FFO growth and same-store NOI expansion are positive, but the widening net loss, JV earnings deterioration, and rising leverage (75% debt/EV) are concerning. The S-3 shelf filed 13 days ago suggests potential equity issuance. Monitor for any ATM or secondary offering announcements that could dilute current shareholders.
Price Chart
Executive Summary
BRT Apartments Corp. reported Q1 2026 results showing a net loss of $2.7M ($0.14/share), wider than the $2.4M loss in Q1 2025. Core operating metrics improved: FFO rose to $0.33/share (from $0.30), AFFO held steady at $0.39/share, and Combined Portfolio NOI grew 4.0% YoY. However, the company's debt-to-enterprise value increased to 75% (from 67% a year ago), and equity in unconsolidated JVs swung to a loss of $308K from a gain of $413K. The S-3 shelf filed 13 days prior, combined with rising leverage, suggests potential capital needs ahead.
Key Financial Metrics
Key Facts
- Q1 2026 net loss of $2.7M ($0.14/share) vs $2.4M ($0.12/share) in Q1 2025
- FFO per diluted share improved to $0.33 from $0.30 YoY
- AFFO per diluted share flat at $0.39 YoY
- Combined Portfolio NOI increased 4.0% YoY
- Consolidated same-store NOI grew 5.1% YoY
- Debt-to-enterprise value rose to 75% from 67% a year ago
- Equity in unconsolidated JVs swung to a $308K loss from a $413K gain
- Repurchased 176,148 shares in Q1 2026 at $14.26 avg; 318,593 YTD through May 7 at $14.14 avg
- S-3 shelf filed April 24, 2026 for up to $150M in securities
- Dividend maintained at $0.25/share quarterly
- Credit facility of $40M undrawn, maturing September 2027
Financial Impact
Q1 2026 total revenues $24.6M (+2.1% YoY); net loss $2.7M; FFO $6.2M; AFFO $7.3M
Risk Factors
- Potential equity dilution from the $150M S-3 shelf filed April 24, 2026
- Rising debt-to-enterprise value (75%) increases financial risk
- Unconsolidated JVs swung to a loss, indicating portfolio stress
- Stock trading near $13.34, down 22% YoY, with continued net losses
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000014846-26-000018 |
| Document: brt-20260507.htm | 0000014846-26-000018 |
| Document: 0000014846-26-000018-index-headers.html | 0000014846-26-000018 |
| Document: 0000014846-26-000018-index.html | 0000014846-26-000018 |
| Document: 0000014846-26-000018.txt | 0000014846-26-000018 |
| 8-K Data (Synthetic) | 0000014846-26-000018 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 17, 2026 5w ago | 8-K | $13.82 | awaiting T+60 | — | $12.94 (−6.37%) |
Sep 17, 2026 5w ago | Press Release | $13.57 | awaiting T+60 | — | $12.94 (−4.64%) |
May 7, 2026 24w ago | 8-K | $14.66 $14.25 | ▼ −2.80% | ▼ −7.64% | $12.94 (−11.73%) |
Apr 24, 2026 26w ago | S-3 | $14.32 $14.95 | ▲ +4.40% | ▼ −0.38% | $12.94 (−9.64%) |
Mar 13, 2026 32w ago | Press Release | $13.86 $14.72 | ▲ +6.20% | ▼ −5.41% | $12.94 (−6.64%) |
Mar 13, 2026 32w ago | 8-K | $13.86 $14.72 | ▼ −6.20% | ▲ +5.41% | $12.94 (+6.64%) |
Mar 11, 2026 32w ago | Press Release | $14.15 $14.64 | ▲ +3.43% | ▼ −7.27% | $12.94 (−8.58%) |
Mar 4, 2026 33w ago | 8-K/A | $14.43 $14.37 | ▼ −0.41% | ▼ −11.71% | $12.94 (−10.32%) |
US Market Status
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