PRESS RELEASE EXHIBIT 99.43
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 consolidated net income
for the nine months ended September 30, 2005 of $1,102,369, or
$.61 per share, including $601,689 gain realized from the sale
of an investment property, and funds from operations of
$1,525,400, or $0.85 per share, on gross revenue from continuing
operations of $7,989,283. For the same period a year ago, net
income, including $2,689,599 gain on the sale of an apartment
property, amounted to $2,512,270, or $1.41 per share, and funds
from operations of $1,028,772, or $0.58 per share, on gross
revenue from continuing operations of $7,796,610. Per share
amounts are both basic and diluted.
For the third quarter ended September 30, 2005, the
consolidated net income was $694,649, or $0.39 per share,
including $601,689 gain realized from the sale of an investment
property, and funds from operations was $434,972, or $0.24 per
share, on gross revenue from continuing operations of
$2,650,920. For the same quarter of 2004, net income was
$16,050, or $.01 per share, and funds from operations was
$410,269, or $0.23 per share, on gross revenue from continuing
operations of $2,617,429. Per share amounts are both basic and
diluted.
For the nine months ended September 30, 2005, income from
discontinued operations amounted to $802,527, or $.44 per share,
compared with $2,626,966, or $1.47 per share for the nine months
ended September 30, 2004. For the quarter ended September 30,
2005, income from discontinued operations amounted to $652,363,
or $.37 per share compared with a loss of $23,351, or $.01 per
share for the third quarter of 2004. The portion of funds from
operations attributable to discontinued operations for the nine
months ended September 30, 2005 and 2004 amounted to $200,837
and $132,817 respectively. For the quarters ended September 30,
2005 and 2004, funds from operations attributable to
discontinued operations amounted to $50,673 and $31,084,
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 of $2,689,599. In July 2005 the Trust sold a
property in Indianapolis that it had owned since 1979, and that
was formerly leased to a restaurant operator, for $774,785 net
of selling costs, and realized a gain of $601,689. The
operating results of those properties since January 1, 2004,
together with the realized gains, are reported as income from
discontinued operations. In December 2004 the Trust entered
into a contract to sell a 256-unit apartment community in
Indianapolis. Operating results of that property, which is
classified as held for sale, for the three month and nine month
periods ended September 30, 2005 and 2004 are also classified as
income or loss from discontinued operations.
The improvement in operating results for the quarter and
nine months ended September 30, 2005, from the comparable
periods a year ago resulted primarily from apartment operations.
Economic occupancy of the Trust's apartments, which account for
94% of its gross operating income, averaged 90.4% and 90.8%
during the third quarter and first three quarters of 2005,
respectively, up from 89.1% and 88.4% during the comparable
periods of 2004.
It is accepted practice in the real estate industry to
evaluate the performance of Real Estate Investment Trusts
(REITs), in part, by a non-GAAP financial measure called "Funds
from Operations" (FFO). We believe that FFO is helpful to
investors because it is a widely recognized measure of the
performance of REITs and, subject to comparable methodology in
its computation, provides a relevant basis for comparison among
REITs. We consider FFO in evaluating our own operating
performance. We believe that FFO should be considered along
with, but not as an alternative to, net income and cash flow
determined in accordance with generally accepted accounting
principles (GAAP), as a measure of our activities.
Funds from operations is defined as net income computed in
accordance with GAAP excluding gains and losses from the sale of
real estate, extraordinary items, the cumulative effects of
accounting changes and property related depreciation and
amortization all determined on a consistent basis in accordance
with GAAP. 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. For purposes
of computing the per share amounts, the minority interest in
funds from operations provided by consolidated partnership-owned
properties is excluded.
Our presentation of FFO conforms to the definition provided
by the National Association of Real Estate Investment Trusts
(NAREIT). Following is a reconciliation of net income to FFO,
including discontinued operations:
Three Months Ended Nine Months Ended
September 30, September 30,
______________________ _______________________
2005 2004 2005 2004
____ ____ ____ ____
Net Income $694,649 $ 16,050 $1,102,369 $2,512,270
Less gain on sale
of property (601,689) - (601,689) (2,689,599)
Plus depreciation,
investment properties 353,823 408,890 1,061,469 1,251,295
Less minority interest
portion of depreciation (11,811) (14,671) (36,749) (45,194)
________ ________ __________ __________
Funds from operations
allocable to the Trust $434,972 $410,269 $1,525,400 $1,028,772
FFO per share,
basic and diluted $ .24 $ .23 $ .85 $ .58
Average number of
outstanding shares 1,801,476 1,786,550 1,799,652 1,786,216
At September 30, 2005, the Trust had total assets of $46,262,223
and shareholders' equity of $10,258,796. At September 30, 2004, the
Trust had total assets of $47,753,950 and shareholders' equity of
$11,205,743.
Indianapolis, IN, November 15, 2005