BRT Realty Trust Announces Results of Operations for the Quarter and Year Ended September 30, 2004.

GREAT NECK, N.Y. -- BRT Realty Trust (NYSE:BRT) today announced that for the three months ended September 30, 2004 it had total revenues of $5,429,000 and net income of $3,148,000, or $0.40 per share on a diluted basis. Net income for the quarter ended September 30, 2004 includes a net gain on sale of real estate assets of $111,000, or $.01 per share, and equity in earnings of unconsolidated joint ventures of $128,000, or $.02 per share. This compares with total revenues, net income and net income per share on a diluted basis of $3,395,000, $3,888,000 and $.51 per share, respectively, for the three months ended September 30, 2003. Net income for the three months ended September 30, 2003 includes a net gain on sale of available for sale securities of $1,718,000, or $.22 per share, net gain on sale of real estate assets of $104,000, or $.01 per share, and equity in earnings of unconsolidated ventures of $392,000, or $.05 per share. If the gain realized on the sale of available for sale securities and gain on sale of real estate assets are not taken into account in either three month period, net income and net income per share would be $3,037,000 and $.39 per share, respectively, for the three months ending September 30, 2004 and $2,066,000 and $.27 per share, respectively, for the three months ending September 30, 2003. The weighted average number of common shares outstanding on a diluted basis was 7,738,328 and 7,655,934 for the three months ended September 30, 2004 and 2003, respectively.

BRT also announced that for the fiscal year ended September 30, 2004 it had total revenues of $18,583,000 and net income of $12,002,000, or $1.55 per share on a diluted basis. Net income for the September 30, 2004 twelve month period includes a gain on sale of available-for- sale-securities of $1,641,000, or $.21 per share, a gain on sale of real estate assets of $1,261,000, or $.16 per share, and equity in earnings of unconsolidated real estate ventures of $202,000 or $.03 per share. For the prior fiscal year ended September 30, 2003, BRT reported total revenues of $14,804,000 and net income of $13,683,000, or $1.80 per share on a diluted basis. Net income for the September 30, 2003 twelve month period includes a gain on sale of available-for-sale securities of $4,332,000, or $.57 per share, a gain on sale of real estate assets of $499,000, or $.07 per share, and equity in earnings of unconsolidated real estate ventures of $479,000, or $0.06 per share. If the gain realized on the sale of available for sale securities and the gain from sale of real estate assets are not taken into account in either year net income and net income per share would be $9,100,000, or $1.18 per share, respectively, for the fiscal year ended September 30, 2004 and $8,852,000, or $1.17, respectively for the fiscal year ended September 30, 2003. The weighted average number of common shares outstanding on a diluted basis was 7,734,364 and 7,595,434 for the twelve months ended September 30, 2004 and September 30, 2003, respectively.

Commenting on the results of operations for the three months and year ended September 30, 2004 Jeffrey Gould, President and Chief Executive Officer of BRT stated that the increase in revenues quarter over quarter and year over year was due primarily to the increased volume of loan originations which caused an increase in the average balance of loans outstanding in each current period, offset to a limited extent by a decline in the average rate earned on the loan portfolio. Commenting further, Mr. Gould noted that interest expense, the advisor's fee and general and administrative expenses each increased in both the 2004 quarter and the 2004 fiscal year as a result of the increased level of the company's business activity. Real estate operating expenses decreased by a small amount quarter versus quarter, but increased by $856,000 year over year as a result of legal fees and expenses incurred in 2004 in defending a lawsuit relating to a property previously owned by the Company, which was satisfactorily resolved in 2004.

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.

BRT REALTY TRUST
            CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                              (Unaudited)
               (In Thousands except for Per Share Data)

                                Three Months Ended       Year Ended
                                   September 30,        September 30,
                                ------------------   -----------------
                                   2004      2003       2004     2003
                                   ----      ----       ----     ----
Revenues:                         $5,429    $3,395   $18,583 $14,804

Expenses (1)                       2,509     1,713     9,642   6,388
                                  ------    ------   ------- ---------

Income from before equity in
 earnings of unconsolidated
 joint ventures, gain on sale
 of available-for-sale
 securities, minority interest
 and discontinued operations       2,920     1,682     8,941   8,416

Equity in earnings of
 unconsolidated joint ventures       128       392       202     479
                                  ------    ------    ------ ---------

Income from before gain on
 sale of available-for-sale
 securities, minority interest
 and discontinued operations       3,048     2,074     9,143   8,895
Gain on sale of available-for-
 sale securities                       -     1,718     1,641   4,332
Minority interest                    (11)       (8)      (43)    (43)
                                  ------    ------    ------ ---------
Income before discontinued
 operations                        3,037     3,784    10,741  13,184

Discontinued operations
 Gain on sale of real estate
 assets                              111       104     1,261     499
                                  ------    ------    ------ ---------
Net income                       $ 3,148   $ 3,888   $12,002 $13,683
                                  ======    ======    ====== =========
Income per share of
 beneficial interest:

Income from continuing
 operations                      $   .40   $   .50   $  1.41 $  1.76
Discontinued operations              .01       .02       .17     .07
                                  ------   -------   ------- ---------
Basic earnings per share         $   .41   $   .52   $  1.58 $  1.83
                                  ======   =======   ======= =========

Income from continuing
 operations                      $   .39   $   .49   $  1.39 $  1.73
Discontinued operations              .01       .02       .16     .07
                                  ------   -------   ------- ---------
Diluted earnings per share       $   .40   $   .51   $  1.55 $  1.80
                                  ======   =======   ======= =========

Cash distributions per
 common share                    $   .48   $   .36   $  1.79 $  1.30
                                  ======   =======   ======= =========
Weighted average number of
 common shares outstanding:

Basic                          7,652,108 7,527,173 7,617,116 7,470,608
                               ========= ========= ========= =========
Diluted                        7,738,328 7,655,934 7,734,364 7,595,434
                               ========= ========= ========= =========

(1) Includes $779,000 and $19,000 of litigation costs and expenses in
    the three months ending June 30, 2004 and 2003, respectively.
    Includes $919,000 and $19,000 of litigation costs and expenses in
    the nine months ending June 30, 2004 and 2003, respectively.  The
    litigation was concluded in June, 2004.