#1MERCER CROSSING NO PARKING BRT APARTMENTS Mercer Crossing - Dallas, TX The Avenue - Ocoee, FL Pointe at Lenox Park - Atlanta, GA Investor Presentation March 2021#2BRT APARTMENTS Safe Harbor Certain information contained in this presentation, together with other statements and information publicly disseminated by BRT Apartments Corp. (the "Company"), constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements involve assumptions and forecasts that are based upon our current assessments of certain trends, risks and uncertainties, which assumptions appear to be reasonable to us at the time they are made. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for the purpose of complying with these safe harbor provisions. Information regarding certain important factors that could cause actual outcomes or other events to differ materially from any such forward-looking statements appear in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the Quarterly Reports on Form 10-Q filed with the SEC thereafter, and in particular, the sections of such documents entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results or performance referred to above. We undertake no obligation to publicly update or revise any forward-looking statements included in this presentation, whether as a result of new information, future events or otherwise.#3BRT Apartments is an owner and operator of Class B and B+ value-add and select Class A multi-family assets primarily in superior Sun Belt locations. The Company uses its expert real estate and investment experience to maximize risk-adjusted return for its stockholders. Parkway Grande - San Marcos, TX Vanguard Heights - Creve Coeur, MO Verandas at Alamo Ranch - San Antonio, TX#4Investments Highlights BRT APARTMENTS 2 Differentiated Strategy ■ Focused on growth markets, targeting assets where we can create value using repositioning and renovation programs ■ Extensive JV network mitigating risk and expanding our ability to grow into ideal markets ☐ Purchase price between $20 million and $100 million with BRT's equity contribution of between $2 million and $20 million ☐ Stable Portfolio and Historically Robust Pipeline Primarily acquire properties with 90+% occupancy Historically strong deal flow from existing network of partners and brokers Proven Management team, closely aligned with Stockholders Management and affiliates owns 37%¹ of the Company's total equity ■ Internalized management ■ Attractive annual dividend yield of 4.5%² Scalable Growth Opportunity Target assets in the Sun Belt with favorable demographics ☐ Historically high job growth Outsized population growth PAGE 4 [1] Management ownership percentage as of March 17, 2021 [2] Dividend yield based on financials as of March 17, 2021#5Capitalizing on Favorable Multi-Family Trends BRT Multi-family apartments have seen tremendous growth in recent years due to high demand, driven partially by millennial's preference to rent rather than to buy APARTMENTS ■ Focus on opportunities in Sun Belt markets where we anticipate cap rates will be attractive due to positive net migration in the millennial age group moving into the area ■ Middle class renters who are more likely to rent Class B, or better, apartments drive demand in our markets 30.0% 25.0% 21.9% 20.0% 18.3% 16.1% 15.0% 25.8% 18.9% 11.4% 10.3% 9.7% 9.6% 9.4% 8.8% 10.0% 7.4% 7.2% 5.3% 4.9% 4.4% 4.1% 5.0% 1.8% 0.0% Charleston, SC Dallas, TX San Antonio, TX Houston, TX Nashville, TN Atlanta, GA Columbia, SC United States Gateway Markets ■Employment Growth (2014-2020) ■Expected Population Growth (2020-2025) Source: SNL, Bureau of Labor Statistics, U.S. Census PAGE 5 Note: Employment growth uses employment figures ending in December 31, 2020 [1] 2025 population numbers used to calculate expected population growth are estimates#6Proven Senior Management Team More than 35 Years experience in Multi-family PAGE 6 BRT APARTMENTS Jeffrey A. Gould, President and CEO President and CEO since 2002 Senior Vice President and Member of the Board of Directors of One Liberty Properties, Inc. (NYSE: OLP) since 1999 Vice President of Georgetown Partners, Inc., managing general partner of Gould Investors L.P. since 1996 David