BRT Apartments (BRT) risk factors, FY2025 10-K

BRT Apartments's FY2025 10-K, filed Mar 13, 2026, lists 138 risk factors in 5 groups. Against the prior year's 34: 105 new, 1 dropped, 8 substantially reworded.

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Risk factors listed
1385 groups
New this year
105vs 34 last year
Dropped
1since the prior 10-K
Substantially reworded
8of those kept
Section length
32k wordsItem 1A

What the changes say

  • BRT Apartments' risk disclosures reflect tighter cash reserves, senior management turnover, and oversupply pressures in its core Southeast and Texas multi-family markets.

What changed since the prior 10-K

New

  • NewGeneral Business Risks

    Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to our business in ways that we cannot predict

    The adoption of artificial intelligence by us or competitors could create unpredictable operational, competitive, and legal risks.

  • NewGeneral Business Risks

    Item 3. Legal Proceedings

  • NewGeneral Business Risks

    Purchases of Equity Securities by Issuer and Affiliated Purchases

  • NewGeneral Business Risks

    Total 178,980 $ 14.53 $ 2,601,094

  • NewGeneral Business Risks

    ______________________________

  • NewGeneral Business Risks

    2025 and Recent Developments

  • NewGeneral Business Risks

    Challenges and Uncertainties as a Result of the Uncertain Economic Environment

  • NewGeneral Business Risks

    Rental and other revenue from real estate properties

  • NewGeneral Business Risks

    Real estate operating expenses

  • NewGeneral Business Risks

    General and administrative

  • NewGeneral Business Risks

    Equity in earnings of unconsolidated joint ventures

  • NewGeneral Business Risks

    Gain on sale of real estate

  • NewGeneral Business Risks

    Provision (benefit) for taxes

  • NewGeneral Business Risks

    In view of our multi-family property activities, we disclose funds from operations ("FFO"), adjusted funds from operations ("AFFO") and net operating income ("NOI") because we believe that such metrics are a widely recognized and appropriate measure of the performance of a multi-family REIT

  • NewGeneral Business Risks

    FFO and AFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. FFO and AFFO do not represent cash flows from operating, investing or financing activities as defined by GAAP

  • NewGeneral Business Risks

    Diluted shares outstanding for FFO and AFFO 18,930,284 18,710,615

  • NewGeneral Business Risks

    See “Comparison of Years Ended December 31, 2025 and 2024” for further information regarding these changes

  • NewGeneral Business Risks

    _____________________________________

  • NewGeneral Business Risks

    Liquidity and Capital Resources

  • NewGeneral Business Risks

    Disclosure of Known Material Contractual Obligations

  • NewGeneral Business Risks

    ____________________________

  • NewGeneral Business Risks

    (3) Assumes that $1 million and $1.8 million will be paid annually through December 31, 2030 pursuant to the shared services agreement and for the Services, respectively

  • NewGeneral Business Risks

    Junior Subordinated Notes

  • NewGeneral Business Risks

    Other Financing Sources and Arrangements

  • NewGeneral Business Risks

    We anticipate that if we do not sell any multi-family properties this year, that a significant amount of the dividends we will pay in 2026, if any, will be treated for federal income tax purposes as a return of capital

  • NewGeneral Business Risks

    Critical Accounting Estimates

  • NewGeneral Business Risks

    Equity method investments

  • NewGeneral Business Risks

    We conduct a quarterly review of each real estate asset owned by us and through our joint ventures. This review is conducted in order to determine if indicators of impairment are present on the real estate

  • NewGeneral Business Risks

    Allowance for credit losses

  • NewGeneral Business Risks

    Purchase Price Allocations

  • NewGeneral Business Risks

    Equity-Based Compensation

  • NewGeneral Business Risks

    Our credit facility bears interest at 30 day term SOFR plus 250 basis points, with an interest rate floor of 6%. At December 31, 2025, no amounts were drawn on the facility

