SUPPLEMENTAL FINANCIAL INFORMATION FOR Q2 2019 August 7. 2019 BRT APARTMENTS CORP. 60 Cutter Mill Rd., Great Neck, NY 11021

Forward Looking Statements FORWARD LOOKING STATEMENTS The information set forth herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 purposes of complying with these safe harbor provisions. Forward- looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "believe", "expect", "intend", "anticipate”, “estimate", "project", or similar expressions or variations thereof. Forward- looking statements involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and are urged to read the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed on December 10, 2018 and in reports filed with the SEC thereafter, including our Quarterly Report on Form 10-Q for the period ended June 30, 2019, that we anticipate will be filed shortly after the furnishing of this document. The Company undertakes no obligation to update or revise the information herein, whether as a result of new information, future events or circumstances, or otherwise. Units under rehabilitation for which we have received or accrued rental income from business interruption insurance, while not physically occupied, are treated as leased (i.e., occupied) at rental rates in effect at the time of the casualty.

Table of Contents Table of Contents Page Number Financial Highlights 1 Operating Results 2 Funds From Operations 3 Consolidated Balance Sheets 4 BRT’s Share of the Operating Results 5 BRT’s Share of the Consolidated Balance Sheets 6 Portfolio Data by State 7 Same Store Comparison 8-9 Multi-Family Acquisitions and Dispositions 10 Value-Add Information and Capital Expenditures 11 Debt Analysis 12 Non-GAAP Financial Measures, Definitions, and 13-14 Reconciliations Portfolio Table 15

Financial Highlights Quarter ended June 30, Quarter ended December 31, 2019 2018 2018 2017 2016 Market Information Market capitalization $ 224,621,855 $ 192,729,319 $ 180,111,314 $ 165,324,544 $ 113,821,631 Shares outstanding 15,896,805 15,116,025 15,743,996 14,022,438 13,897,635 Closing share price $ 14.13 $ 12.75 $ 11.44 $ 11.79 $ 8.19 Quarterly dividend declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.18 (4) $ - Portfolio Multi-family properties owned 37 36 35 34 30 Units 10,336 (1) 10,121 (1) 9,696 (1) 9,684 8,624 Average occupancy (2) 94.1 % 93.6 % 93.2 % 91.8 % 93.3 % Average monthly rental revenue per occupied unit (2) $1,025 $964 $1,019 $971 $891 Quarter ended June 30, Six Months ended June 30, 2019 2018 2019 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Per Share Data Earnings per share (basic) $ (0.27) $ (0.33) $ (0.54) $ 1.43 Earnings per share (diluted) $ (0.27) $ (0.33) $ (0.54) $ 1.41 FFO per share of common stock (diluted) (3) $ 0.22 $ 0.20 $ 0.41 $ 0.55 AFFO per share of common stock (diluted) (3) $ 0.24 $ 0.24 $ 0.48 $ 0.49 (1) Includes 402 units at a property in lease-up. (2) For the period presented average reflects stabilized properties. See definition of stabilized properties on page 14. (3) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income, as calculated in accordance with GAAP, on page 3, and the definitions of such terms at page 14. (4) Dividend of $0.18 was initiated in September 2017. 1

Operating Results (Unaudited) (dollars in thousands, except per share amounts) Quarter ended June 30, Six months ended June 30, 2019 2018 2019 2018 Revenues Rental revenue $ 32,930 $ 29,951 $ 63,632 $ 59,427 Other income 190 203 434 378 Total revenues 33,120 30,154 64,066 59,805 Expenses Real estate operating expenses 16,100 14,459 30,914 28,657 Interest expense 9,739 8,786 18,508 17,443 General and administrative 2,481 2,452 5,025 4,905 Depreciation 10,347 10,200 19,964 19,440 Total expenses 38,667 35,897 74,411 70,445 Total revenues less total expenses (5,547) (5,743) (10,345) (10,640) Equity in loss of unconsolidated joint ventures (161) (127) (384) (190) Gain on sale of real estate - - - 51,981 Gain on insurance recoveries 517 - 517 3,227 Loss on extinguishment of debt - - - (593) (Loss) income from continuing operations (5,191) (5,870) (10,212) 43,785 Income tax provision (benefit) 59 101 121 (152) Net (loss) income from continuing operations, net of taxes (5,250) (5,971) (10,333) 43,937 Net loss (income) attributable to non-controlling interests 933 1,282 1,769 (23,404) Net (loss) income attributable to common stockholders $ (4,317) $ (4,689) $ (8,564) $ 20,533 Weighted average number of shares of common stock outstanding: Basic 15,900,316 14,411,940 15,893,443 14,327,477 Diluted 15,900,316 14,411,940 15,893,443 14,527,477 Per share amounts attributable to common stockholders: Basic $ (0.27) $ (0.33) $ (0.54) $ 1.43 Diluted $ (0.27) $ (0.33) $ (0.54) $ 1.41 2

