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
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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 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
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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 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
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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 -
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Income before minority interest 3,305 2,846
Minority interest (11) (10)
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Net income $ 3,294 $ 2,836
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Income per share of beneficial interest:
Basic earnings per share $ 0.44 $ 0.38
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Diluted earnings per share $ 0.43 $ 0.38
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Weighted average number of common shares outstanding:
Basic 7,513,383 7,407,189
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Diluted 7,671,566 7,536,538
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Cash distributions per common share $ 0.38 $ 0.30
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