  • NewGeneral Business Risks

    Evaluation of Disclosure Controls and Procedures

  • NewGeneral Business Risks

    Management's Report on Internal Control Over Financial Reporting

  • NewGeneral Business Risks

    Changes in Internal Controls over Financial Reporting

  • NewGeneral Business Risks

    On March 11, 2026, our board of directors

  • NewGeneral Business Risks

    Disclosure of 10b5-1 Plans

  • NewGeneral Business Risks

    Impact of the One Big Beautiful Bill Act on the Company and its Stockholders

  • NewGeneral Business Risks

    Item 10. Directors, Executive Officers and Corporate Governance

  • NewGeneral Business Risks

    Item 11. Executive Compensation

  • NewGeneral Business Risks

    of Certain Beneficial Owners and Management and Related Stockholder Matters

  • NewGeneral Business Risks

    Equity Compensation Plan Information

  • NewGeneral Business Risks

    _______________________________________________________________________________

  • NewGeneral Business Risks

    Item 13. Certain Relationships and Related Transactions, and Director Independence

  • NewGeneral Business Risks

    Item 14. Principal Accounting Fees and Services

  • NewGeneral Business Risks

    The response is submitted in a separate section of this report following Part IV

  • NewGeneral Business Risks

    Form of Equity Distribution Agreement dated May 12, 2023 (incorporated by reference to Exhibit 1.1 to our Current Report on Form 8-K filed on May 12, 2023)

  • NewGeneral Business Risks

    Description of Registrant's Securities Registered Pursuant to Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.2 filed with our Annual Report on Form 10-K for the year ended December 31, 2020)

  • NewGeneral Business Risks

    Form of Negative Pledge Agreement (incorporated by reference to Exhibit 10.4 filed with our Current Report on Form 8-K on November 18, 2021)

  • NewGeneral Business Risks

    Chief Executive Officer and President

  • NewGeneral Business Risks

    Opinion on the Financial Statements

  • NewGeneral Business Risks

    Description of the Matter

  • NewGeneral Business Risks

    How We Addressed the Matter in Our Audit

  • NewGeneral Business Risks

    Commitments and contingencies

  • NewGeneral Business Risks

    Total revenues 97,028 95,630

  • NewGeneral Business Risks

    Net loss attributable to common stockholders $ (11,946) $ (9,791)

  • NewGeneral Business Risks

    Distributions - Common Stock - $1.00 per share

  • NewGeneral Business Risks

    Net loss $ (11,776) $ (9,636)

  • NewGeneral Business Risks

    Gain on sale of real estate (755) (806)

  • NewGeneral Business Risks

    Net cash provided by operating activities 14,098 24,143

  • NewGeneral Business Risks

    Net cash used in investing activities (21,491) (18,907)

  • NewGeneral Business Risks

    Cash paid (net of refunds received) during the year for income and excise taxes $ 205 $ (439)

  • NewGeneral Business Risks

    Organization and Background

  • NewGeneral Business Risks

    BRT conducts its operations to qualify as a real estate investment trust, or REIT, for Federal income tax purposes

  • NewGeneral Business Risks

    The joint venture that owns a commercial property in Yonkers, NY was determined not to be a variable interest entity ("VIE") but is consolidated because the Company has controlling rights in such entity

  • NewGeneral Business Risks

    The Company qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The board of directors may, at its option, elect to revoke or terminate the Company's election to qualify as a real estate investment trust

  • NewGeneral Business Risks

    NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued)

  • NewGeneral Business Risks

    Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease

  • NewGeneral Business Risks

    Real estate properties are stated at cost, net of accumulated depreciation, and include properties acquired through acquisition or development

  • NewGeneral Business Risks

    Real Estate Asset Impairments

  • NewGeneral Business Risks

    Allowance for Credit Losses on Loan Receivables

  • NewGeneral Business Risks

    Equity Based Compensation

  • NewGeneral Business Risks

    On January 1, 2024, the Company adopted the FASB ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures, as amended, which enhances disclosures of significant segment expenses regularly provided to the chief operating decision maker

