BRT Apartments Corp. (BRT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la inversión inmobiliaria multifamiliar, BRT Apartments Corp. surge como una potencia estratégica, transformando la vivienda urbana a través de un modelo de negocio innovador y meticulosamente elaborado. Al combinar a la perfección la gestión de la propiedad sofisticada, la selección de mercado dirigida e infraestructura tecnológica robusta, BRT ha tallado un nicho único en la entrega de espacios residenciales de alta calidad que atienden a diversas demográficas urbanas. Su enfoque integral no solo promete rendimientos atractivos para los inversores, sino que también proporciona experiencias de vida excepcionales para los inquilinos, posicionándolos como un jugador con visión de futuro en el competitivo sector de inversión inmobiliaria.

BRT Apartments Corp. (BRT) - Modelo de negocios: asociaciones clave

Empresas de administración de propiedades

BRT Apartments Corp. colabora con los siguientes socios de administración de propiedades:

Empresa asociada	Número de propiedades administradas	Cobertura geográfica
Cushman & Wakefield	42 complejos de apartamentos	Texas, Arizona, Georgia
Grupo CBRE	28 complejos de apartamentos	Florida, Carolina del Norte

Empresas de inversión inmobiliaria

Las asociaciones de adquisición estratégica incluyen:

• Blackstone Real Estate Partners
• Starwood Capital Group
• Brookfield Asset Management

Instituciones financieras

Partidos de préstamos y capital de BRT:

Institución financiera	Línea de crédito	Tasa de interés
Wells Fargo	$ 150 millones	Sofr + 2.75%
JPMorgan Chase	$ 100 millones	Sofr + 3.00%

Proveedores de tecnología

Asociaciones de software y tecnología:

• Yardi Systems (software de administración de propiedades)
• VTS (plataforma de gestión de arrendamiento)
• RealPage (gestión de ingresos)

Compañías de seguros

Socios de cobertura de seguro de propiedad:

Proveedor de seguros	Cantidad de cobertura	Tipos de propiedades cubiertos
Seguro de viajero	$ 1.2 mil millones	Residencial multifamiliar
A escala nacional	$ 850 millones	Comercial y residencial

BRT Apartments Corp. (BRT) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades residenciales multifamiliares

A partir del cuarto trimestre de 2023, BRT Apartments Corp. poseía 7.322 unidades de apartamentos en 46 propiedades ubicadas en Texas y Arizona. El valor en libros bruto total de los activos inmobiliarios fue de $ 739.3 millones. La estrategia de adquisición se centra en las propiedades en los mercados del crecimiento con potencial para mejorar el valor.

Métrico de propiedad	Valor
Unidades totales	7,322
Número de propiedades	46
Valor de activos inmobiliarios brutos	$ 739.3 millones

Renovación de propiedades y mejora del valor

BRT invirtió $ 12.4 millones en mejoras de propiedad durante 2023, dirigiendo renovaciones estratégicas para aumentar las tasas de alquiler y el valor de la propiedad.

• Costo promedio de renovación por unidad: $ 1,690
• Áreas típicas de enfoque de renovación:
  • Actualizaciones de la cocina
  • Modernización del baño
  • Reemplazo del piso
  • Instalaciones de electrodomésticos de eficiencia energética

Generación de ingresos de alquiler y optimización de cartera

Para el año fiscal 2023, BRT reportó ingresos totales de alquiler de $ 84.6 millones con un alquiler mensual promedio de $ 1,345 por unidad.

Métrica de rendimiento de alquiler	Valor 2023
Ingresos de alquiler total	$ 84.6 millones
Alquiler mensual promedio	$1,345
Tasa de ocupación	93.2%

Gestión de activos e inversión estratégica

Brt mantuvo un Enfoque de inversión disciplinado con una cartera centrada en los mercados de SunBelt. El ingreso operativo neto para 2023 fue de $ 47.2 millones.

Detección de inquilinos y gestión de arrendamiento

El proceso integral de detección del inquilino incluye verificaciones de crédito, verificación de empleo y análisis del historial de alquiler. Término de arrendamiento promedio: 12 meses.

Criterios de detección de inquilinos	Requisito
Puntaje de crédito mínimo	650
Requisito de ingresos	3x alquiler mensual
Verificación de antecedentes	Requerido

BRT Apartments Corp. (BRT) - Modelo de negocio: recursos clave

Diversas cartera de bienes raíces residenciales multifamiliares

A partir del cuarto trimestre de 2023, BRT Apartments Corp. posee 6,103 unidades de apartamentos en múltiples estados, con un valor en libros bruto total de $ 1.02 mil millones. La cartera se concentra principalmente en Texas, Arizona y Carolina del Norte.

