Investor Presentaiton

Differentiated 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

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