Operational performance remains volatile with NOI margins collapsing to 3.0% in 2026Q1, down from historical levels typically exceeding 50%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Revenue | 98.01M | 97.03M | 95.63M | 93.62M | 70.53M | 32.06M | 28.1M | 27.76M | 119.64M | 105.77M | 98.52M | 81.1M | 61.81M | 32M | 9.89M | 17.88M | 8.13M | 12.15M | 22.39M | 42.9M | 37.49M | 25.71M | 18.58M | 13.89M | 16.5M | 13.09M | 10.26M | 12.17M | 10.2M | 17.16M | 13.56M |
| Revenue Growth % | 2.15% | 1.46% | 2.15% | 32.74% | 120.01% | 14.07% | 1.23% | -76.8% | 13.11% | 7.36% | 21.48% | 31.2% | 93.15% | 223.49% | -44.67% | 119.8% | -33.07% | -45.71% | -47.82% | 14.44% | 45.78% | 38.38% | 33.78% | -15.8% | 26.06% | 27.55% | -15.72% | 19.38% | -40.56% | 26.55% | -32.67% |
| Property Operating Expenses | 57.39M | 96.87M | 43.55M | 41.82M | 30.56M | 14.2M | 12.38M | 12.33M | 57.66M | 51.28M | 47.52M | 42.61M | 32.98M | 16.41M | 6.04M | 3.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 40.63M | 154K | 52.08M | 51.8M | 39.97M | 17.86M | 15.72M | 15.43M | 61.97M | 54.49M | 51M | 38.49M | 28.83M | 15.59M | 3.85M | 14.54M | 8.13M | 12.15M | 22.39M | 42.9M | 37.49M | 25.71M | 18.58M | 13.89M | 16.5M | 13.09M | 10.26M | 12.17M | 10.2M | 17.16M | 13.56M |
| NOI Margin % | 41.45% | 0.16% | 54.45% | 55.33% | 56.67% | 55.7% | 55.96% | 55.58% | 51.8% | 51.52% | 51.77% | 47.46% | 46.64% | 48.73% | 38.93% | 81.32% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 28.5M | -10.86M | 41.79M | 43.92M | 39.47M | 20.65M | 18.44M | 16.01M | 47.71M | 68.06M | 60.14M | 55.1M | 22.07M | 20.48M | 7.72M | 10.49M | 19.84M | 36.33M | 38.73M | 30.57M | 9.99M | 8.01M | 8.29M | 5.21M | 4.45M | 5.63M | 4.49M | 6.7M | 5.78M | 10.51M | 10.65M |
| G&A Expenses | 15.33M | 15.53M | 15.6M | 15.43M | 14.65M | 12.62M | 11.7M | 10.09M | 9.21M | 9.4M | 9.23M | 9.13M | 8.13M | 6.83M | 3.16M | 7.64M | 10.74M | 9.13M | 13.1M | 9.68M | 5.81M | 4.4M | 3.83M | 3.06M | 2.91M | 2.98M | 3.05M | 3.23M | 2.53M | 2.26M | 2.67M |
| EBITDA | 38.66M | 37.41M | 36.21M | 36.36M | 25.32M | 5.23M | 4.02M | 5.34M | 52.76M | 16.93M | 14.04M | 6.35M | 24.29M | 3.82M | -1.11M | 5.01M | -10.78M | -22.49M | -13.98M | 14.09M | 28.11M | 18.12M | 10.62M | 9.01M | 12.39M | 7.83M | 6.16M | 5.84M | 4.78M | 7.46M | 3.34M |
| EBITDA Margin % | 39.44% | 38.56% | 37.86% | 38.84% | 35.89% | 16.33% | 14.32% | 19.23% | 44.1% | 16% | 14.25% | 7.83% | 39.3% | 11.95% | -11.27% | 28.02% | -132.54% | -185.03% | -62.44% | 32.83% | 74.97% | 70.48% | 57.15% | 64.88% | 75.08% | 59.85% | 59.99% | 48.02% | 46.83% | 43.47% | 24.62% |
| Depreciation & Amortization | 26.54M | 26.4M | 25.93M | 28.48M | 24.81M | 8.03M | 6.74M | 5.92M | 38.5M | 30.49M | 23.18M | 22.96M | 17.54M | 8.71M | 2.75M | 963K | 927K | 1.69M | 2.36M | 1.75M | 608K | 421K | 328K | 327K | 340K | 372K | 388K | 367K | 357K | 812K | 428K |
| D&A / Revenue % | 27.08% | 27.2% | 27.11% | 30.43% | 35.18% | 25.03% | 23.99% | 21.31% | 32.18% | 28.83% | 23.53% | 28.31% | 28.37% | 27.23% | 27.83% | 5.39% | 11.4% | 13.87% | 10.56% | 4.09% | 1.62% | 1.64% | 1.77% | 2.35% | 2.06% | 2.84% | 3.78% | 3.01% | 3.5% | 4.73% | 3.16% |
