BRT APARTMENTS CORP. today announced that in late January and early February 2016, it acquired two multi-family properties with an aggregate of 508 units for an aggregate purchase price of $54.8 million, including $42 million of debt obtained in connection with these acquisitions.
On January 22, 2016, BRT, through a joint venture in which it has a 75% interest, acquired a 268 unit multi-family property located in Katy, TX for $40.3 million, inclusive of
$30.8 million of mortgage debt obtained in connection with the acquisition. The mortgage matures in 2026 and bears an interest rate of 4.44%.
On February 1, 2016, BRT, through a joint venture in which it has an 80% interest, acquired a 240 unit multi-family property located in Macon, GA, for $14.5 million, inclusive of
$11.2 million of mortgage debt obtained in connection with the acquisition. The mortgage debt matures in 2026 and bears an interest rate of 4.39%
Jeffrey A. Gould, President and Chief Executive Officer of BRT commented that: "These acquisitions demonstrate that we continue to be able to acquire multi-family properties that we believe over time will be accretive to funds from operations. Including a multi-family property held-for-sale and two multi-family development properties under construction, one of which is substantially complete, we currently own 32 multi-family properties located in 11 states, with an aggregate of 9,315 units."
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.
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: Investor Relations
60 Cutter Mill Road Suite 303
Great Neck, New York 11021 Telephone (516) 466-3100
Telecopier (516) 466-3132 www.BRTRealty.com
(16/brt press release/BRT PR Acquisition Feb FINAL)
BRT Realty Trust issued this content on 04 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 February 2016 03:54:22 UTC
Original Document: http://brtrealty.com//files/client_files/811/1184/BRTPRAcquisitionFeb42016.pdf
