About BRT Apartments

BRT Realty Trust, a real estate investment trust (REIT), owns, operates, and develops multi-family properties in the United States. As of December 1, 2015, the company owned 30 multi-family properties (4 of which are wholly owned) located in 11 states with an aggregate of 8,807 units. The company’s multifamily properties are garden apartment, mid rise or town home style properties that provide residents with amenities, such as a clubhouse, swimming pool, laundry facilities and cable television access. The company monitors its portfolio to identify appropriate disposition candidates. Teachers Village: The Teachers Village site encompasses an area bounded by Branford Street to the north, Treat Place to the east, Hill Street to the south and Washington Street to the west, and is adjacent to Halsey Street. The first financing phase, which the company refers to as Phase I, was used to fund the construction of two buildings with an aggregate of 113,903 rentable square feet—these buildings were completed in August/September 2013. Approximately 88,833 square feet is leased to three charter schools and a day-care center. The second financing phase, which the company refers to as Phase II, would result in, upon completion of construction, 3 buildings containing approximately 123 residential rental units and approximately 29,140 square feet of retail space. The third financing phase, which the company refers to as Phase III, contemplates the construction of an 82,547 square feet mixed-use space, which would consist of a 48,772 square foot commercial condominium unit, including 10,453 square feet of retail space and 42 residential units, which it refer to as the Commercial Condo; and 33,775 square feet residential condominium unit, including 39 residential units, which it refers to as the Residential Condo. As of December 1, 2015, the 91 available residential units constructed to date are occupied and the company anticipates the remaining 32 units would be completed and leased by February 2016. As of December 1, 2015, of the approximately 126,983 square feet of commercial space at the four completed buildings, approximately 95,218 square feet is leased to three charter schools, a day care center and three retail tenants. In addition, the Newark Joint Venture has entered into leases with 11 tenants with respect to 18,466 square feet of retail space at these buildings. The Market Street site is an approximately 68,000 square foot site, representing approximately 303,000 rentable square feet. The company owns an 8.7 acre vacant parcel of land in South Daytona Beach, Florida; 17 cooperative apartments, 15 of which are rent controlled or rent stabilized, in 2 buildings in upper Manhattan, New York; and a subordinated leasehold interest in a portion (approximately 29% of a 99,000 square foot facility) of a shopping center in Yonkers, New York. In addition, the company has a 50% equity interest in an unconsolidated joint venture that owns an aggregate of 19 cooperative apartment units located in Lawrence, New York. REIT Tax Status The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, it would not be subject to federal income tax purposes, provided it distributes at least 90% of its taxable income to its shareholders. History BRT Realty Trust was founded as a business trust under the laws of the Commonwealth of Massachusetts in 1972.