Attached files
| file | filename |
|---|---|
| 8-K - 8-K - BRT Apartments Corp. | v210475_8k.htm |
Exhibit
99.1
BRT
REALTY TRUSTREPORTS
FIRST
QUARTER RESULTS
FOR
DECEMBER 31, 2010
Great Neck, New York –
February 8, 2011 – BRT REALTY TRUST (NYSE:BRT), a real estate investment trust
primarily engaged in the business of originating and holding for investment
senior mortgage loans secured by commercial and multi-family real estate in the
United States, today announced operating results for the three months ended
December 31, 2010.
Operating
Results:
Total
revenues for the three months ended December 31, 2010 was approximately $2.5
million, an increase of 30% from the three months ended December 31,
2009. The increase was primarily due to the increases in interest on
real estate loans and loan fee income. This increase generally
resulted from the increase in the average balance of earning loans outstanding,
which is attributable to increased loan originations. For the three months ended
December 31, 2010, BRT originated approximately $28.3 million in loans compared
to $1.3 million in the corresponding period in the prior year. The increase in
interest on real estate loans was partially offset by a decrease from 13.21% to
11.82% in the weighted average interest rate earned on the performing loan
portfolio.
Total
expenses decreased by approximately $2.9 million, or 45%, in the quarter ended
December 31, 2010 compared to the quarter ended December 31,
2009. The quarter ended December 31, 2009 included a $3.2 million
loan loss provision. There was no loan loss provision recorded in the
current quarter. Partially offsetting the decrease was a $169,000
increase in professional fees associated with foreclosure and related
actions.
Net loss
attributable to common shareholders was $508,000 in the current quarter compared
to $2.5 million in the corresponding quarter last year. The
improvement is attributable primarily to the factors described
above. Partially offsetting the improved results was a decrease of
approximately $1.2 million in the gain on sale of available-for-sale securities
quarter-over-quarter.
Jeffrey
A. Gould, president and chief executive officer, commented that “the economic
environment seems to be improving.”As a result, he noted, “we have been
experiencing an increased level of interest in short-term bridge lending and
look forward to applying our liquidity, approximately $37 million in cash and
cash equivalents and $10 million in available–for-sale securities, to fund
additional loan originations.”
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, including statements regarding the apparent
improvement in the economic environment and BRT’s ability to originate
additional loans. 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,” “apparent”, “experiencing” or
similar expressions or variations thereof. Forward looking
statements, including our ability to originate additional loans, 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 our Annual Report on Form 10-K for the year ended
September 30, 2010.
Contact: David
W. Kalish – (516) 466-3100
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
BRT
REALTY TRUST AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars
in thousands, except per share data)
|
Three
months ended
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December
31,
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2010
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2009
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Revenues:
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Interest
and fees on loans
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$ | 1,399 | $ | 897 | ||||
|
Rental
revenue from real estate properties
|
854 | 877 | ||||||
|
Other
revenues
|
199 | 107 | ||||||
|
Total
revenues
|
2,452 | 1,881 | ||||||
|
Expenses:
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Interest
- borrowed funds
|
657 | 716 | ||||||
|
Provision
for loan loss
|
- | 3,165 | ||||||
|
General
and administrative expenses
|
1,431 | 1,428 | ||||||
|
Operating
expenses on real estate properties
|
916 | 824 | ||||||
|
Other
expenses
|
599 | 399 | ||||||
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Total
expenses
|
3,603 | 6,532 | ||||||
|
Total
revenues less total expenses
|
(1,151 | ) | (4,651 | ) | ||||
|
Equity
in earnings of unconsolidated ventures
|
49 | 75 | ||||||
|
Gain
on sale of available-for-sale securities
|
421 | 1,586 | ||||||
|
Loss
from continuing operations
|
(681 | ) | (2,990 | ) | ||||
|
Discontinued operations:
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|
Loss
from operations
|
- | (406 | ) | |||||
|
Impairment
Charges
|
- | (745 | ) | |||||
|
Gain
on sale of real estate assets
|
- | 1,253 | ||||||
|
Discontinued
operations
|
- | 102 | ||||||
|
Net
loss
|
(681 | ) | (2,888 | ) | ||||
|
Less
net loss attributable to noncontrolling interest
|
173 | 367 | ||||||
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Net
loss attributable to common shareholders
|
$ | (508 | ) | $ | (2,521 | ) | ||
|
Basic
and diltued per share amounts attributable to common
shareholders:
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|
Loss
from continuing operations
|
$ | (0.04 | ) | $ | (0.20 | ) | ||
|
Discontinued
operations
|
- | 0.01 | ||||||
|
Basic and
diluted loss per share
|
$ | (0.04 | ) | $ | (0.19 | ) | ||
|
Amounts
attributable to BRT Realty Trust:
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||||||||
|
Loss
from continuing operations
|
$ | (508 | ) | $ | (2,623 | ) | ||
|
Discontinued
operations
|
- | 102 | ||||||
|
Net
loss
|
$ | (508 | ) | $ | (2,521 | ) | ||
|
Weighted
average number of
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||||||||
|
common
shares outstanding:
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|
Basic
and diluted
|
13,977,706 | 13,214,700 | ||||||