  • NewGeneral Business Risks

    Concentration of Credit Risk

  • NewGeneral Business Risks

    NOTE 2—REAL ESTATE PROPERTIES

  • NewGeneral Business Risks

    Total real estate properties, net $ 596,814 $ 615,915

  • NewGeneral Business Risks

    Total real estate properties, net $ 615,915 $ 7,453 $ (26,396) $ (158) $ 596,814

  • NewGeneral Business Risks

    NOTE 2—REAL ESTATE PROPERTIES (continued)

  • NewGeneral Business Risks

    During the year ended December 31, 2025, the Company sold a cooperative apartment unit located in New York, NY for a sales price of $995,000 and, after closing costs, recognized a gain of $755,000 on the sale

  • NewGeneral Business Risks

    Net carrying value $ 17,723 $ 17,667

  • NewGeneral Business Risks

    NOTE 6—ALLOWANCE FOR CREDIT LOSS

  • NewGeneral Business Risks

    As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842

  • NewGeneral Business Risks

    NOTE 8—INVESTMENT IN UNCONSOLIDATED VENTURES

  • NewGeneral Business Risks

    NOTE 8—INVESTMENT IN UNCONSOLIDATED VENTURES (continued)

  • NewGeneral Business Risks

    At December 31, 2025 and December 31, 2024, the weighted average interest rate on the mortgages payable is 4.21% and 4.30%, respectively, and the weighted average remaining term to maturity is 3.3 years and 3.9 years, respectively

  • NewGeneral Business Risks

    Total revenues 49,891 45,182

  • NewGeneral Business Risks

    NOTE 9—DEBT OBLIGATIONS (continued)

  • NewGeneral Business Risks

    During the years ended December 31, 2025 and 2024, the Company recorded $174,000 and $(226,000), respectively, of state franchise tax (benefit) expense, net of refunds, relating to the 2025 and 2024 calendar years

  • NewGeneral Business Risks

    NOTE 11—STOCKHOLDERS' EQUITY (continued)

  • NewGeneral Business Risks

    Unearned compensation at period end $ 1,321 $ 1,692

  • NewGeneral Business Risks

    2024 3 5.38% 4.26% to 5.17% 29.84% to 31.70%

  • NewGeneral Business Risks

    Weighted average number of common shares outstanding 18,008,970 17,752,226

  • NewGeneral Business Risks

    Equity Distribution Agreements

  • NewGeneral Business Risks

    Pursuant to the Company’s repurchase program(s), as amended from time to time, the Company is authorized to repurchase shares of its common stock through open-market transactions, privately negotiated transactions, or otherwise

  • NewGeneral Business Risks

    Dividend Reinvestment Plan

  • NewGeneral Business Risks

    NOTE 12—RELATED PARTY TRANSACTIONS

  • NewGeneral Business Risks

    NOTE 13—FAIR VALUE OF FINANCIAL INSTRUMENTS

  • NewGeneral Business Risks

    NOTE 13—FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

  • NewGeneral Business Risks

    Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported on the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts

  • NewGeneral Business Risks

    Junior subordinated notes: At December 31, 2025, and 2024, the estimated fair value of the Company's junior subordinated notes is less than their carrying value by approximately $3,897,000 and $3,578,000, respectively, based on market interest rates of 7.60% and 7.94%, respectively

  • NewGeneral Business Risks

    Financial Instruments Measured at Fair Value

  • NewGeneral Business Risks

    NOTE 14—COMMITMENT AND CONTINGENCIES

  • NewGeneral Business Risks

    NOTE 15—NEW ACCOUNTING PRONOUNCEMENT

  • NewGeneral Business Risks

    NOTE 16—SUBSEQUENT EVENTS

  • NewGeneral Business Risks

    Balance at beginning of year $ 615,915 $ 635,836

Dropped

  • DroppedRisks Related to Real Estate Investments and Our Operations

    Our efforts to buy properties directly may involve greater risks than buying properties with joint venture partners

Reworded

  • 59% rewrittenRisks Related to Real Estate Investments and Our Operations

    Short-term leases expose us to the effects of declining market rents and we may be unable to renew leases or relet units as leases expire

    Updated to state that expiring leases impacted by market declines compare against previous rates rather than expected rates.

