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) October 7, 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 October 7, 2003, that
announced that the registrant would omit its fourth quarterly dividend in 2003
because it expects to report a net loss for the three months ended September
30, 2003. The text of that press release is set forth in Exhibit 99.33 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
___________ ___________
99.33 Press Release dated October 7, 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
October 7, 2003 By: /s/ John I. Bradshaw, Jr.
_______________ ____________________________________
Date John I. Bradshaw, Jr.
President and Treasurer
Chief Executive Officer
PRESS RELEASE EXHIBIT 99.33
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 OMITS QUARTERLY DIVIDEND
The Board of Trustees today announced that the Trust will not pay a
quarterly dividend in November 2003. It is the practice of the Trust to pay
quarterly distributions in February, May, August and November. Three previous
quarterly distributions paid in 2003 totaled $.38 per share, including $.14
per share paid February 17, and $.12 per share paid May 21, and August 18. In
2002, the Trust paid total distributions of $.56 per share.
Management stated that the omission of a fourth quarterly distribution
reflects the Board's expectation that the Trust, in early November, will
report a net loss for the quarter ended September 30, 2003. Management added
that this loss may eliminate most, if not all, of the net income reported for
the first and second quarters of 2003.
The net loss expected for the third quarter results primarily from the
downward trend in apartment occupancy, and to a lesser degree, an increase in
operating expenses. Resident retention rates at several of the Trust's
apartment communities have suffered from competition with an ample supply of
affordable single-family homes and newly constructed multi-family units
stimulated by relatively low mortgage interest rates. An anemic employment
climate in some of the sub-markets where the Trust's apartment properties are
located has diminished the supply of potential apartment residents.
The 2,136 apartment units in the Trust's apartment portfolio account for
well over 90% of the Trust's total revenue from real estate operations. All
of the Trust's residential properties are managed under agreements with
independent property management firms. Late last year, the Trust adopted a
plan to change management firms for all fifteen of its apartment communities.
In February 2003, it implemented that plan. The changes were made on a
property by property basis, and most of the changes occurred in the second
and third quarters of 2003. As of September 30, fourteen of the Trust's
fifteen apartment communities are under new management, with the fifteenth
scheduled to change upon receipt of the mortgage holder's approval.
Initially, certain issues related to the transition process contributed to a
temporary decline in net operating income, but management believes that most
of those issues have been resolved. Although the underlying economic forces
adverse to apartment operations have not yet abated, the overall apartment
occupancy rate, which reached a low of 84% in July, improved to 86% by the end
of September.
Management expects that a portion of the distributions in 2003 will
subsequently be designated as return of capital, but the amount cannot be
determined at this time. Of the total distributions of $.56 per share paid by
the Trust during 2002, approximately $.08, or 14%, was designated as return of
capital.
Management believes that forward-looking statements contained herein are
reasonable and informative; however, the Trust's actual results could differ
materially from those set forth in such forward-looking statements for reasons
management cannot predict. Factors that might cause such a difference include,
among others, the following: dependence on the performance of key personnel
and independent property management firms; risks associated with the high
level of competition in the Trust's markets; changes in mortgage interest
rates; and, the unpredictability of economic and regulatory conditions.
The Trust has approximately 2,700 record holders of 1,781,276 shares of
beneficial interest outstanding. The Trust's shares are listed on the NASDAQ
SmallCap Market under the symbol CRLTS.
Indianapolis, IN, October 7, 2003