BRT Apartments Corp.
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 10, 2026
BRT$12.56-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000014846-26-000017
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0000014846-26-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 131 current paragraphs.
67 unchanged; 14 reworded; 44 added; 6 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 5 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
Contemplated Acquisitions
Current report
On June 2, 2026, we entered into an agreement to acquire Ranch Lake Apartments, a 336-unit multifamily property located in Bradenton, Florida. The purchase price is approximately $80 million (subject to customary closing purchase price adjustments), including the assumption of an approximately $45.7 million mortgage insured by the United States Department of Housing and Urban Development ("HUD"). The mortgage carries an interest rate of 2.91% and matures in 2056. The completion of the transaction, which is anticipated to close in the first quarter of 2027, is subject to, among other things, HUD and lender approval of the mortgage assumption, and other customary closing conditions. Based on information provided by the seller (which information has not been audited or reviewed by our independent auditors), the revenues for this property were approximately $1.8 million and $7.4 million for the three and twelve months ended April 30, 2026, respectively, and the real estate operating expenses were $765,000 and $3.2 million, respectively. See Notes 5 to our consolidated financial statements.
Current report
We anticipate that in August 2026, we will acquire, through a joint venture in which we anticipate having a 70% interest, a multifamily property located in Houston, Texas for approximately $33 million; the venture anticipates funding the purchase price in part by obtaining an approximate $23.4 million mortgage which will mature in 2033 and will carry a currently estimated annual interest rate of 5.5%. We anticipate contributing approximately $8.8 million of the equity toward the purchase, including $1.9 million of working capital reserves, and incurring an estimated $450,000 of transaction costs and $700,000 in deferred financing costs, which costs will be amortized over time. We can provide no assurance that this transaction will be completed on the terms or time frame indicated or that it will be accretive to earnings.
Current report
Completed and Contemplated Refinancings
Current report
On June 9, 2026, the Stono Oaks joint venture exercised its right to extend the maturity of its $37.2 million, 5.83% floating interest rate construction loan through June 9, 2027. Such venture is also entitled, subject to the satisfaction of certain conditions, to further extend the loan maturity through June 2028.
Current report
In July 2026, we refinanced the maturing mortgage of $27.8 million (bearing an interest rate of 3.73%) on our Civic Center 2 - Southaven, MS property with a new mortgage of $47.9 million; such mortgage debt matures in August 2036, bears a fixed interest rate of 5.38% and is interest only through maturity (the "Civic 2 Refinancing").
Current report
During the quarter ending September 30, 2026, we have a maturing mortgage principal amount of $23.7 million and bearing an interest rate of 3.97%. We anticipate that (i) we will refinance this mortgage (the "Contemplated Refinancing") by obtaining new mortgage debt of approximately $27.2 million, (ii) the new debt will mature in 2036 and (iii) will carry a fixed interest rate of approximately 5.45%. We can provide no assurance that this refinancing will be completed or if completed will be on the indicated terms.
Current report
The Civic 2 Refinancing and Contemplated Refinancings are expected to result in a $23.6 million increase in mortgage debt and an increase in the respective weighted average interest rate from the current 4.21% to an estimated weighted average interest rate of 4.35%. As a result, our quarterly interest expense is anticipated to increase by approximately $480,000 per quarter (including $99,000 from unconsolidated joint ventures).
Current report
The increase is due primarily to (i) $177,000 in improvements to rental rates and occupancy rates; and (ii) $159,000 in other revenue (e.g., cable and cancellation fees).
Current report
Real estate operating expenses
Current report
The change is due primarily to increases of (i) $108,000, primarily in water and sewer, and trash removal charges; (ii) $107,000 in real estate taxes due to higher property value assessments at Crossings of Bellevue and Verandas at Alamo Ranch; (iii) $100,000 advertising and leasing costs; and (iv) $92,000 in payroll costs. The decrease was offset by a $118,000 decrease in insurance expense due lower premiums on our master insurance policy.
Current report
Contributing to the decreases were (i) a net $186,000 in non-cash expense related to reduced amortization of equity awards due to the accelerated vesting of restricted stock in prior periods upon the retirements of executives and less favorable assessments as to the achievability of metrics associated with restricted stock units ("RSUs") and (ii) $88,000 in payroll costs due to reductions in headcount and compensation levels.