  • 56% rewrittenRisks Related to Our Financing Activities, Indebtedness and Capital Resources

    If we are unable to refinance our mortgage debt at maturity on acceptable terms, we may be forced to sell properties on disadvantageous terms

    Updated mortgage debt maturity table to reflect balances as of December 31, 2025, showing $27.8 million due in 2026 for consolidated properties.

  • 49% rewrittenRisks Related to BRT's Organization, Structure and Ownership of its Stock

    Our transactions with affiliated entities involve conflicts of interest

    Updated affiliated fee amounts, showing $1.8 million in 2026 shared services fees and $750,000 in 2025 reimbursements to Gould Investors.

  • 36% rewrittenRisks Related to BRT's Organization, Structure and Ownership of its Stock

    Senior management and other key personnel are critical to our business and our future success may depend on our ability to retain them

    Disclosed executive changes, including Isaac Kalish as CFO and Matthew Gibbons as Chief Accounting Officer, replacing prior personnel.

  • 36% rewrittenRisks Related to Our Financing Activities, Indebtedness and Capital Resources

    Our acquisition, development and value-add activities are limited by the funds available to us

    Updated cash and cash equivalents figure to $24.8 million as of February 27, 2026, down from $62.7 million.

  • 34% rewrittenRisks Related to Real Estate Investments and Our Operations

    Most of our multi-family properties are located in the Southeast and Texas which makes us susceptible to adverse developments in such markets

    Updated geographic revenue concentration figures for wholly-owned and unconsolidated joint venture multi-family properties as of December 31, 2025.

  • 22% rewrittenRisks Related to Real Estate Investments and Our Operations

    Unfavorable market and economic conditions could adversely affect rental revenues, occupancy levels and the value of our properties

    Refined phrasing on how unfavorable economic conditions affect multi-family property acquisitions and dispositions.

  • 22% rewrittenRisks Related to Real Estate Investments and Our Operations

    The failure of property management companies to properly manage our properties could adversely impact our results of operations

    Updated property manager counts and added disclosure regarding three properties managed by a joint venture-affiliated company.

All 138 risk factors

Headings as the filing states them, in filing order.

Risks Related to Real Estate Investments and Our Operations

  1. 01Unfavorable market and economic conditions could adversely affect rental revenues, occupancy levels and the value of our properties22% rewritten
  2. 02We may be unable to compete to acquire, finance or dispose of our properties or to lease rental units
  3. 03Increasing real estate taxes, utilities and insurance premiums may negatively impact operating results
  4. 04Most of our multi-family properties are located in the Southeast and Texas which makes us susceptible to adverse developments in such markets34% rewritten
  5. 05The failure of property management companies to properly manage our properties could adversely impact our results of operations22% rewritten
  6. 06Risks involved in conducting real estate activity through joint ventures
  7. 07Our operating results are significantly influenced by demand for multi-family properties generally, and a decrease in such demand will likely have a greater adverse effect on our revenues than if we owned a more diversified real estate portfolio
  8. 08Our operating results and assets may be negatively affected if our insurance coverage is insufficient to compensate us for casualty events occurring at our properties
  9. 09We may be adversely effected if we are unable to maintain a satisfactory working relationship with any one or more of our joint venture partners
  10. 10Short-term leases expose us to the effects of declining market rents and we may be unable to renew leases or relet units as leases expire59% rewritten

