BRT Apartments 8K Reports Second Quarter Results for 2022 | BRT 8 Aug 22

Exhibit 99.2


SUPPLEMENTAL FINANCIAL INFORMATION FOR THREE AND SIX MONTHS ENDED JUNE 30, 2022

August 8, 2022

60 Cutter Mill Rd., Great Neck, NY 11021

FORWARD LOOKING STATEMENTS

The information set forth herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "believe", "expect", "intend", "anticipate”, “estimate", "project", or similar expressions or variations thereof. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and are urged to read the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report") and the other documents we file with the SEC thereafter.

We undertake no obligation to update or revise the information herein, whether as a result of new information, future events or circumstances, or otherwise.

We use pro rata (as defined under "Non-GAAP Financial Measures and Definitions") to help the reader gain a better understanding of our unconsolidated joint ventures. However, the use of pro rata information has certain limitations and is not representative of our operations and accounts as presented in accordance with GAAP. Accordingly, pro rata information should be used with caution and in conjunction with the GAAP data presented herein and in our reports filed with the SEC.


Table of Contents			Page Number
Financial Highlights			1
Operating Results			2
Operating Results of Unconsolidated Properties			3
Funds From Operations			4-5
Consolidated Balance Sheets			6
Balance Sheets of Unconsolidated Joint Venture Entities			7
Portfolio Data by State			8-9
Same Store Comparison - Consolidated			10-11
Same Store Comparison - Unconsolidated			12-13
Portfolio Data Combined			14
Multi-Family Acquisitions and Dispositions			15
Contracted Dispositions			16
Value-Add Information and Capital Expenditures			17
Debt Analysis			18
Non-GAAP Financial Measures, Definitions, and Reconciliations			19-23
Portfolio Table			24

BRT Apartments Corp. (NYSE: BRT)

Financial Highlights

_________________________________________________________________________________________________________


	As at June 30,
	2022			2021
Market capitalization (thousands)	$	401,949		$	314,773
Shares outstanding (thousands)	18,704			18,153
Closing share price	$	21.49		$	17.34
Quarterly dividend declared per share	$	0.25		$	0.22

	Quarter ended June 30,
	Combined						Consolidated						Unconsolidated
	2022			2021			2022			2021			2022			2021
Properties owned (a)	30			37			16			7			14			30
Units (a)	8,405			10,562			3,848			1,608			4,557			8,954
Average occupancy (a)	96.1		%	95.2		%	96.7		%	97.5		%	95.6		%	94.7		%
Average monthly rental revenue per occupied unit	$	1,252		$	1,129		$	1,316		$	1,147		$	1,216		$	1,125
____________________________
(a) Excludes a planned 240-unit development project
	Quarter ended June 30,
Per share data	2022 (Unaudited)			2021 (Unaudited)
Earnings per share, basic	$	1.91		$	0.34
Earnings per share, diluted	$	1.91		$	0.34
FFO per share of common stock (diluted) (1)	$	0.20		$	0.29
AFFO per share of common stock (diluted) (1)	$	0.37		$	0.31

	As at June 30,
	2022			2021
Debt to Enterprise Value (2)	63		%	64		%

(1) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income, as calculated in accordance with

GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."

(2) Enterprise Value is equal to debt plus market capitalization less cash and cash equivalents, including BRT's pro-rata share of cash and cash equivalents at the

unconsolidated Joint Ventures. Cash and cash equivalents excludes restricted cash. Debt is equal to 100% of the debt at the consolidated properties and BRT's

pro-rata share of debt at the unconsolidated joint ventures. See "Non-GAAP Financial Measures and Definitions" for an explanation of "pro-rata share."

BRT Apartments Corp. (NYSE: BRT)

Operating Results

(dollars in thousands except per share data)

_____________________________________________________________________________________________________________________


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Rental revenue	$	14,683	$	6,958	$	26,113	$	14,053
Other income	2		3		6		7
Total revenues	14,685		6,961		26,119		14,060
Expenses:
Real estate operating expenses	6,348		3,166		11,101		6,283
Interest expense	2,912		1,609		4,933		3,269
General and administrative	3,533		3,154		7,166		6,268
Impairment charge	—		520		—		520
Depreciation and amortization	5,010		1,416		8,616		2,953
Total expenses	17,803		9,865		31,816		19,293
Total revenues less total expenses	(3,118)		(2,904)		(5,697)		(5,233)
Equity in earnings (loss) of unconsolidated joint ventures	(50)		(492)		1,180		(1,837)
Equity in earnings from sale of unconsolidated joint venture properties	40,098		—		53,059		—
Gain on sale of real estate	—		7,279		6		7,279
Gain on sale of partnership interest	—		2,244		—		2,244

Loss on extinguishment of debt	(563)		—		(563)		—
Net income from continuing operations	36,367		6,127		47,985		2,453
Income tax provision	724		67		798		124
Net income from continuing operations, net of taxes	35,643		6,060		47,187		2,329
Net income attributable to non-controlling interests	(36)		(33)		(72)		(67)
Net income attributable to common stockholders	$	35,607	$	6,027	$	47,115	$	2,262

Weighted average number of shares of common stock outstanding:
Basic	17,671,073		17,720,488		17,616,740		17,520,963
Diluted	17,726,343		17,720,488		17,690,601		17,520,963

Per share amounts attributable to common stockholders:
Basic and diluted	$	1.91	$	0.34	$	2.54	$	0.13
Diluted	$	1.91	$	0.34	$	2.53	$	0.13

BRT Apartments Corp. (NYSE: BRT)

Operating Results of Unconsolidated Properties

(dollars in thousands, except per share data)

_____________________________________________________________________________________________________________________


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Rental and other revenue	$	22,107	$	33,005	$	47,338	$	65,677
Total revenues	22,107		33,005		47,338		65,677

Expenses:
Real estate operating expenses	9,842		15,233		21,011		30,936
Interest expense	4,893		8,472		10,919		16,994
Depreciation	5,208		9,791		11,844		20,176
Total expenses	19,943		33,496		43,774		68,106
Total revenues less total expenses	2,164		(491)		3,564		(2,429)
Other equity earnings	22		5		77		14
Impairment of assets	—		(490)		—		(2,813)
Insurance recoveries	—		490		—		2,813
Gain on insurance recoveries	52		—		567		—
Gain on sale of real estate	77,681		—		101,333		—
Loss on extinguishment of debt	(2,888)		—		(2,918)		—
Net income (loss) income from joint ventures	$	77,031	$	(486)	$	102,623	$	(2,415)

