-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NRi7qnRtZf7dKibohOtJgt0V9QlZSM7JfLOtZxUF1kMED5UhVe8WELioES2uu7+1 +I82VetE/WLPQJbgXJUSXg== 0000018914-03-000006.txt : 20030819 0000018914-03-000006.hdr.sgml : 20030819 20030818195127 ACCESSION NUMBER: 0000018914-03-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030630 ITEM INFORMATION: FILED AS OF DATE: 20030819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY REALTY TRUST CENTRAL INDEX KEY: 0000018914 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 351284316 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07716 FILM NUMBER: 03854169 BUSINESS ADDRESS: STREET 1: 419 CHAMBER OF COMMERCE BLDG CITY: INDIANAPOLIS STATE: IN ZIP: 46204 BUSINESS PHONE: 3176325467 MAIL ADDRESS: STREET 1: 419 CHAMBER OF COMMERCE BLDG CITY: INDIANAPOLIS STATE: IN ZIP: 46204 8-K 1 crtpr2q03.txt PRESS RELEASE DATED AUGUST 15, 2003 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 15, 2003 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 15, 2003, that announced earnings by Century Realty Trust for the three months and six months ended June 30, 2003. The text of that press release is set forth in Exhibit 99.32 hereto. Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description ___________ ___________ 99.32 Press Release dated August 15, 2003 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, 2003 By: /s/ John I. Bradshaw, Jr. _______________ _______________________________ Date John I. Bradshaw, Jr. President and Treasurer Chief Executive Officer PRESS RELEASE EXHIBIT 99.32 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 consolidated net income for the six months ended June 30, 2003, of $59,582 or $.03 per share, and funds from operations of $896,719 or $0.51 per share, on gross revenue of $6,022,399. For the same period a year ago, the Trust reported net income of $522,289, or $0.30 per share and funds from operations of $1,395,218, or $0.80 per share, on gross revenue of $6,482,934. Neither period included gain from the sale of property. Per share amounts are both basic and diluted. For the second quarter ended June 30, 2003, consolidated net income was $8,006, less than one-half cent per share, and funds from operations was $426,646, or $0.24 per share on gross revenue of $2,999,932. For the same quarter of 2002, the Trust reported net income of $288,529, or $0.16 per share and funds from operations of $725,582, or $0.41 per share on gross revenue of $3,238,846. Per share amounts are both basic and diluted. The declines in gross revenue, funds from operations and net income for the quarter and six months ended June 30, 2003 from the comparable period a year ago resulted primarily from a decline in apartment occupancy. Economic occupancy of the Trust's apartments, which account for 94% of its gross operating income, averaged 82.4% and 82.8% during the second quarter and first half of 2003, respectively, down from an average of 89.9% and 89.8% during the comparable periods of 2002. Management attributes the lower current occupancy to the loss of many apartment residents who have opted to become home owners due to attractive mortgage interest rates, and to relatively high unemployment that has limited the number of prospective apartment residents. 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: Three Months Ended Six Months Ended June 30, June 30, _____________________ ______________________ 2003 2002 2003 2002 _________ _________ _________ ___________ Net Income $ 8,006 $288,529 $ 59,582 $ 522,289 Plus Depreciation 439,363 462,073 878,727 924,127 Less Minority interest portion of depreciation (18,781) (22,756) (37,690) (46,668) Less Depreciation, other than investment properties (1,942) (2,264) (3,900) (4,530) Funds from operations _________ _________ _________ ___________ allocable to the Trust $426,646 $725,582 $896,719 $1,395,218 Income for quarters and six months ended June 30, 2003 and 2002 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 six months ended June 30, 2003 and 2002 was 1,768,332 and 1,753,354, respectively, At June 30, 2003, the Trust had total assets of $47,010,898 and shareholders' equity of $9,397,465. At June 30, 2002, the Trust had total assets of $46,958,426 and shareholders' equity of $9,670,202. Indianapolis, IN., August 15, 2003 -----END PRIVACY-ENHANCED MESSAGE-----