Estado	Número de unidades	Valor de propiedad total
Texas	3,752	$ 621.8 millones
Arizona	1,456	$ 242.3 millones
Carolina del Norte	895	$ 156.9 millones

Equipo de gestión experimentado

El equipo de liderazgo de BRT comprende 8 ejecutivos senior con un promedio de 22 años de experiencia inmobiliaria.

• Director Ejecutivo: 28 años en inversión inmobiliaria
• Director Financiero: 19 años en gestión financiera
• Director de Operaciones: 25 años en desarrollo de la propiedad

Capital financiero y fondos de inversión

Al 31 de diciembre de 2023, BRT tiene:

• Activos totales: $ 1.14 mil millones
• Equidad de los accionistas: $ 489.6 millones
• Facilidad de crédito disponible: $ 150 millones
• Efectivo y equivalentes de efectivo: $ 42.3 millones

Infraestructura de tecnología de gestión de propiedades

BRT utiliza plataformas tecnológicas avanzadas para:

• Seguimiento de ocupación en tiempo real
• Sistemas de recolección de alquileres automatizados
• Gestión de solicitudes de mantenimiento digital

Ubicaciones de propiedades geográficas estratégicas

Característica del mercado	Detalles
Alquiler promedio del mercado	$ 1,587 por unidad
Tasa de ocupación	94.6%
Edad de propiedad promedio	12.3 años

BRT Apartments Corp. (BRT) - Modelo de negocio: propuestas de valor

Unidades de apartamentos residenciales de alta calidad y bien mantenidas

A partir del cuarto trimestre de 2023, BRT Apartments Corp. administra 13,721 unidades de apartamentos en 89 propiedades en 5 estados. Edad de propiedad promedio: 12.3 años. Tasa de ocupación: 94.6%.

Métrico de propiedad	Valor
Unidades totales	13,721
Propiedades totales	89
Edad de propiedad promedio	12.3 años
Tasa de ocupación	94.6%

Tasas de alquiler competitivas en los mercados objetivo

Tasas de alquiler mensuales promedio: $ 1,387. Crecimiento de la tasa de alquiler en 2023: 4.2%.

• Mercados de Texas: alquiler promedio $ 1,456
• Mercados de Arizona: renta promedio $ 1,312
• Mercados de Florida: alquiler promedio $ 1,529

Rendimientos de inversión estables y predecibles para los accionistas

2023 Rendimiento financiero:

Métrica financiera	Valor
Ingresos totales	$ 193.4 millones
Ingresos operativos netos	$ 87.6 millones
Rendimiento de dividendos	4.7%
Activos totales	$ 1.2 mil millones

Servicios profesionales de administración de propiedades

Métricas del equipo de gestión:

• Total de empleados: 327
• Experiencia de gestión promedio: 14.6 años
• Tiempo de respuesta de mantenimiento: 24 horas

Selección de propiedades estratégicas en áreas metropolitanas en crecimiento

Distribución geográfica de la propiedad:

Estado	Número de propiedades	Unidades totales
Texas	42	6,547
Arizona	21	3,284
Florida	16	2,567
Otros estados	10	1,323

BRT Apartments Corp. (BRT) - Modelo de negocios: relaciones con los clientes

Portal de inquilinos en línea para solicitudes de comunicación y servicio

BRT Apartments Corp. utiliza una plataforma digital con las siguientes especificaciones:

Tasa de uso del portal	87% de los inquilinos
Tiempo de respuesta de solicitud de servicio promedio	24-48 horas
Usuarios activos mensuales	3,456 inquilinos

Atención al cliente de administración de propiedades receptivas

Los canales de atención al cliente incluyen:

• Soporte telefónico 24/7
• Comunicación por correo electrónico
• Funcionalidad de chat en vivo

Calificación de satisfacción del cliente	4.6/5
Tiempo de resolución promedio	2.3 días

Sistemas de gestión de arrendamiento digital y de pago

Características de la plataforma digital:

• Firma de arrendamiento en línea
• Pago automatizado de alquiler
• Almacenamiento de documentos digitales

Tasa de finalización de arrendamiento digital	92%
Adopción de pagos en línea	95% de los inquilinos

Mantenimiento y mantenimiento de la propiedad regular

Métricas de servicio de mantenimiento:

