-----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, EryxOkgroj2CwaTJQpNIKiOOtdXh2qvRWyuWfg/PQb/IObj8h6zLvBthr2E4t/V3 p9a1paxVxVfhoL1owSMgtQ== 0000014846-04-000029.txt : 20040811 0000014846-04-000029.hdr.sgml : 20040811 20040811122717 ACCESSION NUMBER: 0000014846-04-000029 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040630 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20040811 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: 04966348 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 brt8k081104.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) August 10, 2004 BRT REALTY TRUST ---------------- (Exact name of Registrant as specified in charter) Maryland 001-07172 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 August 10, 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 and nine months ended June 30, 2004. 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: August 11, 2004 By: /s/ Simeon Brinberg ----------------------------------- Simeon Brinberg Secretary EXHIBIT 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 AND NINE MONTHS ENDED JUNE 30, 2004 Great Neck, New York, August 10, 2004 -- BRT Realty Trust (NYSE:BRT) today announced its results of operations for the three and nine months ended June 30, 2004. For the three months ended June 30, 2004 BRT reported total revenues of $4,886,000 and net income of $2,309,000, or $0.30 per share on a diluted basis, including gains from the sale of securities and gains from the sale of real estate assets totaling $563,000, or $.07 per share. This compares with total revenues, net income and net income per share on a diluted basis of $3,765,000, $4,754,000, and $.62 per share, respectively, for the three months ended June 30, 2003, including gains from the sale of securities and gains from the sale of real estate assets totaling $2,668,000, or $.35 per share. The weighted average number of common shares outstanding on a diluted basis was 7,738,076 and 7,617,296 for the three months ended June 30, 2004 and 2003, respectively. BRT also reported that for the nine months ended June 30, 2004 it had total revenues of $13,154,000 and net income of $8,854,000, or $1.14 per share, on a diluted basis, including gains from the sale of securities and gains from the sale of real estate assets totaling $2,791,000, or $.36 per share. For the nine months ended June 30, 2003, BRT reported total revenues of $11,409,000 and net income of $9,795,000, or $1.29 per share on a diluted basis, including gains from the sale of securities and gains from the sale of real estate assets totaling $3,009,000, or $.40 per share. The weighted average number of common shares outstanding on a diluted basis was 7,733,032 and 7,575,045 for the nine months ended June 30, 2004 and 2003, respectively. Jeffrey A. Gould, President and Chief Executive Officer of BRT commented that the results in both current periods reflect the strength of BRT's core lending business, as revenues increased quarter versus quarter and nine months versus nine months by 30% and 15%, respectively, due to a significant increase in loan originations resulting in an increase in the average balance of loans outstanding in each of the current periods. Mr. Gould noted that the gains from the sale of securities were greater in the 2003 periods then in the 2004 periods. For the three months ended June 30, 2004, gains from the sale of securities was $4,000, as compared to $2,468,000, or $.32 per share, for the three months ended June 30, 2003. For the nine months ended June 30, 2004 gains from the sale of securities was $1,641,000, or $.21 per share, compared to $2,614,000, or $.35 per share, for the nine months ended June 30, 2003. Net income was positively affected in the 2004 periods as a result of a gain on the sale of real estate assets of $559,000, or $.07 per share for the 2004 quarter versus $200,000, or $.03 per share, for the 2003 quarter and $1,150,000, or $.15 per share, for the 2004 nine month period, versus $395,000, or $.05 per share, for the 2003 nine month period. Timing of gains from securities sales and real estate asset sales, Mr. Gould noted, is not predictable. Commenting further, Mr. Gould noted that interest expense, the advisor's fee and general and administrative expenses increased in the 2004 periods in line with the increased level of the Trust's loan originations. However, real estate operating expenses increased $752,000 quarter versus quarter and $905,000 nine months versus nine months as a result of "non-recurring" legal fees and other costs incurred by the Trust in defending a lawsuit which was concluded in June 2004. It is not anticipated that any significant additional expenses will be incurred with respect to this litigation in future periods. 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 Nine Months Ended June 30, June 30, ------- -------- 2004 2003 2004 2003 ---- ---- ---- ---- Revenues: $ 4,886 $ 3,765 $13,154 $11,409 Expenses (1) 3,162 1,657 7,133 4,675 ------- ------- ------- ------- Income from before equity in earnings of unconsolidated joint ventures, gain on sale of available-for-sale securities, minority interest and gain on sale of real estate assets 1,724 2,108 6,021 6,734 Equity in earnings of unconsolidated joint ventures 33 (7) 74 87 ------- ------- ------- ------- Income from before gain on sale of available-for-sale securities, minority interest and gain on sale of real estate assets 1,757 2,101 6,095 6,821 Gain on sale of available-for -sale securities 4 2,468 1,641 2,614 Minority interest (11) (15) (32) (35) ------- ------- ------- ------- Income before gain on sale of real estate assets 1,750 4,554 7,704 9,400 Gain on sale of real estate assets 559 200 1,150 395 ------- ------- -------- ------- Net income $ 2,309 $ 4,754 $ 8,854 $ 9,795 ======= ======= ======= ======= Income per share of beneficial interest: Income before gain on sale of real estate assets $ .23 $ .60 $ 1.01 $ 1.26 Gain on sale of real estate assets .07 .03 .15 .05 ------- ------- ------- ------- Basic earnings per share $ .30 $ .63 $ 1.16 $ 1.31 ======= ======= ======= ======= Income before gain on sale of real estate assets $ .23 $ .59 $ .99 $ 1.24 Gain on sale of real estate assets .07 .03 .15 .05 ------- ------- ------- ------- Diluted earnings per share $ .30 $ .62 $ 1.14 $ 1.29 ======= ======= ======= ======= Cash distributions per common share $ .48 $ .34 $ 1.31 $ .94 ======= ====== ======= ======= Weighted average number of common shares outstanding: Basic 7,650,471 7,487,751 7,605,366 7,451,546 ========= ========= ========= ========= Diluted 7,738,076 7,617,296 7,733,032 7,575,045 ========= ========= ========= ========= (1) Includes $779,000 and $19,000 of litigation costs and expenses in the three months ending June 30, 2004 and 2003, respectively. Includes $919,000 and $19,000 of litigation costs and expenses in the nine months ending June 30, 2004 and 2003, respectively. The litigation was concluded in June, 2004.
-----END PRIVACY-ENHANCED MESSAGE-----