BRT Realty Trust announces results of Operations for the first Quarter of its fiscal year.

Great Neck, New York, February 14, 2002 -- BRT Realty Trust (NYSE:BRT)today announced that for the quarter ended December 31, 2001, the first quarter of its fiscal year, it had revenues of $4,985,000 and net income of $3,456,000, or $.46 per share on a diluted basis.  For the comparable three months ended December 31, 2000, BRT reported revenues of $4,468,000 and net income of $3,101,000, or $.43 per share on a diluted basis.  The weighted average number of shares outstanding was 7,445,042 and 7,225,542 for the quarter ended December 31, 2001 and 2000, respectively.

Commenting on the results of operations for the first quarter, Jeffrey Gould, President and Chief Executive Officer of BRT, noted that revenues increased approximately 12% quarter over quarter, primarily because of a 29% increase in interest and fees on loans resulting from an increase in the average balance of loans outstanding and receipt of additional non-recurring type interest in a greater amount in the current quarter than was received in the comparable quarter of the prior year.  Mr. Gould also noted that operating income on real estate owned increased quarter over quarter primarily as a result of the receipt of a full year’s rental income from a tenant at a property owned by a consolidated joint venture and an increase in income from unconsolidated joint ventures resulting primarily from a gain recognized on the sale of a parcel of land at a property located in Dover, Delaware.  The increase in revenues from interest and fees on loans, real estate operations and joint ventures was offset in part by a decrease in investment income due to a decline in interest rates and in the average balance of investments outstanding as BRT deployed more of its capital in its primary business activities.

Continuing, Mr. Gould noted that total expenses increased in the current quarter as compared to the comparable quarter in 2000 by approximately 10% primarily as a result of an increase in real estate operating expenses and the payment of an excise tax in the current quarterly period.

Mr. Gould pointed out that the current quarter ending December 31, 2001 benefited from the recognition of $1,182,000 of non-recurring additional interest and accrued interest collected upon the payoff of two participating loans.  In the quarter ending December 31, 2000, BRT benefited from the recognition of $880,000 of non-recurring additional interest and accrued interest and fees paid on a non-performing loan which returned to performing status.  Without giving consideration to additional interest income and receipt of accrued interest on non-performing or under performing loans, BRT would have had total revenues for the first quarter of the current fiscal year of $3,803,000 and net income of $2,274,000, or $.30 per share, as compared to total revenues in the first quarter of the prior fiscal year of $3,588,000 and net income of $2,221,000 or $.31 per share.

BRT Realty Trust is a mortgage oriented real estate investment trust.

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 and 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.  The forward looking statements should not be relied upon since they 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.

Contact: Simeon Brinberg, BRT Realty Trust (516-466-3100).

BRT is a New York-based Real Estate Investment Trust that specializes in the origination and holding for investment of senior and junior commercial mortgage loans secured by real property in the United States. For more information on BRT, please visit ourHome Page.

Caution Concerning Forward-Looking Statements: Materials included in this filing may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words should be considered uncertain and forward-looking.

Contact: Simeon Brinberg, Senior Vice President - (516) 466-3100

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