BRT Apartments Corp. (BRT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de investimentos imobiliários multifamiliares, a BRT Apartments Corp. surge como uma potência estratégica, transformando a moradia urbana por meio de um modelo de negócios inovador e meticulosamente criado. Ao misturar perfeitamente o gerenciamento sofisticado de propriedades, a seleção de mercado direcionada e a infraestrutura tecnológica robusta, a BRT criou um nicho único no fornecimento de espaços residenciais de alta qualidade que atendem a diversos dados demográficos urbanos. Sua abordagem abrangente não apenas promete retornos atraentes para os investidores, mas também oferece experiências de vida excepcionais para os inquilinos, posicionando-os como um jogador de visão de futuro no setor competitivo de investimentos imobiliários.

BRT Apartments Corp. (BRT) - Modelo de Negócios: Principais Parcerias

Empresas de gerenciamento de propriedades

A BRT Apartments Corp. colabora com os seguintes parceiros de gerenciamento de propriedades:

Empresa parceira	Número de propriedades gerenciadas	Cobertura geográfica
Cushman & Wakefield	42 complexos de apartamentos	Texas, Arizona, Geórgia
Grupo CBRE	28 complexos de apartamentos	Flórida, Carolina do Norte

Empresas de investimento imobiliário

As parcerias de aquisição estratégicas incluem:

• Parceiros imobiliários de Blackstone
• Starwood Capital Group
• Brookfield Asset Management

Instituições financeiras

Empréstimos e parceiros de capital da BRT:

Instituição financeira	Linha de crédito	Taxa de juro
Wells Fargo	US $ 150 milhões	SOFR + 2,75%
JPMorgan Chase	US $ 100 milhões	SOFR + 3,00%

Provedores de tecnologia

Parcerias de software e tecnologia:

• Sistemas Yardi (software de gerenciamento de propriedades)
• VTS (Leasing Management Platform)
• Página real (Gerenciamento de Receita)

Companhias de seguros

Parceiros de cobertura de seguro de propriedade:

Provedor de seguros	Quantidade de cobertura	Tipos de propriedades cobertas
Seguro de viajantes	US $ 1,2 bilhão	Residencial multifamiliar
Em todo o país	US $ 850 milhões	Comercial e residencial

BRT Apartments Corp. (BRT) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar propriedades residenciais multifamiliares

A partir do quarto trimestre 2023, a BRT Apartments Corp. possuía 7.322 unidades de apartamentos em 46 propriedades localizadas no Texas e no Arizona. O valor contábil bruto total dos ativos imobiliários foi de US $ 739,3 milhões. A estratégia de aquisição se concentra em propriedades nos mercados de crescimento com potencial para aprimoramento de valor.

Métrica de propriedade	Valor
Unidades totais	7,322
Número de propriedades	46
Valor bruto do ativo imobiliário	US $ 739,3 milhões

Renovação de propriedades e aprimoramento de valor

A BRT investiu US $ 12,4 milhões em melhorias na propriedade durante 2023, direcionando as reformas estratégicas para aumentar as taxas de aluguel e o valor da propriedade.

• Custo médio de renovação por unidade: US $ 1.690
• Áreas de foco em renovação típica:
  • Atualizações de cozinha
  • Modernização do banheiro
  • Substituição do piso
  • Instalações de aparelhos com eficiência energética

Geração de renda de aluguel e otimização de portfólio

Para o ano fiscal de 2023, a BRT registrou uma receita total de aluguel de US $ 84,6 milhões, com um aluguel mensal médio de US $ 1.345 por unidade.

Métrica de desempenho de aluguel	2023 valor
Receita total de aluguel	US $ 84,6 milhões
Aluguel mensal médio	$1,345
Taxa de ocupação	93.2%

Gerenciamento de ativos e investimento estratégico

BRT manteve a Abordagem de investimento disciplinado Com um portfólio focado nos mercados de Sunbelt. O lucro operacional líquido de 2023 foi de US $ 47,2 milhões.

Triagem de inquilinos e gerenciamento de arrendamento

O processo abrangente de triagem de inquilinos inclui verificações de crédito, verificação de emprego e análise de histórico de aluguel. Termo médio de arrendamento: 12 meses.