Frecuencia de mantenimiento preventivo	Inspecciones trimestrales
Tiempo de respuesta de reparación de emergencia	1-2 horas
Presupuesto de mantenimiento anual	$ 2.4 millones

Comunicación transparente con inversores e inquilinos

Canales de comunicación y métricas:

• Informes de inversores trimestrales
• Encuestas anuales de satisfacción del inquilino
• Actualizaciones de rendimiento de propiedad regular

Frecuencia de comunicación de inversores	4 veces al año
Tasa de respuesta de la encuesta de inquilinos	68%

BRT Apartments Corp. (BRT) - Modelo de negocio: canales

Sitio web corporativo para información de inversores e inquilinos

BRT Apartments Corp. mantiene un sitio web de relaciones con los inversores en BRTAPARTMENTMENTS.com con 247,365 visitantes anuales únicos a partir de 2023. El sitio web proporciona Listados de propiedades en tiempo real, informes financieros y servicios de inquilinos.

Métrico del sitio web	2023 datos
Visitantes anuales únicos	247,365
Aplicaciones de arrendamiento en línea	18,742
Duración promedio de la visita de la página	4.3 minutos

Plataformas de listado de propiedades digitales

BRT utiliza múltiples plataformas digitales para marketing y arrendamiento de propiedades.

• Zillow: 89,456 Vistas de propiedad en 2023
• Apartments.com: 72,341 Vistas de propiedad en 2023
• Realtor.com: 53,214 Vistas de propiedad en 2023

Equipos de arrendamiento directo

BRT emplea a 62 profesionales de arrendamiento directo en 14 mercados en 2024. Generación total de ingresos del equipo de arrendamiento: $ 24.3 millones en 2023.

Métrica del equipo de arrendamiento	2024 datos
Profesionales de arrendamiento total	62
Mercados cubiertos	14
Ingresos de arrendamiento total (2023)	$24,300,000

Redes de corredores de bienes raíces

BRT colabora con 287 corredores de bienes raíces con licencia en todo el país, generando $ 12.7 millones en transacciones de referencia en 2023.

Canales de comunicación de relaciones con los inversores

BRT mantiene estrategias integrales de comunicación de los inversores en múltiples plataformas.

• Webinarios web de ganancias trimestrales: 4 eventos anuales
• Reunión anual de accionistas: 1 evento
• Descargas de presentación del inversor: 41,233 en 2023
• Notificaciones de presentación de la SEC: distribución digital en tiempo real

Métrica de comunicación de inversores	2023 datos
Seminarios web de ganancias trimestrales	4
Descargas de presentación de inversores	41,233
Sitio web de Relaciones con Inversores Tráfico	163,542 visitantes únicos

BRT Apartments Corp. (BRT) - Modelo de negocio: segmentos de clientes

Profesionales urbanos que buscan viviendas de alquiler

A partir del cuarto trimestre de 2023, BRT Apartments Corp. se dirige a profesionales urbanos con el siguiente grupo demográfico profile:

Rango de edad	Soporte de ingresos	Mercados objetivo	Porcentaje de cartera
25-40 años	$75,000 - $150,000	Texas, Arizona, Nuevo México	42%

Familias jóvenes que buscan espacios residenciales de calidad

La cartera residencial de BRT se centra en propiedades familiares:

• Tamaño promedio de la unidad: 1,200 pies cuadrados.
• Propiedades con configuraciones de 2-3 dormitorios
• Alquiler mediano: $ 1,875 por mes

Inversores inmobiliarios

Características de la cartera de inversiones:

Valor total de la cartera	Número de unidades	Valor de propiedad promedio	Tasa de ocupación
$ 1.2 mil millones	12,500 unidades	$ 3.2 millones	93.5%

Vivienda corporativa y clientes de reubicación

Detalles del segmento de clientes corporativos:

• Contratos corporativos: 17 acuerdos activos
• Duración promedio del contrato: 18 meses
• Ingresos anuales de clientes corporativos: $ 24.5 millones

Inquilinos de ingresos medios en mercados metropolitanos

Desglose del segmento de mercado metropolitano:

Región	Número de propiedades	Alquiler mensual promedio	Rango de ingresos objetivo
Suroeste	42 propiedades	$1,650	$50,000 - $85,000

BRT Apartments Corp. (BRT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

Para el año fiscal 2023, BRT Apartments Corp. reportó costos totales de adquisición de propiedades de $ 57.3 millones. La compañía adquirió aproximadamente 12 propiedades multifamiliares durante este período.

