-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B9Lvc40hmD+zgwMbuBM9EVWYa+zMfV5aQryE94KzjxdxSBzb3f/TN0m9dCRylhiz A+bnqshSnsDtjSafn3TL5g== 0000014846-04-000004.txt : 20040212 0000014846-04-000004.hdr.sgml : 20040212 20040212111417 ACCESSION NUMBER: 0000014846-04-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031231 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRT REALTY TRUST CENTRAL INDEX KEY: 0000014846 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 132755856 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07172 FILM NUMBER: 04588928 BUSINESS ADDRESS: STREET 1: 60 CUTTER MILL RD STREET 2: SUITE 303 CITY: GREAT NECK STATE: NY ZIP: 11021-3190 BUSINESS PHONE: 5164663100 FORMER COMPANY: FORMER CONFORMED NAME: BERG ENTERPRISES REALTY GROUP DATE OF NAME CHANGE: 19750724 8-K 1 brt8k021204.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 11, 2004 ------------------------------------------------------------------ BRT REALTY TRUST ---------------- (Exact name of Registrant as specified in charter) Maryland 1-7172 13-2755856 ----------------------------------------------------------------------- (State or other (Commission file No.) (IRS Employer jurisdiction of I.D. No.) incorporation) 60 Cutter Mill Road, Suite 303, Great Neck, New York 11021 -------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code 516-466-3100 ------------ Item 9. Regulation FD Disclosure. (The information provided herein is being provided under Item 12 of Form 8-K, Results of Operations and Financial Condition). Attached hereto as an exhibit is a copy of a Press Release issued by the registrant on February 11, 2004. The Release which is being furnished to the Securities and Exchange Commission, discloses information regarding the registrant's results of operations for the quarter ended December 31, 2003. Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned officer thereunto duly authorized. BRT REALTY TRUST Date: February 12, 2004 By: /s/ Simeon Brinberg ------------------- Simeon Brinberg Secretary BRT REALTY TRUST 60 Cutter Mill Road, Suite 303 Great Neck, NY 11021 Telephone (516) 466-3100 Fax (516) 466-3132 www.BRTRealty.com BRT REALTY TRUST ANNOUNCES RESULTS OF OPERATIONS FOR THE QUARTER ENDED DECEMBER 31, 2003 Great Neck, New York, February 11, 2004 -- BRT Realty Trust (NYSE:BRT) today announced that for the three months ended December 31, 2003, the first quarter of its fiscal year, it had total revenues of $3,669,000 and net income of $3,294,000, or $0.43 per share on a diluted basis. Net income for the quarter ended December 31, 2003 includes a net gain on sale of available securities of $720,000, or $0.09 per share, and net gain on sale of real estate assets of $591,000, or $0.08 per share. This compares with total revenues, net income and net income per share on a diluted basis of $4,130,000, $2,836,000 and $.38 per share, respectively, for the three months ended December 31, 2002. Net income for the quarter ended December 31, 2002 includes a net gain on sale of real estate assets of $195,000, or $0.03 per share. The weighted average number of common shares outstanding on a diluted basis was 7,671,566 and 7,536,538 for the three months ended December 31, 2003 and 2002, respectively. Commenting on the results of operations for the three months ended December 31, 2003 Jeffrey Gould, President and Chief Executive Officer of BRT noted that the $461,000 decline in revenues quarter over quarter was due primarily to a decrease in the average interest rate earned on the loan portfolio, the receipt in the quarter ended December 31, 2002 of accrued interest on a non-accruing loan which was paid in full (there being no comparable revenue item in the current quarter) and a modest decline in the average balance of outstanding loans. Commenting further, he noted that total expenses increased by $176,000 quarter versus quarter due to increases in a number of expense categories including interest expense, advisor's fee and general and administrative expenses. Mr. Gould stated that BRT has experienced an increase in loan originations in the first quarter of fiscal 2003, continuing into 2004, noting that mortgages receivable, net, increased by $23,418,000 since fiscal year end from $65,997,000 at September 30, 2003 to $89,415,000 at December 31, 2003. The increase in expenses was due in large measure to the increase in loan originations, as funds were borrowed in the months of November and December, 2003 to fund originations, and payroll and payroll related expenses and advertising and promotion increased as our level of business activity increased. 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. Contact: Simeon Brinberg - (516) 466-3100
BRT REALTY TRUST CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) (In Thousands, except for Per Share Data) Three Months Ended December 31, 2003 2002 Revenues $ 3,669 $ 4,130 Expenses 1,718 1,542 ----- ----- Income before equity in earnings of unconsolidated joint ventures and gain on sale 1,951 2,588 Equity in earnings of unconsolidated entities 43 63 Net gain on sale of real estates assets 591 195 Net realized gain on sale of available-for -sale securities 720 - --- --- Income before minority interest 3,305 2,846 Minority interest (11) (10) ----- ----- Net income $ 3,294 $ 2,836 ======= ======= Income per share of beneficial interest: Basic earnings per share $ 0.44 $ 0.38 ======= ======= Diluted earnings per share $ 0.43 $ 0.38 ======= ======= Weighted average number of common shares outstanding: Basic 7,513,383 7,407,189 ========= ========= Diluted 7,671,566 7,536,538 ========= ========= Cash distributions per common share $ 0.38 $ 0.30 ========= =========
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