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) December 18, 2003
BRT REALTY TRUST
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(Exact name of Registrant as specified in charter)
Maryland 1-7172 13-2755856
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(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
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 516-466-3100
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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 December 18, 2003. The Release which is being furnished to the
Securities and Exchange Commission, discloses information regarding the
registrant's results of operations for the year ended September 30, 2003 and its
financial condition at September 30, 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: December 19, 2003 By: /s/ Simeon Brinberg
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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 AND YEAR ENDED SEPTEMBER 30, 2003
Great Neck, New York, December 18, 2003 -- BRT Realty Trust (NYSE:BRT) today
announced that for the three months ended September 30, 2003 it had total
revenues of $3,395,000 and net income of $3,888,000, or $0.51 per share on a
diluted basis. Net income for the quarter ended September 30, 2003 includes a
net gain on sale of available securities of $1,718,000, or $0.22 per share, net
gain on sale of real estate assets of $104,000, or $0.01 per share, and equity
in earnings of unconsolidated joint ventures of $392,000, or $0.05 per share.
This compares with total revenues, net income and net income per share on a
diluted basis of $5,116,000, $3,665,000 and $.49 per share, respectively, for
the three months ended September 30, 2002. Net income for the quarter ended
September 30, 2002 includes a net gain on sale of real estate assets of
$200,000, or $.03 per share. The weighted average number of common shares
outstanding on a diluted basis was 7,633,618 and 7,518,395 for the three months
ended September 30, 2003 and 2002, respectively.
BRT also announced that for the fiscal year ended September 30, 2003 it had
total revenues of $14,804,000 and net income of $13,683,000, or $1.80 per share
on a diluted basis. Net income for the September 30, 2003 twelve month period
includes a net realized gain on available-for- sale-securities of $4,332,000, or
$.56 per share, a net gain on sale of real estate assets of $499,000, or $0.07
per share, and equity in earnings of unconsolidated real estate ventures of
$479,000 or $0.06 per share. For the prior fiscal year ended September 30, 2002,
BRT reported total revenues of $17,398,000 and net income of $12,586,000, or
$1.68 per share on a diluted basis. Net income for September 30, 2002 includes a
net gain on sale of real estate of $807,000, or $.11 per share, and equity in
earnings of unconsolidated real estate ventures of $574,000, or $0.08 per share.
The weighted average number of common shares outstanding on a diluted basis was
7,585,478 and 7,503,065 for the twelve months ended September 30, 2003 and
September 30, 2002, respectively.
Commenting on the results of operations for the three months and year ended
September 30, 2003 Jeffrey Gould, President and Chief Executive Officer of BRT
noted that the decline in revenues quarter over quarter and year over year was
due primarily to the receipt in the quarter and the year ended September 30,
2002 of $932,000 and $2,113,000, respectively, of "additional" interest received
on loan payoffs pursuant to the terms of the loan documents. Also contributing
to the decline in revenues, to a lesser extent, quarter versus quarter and year
over year was a 30% and 2% decrease in the average balance of loans outstanding
and a modest decline in the average interest rate earned. In fiscal year ended
September 30, 2002 BRT recognized $500,000 from the recovery of a previously
provided allowance relating to a loan that was impaired and paid off in full in
2002. There was no comparable revenue item in the current fiscal year.
Commenting further, Mr. Gould stated that the decline in revenues in the quarter
and year ended September 30, 2003, did not, in the company's view, reflect any
trends in the company's business. Rather, the decline reflects the effect of
timing of loan originations and loan payoffs.
Equity in earnings of unconsolidated joint ventures increased in the current
quarter by $389,000 primarily as a result of a gain recognized from the sale of
a parcel of land by one of the joint ventures in which the company participates.
For the year ended September 30, 2003 equity in earnings of unconsolidated joint
ventures declined by $95,000 as a result of increased losses of one joint
venture and the writeoff of expenses incurred on a terminated development
project at another venture, offset by the benefit realized, from the sale of the
parcel of land referred to.
The quarter and the 2003 fiscal year benefited to the extent of $1,718,000 ($.23
per share) and $4,332,000 ($.57 per share), respectively, from a gain on sale of
available-for-sale securities owned by BRT. There were no similar gains in the
prior comparable 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
CONDENSES CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In Thousands, except for Per Share Data)
Three Months Ended Year Ended
September 30, September 30,
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2003 2002 2003 2002
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Revenues $3,395 $5,116 $14,804 $17,398
Expenses 1,713 1,643 6,388 6,152
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Income before gain on sale of real estate
assets and available-for-sale securities 1,682 3,473 8,416 11,246
Equity in earnings of unconsolidated entities 392 3 479 574
Net gain on sale of real estates assets 104 200 499 807
Net realized gain on sale of available-for
-sale securities 1,718 - 4,332 -
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Income before minority interest 3,896 3,676 13,726 12,627
Minority interest (8) (11) (43) (41)
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Net income $3,888 $ ,665 $13,683 $12,586
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Income per share of beneficial interest:
Basic earnings per share $ 0.52 $ 0.50 $ 1.83 $ 1.71
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Diluted earnings per share $ 0.51 $ 0.49 $ 1.80 $ 1.68
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Cash distributions per common share $ 0.36 $ 0.30 $ 1.30 $ 1.04
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Weighted average number of common shares outstanding:
Basic 7,498,936 7,390,139 7,458,880 7,373,627
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Diluted 7,633,618 7,518,395 7,585,478 7,503,065
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