Funds From Operations (Unaudited) (dollars in thousands, except per share amounts) Quarter ended June 30, Six months ended June 30, 2019 2018 2019 2018 GAAP Net (loss) income attributable to common stockholders $ (4,317) $ (4,689) $ (8,564) $ 20,533 Add: depreciation of properties 10,347 10,200 19,964 19,440 Add: our share of depreciation in unconsolidated joint ventures 467 385 934 832 Deduct: gain on sales of real estate - - - (51,981) Adjustment for non-controlling interests (3,018) (3,160) (5,793) 19,246 Funds from operations (FFO) attributable to common stockholders 3,479 2,736 6,541 8,070 Adjust for straight line rent accruals (10) (10) (20) (20) Add: loss on extinguishment of debt - - - 593 Add: amortization of restricted stock and restricted stock units 372 361 737 658 Add: amortization of deferred mortgage costs 558 383 937 756 Deduct: gain on insurance recovery (517) - (517) (3,227) Adjustment for non-controlling interests (11) (87) (89) 347 Adjusted funds from operations (AFFO) attributable to common stockholders $ 3,871 $ 3,383 $ 7,589 $ 7,177 Per share data GAAP Net (loss) income attributable to common stockholders $ (0.27) $ (0.33) $ (0.54) $ 1.41 Add: depreciation of properties 0.65 0.71 1.25 1.34 Add: our share of depreciation in unconsolidated joint ventures 0.03 0.03 0.06 0.06 Deduct: gain on sales of real estate - - - (3.58) Adjustment for non-controlling interests (0.19) (0.21) (0.36) 1.32 Funds from operations (FFO) attributable to common stockholders 0.22 0.20 0.41 0.55 Add: loss on extinguishment of debt - - - 0.04 Add: amortization of restricted stock and restricted stock units 0.01 0.02 0.05 0.05 Add: amortization of deferred mortgage costs 0.04 0.03 0.06 0.05 Deduct: gain on insurance recovery (0.03) - (0.03) (0.22) Adjustment for non-controlling interests - (0.01) (0.01) 0.02 Adjusted funds from operations (AFFO) attributable to common stockholders $ 0.24 $ 0.24 $ 0.48 $ 0.49 3

Consolidated Balance Sheets (Unaudited) (amounts in thousands, except per share amounts) At June 30, At December 31, 2019 2018 2017 2016 Assets Real estate properties, net of accumulated depreciation $ 1,098,932 $ 1,029,239 $ 931,996 $ 746,183 Real estate loan 4,450 4,750 5,350 5,900 Cash and cash equivalents 17,336 32,428 13,687 51,231 Restricted cash 9,962 8,180 8,074 6,683 Deposits and escrows 17,103 21,268 23,630 18,283 Investments in unconsolidated joint ventures 18,474 19,758 21,115 14,672 Other assets 8,929 8,084 8,933 6,122 Real estate property held for sale 22,722 Total Assets $ 1,197,908 $ 1,123,707 $ 1,012,785 $ 849,074 Liabilities and equity Liabilities Mortgages payable, net of deferred costs $ 846,409 $ 771,817 $ 712,061 $ 573,577 Junior subordinated notes, net of deferred costs 37,053 37,043 37,023 37,003 Credit Facility 8,923 Accounts payable and accrued liabilities 28,738 24,487 20,354 18,873 Total liabilities 921,123 833,347 769,438 629,453 Equity Common Stock, $.01 par value, 300,000 shares authorized; 15,172 issued at June 30, 2019, 15,038 issued at December 31, 2018, and 13,333 Issued at December 31, 2017 and 2016 152 150 133 - Shares of beneficial interest, $3 par value per share - - - 39,693 Additional paid in capital 217,671 216,981 202,225 161,639 Accumulated other comprehensive income 143 1,688 1,346 1,666 Accumulated deficit (35,049) (20,044) (33,292) (32,355) Total BRT Apartments Corp. stockholders' equity 182,917 198,775 170,412 170,643 Non-controlling interests 93,868 91,585 72,935 48,978 Total Equity 276,785 290,360 243,347 219,621 Total Liabilities and Equity $ 1,197,908 $ 1,123,707 $ 1,012,785 $ 849,074 4

