BRT REALTY TRUST AND SUBSIDIARIES

SCHEDULE III—REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2014

(Dollars in thousands)

			Initial Cost to Company				Costs Capitalized Subsequent to Acquisition						Gross Amount At Which Carried at September 30, 2014
			Initial Cost to Company				Costs Capitalized Subsequent to Acquisition						Gross Amount At Which Carried at September 30, 2014														Depreciation Life For Latest Income Statement
Description	Encumbrances		Land		Buildings and Improvements		Land		Improvements		Carrying Costs		Land		Buildings and Improvements		Total			Accumulated Depreciation			Date of Construction			Date Acquired	Depreciation Life For Latest Income Statement
Commercial
Yonkers, NY.	$	1,767		—	$	4,000		—	$	190		—		—	$	4,190	$	4,190		$	1,511			(c	)	Aug-2000	39 years
South Daytona, FL.		—	$	10,437		—		—		—		—	$	7,972		—		7,972			—			N/A		Feb-2008	N/A
Newark, NJ		95,504		17,088		19,033	$	4,843		68,585	$	7,873		21,931		95,491		117,422			4,401			(c	)	June-2008	39 years
Multi-Family Residential
Marietta, GA		7,297		1,750		6,350		—		2,301		—		1,750		8,651		10,401			947			1972		Jan-2012	30 years
Lawrenceville, GA		6,257		1,450		4,800		—		1,018		—		1,450		5,818		7,268			518			1981		Feb-2012	30 years
Palm Beach Gardens, FL		44,874		16,260		43,140		—		1,433		—		16,260		44,573		60,833			4,373			1970		Mar-2012	30 years
Melbourne, FL		7,626		1,150		8,100		—		1,539		—		1,150		9,639		10,789			1,011			1987		Mar-2012	30 years
Collierville, TN		25,680		6,420		25,680		—		502		—		6,420		26,182		32,602			1,949			2000		June-2012	30 years
North Charleston, SC		17,716		2,436		19,075		—		610		—		2,436		19,685		22,121			1,532			2010		Oct-2012	30 years
Cordova, TN		19,248		1,823		23,627		—		457		—		1,823		24,084		25,907			1,707			1986		Nov-2012	30 years
Decatur, GA		10,520		1,698		8,752		—		905		—		1,698		9,657		11,355			686			1954		Nov-2012	30 years
Panama City, FL		5,532		1,411		5,790		—		512		—		1,411		6,302		7,713			490			1987		Jan-2013	30 years
Houston, TX		13,200		5,143		11,620		—		248		—		5,143		11,868		17,011			711			1978		April-2013	30 years
Pooler, GA		26,400		1,848		33,402		—		365		—		1,848		33,767		35,615			1,833			2008		April-2013	30 years
Houston, TX		6,494		3,060		5,505		—		265		—		3,060		5,770		8,830			313			1979		April-2013	30 years
Hixon, TN		8,137		1,231		9,613		—		52		—		1,231		9,665		10,896			484			1989		May-2013	30 years
Kennesaw, GA		35,900		5,566		43,484		—		577		—		5,566		44,061		49,627			1,751			2002		Sept-2013	30 years
Houston, TX (Palms)		24,100		16,800		16,000				1,835		—		16,800		17,835		34,635			562			1974		Oct-2013	30 years
Houston, TX (Ashwood)		4,065		1,084		4,336				184		—		1,084		4,520		5,604			142			1984		Oct-2013	30 years
Humble, TX (Parkside)		5,025		1,340		8,400				229		—		1,340		8,629		9,969			275			1983		Oct-2013	30 years
Humble, TX (Meadowbrook)		7,875		2,100		5,360				309		—		2,100		5,669		7,769			176			1982		Oct-2013	30 years
Huntsville, AL		9,573		2,410		9,640				681		—		2,410		10,321		12,731			323			1985		Oct-2013	30 years
Columbus, OH		10,528		2,810		11,240				46		—		2,810		11,286		14,096			313			1999		Nov-2013	30 years
Indianapolis, IN		14,500		3,516		15,284				309		—		3,516		15,593		19,109			347			2007		Jan-2014	30 years
Greenville, SC		5,828		7,000		—				12,526		65		7,000		12,591		19,591			—			2014		Jan-2014	30 years
Nashville, TN		17,300		5,350		21,400				116		—		5,350		21,516		26,866			357			1985		April-2014	30 years
Little Rock, AK		4,063		1,350		5,400				28		—		1,350		5,428		6,778			91			1985		April-2014	30 years
Witchita, KS		13,757		4,150		16,600				132		—		4,150		16,732		20,882			278			1999		April-2014	30 years
Atlanta, GA		22,165		5,670		22,680				40		—		5,670		22,720		28,390			189					June-2014	30 years
Houston, TX		11,475		1,530		13,770				689		—		1,530		14,459		15,989			154					July-2014	30 years
Misc.(1)		—		—		—		—		—		—		—		75		75			—			N/A

Total	$	482,406	$	133,881	$	422,081	$	4,843	$	96,683	$	7,938	$	136,259	$	526,777	$	663,036		$	27,424			—


																		(a	)		(b	)

(1)	Represents loans which are reported as real estate because they do not qualify for sale treatment under current accounting guidance.

Notes to the schedule:

(a)	Total real estate properties	$	663,036
	Less: Accumulated depreciation and amortization		27,424

	Net real estate properties		635,612


(b)	Amortization of the Trust's leasehold interests is over the shorter of estimated useful life or the term of the respective land lease.
(c)	Information not readily obtainable.

A reconciliation of real estate properties is as follows:

	Year Ended September 30,
	2014		2013		2012
Balance at beginning of year	$	402,896	$	190,317	$	59,277
Additions:
Acquisitions		205,220		185,453		116,759
Capital improvements		8,273		3,371		3,716
Capitalized development expenses and carrying costs		34,857		30,947		12,622

		248,350		219,771		133,097

Deductions:
Sales		80		117		37
Depreciation/amortization/paydowns		15,554		7,075		2,020

		15,634		7,192		2,057

Balance at end of year	$	635,612	$	402,896	$	190,317

The aggregate cost of investments in real estate assets for Federal income tax purposes is approximately $2,625 higher than book value.