BRT equity in earnings (loss) and equity in earnings from sale of unconsolidated joint venture properties	$	40,048	$	(492)	$	54,239	$	(1,837)

BRT Apartments Corp. (NYSE: BRT)

Funds from Operations

(dollars in thousands)

____________________________________________________________________________________________________________________


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
GAAP Net income attributable to common stockholders	$	35,607	$	6,027	$	47,115	$	2,262
Add: depreciation of properties	5,010		1,416		8,616		2,953
Add: our share of depreciation in unconsolidated joint venture properties	3,259		6,276		7,577		12,875
Add: impairment charge	—		520		—		520
Add: our share of impairment charge in unconsolidated joint venture properties	—		348		—		2,010
Deduct: our share of equity in earnings from sale of unconsolidated joint venture properties	(40,098)		—		(53,059)		—
Deduct: gain on sale of real estate and partnership interests	—		(9,523)		(6)		(9,523)
Adjust for non-controlling interests	(4)		(4)		(8)		(8)
NAREIT Funds from operations attributable to common stockholders	$	3,774	$	5,060	$	10,235	$	11,089

Adjustments for: straight-line rent accruals	6		(10)		12		(20)
Add: loss on extinguishment of debt	563		—		563		—
Add: our share of loss on extinguishment of debt from unconsolidated joint venture properties	1,473		—		1,492		—
Add: amortization of restricted stock and RSU expense	1,001		569		1,975		1,107
Add: amortization of deferred mortgage and debt costs	102		73		179		153
Add: our share of deferred mortgage costs from unconsolidated joint venture properties	73		143		166		291
Less: our share of insurance recovery from unconsolidated joint ventures	—		(348)		—		(2,010)
Less: our share of gain on insurance proceeds from unconsolidated joint venture	(46)		—		(432)		—
Adjustments for non-controlling interests	(1)		2		(2)		4
Adjusted funds from operations attributable to common stockholders	$	6,945	$	5,489	$	14,188	$	10,614

Funds from Operations

(dollars in thousands, except per share data)

____________________________________________________________________________________________________________________


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
GAAP Net income (loss) attributable to common stockholders	$	1.91	$	0.34	$	2.53	$	0.13
Add: depreciation of properties	0.26		0.09		0.46		0.17
Add: our share of depreciation in unconsolidated joint venture properties	0.17		0.35		0.41		0.73
Add: Impairment charge	—		0.03		—		0.03
Add: our share of impairment charge in unconsolidated joint venture properties	—		0.02		—		0.11
Deduct: our share of equity in earnings from sale of unconsolidated joint venture properties	(2.14)		—		(2.85)		—
Deduct: gain on sales of real estate and partnership interests	—		(0.54)		—		(0.54)
Adjustment for non-controlling interests	—		—		—		—
NAREIT Funds from operations per diluted common share	0.20		0.29		0.55		0.63

Adjust for straight line rent accruals	—		—		—		—
Add: loss on extinguishment of debt	0.03		—		0.03		—
Add: our share of loss on extinguishment of debt from unconsolidated joint venture properties	0.08		—		0.08		—
Add: amortization of restricted stock and RSU expense	0.05		0.03		0.10		0.06
Add: amortization of deferred mortgage and debt costs	0.01		—		0.01		0.01
Add: our share of deferred mortgage and debt costs from unconsolidated joint venture properties	—		0.01		0.01		0.02
Less: our share of insurance recovery from unconsolidated joint venture properties	—		(0.02)		—		(0.11)
Less: our share of gain on insurance proceeds from unconsolidated joint venture properties	—		—		(0.02)		—
Adjustments for non-controlling interests	—		—		—		—
Adjusted funds from operations per diluted common share	$	0.37	$	0.31	$	0.76	$	0.61

Diluted shares outstanding for FFO and AFFO	18,661		17,320		18,616		17,521

BRT Apartments Corp. (NYSE: BRT)

Consolidated Balance Sheets

(amounts in thousands, except per share amounts)

_____________________________________________________________________________________________________________________


	June 30, 2022		December 31, 2021
	(unaudited)		(audited)
ASSETS
Real estate properties, net of accumulated depreciation	$	447,886	$	293,550
Investment in unconsolidated joint ventures	79,782		112,347
Cash and cash equivalents	57,045		32,339
Restricted cash	4,787		6,582
Other assets	15,721		10,341
Real estate property held for sale	—		4,379
Total Assets	$	605,221	$	459,538

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs	$	296,974	$	199,877
Junior subordinated notes, net of deferred costs	37,113		37,103

Accounts payable and accrued liabilities	21,984		19,607
Total Liabilities	356,071		256,587


Commitments and contingencies
Equity:
BRT Apartments Corp. stockholders' equity:
Preferred shares $.01 par value 2,000 shares authorized, none issued	—		—
Common stock, $.01 par value, 300,000 shares authorized; 17,770 and 17,349 shares outstanding	178		173
Additional paid-in capital	266,256		258,161

Accumulated deficit	(17,291)		(55,378)
Total BRT Apartments Corp. stockholders’ equity	249,143		202,956
Non-controlling interests	7		(5)
Total Equity	249,150		202,951
Total Liabilities and Equity	$	605,221	$	459,538

BRT Apartments Corp. (NYSE: BRT)

Balance Sheet of Unconsolidated Joint Venture Entities

(amounts in thousands, except per share amounts)

_____________________________________________________________________________________________________________________

At June 30, 2022, the Company held interests in unconsolidated joint ventures that own 14 multi-family properties (the "Unconsolidated Properties") including an interest in a development project. The condensed balance sheet below present information regarding such properties:


	June 30, 2022
ASSETS
Real estate properties, net of accumulated depreciation	$	483,332
Cash and cash equivalents	11,002
Other assets	30,147
Real estate asset held-for-sale	14,989
Total Assets	$	539,470

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs	$	387,725
Accounts payable and accrued liabilities	12,484
Total Liabilities	400,209
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	139,261
Total Liabilities and Equity	$	539,470



BRT interest in joint venture equity	$	79,782

Reconciliation:
Unconsolidated Mortgages Payable:
BRT's pro-rata share	$	236,810
Partner's pro-rata share	150,915
Total	$	387,725

BRT Apartments Corp. (NYSE: BRT)

Portfolio Data by State

Quarter ended June 30, 2022

(dollars in thousands, except monthly rent amounts)