BRT’s Share of the Operating Results (Unaudited) (dollars in thousands) Three Months ended June 30, 2019 Consolidated Non-controlling Amount Interest BRT's Share (1) Revenues Rental revenue $ 32,930 $ 8,812 $ 24,118 Other income 190 - 190 Total revenues 33,120 8,812 24,308 Expenses Real estate operating expenses 16,100 4,309 11,791 Interest expense 9,739 2,521 7,218 General and administrative 2,481 - 2,481 Depreciation 10,347 3,018 7,329 Total expenses 38,667 9,848 28,819 Total revenues less total expenses (5,547) (1,036) (4,511) Equity in loss of unconsolidated joint ventures (161) - (161) Gain on insurance recoveries 517 103 414 Loss from continuing operations (5,191) (933) (4,258) Income tax provision 59 - 59 Net Loss $ (5,250) $ (933) $ (4,317) Six Months ended June 30, 2019 Consolidated Non-controlling Amount Interest BRT's Share (1) Revenues Rental revenue $ 63,632 $ 17,001 $ 46,631 Other income 434 - 434 Total revenues 64,066 17,001 47,065 Expenses Real estate operating expenses 30,914 8,304 22,610 Interest expense 18,508 4,776 13,732 General and administrative 5,025 - 5,025 Depreciation 19,964 5,793 14,171 Total expenses 74,411 18,873 55,538 Total revenues less total expenses (10,345) (1,872) (8,473) Equity in loss of unconsolidated joint ventures (384) - (384) Gain on insurance recoveries 517 103 414 Loss from continuing operations (10,212) (1,769) (8,443) Income tax provision 121 - 121 Net Loss $ (10,333) $ (1,769) $ (8,564) (1) This column reflects BRT’s share of the applicable line item, after deducting the non-controlling interest applicable to such line item. Except with respect to the gain on sale of real estate and loss on extinguishment of debt, the impact of the non-controlling interest on such line item was calculated based on each joint venture partner’s percentage equity interest in the applicable joint venture. Gain on sale of real estate and loss on extinguishment of debt were calculated in accordance with the allocation/distribution provisions of the joint venture operating agreement with respect to the properties sold. Generally, in the event of the sale of a multi-family property owned by a joint venture, as a result of allocation/distribution provisions of the applicable joint venture operating agreement, the allocation and distribution of cash and profits to BRT will be less than that implied by BRT's percentage equity interest in the property. 5

BRT’s Share of the Consolidated Balance Sheets (Unaudited) (amounts in thousands, except per share amounts) At June 30, 2019 Consolidated Non-controlling Amount Interest BRT's Share (1) Assets Real estate properties, net of accumulated depreciation $ 1,098,932 $ 325,210 $ 773,722 Real estate loan 4,450 - 4,450 Cash and cash equivalents 17,336 3,501 13,835 Restricted cash 9,962 - 9,962 Deposits and escrows 17,103 7,104 9,999 Investments in unconsolidated joint ventures 18,474 - 18,474 Other assets 8,929 1,728 7,201 Real estate property held for sale 22,722 2,045 20,677 Total Assets $ 1,197,908 $ 339,588 $ 858,320 Liabilities and equity Liabilities Mortgages payable, net of deferred costs $ 846,409 $ 240,035 $ 606,374 Junior subordinated notes, net of deferred costs 37,053 - 37,053 Credit Facility 8,923 - 8,923 Accounts payable and accrued liabilities 28,738 5,685 23,053 Total liabilities 921,123 245,720 675,403 Equity Common Stock, $.01 par value, 300,000 shares authorized; 15,172 issued 152 - 152 Additional paid in capital 217,671 - 217,671 Accumulated other comprehensive income 143 - 143 Accumulated deficit (35,049) - (35,049) Total BRT Apartments Corp. stockholders' equity 182,917 - 182,917 Non-controlling interest 93,868 93,868 - Total equity 276,785 93,868 182,917 Total Liabilities and Equity $ 1,197,908 $ 339,588 $ 858,320 (1) This column reflects BRT’s share of the applicable line item, after deducting the non-controlling interest applicable to such line item. 6

