Great Neck, New York, November 6, 2006 -- BRT Realty Trust (NYSE:BRT) Great Neck, New York, November 15, 2006. BRT Realty Trust (BRT:NYSE) announced that a joint venture in which it holds a 50% equity interest, has sold the only property owned by the venture, located in Dover, Delaware for a consideration of $17.4 million. The 76 acre property is a corporate office center, with a retail component. After payment of all costs and expenses in connection with this transaction, BRT estimates that it will recognize a gain for book and tax purposes on its 50% interest in the joint venture of approximately $1.8 million. This gain will be recognized by BRT in the quarter ending December 31, 2006, the first quarter of its 2007 fiscal year.
Jeffrey Gould, President and CEO of BRT stated that “it was an appropriate time to sell this property. The proceeds will be used by us in our primary business of commercial real estate lending.”
BRT Realty Trust is a mortgage REIT which primarily originates short term first and second mortgage loans. BRT’s financial resources, flexibility and expertise enable rapid turnaround on requests for loans secured by real property nationwide. Please visit BRT on the internet at www.brtrealty.com.
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
516.773.2750
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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