_____________________________________________________________________________________________________________________


Consolidated
	Units at period end	Revenues		Property Operating Expenses		NOI (1)		% of NOI Contribution		Weighted Average Occupancy		Weighted Average Rent per Occ. Unit
Texas	600	$	2,112	$	1,019	$	1,093	13.1	%	95.0	%	$	1,198
Georgia	688	1,814		779		1,035		12.4	%	97.6	%	1,232
Florida	518	1,755		747		1,008		12.1	%	96.2	%	1,320
Ohio	264	870		370		500		6.0	%	96.7	%	1,012
Virginia	220	1,204		430		774		9.3	%	98.0	%	1,648
South Carolina	474	2,011		998		1,013		12.2	%	97.5	%	1,273
Tennessee	702	3,450		1,443		2,007		24.1	%	97.1	%	1,547
Alabama	208	267		110		157		1.9	%	94.8	%	934
Missouri	174	824		333		491		5.9	%	96.2	%	1,547
Legacy assets	—	376		119		257		3.0	%	N/A		N/A
Totals	3,848	$	14,683	$	6,348	$	8,335	100	%	96.7	%	$	1,329


Unconsolidated (Pro-Rata Share) (1)
	Units at period end	Revenues		Property Operating Expenses		NOI (1)		% of NOI Contribution		Weighted Average Occupancy		Weighted Average Rent per Occ. Unit
Texas	1,597	$	3,333	$	1,642	$	1,691	21.9	%	95.3	%	$	1,297
South Carolina	917	1,761		870		891		11.5	%	96.2	%	1,297
Georgia	271	869		374		495		6.4	%	94.7	%	1,126
Alabama	732	2,076		927		1,149		14.9	%	96.1	%	1,048
Mississippi	776	2,043		705		1,338		17.3	%	96.6	%	1,134
North Carolina	264	753		294		459		5.9	%	95.8	%	1,223
Joint venture buyouts (2)	—	1,396		714		682		8.8	%	N/A		N/A
Sold properties	—	1,720		705		1,015		13.3	%	N/A		N/A
Totals	4,557	$	13,951	$	6,231	$	7,720	100	%	95.7	%	$	1,220

_________________________________________________________________________________

(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

Measures and Definitions."

(2) Reflects the income and expenses for the properties for the portion of the period prior to the close of the applicable partner buyout. The income and expenses

for the period subsequent to the buyouts are included in the Consolidated information in the table above.

BRT Apartments Corp. (NYSE: BRT)

Portfolio Data by State

Six months ended June 30, 2022

(dollars in thousands, except monthly rent amounts)

____________________________________________________________________________________________________________________


Consolidated
	Units at period end	Revenues		Property Operating Expenses		NOI (1)		% of NOI Contribution	Weighted Average Occupancy	Weighted Average Rent per Occ. Unit
Texas	600	$	2,967	$	1,434	$	1,533	10.2%	95.7%	$1,139
Georgia	688	3,579		1,592		1,987		13.2%	97.8%	1,210
Florida	518	2,955		1,217		1,738		11.6%	95.9%	1,338
Ohio	264	1,739		708		1,031		6.9%	97.0%	1,010
Virginia	220	2,277		782		1,495		10.0%	98.5%	1,566
South Carolina	474	3,999		1,938		2,061		13.7%	97.6%	1,261
Tennessee	702	6,758		2,762		3,996		26.6%	97.5%	1,515
Alabama	208	267		110		157		1.0%	94.8%	934
Missouri	174	824		333		491		3.3%	96.2%	1,547
Legacy assets	—	748		225		523		3.5%	N/A	N/A
Totals	3,848	$	26,113	$	11,101	$	15,012	100.0%	97.1%	$1,311


Unconsolidated (Pro-Rata Share)(1)
	Units at period end	Revenues		Property Operating Expenses		NOI (1)		% of NOI Contribution	Average Occupancy	Average Rent per Occ. Unit
Texas	1,597	$6,595		$	3,206	$	3,389	20.2%	92.8%	$1,251
South Carolina	917	3,480		1,606		1,874		11.2%	96.2%	1,285
Georgia	271	1,710		735		975		5.8%	94.6%	1,114
Alabama	732	4,107		1,837		2,270		13.5%	96.1%	1,045
Mississippi	776	4,073		1,404		2,669		15.9%	97.0%	1,120
North Carolina	264	1,480		584		896		5.3%	95.9%	1,207
Joint venture buyouts (2)	—	4,923		2,393		2,530		15.1%	N/A	N/A
Sold properties	—	3,918		1,731		2,187		13.0%	N/A	N/A
Totals	4,557	$30,286		$	13,496	$	16,790	100%	94.8%	$1,196

_________________________________________________________________________________

(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

Measures and Definitions."

(2) Reflects the income and expenses for the properties for the portion of the period prior to the close of the applicable partner buyout. The income and expenses

for the period subsequent to the buyouts are included in the Consolidated information in the table above.

BRT Apartments Corp. (NYSE: BRT)

Consolidated Same Store Comparisons (1)

Quarter ended June 30, 2022 and 2021

(dollars in thousands, except monthly rent amounts)

_____________________________________________________________________________________________________________________


		Revenues								Property Operating Expenses						NOI (2)
	Units	2022			2021			% Change		2022		2021		% Change		2022			2021		% Change
Georgia	448	$	1,814		$	1,679		8.0	%	$	779	$	764	2.0	%	$	1,035		$	915	13.1	%
Florida	276	1,232			1,112			10.8	%	527		451		16.9	%	705			661		6.7	%
Texas	192	765			672			13.8	%	366		347		5.5	%	399			325		22.8	%
Ohio	264	870			803			8.3	%	370		345		7.2	%	500			458		9.2	%
Virginia	220	1,204			1,053			14.3	%	430		346		24.3	%	774			707		9.5	%
South Carolina	208	956			839			13.9	%	486		426		14.1	%	470			413		13.8	%
Totals	1,608	$	6,841		$	6,158		11.1	%	$	2,958	$	2,679	10.4	%	$	3,883		$	3,479	11.6	%
																		0
		Weighted Average Occupancy								Weighted Average Monthly Rent per Occupied Unit
		2022			2021			% Change		2022		2021		% Change
Georgia		97.6		%	98.1		%	(0.5)	%	$	1,232	$	1,115	10.5	%
Florida		97.2		%	98.2		%	(1.0)	%	1,355		1,219		11.2	%
Texas		97.8		%	96.4		%	1.5	%	1,160		1,020		13.7	%
Ohio		96.7		%	98.5		%	(1.8)	%	1,012		931		8.7	%
Virginia		98.0		%	99.2		%	(1.2)	%	1,648		1,440		14.4	%
South Carolina		97.4		%	97.1		%	0.3	%	1,353		1,194		13.3	%
Weighted Average		97.5		%	98.0		%	(0.5)	%	$	1,282	$	1,147	11.8	%

_______________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and

Definitions."