Current report
Depreciation and amortization
Current report
The increase is due primarily to faster rates of depreciation associated with certain property improvements.
Current report
The decrease was offset by an improvement in results recognized at our same store unconsolidated properties.
Current report
Insurance recovery of casualty loss
Current report
During the three months ended June 30, 2025, we received $189,000 insurance reimbursements from casualty events that occurred at our Silvana Oaks property. There were no reimbursements in the corresponding period in 2026.
Current report
Results of Operations
Current report
Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025.
Current report
Revenues
Current report
The increase is due to (i) $690,000 increases in occupancy and rental rates and (ii) $226,000 in other revenue.
Current report
Loan interest and other income
Current report
The decrease is due primarily to decreased interest and investment income and the inclusion, in the corresponding period of 2025, of a gain associated with an easement sale.
Current report
Expenses
Current report
Real estate operating expenses
Current report
The change is due primarily to increases of (i) $166,000 in advertising and leasing costs; (ii) $111,000 in repairs and maintenance; (iii) $110,000 in miscellaneous expenses, and (iv) $84,000 in real estate taxes.
Current report
The increase was offset primarily by a $227,000 decrease in insurance expenses related to our master insurance policy.
Current report
Interest expense
Current report
The change is due primarily to the additional $720,000 mortgage interest expense related to the December Refinancings. The increase was offset primarily by a $121,000 decrease in such expense due to the decrease in the interest rate on our floating rate junior subordinated debt.
Current report
General and administrative
Current report
Contributing to the decreases were (i) a net $406,000 decrease in non-cash expense related to reduced amortization associated with equity awards due to the accelerated vesting of restricted stock in prior periods upon the retirements of executives, reversal of expenses associated with restricted stock units forfeited by retired employees, and a less favorable assessment as to the achievability of metrics associated with restricted stock units, (ii) the inclusion, in the corresponding period of 2025, of $110,000 in professional fees associated with out-of-scope audit procedures expensed in the six months ended June 30, 2025, and (iii) $83,000 in reduced payroll costs due to reduced headcount and compensation levels.
Current report
The decrease was offset primarily by a $123,000 increase in allocated expenses related to legal expense associated with increased acquisition and refinancing activity.
Current report
Depreciation and amortization
Current report
The increase is due primarily to faster rates of depreciation associated with certain property improvements.
Current report
Equity in (loss)earnings from unconsolidated joint ventures decreased to a loss of $309,000 for the six months ended June 30, 2026 from earnings of $712,000 for the six months ended June 30, 2025. The decrease is primarily due to our $1.2 million share of losses recognized at North/Oaks. Included in the losses are (i) $877,000 in depreciation of tangible assets, and (ii) $819,000 in amortization of lease intangibles. The lease intangibles will be fully amortized by September 30, 2026.
Current report
The decrease was offset by an improvement in results recognized at our same store unconsolidated properties.
Current report
Insurance recovery of casualty loss
Current report
During the six months ended June 30, 2026, we received $136,000 of insurance reimbursements from casualty events that occurred at our Bells Bluff and River Place properties compared to $257,000 of reimbursements received during the six months ended June 30, 2025.
Current report
FFO for the three months ended June 30, 2026 improved slightly on an absolute dollar basis from the corresponding quarter in the prior year primarily due to (i) an increase in rental revenues, and (ii) a decrease in expenses relating to equity awards. The improvement was offset by, among other things, by (i) an increase in interest expense, (ii) decrease in straight-line rent revenue related to concessions, (iii) a reduction in insurance recovery of casualty loss, and (iv) a decrease in other income.
Current report
AFFO for the three months ended June 30, 2026 improved nominally on an absolute dollar basis from the corresponding prior year due to the factors contributing to the changes in FFO, excluding the impact of straight-line rent revenue adjustments and expenses relating to equity awards.
Showing the first 40 of 44 passages. Open the source sections for the rest.
Removed paragraphs (6)
Previous report
As used herein, the term "same store properties" refers to multifamily properties that were wholly owned for the entirety of the periods presented. For the three months ended March 31, 2026 and 2025, all of our multifamily properties in our consolidated portfolio are same store properties.
Previous report
The increase is due primarily to improvements in rental (which include the effect of straight line rent adjustments related to rent concessions) and occupancy rates. Approximately $349,000 of the improvement pertains to Bells Bluff.
