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 18, 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 August 18, 2004, that
announced results for the three months and six months ended June 30, 2004.
The text of that press release is set forth in Exhibit 99.37 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
___________ ___________
99.37 Press Release dated August 18, 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
August 18, 2004 By: /s/ John I. Bradshaw, Jr.
_______________ ____________________________________
Date John I. Bradshaw, Jr.
President and Treasurer
Chief Executive Officer
PRESS RELEASE
EXHIBIT 99.37
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 RESULTS
Century Realty Trust today reported a consolidated loss before
discontinued operations for the six months ended June 30, 2004, of $179,753
or $.10 per share, and positive funds from operations of $633,927 or $0.35
per share, on gross revenue of $5,880,911. For the same period a year ago,
net income before discontinued operations amounted to $13,120, or $0.01 per
share and funds from operations of $809,367, or $0.46 per share, on gross
revenue of $5,656,299. Per share amounts are both basic and diluted.
For the second quarter ended June 30, 2004, the consolidated loss before
discontinued operations was $131,084, or $0.07 per share, and funds from
operations was a positive $289,275, or $0.16 per share on gross revenue of
$2,945,317. For the same quarter of 2003, the Trust had a loss before
discontinued operations of $9,515, or $0.01 per share and funds from
operations of $388,672, or $0.22 per share on gross revenue of $2,821,951.
Per share amounts are both basic and diluted.
For the six months ended June 30, 2004, income from discontinued
operations amounted to $2,675,973, or $1.50 per share, compared with $46,462,
or $0.03 per share for the six months ended June 30, 2003. For the quarter
ended June 30, 2004, income from discontinued operations amounted to
$2,686,610, or $1.50 per share compared with $17,521, or $0.01 per for the
second quarter of 2003. Funds from operations attributable to discontinued
operations for the six months ended June 30, 2004 and 2003 amounted to
$18,519 and $87,352 respectively. For the quarters ended June 30, 2004 and
2003, funds from operations attributable to discontinued operations amounted
to negative $1,654 and positive $37,966, respectively.
In April, 2004 the Trust sold an Indianapolis apartment community that
it had owned since 1973 for $3,150,000, and realized a gain on that sale of
$2,689,599. The operating results of that property for 2003 and 2004,
together with the gain on its sale, are reported as income from discontinued
operations. Recognition of the gain has been deferred for income tax
purposes. The Trust intends to acquire replacement property on or before
October 15, 2004, but there can be no assurance that acceptable property
can be purchased by that date. If the Trust succeeds in structuring a
replacement acquisition in accordance with the provisions of Sec. 1031 of
the Internal Revenue Code, the gain on the sale will not be recognized, but
will be used to reduce, for income tax purposes, the carrying value of the
replacement property acquired.
Income before discontinued operations declined for the quarter and six
months ended June 30, 2004 from the comparable periods a year ago due
primarily to increases in real estate taxes and other operating expenses.
Economic occupancy of the Trust's apartments, which account for 94% of its
gross operating income, averaged 88.5% and 86.4% during the second quarter
and first half of 2004, respectively, up from an average of 83% and 83.4%
during the comparable periods of 2003. Management attributes the higher
current occupancy to intensive marketing and rental rate reductions in
certain types of units at several 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 to funds from operations
(FFO), including discontinued operations:
Three Months Ended Six Months Ended
June 30, June 30,
___________________________ ________________________
2004 2003 2004 2003
____________ __________ ____________ _________
Net Income $2,555,526 $ 8,006 $2,496,220 $ 59,582
Less gain on sale
of property (2,689,599) - (2,689,599) -
Plus Depreciation,
investment properties 410,225 437,413 849,942 874,827
Plus unamortized loan
costs written off, net
of minority interest 33,943 - 33,943 -
Less Minority interest
portion of depreciation (22,474) (18,781) (38,060) (37,690)
____________ __________ ____________ _________
Funds from operations
allocable to the Trust $287,621 $426,638 $652,446 $896,719
____________ __________ ____________ _________
____________ __________ ____________ _________
Continuing operations $289,275 $388,672 $633,927 $809,367
Discontinued operations (1,654) 37,966 18,519 87,352
Income for the quarters and six month periods ended June 30, 2004 and
2003 was not reduced by federal income tax because the Trust is treated as a
Real Estate Investment Trust, and intends to distribute to its shareholders
all of its otherwise taxable income, if any, including capital gains to the
extent such gains are recognized for income tax purposes.
The average number of outstanding shares of the Trust for the six months
ended June 30, 2004 and 2003 was 1,785,751 and 1,768,332, respectively, At
June 30, 2004, the Trust had total assets of $47,605,883 and shareholders'
equity of $11,183,116. At June 30, 2003, the Trust had total assets of
$45,549,180 and shareholders' equity of $8,643,552.
Indianapolis, IN., August 18, 2004