-----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, Ccw5gs753Hj56PsrkIB6uwefamm3lonXK+jKJQMtkmdfa63aIY1QxhQy0C58vk7X PNDveVQnCuEiXELNyuUSLg== 0000014846-05-000021.txt : 20050511 0000014846-05-000021.hdr.sgml : 20050511 20050511122927 ACCESSION NUMBER: 0000014846-05-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050509 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050511 DATE AS OF CHANGE: 20050511 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: 05819619 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 brt8k050905.txt UNITED STATES 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) May 9, 2005 BRT REALTY TRUST ---------------- (Exact name of Registrant as specified in charter) Massachusetts 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 ------------ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): =============================================================================== Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition Attached hereto as an exhibit is a copy of a Press Release issued by the registrant on May 9, 2005. The Press Release which is being furnished to the Securities and Exchange Commission, discloses information regarding the registrant's results of operations for the quarter and six months ended March 31, 2005. Item 9.01 Financial Statements and Exhibits (a) Financial Statements of Businesses Acquired. Not Applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Exhibits. 99.1 Press release issued May 9, 2005. 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: May 11, 2005 By: /s/ Simeon Brinberg ----------------------------------- Simeon Brinberg Secretary EXHIBIT 99.1 BRT REALTY TRUST 60 Cutter Mill Road, Suite 303 Great Neck, NY 11021 (516) 466-3100 - Telephone (516) 466-3132 - Fax www.BRTRealty.com BRT REALTY TRUST ANNOUNCES RESULTS OF OPERATIONS FOR THE QUARTER AND SIX MONTH ENDED MARCH 31, 2005 Great Neck, New York - May 9, 2005 - BRT Realty Trust (NYSE: BRT) today announced it had revenues for the three months ended March 31, 2005 of $6,043,000, and net income of $3,039,000, or $.39 per share on a diluted basis. This compares with total revenues, net income and net income per share on a diluted basis of $4,599,000, $3,251,000, and $.42 per share, respectively, for the three months ended March 31, 2004. Net income for the quarter ended March 31, 2005 includes a net loss on sale of available-for-sale securities of $49,000, or $.01 per share, and net income for the quarter ended March 31, 2004 includes a net gain on sale of available-for-sale securities of $917,000, or $.12 per share. If the loss on the sale of available-for-sale securities in the three months ended March 31, 2005 and the gain on the sale of available-for-sale securities in the three months ended March 31, 2004 are not taken into account, BRT would have reported net income of $3,088,000, or $.40 per share on a diluted basis, for the three months ended March 31, 2005, and net income of $2,334,000, or $.30 per share on a diluted basis, for the three months ended March 31, 2004. The weighted average number of common shares outstanding on a diluted basis was 7,806,385 and 7,696,940 for the three months ended March 31, 2005 and March 31, 2004, respectively. BRT also announced that for the six months ended March 31, 2005 it had total revenues of $12,076,000 and net income of $7,350,000, or $.94 per share on a diluted basis. Net income for the six months ended March 31, 2005 includes a net gain on sale of available-for-sale securities of $680,000, or $.09 per share. For the six months ended March 31, 2004, BRT had total revenues of $8,268,000 and net income of $6,545,000, or $.85 per share on a diluted basis. Net income for the six months ended March 31, 2004 includes a net gain on sale of available-for-sale securities of $1,637,000, or $.21 per share, and a net gain on sale of real estate assets of $591,000, or $.08 per share. If the gain on the sale of available-for-sale securities in the six months ended March 31, 2005 and the gain on the sale of real estate assets and the gain on the sale of available-for-sale securities in the six months ended March 31, 2004 are not taken into account, BRT would have reported net income of $6,670,000, or $.86 per share on a diluted basis, for the six months ended March 31, 2005, and net income of $4,317,000, or $.56 per share on a diluted basis, for the six months ended March 31, 2004. The weighted average number of common shares outstanding on a diluted basis was 7,777,400 and 7,684,184 for the six months ended March 31, 2005 and March 31, 2004, respectively. Commenting on the results of operations for the three and six month periods ended March 31, 2005, Jeffrey Gould, President and Chief Executive Officer of BRT, noted that the increase in revenues was due primarily to a significant increase in the average balance of loans outstanding and an increase in the average interest rate earned on its outstanding loan portfolio. Mr. Gould noted that the average balance of loans outstanding increased by approximately $26,300,000 for the three month period ended March 31, 2005 compared to the three month period ended March 31, 2004, and approximately $36,900,00 for the six month period ended March 31, 2005 compared to the six month period ended March 31, 2004. Commenting further, Mr. Gould noted that total expenses increased by $635,000, or 28%, quarter over quarter, of which $552,000 is a result of increased interest expense, and by $1,412,000, or 35%, six months versus six months, of which $1,041,000 is a result of increased interest expense. The increased interest expense was primarily due to borrowing under BRT's credit facilities to fund its increased level of loan originations. The increase in expenses was also attributable to an increase in the advisor's fee of $75,000 quarter over quarter, and $162,000 six months versus six months, also due primarily to the increased loan portfolio. General and administrative expenses increased by $49,000 quarter over quarter, and $218,000 six months versus six months, primarily due to fees resulting from Sarbanes-Oxley compliance activities, and increases in payroll and payroll related expenses and insurance costs. The increases in expenses were offset by a decline in real estate operating expenses of $103,000 quarter versus quarter, and $109,000 six months versus six months, due primarily to a "non-recurring" litigation expense incurred in the prior three and six month periods in connection with a litigation which was resolved in June 2004. 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 per share data) Three Months Ended Six Months Ended March 31, March 31, 2005 2004 2005 2004 ---- ---- ---- ---- Revenues $6,043 $4,599 $12,076 $8,268 Expenses 2,888 2,253 5,383 3,971 ------ ------ ----- ------ Income before equity in earnings of unconsolidated joint ventures and gain on sale 3,155 2,346 6,693 4,297 Equity in (loss) earnings of unconsolidated joint ventures (54) (2) 1 41 Net gain on sale of real estates assets - - - 591 Net realized (loss) gain on available-for -sale securities (49) 917 680 1,637 ------ ------ ------ ------ Income before minority interest 3,052 3,261 7,374 6,566 Minority interest (13) (10) (24) (21) ------ ------ ------ ------ Net income $3,039 $3,251 $7,350 $6,545 ====== ====== ====== ====== Income per share of beneficial interest: Basic earnings per share $ 0.39 $ 0.43 $ 0.95 $ 0.87 ====== ====== ====== ====== Diluted earnings per share $ 0.39 $ 0.42 $ 0.94 $ 0.85 ====== ====== ====== ====== Cash distributions per common share $ 0.48 $ 0.45 $ 0.96 $ 0.83 ====== ====== ====== ====== Weighted average number of common shares outstanding: Basic 7,748,340 7,579,806 7,704,884 7,546,413 ========= ========= ========= ========= Diluted 7,806,385 7,696,940 7,777,400 7,684,184 ========= ========= ========= =========
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