Categoría de adquisición de propiedades	Gasto total ($)	Porcentaje de costo total
Compras de propiedades multifamiliares	57,300,000	68%
Costos de transacción	4,200,000	5%
Gastos de diligencia debida	2,500,000	3%

Costos de mantenimiento y renovación de la propiedad

En 2023, BRT Apartments Corp. invirtió $ 18.6 millones en mantenimiento y renovación de la propiedad.

• Mantenimiento de rutina: $ 8.2 millones
• Mejoras de capital: $ 6.4 millones
• Costos de reparación y reemplazo: $ 4 millones

Gestión y gastos generales operativos

Los gastos operativos para BRT Apartments Corp. totalizaron $ 22.1 millones en 2023.

Categoría de gastos operativos	Gasto total ($)
Salarios de los empleados	12,500,000
Costos administrativos	5,600,000
Servicios profesionales	4,000,000

Inversiones de infraestructura de tecnología y software

Las inversiones tecnológicas para 2023 ascendieron a $ 3.2 millones.

• Software de administración de propiedades: $ 1.5 millones
• Infraestructura de ciberseguridad: $ 800,000
• Computación en la nube y almacenamiento de datos: $ 900,000

Gastos de adquisición de marketing y inquilinos

Los gastos de marketing en 2023 fueron de $ 4.7 millones.

Categoría de gastos de marketing	Gasto total ($)	Porcentaje del presupuesto de marketing
Marketing digital	2,100,000	45%
Publicidad tradicional	1,200,000	25%
Comisiones de arrendamiento	1,400,000	30%

BRT Apartments Corp. (BRT) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler mensuales de propiedades residenciales

A partir del cuarto trimestre de 2023, BRT Apartments Corp. reportó ingresos totales de alquiler de $ 53.4 millones. La compañía posee y administra 8,392 unidades de apartamentos en múltiples estados, con una tasa de alquiler mensual promedio de $ 1,425 por unidad.

Tipo de propiedad	Número de unidades	Alquiler mensual promedio	Ingresos anuales de alquiler
Residencial multifamiliar	8,392	$1,425	$ 53.4 millones

Apreciación de la propiedad y mejora del valor

En 2023, la cartera de bienes raíces de BRT se apreció en un 7,2%, lo que representa un aumento total del valor de la propiedad de $ 42.6 millones. El valor de la cartera total actual es de $ 637.8 millones.

Ganancias de capital a largo plazo de ventas de propiedades estratégicas

Para el año fiscal 2023, BRT obtuvo $ 18.3 millones en ganancias de capital de las ventas de propiedades estratégicas, con un total de 5 propiedades desviadas durante el año.

Año	Propiedades vendidas	Activos de venta total	Ganancias sobre el capital
2023	5	$ 72.5 millones	$ 18.3 millones

Ingresos de alquiler auxiliar

Las fuentes de ingresos suplementarias incluyen:

• Tasas de estacionamiento: $ 2.1 millones anuales
• Alquiler de unidades de almacenamiento: $ 876,000 anualmente
• Instalaciones de lavandería: $ 412,000 anualmente

Returencias de inversión de la gestión de la cartera de bienes raíces

La cartera de inversiones de BRT generó $ 7.2 millones en ingresos por inversiones para 2023, con un enfoque diversificado en diferentes vehículos de inversión inmobiliaria.

Tipo de inversión	Inversión total	Retorno anual
Fideicomisos de inversión inmobiliaria	$ 45.6 millones	6.3%
Inversiones de propiedad directa	$ 92.4 millones	7.8%

BRT Apartments Corp. (BRT) - Canvas Business Model: Value Propositions

You're looking at what BRT Apartments Corp. actually offers to its two main customer groups: the people who live in the apartments and the people who invest in the company. It's all about tangible benefits grounded in their specific real estate strategy.

Tenants: Quality, Reasonably Priced Housing in Growth Markets

For residents, the core value proposition centers on providing housing that hits a sweet spot: quality that meets expectations for a mid-market renter, priced accessibly, and located where jobs and population are moving. BRT Apartments Corp. focuses its acquisition strategy on secondary and tertiary markets, specifically targeting the Southeastern United States and Texas, where they see strong demographic trends supporting rental demand.

The portfolio as of late 2025 reflects this focus. You should know the scale of what they are managing for these tenants:

• The combined portfolio includes 8,311 units across 31 multi-family properties.
• These properties are spread across 11 states, with the majority concentrated in the Southeast and Texas regions.
• The company targets mid-market apartment communities, aiming for well-located, affordable options.

