BRT AND RELIANCE BANK

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					                             BRT REALTY TRUST
                               60 Cutter Mill Road
                             Great Neck, NY 11021
                                 (516) 466-3100
                                 (516) 466-3132
                              www.BRTRealty.com

                   BRT ANNOUNCES THE RESULTS
           OF OPERATIONS FOR THE THREE AND NINE MONTHS
                        ENDED JUNE 30, 2001


Great Neck, NY, August 9, 2001 – BRT Realty Trust (BRT:NYSE) today
announced that for the three months ended June 30, 2001 it had total revenues
of $3,461,000 and net income of $2,100,000, or $.29 per share on a diluted
basis. Net income for the June 30, 2001 quarter includes a net gain on sale of
real estate assets and foreclosed properties offset by a net realized loss on sale
of available-for-sale securities, totaling $278,000, or $.04 per share. For the
comparable three months ended June 30, 2000, BRT reported total revenues of
$2,857,000 and net income of $2,112,000, or $.29 per share on a diluted basis.
Net income for the June 30, 2000 quarter includes a net gain on the sale of real
estate assets and foreclosed properties and net gain on sale of available-for-sale
securities totaling $623,000, or $.08 per share. The diluted weighted average
number of shares outstanding was 7,328,490 and 7,247,240 for the three months
ended June 30, 2001 and 2000, respectively.

For the nine months ended June 30, 2001 BRT reported total revenues of
$11,254,000 and net income of $8,130,000 or $1.12 per share on a diluted basis.
Net income for the nine months ended June 30, 2001 includes a net gain on sale
of real estate assets and foreclosed properties and net realized gain on the sale
of available-for-sale securities totaling $1,768,000, or $.24 per share, and an
extraordinary expense item of $264,000, or $.04 per share, on the early
extinguishment of debt. For the comparable nine months ended June 30, 2000,
BRT reported total revenues of $7,961,000 and net income of $5,914,000, or
$.81 per share on a diluted basis. Net income for the June 30, 2000 nine month
period includes a net gain on sale of real estate assets and foreclosed properties
and net realized gain on sale of available-for-sale securities totaling $1,809,000,
or $.25 per share. The diluted weighted average number of shares outstanding
was 7,291,554 and 7,250,164 for the nine months ended June 30, 2001 and
2000, respectively.

Commenting on the results of operations, Jeffrey Gould, President and Chief
Operating Officer of BRT, noted that revenues increased by 21%, from quarter to
quarter and by 41% for the nine months ended June 30, 2001 as compared to
the nine months ended June 30, 2000. The primary component of BRT’s
revenues, interest and fees on real estate loans, increased by 18% quarter over
quarter and 41% nine months versus nine months, respectively, primarily
because the average balance of loans outstanding in the current periods
increased. In addition, in the 2001 nine month period, the Trust recognized
additional interest of $710,000 from the payoff of a participating loan. Also on the
revenue side, operating income on real estate properties increased by 78%
quarter over quarter and by 70% nine months versus nine months primarily
because of rental income attributable to the purchase of a leasehold interest in a
commercial property in the last quarter of the prior fiscal year and earnings of
unconsolidated ventures increased by 113% quarter versus quarter and 80%
nine months versus nine months due to income earned on new ventures entered
into since June 30, 2000.

On the expense side, Mr. Gould noted that excluding fees and expenses incurred
by BRT in both periods in a proxy contest, referred below, and an extraordinary
expense item, expenses were essentially the same quarter over quarter and
increased by approximately 5% nine months versus nine months. During these
periods the advisors fee increased by $39,000 and $104,000, respectively, as the
Trust experienced a higher outstanding balance of invested assets, the basis
upon which the fee is calculated. General and administrative fees increased by
$61,000 quarter versus quarter as a result of BRT’s increased level of loan
activity and by $10,000 for the nine month period ending June 30, 2001. Mr.
Gould pointed out in the third quarter and the nine-months ended June 30, 2001,
BRT booked a “non-recurring type” expense of $274,000 and $575,000,
respectively, relating to its solicitation of proxies seeking the election of its
designee to the Board of Trustees of Entertainment Properties Trust, an entity in
which the Trust owns approximately 9.2% of the outstanding shares and also
reported an extraordinary expense items of $264,000 in the nine months ended
June 30, 2001 as it wrote off expenses as a result of its termination of a credit
line.

BRT Realty Trust is a mortgage-oriented real estate investment Trust.

Certain statements in this press release are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve known and unknown risks, uncertainties and other factors that
may cause actual results to differ materially. Such risks, uncertainties and other
factors include, but are not limited to, fluctuations in interest rates, levels of
competition, the effect of government regulation, the availability of capital and
changes in general and local economic and real estate market conditions.

Contact: Simeon Brinberg, BRT Realty Trust (516.466.3100)




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