Portfolio Data by State (dollars in thousands, except monthly rent amounts) Quarter Ended June 30, 2019 Weighted Average % of NOI Average Monthly Rent per Units Revenues Expenses NOI (1) Contribution Occupancy (2) Occupied Unit (2) Texas 3,096 $ 10,034 $ 5,472 $ 4,562 27% 91.8% $ 1,026 Georgia 1,545 5,286 2,393 2,893 17% 94.4% 1,042 Florida 1,248 4,238 2,014 2,224 13% 95.3% 1,041 Mississippi 776 2,304 862 1,442 9% 97.2% 944 Alabama 740 1,781 728 1,053 6% 97.5% 863 Tennessee 702 1,267 721 546 3% 96.8% 1,142 South Carolina 678 2,285 1,321 964 6% 92.3% 1,054 Indiana 400 957 591 366 2% 96.7% 675 Missouri 355 1,639 725 914 5% 94.8% 1,451 North Carolina 312 1,081 455 626 4% 91.0% 1,061 Ohio 264 716 334 382 2% 93.4% 895 Virginia 220 966 356 610 4% 96.5% 1,380 Other - 376 128 248 1% N/A N/A Current Portfolio Totals 10,336 $ 32,930 $ 16,100 $ 16,830 100% 94.1% $ 1,025 (1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, at page 13 and the definition at page 14. (2) Excludes sold properties and properties that were not stabilized for the full period presented. Six months ended June 30, 2019 Weighted Average % of NOI Average Monthly Rent per Units Revenues Expenses NOI (1) Contribution Occupancy (2) Occupied Unit (2) Texas 3,096 $ 20,108 $ 10,872 $ 9,236 28% 92.0% $ 1,029 Georgia 1,545 10,350 4,745 5,605 17% 93.1% 1,035 Florida 1,248 8,282 3,796 4,486 14% 95.0% 1,029 Mississippi 776 4,568 1,697 2,871 9% 96.9% 940 Alabama 740 2,869 1,216 1,653 5% 96.9% 834 Tennessee 702 2,351 1,359 992 3% 97.5% 1,138 South Carolina 678 4,578 2,544 2,034 6% 92.0% 1,060 Indiana 400 1,925 1,128 797 2% 96.4% 688 Missouri 355 3,223 1,452 1,771 5% 94.2% 1,440 North Carolina 312 1,303 554 749 2% 90.9% 1,059 Ohio 264 1,429 638 791 2% 94.1% 886 Virginia 220 1,908 678 1,230 4% 95.6% 1,372 Other - 738 235 503 2% N/A N/A Current Portfolio Totals 10,336 $ 63,632 $ 30,914 $ 32,718 100% 93.6% $ 1,023 (1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, at page 13 and the definition at page 14. (2) Excludes sold properties and properties that were not stabilized for the full period presented. 7

