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Mar 31
BRT Q1 2025 Earnings Report
BRT Apartments reported improved FFO and AFFO in Q1 2025 despite a net loss, supported by stable occupancy and higher rental revenues.
Key Takeaways
BRT Apartments delivered stronger operational results in Q1 2025 with notable increases in Funds From Operations and Adjusted Funds From Operations. Although the company posted a net loss, stabilized occupancy and moderate rent growth helped maintain income stability across its portfolio.
Net loss of $2.35 million or $(0.12) per share, improved from $(0.17) in Q1 2024.
Funds From Operations (FFO) grew to $5.72 million, or $0.30 per diluted share.
Adjusted Funds From Operations (AFFO) reached $7.39 million, or $0.39 per share.
Portfolio-wide average occupancy held steady at 93.7%.
BRT
BRT
BRT Revenue by Segment
BRT Revenue by Geographic Location
Revenue by Segment
Rental and Other Revenue
CapyFin.comOther Income Revenue
CapyFin.comRevenue by Geographic Location
Alabama Revenue
CapyFin.comGeorgia Revenue
CapyFin.comTexas Revenue
CapyFin.comSouth Carolina Revenue
CapyFin.com Forward Guidance
BRT expects leasing pressure to persist short term due to elevated supply, while positioning itself for growth opportunities later in 2025 and 2026.
Positive Outlook
- Stable occupancy is a priority while waiting for rent growth conditions to improve.
- Insurance expenses are expected to decline relative to 2024.
- BRT has no debt maturities until Q3 2025.
- The credit facility remains fully available at $40 million.
- The company sees long-term value in Sunbelt-focused investment strategy.
Challenges Ahead
- New supply in Sunbelt markets continues to limit near-term rent growth.
- Leasing conditions remain competitive across core regions.
- Controllable expense growth expected to rise modestly.
- Asset acquisition activity may remain limited until late 2025.
- Limited external growth as management exercises patience in capital deployment.