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 15, 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 2.02 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 15, 2004, that
announced results for the the three months and nine months ended September 30,
2004. The text of that press release is set forth in Exhibit 99.39 hereto.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
___________ ___________
99.39 Press Release dated November 15, 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
November 15, 2004 By: /s/ John I. Bradshaw, Jr.
_______________ ____________________________________
Date John I. Bradshaw, Jr.
President and Treasurer
Chief Executive Officer
PRESS RELEASE
EXHIBIT 99.39
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 nine months ended September 30, 2004, of
$164,712 or $.09 per share, and positive funds from operations of $1,070,406
or $0.60 per share, on gross revenue of $8,880,260. For the same period a
year ago, the net loss before discontinued operations amounted to $201,170, or
$0.11 per share and funds from operations amounted to $1,081,614, or $0.61 per
share, on gross revenue of $8,502,260. Per share amounts are both basic and
diluted.
For the third quarter ended September 30, 2004, the consolidated income
before discontinued operations was $15,041, or $0.01 per share, and funds from
operations was $410,425, or $0.23 per share on gross revenue of $2,999,349.
For the same quarter of 2003, the Trust had a loss before discontinued
operations of $214,290, or $0.12 per share and funds from operations of
$184,897, or $0.10 per share on gross revenue of $2,845,961. Per share
amounts are both basic and diluted.
For the nine months ended September 30, 2004, income from discontinued
operations amounted to $2,676,982, or $1.50 per share, compared with $23,690,
or $0.01 per share for the nine months ended September 30, 2003. For the
third quarter of 2004, income from discontinued operations amounted to $1,009,
less than $.01 per share, compared with a loss of $22,772, or $0.01 per share
for the third quarter of 2003. Funds from operations attributable to
discontinued operations for the nine months ended September 30, 2004 and 2003
amounted to $19,528 and $85,125 respectively. For the quarters ended September
30, 2004 and 2003, funds from operations attributable to discontinued
operations amounted to $1,009 and $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 was deferred for income tax purposes
while the Trust attempted to acquire replacement property in accordance with
the provisions of Sec. 1031 of the Internal Revenue Code. Management
announced on October 14, 2004, that the Trust was unable to acquire a suitable
replacement for the property sold and that the gain that had previously been
deferred was recognized.
Results of continuing operations improved for the quarter and nine months
ended September 30, 2004 from the comparable periods a year ago due primarily
to increases in apartment rental income. Economic occupancy of the Trust's
apartments, which account for 94% of its gross operating income, averaged
87.9% and 86.9% during the third quarter and first nine months of 2004,
respectively, up from an average of 83.3% and 83.4% during the comparable
periods of 2003. Management attributes the higher current economic occupancy
to intensive marketing and fewer rental discounts and incentives offered for
certain types of units 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 to funds from operations
(FFO), including discontinued operations:
Three Months Ended Nine Months Ended
September 30, September 30,
_______________________ _______________________
2004 2003 2004 2003
________ ________ __________ __________
Net Income $ 16,050 $(237,062) $2,512,270 $ (177,480)
Less gain on sale
of property - - (2,689,599) -
Plus Depreciation,
investment properties 409,045 438,214 1,258,830 1,313,041
Plus unamortized loan
costs written off, net
of minority interest - - 34,098 -
Less Minority interest
portion of depreciation (14,670) (16,255) (45,193) (53,947)
________ ________ __________ __________
Funds from operations
allocable to the Trust $410,425 $184,897 $1,070,406 $1,081,614
________ ________ __________ __________
________ ________ __________ __________
Continuing operations $409,416 $388,672 $1,050,878 $ 996,489
Discontinued operations 1,009 37,966 119,528 85,125
Income for the quarters and nine month periods ended September 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. On October 28,
2004, the Board of Trustees declared a special cash distribution payable
December 13, 2004 to shareholders of record on November 19, 2004. This
special distribution represents the portion of the gain from the sale of an
apartment property in April, 2004 that is not expected to be offset by
operating losses otherwise incurred in 2003 and 2004.
The average number of outstanding shares of the Trust for the nine months
ended September 30, 2004 and 2003 was 1,786,216 and 1,772,694, respectively.
At September 30, 2004, the Trust had total assets of $47,753,950 and
shareholders' equity of $11,205,743. At September 30, 2003, the Trust had
total assets of $46,333,302 and shareholders' equity of $9,000,885.
Indianapolis, IN, November 15, 2004