BRT Apartments Corp. (NYSE: BRT)

Consolidated Same Store Comparisons (1)

Six months ended June 30, 2022 and 2021

(dollars in thousands, except monthly rent amounts)

____________________________________________________________________________________________________________________


		Revenues								Property Operating Expenses						NOI (2)
	Units	2022			2021			% Change		2022		2021		% Change		2022		2021		% Change
Georgia	448	$	3,579		$	3,299		8.5	%	$	1,592	$	1,489	6.9	%	$	1,987	$	1,810	9.8	%
Florida	276	2,432			2,189			11.1	%	997		853		16.9	%	1,435		1,336		7.4	%
Texas	192	1,498			1,326			13.0	%	713		686		3.9	%	785		640		22.7	%
Ohio	264	1,739			1,582			9.9	%	708		666		6.3	%	1,031		916		12.6	%
Virginia	220	2,277			2,090			8.9	%	782		689		13.5	%	1,495		1,401		6.7	%
South Carolina	208	1,911			1,653			15.6	%	925		831		11.3	%	986		822		20.0	%
Totals	1,608	$	13,436		$	12,139		10.7	%	$	5,717	$	5,214	9.6	%	$	7,719	$	6,925	11.5	%

		Weighted Average Occupancy								Weighted Average Monthly Rent per Occupied Unit
		2022			2021			% Change		2022		2021		% Change
Georgia		97.8		%	97.4		%	0.4	%	$	1,210	$	1,109	9.1	%
Florida		96.4		%	98.1		%	(1.7)	%	1,360		1,205		12.9	%
Texas		97.8		%	96.1		%	1.8	%	1,144		1,020		12.2	%
Ohio		97.0		%	98.3		%	(1.3)	%	1,010		926		9.1	%
Virginia		98.5		%	98.9		%	(0.4)	%	1,566		1,428		9.7	%
South Carolina		97.1		%	95.6		%	1.6	%	1,344		1,189		13.0	%
Weighted Average		97.4		%	97.5		%	(0.1)	%	$	1,261	$	1,139	10.7	%

_______________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and

Definitions."

BRT Apartments Corp. (NYSE: BRT)

Unconsolidated Same Store Comparisons (1)

Quarter ended June 30, 2022 and 2021

BRT Pro-rata Share

(dollars in thousands, except monthly rent amounts)

________________________________________________________________________________________


		Revenues								Property Operating Expenses						NOI (2)
	Units	2022			2021			% Change		2021		2020		% Change		2022		2021		% Change
Georgia	271	869			814			6.8	%	374		306		22.2	%	495		508		(2.6)	%
South Carolina	917	1,761			1,557			13.1	%	870		665		30.8	%	891		892		(0.1)	%
Texas	1,597	$	3,332		$	3,002		11.0	%	$	1,642	$	1,483	10.7	%	$	1,690	$	1,519	11.3	%
Mississippi	776	1,642			1,538			6.8	%	566		570		(0.7)	%	1,076		968		11.2	%
Alabama	732	2,076			1,975			5.1	%	927		878		5.6	%	1,149		1,097		4.7	%
North Carolina	264	753			666			13.1	%	294		315		(6.7)	%	459		351		30.8	%
Totals	4,557	$	10,433		$	9,552		9.2	%	$	4,673	$	4,217	10.8	%	$	5,760	$	5,335	8.0	%

		Weighted Average Occupancy								Weighted Average Monthly Rent per Occupied Unit
		2022			2021			% Change		2022		2021		% Change
Texas		95.3		%	95.5		%	(0.2)	%	$	1,297	$	1,159	11.9	%
Georgia		94.1		%	96.9		%	(2.9)	%	1,377		1,261		9.2	%
South Carolina		96.2		%	91.2		%	5.5	%	1,297		1,196		8.4	%
Mississippi		96.6		%	98.3		%	(1.7)	%	1,134		1,040		9.0	%
Alabama		96.0		%	96.7		%	(0.7)	%	1,087		1,006		8.1	%
North Carolina		95.8		%	95.9		%	(0.1)	%	1,223		1,072		14.1	%
Weighted Average		95.8		%	95.4		%	0.4	%	$	1,235	$	1,118	10.5	%

________________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

Measures and Definitions."

BRT Apartments Corp. (NYSE: BRT)

Unconsolidated Same Store Comparisons (1)

Six months ended June 30, 2022 and 2021

BRT Pro-rata Share

(dollars in thousands, except monthly rent amounts)

_______________________________________________________________________________________


		Revenues								Property Operating Expenses						NOI (2)
	Units	2022			2021			% Change		2022		2021		% Change		2022		2021		% Change
Texas	1,597	$	6,594		$	5,791		13.9	%	$	3,206	$	3,009	6.5	%	$	3,388	$	2,782	21.8	%
Georgia	271	1,710			$	1,615		5.9	%	735		$	684	7.5	%	975		931		4.7	%
South Carolina	917	3,479			3,093			12.5	%	1,605		1,425		12.6	%	1,874		1,668		12.4	%
Mississippi	776	3,270			3,049			7.2	%	1,127		1,142		(1.3)	%	2,143		1,907		12.4	%
Alabama	732	4,107			3,901			5.3	%	1,837		1,722		6.7	%	2,270		2,179		4.2	%
North Carolina	264	1,480			1,278			15.8	%	584		628		(7.0)	%	896		650		37.8	%
Totals	4,557	$	20,640		$	18,727		10.2	%	$	9,094	$	8,610	5.6	%	$	11,546	$	10,117	14.1	%

		Weighted Average Occupancy								Weighted Average Monthly Rent per Occupied Unit
		2022			2021			% Change		2022		2021		% Change
Texas		95.8		%	93.4		%	2.6	%	$	1,274	$	1,135	12.2	%
Georgia		94.1		%	96.1		%	(2.1)	%	1,363		1,252		8.9	%
South Carolina		96.2		%	92.0		%	4.6	%	1,202		1,131		6.3	%
Mississippi		97.0		%	98.2		%	(1.2)	%	1,120		1,031		8.6	%
Alabama		96.0		%	97.3		%	(1.3)	%	1,073		1,010		6.2	%
North Carolina		94.7		%	95.6		%	(0.9)	%	1,330		1,168		13.9	%
Weighted Average		95.9		%	95.1		%	0.8	%	$	1,211	$	1,103	9.8	%

________________________________

(1) See definition of Same Store under "Non-GAAP Financial Measures and Definitions"

(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

Measures and Definitions."

