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									                                           BRT REALTY TRUST
                                       60 Cutter Mill Road, Suite 303
                                          Great Neck, NY 11021
                                        (516) 466-3100 – Telephone
                                           (516) 466-3132 – Fax

                                          BRT REALTY TRUST
                                ANNOUNCES ELECTION OF LOUIS C. GRASSI
                                     TO ITS BOARD OF TRUSTEES

Great Neck, New York, June 23, 2003 -- BRT Realty Trust (NYSE:BRT) today announced that
Louis C. Grassi has been elected as a Trustee for a term which will expire in 2004. Mr. Grassi
is the Managing Partner of Grassi & Co., CPA’s, located in Lake Success, New York. He has
served on the Board of The New York State Society of CPA’s and as Chairman of their Task
Force on Professional Liability Insurance, as well as various other committees of the Society.
Mr. Grassi is a member of the Board of Flushing Financial Corp.

Mr. Grassi replaces Herbert C. Lust II who has resigned as a member of the Board of Trustees
in order to devote more time to his charitable activities. Jeffrey Gould, President and Chief
Executive Officer of BRT commented that Mr. Lust has served as a member of the Board of
Trustees of BRT for in excess of 20 years and that his contributions over these many years
have been extremely valuable. He wished Mr. Lust well in his future activities and thanked him
for his many years of service.

Commenting further, Mr. Gould noted that Lou Grassi brings to BRT a significant amount of
experience in accounting, finance and business. In addition to his professional activities, Lou
Grassi is a frequent author/lecturer and business adviser to businesses providing tax,
accounting and consulting services to a wide range of clients. He is also involved in community
activities having served on the Board’s of several civic and charitable organizations, including
the Nassau Comptroller’s Transition Team and as past-Chairman of Education and Assistance
Corp. (EAC), a not-for-profit human services organization. Lou Grassi is also currently a
member of the Young President’s Organization. Mr. Gould noted that the Trust is fortunate to
have a person with Lou Grassi’s qualifications joining the Board of BRT.

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

Contact: Simeon Brinberg, BRT Realty Trust (516) 466-3100


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