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 14, 2004
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 May 14, 2004, that
announced a net loss for the the three months ended March 31, 2004. The text
of that press release is set forth in Exhibit 99.36 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
___________ ___________
99.36 Press Release dated May 14, 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
May 14, 2004 By: /s/ John I. Bradshaw, Jr.
_______________ ____________________________________
Date John I. Bradshaw, Jr.
President and Treasurer
Chief Executive Officer
PRESS RELEASE
EXHIBIT 99.36
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
its first quarter ended March 31, 2004, of $59,306 or $.03 per
share, and positive funds from operations of $334,015, or $0.19
per share, on gross revenue from continuing operations of
$2,935,594. For the same period a year ago, the Trust reported
net income of $51,576, or $0.03 per share, and funds from
operations of $449,636, or $.25 per share, on gross revenue from
continuing operations of $2,834,348. Neither period included
gain from the sale of property. Per share amounts are both
basic and diluted.
In April, 2004 the Trust sold an Indianapolis apartment
community that it had owned since 1973 for $3,150,000. At March
31, 2004, that property was reported on the balance sheet of the
Trust as real estate held for sale in the amount of $447,899,
net of $1,680,259 allowances for depreciation. For the quarter
ended March 31, 2004, the property subsequently sold accounted
for $10,637 of the reported net loss and $20,173 of the reported
funds from operations. For the quarter ended March 31, 2003,
that property accounted for $28,941 of the reported net income
and $49,386 of the reported funds from operations.
The decline in operating results for the quarter ended March
31, 2004 from the comparable period a year ago resulted
primarily from an increase in operating expenses and real estate
taxes that more than offset an increase in income from rental
operations. Most of the increase in operating expenses in the
2004 period resulted from aggressive marketing efforts to reduce
the number of vacant apartment units. Economic occupancy of the
Trust's apartments, which account for 94% of its gross operating
income, averaged 83.4% during the first quarter of 2004, up
slightly from 83.3% during the comparable period of 2003.
Physical occupancy did improve from 88% to 90% during the first
quarter, however, the economic impact of that increase was
diminished by selective discounts in rental rates at some
locations.
Real estate industry analysts generally consider "Funds from
Operations" to be an appropriate measure of performance of an
equity REIT. Funds from operations is defined as income before
gains (losses) on investments and extraordinary items adjusted
for certain non-cash items, primarily provisions for
depreciation. Funds from operations does not represent cash
flow from operations, and should not be considered an
alternative to net income as a measure of operating performance.
In addition, comparability to other companies that report funds
from operations is not recommended due to differences in the
definitions and methods of calculation used by various
companies. For purposes of computing the per share amounts, the
minority interest in funds from operations provided by
consolidated partnership-owned properties is excluded.
Following is a reconciliation of net income (loss) to funds from
operations:
Three Months Ended
March 31,
________________________
2004 2003
__________ __________
Net Income (loss) ($ 59,306) $ 51,576
Plus Depreciation 410,857 418,919
Less Minority interest
portion of depreciation (15,586) (18,909)
Less Depreciation, other than
investment properties (1,950) (1,950)
__________ __________
Funds from operations
allocable to the Trust $334,015 $449,636
__________ __________
__________ __________
Income for quarters ended March 31, 2004 and 2003 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
three months ended March 31, 2004 and 2003 was 1,784,684 and
1,764,120, respectively, At March 31, 2004, the Trust had
total assets of $45,530,997 and shareholders' equity of
$8,611,716. At March 31, 2003, the Trust had total assets of
$45,549,180 and shareholders' equity of $8,643,552.
Indianapolis, IN., May 14, 2004