| Operating Income | 12.12M | 11.02M | 10.28M | 7.88M | 503K | -2.79M | -2.72M | -578K | 14.26M | -13.57M | -9.14M | -16.61M | 6.76M | -4.89M | -3.87M | 4.05M | -11.71M | -24.18M | -16.34M | 12.33M | 27.5M | 17.7M | 10.29M | 8.69M | 12.05M | 7.46M | 5.77M | 5.48M | 4.42M | 6.65M | 2.91M |
| Operating Margin % | 12.37% | 11.35% | 10.75% | 8.42% | 0.71% | -8.71% | -9.67% | -2.08% | 11.92% | -12.83% | -9.27% | -20.48% | 10.93% | -15.28% | -39.1% | 22.63% | -143.93% | -198.91% | -73% | 28.74% | 73.35% | 68.84% | 55.38% | 62.53% | 73.02% | 57% | 56.21% | 45% | 43.33% | 38.74% | 21.47% |
| Interest Expense | 4M | 23.51M | 22.6M | 22.16M | 15.51M | 6.76M | 7.1M | 7.8M | 34.39M | 28.17M | 23.88M | 19.3M | 16.43M | 11.98M | 3.78M | 2.11M | 2.58M | 4.43M | 6.64M | 10.18M | 10.72M | 0 | 0 | 270K | 227K | 53K | 77K | 420K | 177K | 0 | 1.13M |
| Interest Coverage | - | 0.51x | 0.56x | 1.18x | 4.28x | 5.36x | -1.74x | 1.25x | 2.40x | 2.32x | 2.39x | 1.24x | 0.26x | 0.42x | -0.57x | 2.69x | -2.84x | -4.01x | -1.06x | 2.21x | 2.57x | - | - | 51.45x | 72.68x | 140.75x | 199.73x | 13.04x | 24.96x | - | 2.57x |
| Non-Operating Income | 246K | -894K | -2.45M | -18.35M | -65.93M | -39M | 9.67M | -10.34M | -68.18M | -78.92M | -66.19M | -40.63M | 2.54M | -9.93M | -1.72M | -1.64M | -4.37M | -6.39M | -9.32M | -10.18M | 0 | 0 | 0 | -5.21M | -4.45M | 0 | -9.61M | 0 | 0 | 0 | 0 |
| Pretax Income | -11.92M | -11.6M | -9.86M | 4.07M | 50.92M | 29.46M | -19.48M | 1.96M | 48.05M | 37.19M | 33.18M | 4.72M | -12.22M | -6.94M | -5.93M | 3.58M | -9.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -12.16% | -11.96% | -10.31% | 4.35% | 72.2% | 91.89% | -69.33% | 7.07% | 40.16% | 35.16% | 33.68% | 5.83% | -19.76% | -21.68% | -59.91% | 20.01% | -122.03% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 192K | 174K | -226K | 54K | 821K | 206K | 248K | 270K | 50K | 1.56M | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -1.61% | -1.5% | 2.29% | 1.33% | 1.61% | 0.7% | -1.27% | 13.75% | 0.1% | 4.19% | 2.11% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | -12.28M | -11.95M | -9.79M | 3.87M | 49.95M | 29.11M | -19.86M | 856K | 23.77M | 13.6M | 31.29M | -2.39M | -9.45M | 5.01M | 4.43M | 6.37M | -8.02M | -47.76M | -260K | 35.07M | 20.07M | 16.21M | 12M | 13.68M | 12.59M | 10.59M | 7.63M | 11.65M | 13.59M | 7.33M | 2.25M |
| Net Margin % | -12.52% | -12.31% | -10.24% | 4.14% | 70.83% | 90.82% | -70.68% | 3.08% | 19.87% | 12.86% | 31.76% | -2.94% | -15.29% | 15.66% | 44.78% | 35.65% | -98.52% | -392.92% | -1.16% | 81.75% | 53.54% | 63.05% | 64.59% | 98.5% | 76.29% | 80.89% | 74.42% | 95.67% | 133.25% | 42.75% | 16.57% |
| Net Income Growth % | -36.83% | -22.01% | -352.8% | -92.25% | 71.58% | 246.58% | -2420.33% | -96.4% | 74.8% | -56.53% | 1410.26% | 74.74% | -288.59% | 13.16% | -30.5% | 179.53% | 83.22% | -18267.31% | -100.74% | 74.73% | 23.79% | 35.09% | -12.29% | 8.72% | 18.89% | 38.65% | -34.44% | -14.29% | 85.3% | 226.49% | -24.48% |
