SUPPLEMENTAL FINANCIAL INFORMATION FOR THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2024

March 12, 2025

60 Cutter Mill Rd., Great Neck, NY 11021

We consider some of the information set forth herein to contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property acquisition and disposition activity, joint venture activity, development and value add activity and other capital expenditures, and capital raising and financing activity, as well as revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases, beyond our control, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved and investors are cautioned not to place undue reliance on such information.

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

•inability to generate sufficient cash flows due to unfavorable economic and market conditions (e.g., inflation, volatile interest rates and the possibility of a recession), changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws or other factors;

•adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions and dispositions on favorable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

•general and local real estate conditions, including any changes in the value of our real estate;

•decreasing rental rates or increasing vacancy rates;

•challenges in acquiring properties (including challenges in buying properties directly without the participation of joint venture partners and the limited number of multi-family property acquisition opportunities available to us), which acquisitions may not be completed or may not produce the cash flows or income expected;

•the competitive environment in which we operate, including competition that could adversely affect our ability to acquire properties and/or limit our ability to lease apartments or increase or maintain rental rates;

•exposure to risks inherent in investments in a single industry and sector;

•the concentration of our multi-family properties in the Southeastern United States and Texas, which makes us more susceptible to adverse developments in those markets;

•increases in expenses over which we have limited control, such as real estate taxes, insurance costs and utilities, due to inflation and other factors;

•impairment in the value of real estate we own;

•failure of property managers to properly manage properties;

•accessibility of debt and equity capital markets;

•disagreements with, or misconduct by, joint venture partners;

•inability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures;

•level and volatility of interest or capitalization rates or capital market conditions;

•extreme weather and natural disasters such as hurricanes, tornadoes and floods;

•lack of or insufficient amounts of insurance to cover, among other things, losses from catastrophes;

•risks associated with acquiring value-add multi-family properties, which involves greater risks than more conservative approaches;

•events giving rise to increases in our current expected credit loss reserve;

•the condition of Fannie Mae or Freddie Mac, which could adversely impact us;

•changes in Federal, state and local governmental laws and regulations, including laws and regulations relating to taxes and real estate and related investments;

•our failure to comply with laws, including those requiring access to our properties by disabled persons, which could result in substantial costs;

•board determinations as to timing and payment of dividends, if any, and our ability or willingness to pay future dividends;

•our ability to satisfy the complex rules required to maintain our qualification as a REIT for federal income tax purposes;

•possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us or a subsidiary owned by us or acquired by us;

•our dependence on information systems and risks associated with breaches of such systems;

•disease outbreaks and other public health events, and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;

•impact of climate change on our properties or operations;

•risks associated with the stock ownership restrictions of the Internal Revenue Code of 1986, as amended (the "Code") for REITs and the stock ownership limit imposed by our charter; and

•the other factors described in the reports we file with the SEC, including those set forth in our Annual Report on Form 10-K under the captions "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations".

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

Units under rehabilitation for which we have received or accrued rental income from business interruption insurance, while not physically occupied, are treated as leased (i.e., occupied) at rental rates in effect at the time of the casualty.

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.

    

•Reported results for the fourth quarter of 2024 of net loss of $2.1 million, or $(0.11) per diluted share, Funds from Operations, or FFO, of $0.27 per diluted share and Adjusted Funds from Operations, or AFFO, of $0.37 per diluted share.

•Reported results for 2024 of net loss of $9.8 million, or $(0.52) per diluted share, Funds from Operations, or FFO, of $1.12 per diluted share and Adjusted Funds from Operations, or AFFO, of $1.43 per diluted share.

•Equity in earnings of unconsolidated joint ventures was $658,000 in the fourth quarter of 2024 and $1.6 million for 2024.

•Combined Portfolio NOI decreased 4.6% for the fourth quarter and decreased 0.2% for 2024 compared to the prior year.

•Combined Portfolio NOI, net loss, FFO and AFFO results were in line with the operational environment the Company previously outlined in its 2024 outlook.

•Repurchased 10,286 shares during the fourth quarter at a weighted average price of $17.80, bringing the total shares repurchased in 2024 to 193,529 at a weighted average price of $18.07.

