GREAT NECK, NY--(Marketwire - September 30, 2009) - BRT REALTY TRUST (NYSE: BRT) announced today
that it has retired $15,900,000 (reported on its June 30, 2009 balance
sheet at $15,100,000) of its outstanding unsecured junior subordinated
notes in exchange for the transfer by BRT to the noteholder of certain
replacement securities acquired by BRT in the open market during September
2009 as well as cash. The cost to BRT was $7,950,000 plus BRT's expenses
in the transaction. In connection with this transaction, BRT also made a
payment of $318,000 to the collateral manager to cover fees and expenses of
the noteholder related to the exchange arrangement. The transaction will
result in a net gain to BRT of approximately $6,800,000, net of its
estimated transaction costs. Following the retirement of these unsecured
junior subordinated notes, BRT has an aggregate of $42,400,000 of unsecured
junior subordinated notes outstanding with a due date of April 30, 2036.
As part of the transaction, BRT received a refund of $324,625, representing
prepaid interest on the retired unsecured junior subordinated notes for the
period subsequent to September 30, 2009.
BRT REALTY TRUST is a mortgage-oriented real estate investment Trust.
Contact Information: Contact:
Simeon Brinberg
(516) 466-3100