BRT Apartments Corp. Announces Sale of Factory at Garco Park for $51.7 Million
November 12 2018 - 4:15PM
BRT Apartments Corp. (NYSE:BRT) today announced the sale of Factory
at Garco Park, located in North Charleston, South Carolina, in
which the Company held a 65% joint venture equity interest.
This 271-unit property was sold for a gross sales price of $51.7
million and a gain of approximately $12.0 million. BRT’s share of
this gain, after giving effect to non-controlling interests of
approximately $6.3 million, will be approximately $5.7 million, and
will be recognized in the 1st quarter of fiscal 2019. The
Company anticipates recycling a portion of sales proceeds into a
new acquisition in the coming months.
Jeffrey A. Gould, President and CEO commented,
“We were pleased to generate an IRR of 20% over three years on our
interest in Factory at Garco Park. We entered into this venture as
a ground up development and believe that we have maximized value at
this time. Accordingly, we will be recycling a portion of
this capital into value-add acquisitions where we believe we can
generate an attractive return while benefitting from current cash
flow.”
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 Relations
BRT Apartments Corp.60 Cutter Mill RoadSuite
303Great Neck, New York 11021Telephone (516) 466-3100Telecopier
(516) 466-3132http://BRTapartments.com
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