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BRT Apartments (NYSE: BRT) plans $80M Ranch Lake multifamily acquisition

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

BRT Apartments Corp. plans to acquire Ranch Lake Apartments, a 336‑unit multifamily property in Bradenton, Florida, for approximately $80 million, including assumption of an existing $45.7 million HUD‑insured mortgage. The mortgage bears a 2.91% interest rate and matures in 2056.

The company expects to fund the roughly $38 million balance, including closing costs and working capital reserves, through refinancings of appreciated properties, potential property sales and its credit facility. Based on unaudited seller data, the property generated $1.824 million in revenue and $765,000 in real estate operating expenses for the three months ended April 30, 2026, and $7.403 million in revenue and $3.176 million in expenses for the twelve months ended that date.

The company notes a challenging operating environment for multifamily assets in Bradenton and cautions that operating results at closing may be less favorable than these figures. Closing, anticipated in the fourth quarter of 2026 or first quarter of 2027, remains subject to due diligence, HUD and lender approval of the mortgage assumption, and other customary conditions, and there is no assurance the deal will close or be accretive to earnings.

Positive

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Insights

BRT outlines a leveraged Florida acquisition with clear risks and contingencies.

BRT Apartments Corp. intends to acquire a 336‑unit Bradenton, Florida property for about $80 million, assuming a long‑dated HUD‑insured mortgage of $45.7 million at a 2.91% rate. The remaining roughly $38 million is expected from refinancings, property sales and its credit facility, indicating a blend of asset recycling and debt usage.

Seller‑provided unaudited figures show twelve‑month revenue of $7.403 million and real estate operating expenses of $3.176 million through April 30, 2026. However, the company explicitly cites a challenging operating environment for Bradenton multifamily assets and warns actual results at closing may be less favorable, so historical numbers may not represent future performance.

Completion is contingent on satisfactory due diligence, HUD and lender approval of the mortgage assumption, and customary conditions, with targeted closing in late 2026 or early 2027. The company also states there is no assurance the transaction will close or be accretive to earnings, so the ultimate financial impact will depend on these approvals and the property’s operating performance after closing.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Purchase price $80 million Approximate price for Ranch Lake Apartments acquisition
Assumed mortgage $45.7 million HUD-insured mortgage to be assumed with 2.91% rate
Mortgage interest rate 2.91% Interest rate on HUD-insured mortgage maturing 2056
Balance to be funded $38 million Approximate remaining purchase price, closing costs and reserves
Quarterly revenue $1.824 million Revenues for three months ended April 30, 2026 (unaudited seller data)
Quarterly operating expenses $765,000 Real estate operating expenses for three months ended April 30, 2026
Annual revenue $7.403 million Revenues for twelve months ended April 30, 2026
Annual operating expenses $3.176 million Real estate operating expenses for twelve months ended April 30, 2026
HUD regulatory
"including the assumption of an approximately $45.7 million mortgage insured by HUD."
mortgage assumption financial
"HUD and lender approval of the mortgage assumption, and other customary closing conditions."
working capital reserves financial
"We anticipate funding the approximate $38 million balance of the purchase price (including closing costs and working capital reserves) from refinancings..."
Working capital reserves are the cash and short-term assets a company keeps on hand to pay daily bills, buy inventory, and cover short-term obligations without selling long-term assets or borrowing. Investors watch this like an emergency fund for a household: healthy reserves signal a company can keep operating through slow periods or unexpected costs, while thin reserves increase the risk of needing urgent financing or cutting operations.
real estate operating expenses financial
"the revenues and real estate operating expenses for the Property were as follows for the indicated periods"
customary closing conditions regulatory
"subject to, among other things, the satisfactory completion of our due diligence investigation, HUD and lender approval of the mortgage assumption, and other customary closing conditions."
"Customary closing conditions" are standard rules or checks that must be met before a business deal can be finalized, like making sure all paperwork is in order or that certain approvals are obtained. They matter because they help protect both parties, ensuring everything is in place and reducing the risk of surprises or problems after the deal is closed.
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false000001484600000148462026-06-022026-06-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT


Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 2, 2026

BRT APARTMENTS CORP.
(Exact name of Registrant as specified in charter)
Maryland001-0717213-2755856
(State or other jurisdiction of incorporation)(Commission file No.)(IRS Employer I.D. No.)


