Here are 1-3 brief analogies to describe BRT Apartments:

• Imagine a public company that's a professional landlord for apartment complexes, similar to how Marriott is a professional hotelier for many hotels.

• It's like a smaller, publicly traded version of a major apartment landlord such as Equity Residential or AvalonBay Communities.

BRT Apartments' major products and services include:

• Apartment Rentals: The leasing of residential units within multi-family apartment communities. (Service: Residential Housing)
• Real Estate Sales: The strategic disposition of existing multi-family properties or land parcels from its investment portfolio. (Product: Investment Real Estate)

BRT Apartments (BRT) - Major Customers

BRT Apartments Corp. (BRT) is a real estate investment trust (REIT) that owns, operates, and develops multi-family residential properties. As such, the company sells primarily to individual tenants who rent units within their apartment communities, rather than to other companies.

BRT Apartments serves a diverse range of individual customers, which can be broadly categorized into the following groups:

• Young Professionals and Singles: This category includes individuals and couples in their early to mid-career stages. They often prioritize modern, convenient living options, desirable locations (urban or suburban), access to amenities (e.g., fitness centers, co-working spaces), proximity to employment centers and social activities, and the flexibility of a maintenance-free rental lifestyle.
• Families: This segment comprises couples and families with or without children who are looking for multi-bedroom units. They often prioritize properties with family-friendly amenities (e.g., playgrounds, pools), access to good school districts, and a sense of community within the apartment complex or surrounding neighborhood. For some, renting provides flexibility during life transitions or is a preferred long-term housing solution.
• Lifestyle Renters and Empty Nesters: This group includes individuals or couples who may be downsizing from larger homes or who simply prefer the low-maintenance, amenity-rich lifestyle offered by apartment living. They often seek properties with specific lifestyle amenities (e.g., clubhouses, social events, pet-friendly features), accessible locations, or a quiet, convenient environment. This category can also include those who choose renting for long-term convenience after their children have moved out.

Jeffrey A. Gould President, CEO & Director

Jeffrey A. Gould has served as President, CEO, and a Director of BRT Apartments Corp. since March 1996, holding a tenure of nearly 30 years. He also holds positions as Vice President of Georgetown Partners, Inc. (the managing general partner of Gould Investors L.P.), and is a Senior Vice President and Director of One Liberty Properties, Inc. and Majestic Property Management Corp. Mr. Gould has been involved with affiliated companies since 1987. He earned a BA from the University of Michigan and is a member of the Chief Executive Organization and World Presidents Organization. Mr. Gould holds significant ownership in both BRT Apartments Corp. and One Liberty Properties Inc.

George E. Zweier Vice President and CFO

George E. Zweier has been the Chief Financial Officer and Vice President at BRT Apartments Corp. since August 1998, also serving as its Principal Accounting Officer. A Certified Public Accountant, he joined BRT in June 1998. Prior to his tenure at BRT, Mr. Zweier was an Accounting Officer with the Bank of Tokyo - Mitsubishi UFJ in New York for approximately five years, and before that, an Accounting and Audit Officer with the Dime Savings Bank of New York for over five years. He currently serves on the Board of Directors of NEFCU, a Long Island-based credit union, as its treasurer. Mr. Zweier holds a BA from Hofstra University and an MBA from St. John's University. It has been announced that Mr. Zweier plans to resign within the next two years, with Isaac Kalish expected to succeed him as CFO in the first quarter of 2026.

Israel Rosenzweig Chairman of the Board

Israel Rosenzweig has served as the Chairman of the Board of Directors of BRT Apartments Corp. since 2013. Before becoming Chairman, he was a Director and Vice Chairman of the Board from 2012 to 2013 and Senior Vice President from 1998 to 2012. He is also a Senior Vice President of Georgetown Partners and One Liberty Properties, Inc. Prior to joining Gould and its affiliates in 1984, Mr. Rosenzweig was a Vice President at Bankers Trust and previously served as a Director and Chief Lending Officer of Bankers Federal Savings. He earned a BA in Economics from City University in New York in 1974 and an MBA in Accounting from New York University in 1977.