W. Kalish, Senior Vice President Finance George E. Zweier, Chief Financial Officer Vice President and CFO Ryan W. Baltimore, Senior Vice President Corporate Strategy and Finance Mitchell K. Gould, Executive Vice President Acquisitions and Asset Management#7Decades of Demonstrated Success in Multi-Family Timeline of Business Operations BRT APARTMENTS 1983-2011 2011 - 2016 ☐ ☐ 2017-2020 2021 ☐ ☐ हद ☐☐ ■ Engaged in lending on commercial and mixed use properties ■ Significant involvement in multi-family apartments and other real estate assets ■ Commenced multi-family investing strategy ■ Fully exited lending and servicing business ■ Announced internalization of management ■ Acquired 45 properties with 13,734 units ■Sold 13 properties with 4,397 units ■ Announced quarterly dividend of $0.18 per share in 2017 ■Increased quarterly dividend to $0.20 per share in 2018 ■Increased quarterly dividend further to $0.22 per share in 2019 Acquired 18 properties with 5,112 units ■Sold 11 properties with 3,407 units ■ Announced 2 dispositions and anticipate being net sellers in 2021 given the compressed cap rate environment. ■Will take advantage of further dispositions where we believe we can capture embedded value ■Potential deleveraging opportunity with use of proceeds ■Continue monitoring the markets and looking for accretive acquisition opportunities where available PAGE 7 Source: Company Filings Note: Some numbers reflect development/lease-up units#8BRT's Total Return Since 2017 BRT APARTMENTS ■ Since January 1, 2017, BRT's total return has been 198.6%, outperforming both the S&P 500 and the MSCI U.S. REIT Index over the same time period by 110.6% and 175.8%, respectively 220.0% 180.0% 140.0% 100.0% 60.0% 20.0% (20.0%) Jan-17 Mar-17 May-17 Source: SNL Note: As of March 11, 2021 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 PAGE 8 -BRT -S&P 500 -RMZ Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Ультра Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 198.6% 88.0% 22.8%#9Differentiated Strategy Creating Meaningful Value Focus on Growth Markets ■ Target assets with high NOI growth potential ■ Create value through re-tenanting, repositioning, and value-add renovations " Growth through active property management ■ High barriers to entry; minimal new development; less institutional competition ■ JV structure leverages local expertise of joint venture partner network JV-Centric ■ Superior flexibility to grow or exit markets versus vertically-integrated REITS Strategy BRT APARTMENTS ■ Ability to pursue direct acquisitions of properties or buy outs of partners' equity interest on an opportunistic basis Proven Access to Investment Opportunities ■ Significant access to buying opportunities from strong JV partner network Broad network of third party management companies and partner relationships ■ Flexible acquisition and funding profile; focus on one-off opportunities where major institutional buyers are not active BRT's niche is the less competitive, higher returning properties worth up to $100 million PAGE 9#10Joint Venture Strategy Creating Value through Strong Operating Partnerships Strong Deal Flow Flexibility BRT APARTMENTS Generate opportunities from both existing partners and potential partners through a strong network built from the successful lending platform and equity partnerships in the past Have never advertised publicly ■ Ability to enter and exit markets through a strong network ■ High "hit-rate" and efficiencies on deals as we only review deals when under contract Have the ability to choose best-in-class third party management companies where the partners do not have a vertically integrated platform Value-Creation through Local Partners Local operators with expertise in specific markets provide value-added opportunities through extensive market knowledge ■ Able to get "off-market" deals through the partners' relationships with local brokers and owners PAGE 10#11Acquisition Approach and Strategy Harnessing Partner Network to Facilitate Capital Deployment PAGE 11 ACTIVE CAPITAL PARTNER CONSERVATIVE UNDERWRITING BRT APARTMENTS TYPICAL DEAL METRICS Actively involved in operations and asset management Strong local partner expertise