BRT

Business Context and Reporting Period

Company: BRT Apartments Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: January 11, 2018
Event: Entry into a Material Definitive Agreement regarding an equity distribution program.

Key Financial Metrics

This filing does not report operational financial metrics such as revenue, profit, cash flow, margins, or debt levels. The primary financial data points relate to the proposed capital raise:

• Aggregate Sales Price Cap: Up to $20,000,000.
• Commission Rate: Up to 3.0% of the gross sales price per share.
• Expense Reimbursement Cap: Up to $35,000 for Sales Agents.

Material Changes

On January 11, 2018, the Company entered into separate Equity Distribution Agreements (Sales Agreements) with three Sales Agents: Compass Point Research and Trading, LLC, B. Riley FBR, Inc., and BTIG, LLC. This establishes an "at-the-market" equity offering program to sell shares of common stock. The filing does not provide comparative financial data against prior periods as it is a transactional report rather than a periodic financial statement.

Guidance, Outlook, and Risks

Program Terms:

• The offering will be conducted under Rule 415 of the Securities Act of 1933.
• The Company is not obligated to sell any shares and may suspend solicitation at any time.
• The program terminates upon the sale of shares with an aggregate offering price of $20 million or upon termination of the agreements.

Risks and Contingencies:

• Sales Agents and their affiliates may hold long or short positions in the Company's equity securities or loans.
• Sales Agents may effect transactions for their own account or for customers.
• The offering is subject to state securities laws and registration requirements.

Management Commentary: The filing contains no forward-looking guidance on operations or earnings, focusing solely on the mechanics of the equity distribution.

Investor Verification Checklist

• Verify the current market price of BRT Apartments Corp. common stock to assess potential dilution from the $20 million offering.
• Review the full text of the Equity Distribution Agreement (Exhibit 1.1) for specific termination rights and conditions.
• Check the Company's shelf registration statement (File No. 333-213162) for the total number of shares registered and previously sold.
• Monitor subsequent filings to determine if and when shares are actually sold under this program.