Great Neck, New York, September 30, 2009 -- BRT Realty Trust (NYSE:BRT) announced today that it has retired $15,900,000 (reported on its June 30, 2009 balance sheet at $15,100,000) of its outstanding unsecured junior subordinated notes in exchange for the transfer by BRT to the noteholder of certain replacement securities acquired by BRT in the open market during September 2009 as well as cash. The cost to BRT was $7,950,000 plus BRT’s expenses in the transaction. In connection with this transaction, BRT also made a payment of $318,000 to the collateral manager to cover fees and expenses of the noteholder related to the exchange arrangement. The transaction will result in a net gain to BRT of approximately $6,800,000, net of its estimated transaction costs. Following the retirement of these unsecured junior subordinated notes, BRT has an aggregate of $42,400,000 of unsecured junior subordinated notes outstanding with a due date of April 30, 2036. As part of the transaction, BRT received a refund of $324,625, representing prepaid interest on the retired unsecured junior subordinated notes for the period subsequent to September 30, 2009.
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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