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 15, 2003
CENTURY REALTY TRUST
______________________________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Indiana 0-7716 35-1284316
_________________________________ ________________ ___________________
(State or Other Jurisdiction of (Commission (IRS Employer or
Incorporation) File Number) Identification No.)
823 Chamber of Commerce Building, Indianapolis, Indiana 46204
______________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
(Registrant's Telephone Number, Including Area Code) (317) 632-5467
______________________________________________________________________________
Not Applicable
______________________________________________________________________________
(Former Name or Former Address if Changed Since Last Report
Item 12. Results of Operations and Financial Condition.
This Current Report on Form 8-K is for the purpose of furnishing to
the commission, without filing, the press release dated August 15, 2003, that
announced earnings by Century Realty Trust for the three months and six months
ended June 30, 2003. The text of that press release is set forth in
Exhibit 99.32 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
___________ ___________
99.32 Press Release dated August 15, 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
August 18, 2003 By: /s/ John I. Bradshaw, Jr.
_______________ _______________________________
Date John I. Bradshaw, Jr.
President and Treasurer
Chief Executive Officer
PRESS RELEASE EXHIBIT 99.32
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
the six months ended June 30, 2003, of $59,582 or $.03 per
share, and funds from operations of $896,719 or $0.51 per share,
on gross revenue of $6,022,399. For the same period a year ago,
the Trust reported net income of $522,289, or $0.30 per share
and funds from operations of $1,395,218, or $0.80 per share, on
gross revenue of $6,482,934. Neither period included gain from
the sale of property. Per share amounts are both basic and
diluted.
For the second quarter ended June 30, 2003, consolidated net
income was $8,006, less than one-half cent per share, and funds
from operations was $426,646, or $0.24 per share on gross
revenue of $2,999,932. For the same quarter of 2002, the Trust
reported net income of $288,529, or $0.16 per share and funds
from operations of $725,582, or $0.41 per share on gross revenue
of $3,238,846. Per share amounts are both basic and diluted.
The declines in gross revenue, funds from operations and net
income for the quarter and six months ended June 30, 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 82.4% and 82.8% during the second
quarter and first half of 2003, respectively, down from an
average of 89.9% and 89.8% during the comparable periods of
2002. Management attributes the lower current occupancy to the
loss of 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 Six Months Ended
June 30, June 30,
_____________________ ______________________
2003 2002 2003 2002
_________ _________ _________ ___________
Net Income $ 8,006 $288,529 $ 59,582 $ 522,289
Plus Depreciation 439,363 462,073 878,727 924,127
Less Minority interest
portion of depreciation (18,781) (22,756) (37,690) (46,668)
Less Depreciation, other than
investment properties (1,942) (2,264) (3,900) (4,530)
Funds from operations _________ _________ _________ ___________
allocable to the Trust $426,646 $725,582 $896,719 $1,395,218
Income for quarters and six months ended June 30, 2003 and 2002
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 of outstanding shares of the Trust for the
six months ended June 30, 2003 and 2002 was 1,768,332 and
1,753,354, respectively, At June 30, 2003, the Trust had total
assets of $47,010,898 and shareholders' equity of $9,397,465.
At June 30, 2002, the Trust had total assets of $46,958,426 and
shareholders' equity of $9,670,202.
Indianapolis, IN., August 15, 2003