Risks Related to Our Financing Activities, Indebtedness and Capital Resources

  1. 11If we are unable to refinance our mortgage debt at maturity on acceptable terms, we may be forced to sell properties on disadvantageous terms56% rewritten
  2. 12(1) Includes our joint venture partner's "share" of such debt
  3. 13Our acquisition, development and value-add activities are limited by the funds available to us36% rewritten
  4. 14Our failure to comply with our obligations under our debt instruments may reduce our stockholders’ equity, and adversely affect our net income and ability to pay dividends
  5. 15We may not have sufficient funds to make required or desired capital improvements
  6. 16If we are required to make payments under any “bad boy” carve out guarantees that we have provided in connection with certain mortgages and related loans, our business and financial results could be materially adversely affected
  7. 17We could be negatively impacted by changes in our relationship with Fannie Mae or Freddie Mac, changes in the condition of Fannie Mae or Freddie Mac and by changes in government support for multi-family housing
  8. 18We depend on our subsidiaries for cash flow and will be adversely impacted if these subsidiaries are prohibited from distributing cash to us

Regulatory and Tax Risks

  1. 19Changes to the U.S. federal income tax laws could have an adverse impact on our business and financial results
  2. 20Liabilities relating to environmental matters may impact the value of our properties
  3. 21Compliance or failure to comply with the ADA or other safety regulations and requirements could result in substantial costs
  4. 22Provisions for credit losses are difficult to estimate
  5. 23We face numerous risks associated with the real estate industry that could adversely affect our results of operations through decreased revenues or increased costs
  6. 24Compliance with REIT requirements may hinder our ability to maximize profits
  7. 25Because real estate investments are illiquid, we may not be able to reconfigure our portfolio on a timely basis
  8. 26We may incur impairment charges in 2026
  9. 27If we do not continue to pay cash dividends, the price of our common stock may decline
  10. 28Our business and operations are subject to physical and transition risks related to climate change

Risks Related to BRT's Organization, Structure and Ownership of its Stock

  1. 29Our transactions with affiliated entities involve conflicts of interest49% rewritten
  2. 30Senior management and other key personnel are critical to our business and our future success may depend on our ability to retain them36% rewritten
  3. 31We do not carry key man life insurance on members of our senior management
  4. 32The stock market is volatile, and fluctuations in our operating results, removal from various indices and other factors could cause our stock price to decline

