BRT Apartments Corp. Completes Sale of The Apartments at Venue
March 01 2018 - 9:48AM
BRT Apartments Corp. (NYSE:BRT) today announced the sale of The
Apartments at Venue, located in Valley, Alabama, in which the
Company held a 61% joint venture equity interest. This
618-unit property was sold for a gross sales price of $51.0 million
and a gain of approximately $9.8 million. BRT’s share of this gain,
after giving effect to non-controlling interests of approximately
$5.3 million, will be approximately $4.5 million, and will be
recognized in the 2nd quarter of fiscal 2018. The Company
anticipates recycling a portion of sales proceeds into a new
acquisition in the coming months.
Jeffrey A. Gould, Chief Executive Officer and President of BRT
stated, “We were pleased to generate an IRR of approximately 15.7%
on our interest in The Apartments at Venue and anticipate recycling
a portion the proceeds into accretive acquisitions in the near
future, if appropriate.”
Forward Looking Statements:
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 multi-family
property acquisition, development and ownership 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, 2017 and in the Quarterly Reports on Form
10-Q and Current Reports on Form 8-K filed thereafter.
About BRT Apartments Corp.:BRT is a real estate
investment trust that either directly, or through joint ventures,
owns, operates and develops multi-family properties.
Additional financial and descriptive information on BRT, its
operations and its portfolio, is available at BRT’s website at:
http://BRTapartments.com. Interested parties are encouraged to
review BRT’s Annual Report on Form 10-K for the year ended
September 30, 2017, and the other reports filed thereafter with the
Securities and Exchange Commission for additional
information.
Contact: Investor RelationsBRT Apartments
Corp.60 Cutter Mill RoadSuite 303Great Neck, New York
11021Telephone (516) 466-3100Telecopier (516)
466-3132http://BRTapartments.com
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