accelerates site selection and enhances diligence process Efficient underwriting: management primarily considers deals already under contract by JV Partner, resulting in a high "hit rate" Leverages relationship with JV partner to enhance quality of due diligence Working with partner maximizes ability to hone in on best locations for investment $4 million to $20 million equity investment Generally provide 65% to 80% of equity requirement, pari passu 60% 65% LTV first mortgage financing Targeted 6% to 7% cash- on-cash yield day one Targeted 10% to 20% IRR Willing to take preferred/ senior equity position to enhance returns and mitigate risk#12Focus on Growth Markets Strategically Diversified in Sun Belt Markets BRT APARTMENTS RA A STATE PROPERTIES² UNITS² % of NOI CONTRIBUTION³ Texas 10 Georgia 95 3,025 21% 5 KEY PORTFOLIO FIGURES Average Monthly Rental Rate 3,5 $1,088 Average Property Age (Years) 2,3 20 Average Cost per Unit4 $129.4k 1,545 15% South Carolina 5 1,391 11% Florida 4 1,248 12% Geographically Diverse Portfolio Alabama 4 940 10% Mississippi 2 776 7% Tennessee 2 702 6% North Carolina 2 576 5% Missouri 3 355 5% Ohio 1 264 3% Virginia 1 220 5% Other¹ 2% TOTAL 39 Source: Company Filings, SNL 11,042 100% [1] Primarily reflects amounts from properties related to a commercial leasehold position in Yonkers, NY [2] As of December 31, 2020 [3] For the quarter ending December 31, 2020. See appendix for an explanation of the manner in which net operating income, or NOI, is calculated. PAGE 12 [4] Average cost includes total capitalization for renovations [5] Reflects stabilized properties#13Partnering with Private Owner/Operators Strong partnerships with national operators who manage/own 100,000+ units E ELECTRA AMERICA BH MANAGEMENT SERVICES, LLC BRT APARTMENTS • MLG Capital Somerset Partners PAGE 13 Note: Select group of BRT partners#14Upside in Rents Due to Strong Value-Add Program and Stable Occupancy AVERAGE RENT PER UNIT1 BRT APARTMENTS PORTFOLIO OCCUPANCY¹ $1,400 $1,390 $1,315 100.0% 94.1% 94.5% 95.0% 95.4% 95.6% $1,200 $1,128 $1,136 $1,088 90.0% $1,000 80.0% $800 $600 70.0% $400 60.0% $200 $0 50.0% BRT NXRT IRT BRG APTS NXRT BRT IRT BRG APTS 35 30 25 20 33122 1 AVERAGE AGE OF PROPERTY (YEARS)1 18 17 20 20 33 33 6.0% 4.0% Q4 2020 SAME STORE NOI GROWTH² 3.2% 2.9% 4.4% 15 2.0% 10 6 5 0.7% 0.2% 0 0.0% APTS BRG IRT BRT NXRT BRG APTS BRT NXRT IRT Source: Company Filings, SNL PAGE 14 [1] As of the quarter ending December 31, 2020 [2] Q4 2019 to Q4 2020#15Sample Acquisitions THE VILLAGE AT LAKESIDE BRT APARTMENTS ABBOTTS RUN ■ Projected stabilized cap rate: 5.7% Purchase price: $18.4 million ■Location: Auburn, AL ■ Number of units: 200 Value Add ■ Projected stabilized cap rate: 7.7% ■ Purchase price: $38.0 million Location: Wilmington, NC ■ Number of units: 264 ■ Value Add THE VIVE AT KELLSWATER SOMERSET AT TRUSSVILLE ■ Projected stabilized cap rate: 5.2% Purchase price: $48.6 million Location: Kannapolis, NC Number of units: 312 Projected stabilized cap rate: 6.0% ■ Purchase price: $43.0 million Location: Birmingham, AL Number of units: 328 Value Add PAGE 15 Source: Company Filings#16History of Value Creation Dispositions BRT APARTMENTS N BRT SHARE OF GAIN ON SALE1 DISPOSITION DATE PROPERTY NAME LOCATION # OF UNITS IRR1 Jul-15 Ivy Ridge Marietta, GA 207 $4.6mm 31.7% Mar-16 Grove at Trinity Pointe Cordova, TN 464 $4.5mm 21.2% Mar-16 Mountain Park Estates Kennesaw, GA 450 $6.3mm 26.0% Apr-16 Courtney Station Pooler, GA 300 $4.3mm 13.0% Jun-16 Madison at Schilling Farms Collierville, TN 324 $3.7mm 10.0% Jun-16 Village Green Little Rock, AK 172 $0.4mm 10.0% Sep-16 Sundance Wichita, KS 496 $5.4mm 32.0% Oct-16 Southridge Greenville, SC 350 $9.2mm 27.0% Oct-16 Spring Valley Panama City, FL 160 $3.9mm 37.0% Nov-16 Sandtown Vista Atlanta, GA 350 $4.7mm 40.2% Nov-16 Autumn Brook Hixson, TN 156 $0.5mm -5.1% Jul-17 Meadowbrook Humble, TX 260 $4.6mm 23.5%2 Jul-17 Parkside Humble, TX 160 $2.8mm 23.5%2 Jul-17 Ashwood Park Pasadena, TX 144 $1.7mm 23.5%2 Oct-17 Waverly Place Apartments Melborune, FL 208 $10.0mm 25.0%³ Feb-18 Fountains Palm Beach Gardens, FL 542 $21.2mm 25.0%³ Feb-18 Apartments at the Venue Valley, AL 618 $5.2mm 15.7% Nov-18 The Factory