BRT Apartments Corp. (NYSE: BRT)

Portfolio Data Combined

(dollars in thousands, except monthly rent amounts)

________________________________________________________________________________________

Quarter Ended June 30,


Portfolio	2022						2021						Variance
	Revenues		Property Operating Expenses		NOI		Revenues		Property Operating Expenses		NOI		Revenues		Property Operating Expenses		NOI
Consolidated	$	14,683	$	6,348	$	8,335	$	6,958	$	3,166	$	3,792	111.0	%	100.5	%	119.8	%
Unconsolidated (1) (2)	13,951		6,231		7,720		21,012		9,762		11,250		(33.6)	%	(36.2)	%	(31.4)	%
Combined	$	28,634	$	12,579	$	16,055	$	27,970	$	12,928	$	15,042	2.4	%	(2.7)	%	6.7	%


Same Store
	2022						2021						Variance
	Revenues		Property Operating Expenses		NOI		Revenues		Property Operating Expenses		NOI		Revenues		Property Operating Expenses		NOI
Consolidated	$	6,841	$	2,958	$	3,883	$	6,158	$	2,679	$	3,479	11.1	%	10.4	%	11.6	%
Unconsolidated (1)	10,433		4,673		5,760		9,552		4,217		5,335		9.2	%	10.8	%	8.0	%
Combined	$	17,274	$	7,631	$	9,643	$	15,710	$	6,896	$	8,814	10.0	%	10.7	%	9.4	%

____________________________________________________

(1) Unconsolidated amounts represent BRT's pro-rata share. See definition of pro-rata under "Non-GAAP Financial Measures and Definitions."

(2) Reflects the income and expenses for the sold JV's prior to the sale.

Six months ended June 30,


Portfolio	2022						2021						Variance
	Revenues		Property Operating Expenses		NOI		Revenues		Property Operating Expenses		NOI		Revenues		Property Operating Expenses		NOI
Consolidated	$	26,113	$	11,101	$	15,012	$	14,053	$	6,283	$	7,770	85.8	%	76.7	%	93.2	%
Unconsolidated (1)	30,286		13,496		16,790		41,701		19,747		21,954		(27.4)	%	(31.7)	%	(23.5)	%
Combined	$	56,399	$	24,597	$	31,802	$	55,754	$	26,030	$	29,724	1.2	%	(5.5)	%	7.0	%


Same Store
	2022						2021						Variance
	Revenues		Property Operating Expenses		NOI		Revenues		Property Operating Expenses		NOI		Revenues		Property Operating Expenses		NOI
Consolidated	$	13,436	$	5,717	$	7,719	$	12,139	$	5,214	$	6,925	10.7	%	9.6	%	11.5	%
Unconsolidated (1) (2)	20,640		9,094		11,546		18,727		8,610		10,117		10.2	%	5.6	%	14.1	%
Combined	$	34,076	$	14,811	$	19,265	$	30,866	$	13,824	$	17,042	10.4	%	7.1	%	13.0	%

_____________________________________________________________

(1) Unconsolidated amounts represent BRT's pro-rata share. See definition of pro-rata under "Non-GAAP Financial Measures and Definitions.".

(2) Reflects the income and expenses for the sold JV's prior to the sale.

BRT Apartments Corp. (NYSE: BRT)

Acquisitions and Dispositions

(dollars in thousands)

________________________________________________________________________________________


ACQUISITIONS
Buyout of Joint Venture Interest
Property/Location	Purchase Date	Units	Purchase Price (1)			Pre-Acquisition ownership % in the JV			Post-Acquisition Ownership %
Verandas at Alamo - San Antonio, TX	3/23/2022	288	$	8,721		71.9		%	100.0		%
Vanguard Heights - Creve Coeur, MO	4/7/2022	174	4,880			78.4		%	100.0		%
Jackson Square - Tallahassee, FL	5/11/2022	242	7,215			80.0		%	100.0		%
Brixworth at Bridge Street - Huntsville, AL	5/24/2022	208	10,697			80.0		%	100.0		%
The Woodland Apartments - Boerne, TX	5/26/2022	120	3,881			80.0		%	100.0		%
Grove at River Place - Macon, GA	6/30/2022	240	7,485			80.0		%	100.0		%
		1,272	$	42,879


Buyout of Joint Venture Interest - subsequent to June 30, 2022
Property/Location	Purchase Date	Units	Purchase Price (1)			Pre-Acquisition ownership % in the JV			Post-Acquisition Ownership %
Civic Center I - Southaven, MS	7/12/2022	392	$	18,233		74.7		%	100		%
Civic Center II - Southaven, MS	7/12/2022	384	17,942			74.7		%	100		%
Abbotts Run - Wilmington, NC	7/14/2022	264	9,010			80.0		%	100		%
Somerset At Trussville - Birmingham, AL	7/19/2022	328	10,558			80.0		%	100		%
Magnolia Pointe - Madison, AL	8/3/2022	204	7,246			80.0		%	100		%
		1,572	$	62,989

(1) The purchase price gives effect to our partner's promote interest.


Acquisition of Joint Venture Interest in Development Project
Property/Location	Purchase Date	Planned Units	Purchase Price			Acquisition ownership % in the JV
Stono Oaks - Johns Island, SC (a)	3/10/2022	240	$	3,500		17.45		%


DISPOSITIONS











Disposition of Property by Unconsolidated Joint Ventures
Property/Location	Sale Date	No. of Units	Interest Owned			Sales Price			BRT's share of Mortgage Prepayment charge			Gain on Sale		BRT's Share of Gain on Sale
Verandas at Shavano - San Antonio, TX	2/8/2022	288	65		%	$	53,750		$	—		$	23,652	$	12,961
Retreat at Cinco Ranch - Katy, TX	6/14/2022	268	75		%	68,300			686			30,595		17,378
The Vive - Kannapolis, NC	6/30/2022	312	65		%	91,250			787			47,086		22,720
		868				$	213,300		$	1,473		$	101,333	$	53,059

BRT Apartments Corp. (NYSE: BRT)

Contracted Disposition

(dollars in thousands)