•Maintained revolving credit facility of up to $40.0 million, with $0 outstanding, and maturity in September 2027, which was modified in the third quarter 2024 to reduce the borrowing capacity from $60.0 million to $40.0 million.

•Closed a $27.4 million, seven-year mortgage at an interest rate of 5.22% secured by the Company’s Woodland Trails – LaGrange, Georgia property in the third quarter of 2024.

•Used proceeds from the Woodlands Trails financing to provide $18.3 million in Preferred Equity as part of the investment in “The Reserve at Beaumont Oaks”, in Wilmington, NC, and the Charlestowne Apartments, in Kennesaw, GA, both at a 13% all in rate compounded monthly, with 6.0% current pay and a 7.0% hurdle return for Beaumont Oaks and 6.5% current pay and a 6.5% hurdle return for Charlestowne.

•Declared a dividend of $0.25 per share for the first quarter of 2025.

•The operational environment in BRT’s Combined Portfolio is expected to be consistent with other Sunbelt-focused operators with new supply muting new and renewal lease rent growth until 2026 as the new supply is absorbed.

•BRT intends to emphasize stable average occupancy within the portfolio until it can achieve a lift in rental rates.

•Controllable expense growth is expected to grow modestly compared to 2024 and insurance expense is expected to decline.

•The Board of Directors approved an extension of the share repurchase program through December 2026 and increased the value of the shares to be repurchased to $10 million. From January 1, 2025 through February 28, 2025, the Company has purchased 65,018 shares at a weighted average price of $17.49.

•BRT’s balance sheet has no debt maturities until the third quarter of 2025, improved pricing and $40 million availability on its credit facility to deploy.

•The Company expects to pursue additional Preferred Equity financing opportunities, like the Charlestowne Apartments and The Reserve at Beaumont Oaks transactions done in 2024.

•The Company will remain patient on asset growth in the near term but is cautiously optimistic that it may find additional opportunities to deploy its available liquidity for capital situations and/or asset acquisitions in 2025.

•Long-term, the Company continues to believe the Sunbelt offers compelling advantages due to the predominance of pro-business states, along with better population and job growth from migration patterns and business investment.

•With new supply growth expected to moderate in Sunbelt markets in 2025 and 2026, the Company expects a disciplined capital allocation strategy, with a focus on stabilizing occupancy in a challenging leasing environment in 2025 and anticipates better growth in 2026 for new investment opportunities.

(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."

(all in thousands)

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(1) See the Appendix for a reconciliation of the non-GAAP amounts presented to GAAP amounts (dollars in thousands except per share data)

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(amounts in thousands, except per share amounts)

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The Company invested in two separate joint ventures which in turn acquired multifamily properties in the locations identified below. In accordance with GAAP, these investments are treated as loans. These investments are unsecured and are subordinate, including the payment of the returns thereon, to the mortgage debt encumbering the property acquired by the applicable joint venture. Information as to these investments at December 31, 2024 is summarized below (dollars and thousands):

The preferred equity investments above provide for a total return of 13%, of which 6.00% to 6.50% is payable monthly, subject to available cashflow, and is accrued when it is required to be paid by the sponsor. The remaining balance which we refer to as the Hurdle Return, is only paid from available cash flow after specified sponsor returns have been met and is only recorded when it is probable that it will be received.

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Consolidated
						Units at period end						Revenues						Property Operating Expenses						NOI (1)						% of NOI Contribution						Weighted Average Occupancy						Weighted Average Monthly Rent per Occ. Unit (3)
Texas						600						$	2,291					$	1,400					$	891					7.1		%				91.4		%				$	1,205
Georgia						688						2,580						1,271						1,309						10.4		%				89.5		%				1,232
Florida						518						2,386						1,295						1,091						8.7		%				95.5		%				1,477
Ohio						264						993						528						465						3.7		%				96.1		%				1,163
Virginia						220						1,251						470						781						6.2		%				97.4		%				1,732
North Carolina						264						1,081						435						646						5.1		%				96.3		%				1,297
South Carolina						474						2,192						1,343						849						6.8		%				93.2		%				1,467
Tennessee						702						3,499						1,265						2,234						17.8		%				92.5		%				1,656
Alabama						740						2,801						1,275						1,526						12.1		%				94.8		%				1,188
Missouri						174						910						447						463						3.7		%				94.4		%				1,645
Mississippi						776						3,175						1,098						2,077						16.5		%				95.2		%				1,335
Legacy assets and misc.						—						361						116						245						1.9		%				N/A						N/A
Totals						5,420						$	23,520					$	10,943					$	12,577					100		%				93.7		%				$	1,371
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 (3)
Texas						1,103						$	2,549					$	1,246					$	1,303					42.0		%				91.7		%				$	1,456
South Carolina						713						1,339						503						836						26.9		%				94.5		%				1,564
Georgia						271						961						445						516						16.6		%				95.7		%				1,514
Alabama						200						621						274						347						11.2		%				97.2		%				1,221
Other and misc. (2)						240						216						114						102						3.3		%				N/A						N/A
						2,527						$	5,686					$	2,582					$	3,104					100.0		%				93.6		%				$	1,476

