BRT Realty Trust, of Great Neck, plans to buy back $2 million in company shares in the open market on the New York Stock Exchange or in private sales during the next 12 months, the company said Monday.
BRT, a real estate investment trust, is in the business of originating and holding mortgages on commercial properties and multiple-family dwellings.
BRT had about 14.1 million shares outstanding as of Monday, when It closed at $6.27.
In June BRT disclosed to the Securities and Exchange Commission that it had obtained a new $25 million revolving line of credit, and said it would use the money in part to expand its business. Jeffrey A. Gould, chief executive of BRT, said at that time, "this new line of credit gives us additional flexibility and capital to expand our business and better serve our clients."
Also in June, BRT entered a joint venture with an affiliate of Torchlight Investors Llc. The joint venture, known as BRTL Llc, has the right to acquire short-term commercial real estate mortgage loans, or bridge loans, originated by BRT Realty Trust.