Great Neck, New York, August 12, 1999 -- BRT Realty Trust (NYSE:BRT) today announced that for the three months ended June 30, 1999, (the third quarter of its fiscal year) it had total revenues of $2,924,000, income before gain on sale of real estate loans, foreclosed properties and available-for-sale of $1,218,000 and, after a $555,000 gain on sale of real estate loans, foreclosed properties and available-for-sale securities, net income of $1,773,000, or $0.24 per share on a diluted basis (including an $0.08 per share gain on sale of real estate loans, foreclosed properties and available-for-sale securities). This compares with total revenues of $2,539,000, income before gain on sale of real estate loans, foreclosed properties and available-for-sale securities of $1,020,000, and, after a $1,275,000 gain on sale of real estate loans and foreclosed properties held for sale, net income of $2,295,000, or $0.28 per share on a diluted basis (including a $.16 per share gain on sale of real estate loans and foreclosed properties held for sale) for the quarter ended June 30, 1998. The weighted average number of shares outstanding on a diluted basis was 7,241,882 and 8,083,069 for the three months ended June 30, 1999 and 1998, respectively.
For the nine months ended June 30, 1999, BRT reported total revenues of $9,119,000, income before gain on sale of real estate loans, foreclosed properties and available-for-sale securities of $3,910,000 and, after a $2,972,000 gain on sale of real estate loans, foreclosed properties and available-for-sale securities, net income of $6,882,000, or $0.95 per share on a diluted basis (including $.41 per share on sale of real estate loans, foreclosed properties and available-for-sale securities). This compares with total revenues of $7,489,000, income before gain on sale of real estate loans, foreclosed properties and available-for-sale securities of $3,070,000 and after a gain on sale of real estate loans, foreclosed properties and available-for-sale securities of $5,986,000, net income of $9,056,000, or $1.10 per share on a diluted basis (including or $.73 per share gain on sale of real estate loans, foreclosed properties and available-for-sale securities) for the nine months ended June 30, 1998. The weighted average number of shares outstanding on a diluted basis was 7,202,132 and 8,169,639 for the nine months ended June 30, 1999 and 1998, respectively.
Commenting on the results of operations, Jeffrey Gould, President of BRT, noted that interest and fees on real estate loans increased year over year in both the three month and nine month periods due to the higher average balance of earning real estate loans outstanding during the current periods. He noted that the loan portfolio decreased in the third quarter of the current fiscal year, as compared to the second quarter, by approximately 4% due to loan payoffs and paydowns, and a modest decrease in new originations. He pointed out that the Trust presently has a substantial cash position and the cash position and the availability of funds under the credit agreement provide the Trust with cash resources to take advantage of opportunities as they become available. Mr. Gould also noted that operating income on real estate owned had decreased in both of the current periods as a result of the disposition of real estate acquired in foreclosure, offset by improved operating results from the properties owned by BRT. On the expense side, Mr. Gould noted that total expenses had increased in the current three and nine month periods due to an increase in various expense items, including general and administrative expenses due to expansion of staff and marketing activities and interest expense due to larger outstanding balances under the credit facility.
Gain on the sale of real estate loans, foreclosed properties and available-for-sale securities was $555,000 in the June 30, 1999 quarter as compared to $1,275,000 in the comparable quarter in 1998. Gain on sale of real estate loans, foreclosed properties and available-for-sale securities was $2,972,000 in the nine month period ended June 30, 1999 as compared to $5,986,000 for the comparable nine month period in 1998.
BRT REALTY TRUST is a mortgage-oriented real estate investment Trust.
Contact: Simeon Brinberg - (516) 466-3100
BRT REALTY TRUST | ||||
| Three Months Ended June 30, | Nine Months Ended June 30, | |||
1999 | 1998 | 1999 | 1998 | |
| Revenues | $ 2,924 | $ 2,539 | $9,119 | $7,489 |
| Expenses | 1,706 | 1,519 | 5,209 | 4,419 |
Income before gain on sale of real estate loans and foreclosed properties held for sale and available-for-sale investments | 1,218 | 1,020 | 3,910 | 3,070 |
| Net gain on sale of real estate loans and foreclosed properties held for sale | 326 | 1,020 | 2,103 | 5,777 |
Net realized gain on available-for-sale securities | 229 | 209 | 869 | 209 |
| Net income | 1,773 | 2,295 | 6,882 | 9,056 |
Income per share of beneficial interest: | ||||
| Basic earnings per share | $ .25 | $ .28 | $ .96 | $ 1.11 |
| Diluted earnings per share | $ .24 | $ .28 | $ .95 | $ 1.10 |
Weighted average number of common shares outstanding: | ||||
| Basic | 7,165,263 | 8,048,832 | 7,165,263 | 8,126,746 |
| Diluted | 7,241,882 | 8,083,069 | 7,202,132 | 8,169,639 |
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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