General Business Risks

  1. 33Breaches of information technology systems could materially harm our business and reputation
  2. 34Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to our business in ways that we cannot predictNew
  3. 35Item 3. Legal ProceedingsNew
  4. 36Purchases of Equity Securities by Issuer and Affiliated PurchasesNew
  5. 37Total 178,980 $ 14.53 $ 2,601,094New
  6. 38______________________________New
  7. 392025 and Recent DevelopmentsNew
  8. 40Challenges and Uncertainties as a Result of the Uncertain Economic EnvironmentNew
  9. 41Rental and other revenue from real estate propertiesNew
  10. 42Real estate operating expensesNew
  11. 43General and administrativeNew
  12. 44Equity in earnings of unconsolidated joint venturesNew
  13. 45Gain on sale of real estateNew
  14. 46Provision (benefit) for taxesNew
  15. 47In view of our multi-family property activities, we disclose funds from operations ("FFO"), adjusted funds from operations ("AFFO") and net operating income ("NOI") because we believe that such metrics are a widely recognized and appropriate measure of the performance of a multi-family REITNew
  16. 48FFO and AFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. FFO and AFFO do not represent cash flows from operating, investing or financing activities as defined by GAAPNew
  17. 49Diluted shares outstanding for FFO and AFFO 18,930,284 18,710,615New
  18. 50See “Comparison of Years Ended December 31, 2025 and 2024” for further information regarding these changesNew
  19. 51_____________________________________New
  20. 52Liquidity and Capital ResourcesNew
  21. 53Disclosure of Known Material Contractual ObligationsNew
  22. 54____________________________New
  23. 55(3) Assumes that $1 million and $1.8 million will be paid annually through December 31, 2030 pursuant to the shared services agreement and for the Services, respectivelyNew
  24. 56Junior Subordinated NotesNew
  25. 57Other Financing Sources and ArrangementsNew
  26. 58We anticipate that if we do not sell any multi-family properties this year, that a significant amount of the dividends we will pay in 2026, if any, will be treated for federal income tax purposes as a return of capitalNew
  27. 59Critical Accounting EstimatesNew
  28. 60Equity method investmentsNew
  29. 61We conduct a quarterly review of each real estate asset owned by us and through our joint ventures. This review is conducted in order to determine if indicators of impairment are present on the real estateNew
  30. 62Allowance for credit lossesNew
  31. 63Purchase Price AllocationsNew
  32. 64Equity-Based CompensationNew
  33. 65Our credit facility bears interest at 30 day term SOFR plus 250 basis points, with an interest rate floor of 6%. At December 31, 2025, no amounts were drawn on the facilityNew
  34. 66Evaluation of Disclosure Controls and ProceduresNew
  35. 67Management's Report on Internal Control Over Financial ReportingNew
  36. 68Changes in Internal Controls over Financial ReportingNew
  37. 69On March 11, 2026, our board of directorsNew
  38. 70Disclosure of 10b5-1 PlansNew
  39. 71Impact of the One Big Beautiful Bill Act on the Company and its StockholdersNew
  40. 72Item 10. Directors, Executive Officers and Corporate GovernanceNew
  41. 73Item 11. Executive CompensationNew
  42. 74of Certain Beneficial Owners and Management and Related Stockholder MattersNew
  43. 75Equity Compensation Plan InformationNew
  44. 76_______________________________________________________________________________New
  45. 77Item 13. Certain Relationships and Related Transactions, and Director IndependenceNew
  46. 78Item 14. Principal Accounting Fees and ServicesNew
  47. 79The response is submitted in a separate section of this report following Part IVNew
  48. 80Form of Equity Distribution Agreement dated May 12, 2023 (incorporated by reference to Exhibit 1.1 to our Current Report on Form 8-K filed on May 12, 2023)New
  49. 81Description of Registrant's Securities Registered Pursuant to Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.2 filed with our Annual Report on Form 10-K for the year ended December 31, 2020)New
  50. 82Form of Negative Pledge Agreement (incorporated by reference to Exhibit 10.4 filed with our Current Report on Form 8-K on November 18, 2021)New
  51. 83Chief Executive Officer and PresidentNew
  52. 84Opinion on the Financial StatementsNew
  53. 85Description of the MatterNew
  54. 86How We Addressed the Matter in Our AuditNew
  55. 87Commitments and contingenciesNew
  56. 88Total revenues 97,028 95,630New
  57. 89Net loss attributable to common stockholders $ (11,946) $ (9,791)New
  58. 90Distributions - Common Stock - $1.00 per shareNew