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Consolidated
						Units at period end						Revenues						Property Operating Expenses						NOI (1)						% of NOI Contribution						Weighted Average Occupancy						Weighted Average Rent per Occ. Unit (3)
Texas						600						$	9,278					$	5,259					$	4,019					7.8		%				92.5		%				$	1,200
Georgia						688						10,538						5,442						5,096						9.9		%				91.0		%				1,238
Florida						518						9,448						4,791						4,657						9.1		%				95.0		%				1,467
Ohio						264						3,928						1,962						1,966						3.8		%				95.2		%				1,157
Virginia						220						4,860						1,988						2,872						5.6		%				96.7		%				1,700
North Carolina						264						4,279						1,771						2,508						4.9		%				95.3		%				1,286
South Carolina						474						8,811						4,907						3,904						7.6		%				94.6		%				1,457
Tennessee						702						13,616						5,662						7,954						15.5		%				93.5		%				1,592
Alabama						740						11,285						5,154						6,131						12.0		%				94.5		%				1,191
Missouri						174						3,736						1,749						1,987						3.9		%				94.9		%				1,684
Mississippi						776						12,545						4,410						8,135						15.9		%				94.9		%				1,315
Legacy assets and misc.						—						2,449						460						1,989						3.9		%				N/A						N/A
Totals						5,420						$	94,773					$	43,555					$	51,218					100		%				94.0		%				$	1,358
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 (3)
Texas						1,103						$	10,438					$	5,358					$	5,080					42.8		%				92.4%						$	1,497
South Carolina						713						5,351						1,990						3,361						28.3		%				94.6%						1,559
Georgia						271						3,867						1,869						1,998						16.8		%				94.7%						1,529
Alabama						200						2,410						1,130						1,280						10.8		%				97.6%						1,167
Other and misc. (2)						240						515						357						158						1.3		%				N/A						N/A
Totals						2,527						$	22,581					$	10,704					$	11,877					100		%				93.8		%				$	1,490

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(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating

Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented, on a pro rata share basis, with a total number of 7,707 units (excluding Stono Oaks).

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(1)Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Portfolio and reconciliation of Net Operating Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties, presented on a pro rata share basis, with a total number of 7,707 units (excluding Stono Oaks)..

