BRT Realty Trust Announces Multi-Family Transactions
Sold a Recently Developed Property and Will Recognize a $9 Million Net Gain; Acquires Multi-Family Property for $36 Million
(firmenpresse) - GREAT NECK, NY -- (Marketwired) -- 10/27/16 -- BRT REALTY TRUST (NYSE: BRT) today announced that in October 2016, the Company, through a consolidated joint venture, sold Southridge, a recently developed 350 unit multi-family property located in Greenville, South Carolina, for $68.0 million. BRT estimates that its share of the gain, to be recognized in the first quarter of fiscal 2017, will be approximately $9.0 million.
In September 2016, the Company, through a joint venture in which it has a 72% interest, acquired Verandas at Alamo Ranch, a 288 unit multi-family property located in San Antonio, Texas, for $36.0 million. The acquisition is inclusive of $27.0 million of mortgage debt that matures in August 2026, bears a fixed annual interest rate of 4.05% and is interest only until 2019.
Jeffrey A. Gould, President and Chief Executive Officer commented, "In keeping with our active portfolio management policy of optimizing our multifamily holdings to generate value to our shareholders, we sold Southridge, an upscale urban multi-family project in Greenville, South Carolina that we developed with a joint venture partner. BRT sold this property at a 1.9x multiple of its equity investment and generated a net annualized internal rate of return of 28% over the almost three year holding period of this property." Mr. Gould continued, "We are also pleased to have purchased Verandas at Alamo Ranch in San Antonio, Texas, one of the fastest growing cities in the United States. As a result of this purchase, our portfolio in Texas consists of an aggregate of 2,750 units in eleven properties located in or near Austin, Dallas, Houston and San Antonio."
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 multi-family acquisition and disposition 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: .
Contact:
Investor Relations
Telephone (516) 466-3100
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Datum: 27.10.2016 - 14:30 Uhr
Sprache: Deutsch
News-ID 1466483
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