Previous report
Real estate operating expense
Previous report
The change is due primarily to decreases of $162,000 of payroll costs across the portfolio and $109,000 of insurance expenses due to lower premium rates. The decrease was offset by an increase of $182,000 of expense primarily due to remediating damage from casualty events at River Place and Bells Bluff.
Previous report
We believe that real estate operating expense will increase in 2026 due to, among other things, anticipated increases in payroll expense and that due to, among other things, the conflict in Iran, utility expense.
Previous report
Contributing to the change were decreases of (i) $220,000 of non-cash amortization expense associated with equity awards (including $94,000 related to the forfeiture of our former Chief Financial Officer's restricted stock units upon his retirement in February 2026), and (ii) $95,000 in professional fees associated with non-recurring out-of-scope audit procedures expensed in March 31, 2025.
Reworded paragraphs (14)
Previous wording
We own and operate multifamily properties. These properties may be wholly owned by us or by unconsolidated joint ventures in which we contributed a portion of the equity. At March 31, 2026, we: (i) wholly-own 21 multifamily properties with an aggregate of 5,420 units and a carrying value of $589.9 million; (ii) have ownership interests, through unconsolidated entities, in ten multifamily properties with 2,891 units and a carrying value of $44.8 million; (iii) have preferred equity interests in two multifamily properties with a carrying value of $17.7 million; and (iii) own other assets, through consolidated and unconsolidated subsidiaries, with a carrying value of $1.5 million. The 31 multifamily properties are located in 11 states; most of these properties are located in the Southeast United States and Texas.
Current wording
We own and operate multifamily properties. These properties may be wholly owned by us or by unconsolidated joint ventures in which we contributed a portion of the equity. At June 30, 2026, we: (i) wholly-own 21 multifamily properties with an aggregate of 5,420 units and a carrying value of $585.3 million; (ii) have ownership interests, through unconsolidated entities, in ten multifamily properties with 2,891 units and a carrying value of $43.3 million; (iii) have preferred equity interests in two multifamily properties with a carrying value of $17.8 million; and (iv) own other assets, through consolidated and unconsolidated subsidiaries, with a carrying value of $1.5 million. The 31 multifamily properties are located in 11 states; most of these properties are located in the Southeast United States and Texas.
Previous wording
We anticipate that our mortgage interest expense will increase as we refinance the aggregate $88.6 million and $65.9 million of principal balances of mortgage debt maturing in 2026 and 2027, respectively (including $61.0 million and $23.1 million of such principal balances at unconsolidated subsidiaries maturing in 2026 and 2027, respectively) because current comparable mortgage interest rates are generally higher than the weighted average interest rate on such maturing mortgages (i.e, the weighted average interest rate on the mortgages on our consolidated and unconsolidated properties maturing through December 31, 2027 is 4.40%) and the weighted average interest rate on the mortgage refinancing we completed in mid-December was 4.95%.
Current wording
We anticipate that our mortgage interest expense will increase as we refinance the aggregate $51.4 million and $103.1 million of principal balances of mortgage debt maturing in 2026 and 2027, respectively (including $23.7 million and $60.3 million of such principal balances at unconsolidated subsidiaries maturing in 2026 and 2027, respectively) because current comparable mortgage interest rates are generally higher than the weighted average interest rate on such maturing mortgages (i.e, the weighted average interest rate on the mortgages on our consolidated and unconsolidated properties maturing through December 31, 2027 is 4.40%) and the interest rate on the Civic 2 Refinancing we completed in mid-July was 5.38%.
Previous wording
The change is due primarily to the additional $357,000 mortgage interest expense related to the refinancing of the River Place, Boerne and Civic 1 mortgages in December 2025 which added $29 million to our debt and at a higher interest rate (a weighted average interest rate of 4.95%) than the debt that was paid off.
Current wording
The change is due primarily to the additional $363,000 mortgage interest expense related to the refinancing of the River Place, Boerne and Civic 1 mortgages in December 2025 (collectively, the "December Refinancings") which added $29 million to our debt at a higher interest rate (a weighted average interest rate of 4.95%) than the debt that was paid off.
