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) February 7, 2005
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BRT REALTY TRUST
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(Exact name of Registrant as specified in charter)
Maryland 001-07172 13-2755856
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(State or other (Commission file No.) (IRS Employer
jurisdiction of I.D. No.)
incorporation)
60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 516-466-3100
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Item 7.01 Regulation FD Disclosure.
Attached hereto as an exhibit is a copy of a Press Release issued by
the registrant on February 7, 2005. The Release which is being furnished to the
Securities and Exchange Commission, discloses information regarding the
registrant's results of operations for the quarter ended December 31, 2004.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned officer thereunto duly authorized.
BRT REALTY TRUST
Date: February 8, 2005 By: /s/ Simeon Brinberg
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Simeon Brinberg
Secretary
EXHIBIT
BRT REALTY TRUST
60 Cutter Mill Road, Suite 303
Great Neck, NY 11021
(516) 466-3100 - Telephone
(516) 466-3132 - Fax
www.BRTRealty.com
BRT REALTY TRUST
ANNOUNCES RESULTS OF OPERATIONS
FOR THE QUARTER ENDED DECEMBER 31, 2004
Great Neck, New York, February 7, 2005 -- BRT Realty Trust (NYSE:BRT) today
announced that total revenues for the three months ended December 31, 2004, the
first quarter of its fiscal year, increased 64% over the three months ended
December 31, 2003, and that net income increased 31% quarter over quarter. For
the three months ended December 31, 2004, BRT reported revenues of $6,033,000
and net income of $4,311,000, or $.55 per share on a diluted basis. Net income
for the quarter ended December 31, 2004 includes a net gain on sale of
available-for-sale securities of $729,000 or $.09 per share. For the three
months ended December 31, 2003 total revenues, net income and net income per
share on a diluted basis were $3,669,000, $3,294,000 and $.43 per share,
respectively. Net income for the quarter ended December 31, 2003 includes a net
gain on sale of real estate assets of $591,000, or $.08 per share, and net gain
on sale of available-for-sale securities of $720,000 or $.09 per share. The
weighted average number of common shares outstanding on a diluted basis was
7,774,303 and 7,671,566 for the three months ended December 31, 2004 and 2003,
respectively.
Commenting on the results of operations for the three months ended December 31,
2004, Jeffrey Gould, President and Chief Executive officer of BRT, noted that
the primary reason for the increase in revenues and net income was the
significant increase in the average balance of loans outstanding for the
December 31, 2004 quarter versus the December 31, 2003 quarter, from $80,100,000
in the 2003 quarter to $127,700,000 in the 2004 quarter. Revenues and net income
also benefited in the current quarter from a 77 basis point increase in the rate
earned on the loan portfolio and the collection of interest on one loan in
excess of its stated rate.
On the expense side, Mr. Gould noted that total expenses increased by $777,000,
or $.10 per share, quarter versus quarter, of which $466,000 was a result of
increased interest expense, as BRT borrowed under its credit facilities to fund
its increased level of loan originations and an overall 17 basis point increase
in the interest rate paid on borrowed funds. The increase in expenses was also
attributable to an $87,000 increase in the adviser's fee, also a direct result
of the increased loan portfolio. General and administrative expenses increased
by $170,000 quarter versus quarter due in large measure to the increase in loan
originations, as BRT paid increased commissions and higher travel, advertising
and promotional expenses, as well as additional allocated payroll expenses under
a shared services agreement. There was also an increase in G&A expense as a
result of costs associated with the implementation of a dividend reinvestment
and share purchase plan.
BRT Realty Trust is a mortgage oriented real estate investment trust.
Certain information contained herein is forward looking within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. BRT intends such forward
looking statements to be covered by the safe harbor provisions for forward
looking statements contained in the Private Securities Litigation Reform Act of
1995 and includes this statement for purposes of complying with theses safe
harbor provisions. The forward looking statements should not be relied upon
since they involve known and unknown risks, uncertainties and other factors,
which, in some cases, are beyond BRT's control and could materially affect
actual results, performance or achievements.
Contact: Simeon Brinberg, BRT Realty Trust (516) 466-3100
BRT REALTY TRUST
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In Thousands except for Per Share Data)
Three Months Ended
December 31,
2004 2003
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Revenue: $6,033 $3,669
Expenses 2,495 1,718
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Income before equity in earnings of unconsolidated
joint ventures, gain on sale of available-for-sale securities,
minority interest and discontinued operations 3,538 1,951
Equity in earnings of unconsolidated joint ventures 55 43
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Income before gain on sale of available-for-sale securities,
minority interest and discontinued operations 3,593 1,994
Gain on sale of available-for -sale securities 729 720
Minority interest (11) (11)
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Income before discontinued operations 4,311 2,703
Discontinued operations
Gain on sale of real estate assets - 591
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Net income $4,311 $3,294
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Income per share of beneficial interest:
Income from continuing operations $ .56 $ .36
Discontinued operations - .08
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Basic earnings per share $ .56 $ .44
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Income from continuing operations $ .55 $ .35
Discontinued operations - .08
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Diluted earnings per share $ .55 $ .43
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Cash distributions per common share $ .48 $ .38
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Weighted average number of common shares outstanding:
Basic 7,662,372 7,513,383
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Diluted 7,774,303 7,671,566
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