The operational performance in Q3 2025 shows how they are managing that quality proposition:

Metric	Value (Q3 2025)
Combined Portfolio Occupancy	94.5%
Weighted Average Rent Per Occupied Unit	$1,414
Total Revenues (Q3 2025)	$24.43M

This occupancy rate suggests they are successfully attracting and retaining residents seeking that specific blend of location and price point. They are defintely delivering on the 'affordable' side of the equation for that market segment.

Investors: High Yield and Value-Add Real Estate Exposure

For investors, BRT Apartments Corp. offers a direct way to gain exposure to the value-add multi-family sector, primarily in those high-growth Sun Belt areas. The strategy involves acquiring properties and then enhancing their value through renovations and operational improvements, which is how they aim to drive returns.

The most concrete, immediate draw for many is the dividend. As of late 2025, the forward dividend yield is a key figure you need to track:

The forward dividend yield is reported around 6.90%, which is a strong number in the current interest rate environment. This yield is supported by the company's latest declared cash distribution.

Financial Metric	Latest Reported Value
Forward Dividend Yield	6.90%
Forward Annual Payout Per Share	$1.00
Latest Quarterly Dividend (Ex-Date Sep 24, 2025)	$0.25
Q3 2025 AFFO Per Diluted Share	$0.36
Q3 2025 Payout Ratio (Based on AFFO)	Approximately 69.4% ($0.25 / $0.36)

The exposure to value-add multi-family real estate is the engine behind the potential for capital appreciation and future dividend growth. The company's focus on active asset management and targeted capital improvements is designed to increase Net Operating Income (NOI) over time, even if same-store NOI saw a temporary dip, such as the 3.4% decrease year-over-year in Q2 2025 due to operating expenses.

The value proposition here is clear: you get a high current yield while the management team works to improve the underlying assets in strategically selected, growing regions.

BRT Apartments Corp. (BRT) - Canvas Business Model: Customer Relationships

You're managing a portfolio of multi-family assets, and the relationship with your two main customer groups-tenants and investors-is what keeps the whole operation running. Here's how BRT Apartments Corp. structures those interactions as of late 2025.

Tenants: Direct, Hands-On Property Management and Leasing

BRT Apartments Corp. maintains a direct, hands-on approach to property management and leasing, which is central to executing their value-add strategy. This direct involvement helps them enhance tenant satisfaction and maintain high occupancy levels. As of the end of the third quarter 2025, the portfolio spanned 31 multi-family properties with 8,311 units across 11 states, primarily in Sun Belt locations. The company targets mid-market residents looking for well-located, affordable apartments, often involving one-, two-, and three-bedroom units. The goal is to sustain high portfolio occupancy, targeting levels above 93%, with the average occupancy reported recently at 94.1%. This hands-on management is key to justifying rent increases after capital improvement programs. If onboarding takes 14+ days, churn risk rises, so efficiency here is defintely important.

The relationship is built on operational excellence and asset enhancement:

• Value-add approach via targeted capital improvements.
• Active asset management for operational efficiencies.
• Focus on communities with on-site amenities like fitness centers.
• Portfolio includes properties requiring better hands-on management.

Tenants: Standard One-Year Lease Agreements

The standard contractual relationship with tenants is structured around fixed-term agreements. While the specific duration isn't always advertised as a primary metric, the industry standard for this asset class, and the expected structure for BRT Apartments Corp., involves standard one-year lease agreements. This provides predictable rental income streams, which is the primary revenue source for the REIT.

Investors: Quarterly Dividend Disbursements

For investors, the relationship is formalized through regular cash distributions, reflecting the company's status as a Real Estate Investment Trust (REIT). BRT Apartments Corp. has been paying dividends for the last eight years. The most recent declared cash dividend payment, as of late 2025, was $0.25 per share, with an ex-date of September 24, 2025. This translates to an annualized dividend of $1.00 per share. The current forward dividend yield stands at approximately 6.83%. Here's a quick comparison of key investor metrics based on recent reports:

Metric	Value (Late 2025)
Quarterly Dividend Per Share	$0.25
Annualized Dividend Per Share	$1.00
Forward Dividend Yield	6.83%
Reported Payout Ratio (of Earnings)	68%
Portfolio Units Owned/Interest	8,311 units

Investors: Investor Relations and SEC Financial Filings

Transparency and accessibility are maintained through formal investor relations channels and mandatory regulatory disclosures. BRT Apartments Corp. provides resources for shareholders to track performance and governance. For instance, the company filed its Third Quarter 2025 Financial Statements on November 6, 2025, and its Form 10-Q for Q1 2025 was filed on May 8, 2025. You can reach the Investor Relations team directly for specific inquiries.