Previous wording
Equity in earnings of unconsolidated joint ventures
Current wording
Equity in (loss) earnings of unconsolidated joint ventures
Previous wording
Equity in earnings from unconsolidated joint ventures decreased to a loss of $308,000 for the three months ended March 31, 2026 from earnings of $413,000 for the three months ended March 31, 2025. Approximately $675,000 of the change is due to our share of operating losses at properties acquired subsequent to the quarter ended March 31, 2025, (i.e., 1322 North and Oaks at Victory). For the three month period ended March 31, 2026, the operating loss included $557,000 in non-cash amortization of lease intangibles acquired in such purchases. We anticipate that $262,000 and $121,000 of the non-cash expense associated with the amortization of these lease intangibles will be incurred for the three month periods ending June 30, 2026 and September 30, 2026, respectively, at which point such intangibles will be fully amortized.
Current wording
Equity in (loss) earnings from unconsolidated joint ventures decreased to a loss of $1,000 for the three months ended June 30, 2026 from earnings of $299,000 for the three months ended June 30, 2025. The decrease is primarily due to our share of losses at properties acquired subsequent to the quarter ended June 30, 2025 (i.e., 1322 North and Oaks at Victory, collectively, "North/Oaks") including (i) $445,000 in depreciation of tangible assets, and (ii) $262,000 in amortization of lease intangibles. We anticipate that $121,000 in amortization of these lease intangibles will be incurred for the three months ending September 30, 2026, at which point such intangibles will be fully amortized.
Previous wording
We require funds to pay operating expenses and debt service obligations, acquire and/or invest in properties (including alternative investments), make capital and other improvements, fund capital contributions, pay dividends and continue to repurchase our common stock. Generally, our primary sources of capital and liquidity are the operations of our multifamily properties (including distributions and/or income from the preferred equity investments and the operations of the unconsolidated multifamily properties), mortgage debt financings and re-financings (including proceeds (in excess of refinanced amounts), from the refinancing of properties that appreciated in value since the original financing), property sales, the issuance of shares of our common stock pursuant to our at-the-market distribution and dividend reinvestment programs, borrowings from our credit facility and our available cash. At May 1, 2026, our available liquidity was approximately $61.8 million, including $21.8 million of cash and cash equivalents and $40 million available under our credit facility.
Current wording
We require funds to pay operating expenses and debt service obligations, acquire and/or invest in properties (including alternative investments), make capital and other improvements, fund capital contributions, pay dividends and to continue to repurchase our common stock. Generally, our primary sources of capital and liquidity are the operations of our multifamily properties (including distributions and/or income from the preferred equity investments and the operations of the unconsolidated multifamily properties), mortgage debt financings and refinancings (including proceeds (in excess of refinanced amounts), from the refinancing of properties that appreciated in value since the original financing), property sales, the issuance of shares of our common stock pursuant to our at-the-market distribution and dividend reinvestment programs, borrowings from our credit facility and our available cash. At August 3, 2026, our available liquidity was approximately $53 million, including $13 million of cash and cash equivalents and $40 million available under our credit facility.
Previous wording
We anticipate that from April 1, 2026 through December 31, 2028, our operating expenses, $88.4 million of mortgage amortization and interest expense (including $29.7 million from unconsolidated joint ventures), $88.6 million, $65.9 million and $104.6 million of balloon payments with respect to mortgages maturing in 2026, 2027 and 2028, respectively (including $61.0 million, $23.1 million and $66.6 million maturing in 2026, 2027 and 2028, respectively, from unconsolidated joint ventures), interest expense on our junior subordinated notes, estimated cash dividend payments of at least $52.2 million (assuming (i) the current quarterly dividend rate of $0.25 per share and (ii) 19.0 million shares outstanding), will be funded in part from cash generated from operations (including distributions from unconsolidated joint ventures). Our operating cash flow and available cash is insufficient to fully fund the $259.1 million (including $150.7 million at unconsolidated joint ventures) of balloon payments due through 2028, and if we are unable to refinance such debt on acceptable terms, we may need to issue additional equity or dispose of properties, in each case on potentially unfavorable terms.
