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) 466-3132 http://BRTapartments.com
GREAT NECK, N.Y., March 01, 2018 (GLOBE NEWSWIRE) -- 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 2 nd 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.