Great Neck, New York, June 3, 2008 -- BRT Realty Trust (NYSE:BRT) today provided the following updated information with respect to its real estate portfolio and non-earning loans:
• In a press release issued on May 8, 2008 BRT reported that it had entered into a contract to sell for a consideration of $27,300,000, a residential apartment complex acquired by it in the quarter ended March 31, 2008. The contract of sale provides the Buyer with a right to terminate the contract during a due diligence period. The Buyer has terminated the contract of sale within the due diligence period.
• Five loans, with an aggregate principal balance of $36,577,000 to five separate borrowers controlled by one individual, became non-earning in the quarter ended March 31, 2008. These loans are secured by six multi-family properties located in Tennessee. All of these properties are the subject of a contract of sale to an unrelated third party, which provides for a due diligence period. BRT, which has been receiving the cash flow from these properties, has deferred commencement of foreclosure actions with respect to these six properties in order to facilitate the sale of these properties by the owners (its borrowers). BRT’s management has learned that the buyer has requested extension of the due diligence period and commenced discussions with the owners to renegotiate the price. Accordingly, BRT’s management has determined that it is in BRT’s best interests to have foreclosure actions commenced as soon as possible with respect to each of these loans in order for BRT to obtain control of these properties.
BRT is a New York-based Real Estate Investment Trust that specializes in the origination and holding for investment of senior and junior commercial mortgage loans secured by real property in the United States. For more information on BRT, please visit our Home Page.
Caution Concerning Forward-Looking Statements: Materials included in this filing may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words should be considered uncertain and forward-looking.
Contact: Simeon Brinberg, Senior Vice President - (516) 466-3100
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