Current wording
We anticipate that from July 1, 2026 through December 31, 2028, our operating expenses, $80.6 million of mortgage amortization and interest expense (including $28.0 million from unconsolidated joint ventures), $51.4 million, $103.1 million and $104.6 million of balloon payments with respect to mortgages maturing in 2026, 2027 and 2028, respectively (including $23.7 million, $60.3 million and $66.7 million maturing in 2026, 2027 and 2028, respectively, from unconsolidated joint ventures), interest expense on our junior subordinated notes, estimated cash dividend payments of at least $46.9 million (assuming (i) the current quarterly dividend rate of $0.25 per share and (ii) 18.8 million shares outstanding), will be funded in part from cash generated from operations (including distributions from unconsolidated joint ventures). Our operating cash flow and available cash is insufficient to fully fund the $259.1 million (including $150.7 million at unconsolidated joint ventures) of balloon payments due through 2028, and if we are unable to refinance such debt on acceptable terms, we may need to issue additional equity or dispose of properties, in each case on potentially unfavorable terms.
Previous wording
Our ability to acquire or invest in additional multifamily property opportunities and implement value-add projects is limited by our available cash and our ability to (i) draw on our credit facility, (ii) obtain, on acceptable terms, mortgage debt from lenders, (iii) obtain proceeds from the sale and/or refinancing of properties that have appreciated in value, and (iv) raise capital from the sale of our common stock.
Current wording
Our ability to acquire or invest in additional multifamily property opportunities and implement value-add projects is limited by our available cash and our ability to (i) draw on our credit facility, (ii) obtain, on acceptable terms, mortgage debt from lenders, (iii) obtain proceeds from the sale and/or refinancing of properties that have appreciated in value, and (iv) raise capital from the issuance of our common stock.
Previous wording
At March 31, 2026, we had mortgage debt of $762.4 million (including $287.6 million of mortgage debt at of our unconsolidated subsidiaries). The mortgage debt at our: (i) consolidated properties had a weighted average interest rate of 4.22% and a weighted average remaining term to maturity of approximately 6.1 years, and (ii) at our unconsolidated subsidiaries had a weighted average interest rate of 4.19% and a remaining term to maturity of approximately 3.1 years.
Current wording
At June 30, 2026, we had mortgage debt of $760.3 million (including $286.6 million of mortgage debt at of our unconsolidated subsidiaries). Our unconsolidated mortgage debt of $286.6 million is gross of $1.8 million in fair market value adjustments. The mortgage debt at our: (i) consolidated properties had a weighted average interest rate of 4.22% and a weighted average remaining term to maturity of approximately 5.9 years, and (ii) at our unconsolidated subsidiaries had a weighted average interest rate of 4.19% and a remaining term to maturity of approximately 3.1 years.
Previous wording
As of March 31, 2026, $37.4 million (excluding deferred costs of $212,000) in principal amount of our junior subordinated notes is outstanding. These notes mature in April 2036, contain limited covenants (including covenants prohibiting us from paying dividends or repurchasing capital stock if there is an event of default (as defined therein) on these notes), are redeemable at our option and bear an interest rate, which resets and is payable quarterly, at a rate of three-month term SOFR plus 250 basis points. At March 31, 2026 and 2025, the interest rate on these notes was 5.94% and 6.55%, respectively.
Current wording
As of June 30, 2026, $37.4 million (excluding deferred costs of $207,000) in principal amount of our junior subordinated notes is outstanding. These notes mature in April 2036, contain limited covenants (including covenants prohibiting us from paying dividends or repurchasing capital stock if there is an event of default (as defined therein) on these notes), are redeemable at our option and bear an interest rate, which resets and is payable quarterly, at a rate of three-month term SOFR plus 250 basis points. At June 30, 2026 and 2025, the interest rate on these notes was 5.93% and 6.54%, respectively.
Previous wording
At March 31, 2026, we are joint venture partners in unconsolidated joint ventures which own ten multifamily properties and the distributions to us from these joint venture properties of $1.0 million during the three months ended March 31, 2026 contributed to our liquidity and cash flow. Further, we may be required to make significant capital contributions with respect to these properties. At March 31, 2026, our investments in these joint venture properties had a net-equity carrying value of $44.8 million. The underlying properties are subject to mortgage debt, which is not reflected on our consolidated balance sheet, of $287.6 million. Although BRT Apartments Corp. is not the obligor with respect to such mortgage debt, the loss of any of these properties due to mortgage foreclosure or similar proceedings would have a material adverse effect on our results of operations and financial condition. See note 9 to our consolidated financial statements.