Same Store Comparisons Quarters Ended June 30, 2019 and 2018 (dollars in thousands, except monthly rent amounts) Revenues Property Operating Expenses NOI Units 2019 2018 % Change 2019 2018 % Change 2019 2018 % Change Texas 2,547 $ 8,264 $ 7,969 3.7% $ 4,516 $ 4,226 6.9% $ 3,748 $ 3,743 0.1% Georgia 1,545 5,286 4,939 7.0% 2,393 2,371 0.9% 2,893 2,568 12.7% Florida 1,040 3,616 3,246 11.4% 1,597 1,383 15.5% 2,019 1,863 8.4% Mississippi 776 2,304 2,164 6.5% 862 817 5.5% 1,442 1,347 7.1% South Carolina 412 1,396 1,334 4.6% 803 738 8.8% 593 596 (0.5%) Alabama 412 1,136 1,028 10.5% 481 492 (2.2%) 655 536 22.2% Indiana 400 957 934 2.5% 591 549 7.7% 366 385 (4.9%) Tennessee 300 1,064 1,032 3.1% 423 381 11.0% 641 651 (1.5%) Ohio 264 716 717 (0.1%) 334 311 7.4% 382 406 (5.9%) Virginia 220 966 829 16.5% 356 319 11.6% 610 510 19.6% Missouri 181 783 750 4.4% 431 400 7.7% 352 350 0.6% Totals 8,097 $ 26,488 $ 24,942 6.2% $ 12,787 $ 11,987 6.7% $ 13,701 $ 12,955 5.8% Weighted Average Occupancy Weighted Average Monthly Rent per Occupied Unit 2019 2018 % Change 2019 2018 % Change Texas 91.9% 92.1% (0.1%) $ 1,020 $ 997 2.3% Georgia 94.4% 92.9% 1.6% 1,042 990 5.3% Mississippi 97.2% 97.3% (0.1%) 944 892 5.8% Florida 95.6% 93.0% 2.8% 1,065 995 6.9% South Carolina 93.8% 93.7% 0.1% 1,041 1,009 3.2% Alabama 97.2% 93.3% 4.2% 814 779 4.5% Indiana 96.7% 96.6% 0.1% 675 684 (1.3%) Tennessee 96.8% 97.7% (0.9%) 1,142 1,099 4.0% Ohio 93.4% 97.6% (4.3%) 895 850 5.3% Virginia 96.5% 95.3% 1.3% 1,380 1,280 7.8% Missouri 93.1% 84.0% 10.8% 1,345 1,483 (9.3%) Totals 94.4% 93.5% 1.0% $ 1,013 $ 975 3.9% See definition of Same Store on page 14 8

Same Store Comparisons Six Months Ended June 30, 2019 and 2018 (dollars in thousands, except monthly rent amounts) Revenues Property Operating Expenses NOI Units 2019 2018 % Change 2019 2018 % Change 2019 2018 % Change Texas 2,547 $ 16,534 $ 15,926 3.8% $ 8,998 $ 8,517 5.6% $ 7,536 $ 7,409 1.7% Georgia 959 5,961 5,820 2.4% 2,693 2,523 6.7% 3,268 3,297 (0.9%) Mississippi 776 4,568 4,277 6.8% 1,697 1,642 3.3% 2,871 2,635 9.0% Florida 518 3,463 3,086 12.2% 1,583 1,424 11.2% 1,880 1,662 13.1% South Carolina 412 2,762 2,597 6.4% 1,539 1,444 6.6% 1,223 1,153 6.1% Indiana 400 1,925 1,821 5.7% 1,128 1,065 5.9% 797 756 5.4% Tennessee 300 2,130 2,092 1.8% 804 752 6.9% 1,326 1,340 (1.0%) Ohio 264 1,429 1,400 2.1% 638 615 3.7% 791 785 0.8% Virginia 220 1,908 1,792 6.5% 678 600 13.0% 1,230 1,192 3.2% Alabama 412 2,224 2,036 9.2% 969 960 0.9% 1,255 1,076 16.6% Missouri 181 1,567 1,526 2.7% 861 843 2.1% 706 683 3.4% Totals 6,989 $ 44,471 $ 42,373 5.0% $ 21,588 $ 20,385 5.9% $ 22,883 $ 21,988 4.1% Weighted Average Occupancy Weighted Average Monthly Rent per Occupied Unit 2019 2018 % Change 2019 2018 % Change Texas 92.1% 92.2% (0.1%) $ 1,022 $ 997 2.6% Georgia 92.7% 93.3% (0.6%) 990 964 2.7% Mississippi 96.9% 96.8% 0.1% 940 880 6.8% Florida 96.4% 90.3% 6.7% 1,046 992 5.5% South Carolina 93.2% 92.3% 1.0% 1,036 996 4.1% Indiana 96.4% 95.7% 0.7% 688 679 1.3% Tennessee 97.5% 98.5% (1.0%) 1,138 1,110 2.6% Ohio 94.1% 97.1% (3.1%) 886 834 6.3% Virginia 95.6% 95.0% 0.6% 1,373 1,287 6.6% Alabama 96.6% 94.8% 1.9% 802 765 4.8% Missouri 92.3% 85.3% 8.2% 1,364 1,551 (12.1%) Totals 94.0% 93.4% 0.6% $ 998 $ 967 3.2% See definition of Same Store on page 14 9

