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
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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 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
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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 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,
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2004 2003 2004 2003
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Revenues: $ 4,886 $ 3,765 $13,154 $11,409
Expenses (1) 3,162 1,657 7,133 4,675
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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
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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)
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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
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Net income $ 2,309 $ 4,754 $ 8,854 $ 9,795
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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
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Basic earnings per share $ .30 $ .63 $ 1.16 $ 1.31
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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
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Diluted earnings per share $ .30 $ .62 $ 1.14 $ 1.29
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Cash distributions per common share $ .48 $ .34 $ 1.31 $ .94
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Weighted average number of common shares outstanding:
Basic 7,650,471 7,487,751 7,605,366 7,451,546
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Diluted 7,738,076 7,617,296 7,733,032 7,575,045
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(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.