Current wording
At June 30, 2026, we are joint venture partners in unconsolidated joint ventures which own ten multifamily properties. Our investments in these joint venture properties had a net-equity carrying value of $43.3 million and the distributions to us from these joint venture properties during the three months ended June 30, 2026 contributed $1.3 million to our liquidity and cash flow. We may be required to make significant capital contributions with respect to these properties. The underlying properties are subject to mortgage debt, which is not reflected on our consolidated balance sheet, of $286.6 million. Although BRT Apartments Corp. is not the obligor with respect to such mortgage debt, the loss of any of these properties due to mortgage foreclosure or similar proceedings would have a material adverse effect on our results of operations and financial condition. See note 9 to our consolidated financial statements.
Previous wording
At March 31, 2026, we had preferred equity investments in two multifamily properties and during the quarter ended March 31, 2026, we generated $313,000 of loan interest income from these investments. At March 31, 2026, these investments had a carrying value of $17.7 million, are unsecured and are structurally subordinate to (including the payment of the returns thereon), an aggregate of $50.9 million of mortgage debt (which is not reflected on our consolidated balance sheet) bearing a weighted average interest rate of 4.81% and a weighted average remaining term to maturity of 4.6 years. Although we are not the obligor with respect to such mortgage debt, the loss of any of these investments due to mortgage foreclosure or similar proceedings would have a material adverse effect on our results of operations and financial condition. See note 6 to our consolidated financial statements.
Current wording
At June 30, 2026, we had preferred equity investments in two multifamily properties and during the quarter ended June 30, 2026, we generated $322,000 of loan interest income from these investments. At June 30, 2026, these investments had a carrying value of $17.8 million, are unsecured and are structurally subordinate to (including the payment of the returns thereon), an aggregate of $50.8 million of mortgage debt (which is not reflected on our consolidated balance sheet) bearing a weighted average interest rate of 4.81% and a weighted average remaining term to maturity of 4.36 years. Although we are not the obligor with respect to such mortgage debt, the loss of any of these investments due to mortgage foreclosure or similar proceedings would have a material adverse effect on our results of operations and financial condition. See note 6 to our consolidated financial statements.
Previous wording
FFO for the three months ended March 31, 2026 increased from the corresponding quarter in the prior year primarily due to (i) an improvement in operating margins (including an increase in rental revenues and a decrease in operating expenses), (ii) the effect of changes in straight-line rent adjustments related to concessions, and (iii) decrease in expenses relating to equity awards. The increase was offset primarily by an increase in interest expense. See "Results of Operations - Three Months Ended March 31, 2026 compared to three months ended March 31, 2025" for a discussion of these changes.
Current wording
FFO for the six months ended June 30, 2026 increased on an absolute dollar basis from the corresponding period in the prior year primarily due to (i) an improvement in operating margins due to an increase in rental revenues, and (ii) a decrease in expenses relating to equity awards. The increase was offset primarily by (i) an increase in interest expense, (ii) a decrease in other income, and (iii) a reduction in insurance recovery of casualty loss.
Previous wording
For the three months ended March 31, 2026, NOI increased from the corresponding period in 2025 primarily due to a $579,000 increase in rental revenue. See"Results of Operations - Three Months Ended March 31, 2026 Compared to the Three Months ended March 31, 2025" for a discussion of these changes.
Current wording
For the three months ended June 30, 2026, NOI increased from the corresponding period in 2025 primarily due to a $336,000 increase in rental revenue offset by a $258,000 increase in real estate operating expenses. See"Results of Operations - Three Months Ended June 30, 2026 Compared to the Three Months ended June 30, 2025" for a discussion of these changes.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The following table compares our revenues for the periods indicated:
Current report — wording carried from elsewhere
Rental and other revenue from real estate properties
Current report — wording carried from elsewhere
The following table compares our expenses for the periods indicated:
Current report — wording carried from elsewhere
Equity in (loss) earnings of unconsolidated joint ventures
Current report — wording carried from elsewhere
Three Months Ended June 30, 2026 and 2025
Current report — wording carried from elsewhere
See "Results of Operations - Three Months Ended June 30, 2026 compared to three months ended June 30, 2025" for a discussion of these changes.