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 13, 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 7.01. Regulation FD Disclosure.
Attached hereto as an exhibit is a copy of a Press Release issued by
the registrant on December 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 year ended September 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: December 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 YEAR ENDED SEPTEMBER 30, 2004
Great Neck, New York, December 13, 2004 -- BRT Realty Trust (NYSE:BRT) today
announced that for the three months ended September 30, 2004 it had total
revenues of $5,429,000 and net income of $3,148,000, or $0.40 per share on a
diluted basis. Net income for the quarter ended September 30, 2004 includes a
net gain on sale of real estate assets of $111,000 , or $.01 per share, and
equity in earnings of unconsolidated joint ventures of $128,000 , or $.02 per
share. This compares with total revenues, net income and net income per share on
a diluted basis of $3,395,000, $3,888,000 and $.51 per share, respectively, for
the three months ended September 30, 2003. Net income for the three months ended
September 30, 2003 includes a net gain on sale of available for sale securities
of $1,718,000, or $.22 per share, net gain on sale of real estate assets of
$104,000, or $.01 per share, and equity in earnings of unconsolidated ventures
of $392,000 , or $.05 per share. If the gain realized on the sale of available
for sale securities and gain on sale of real estate assets are not taken into
account in either three month period, net income and net income per share would
be $3,037,000 and $.39 per share, respectively, for the three months ending
September 30, 2004 and $2,066,000 and $.27 per share, respectively, for the
three months ending September 30, 2003. The weighted average number of common
shares outstanding on a diluted basis was 7,738,328 and 7,655,934 for the three
months ended September 30, 2004 and 2003, respectively.
BRT also announced that for the fiscal year ended September 30, 2004 it had
total revenues of $18,583,000 and net income of $12,002,000, or $1.55 per share
on a diluted basis. Net income for the September 30, 2004 twelve month period
includes a gain on sale of available-for- sale-securities of $1,641,000, or $.21
per share, a gain on sale of real estate assets of $1,261,000, or $.16 per
share, and equity in earnings of unconsolidated real estate ventures of $202,000
or $.03 per share. For the prior fiscal year ended September 30, 2003, BRT
reported 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 gain on sale of available-for-sale securities of $4,332,000,
or $.57 per share, a gain on sale of real estate assets of $499,000, or $.07 per
share, and equity in earnings of unconsolidated real estate ventures of
$479,000, or $0.06 per share. If the gain realized on the sale of available for
sale securities and the gain from sale of real estate assets are not taken into
account in either year net income and net income per share would be $9,100,000,
or $1.18 per share, respectively, for the fiscal year ended September 30, 2004
and $8,852,000, or $1.17, respectively for the fiscal year ended September 30,
2003. The weighted average number of common shares outstanding on a diluted
basis was 7,734,364 and 7,595,434 for the twelve months ended September 30, 2004
and September 30, 2003, respectively.
Commenting on the results of operations for the three months and year ended
September 30, 2004 Jeffrey Gould, President and Chief Executive Officer of BRT
stated that the increase in revenues quarter over quarter and year over year was
due primarily to the increased volume of loan originations which caused an
increase in the average balance of loans outstanding in each current period,
offset to a limited extent by a decline in the average rate earned on the loan
portfolio. Commenting further, Mr. Gould noted that interest expense, the
advisor's fee and general and administrative expenses each increased in both the
2004 quarter and the 2004 fiscal year as a result of the increased level of the
company's business activity. Real estate operating expenses decreased by a small
amount quarter versus quarter, but increased by $856,000 year over year as a
result of legal fees and expenses incurred in 2004 in defending a lawsuit
relating to a property previously owned by the Company, which was satisfactorily
resolved in 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 for Per Share Data)
Three Months Ended Year Ended
September 30, September 30,
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2004 2003 2004 2003
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Revenues: $5,429 $3,395 $18,583 $14,804
Expenses (1) 2,509 1,713 9,642 6,388
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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 discontinued operations 2,920 1,682 8,941 8,416
Equity in earnings of unconsolidated joint ventures 128 392 202 479
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Income from before gain on sale of available-for-sale securities,
minority interest and discontinued operations 3,048 2,074 9,143 8,895
Gain on sale of available-for -sale securities - 1,718 1,641 4,332
Minority interest (11) (8) (43) (43)
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Income before discontinued operations 3,037 3,784 10,741 13,184
Discontinued operations
Gain on sale of real estate assets 111 104 1,261 499
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Net income $3,148 $3,888 $12,002 $13,683
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Income per share of beneficial interest:
Income from continuing operations $ .40 $ .50 $ 1.41 $ 1.76
Discontinued operations .01 .02 .17 .07
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Basic earnings per share $ .41 $ .52 $ 1.58 $ 1.83
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Income from continuing operations $ .39 $ .49 $ 1.39 $ 1.73
Discontinued operations .01 .02 .16 .07
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Diluted earnings per share $ .40 $ .51 $ 1.55 $ 1.80
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Cash distributions per common share $ .48 $ .36 $ 1.79 $ 1.30
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Weighted average number of common shares outstanding:
Basic 7,652,108 7,527,173 7,617,116 7,470,608
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Diluted 7,738,328 7,655,934 7,734,364 7,595,434
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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.