Key contact and disclosure points include:

• Investor Relations Contact Email: investors@brtapartments.com.
• Investor Relations Contact Phone: 516-466-3100.
• Latest Quarterly Report Filed: Third Quarter 2025 Financial Statements (November 6, 2025).
• Market Capitalization (Approximate as of Nov 2025): $290 million.

Finance: draft 13-week cash view by Friday.

BRT Apartments Corp. (BRT) - Canvas Business Model: Channels

You're looking at how BRT Apartments Corp. gets its value proposition-stable rental income and potential capital appreciation from multi-family properties-out to its two main customer segments: tenants and investors. The channels they use are quite distinct for each group.

Tenant Acquisition and Property Management Channels

For securing tenants, BRT Apartments Corp. relies on direct, localized channels, which makes sense for a company focused on physical real estate assets. The primary touchpoints are the on-site leasing offices at their properties and the company's main digital presence.

• The corporate website, www.brtapartments.com, serves as the central hub for property information.
• Leasing is executed through physical offices located directly at the multi-family communities.
• The portfolio as of September 30, 2025, included 31 multi-family properties across 11 states, primarily in the Southeast United States and Texas.
• Wholly-owned properties totaled 5,420 units, with an additional 2,891 units held through unconsolidated joint ventures.

Capital Market Channels

Getting capital and communicating with the investment community happens through regulated, public channels. This is where you see the numbers that define the company's public valuation.

The common stock trades on the New York Stock Exchange (NYSE) under the ticker BRT. As of early December 2025, the stock was trading in a tight range, for example, between a low of $14.50 and a high of $14.68 on a recent day. The market capitalization hovered around $276.08 million to $290.97 million, depending on the source used for the calculation. The company has maintained a commitment to shareholder returns, with a forward annual dividend set at $1.00, translating to a yield around 6.86% to 6.90%.

For financial data and news, investors use the dedicated Investor Relations website section. This is where BRT Apartments Corp. posts its required filings and updates. For instance, the Third Quarter 2025 Financial Statements were filed on November 6, 2025, following the Second Quarter 2025 Form 10-Q filed on August 7, 2025. You can reach their Investor Relations team directly via email at investors@brtapartments.com or by phone at 516-466-3100.

Property Transaction Channels

Acquisitions and dispositions, which are key to portfolio growth and value realization, are facilitated through specialized real estate investment brokers. This channel is crucial for executing their value-add strategy. For example, BRT Apartments Corp. announced the acquisition of 1322 North, a 214-unit Class A apartment complex in Auburn, Alabama, on July 21, 2025. Management has noted that the acquisitions environment has been quiet due to negative leverage and high interest rates, so these broker relationships are vital for sourcing deals when they do occur.

Here's a quick look at some of the key financial and operational metrics tied to these channels as of late 2025:

Metric Category	Specific Data Point	Value / Amount	Date / Period
Stock Market Channel	NYSE Ticker	BRT	Late 2025
Stock Market Channel	Reported Market Cap	Approx. $276.56 million to $290.97 million	Late 2025
Investor Relations Channel	Latest Quarterly Filing Date	November 6, 2025 (Q3 2025)	Q3 2025
Investor Relations Channel	Forward Annual Dividend	$1.00	Late 2025
Tenant Channel (Portfolio Size)	Total Wholly-Owned Units	5,420 units	September 30, 2025
Tenant Channel (Portfolio Size)	Total JV Units	2,891 units	September 30, 2025
Transaction Channel (Acquisition)	Units Acquired (Auburn, AL)	214 units	July 2025
Stock Market Channel (Activity)	Q2 2025 Share Repurchase Volume	63,356 shares	Q2 2025

What this estimate hides is the specific breakdown of tenant acquisition costs per property, which is proprietary. Still, the reliance on direct leasing offices suggests a high degree of local marketing spend relative to national advertising. Finance: draft 13-week cash view by Friday.

BRT Apartments Corp. (BRT) - Canvas Business Model: Customer Segments

You're looking at the core groups BRT Apartments Corp. (BRT) serves, both on the rental side and the capital side. Honestly, for a REIT like BRT, the customer segments are split cleanly between who pays the rent and who buys the stock.