at Garco Park North Charleston, SC 271 $6.2mm 20.0% Dec-18 Cedar Lakes Lake St. Louis, MO 420 $5.6mm 15.9% Jul-19 Dec-19 Stonecrossing Waterside Houston, TX Indianapolois, IN 384 $9.0mm 18.3% 400 $9.8mm 23.2% TOTAL 6,836 $123.6mm PAGE 16 Source: Company Filings Note: As of December 31, 2020 [1] Net to BRT after paying distributions to Joint Venture partners [2,3] Represents IRRS for portfolio of properties in a crossed joint venture#17Value-Add Case Study: Mississippi Portfolio Southhaven, MS PROPERTY DESCRIPTION 2 class B multi-family properties located in Southaven, Mississippi. ■ ☐ Built in 2002, 2005 and 2006 ■ 776 total units ☐ 324 units have been renovated as of 7/31/2020. ■ PAGE 17 Property Civic Center 1 Civic Center 2 ウ BRT APARTMENTS ACQUISITION DATA Civic Center 1 purchased for $35mm, or $89,286, per unit Civic Center 2 purchased for $38.205mm, or $99,492, per unit Blended acquisition cap rate of 6.1% (based on projected NOI and total cost) Civic 1 capex budget of $1.940,400 or $4,950, per unit Civic 2 capex budget of $1,655,800 or per unit 4,312, per unit VALUE ADD UPGRADES Upgraded interior units with new cabinet doors, resurface countertop, new lighting fixtures, new vinyl flooring in the kitchens and bathrooms, new paint color scheme, new USB outlets in Kitchen. Some units also received a new appliance package in the kitchen. ■ Targeted upgrades that result in the highest return on investment. Before Renovation After Renovation VALUE ADD PROGRAM RETURN ON INVESTMENT Average Cost Per Unit Average Rent Increase ROI $4,282 $4,601 $92 $103 26% 27%#18Development Transactions Superior Locations with Limited New Supply BRT APARTMENTS Pursue Class A / A+ new construction in emerging Southeast US markets Willing to provide at least 50% of the required equity with well- capitalized development partners ☐ Garden style or mid-rise construction Targeting unlevered stabilized return of at least 6% Canalside Sola, Columbia, SC SOLA Location Estimated Development Cost Capital Drawn (Debt and Equity) Planned Units Bells Bluff, Nashville, TN (rendering) Status Columbia, SC $60,697,000 $59,994,000 339 Occupancy is 85% as of 12/31/2020 Nashville, TN $73,263,000 $72,324,000 402 Occupancy is 74% as of 12/31/2020 PAGE 18 Source: Company Filings#19Well Laddered Debt Maturities BRT APARTMENTS Weighted average interest rate on property debt is 4.04% with a weighted averaged remaining term to maturity of 7.2 years¹ ■ Attractive corporate level subordinated notes bear interest at the rate of 3M LIBOR + 200bps and mature on April 30, 2036. The rate was 2.21% on December 31, 2020 ■ At March 11, 2021 BRT had up to $10.0 million available under its credit facility (not portrayed in the chart below) PRINCIPAL PAYMENT SCHEDULE USD in millions $700 $600 $500 $400 $300 $200 $100 $0 $20.7 2021 $111.0 $30.9 $7.1 $33.6 2022 2023 $37.4 $455.6 2024 2025 Thereafter Source: Company Filings ■Mortgage Debt Subordinated Note: All data as of the fiscal quarter ending December 31, 2020 PAGE 19 [1] Weighted by outstanding mortgage balance [2] Mortgage debt amounts include 100% of the outstanding balance with respect to wholly owned properties and the Company's pro rata share of the outstanding balance for properties owned in a joint venture. See reconciliation in appendix#20Investment Highlights PAGE 20 Differentiated Niche Strategy Scalable Growth Opportunity Stable Portfolio and Robust Pipeline Proven Management with Close Alignment of Interests BRT APARTMENTS#21BRT APARTMENTS Appendix Non-GAAP Financial Measures, Definitions and Reconciliations#22A-1 BRT APARTMENTS ΝΟΙ We compute NOI by taking rental revenues less property operating expenses, and with respect to our unconsolidated properties, we use our pro rata share of such amounts. We define "Same Store NOI" as NOI for all our consolidated properties and our pro rata share of the operations of unconsolidated properties that were owned for the entirety of the periods being presented, other than properties in lease up and developments. Other REIT's may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REIT's. We believe NOI provides an operating perspective not immediately apparent from GAAP operating income