Great Neck, New York, December 10, 1999 -- BRT Realty Trust (NYSE:BRT) today announced that for the three months ended September 30, 1999, it had total revenues of $3,054,000, and net income of $4,764,000, or $0.66 per share on a diluted basis (including a $3,616,000, or $0.50 per share, gain on sale of foreclosed properties). This compares with total revenues of $2,708,000, and net income of $4,532,000, or $0.62 per share on a diluted basis (including a $3,361,000 gain on sale of foreclosed properties and available-for-sale securities, or $0.46 per share) for the quarter ended September 30, 1998. The weighted average number of shares outstanding on a diluted basis was 7,258,976 and 7,260,810 for the three months ended September 30, 1999 and 1998, respectively.
For the year ended September 30, 1999, BRT reported total revenues of $12,173,000 and net income of $11,646,000, or $1.61 per share on a diluted basis (including a net gain on sale of real estate loans, foreclosed properties and available-for-sale securities of $6,588,000 or $0.91 per share). For the year ended September 30, 1998, the Trust reported total revenues of $10,197,000 and net income of $13,588,000, or $1.71 per share on a diluted basis (including a net gain on sale of real estate loans, foreclosed properties and available-for-sale securities of $9,347,000, or $1.18 per share). The weighted average number of shares outstanding on a diluted basis was 7,220,505 and 7,941,293 shares for the year ended September 30, 1999 and 1998, respectively.
Commenting on the results of operations for the quarter and year ended September 30, 1999, Jeffrey Gould, President of the Trust, noted that interest and fees on real estate loans increased in both the quarter and year ended September 30, 1999, as compared to the comparable periods ended September 30, 1998, as a result of increased loan originations, offset by payoffs and paydowns of existing loans. Operating income on real estate loans decreased in both the year and three months ended September 30, 1999 as a result of the disposition of real estate previously acquired in foreclosure. The results for the 1999 fiscal year and fourth quarter benefited from a $660,000 reversal of an allowance on a loan that was paid off in full in the fourth quarter.
On the expense side, Mr. Gould noted that there was an increase in total expenses in both the year and three months ended September 30, 1999 as compared to the comparable 1998 periods, primarily as a result of increased legal, accounting and filing fees incurred in connection with the potential startup/acquisition of financial institutions, a provision for federal income taxes and increased salary and related expenses caused by increased staffing levels. Interest expense although higher year over year as a result of increased borrowings and unused line fees, decreased in the fourth quarter of fiscal 1999 as compared to the fourth quarter of fiscal 1998 as a result of reduced amounts outstanding under the credit line in the 1999 fourth quarter. Real estate operating expenses decreased in both 1999 periods as a result of real property dispositions.
In the year and quarter ended, September 30, 1999, the Trust realized a gain on the sale of real estate loans, foreclosed properties and available-for-sale securities of $6,588,000 and $3,616,000, respectively, or $0.91 and $0.50 per share, respectively. This compares with similar gains in both the year and quarter ended September 30, 1998 of $9,347,000 and $3,361,000, respectively, or $1.18 and $0.46 per share respectively.
Mr. Gould stated that the available tax loss carry-forward, which was approximately $21,000,000 at December 31, 1998, is projected to be approximately $9,800,000 at December 31, 1999. The Trust's book value per share is $11.25 at September 30, 1999.
BRT REALTY TRUST is a mortgage-oriented real estate investment Trust.
Certain information contained herein is forward looking. Information regarding certain important factors that could cause actual outcomes or other events to differ materially from any such forward looking statements appear in the Trust's Form 10-K to be filed prior to December 29, 1999 with the Securities and Exchange Commission.
Contact: Simeon Brinberg - (516) 466-3100
BRT REALTY TRUST | ||||
| Three Months Ended September 30, | Twelve Months Ended September 30, | |||
1999 | 1998 | 1999 | 1998 | |
| Revenues | $ 3,054 | $ 2,708 | $12,173 | $10,197 |
| Expenses | 1,906 | 1,537 | 7,115 | 5,956 |
Income before gain on sale of real estate loans and foreclosed properties held for sale and available-for-sale investments | 1,148 | 1,171 | 5,058 | 4,241 |
| Net gain on sale of real estate loans and foreclosed properties held for sale | 3,616 | 2,313 | 5,719 | 8,090 |
Net realized gain on available-for-sale securities | - | 1,048 | 869 | 1,257 |
| Net income | 4,764 | 4,532 | 11,646 | 13,588 |
Income per share of beneficial interest: | ||||
| Basic earnings per share | $ .66 | $ .62 | $ 1.63 | $ 1.72 |
| Diluted earnings per share | $ .66 | $ .62 | $ 1.61 | $ 1.71 |
Weighted average number of common shares outstanding: | ||||
| Basic | 7,165,263 | 7,231,877 | 7,165,263 | 7,902,161 |
| Diluted | 7,258,976 | 7,260,810 | 7,220,505 | 7,941,293 |
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
###
Loan Application 
Now you can apply online for any first or second mortgage real estate financing for a vast array of property types under the full spectrum of diverse real estate circumstances
