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, 2003
CENTURY REALTY TRUST
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(Exact Name of Registrant as Specified in Charter)
Indiana 0-7716 35-1284316
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(State or Other Jurisdiction of (Commission (IRS Employer or
Incorporation) File Number) Identification No.)
823 Chamber of Commerce Building, Indianapolis, Indiana 46204
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(Address of Principal Executive Offices) (Zip Code)
(Registrant's Telephone Number, Including Area Code) (317) 632-5467
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Not Applicable
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(Former Name or Former Address if Changed Since Last Report)
Item 5. Other Events.
This Current Report on Form 8-K is for the purpose of furnishing to
the commission, without filing as provided under new Item 12, the press
release dated May 13, 2003, that announced earnings by Century Realty Trust
for the three months ended March 31, 2003. The text of that press release is
set forth in Exhibit 99 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
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99 Press Release dated May 13, 2003
CENTURY REALTY TRUST
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENTURY REALTY TRUST
May 16, 2003 By: /s/ John I. Bradshaw, Jr.
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Date John I. Bradshaw, Jr.
President and Treasurer
Chief Executive Officer
PRESS RELEASE EXHIBIT 99
CENTURY REALTY TRUST
320 N. Meridian St., Suite 823, Indianapolis, IN 46204
Contact: John I. Bradshaw, Jr.
Phone: (317) 632-5467
FAX: (317) 685-1588
FOR IMMEDIATE RELEASE
CENTURY REALTY TRUST ANNOUNCES EARNINGS
Century Realty Trust today reported consolidated net income for
its first quarter ended March 31, 2003, of $51,576, or $0.03
per share and funds from operations allocable to the Trust of
$470,073, or $.27 per share, on gross operating income of
$3,022,467. For the first quarter of 2002, the Trust reported
net income of $233,760, or $0.13 per share and funds from
operations allocable to the Trust of $669,636, or $.38 per
share, on gross operating income of $3,244,088. Per share
amounts are computed using the weighted average number of
outstanding shares diluted by the effect of unexercised stock
options. Neither period included gain from the sale of property.
The decline in net income for the first quarter of 2003 from
the comparable period a year ago resulted primarily from a
decline in apartment occupancy. Economic occupancy of the
Trust's apartments, which account for 94% of its gross operating
income, averaged 83.3% during the first quarter of 2003, down
from an average of 89.6% during the first quarter of 2002.
Management attributes the lower current occupancy to many
apartment residents who have opted to become home owners due to
attractive mortgage interest rates, and to relatively high
unemployment that has limited the number of prospective
apartment residents.
Real estate industry analysts generally consider "Funds
from Operations" to be an appropriate measure of performance of
an equity REIT. Funds from operations is defined as income
before gains (losses) on investments and extraordinary items
adjusted for certain non-cash items, primarily provisions for
depreciation. Funds from operations does not represent cash
flow from operations, and should not be considered an
alternative to net income as a measure of operating performance.
In addition, comparability to other companies that report funds
from operations is not recommended due to differences in the
definitions and methods of calculation used by various
companies. For purposes of computing the per share amounts, the
minority interest in funds from operations provided by
consolidated partnership-owned properties is excluded.
Following is a reconciliation of net income to funds from
operations.
Three Months Ended
March 31,
2003 2002
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Net Income $ 51,576 $233,760
Plus Depreciation 439,364 462,054
Less Minority interest portion of depreciation (18,909) (23,912)
Less Depreciation, other than
investment properties (1,958) (2,266)
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Funds from operations allocable to the Trust $470,073 $669,636
Income for the quarters and years ended December 31, 2002 and
2001 was not reduced by federal income tax because the Trust is
treated as a Real Estate Investment Trust, and distributed all
of its otherwise taxable income to its shareholders.
The average number, diluted, of outstanding shares of the Trust
for the three months ended March 31, 2003, and 2002, was
1,765,909 and 1,753,035 respectively, At March 31, 2003, the
Trust had total assets of $46,879,546 and shareholders' equity
of $9,540,119. At March 31, 2002, the Trust had total assets of
$47,699,459 and shareholders' equity of $9,840,329.
Indianapolis, IN, May 13, 2003