60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: 516-466-3100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBRTNYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 8.01     Other Events


On June 2, 2026, we entered into an agreement to acquire Ranch Lake Apartments, a 336-unit multifamily property (the “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 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 fourth quarter of 2026 or the first quarter of 2027, is subject to, among other things, the satisfactory completion of our due diligence investigation, HUD and lender approval of the mortgage assumption, and other customary closing conditions. We anticipate funding the approximate $38 million balance of the purchase price (including closing costs and working capital reserves) from refinancings of properties that have appreciated in value, property sale(s) and our credit facility.

Based on information provided by the seller (which information has not been audited or reviewed by our independent auditors), the revenues and real estate operating expenses for the Property were as follows for the indicated periods (dollars in thousands):

Three Months Ended
April 30, 2026		Twelve Months Ended April 30, 2026
Revenues$1,824 $7,403 
Real estate operating expenses$765 $3,176 


We are aware of the challenging operating environment currently affecting multifamily properties in Bradenton, Florida and anticipate that the Property’s operating results at closing may be less favorable than presented above. We can provide no assurance that this transaction will be completed or that if completed, that it will be accretive to earnings.





Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.Description
101Cover Page Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document





SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRT APARTMENTS CORP.
June 4, 2026/s/ Isaac Kalish
Isaac Kalish
Chief Financial Officer and Senior Vice President

Source: View Original Filing on SEC EDGAR

FAQ

What property is BRT (BRT) planning to acquire in this 8-K?

BRT Apartments Corp. plans to acquire Ranch Lake Apartments, a 336‑unit multifamily property in Bradenton, Florida. The property adds scale in a single asset and comes with an existing HUD‑insured mortgage that BRT intends to assume, subject to approvals and closing conditions.

What is the purchase price and financing structure for BRT’s Ranch Lake Apartments deal?

The planned purchase price is approximately $80 million, including assumption of a $45.7 million HUD‑insured mortgage at 2.91% interest, maturing in 2056. BRT expects to fund the roughly $38 million remaining balance, plus closing costs and reserves, through refinancings, property sales and its credit facility.

When does BRT (BRT) expect the Ranch Lake Apartments acquisition to close?

BRT anticipates closing the Ranch Lake Apartments acquisition in the fourth quarter of 2026 or the first quarter of 2027. Closing remains subject to satisfactory due diligence, HUD and lender approval of the mortgage assumption, and other customary closing conditions, so timing and completion are not guaranteed.

How have Ranch Lake Apartments performed financially based on seller data?

Seller‑provided, unaudited data show Ranch Lake Apartments generated $1.824 million in revenue and $765,000 in real estate operating expenses for the three months ended April 30, 2026, and $7.403 million in revenue and $3.176 million in expenses for the twelve months ended on that date.

What risks does BRT highlight about the Ranch Lake Apartments acquisition?

BRT notes a challenging operating environment for multifamily properties in Bradenton, Florida, and expects operating results at closing may be less favorable than recent figures. It also states there is no assurance the transaction will be completed or, if completed, that it will be accretive to earnings.

What approvals are required for BRT (BRT) to assume the Ranch Lake mortgage?

Assuming the approximately $45.7 million HUD‑insured mortgage requires approval from both HUD and the mortgage lender. The acquisition is also contingent on satisfactory due diligence and other customary closing conditions, so these approvals are key steps before the transaction can close.

Filing Exhibits & Attachments

3 documents

Other Documents