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) February 3, 2004
CENTURY REALTY TRUST
______________________________________________________________________________
(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
______________________________________________________________________________
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 February 3, 2004, that
announced that the registrant would omit a quarterly dividend that would have
been paid in mid-February, 2004 because it expects to report a net loss for
the three months and year ended December 31, 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 February 3, 2004
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
February 3, 2004 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 OMITS QUARTERLY DIVIDEND AND
WILL REPORT LOSS FOR 2003 FOURTH QUARTER AND YEAR
Century Realty Trust will not pay a quarterly distribution in February,
2004. The Trust previously omitted what would have been its fourth 2003
quarterly distribution in November, 2003. It has been the practice of the
Trust to pay quarterly distributions in February, May, August and November.
Three quarterly distributions that were paid in 2003 totaled $.38 per share,
including $.14 per share paid February 17, and $.12 per share paid May 21 and
August 18. The Trust has designated all of its distributions in 2003 as
non-taxable return of capital.
Management stated that the omission of a quarterly distribution in
February reflects the Board's expectation that the Trust, in early March, 2004,
will report a net loss for the quarter and year ended December 31, 2003. The
net loss results primarily from the persistent softness in apartment occupancy
rates, and to a lesser degree, from 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 several of the
sub-markets where the Trust's apartment properties are located has also
diminished the supply of potential apartment residents.
The 2,136 apartment units in the Trust's portfolio account for 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. During 2003 the Trust changed management firms for most of
its apartment properties. Initially, certain issues related to the transition
process contributed to a 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% at September 30 and to 89% at December 31, 2003.
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, February 3, 2004