Critérios de triagem do inquilino	Exigência
Pontuação mínima de crédito	650
Requisito de renda	3x aluguel mensal
Verificação de antecedentes	Obrigatório

BRT Apartments Corp. (BRT) - Modelo de negócios: Recursos -chave

Portfólio imobiliário residencial multifamiliar

A partir do quarto trimestre de 2023, a BRT Apartments Corp. possui 6.103 unidades de apartamentos em vários estados, com um valor contábil bruto total de US $ 1,02 bilhão. O portfólio está concentrado principalmente no Texas, Arizona e Carolina do Norte.

Estado	Número de unidades	Valor total da propriedade
Texas	3,752	US $ 621,8 milhões
Arizona	1,456	US $ 242,3 milhões
Carolina do Norte	895	US $ 156,9 milhões

Equipe de gerenciamento experiente

A equipe de liderança da BRT compreende 8 executivos seniores com uma média de 22 anos de experiência imobiliária.

• Diretor Executivo: 28 anos em investimento imobiliário
• Diretor Financeiro: 19 anos em gestão financeira
• Diretor de operações: 25 anos em desenvolvimento imobiliário

Capital financeiro e fundos de investimento

Em 31 de dezembro de 2023, o BRT tem:

• Total de ativos: US $ 1,14 bilhão
• Equidade dos acionistas: US $ 489,6 milhões
• Linha de crédito disponível: US $ 150 milhões
• Caixa e equivalentes em dinheiro: US $ 42,3 milhões

Infraestrutura de tecnologia de gerenciamento de propriedades

O BRT utiliza plataformas tecnológicas avançadas para:

• Rastreamento de ocupação em tempo real
• Sistemas automatizados de coleta de aluguel
• Gerenciamento de solicitação de manutenção digital

Locais estratégicos de propriedades geográficas

Característica do mercado	Detalhes
Aluguel médio de mercado	US $ 1.587 por unidade
Taxa de ocupação	94.6%
Idade média da propriedade	12,3 anos

BRT Apartments Corp. (BRT) - Modelo de Negócios: Proposições de Valor

Unidades de apartamentos residenciais bem conservados e bem conservados

A partir do quarto trimestre 2023, a BRT Apartments Corp. gerencia 13.721 unidades de apartamentos em 89 propriedades em 5 estados. Idade média da propriedade: 12,3 anos. Taxa de ocupação: 94,6%.

Métrica de propriedade	Valor
Unidades totais	13,721
Propriedades totais	89
Idade média da propriedade	12,3 anos
Taxa de ocupação	94.6%

Taxas de aluguel competitivas nos mercados -alvo

Taxas médias mensais de aluguel: US $ 1.387. Crescimento da taxa de aluguel em 2023: 4,2%.

• Mercados do Texas: Aluguel médio $ 1.456
• Mercados do Arizona: aluguel médio $ 1.312
• Mercados da Flórida: aluguel médio $ 1.529

Retornos de investimento estáveis ​​e previsíveis para os acionistas

2023 Desempenho financeiro:

Métrica financeira	Valor
Receita total	US $ 193,4 milhões
Receita operacional líquida	US $ 87,6 milhões
Rendimento de dividendos	4.7%
Total de ativos	US $ 1,2 bilhão

Serviços profissionais de gerenciamento de propriedades

Métricas da equipe de gerenciamento:

• Total de funcionários: 327
• Experiência de gerenciamento médio: 14,6 anos
• Tempo de resposta de manutenção: 24 horas

Seleção de propriedades estratégicas em áreas metropolitanas em crescimento

Distribuição geográfica da propriedade:

Estado	Número de propriedades	Unidades totais
Texas	42	6,547
Arizona	21	3,284
Flórida	16	2,567
Outros estados	10	1,323

BRT Apartments Corp. (BRT) - Modelo de Negócios: Relacionamentos do Cliente

Portal de inquilinos online para solicitações de comunicação e serviço

A BRT Apartments Corp. utiliza uma plataforma digital com as seguintes especificações:

Taxa de uso do portal	87% dos inquilinos
Tempo médio de resposta ao serviço	24-48 horas
Usuários ativos mensais	3.456 inquilinos

Suporte ao cliente de gerenciamento de propriedades responsivas

Os canais de suporte ao cliente incluem:

• Suporte por telefone 24/7
• Comunicação por e -mail
• Funcionalidade de bate -papo ao vivo

Classificação de satisfação do cliente	4.6/5
Tempo médio de resolução	2,3 dias

Sistemas de gerenciamento e pagamento de arrendamento digital

Recursos da plataforma digital:

• Assinatura online de arrendamento
• Pagamento automatizado de aluguel
• Armazenamento de documentos digitais

Taxa de conclusão de arrendamento digital	92%
Adoção de pagamento on -line	95% dos inquilinos

Manutenção regular de propriedades e manutenção

Métricas de serviço de manutenção:

Frequência de manutenção preventiva	Inspeções trimestrais
Tempo de resposta de reparo de emergência	1-2 horas
Orçamento anual de manutenção	US $ 2,4 milhões

Comunicação transparente com investidores e inquilinos

Canais de comunicação e métricas:

• Relatórios trimestrais de investidores
• Pesquisas anuais de satisfação do inquilino
• Atualizações regulares de desempenho da propriedade

Frequência de comunicação do investidor	4 vezes por ano
Taxa de resposta de pesquisa de inquilino	68%

BRT Apartments Corp. (BRT) - Modelo de Negócios: Canais

Site corporativo para informações sobre investidores e inquilinos

A BRT Apartments Corp. mantém um site de relações com investidores em Brtapartments.com com 247.365 visitantes anuais exclusivos a partir de 2023. O site fornece Listagens de propriedades em tempo real, relatórios financeiros e serviços de inquilino.

Métrica do site	2023 dados
Visitantes anuais exclusivos	247,365
Aplicativos de arrendamento on -line	18,742
Página média Duração da visita	4,3 minutos

Plataformas de listagem de propriedades digitais

O BRT utiliza várias plataformas digitais para marketing e leasing de propriedades.

• Zillow: 89.456 visualizações de propriedade em 2023
• Apartamentos.com: 72.341 visualizações de propriedade em 2023
• Realtor.com: 53.214 visualizações de propriedade em 2023

Equipes diretas de leasing

A BRT emprega 62 profissionais de leasing direto em 14 mercados em 2024. Geração total de receita da equipe de leasing: US $ 24,3 milhões em 2023.

Métrica da equipe de leasing	2024 dados
Total de profissionais de leasing	62
Mercados cobertos	14
Receita total de leasing (2023)	$24,300,000

Redes de corretores imobiliários

A BRT colabora com 287 corretores imobiliários licenciados em todo o país, gerando US $ 12,7 milhões em transações de referência em 2023.

Canais de comunicação de relações com investidores

O BRT mantém estratégias abrangentes de comunicação de investidores em várias plataformas.

• Labinais de ganhos trimestrais: 4 eventos anuais
• Reunião anual de acionistas: 1 evento
• Downloads de apresentação do investidor: 41.233 em 2023
• Notificações de arquivamento da SEC: distribuição digital em tempo real

Métrica de Comunicação para Investidores	2023 dados
Webinars trimestrais de ganhos	4
Downloads de apresentação do investidor	41,233
Tráfego do site de relações com investidores	163.542 visitantes únicos

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

Profissionais urbanos que buscam moradia de aluguel

A partir do quarto trimestre 2023, a BRT Apartments Corp. tem como alvo profissionais urbanos com os seguintes demográficos profile:

Faixa etária	Faixa de renda	Mercados -alvo	Porcentagem de portfólio
25-40 anos	$75,000 - $150,000	Texas, Arizona, Novo México	42%

Famílias jovens que procuram espaços residenciais de qualidade

O portfólio residencial da BRT se concentra em propriedades familiares:

• Tamanho médio da unidade: 1.200 pés quadrados.
• Propriedades com configurações de 2-3 quartos
• Aluguel mediano: US $ 1.875 por mês

Investidores imobiliários

Características do portfólio de investimentos:

Valor total do portfólio	Número de unidades	Valor médio da propriedade	Taxa de ocupação
US $ 1,2 bilhão	12.500 unidades	US $ 3,2 milhões	93.5%

Clientes de habitação corporativa e realocação

Detalhes do segmento de clientes corporativos:

• Contratos corporativos: 17 acordos ativos
• Duração média do contrato: 18 meses
• Receita anual de clientes corporativos: US $ 24,5 milhões

Locatários de renda média em mercados metropolitanos

Repartição do segmento de mercado metropolitano:

Região	Número de propriedades	Aluguel mensal médio	Faixa de renda -alvo
Sudoeste	42 propriedades	$1,650	$50,000 - $85,000

BRT Apartments Corp. (BRT) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de propriedades

Para o ano fiscal de 2023, a BRT Apartments Corp. registrou custos totais de aquisição de propriedades de US $ 57,3 milhões. A empresa adquiriu aproximadamente 12 propriedades multifamiliares durante esse período.

