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) November 13, 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 November 13, 2003, that
announced net losses for the the three months and nine months ended September
30, 2003. The text of that press release is set forth in Exhibit 99.34 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
___________ ___________
99.34 Press Release dated November 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
November 13, 2003 By: /s/ John I. Bradshaw, Jr.
_______________ ____________________________________
Date John I. Bradshaw, Jr.
President and Treasurer
Chief Executive Officer
PRESS RELEASE EXHIBIT 99.34
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 a consolidated net loss for the nine
months ended September 30, 2003, of $177,480 or $.10 per share, and funds from
operations of $1,081,614 or $0.61 per share, on gross revenue of $9,037,699.
For the same period a year ago, the Trust reported net income of $470,582, or
$0.27 per share and funds from operations of $1,931,598, or $1.10 per share, on
gross revenue of $9,733,262. Neither period included gain from the sale of
property. Per share amounts are both basic and diluted.
For the third quarter ended September 30, 2003, the consolidated net loss
was $237,062, or $.13 per share, and funds from operations was $184,897, or
$0.10 per share on gross revenue of $3,015,300. For the same quarter of 2002,
the Trust reported a net loss of $51,707, or $0.03 per share and funds from
operations of $536,379, or $0.31 per share on gross revenue of $3,250,328. Per
share amounts are both basic and diluted.
The declines in operating results for the quarter and nine months ended
September 30, 2003 from the comparable period a year ago resulted primarily
from a decline in apartment occupancy and an increase in operating expenses.
Economic occupancy of the Trust's apartments, which account for 94% of its
gross operating income, averaged 82.6% and 82.8% during the third quarter and
first nine months of 2003, respectively, down from averages 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.
Most of the increase in operating expenses in the 2003 periods resulted from the
increase in the number of vacant apartment units and management's efforts to
reduce those vacancies.
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 Nine Months Ended
September 30, September 30,
_____________________ ________________________
2003 2002 2003 2002
__________ __________ ___________ ___________
Net Income (loss) ($237,062) ($ 51,707) ($ 177,480) $ 470,582
Plus Depreciation 440,164 462,074 1,318,891 1,386,201
Less Minority interest
portion of depreciation (16,255) (23,336) (53,947) (70,003)
Plus nonrecurrring write-off
of mortgage loan costs - 192,550 - 192,550
Less minority interest portion
of nonrecurring write-off - (40,937) - (40,937)
Less Depreciation, other than
investment properties (1,950) (2,265) (5,850) (6,795)
Funds from operations __________ __________ ___________ ___________
allocable to the Trust $184,897 $536,379 $1,081,614 $1,931,598
__________ __________ ___________ ___________
__________ __________ ___________ ___________
Income for quarters and nine months ended September 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 nine months ended
September 30, 2003 and 2002 was 1,772,694 and 1,757,018, respectively, At
September 30, 2003, the Trust had total assets of $46,333,302 and shareholders'
equity of $9,000,885. At September 30, 2002, the Trust had total assets of
$47,445,894 and shareholders' equity of $9,678,333.
Indianapolis, IN., November 13, 2003