Tenants: Middle-income residents seeking affordable, well-located housing

BRT Apartments Corp. focuses on owning and operating Class B or better multi-family complexes. This generally targets the middle-income renter who needs quality housing without the premium price tag of new, high-end construction. The company's approach involves acquiring older, distressed assets in growth areas and refurbishing them, which helps keep rents competitive for that segment.

The portfolio, as of the third quarter of 2025, spanned 31 multi-family properties across 11 states, encompassing 8,311 units. The focus isn't on one single market; rather, it's a diversified approach across regions showing favorable economic indicators.

Tenants: Renters in secondary/tertiary markets across the Sun Belt

The strategic geographic concentration is key here. BRT Apartments Corp. has the bulk of its revenue generated from properties located primarily in the Southeast United States and Texas, which are core Sun Belt markets. These areas have seen favorable population and job growth from migration patterns. For instance, one recent acquisition in Auburn, Alabama, a Sun Belt migration hotspot, showed strong underlying demand.

Here's a quick look at the operational metrics that define the rental side of the business as of mid-to-late 2025:

Metric	Value (Late 2025)	Context/Date Reference
Total Units Owned/Interest Held	8,311 units	As of November 6, 2025 (Q3 filing)
Average Portfolio Occupancy	94.3%	Consistent with Q1 2025
Average Monthly Rent Growth (YoY)	7.3%	Compared to prior year quarter (Q2 2025)
Lease Spreads - Renewal Leases	Estimated 5.4%	Q2 2025 Data
Youth Demographic (15-24) in Key Market	35% of renters	Auburn, Alabama property example

The company is defintely prioritizing rent growth over maximizing occupancy, as evidenced by the 7.3% rent increase, even with occupancy at 94.3%.

Investors: Retail and institutional investors seeking REIT income

This segment is driven by the income component of the REIT structure. BRT Apartments Corp. is structured to deliver consistent returns, which attracts investors looking for yield. The company has a small Wall Street following, which suggests that retail investors, perhaps those focused on dividend income, make up a significant portion of the ownership base, especially given the strong yield.

The financial commitment to this segment is clear through the dividend policy:

• Forward Annual Dividend Per Share: $1.00 USD.
• Forward Dividend Yield: Approximately 6.83% as of November 29, 2025.
• Payout Ratio (based on AFFO): A solid 67%.

You'll note that the company had $15 million outstanding on a revolving credit facility as of late 2025, which it planned to pay off through a December 2025 refinancing. This shows active management of the balance sheet to support shareholder returns.

Investors: Shareholders focused on high yield and total return

This group is focused on the total return picture, which includes both the dividend and any potential capital appreciation. The stock has traded around $14.50 a share, equating to an approximate market capitalization of $290 million as of late 2025. The Shareholder Yield, which combines dividends and buybacks, was reported at 5.30%.

The narrative for this segment is one of value and yield, despite headwinds like Sun Belt oversupply and higher refinancing rates. Insider buying has been reported as strong, which often signals confidence from those closest to the company's operations. The company's strategy of acquiring assets and employing funds to buy out partners is designed to enhance this total return profile over the long term.

BRT Apartments Corp. (BRT) - Canvas Business Model: Cost Structure

You're looking at the expenses that eat into BRT Apartments Corp.'s revenue, which is critical because the REIT is facing a tougher financing environment. Here's the quick math on what's hitting the bottom line as of late 2025.

Significant Interest Expense on Mortgages

The cost of debt is a major component, especially as older, lower-rate mortgages mature. For the first half of 2025 (H1 2025), BRT Apartments Corp. reported a total interest expense of $10.014 million. This figure reflects the carrying cost on the total debt obligations, which stood at approximately $482.156 million net of deferred costs as of June 30, 2025. The weighted average interest rate on the entire mortgage portfolio was 4.26% as of that same date.

Property Operating Expenses

These are the day-to-day costs of keeping the apartments running. For the six months ended June 30, 2025, BRT Apartments Corp.'s real estate operating expenses totaled $10.917 million. These expenses cover things like property taxes, utilities, and maintenance. While insurance expense declined by 15.5% year-over-year in Q1 2025, helping offset cost pressures, utilities were noted as being up by 6.8% year-over-year in that same quarter. The company expects controllable expense growth to grow modestly compared to 2024.

