BRT Apartments Corp. Provides Update

 - Collects 96% of April Rent Payments –

- Company to Restate Previously Issued Financial Statements; Will Not Change Prior Reported Net Income, FFO or AFFO -

- Reiterates Expectations for 2019 Results -

GREAT NECK, N.Y., April 21, 2020 (GLOBE NEWSWIRE) -- BRT Apartments Corp. (NYSE:BRT), a real estate investment trust that owns, operates and develops multi-family properties, today announced it is providing an update on the steps it is taking to mitigate COVID-19 as well as a Business update.

Jeffrey A. Gould, President and CEO commented, “We are currently living in an unprecedented time and the safety and health of our team members, partners and residents is our top priority. We have taken the steps recommended by the Centers for Disease Control and Prevention (CDC) and governmental authorities to keep all our stakeholders safe, while providing critical services to ensure our residents’ needs are met.”

Rent Update

As of April 20, 2020, the Company collected 96% of the rent from its multi-family properties for the month of April. BRT is in contact with select residents who have, due to severe economic difficulty, asked for some form of rent relief and is working with these residents to create a fair payment plan.

Operational Update

The Company has financial capacity of approximately $10 million of cash on hand as of April 15, 2020. The Company has implemented the following procedures to accommodate its team members, partners and residents:

• Following guidelines established by the CDC and governmental authorities across all of its properties and offices.
• Closed all leasing offices and in lieu of in-person apartment tours, the Company is providing virtual tours.
• Closed the majority of common areas and staggered on-site staffing schedules, with a focus on only providing critical functions, to implement social distancing.
• Halted evictions for 120 days as stipulated under the CARES Act and is working with residents, who are unable to pay rent due to the impact of COVID-19, to create fair payment plans.

2019 Preliminary Financial Expectations and Restatement

The Company is reiterating its financial expectations for 2019 that it originally disclosed on March 12, 2020. BRT still expects that for the year ended December 31, 2019, it will report net income of at least $856,000, or $0.05 per diluted share, funds from operations¹ of $12.0 million or $0.74 per diluted share, adjusted funds from operations of $16.6 million, or $1.03 per diluted share, and total BRT Apartment’s stockholders’ equity of $192.1 million.