Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0362
Expires: January 31, 2005
Estimated average burden hours per response... 1.0

1. Name and Address of Reporting Person *
KALISH DAVID
 2. Issuer Name and Ticker or Trading Symbol
BRT REALTY TRUST [BRT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last)
(First)
(Middle)

60 CUTTER MILL ROAD, SUITE 303		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
09/30/2004
(Street)


GREAT NECK, NY 11021		 4. If Amendment, Date Original Filed(Month/Day/Year)
02/11/2004		 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Shares of Beneficial Interest 02/11/2004   M 2,500 A $ 7.75 48,695 D  
Shares of Beneficial Interest 02/11/2004   M 1,500 A $ 10.45 50,195 (1) (2) D  
Shares of Beneficial Interest             3,000 I By IRA
Shares of Beneficial Interest             291,371 (3) I By pension trusts
Shares of Beneficial Interest             3,700 (4) I By spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option - Right to Buy $ 7.75 02/11/2004   M   2,500 12/13/2002 12/12/2010 Shares of Beneficial Interest
2,500
$ 0 5,000
D
 
Employee Stock Option- Right to Buy $ 10.45 02/11/2004   M   1,500 12/10/2002 12/09/2011 Shares of Beneficial Interest
1,500
$ 0 3,000
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
KALISH DAVID
60 CUTTER MILL ROAD
SUITE 303
GREAT NECK, NY 11021		       Senior Vice President  

Signatures

David W. Kalish 10/26/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes 2,500 shares owned jointly with spouse.
(2) This Form 5 is filed to reflect reporting person's excersise of option to purchase 1,500 shares of issuer on February 10, 2004, which was inadvertantly omitted from the Form 4 filed on February 11, 2004.
(3) Reporting person is a trustee of BRT Pension Trust, which owns 16,915 shares. Reporting person is a trustee of Gould Investors L.P. Pension Trust, which owns 33,381 shares. Reporting person is a trustee of REIT Management Corp. Pension Plan and Profit Sharing Trust, which owns 241,075 shares.
(4) Includes 200 shares in an IRA.

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.