8 million, significantly up from $23.5 million at the end of 2023, indicating improved liquidity. The company declared a quarterly cash distribution of $0.25 per share, payable to stockholders, and continues to monitor discretionary spending closely, with dividends being its largest recurring expenditure.