________________________________________________________________________________________


CONTRACTED SALE OF PROPERTY BY UNCONSOLIDATED JOINT VENTURES (1)
Property/Location	No. of Units	Interest Owned		Sales Price		Estimate - BRT's share of Prepayment Charge		Estimate - Gain on Sale		Estimate - BRT's Share of Gain on Sale
Waters Edge - Columbia, SC	204	80	%	$	32,400	$	263	$	16,848	$	11,542

(1) It is anticipated that this sale will be completed during the quarter ending September 30, 2022

BRT Apartments Corp. (NYSE: BRT)

Value-Add Program and Capital Expenditures

Quarter ended June 30, 2022

________________________________________________________________________________________


Value-Add Program
(Includes consolidated and unconsolidated amounts)
Units Rehabilitated (1)	Estimated Rehab Costs (2)		Estimated Rehab Costs Per unit		Estimated Average Monthly Rent Increase (3)		Estimated Annualized ROI (3)	Estimated units available to be renovated over next 24 months
107	$	773,000	$	7,224	$	279	46%	800




(1) Refers to rehabilitated units with respect to which a new lease or renewal lease was entered into during the period.
(2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into during the current period.
(3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a particular market or sub-market. Even if units are available to be renovated, the Company may decide not to renovate such units.


Capital Expenditures
(Includes consolidated and unconsolidated amounts)
	Gross Capital Expenditures		Less: JV Partner Share		BRT Share of Capital Expenditures (4)
Estimated Recurring Capital Expenditures (1)	$	340,000	$	70,000	$	270,000
Estimated Non-Recurring Capital Expenditures (2)	3,781,000		691,000		3,090,000
Total Capital Expenditures	$	4,121,000	$	761,000	$	3,360,000

Replacements (operating expense) (3)	$	811,000	$	150,000	$	661,000

Estimated Recurring Capital Expenditures and Replacements per unit (8,985 units)	$	137	$	26	$	111











(1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes revenue enhancing projects.
(2) Non-recurring capital expenditures represent our estimate of significant improvements to the common areas, property exteriors, or interior units of the property, and revenue enhancing upgrades.
(3) Replacements are expensed as incurred at the property.
(4) Based on BRT's percentage equity interest.

BRT Apartments Corp. (NYSE: BRT)

Debt Analysis

As of June 30, 2022

(dollars in thousands)

____________________________________________________________________________________________________________________________________


Consolidated
Year	Total Principal Payments		Scheduled Amortization		Principal Payments Due at Maturity				Percent of Total Principal Payments Due At Maturity		Weighted Average Interest Rate (1)
2022	$	15,977	$	1,073	$	14,904			5	%	3.79	%
2023	2,218		2,218		—				—	%	—	%
2024	2,823		2,823		—				—	%	—	%
2025	18,805		3,430		15,375				5	%	4.42	%
2026	20,188		2,685		17,503				6	%	4.55	%
Thereafter	239,826		3,200		236,626				84	%	3.85	%
Total	$	299,837	$	15,429	$	284,408			100	%

Unconsolidated (BRT pro rata share)
Year	Total Principal Payments		Scheduled Amortization		Principal Payments Due at Maturity				Percent of Total Principal Payments Due At Maturity		Weighted Average Interest Rate (1)
2022	$	1,273	$	1,273	—				—	%	—	%
2023	3,104		3,104		$	—			—	%	—	%
2024	3,653		3,653		—				—	%	—	%
2025	4,159		4,159		—				—	%	—	%
2026	70,043		4,184		65,859				31	%	4.02	%
Thereafter	154,578		6,807		147,771				69	%	4.04	%
Total	$	236,810	$	23,180	$	213,630			100	%

Combined (2)
Year	Total Principal Payments		Scheduled Amortization		Principal Payments Due at Maturity				Percent of Total Principal Payments Due At Maturity		Weighted Average Interest Rate (1)
2022	$	17,250	$	2,346	$	14,904			3	%	4.04	%
2023	5,322		5,322		—				0	%	4.12	%
2024	6,476		6,476		—				—		—	%
2025	22,964		7,589		15,375				3	%	4.42	%
2026	90,231		6,869		83,362				17	%	4.14	%
Thereafter	394,404		10,007		384,397				77	%	4.11	%
Total	$	536,647	$	38,609	$	498,038			100	%
Weighted Average Remaining Term to Maturity (2)					7.76			years
Weighted Average Interest Rate (2)					3.95		%
Debt Service Coverage Ratio for the quarter ended June 30, 2022					1.86			(3)

(1) Based on principal payments due at maturity.
(2) Includes consolidated and BRT's pro rata share of unconsolidated amounts.
(3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100% of the unconsolidated amounts.


Junior Subordinated Notes
Principal Balance						$37,400
Interest Rate						3 month LIBOR + 2.00% (i.e, 3.286% at 6/30/2022)
Maturity						April 30, 2036

Credit Facility (as of June 30, 2022)
Maximum Amount Available (a)						Up to $35,000
Amount Outstanding (b)						$0
Interest Rate						Prime + 0.25% (floor of 3.50%)
Maturity						November, 2024

(a) Subject to an additional uncommitted $25 million accordion feature
(b) Amount outstanding as at August 5, 2022 is $22,000 with an interest rate of 5.75%.

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

________________________________________________________________________________________

We compute NOI by adjusting net income (loss) to (a) add back (1) depreciation expense, (2) general and administrative expenses, (3) interest expense, (4) loss on extinguishment of debt, (5) equity in loss of unconsolidated joint ventures, (6) provision for taxes, (7) the impact of non-controlling interests, (8) impairment charge, and (b) deduct (1) other income, (2) gain on sale of real estate, and (3) gain on insurance recoveries related to casualty loss. We define "Same Store NOI" as NOI for all our consolidated properties that were owned for the entirety of the periods being presented, other than properties in lease up and developments. Other REIT’s may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REIT’s. We believe NOI provides an operating perspective not immediately apparent from GAAP operating income or net (loss) income. NOI is one of the measures we use to evaluate our performance because it (i) measures the core operations of property performance by excluding corporate level expenses and other items unrelated to property operating performance and (ii) captures trends in rental housing and property operating expenses. We view Same Store NOI as an important measure of operating performance because it allows a comparison of operating results of properties owned for the entirety of the periods presented and eliminates variations caused by acquisitions or dispositions during the periods. However, NOI should only be used as an alternative measure of our financial performance.

