公司概述
BRT Apartments Corp. operates as a real estate investment trust (REIT) focused on owning, operating, and holding interests in joint ventures that manage multi-family residential properties. As of March 11, 2026, the company's portfolio consists of 31 multi-family properties containing 8,311 units located across 11 states, with additional preferred equity interests. This entity functions within the broader Real Estate sector and specifically within the REIT - Residential industry, a classification that defines its obligation to distribute the majority of taxable income to shareholders while deriving revenue primarily from rental agreements. The company maintains a market capitalization of $268.04 million and reported annual revenue of $122.24 million over the trailing twelve months, supported by a workforce of 10 employees. These financial figures indicate that BRT operates as a mid-sized regional player, leveraging a relatively lean operational structure to manage a substantial asset base of over 8,000 residential units without the overhead of a large corporate bureaucracy.
财务健康
The company generated $122.24 million in revenue over the trailing twelve months, resulting in a net income of $25.50 million and an EBITDA of $53.31 million. The significant gap between the EBITDA of $53.31 million and the net income of $25.50 million reveals a substantial cost structure composed primarily of interest expenses and depreciation, which are typical characteristics of leveraged real estate investments. Free cash flow stands at $35.47 million, a metric that highlights the company's ability to generate cash remaining after capital expenditures, thereby providing financial flexibility for debt servicing or potential property acquisitions. Profitability is evidenced by a gross margin of 51.3%, an operating margin of 8.4%, and a profit margin of 20.9%, where the lower operating margin reflects the high fixed costs associated with property ownership and debt service relative to total revenue. The balance sheet is heavily leveraged, holding $25.14 million in cash against $510.28 million in debt, resulting in a debt-to-equity ratio of 287.97%, which indicates a capital structure reliant on significant debt financing. Liquidity is robust in the short term with a current ratio of 2.82, suggesting the company possesses more than double the current assets necessary to cover its current liabilities. Efficiency metrics show a return on equity of 20.7% and a return on assets of 0.8%, illustrating that while equity holders are generating strong returns, the asset base is heavily weighted by debt, which suppresses the overall return on assets calculation.
估值评估
Valuation multiples for BRT include a trailing twelve-month P/E ratio that is not available (N/A) and a forward P/E of -21.72, a negative figure that implies current earnings are insufficient to cover the share price or that the market is pricing in significant future earnings adjustments. The price-to-book ratio stands at 1.50, indicating that the market values the company at 1.5 times its book value, suggesting a moderate premium over the net asset value of its underlying properties. Alternative valuation metrics show a price-to-sales ratio of 2.19 and an enterprise value-to-EBITDA of 14.37, which provide context on how the market values the company relative to its revenue generation and operational cash flow before interest and taxes. The stock has traded within a 52-week range bounded by a high of $16.69 and a low of $13.18; without the specific current price, the valuation context relies on these historical extremes to define the volatility envelope. The beta coefficient is recorded at 0.63, which signifies that the stock's price volatility is significantly lower than that of the broader market, making it less sensitive to general market fluctuations compared to a beta of 1.0.
Growth & Income
Revenue growth year-over-year declined by 4.7%, while earnings growth year-over-year is listed as N/A, indicating a period of contraction in top-line revenue and a lack of recent earnings expansion data. The company acts as a dividend payer with a dividend yield of 7.1% and a payout ratio of 500.0%, a figure that is mathematically unsustainable on a standalone basis as it exceeds net income and suggests the dividend is likely funded by asset sales, cash reserves, or debt principal payments. Given the payout ratio of 500.0% and the absence of earnings growth, the dividend is not being supported by organic earnings growth, which places pressure on the ability to maintain this income level without external capital injections. The overall growth and income profile presents a high-yield opportunity tempered by recent revenue contraction and a payout ratio that exceeds current earnings capabilities, requiring careful scrutiny of capital structure changes to assess dividend sustainability.