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Property			City			State			Year Built			Year Acquired			Property Age						Units			Q4 2024 Avg. Occupancy			Q4 2024 Avg. Rent per Occupied. Unit
Consolidated Properties - All 100% owned
Silvana Oaks			North Charleston			SC			2010			2012			14						208			92.8%			$	1,568
Avondale Station			Decatur			GA			1954			2012			70						212			90.1%			1,390
Newbridge Commons			Columbus			OH			1999			2013			25						264			96.1%			1,163
Brixworth at Bridgestreet			Huntsville			AL			1985			2013			39						208			94.7%			1,046
Avalon			Pensacola			FL			2008			2014			16						276			95.0%			1,502
Crossings of Bellevue			Nashville			TN			1985			2014			39						300			93.8%			1,448
Parkway Grande			San Marcos			TX			2014			2015			10						192			91.5%			1,254
Woodland Trails			LaGrange			GA			2010			2015			14						236			90.0%			1,378
Kilburn Crossing			Fredericksburg			VA			2005			2016			19						220			97.4%			1,732
Verandas at Alamo Ranch			San Antonio			TX			2015			2016			9						288			89.3%			1,160
Grove at River Place			Macon			GA			1988			2016			36						240			88.5%			942
Civic Center 1			Southaven			MS			2002			2016			22						392			96.3%			1,312
Civic Center 2			Southaven			MS			2005			2016			19						384			94.1%			1,358
Vanguard Heights			Creve Coeur			MO			2016			2017			8						174			94.4%			1,645
Jackson Square			Tallahassee			FL			1996			2017			28						242			96.1%			1,450
Woodland Apartments			Boerne			TX			2007			2017			17						120			96.4%			1,230
Magnolia Pointe			Madison			AL			1991			2017			33						204			93.3%			1,200
Bell's Bluff			Nashville			TN			2019			2018			5						402			91.5%			1,815
Crestmont at Thornblade			Greenville			SC			1998			2018			26						266			93.5%			1,389
Somerset at Trussville			Trussville			AL			2007			2019			17						328			95.7%			1,270
Abbotts Run			Wilmington			NC			2001			2020			23						264			96.3%			1,297
Age Weighted Avg. Age/Total Consolidated															23						5,420
Properties owned by Unconsolidated Joint Ventures (excluding preferred equity investments)
																														% Ownership
Pointe at Lenox Park			Atlanta			GA			1989			2016			35						271			95.7%			1,514			74.0		%
Gateway Oaks			Forney			TX			2016			2016			8						313			93.9%			1,367			50.0		%
Mercer Crossing			Dallas			TX			2015			2017			9						509			91.0%			1,625			50.0		%
Canalside Lofts			Columbia			SC			2008			2017			16						374			94.0%			1,455			32.0		%
Landings of Carrier Parkway			Grand Prairie			TX			2001			2018			23						281			90.7%			1,252			50.0		%
Canalside Sola			Columbia			SC			2015			2018			9						339			95.0%			1,684			46.2		%
The Village at Lakeside			Auburn			AL			1988			2019			36						200			97.2%			1,221			80.0		%
Weighted Avg. Age/Total Unconsolidated															17						2,287
Lease-up
Stono Oaks			Johns Island			SC															240
Weighted Avg./Total Portfolio															21						7,947

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BRT computes AFFO by adjusting FFO for loss on extinguishment of debt, our straight-line rent accruals, restricted stock and RSU compensation expense, fair value adjustment of mortgage debt, gain on insurance recovery, insurance recovery from casualty loss and deferred mortgage and debt costs (including, in each case as applicable, from our share from our unconsolidated joint ventures). Since the NAREIT White Paper does not provide guidelines for computing AFFO, the computation of AFFO may vary from one REIT to another.

The CECL reserve required under ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326)” (“ASU 2016-13”), reflects the Company's estimate as of the balance sheet date of potential credit losses related to its loan portfolio. Changes to the CECL reserve are recognized through a provision for or reversal of current expected credit loss reserve on the Company's consolidated statements of operations. ASU 2016-13 specifies the reserve should be based on relevant information about past events, including historical loss experience, current loan portfolio, market conditions and reasonable and supportable macroeconomic forecasts for the duration of each loan.

Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis, and the other multifamily properties that BRT currently owns presented at 100% ownership for all periods presented.

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

BRT computes FFO in accordance with the "White Paper on Funds From Operations" issued by the National Association of Real Estate Investment Trusts ("NAREIT") and NAREIT's related guidance. FFO is defined in the White Paper as net income (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities where the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. In computing FFO, we do not add back to net income the amortization of costs in connection with our financing activities or depreciation of non-real estate assets.

BRT computes NOI by adjusting net income (loss) to (a) add back (1) interest expense, (2) general and administrative expenses, (3) depreciation expense, (4) impairment charges, (5) provision for taxes, (6) loss on extinguishment of debt, (7) equity in loss of unconsolidated joint ventures, (8) casualty loss and (9) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate (3) gain on sale of partnership interest, (4) equity in earnings from sale of consolidated joint venture properties, (5) insurance recovery of casualty loss and (6) gain on insurance recoveries.

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.

Same store properties refer to stabilized properties (as described below) 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 and such status has been reflected fully in all applicable periods of comparison.

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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. 

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.

Consolidated Same Store Comparisons (1)

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