The offer depends on several conditions: that Frederic H. Gould, the chairman and CEO of BRT, is elected to EPT's board of trustees, that EPT's board grant an unqualified exemption to BRT from the 9.8% ownership limitation in its declaration of trust as well as from voting restrictions in Maryland law because BRT owns more than 10% of EPT.

Gould says that his firm is making the investment, "because we believe in the long-term value of EPT. The offer gives shareholders to sell some of their shares at a significant premium and still retain an interest in EPT's future growth."

BRT, a REIT, as is EPT, invests in real estate loans secured by interests in income producing and undeveloped properties. EPT owns approximately 25 properties, most of them motion picture megaplexes, located in about a dozen states. It also owns an interest in a strip mall anchored by a multiplex.