Acquisitions and Dispositions (dollars in thousands) Acquisitions for six months ended June 30, 2019 Purchase No. of Contract Acquisition Ownership Capitalized Location Date Units Purchase Price Mortgage Debt Initial BRT Equity Percentage Acquisition Costs Kannapolis, NC 3/12/2019 312 $ 48,065 $ 33,347 (1) $ 11,231 65% $ 559 Birmingham, AL 5/7/2019 328 43,000 32,250 11,625 80% 546 640 $ 91,065 $ 65,597 22,856 $ 1,105 Dispositions subsequent to six months ended June 30, 2019 BRT Portion of Mortgage Mortgage No. of BRT Portion of Prepayment Prepayment Location Sale Date Units Sales Price Gain on Sale Gain on Sale Charge Charge Houston, TX (2) 7/10/2019 328 $ 33,200 $ 9,900 $ 9,006 $ 1,400 $ 1,275 (1) Mortgage was assumed as part of the acquisition. (2) Aggregate sale of 2 properties 10

Value-Add Program and Capital Expenditures Quarter Ended June 30, 2019 Value-Add Program Estimated Estimated Estimated Units Rehab Average Estimated units to be Rehabilitated Estimated Rehab Costs Per Monthly Rent Annualized renovated (1) Costs (2) unit Increase (3) ROI (3) (24 months) 312 $1,341,000 $4,298 $108 30.0% 1,000 (1) Refers to rehabilitated units at 18 properties with respect to which a new lease or renewal lease was entered into during the period. (2) Reflects rehab costs incurred during the current and prior periods with respect to units completed, in which a new lease or renewal lease was entered into during the current period. (3) These results are not necessarily indicative of the results that would be generated if such improvements were made across our portfolio of properties or at any particular property. Rents at a property may increase for reasons wholly unrelated to property improvements, such as changes in demand for rental units in a particular market or sub-market. Capital Expenditures BRT Share of Capital Consolidated Amount Non-Controlling Interest Expenditures (4) Estimated Recurring Capital Expenditures (1) $ 353,000 $ 80,000 $ 273,000 Estimated Non-Recurring Capital Expenditures (2) 2,179,000 604,000 1,575,000 Total Capital Expenditures $ 2,532,000 $ 684,000 $ 1,848,000 Replacements (operating expense) (3) $ 876,087 $ 203,491 $ 672,596 Estimated Recurring Capital Expenditures and Replacements per unit (10,336 units ) $ 123 $ 28 $ 95 (1) Recurring capital expenditures represent our estimate of expenditures incurred at the property to maintain the property's existing operations - it excludes revenue enhancing projects. (2) Non-recurring capital expenditures respresent our estimate of significant improvements to the common areas, property exteriors, or interior units of the property, and revenue enhancing upgrades. (3) Replacements are expensed as incurred at the property. (4) Based on BRT's equity interest 11