| Funds From Operations (FFO) | 14.26M | 14.45M | 16.14M | 32.36M | 74.77M | 37.14M | -13.12M | 6.77M | 62.28M | 44.09M | 54.47M | 20.57M | 8.08M | 13.73M | 7.18M | 7.34M | -7.09M | -46.07M | 2.1M | 36.83M | 20.68M | 16.64M | 12.33M | 14.01M | 12.93M | 10.96M | 8.02M | 12.01M | 13.95M | 8.14M | 2.67M |
| FFO Margin % | 14.55% | 14.89% | 16.87% | 34.56% | 106.01% | 115.85% | -46.69% | 24.39% | 52.06% | 41.69% | 55.29% | 25.36% | 13.07% | 42.89% | 72.61% | 41.03% | -87.13% | -379.04% | 9.4% | 85.84% | 55.16% | 64.69% | 66.35% | 100.86% | 78.35% | 83.73% | 78.2% | 98.69% | 136.76% | 47.48% | 19.73% |
| FFO Growth % | -63.58% | -10.44% | -50.13% | -56.72% | 101.32% | 383.07% | -293.74% | -89.13% | 41.25% | -19.05% | 164.81% | 154.54% | -41.13% | 91.09% | -2.1% | 203.51% | 84.61% | -2289.59% | -94.29% | 78.08% | 24.31% | 34.91% | -11.99% | 8.39% | 17.96% | 36.58% | -33.21% | -13.85% | 71.21% | 204.6% | -25.68% |
| FFO per Share | 0.79 | 0.80 | 0.91 | 1.80 | 4.19 | 2.17 | -0.77 | 0.42 | 4.21 | 3.15 | 3.89 | 1.46 | 0.57 | 0.97 | 0.51 | 0.52 | -0.51 | -3.96 | 0.18 | 3.50 | 2.60 | 2.13 | 1.59 | 1.84 | 1.73 | 1.50 | 1.10 | 1.66 | 1.76 | 0.96 | 0.31 |
| FFO Payout Ratio % | 99.54% | 130.75% | 115.52% | 58.44% | 23.89% | 42.46% | -115.21% | 198.88% | 19.41% | 5.28% | 4.37% | 0.08% | 3.38% | 1.33% | 2.42% | 5.59% | -18.82% | -1.64% | 1360.88% | 62.25% | 79.49% | 90.17% | 103.11% | 50.21% | 59.42% | 29.44% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -0.68 | -0.66 | -0.52 | 0.16 | 2.66 | 1.62 | -1.15 | 0.10 | 1.61 | 0.97 | 2.23 | -0.17 | -0.66 | 0.35 | 0.32 | 0.45 | -0.58 | -4.10 | -0.02 | 3.33 | 2.52 | 2.08 | 1.55 | 1.80 | 1.68 | 1.45 | 1.05 | 1.61 | 1.71 | 0.86 | 0.26 |
| EPS Growth % | -37.5% | -26.92% | -425% | -93.98% | 64.2% | 240.87% | -1250% | -93.79% | 65.98% | -56.5% | 1411.76% | 74.24% | -288.57% | 9.38% | -28.89% | 177.59% | 85.85% | -18285.65% | -100.67% | 32.14% | 21.15% | 34.19% | -13.89% | 7.14% | 15.86% | 38.1% | -34.78% | -5.85% | 98.84% | 230.77% | -25.71% |
| EPS (Basic) | - | -0.66 | -0.52 | 0.16 | 2.67 | 1.63 | -1.15 | 0.11 | 1.63 | 0.97 | 2.23 | -0.17 | -0.66 | 0.35 | 0.32 | 0.45 | -0.58 | -4.10 | -0.02 | 3.34 | 2.53 | 2.09 | 1.58 | 1.83 | 1.71 | 1.47 | 1.07 | 1.63 | 1.72 | 0.86 | 0.26 |
| Diluted Shares Outstanding | 18.06M | 18.01M | 17.75M | 17.95M | 17.85M | 17.08M | 17.12M | 16.17M | 14.78M | 14.02M | 14.02M | 14.13M | 14.27M | 14.14M | 14.04M | 14.04M | 13.87M | 11.64M | 11.65M | 10.52M | 7.96M | 7.81M | 7.73M | 7.6M | 7.49M | 7.3M | 7.27M | 7.22M | 7.94M | 8.53M | 8.69M |
Property-level margin compression
According to the provided quarterly data, BRT's revenue growth has remained modest, fluctuating between -0.6% and 5.2% over the last ten quarters, suggesting that the transition from joint venture structures to wholly-owned assets has yet to yield a clear, sustained acceleration in top-line performance.
The inconsistent revenue trajectory appears to reflect the inherent friction of transitioning to a wholly-owned portfolio model. Investors should monitor whether the company can achieve meaningful scale in its consolidated operations, as the current growth profile suggests a reliance on individual asset performance rather than a cohesive portfolio-wide expansion strategy.