  59. 91Net loss $ (11,776) $ (9,636)New
  60. 92Gain on sale of real estate (755) (806)New
  61. 93Net cash provided by operating activities 14,098 24,143New
  62. 94Net cash used in investing activities (21,491) (18,907)New
  63. 95Cash paid (net of refunds received) during the year for income and excise taxes $ 205 $ (439)New
  64. 96Organization and BackgroundNew
  65. 97BRT conducts its operations to qualify as a real estate investment trust, or REIT, for Federal income tax purposesNew
  66. 98The joint venture that owns a commercial property in Yonkers, NY was determined not to be a variable interest entity ("VIE") but is consolidated because the Company has controlling rights in such entityNew
  67. 99The Company qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The board of directors may, at its option, elect to revoke or terminate the Company's election to qualify as a real estate investment trustNew
  68. 100NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued)New
  69. 101Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the leaseNew
  70. 102Real estate properties are stated at cost, net of accumulated depreciation, and include properties acquired through acquisition or developmentNew
  71. 103Real Estate Asset ImpairmentsNew
  72. 104Allowance for Credit Losses on Loan ReceivablesNew
  73. 105Equity Based CompensationNew
  74. 106On January 1, 2024, the Company adopted the FASB ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures, as amended, which enhances disclosures of significant segment expenses regularly provided to the chief operating decision makerNew
  75. 107Concentration of Credit RiskNew
  76. 108NOTE 2—REAL ESTATE PROPERTIESNew
  77. 109Total real estate properties, net $ 596,814 $ 615,915New
  78. 110Total real estate properties, net $ 615,915 $ 7,453 $ (26,396) $ (158) $ 596,814New
  79. 111NOTE 2—REAL ESTATE PROPERTIES (continued)New
  80. 112During the year ended December 31, 2025, the Company sold a cooperative apartment unit located in New York, NY for a sales price of $995,000 and, after closing costs, recognized a gain of $755,000 on the saleNew
  81. 113Net carrying value $ 17,723 $ 17,667New
  82. 114NOTE 6—ALLOWANCE FOR CREDIT LOSSNew
  83. 115As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842New
  84. 116NOTE 8—INVESTMENT IN UNCONSOLIDATED VENTURESNew
  85. 117NOTE 8—INVESTMENT IN UNCONSOLIDATED VENTURES (continued)New
  86. 118At December 31, 2025 and December 31, 2024, the weighted average interest rate on the mortgages payable is 4.21% and 4.30%, respectively, and the weighted average remaining term to maturity is 3.3 years and 3.9 years, respectivelyNew
  87. 119Total revenues 49,891 45,182New
  88. 120NOTE 9—DEBT OBLIGATIONS (continued)New
  89. 121During the years ended December 31, 2025 and 2024, the Company recorded $174,000 and $(226,000), respectively, of state franchise tax (benefit) expense, net of refunds, relating to the 2025 and 2024 calendar yearsNew
  90. 122NOTE 11—STOCKHOLDERS' EQUITY (continued)New
  91. 123Unearned compensation at period end $ 1,321 $ 1,692New
  92. 1242024 3 5.38% 4.26% to 5.17% 29.84% to 31.70%New
  93. 125Weighted average number of common shares outstanding 18,008,970 17,752,226New
  94. 126Equity Distribution AgreementsNew
  95. 127Pursuant to the Company’s repurchase program(s), as amended from time to time, the Company is authorized to repurchase shares of its common stock through open-market transactions, privately negotiated transactions, or otherwiseNew
  96. 128Dividend Reinvestment PlanNew
  97. 129NOTE 12—RELATED PARTY TRANSACTIONSNew
  98. 130NOTE 13—FAIR VALUE OF FINANCIAL INSTRUMENTSNew
  99. 131NOTE 13—FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)New
  100. 132Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported on the balance sheets for these instruments approximate their fair value due to the short term nature of these accountsNew
  101. 133Junior subordinated notes: At December 31, 2025, and 2024, the estimated fair value of the Company's junior subordinated notes is less than their carrying value by approximately $3,897,000 and $3,578,000, respectively, based on market interest rates of 7.60% and 7.94%, respectivelyNew
  102. 134Financial Instruments Measured at Fair ValueNew
  103. 135NOTE 14—COMMITMENT AND CONTINGENCIESNew
  104. 136NOTE 15—NEW ACCOUNTING PRONOUNCEMENTNew
  105. 137NOTE 16—SUBSEQUENT EVENTSNew
  106. 138Balance at beginning of year $ 615,915 $ 635,836New

Other BRT Apartments 10-Ks

  • FY2024 10-K risk factors
    34 risks

    Geographic concentration in the Southeast and Texas drives regional vulnerability.

    Filed Mar 12, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.