 - Collects 98 of Billed Amounts in the Second Quarter and for July -GREAT NECK, N.Y., Aug. 10, 2020 GLOBE NEWSWIRE -- BRT APARTMENTS CORP. NYSE:BRT, a multi-family real estate investment trust with properties located primarily in the Southeast United States and Texas today announced operating results for the three months ended June 30, 2020.We are operating in an unprecedented time and remain focused on the health and well-being of our tenants and team members. We have weathered the impact of the health crisis well thus far, having collected 98 of our billed amounts for each of the quarter and July. We continue to monitor the markets in which our properties are located and will balance supporting our residents needs during the pandemic with the protection of our stockholders interests and our liquidity requirements. We believe we are well positioned from a liquidity perspective and look forward to re-engaging in capital deployment activities at an appropriate time, commented Jeffrey A. Gould, President and Chief Executive Officer. Financial Results:Net loss attributable to common stockholders was 4.25 million, or 0.25 per diluted share, for the three months ended June 30, 2020, compared to net loss of 4.32 million, or 0.27 per diluted share, for the three months ended June 30, 2019.Funds from Operations1, or FFO, was 4.19 million, or 0.24 per diluted share, for the three months ended June 30, 2020, compared to 3.48 million, or 0.22 per diluted share, for the three months ended June 30, 2019.Adjusted Funds from Operations, or AFFO, for the three months ended June 30, 2020 was 4.71 million, or 0.27 per diluted share for the three months ended June 30, 2020, compared to 3.87 million, or 0.24 per diluted share, in the three months ended June 30, 2019.Diluted per share net income, FFO and AFFO were impacted during the quarter ended June 30, 2020 by the approximate increase of 1.28 million weighted average shares of common stock outstanding from the second quarter of 2019 through the current quarter, primarily due to stock issuances pursuant to the Companys at-the-market equity offering program.1 A description and reconciliation of non-GAAP financial statements e.g. FFO, AFFO and NOI to GAAP financial measures is presented in this releaseOperating Results:As of August 10, 2020, BRT wholly-owns eight multi-family properties located in six states with 1,880 units and has ownership interests, through unconsolidated joint ventures, in 31 multi-family properties located in nine states with 9,162 units, including 741 units at two properties in lease-up. BRTs equity interests in its unconsolidated subsidiaries ranges from 32 to 90.During the current quarter, average total occupancy at our consolidated properties was approximately 94.0 compared to approximately 94.9 during the corresponding 2019 quarter. Average rental rate per occupied unit during the current quarter was approximately 1,070 per month compared to approximately 1,012 per month during the corresponding 2019 quarter.Rental revenue at consolidated properties for the current three months decreased 6.2 to 6.66 million from 7.10 million for the three months ended June 30, 2019. Rental revenue at unconsolidated multi-family properties for the current three months increased 8.8 to 31.54 million from 28.98 million for the three months ended June 30, 2019.Total expenses at consolidated properties for the three months ended June 30, 2020 were 9.58 million compared to 9.28 million for the three months ended June 30, 2019. Total expenses at unconsolidated multi-family properties for the current twelve months increased 1.8 to 33.86 million from 33.25 million for the three months ended June 30, 2019.Equity in loss of unconsolidated joint ventures was 1.39 million during the current quarter compared to 2.22 million in the corresponding quarter of the prior year.Net operating income, or NOI, at consolidated same store properties increased in the current quarter by 1.3 to 3.17 million. NOI at unconsolidated same store properties increased in the current quarter by 3.6 to 13.90 million.Balance Sheet:At June 30, 2020, BRT had 16.87 million of cash and cash equivalents, total assets of 385.60 million, total debt of 168.91 million, and BRT total stockholders equity of 195.27 million.At August 1, 2020, BRTs available liquidity was approximately 32.86 million, including 13.26 million of cash and cash equivalents, 9.60 million of restricted cash for property improvements and up to 10.0 million available under its credit facility. In addition, the unconsolidated joint ventures have approximately 14.7 million of cash and cash equivalents which is used for day-to-day working capital purposes.BRTs mortgage debt of 963.40 million including 830.87 million mortgage debt of its unconsolidated subsidiaries has a weighted average interest rate of 4.0 and a weighted average remaining term to maturity of 7.1 years. Approximately 91 of the mortgage debt bears interest at a fixed rate. The balance of such debt represents variable-rate construction financing; BRT anticipates refinancing, with fixed rate mortgage debt, the construction financing when lease-up at the related property is complete.Supplemental Financial Information:In an effort to enhance its financial disclosures to investors, BRT has posted a supplemental financial information report which can be accessed on the Companys website at under the caption Investor Relations - Financial Statements and SEC Filings.Non-GAAP Financial Measures:BRT discloses FFO, AFFO and NOI because it believes that such metrics are widely recognized and appropriate measure of the performance of an equity REIT.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 NAREITs related guidance. FFO is defined in the White Paper as net income calculated in accordance with generally accepted accounting principles, 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 when 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.BRT computes AFFO by adjusting FFO for loss on extinguishment of debt; straight-line rent accruals; restricted stock and restricted stock unit expense and deferred mortgage costs including its share of its unconsolidated joint ventures; and gain on insurance recovery. Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of AFFO may vary from one REIT to another.BRT computes 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, and b deduct 1 other income, 2 gain on sale of real estate, and 3 gain on insurance recoveries related to casualty loss. BRT defines Same Store NOI as NOI for all its properties that were owned for the entirety of the periods being presented, other than properties in lease up. Because there is no industry standard definition of NOI and practice is divergent across the industry, the computation of NOI may from one REIT to another.BRT believes that FFO, AFFO and NOI are useful and standard supplemental measures of the operating performance for equity REITs and are used frequently by securities analysts, investors and other interested parties in evaluating equity REITs, many of which present such metrics when reporting their operating results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate assets, which assures that the value of real estate assets diminish predictability over time. In fact, real estate values have historically risen and fallen with market conditions. As a result, BRT believes that FFO and AFFO provide a performance measure that when compared year-over-year, should reflect the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs and other matters without the inclusion of depreciation and amortization, providing a perspective that may not be necessarily apparent from net income. BRT also considers FFO and AFFO to be useful in evaluating potential property acquisitions. BRT views 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 current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.FFO, AFFO and NOI do not represent net income or cash flows from operations as defined by GAAP. FFO, AFFO and NOI should not be considered to be an alternative to net income as a reliable measure of our operating performance; nor should FFO, AFFO and NOI be considered an alternative to cash flows from operating, investing or financing activities as defined by GAAP as measures of liquidity.Forward Looking Information:Certain information contained herein is forward looking 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, including statements regarding the apparent improvement in the economic environment and BRTs ability to originate additional loans. 