SOURCE: BRT Realty Trust

May 12, 2016 16:30 ET

BRT Realty Trust Acquires Multi-Family Property for $37.3 Million

GREAT NECK, NY--(Marketwired - May 12, 2016) - BRT REALTY TRUST (NYSE: BRT) today announced that on May 10, 2016, it acquired, through a joint venture in which it has a 50% interest, a 494 unit multi-family property located in Dallas, TX for $37.3 million, including $27.9 million of mortgage debt obtained in connection with the acquisition. The mortgage debt has an annual interest rate of 4.01%, matures in May 2028, and is interest only until June 2018.

Forward Looking Statements:

Certain information contained herein is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. BRT intends such forward looking statements to be covered by the safe harbor provisions for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions or variations thereof. Forward looking statements, including statements with respect to BRT's loan origination and property ownership and operating activities, involve known and unknown risks, uncertainties and other factors, which, in some cases, are beyond BRT's control and could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and to carefully review the section entitled "Item 1A. - Risk Factors" in BRT's Annual Report on Form 10-K for the year ended September 30, 2015 and in the Quarterly Reports on Form 10-Q filed thereafter.

About BRT Realty Trust:

BRT is a real estate investment trust that either directly, or through joint ventures, owns and operates multi-family properties and other real estate assets. Additional financial and descriptive information on BRT, its operations and its portfolio, is available at BRT's website at: www.BRTRealty.com. Interested parties are encouraged to review the Form 10-K for the year ended September 30, 2015 filed with the Securities and Exchange Commission for additional information. 

Contact Information

  • Contact:
    Investor Relations

    BRT REALTY TRUST
    60 Cutter Mill Road
    Suite 303
    Great Neck, New York 11021
    Telephone (516) 466-3100
    Telecopier (516) 466-3132

    www.BRTRealty.com