The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for the consolidated properties:


Consolidated	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
GAAP Net income attributable to common stockholders	$	35,607	$	6,027	$	47,115	$	2,262
Less: Other Income	(2)		(3)		(6)		(7)
Add: Interest expense	2,912		1,609		4,933		3,269
��General and administrative	3,533		3,154		7,166		6,268
Impairment charge	—		520		—		520
Depreciation and amortization	5,010		1,416		8,616		2,953
Provision for taxes	724		67		798		124
Less: Gain on sale of real estate	—		(7,279)		(6)		(7,279)
Gain on the sale of partnership interest	—		(2,244)		—		(2,244)
Equity in earnings from sale of unconsolidated joint venture properties	(40,098)		—		(53,059)		—
Add: Loss on extinguishment of debt	563		—		563		—
Adjust for: Equity in loss (earnings) from sale of unconsolidated joint venture properties	50		492		(1,180)		1,837
Add: Net loss attributable to non-controlling interests	36		33		72		67
Net Operating Income	$	8,335	$	3,792	$	15,012	$	7,770

Less: Non-same store Net Operating Income (loss)	$	4,452	$	313	$	(7,293)	$	(845)
Same store Net Operating Income	$	3,883	$	3,479	$	7,719	$	6,925

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

________________________________________________________________________________________

The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for BRT's pro rata share of the unconsolidated properties:


Unconsolidated	Three Months Ended June 30,					Six Months Ended June 30,
	2022			2021		2022		2021
BRT equity in earnings (loss) from joint ventures	40,048			(492)		$	54,239	$	(1,837)
Add: Interest expense	3,106			5,471		7,050		10,930
Depreciation	3,259			6,276		7,577		12,875
Loss on extinguishment of debt	1,469			—		1,488		—
Less: Impairment of asset	—			348		—		2,010
Insurance recovery	—			(348)		—		(2,010)
Gain on insurances recoveries	(42)			—		(428)		—
Gain on sale of real estate	(40,098)			—		(53,059)		—
Equity in earnings of joint ventures	(22)			(5)		(77)		(14)
Net Operating Income	$	7,720		$	11,250	$	16,790	$	21,954

Less: Non-same store Net Operating Income	$	(1,960)		$	(5,915)	(5,244)		(11,837)
Same store Net Operating Income	$	5,760		$	5,335	$	11,546	$	10,117


Consolidated same store Net Operating Income	$	3,883		$	3,479	7,719		6,925
Unconsolidated same store Net Operating Income	5,760			5,335		11,546		10,117
Combined same store Net Operating Income	$	9,643	9,643,000	$	8,814	$	19,265	$	17,042

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

_____________________________________________________________________________________________________________________

The condensed income statements for the unconsolidated properties below, present, for the periods indicated, a reconciliation of the information that appears in note 8 to the consolidated financial statements included in BRT's Quarterly Report on Form 10-Q for the period ended June 30, 2022 to the BRT pro-rata information presented below:


	Three Months Ended June 30, 2022
	Total		Partner Share		BRT Share
Revenues:
Rental and other revenue	$	22,107	$	8,156	$	13,951
Total revenues	22,107		8,156		13,951
Expenses:
Real estate operating expenses	9,842		3,611		6,231
Interest expense	4,893		1,787		3,106
Depreciation	5,208		1,949		3,259
Total expenses	19,943		7,347		12,596

Total revenues less total expenses	2,164		809		1,355

Other equity earnings	22		—		22


Gain on insurance recoveries	52		10		42
Gain on sale of real estate properties	77,681		37,583		40,098
Loss on extinguishment of debt	(2,888)		(1,419)		(1,469)
Net income	$	77,031	$	36,983	$	40,048


	Three Months Ended June 30, 2021
	Total		Partner Share		BRT Share
Revenues:
Rental and other revenue	$	33,005	$	11,993	$	21,012
Total revenues	33,005		11,993		21,012
Expenses:
Real estate operating expenses	15,233		5,471		9,762
Interest expense	8,472		3,001		5,471
Depreciation	9,791		3,515		6,276
Total expenses	33,496		11,987		21,509

Total revenues less total expenses	(491)		6		(497)

Other equity earnings	5		—		5
Impairment charges	(490)		(142)		(348)
Insurance recoveries	490		142		348



Net loss	$	(486)	$	6	$	(492)

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

_____________________________________________________________________________________________________________________

The condensed income statements below present for the periods indicated a reconciliation of the information that appears in note 6 of BRT's Annual report on Form 10-Q to the BRT pro rata information presented here in this supplemental.


	Six Months Ended June 30, 2022
	Total		Partner Share		BRT Share
Revenues:
Rental and other revenue	$	47,338	$	17,052	$	30,286
Total revenues	47,338		17,052		30,286
Expenses:
Real estate operating expenses	21,011		7,515		13,496
Interest expense	10,919		3,869		7,050
Depreciation	11,844		4,267		7,577
Total expenses	43,774		15,651		28,123

Total revenues less total expenses	3,564		1,401		2,163

Other equity earnings	77		—		77


Gain on insurance recoveries	567		139		428
Gain on sale of real estate properties	101,333		48,274		53,059
Loss on extinguishment of debt	(2,918)		(1,430)		(1,488)
Net income	$	102,623	$	48,384	$	54,239


	Six Months Ended June 30, 2021
	Total		Partner Share		BRT Share
Revenues:
Rental and other revenue	$	65,677	$	23,976	$	41,701
Total revenues	65,677		23,976		41,701
Expenses:
Real estate operating expenses	30,936		11,189		19,747
Interest expense	16,994		6,064		10,930
Depreciation	20,176		7,301		12,875
Total expenses	68,106		24,554		43,552

Total revenues less total expenses	(2,429)		(578)		(1,851)

Other equity earnings	14		—		14
Impairment charges	(2,813)		(803)		(2,010)
Insurance recoveries	2,813		803		2,010
Gain on insurance recoveries	—		—		0


Net loss	$	(2,415)	$	(578)	$	(1,837)

BRT Apartments Corp. (NYSE: BRT)

NON-GAAP FINANCIAL MEASURES, DEFINITIONS, AND RECONCILIATIONS

(dollars in thousands)

________________________________________________________________________________________

Funds from Operations (FFO)

FFO is a non-GAAP financial performance measure defined by the National Association of Real Estate Investment Trusts and is widely recognized by investors and analysts as one measure of operating performance of a REIT. The FFO calculation excludes items such as real estate depreciation and amortization, gains and losses on the sale of real estate assets and impairment on depreciable assets. Historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, it is management’s view, and we believe the view of many industry investors and analysts, that the presentation of operating results for a REIT using the historical accounting for depreciation is insufficient. FFO excludes gains and losses from the sale of real estate, which we believe provides management and investors with a helpful additional measure of the performance of our real estate portfolio, as it allows for comparisons, year to year, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general, administrative and other expenses, and interest expenses.