Debt Analysis As of June 30, 2019 (dollars in thousands) Mortgage Debt Schedule Percent of Total Principal Principal Weighted Total Principal Scheduled Payments Due at Payments Due Average Interest Year Payments Amortization Maturity At Maturity Rate (1) 2019 $ 3,266 $ 3,266 $ - 0% - 2020 7,512 7,512 - 0% - 2021 23,057 9,055 14,002 2% 4.29% 2022 132,166 9,338 122,828 17% 4.57% 2023 54,595 9,029 45,566 6% 4.04% Thereafter 632,261 73,758 558,503 75% 4.19% Total $ 852,857 $ 111,958 $ 740,899 100% Weighted Average Remaining Term to Maturity 8.1 years Weighted Average Interest Rate 4.24% Debt Service Coverage Ratio for the quarter ended June 30, 2019 1.38 (2) (1) Based on balloon payments at maturity. (2) See definition on page 14. Junior Subordinated Notes Principal Balance $37,400 Interest Rate 3 month LIBOR + 2.00% (i.e, 4.58% at 6/30/2019) Maturity April 30, 2036 Credit Facility (as of August 6, 2019) Maximum Amount Available Up to $10,000 Amount Outstanding as of August 6, 2019 $0 Interest Rate Prime + 0.50% (floor of 5.00%) 12

NON-GAAP FINANCIAL MEASURES DEFINITIONS (dollars in thousands) We compute NOI by adjusting net income (loss) to (a) add back (1) depreciation expense, (2) general and administrative expenses, (3) interest expense, (4) loss on extinguishment of debt, (5) equity in loss of unconsolidated joint ventures, (6) provision for taxes, (7) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate, and (3) gain on insurance recoveries related to casualty loss. We define "Same Store NOI" as NOI for all our properties that were owned for the entirety of the periods being presented, other than properties in lease up, development, and, because of the casualty it suffered in 2017 from Hurricane Harvey, Retreat at Cinco Ranch located in Katy, Texas. 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. The following table provides a reconciliation of NOI to net income attributable to common stock holders as computed in accordance with GAAP for the periods presented: Three Months ended June 30, Six Months ended June 30, 2019 2018 2019 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) GAAP Net income attributable to common stockholders $ (4,317) $ (4,689) $ (8,564) $ 20,533 Less: Other Income (190) (203) (434) (378) Add: Interest expense 9,739 8,786 18,508 17,443 General and administrative 2,481 2,452 5,025 4,905 Depreciation 10,347 10,200 19,964 19,440 Less: Gain on sale of real estate - - - (51,981) Gain on insurance proceeds (517) - (517) (3,227) Add: Loss on extinguishment of debt - - - 593 Equity in loss of unconsolidated joint ventures 161 127 384 190 Provision for taxes 59 101 121 (152) Add: Net income attributable to non-controlling interests (933) (1,282) (1,769) 23,404 Net Operating Income $ 16,830 $ 15,492 $ 32,718 $ 30,770 13

NON-GAAP FINANCIAL MEASURES DEFINITIONS (dollars in thousands) Funds from Operations (FFO) FFO is a non-GAAP financial performance measure defined by the National Association of Real Estate Investment Trusts and is widely recognized by investors and analysts as one measure of operating performance of a REIT. The FFO calculation excludes items such as real estate depreciation and amortization, gains and losses on the sale of real estate assets and impairment on depreciable assets. Historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, it is management’s view, and we believe the view of many industry investors and analysts, that the presentation of operating results for a REIT using the historical accounting for depreciation is insufficient. FFO excludes gains and losses from the sale of real estate, which we believe provides management and investors with a helpful additional measure of the performance of our real estate portfolio, as it allows for comparisons, year to year, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general, administrative and other expenses, and interest expenses. Adjusted Funds from Operations (AFFO) AFFO, as defined by us, excludes from FFO straight line rent adjustments, loss on extinguishment of debt, amortization of restricted stock and RSU expense, amortization of deferred mortgage costs and gain on insurance recovery. Management believes that excluding acquisition-related expenses from AFFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management and provides investors a view of the performance of our portfolio over time, including after the time we cease to acquire properties on a frequent and regular basis. We believe that AFFO enables investors to compare the performance of our portfolio with other REITs that have not recently engaged in acquisitions, as well as a comparison of our performance with that of other non-traded REITs, as AFFO, or an equivalent measure is routinely reported by non-traded REITs, and we believe often used by analysts and investors for comparison purposes. Debt Service Coverage Ratio Debt service coverage ratio is net operating income ("NOI") divided by total debt service. Total Debt Service Total debt service is the cash required to cover the repayment of interest and principal on a debt for a particular period. Total debt service is used in the calculation of the debt service coverage ratio which is used to determine the borrower’s ability to make debt service payments. Stabilized Properties For all periods presented, stabilized properties include all our consolidated properties, other than those in lease-up or development. Same Store Same store refers to stabilized properties that we and our consolidated joint ventures owned and operated for the entirety of both periods being compared. 14