David W. Kalish Senior Vice President, Finance

David W. Kalish is the Senior Vice President, Finance of BRT Apartments Corp. He also holds the titles of Senior Vice President and Chief Financial Officer for Georgetown Partners, One Liberty Properties, and Majestic Property Management Corp. A Certified Public Accountant, Mr. Kalish joined Georgetown Partners in 1990. Before 1990, he was a partner in the accounting firm Buchbinder Tunick & Company. Mr. Kalish received a BBA from City College-Baruch School in 1968 and became a Certified Public Accountant in New York in 1972. He is a member of the American Institute of CPAs and the New York State Society of CPAs.

Christine Grippo Vice President

Christine Grippo is a Vice President at BRT Apartments Corp., having joined the company in 2007. Her responsibilities at BRT include underwriting commercial real estate investments for acquisition, conducting due diligence for new deals, and asset management. Before joining BRT, Ms. Grippo worked as a Financial Associate at a major investment bank, where she managed residential and commercial warehouse lines of credit.

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The region for this market size is the U.S.

BRT Apartments (symbol: BRT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Portfolio Expansion through Acquisitions and Joint Ventures: BRT Apartments is actively expanding its portfolio, particularly by acquiring multi-family properties through joint ventures in the high-growth Sunbelt region, including the Southeastern United States and Texas. These markets are targeted due to strong population and job growth, which supports demand for apartment units. Recent examples include acquisitions in Auburn, Alabama, and Savannah, Georgia. This strategic expansion directly increases the number of rental units and, consequently, revenue potential.
2. Value-Add Renovations: The company focuses on enhancing its existing Class B or better properties through value-add renovations and upgrades to apartment units. These renovations enable BRT to command higher rental rates, with past projects yielding significant average monthly rent increases and strong estimated annualized returns on investment. This strategy aims to increase revenue per unit across its portfolio.
3. Improvement in Rent and Occupancy Rates: BRT's performance is closely tied to maximizing occupancy and implementing effective rent strategies in its primary markets. Although recent periods have presented challenges with "muted pricing power" and "pressure on occupancy" due due to new supply, the company maintains a long-term focus on the Sunbelt region, anticipating that new supply will be absorbed and demographic trends will support increases in both rent and occupancy. Management has stated its intention to prioritize stabilizing occupancy, which is crucial for future revenue growth.

Share Repurchases

• In 2024, BRT Apartments repurchased 193,529 shares of its common stock for approximately $3.50 million.
• In 2023, the company repurchased 779,423 shares of common stock for approximately $14.4 million.
• The Board of Directors increased the share repurchase authorization to $10 million, extending the program through December 31, 2026.

Share Issuance

• BRT Apartments commenced an underwritten public offering of 2,000,000 shares of common stock in May 2021, with an option for underwriters to purchase an additional 300,000 shares.
• In July 2023 and June 2022, the company issued restricted stock units to acquire up to 214,990 and 212,470 shares of common stock, respectively.
• Through its Dividend Reinvestment Plan, 50,951 shares were issued in lieu of cash dividends for approximately $931,000 during the three months ended March 31, 2024, and 40,218 shares were issued in the same period of 2023.

Outbound Investments

• In October 2025, BRT acquired Oaks at Victory, a 150-unit apartment complex in Savannah, Georgia, for $23 million through an 80%-owned joint venture, which included assuming a $15.7 million mortgage and borrowing $8.0 million from its credit facility.
• In July 2025, BRT acquired 1322 North, a 214-unit Class A apartment complex in Auburn, Alabama, for $36.5 million, financed with a $24.4 million mortgage.
• In 2024, the company invested an aggregate of $18.3 million in joint ventures to acquire a 204-unit multi-family property in Wilmington, North Carolina, and a 184-unit property in Kennesaw, Georgia.

Capital Expenditures

• BRT plans to fund capital expenditures using cash generated from operations, mortgage financings, and potential property sales.
• Estimated capital expenditures for the remainder of 2024 were $8.0 million.