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 13, 2004
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BRT REALTY TRUST
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(Exact name of Registrant as specified in charter)
Maryland 001-07172 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 May 13, 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 six months ended March
31, 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: March 14, 2004 By: /s/ Simeon Brinberg
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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 SIX MONTHS ENDED MARCH 31, 2004
Great Neck, New York, May 13, 2004 -- BRT Realty Trust (NYSE:BRT) today
announced that for the three months ended March 31, 2004 it had total revenues
of $4,599,000 and net income of $3,251,000, or $0.42 per share on a diluted
basis. Net income for the quarter ended March 31, 2004 includes a net realized
gain on sale of available-for-sale securities of $917,000, or $.12 per share.
This compares with total revenues, net income and net income per share on a
diluted basis of $3,514,000, $2,205,000, and $.29 per share, respectively, for
the three months ended March 31, 2003. Net income for the quarter ended March
31, 2003 includes a net realized gain on sale of available-for-sale securities
of $146,000, or $.02 per share. The weighted average number of common shares
outstanding on a diluted basis was 7,696,940 and 7,571,689 for the three months
ended March 31, 2004 and 2003, respectively.
BRT also announced that for the six months ended March 31, 2004 it 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 March 31, 2004 six month period includes a net
gain on sale of real estate assets of $591,000, or $.08 per share, and a net
realized gain on sale of available-for-sale securities of $1,637,000, or $.21
per share. For the six months ended March 31, 2003, BRT reported total revenues
of $7,644,000 and net income of $5,041,000, or $.67 per share on a diluted
basis. Net income for the six months ended March 31, 2003 includes a net gain on
sale of real estate of $195,000, or $.03 per share, and net realized gain on
sale of available-for-sale securities of $146,000, or $.02 per share. The
weighted average number of common shares outstanding on a diluted basis was
7,684,184 and 7,553,921 for the six months ended March 31, 2004 and 2003,
respectively.
Commenting on the results of operations for the three and six month ended March
31, 2004 Jeffrey Gould, President and Chief Executive Officer of BRT noted that
the increase in revenues was due in large measure to a significant increase in
the average balance of loans outstanding. The increase in the average balance of
loans outstanding was partially offset by a decrease in the average interest
rate earned on the loan portfolio in both current periods.
Commenting further, Mr. Gould noted that expenses in both current periods,
including interest on borrowed funds, the advisor's fee and general and
administrative expenses increased as the volume of loan originations increased.
He further commented that operating expenses relating to real estate owned
increased by $161,000 quarter versus quarter and $153,000 six months versus six
months primarily because of increased legal and professional expenses incurred
in connection with a litigation related to a property sold by BRT in which BRT
is involved as a defendant. The quarter ended March 31, 2004 benefited to the
extent of $917,000 ($.12) per share from a gain on a sale of available-for-sale
securities owned by BRT as compared to a $146,000 gain ($.02) per share in the
three months ended March 31, 2003. The six months ended March 31, 2004 benefited
to the extent of $2,228,000 ($.29 per share) from gain on sale of real estate
assets and gain on sale of available-for-sale securities, as compared to
$341,000 ($.05 per share) recognized in the comparable six months ended March
31, 2003.
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 per share data)
Three Months Ended Six Months Ended
March 31, March 31,
2004 2003 2004 2003
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Revenues $4,599 $3,514 $8,268 $7,644
Expenses 2,253 1,476 3,971 3,018
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Income before equity in earnings of
unconsolidated joint ventures and gain on sale 2,346 2,038 4,297 4,626
Equity in earnings of unconsolidated joint ventures (2) 31 41 94
Net gain on sale of real estates assets - - 591 195
Net realized gain on sale of available-for
-sale securities 917 146 1,637 146
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Income before minority interest 3,261 2,215 6,566 5,061
Minority interest (10) (10) (21) (20)
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Net income $3,251 $2,205 $6,545 $5,041
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Income per share of beneficial interest:
Basic earnings per share $ 0.43 $ 0.30 $ 0.87 $ 0.68
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Diluted earnings per share $ 0.42 $ 0.29 $ 0.85 $ 0.67
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Cash distributions per common share $ 0.45 $ 0.30 $ 0.83 $ 0.60
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Weighted average number of common shares outstanding:
Basic 7,579,806 7,460,282 7,546,413 7,433,444
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Diluted 7,696,940 7,571,689 7,684,184 7,553,921
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