Portfolio Table As of 8/6/2019 Q2 2019 Avg. Year Property Q2 2019 Avg. Rent per % Property City State Year Built Acquired Age No. of Units Occupancy Occupied Unit Ownership Silvana Oaks North Charleston SC 2010 2012 10 208 95.2% $ 1,162 100% Avondale Station Decatur GA 1950 2012 70 212 97.0% 1,087 100% Brixworth at Bridgestreet Huntsville AL 1985 2013 35 208 97.9% 752 80% Newbridge Commons Columbus OH 1999 2013 21 264 93.4% 895 100% Waterside at Castleton Indianapolis IN 1983 2014 37 400 96.7% 675 80% Crossings of Bellevue Nashville TN 1985 2014 35 300 96.8% 1,142 80% Kendall Manor Houston TX 1981 2014 39 272 90.8% 790 100% Avalon Pensacola FL 2008 2014 12 276 97.1% 1,051 100% Parkway Grande San Marcos TX 2014 2015 6 192 92.9% 1,081 80% Woodland Trails LaGrange GA 2010 2015 10 236 96.6% 964 100% Retreat at Cinco Ranch Katy TX 2008 2016 12 268 90.8% 1,075 75% Grove at River Place Macon GA 1988 2016 32 240 91.2% 737 80% Civic Center 1 Southaven MS 2002 2016 18 392 97.2% 914 60% Verandas at Shavano Park San Antonio TX 2014 2016 6 288 92.5% 1,064 65% Chatham Court and Reflections Dallas TX 1986 2016 34 494 89.2% 954 50% Waters Edge at Harbison Columbia SC 1996 2016 24 204 92.3% 914 80% Pointe at Lenox Park Atlanta GA 1989 2016 31 271 92.6% 1,178 74% Civic Center 2 Southaven MS 2005 2016 15 384 97.2% 974 60% Verandas at Alamo Ranch San Antonio TX 2015 2016 5 288 93.7% 1,029 72% Kilburn Crossing Fredericksburg VA 2005 2016 15 220 96.5% 1,380 100% OPOP Towers St. Louis MO 2014 2017 6 128 93.9% 1,354 76% OPOP Lofts St. Louis MO 2014 2017 6 53 91.2% 1,324 76% Vanguard Heights Creve Coeur MO 2016 2017 4 174 96.6% 1,556 78% Mercer Crossing Dallas TX 2014/2016 2017 5 509 91.1% 1,256 50% Jackson Square Tallahassee FL 1996 2017 24 242 93.9% 1,061 80% Magnolia Pointe Madison AL 1991 2017 29 204 96.4% 877 80% Woodland Apartments Boerne TX 2007 2017 13 120 95.5% 946 80% The Avenue Ocoee FL 1998 2018 22 522 95.5% 1,073 50% Parc at 980 Lawrenceville GA 1997 2018 23 586 94.7% 1,118 50% Anatole Apartments Daytona Beach FL 1986 2018 34 208 94.2% 921 80% Landings of Carrier Parkway Grand Prairie (Dallas)TX 2001 2018 19 281 91.7% 1,037 50% Crestmont at Thornblade Greenville SC 1998 2018 22 266 90.1% 1,076 90% The VIVE at Kellswater Knappolis NC 2011 2019 9 312 91.0% 1,061 65% Somerset at Trussville Trussville AL 2007 2019 13 328 98.2% 966 80% Total/Weighted Average 21.0 9,550 Lease-Up Project Bell's Bluff Nashville TN 2018 1 402 58% Total (Including Lease-Up Projects) 9,952 Property Unconsolidated Joint Ventures City State Year Built Age No. of Units Canalside Sola (1) Columbia SC 2018 1 339 Canalside Lofts Columbia SC 2008/2013 11 374 Gateway Oaks Forney TX 2016 4 313 Total 1,026 (1) Currently in lease-up 15