Categoria de aquisição de propriedades	Despesa total ($)	Porcentagem do custo total
Compras de propriedade multifamiliar	57,300,000	68%
Custos de transação	4,200,000	5%
Despesas de due diligence	2,500,000	3%

Custos de manutenção e renovação de propriedades

Em 2023, a BRT Apartments Corp. investiu US $ 18,6 milhões em manutenção e reforma de propriedades.

• Manutenção de rotina: US $ 8,2 milhões
• Melhorias de capital: US $ 6,4 milhões
• Custos de reparo e reposição: US $ 4 milhões

Gestão e sobrecarga operacional

As despesas operacionais da BRT Apartments Corp. totalizaram US $ 22,1 milhões em 2023.

Categoria de despesa operacional	Despesa total ($)
Salários dos funcionários	12,500,000
Custos administrativos	5,600,000
Serviços profissionais	4,000,000

Investimentos de infraestrutura de tecnologia e software

Os investimentos em tecnologia para 2023 totalizaram US $ 3,2 milhões.

• Software de gerenciamento de propriedades: US $ 1,5 milhão
• Infraestrutura de segurança cibernética: US $ 800.000
• Computação em nuvem e armazenamento de dados: US $ 900.000

Despesas de marketing e aquisição de inquilinos

As despesas de marketing em 2023 foram de US $ 4,7 milhões.

Categoria de despesa de marketing	Despesa total ($)	Porcentagem de orçamento de marketing
Marketing digital	2,100,000	45%
Publicidade tradicional	1,200,000	25%
Comissões de leasing	1,400,000	30%

BRT Apartments Corp. (BRT) - Modelo de negócios: fluxos de receita

Renda mensal de aluguel de propriedades residenciais

A partir do quarto trimestre de 2023, a BRT Apartments Corp. reportou receita total de aluguel de US $ 53,4 milhões. A empresa possui e gerencia 8.392 unidades de apartamentos em vários estados, com uma taxa média mensal de aluguel de US $ 1.425 por unidade.

Tipo de propriedade	Número de unidades	Aluguel mensal médio	Receita anual de aluguel
Residencial multifamiliar	8,392	$1,425	US $ 53,4 milhões

Apreciação da propriedade e aprimoramento de valor

Em 2023, o portfólio imobiliário da BRT apreciado em 7,2%, representando um aumento total do valor da propriedade de US $ 42,6 milhões. O valor total do portfólio total é de US $ 637,8 milhões.

Ganhos de capital de longo prazo com vendas estratégicas de propriedades

Para o ano fiscal de 2023, a BRT percebeu US $ 18,3 milhões em ganhos de capital com vendas estratégicas de propriedades, com um total de 5 propriedades alienadas durante o ano.

Ano	Propriedades vendidas	Produtos totais de venda	Ganhos de capital
2023	5	US $ 72,5 milhões	US $ 18,3 milhões

Renda de aluguel auxiliar

Os fluxos de receita suplementares incluem:

• Taxas de estacionamento: US $ 2,1 milhões anualmente
• Aluguel de unidade de armazenamento: US $ 876.000 anualmente
• Instalações de lavanderia: US $ 412.000 anualmente

Retornos de investimento do gerenciamento de portfólio imobiliário

O portfólio de investimentos da BRT gerou US $ 7,2 milhões em receita de investimento em 2023, com uma abordagem diversificada em diferentes veículos de investimento imobiliário.

Tipo de investimento	Investimento total	Retorno anual
Fundos de investimento imobiliário	US $ 45,6 milhões	6.3%
Investimentos de propriedade direta	US $ 92,4 milhões	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.