or net (loss) income. NOI is one of the measures we use to evaluate our performance because it (i) measures the core operations of property performance by excluding corporate level expenses and other items unrelated to property operating performance and (ii) captures trends in rental housing and property operating expenses. We view Same Store NOI as an important measure of operating performance because it allows a comparison of operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods. However, NOI should only be used as an alternative measure of our financial performance. Pro-Rata Share Pro rata refers to our share of the accounts and operations of our unconsolidated properties and is based on our percentage equity interest in such properties. We use pro rata to help the reader gain a better understanding of our unconsolidated joint ventures. However, the use of pro rata information has certain limitations and is not representative of our operations and accounts as presented in accordance with GAAP. Accordingly, pro rata information should be used with caution and in conjunction with the GAAP data presented herein and, in our reports, filed with the SEC. PAGE 22#23A-2 BRT APARTMENTS At December 31, 2020, the Company held interests in unconsolidated joint ventures that own 31 multi-family properties (the "Unconsolidated Properties"). The condensed balance sheets below present information regarding such properties (dollars in thousands): ASSETS Real estate properties, net of accumulated depreciation of $145,600 Cash and cash equivalents Other assets Total Assets LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $563 Accounts payable and accrued liabilities Total Liabilities Commitments and contingencies Equity: Total unconsolidated joint venture equity Total Liabilities and Equity BRT interest in joint venture equity Unconsolidated Mortgages Payable: BRT's pro-rata share Partner's pro-rata share Total Mortgages payable are net of deferred costs PAGE 23 December 31, 2020 $ $1,075,178 16,939 29,392 $ 1,121,509 $ 829,646 20,237 849,883 271,626 $ 1,121,509 $ 169,474 $ 525,709 303,937 $ 829,646#24A-3 Consolidated Year 2021 2022 2023 2024 2025 Thereafter Total Unconsolidated (BRT pro rata share) BRT APARTMENTS Total Principal Payments Scheduled Amortization Principal Payments Due at Maturity Percent of Total Principal Payments Due At Maturity $ 17,274 $ 3,272 $ 14,002 62,543 1,924 60,619 Weighted Average Interest Rate (1) 12% 4.29% 54% 4.29% 1,270 1,270 1,316 1,316 16,661 1,286 15,375 14% 4.42% 31.933 8,769 23,164 20% 3.77% $ 130,997 17,837 $ 113,160 100% Year Total Principal Payments Scheduled Amortization Principal Payments Due at Maturity Percent of Total Principal Payments Due At Maturity Weighted Average Interest Rate (1) 2021 $ 3,388 $ 3,388 $ 2022 48,443 4,984 2023 29,582 4,997 43,459 24,585 10% 5% 3.38% 4.12% 2024 5,782 5,782 2025 16,972 7,102 9,870 2% 3.94% Thereafter 423,698 44,663 379,034 83% 4.12% Total $ 527,865 $ 71,350 $ 456,948 100% PAGE 24#25A-4 Combined Year 2021 $ 2022 2023 2024 2025 Thereafter Total BRT APARTMENTS Total Principal Payments Scheduled Amortization 20,662 $ 6,660 $ Principal Payments Due at Maturity 14,002 Percent of Total Principal Payments Due At Maturity 110,986 6,908 104,078 30,852 6,267 24,585 Weighted Average Interest Rate (1) 2% 4.29% 18% 3.91 % 4% 4.12% 7,098 7,098 33,633 8,388 25,245 4% 4.23% 455,631 53,432 402,198 72% 4.10 % 658,862 $ 88,753 $ 570,108 100% Weighted Average Remaining Term to Maturity (2) Weighted Average Interest Rate (2) Debt Service Coverage Ratio for the quarter ended December 31, 2020 (1) Based on balloon payments at maturity. Includes consolidated and BRT pro rata share amounts. (2) Includes consolidated and BRT pro rata share unconsolidated amounts. (3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100% of the unconsolidated amounts. Junior Subordinated Notes Principal Balance Interest Rate Maturity Credit Facility (as of March 11, 2021) Maximum Amount Available Amount Outstanding Interest Rate Maturity PAGE 25 $37,400 7.2 years 4.04 % 1.55 (3) 3 month LIBOR + 2.00% (i.e, 2.21% at 12/31/2020) April 30, 2036 Up to $10,000 $0 Prime +0.50% (floor of 4.25%) April 18, 2021