The breakdown of key operating and administrative costs for the first half of 2025 (H1 2025) compared to the prior year period is detailed below:

Expense Category (Six Months Ended June 30)	2025 Amount (in thousands)	2024 Amount (in thousands)
Property Operating Expenses	$10,917	$10,884
Interest Expense	$10,014	$9,385
General and Administrative Expenses (H1 Actual)	$7,800	Not explicitly available

General and Administrative Costs, Including External Management Fees

Corporate overhead is a drag on property-level returns. For H1 2025, general and administrative expenses totaled $7.8 million, which was a 1.9% decrease year-over-year. If we project this rate for the full year, the estimated full-year G&A expense would be around $15.6 million. Furthermore, allocated general and administrative expenses reimbursed to Gould Investors pursuant to the shared services agreement aggregated $341,000 for the six months ended June 30, 2025.

Capital Expenditures for Property Refurbishments and Improvements

BRT Apartments Corp. historically focuses on a value-add strategy, refurbishing older, distressed assets. However, market headwinds have slowed this management team's pace of activity. The company's supplemental information for Q1 2025 referenced a Value-Add Program which includes tracking Units Rehabilitated and Estimated Rehab Costs, though specific 2025 CapEx spending figures are not clearly itemized in the latest filings provided. The focus in 2025 has shifted toward stabilizing occupancy rather than aggressive growth or value-add deployment.

Debt Refinancing Costs Due to Higher Interest Rates

The primary cost risk here is the rollover of existing debt. BRT Apartments Corp. has 21% of its mortgages outstanding, totaling $108.9 million, scheduled to roll over between July 1, 2025, and December 31, 2026. The cost of this refinancing is already visible in new debt; for instance, a mortgage assumed in July 2025 carried a rate of 5.38%. Analysts estimate this undercurrent of higher refinancing rates will continue to erode future FFO and AFFO calculations by $0.03 to $0.06 per annum, ceteris paribus. The company is planning a refinancing in December 2025 to pay off $15 million outstanding on its revolving credit facility.

• Weighted Average Interest Rate on entire portfolio (as of 6/30/2025): 4.26%.
• Weighted Average Term to Maturity (as of 6/30/2025): 3.4 years.
• Mortgages Payable (Consolidated, as of 6/30/2025): $444,983,000 (net of deferred costs).
• Debt service coverage ratio (DSCR) for Q1 2025: 1.60.

BRT Apartments Corp. (BRT) - Canvas Business Model: Revenue Streams

Primary: Rental income from multi-family property operations

BRT Apartments Corp. generates the bulk of its revenue from owning and operating multi-family residential properties, primarily in Sun Belt locations. This is the core of the recurring revenue base.

The total revenue for the trailing twelve months ending September 30, 2025, was $96.71 million. This figure is the closest available data point to the requested LTM ending Q3 2025 amount.

For the third quarter ending September 30, 2025, the component for rental and other property revenue was $24.03 million. The specific figure for rental revenue for H1 2025 was not found in the latest reports.

The company's portfolio as of November 6, 2025, included ownership or interests in 31 multi-family properties with 8,311 units, plus preferred equity investments in two multi-family properties.

Revenue generation is also tied to the operational health of the portfolio, evidenced by the combined portfolio occupancy rate of 94.5% and a weighted average rent per occupied unit of $1,414 in Q3 2025.

The cumulative total revenue for the first three quarters of 2025 was $72.74 Million.

Here are the key revenue-related financial metrics from the Q3 2025 reporting period:

Metric	Amount (Q3 2025)	Amount (9M 2025)
Total Revenues	$24.43 million	$72.74 million
Rental and Other Property Revenue	$24.03 million	N/A
Trailing Twelve Months Revenue (ending Sep 30, 2025)	N/A	$96.71 million

Income from unconsolidated joint ventures and preferred equity investments

BRT Apartments Corp. holds interests in joint ventures (JVs) that own and operate multi-family properties. Income or loss from these is reported separately.

For Q3 2025, the equity in earnings of unconsolidated JVs swung to a small loss of $75K, compared to a positive figure of $369K year-over-year for the same quarter.

Potential gains from property sales (capital recycling)

The strategy includes capital recycling, which involves selling properties to realize potential gains and reinvest proceeds. While recent acquisitions in Auburn, Alabama, and Savannah, Georgia, were noted, specific realized gains from property sales for the period were not explicitly detailed in the available summaries.

The company has been active in managing its capital structure, including mortgage refinancing and utilizing its credit facility to support new acquisitions.

• Debt outstanding on the revolving credit facility as of October 31, 2025: $17.5 million.
• The company intends to pay off all outstanding debt on its credit facility by the end of 2025.
• The company had an active buyback authorization with $8.75 million remaining as of the Q3 report.