BRT Apartments Reports Q2 FFO of $0.29, AFFO of $0.36; Announces $80M Florida Acquisition and $47.9M Refinancing
BRT is trading near its 52-week low of $13.178 (5.6% above the low).
Summary
BRT Apartments reported Q2 2026 FFO of $0.29 and AFFO of $0.36 per share, in line with last year, while announcing an $80 million Florida acquisition and a $47.9 million refinancing that boosted liquidity.
Key Events · Earnings and Guidance · BRT
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Q2 FFO and AFFO Flat
FFO of $0.29 per diluted share and AFFO of $0.36 per diluted share, both unchanged from Q2 2025. Combined portfolio NOI rose slightly to $15.2 million.
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$80M Florida Acquisition
Entered agreement to acquire Ranch Lake Apartments, a 336-unit property in Bradenton, FL, for approximately $80 million, including assumption of a $45.7 million HUD mortgage at 2.91% maturing in 2056. Closing expected in Q1 2027.
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Houston JV Acquisition Imminent
Anticipates closing in August 2026 on a $33 million Houston property through a joint venture (70% interest), with BRT contributing ~$8.8 million in equity and the venture obtaining a $23.4 million mortgage at ~5.5%.
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Refinancing Generates $20M Proceeds
In July 2026, refinanced the maturing $27.8 million Civic Center 2 mortgage with a new $47.9 million loan at 5.38%, interest-only through 2036, providing additional liquidity.
Analysis · BRT · Real Estate & Construction
Steady second-quarter results kept FFO and AFFO flat year-over-year at $0.29 and $0.36 per share, respectively, while combined portfolio NOI inched up to $15.2 million. The company is actively expanding: it has an agreement to acquire a 336-unit Florida property for $80 million, assuming a low-rate HUD mortgage, and expects to close a $33 million Houston JV acquisition this month. A July refinancing of a maturing mortgage generated $20 million in additional proceeds at a higher rate, improving liquidity. Share repurchases continued, with $4.9 million remaining under the program. These moves signal a strategy of growth and balance sheet management, though the net loss and higher interest costs on new debt warrant attention.
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At the time of this filing, BRT was trading at $13.91 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $266.3M. The 52-week trading range was $13.18 to $16.69. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.