BRT Realty Trust said its board approved a plan to convert its jurisdiction and form of organization to a Maryland corporation from a Massachusetts business trust. The company will also be renamed BRT Apartments Corp.
The conversion must be approved by shareholders at a meeting expected to be held in March 2017, and the company expects the conversion to occur in the same month if approved. At the effective time of the conversion, each share of beneficial interest of BRT Realty outstanding, par value $3.00 per share, will be exchanged for one share of BRT Apartments, par value 1 cent per share.
The company said its business, headquarters, management and trading symbol on the NYSE will remain the same following the conversion. Trustees will afterward be known as directors.
The company also said it completed three joint-venture transactions through which it acquired stakes in two multifamily properties and land for future development.
The company acquired an 80% stake in a joint venture that owns the 220-unit Kilburn Crossing in Fredericksburg, Va., for $38.5 million, and it took a 32% interest in a venture that owns the 374-unit Canalside Lofts in Columbia, S.C., for $58.3 million. It also paid $5.9 million for a 46% stake in a venture that owns land for future development of a 339-unit property in Columbia known as Canalside Sola.
BRT Realty also said it has sold four properties since Oct. 1 for a total of $130.2 million. It expects its share of the gains, net of a mortgage prepayment charge, will be about $17.6 million, including $9.2 million from a previously reported sale.