Great Neck, New York, July 7, 2008 -- BRT Realty Trust (NYSE:BRT) today announced that it has taken title to six multi-family residential properties located in Tennessee in foreclosure actions commenced by it against borrowing entities controlled by one individual. These properties, which have an aggregate of 788 units, secured first mortgage loans with an aggregate principal balance of $36.5 million.
Jeffrey A. Gould, President and Chief Executive Officer of BRT, stated that BRT took title to the properties approximately one month after the commencement of the foreclosure actions. Mr. Gould noted that BRT will explore its options with respect to these properties, including the sale of one or more of these properties. While BRT owns these properties, it will seek to rent unoccupied units and make improvements in order to increase rental income and maximize the sale value of these properties.
BRT previously announced on June 3, 2008 that it would be commencing foreclosure actions with respect to these six 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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