BRT Realty Trust Sells Two Multi-Family Properties for $37.3 Million and Acquires a Multi-Family Property for $17.0 Million
(firmenpresse) - GREAT NECK, NY -- (Marketwired) -- 06/08/16 -- BRT REALTY TRUST (NYSE: BRT) today announced that from late May through early June 2016, it sold two multi-family properties with an aggregate of 451 units for an aggregate of $37.3 million, and acquired a multi-family property for $17.0 million, including $12.9 million of mortgage debt.
On May 31, 2016, BRT, through a joint venture in which it has an 80% interest, acquired a 204 unit multi-family property located in Columbia, SC for $17.0 million, inclusive of $12.9 million of mortgage debt obtained in connection with the acquisition. The mortgage matures in 2026, bears an annual interest rate of 4.28% and is interest only until 2019.
On June 1, 2016, BRT sold a 324 unit multi-family property located in Colliersville, TN for $34.3 million. BRT estimates that it will, in the third quarter of fiscal 2016, recognize a $4.5 million gain on the sale and the non-controlling interest''s share of such gain will be approximately $900,000.
On June 6, 2016, BRT sold its interest in a 127 unit multi-family property located in Little Rock, AK for $3.0 million. BRT estimates that it will, in the third quarter of fiscal 2016, recognize an approximate $400,000 gain on the transaction.
Certain information contained herein is forward looking 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. BRT intends such forward looking statements to be covered by the safe harbor provisions for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes 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, including statements with respect to BRT''s loan origination and property ownership and operating activities, involve known and unknown risks, uncertainties and other factors, which, in some cases, are beyond BRT''s control and could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and to carefully review the section entitled "Item 1A. - Risk Factors" in BRT''s Annual Report on Form 10-K for the year ended September 30, 2015 and in the Quarterly Reports on Form 10-Q filed thereafter.
BRT is a real estate investment trust that either directly, or through joint ventures, owns, operates, and develops multi-family properties and owns and operates other real estate assets. Additional financial and descriptive information on BRT, its operations and its portfolio, is available at BRT''s website at: . Interested parties are encouraged to review the Form 10-K for the year ended September 30, 2015 filed with the Securities and Exchange Commission for additional information.
Contact: Investor Relations
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Telephone (516) 466-3100
Telecopier (516) 466-3132
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Datum: 08.06.2016 - 14:15 Uhr
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News-ID 1440386
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