Adjusted Funds from Operations (AFFO)

AFFO excludes from FFO straight line rent adjustments, loss on extinguishment of debt, amortization of restricted stock and RSU expense, amortization of deferred mortgage costs and gain on insurance recovery. AFFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides investors a view of the performance of our portfolio over time, including after the time we cease to acquire properties on a frequent and regular basis. We believe that AFFO enables investors to compare the performance of our portfolio with other REITs that have not recently engaged in acquisitions, as well as a comparison of our performance with that of other non-traded REITs, as AFFO, or an equivalent measure is routinely reported by non-traded REITs, and we believe often used by analysts and investors for comparison purposes.

Debt Service Coverage Ratio

Debt service coverage ratio is net operating income ("NOI") divided by total debt service and includes both consolidated and unconsolidated assets.

Total Debt Service

Total debt service is the cash required to cover the repayment of interest and principal on a debt for a particular period. Total debt service is used in the calculation of the debt service coverage ratio which is used to determine the borrower’s ability to make debt service payments.

Same Store

Same store properties refer to stabilized properties that we owned and operated for the entirety of periods being compared, except for properties that are under construction, in lease-up, or are undergoing development or redevelopment. We move properties previously excluded from our same store portfolio (because they were under construction, in lease up or are in development or redevelopment) into the same store designation once they have stabilized (as described below) and such status has been reflected fully in all applicable periods of comparison.

Stabilized Properties

Newly constructed, lease-up, development and redevelopment properties are deemed stabilized upon the earlier to occur of the first full calendar quarter beginning (a) 12 months after the property is fully completed and put in service and (b) attainment of at least 90% physical occupancy.

Pro-Rata Share

BRT's pro-rata share gives effect to its percentage equity interest in the unconsolidated joint ventures that own properties. Due to the operation of allocation/distribution provision of the joint venture agreements pursuant to which BRT participates in the ownership of these properties, BRT's share of the gain and loss on the sale of a property may be less than implied by BRT's percentage equity interest. Notwithstanding the foregoing, when referring to the number of units, average occupancy, and average rent per unit, the amount shown reflects 100% of the amount.

BRT Apartments Corp. (NYSE: BRT)

Portfolio Table

As of 8/5//2022

___________________________________________________________________________________________


Property	City	State	Year Built	Year Acquired	Property Age	Units	Q2 2022 Avg. Occupancy	Q2 2022 Avg. Rent per Occ. Unit		% Ownership
Consolidated Properties
Abbotts Run	Wilmington	NC	2001	2020	22	264	97.5%	$	1,075	100	%
Avalon	Pensacola	FL	2008	2014	15	276	97.2%	1,355		100	%
Avondale Station	Decatur	GA	1950	2012	73	212	96.4%	1,307		100	%
Bell's Bluff	Nashville	TN	2018	2018	5	402	97.5%	1,738		100	%
Brixworth at Bridgestreet	Huntsville	AL	1985	2013	38	208	94.8%	934		100	%
Civic Center 1	Southaven	MS	2002	2016	21	392	96.8%	1,109		100	%
Civic Center 2	Southaven	MS	2005	2016	18	384	96.5%	1,160		100	%
Crestmont at Thornblade	Greenville	SC	1998	2018	25	266	97.5%	1,211		100	%
Crossings of Bellevue	Nashville	TN	1985	2014	38	300	96.8%	1,289		100	%
Grove at River Place	Macon	GA	1988	2016	35	240	95.3%	846		100	%
Jackson Square	Tallahassee	FL	1996	2017	27	242	94.2%	1,246		100	%
Kilburn Crossing	Fredericksburg	VA	2005	2016	18	220	98.0%	1,648		100	%
Newbridge Commons	Columbus	OH	1999	2013	24	264	96.7%	1,012		100	%
Parkway Grande	San Marcos	TX	2014	2015	9	192	97.8%	1,160		100	%
Silvana Oaks	North Charleston	SC	2010	2012	13	208	97.4%	1,353		100	%
Somerset at Trussville	Trussville	AL	2007	2019	16	328	97.0%	1,139		100	%
Vanguard Heights	Creve Coeur	MO	2016	2017	7	174	96.2%	1,547		100	%
Verandas at Alamo Ranch	San Antonio	TX	2015	2016	8	288	92.7%	1,236		100	%
Woodland Apartments	Boerne	TX	2007	2017	16	120	97.9%	1,131		100	%
Woodland Trails	LaGrange	GA	2010	2015	13	236	98.7%	1,166		100	%
Magnolia Pointe	Madison	AL	1991	2017	32	204	93.1%	1,126		100	%
Weighted Avg./Total Consolidated					22	5,420


Properties owned by Unconsolidated Joint Ventures
Canalside Lofts	Columbia	SC	2008/2013	2017	15	374	96.8%	1,285		32	%
Canalside Sola	Columbia	SC	2018	2018	5	339	95.9%	1,456		46	%
Chatham Court and Reflections	Dallas	TX	1986	2016	37	494	94.9%	1,096		50	%
Gateway Oaks	Forney	TX	2016	2016	7	313	98.2%	1,252		50	%
Landings of Carrier Parkway	Grand Prairie	TX	2001	2018	22	281	92.6%	1,268		50	%

Mercer Crossing	Dallas	TX	2014/2016	2017	9	509	95.4%	1,533		50	%
Pointe at Lenox Park	Atlanta	GA	1989	2016	34	271	94.1%	1,377		74	%
The Village at Lakeside	Auburn	AL	1988	2019	35	200	97.5%	965		80	%
Waters Edge at Harbison (1)	Columbia	SC	1996	2016	27	204	95.4%	1,055		80	%
Weighted Avg./Total Unconsolidated					20	2,985

Development
Stono Oaks (2)	Johns Island	SC

Weighted Avg./Total Portfolio					21	8,405

___________________________

(1) It is anticipated that this sale will be completed during the quarter ending September 30, 2022

(2) Purchased a 17.45% interest in a planned 240-unit development property

BRT Apartments (BRT) 8-KBRT Apartments Corp. Reports Second Quarter Results for 2022