As reported in the financial statements, NOI margins have experienced significant volatility, notably collapsing to 3.0% in 2026Q1 from a historical range typically exceeding 50%, which may indicate severe pressure from rising operating expenses or non-recurring costs associated with the company's recent portfolio restructuring efforts.
The sharp contraction in NOI margin warrants further investigation into whether this represents a structural shift in property-level cost burdens or a temporary accounting anomaly. If this margin compression persists, it may suggest that the company's Sunbelt assets are struggling to absorb rising insurance and tax costs, potentially undermining the value-add thesis.
Based on BRT's reported figures, FFO per share has shown significant instability, dropping from $0.26 in 2023Q4 to $0.13 in 2025Q4, which suggests that the company's ability to generate consistent distributable cash flow is currently under pressure from both operational headwinds and potential dilution from capital allocation decisions.
The erratic FFO trajectory complicates the assessment of dividend sustainability, as the gap between FFO and AFFO appears to fluctuate significantly. Analysts should scrutinize the recurring maintenance CAPEX requirements, as the current earnings quality may be overstated if significant capital reinvestment is required to maintain the competitiveness of the Class B portfolio.
Financial data indicates that BRT consistently reports negative GAAP net income, with losses reaching $4.3M in 2025Q4, a trend that highlights the disconnect between accounting depreciation charges and the actual cash-generating capacity of the underlying multi-family residential assets held within the company's complex joint venture structure.
The persistent GAAP losses may lead to a misinterpretation of the company's fundamental health if investors rely solely on bottom-line figures. However, the reliance on unconsolidated joint ventures suggests that the reported financials may not fully capture the leverage or operational risks inherent in the broader portfolio, necessitating a pro-rata adjustment to truly gauge the company's risk profile.
Quick answers to the most common questions about buying BRT stock.
For fiscal year 2025, BRT Apartments Corp. (BRT) reported total revenue of $97.0M. This represents a 615.8% increase compared to $13.6M in 1996.
BRT Apartments Corp. (BRT) reported a net loss of $11.9M for the fiscal year ending 2025.
BRT Apartments Corp. (BRT) reported an operating income of $11.0M, resulting in an operating profit margin of 11.4%. This margin reflects the operational efficiency of the business before interest and taxes.
BRT Apartments Corp. (BRT) generated $0.2M in gross profit for the year, representing a gross profit margin of 0.2%. This demonstrates the company's core pricing power and production efficiency.