Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of Report (Date of
earliest event reported) December 3, 2008
BRT REALTY
TRUST
(Exact
name of Registrant as specified in charter)
|
Massachusetts
|
|
001-07172
|
|
13-2755856
|
|
(State
or other
|
|
(Commission
file No.)
|
|
(IRS
Employer
|
|
jurisdiction
of
|
|
|
|
I.D.
No.)
|
|
incorporation)
|
|
|
|
|
60 Cutter Mill Road, Suite
303, Great Neck, New York 11021
(Address
of principal executive
offices) (Zip
code)
Registrant's
telephone number, including area
code 516-466-3100
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01. Entry
into a Material Definitive Agreement.
On
December 3, 2008, TRB Enon Springs LLC, a wholly-owned subsidiary of BRT Realty
Trust, entered into a contract of sale dated as of November 25, 2008, with OSM
Investments Company, a California corporation, pursuant to which TRB Enon
Springs LLC agreed to sell, and OSM Investments Company agreed to purchase, a
residential apartment complex in Smyrna, Tennessee for a purchase price of
$6,612,000.
On
December 3, 2008, TRB Arbors LLC, a wholly-owned subsidiary of BRT Realty Trust,
entered into a contract of sale dated as of November 25, 2008, with OSM
Investments Company, pursuant to which TRB Arbors LLC agreed to sell, and OSM
Investments Company agreed to purchase, a residential apartment complex in
Nashville, Tennessee for a purchase price of $7,404,000.
On
December 3, 2008, TRB Cumberland LLC and TRB Archwood LLC, each of which is a
wholly-owned subsidiary of BRT Realty Trust, entered into a contract of sale
with Embassy Group LLC, a New York limited liability company, pursuant to which
TRB Cumberland LLC and TRB Archwood LLC agreed to sell, and Embassy Group LLC
agreed to purchase, two residential apartment complexes in Madison, Tennessee
for an aggregate purchase price of $7,350,000.
On
December 3, 2008, TRB Highland Ridge LLC, a wholly-owned subsidiary of BRT
Realty Trust, entered into a contract of sale with Embassy Group LLC, pursuant
to which TRB Highland Ridge LLC agreed to sell, and Embassy Group LLC agreed to
purchase, a residential apartment complex in Madison, Tennessee for a purchase
price of $7,900,000.
On
November 14, 2008, TRB Crestbrook LLC, a wholly-owned subsidiary of BRT Realty
Trust, entered into a contract of sale with Chad M. Ray, an individual, pursuant
to which TRB Crestbrook LLC agreed to sell, and Mr. Ray agreed to purchase, a
residential apartment complex in Madison, Tennessee for a purchase price of
$2,430,000.
Consummation
of each of the transactions is conditioned upon satisfaction of specific terms
and conditions and delivery of specific documents as is customary for similar
transactions. Each contract of sale provides each purchaser with a
due diligence period, pursuant to which each purchaser may, in its sole
discretion, terminate such contract of sale during the diligence
period. There can be no assurance that any one or more of these
transactions will be completed.
Each of
these properties was acquired in July 2008 by wholly-owned subsidiaries of BRT
Realty Trust as a result of foreclosure actions. The contract
purchase price for each property, less brokerage commissions and other
transaction costs, is approximately such property’s book value, after taking
into account any loan loss provisions and impairment charges.
Item
9.01. Financial
Statements and Exhibits.
(a) Financial
Statements of Businesses Acquired. Not applicable.
(b) Pro
Forma Financial Information. Not applicable.
(c) Shell
Company Transactions. Not applicable.
(d) Exhibits.
| |
10.1
|
Contract of
Sale, dated as of November 25, 2008, by and between TRB Enon Springs LLC
and OSM Investments Company.
|
| |
|
|
| |
10.2
|
Contract of
Sale, dated as of November 25, 2008, by and between TRB Arbors LLC and OSM
Investments Company.
|
| |
|
|
| |
10.3
|
Contract of
Sale, dated as of November 14, 2008, by and between TRB Crestbrook LLC and
Chad M. Ray.
|
| |
|
|
| |
10.4
|
Contract of
Sale, dated as of December 3, 2008, by and between TRB Cumberland LLC, TRB
Archwood LLC and Embassy Group LLC.
|
| |
|
|
| |
10.5 |
Contract of
Sale, dated as of December 3, 2008, by and between TRB Highland Ridge LLC
and Embassy Group
LLC.
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
|
BRT
REALTY TRUST
|
|
|
|
|
|
Date:
December 8, 2008
|
By:
|
/s/ Simeon Brinberg
|
|
|
Simeon
Brinberg |
|
|
Senior
Vice President |