UNITED STATES
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) December 13, 2005
BRT REALTY TRUST
(Exact name of Registrant as specified in charter)
Massachusetts 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
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 516-466-3100
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
--- Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
--- Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
--- Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
--- Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Item 9.01 Financial Statements and Exhibits.
On December 13, 2005, registrant issued a press release announcing its results
of operations for the quarter and year ended September 30, 2005. The press
release is annexed as an exhibit to this Form 8-K.
(a) Financial Statements of Businesses Acquired. Not Applicable.
(b) Pro Forma Financial Information. Not Applicable.
(c) Exhibits.
99.1 Press release issued December 13, 2005, announcing
registrant's earnings for the quarter and year ended September 30, 2005.
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 hereunto duly authorized.
BRT REALTY TRUST
Date: December 14, 2005 By: /s/ Simeon Brinberg
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Simeon Brinberg
Senior Vice President
EXHIBIT 99.1
BRT REALTY TRUST
60 Cutter Mill Road, Suite 303
Great Neck, NY 11021
Telephone (516) 466-3100
Fax (516) 466-3132
www.BRTRealty.com
BRT REALTY TRUST
ANNOUNCES INCREASES IN REVENUES,
NET INCOME AND NET INCOME PER SHARE
FOR THE QUARTER AND YEAR ENDED SEPTEMBER 30, 2005
Great Neck, New York, December 13, 2005 -- BRT Realty Trust (NYSE:BRT) today
announced that for the three months ended September 30, 2005 it had total
revenues of $8,018,000, compared to revenues of $5,231,000 for the quarter ended
September 30, 2004, representing a 53% increase in revenues quarter versus
quarter. Net income for the three months ended September 30, 2005 was
$5,677,000, or $.73 per share on a diluted basis, an 80% increase in net income
and a 78% increase in diluted net income per share, quarter versus quarter. For
the three months ended September 30, 2004, net income and net income per share
on a diluted basis were $3,148,000 and $.40 per share, respectively. Net income
for the three months ended September 30, 2005 includes income from discontinued
operations of $1,583,000, or $.20 per diluted share, and equity in earnings of
unconsolidated joint ventures of $174,000 , or $.02 per diluted share. Net
income for the three months ended September 30, 2004 includes income from
discontinued operations of $193,000, or $.02 per diluted share, and equity in
earnings of unconsolidated ventures of $128,000, or $.02 per diluted share.
Income from continuing operations for the three months ending September 30, 2005
was $4,094,000, or $.53 per diluted share, compared to $2,955,000 or $.38 per
diluted share for the September 30, 2004 quarterly period. The weighted average
number of common shares outstanding on a diluted basis was 7,856,101 and
7,738,328 for the three months ended September 30, 2005 and 2004, respectively.
BRT also reported total revenues of $25,715,000 for the year ended September 30,
2005, a 46% revenue increase year over year, and net income of $16,214,000, or
$2.08 per diluted share, a 35% increase in net income and a 34% increase in net
income per diluted share year over year. Net income for the September 30, 2005
twelve month period includes income from discontinued operations of $1,910,000,
or $.25 per diluted share, gain on available-for-sale securities of $680,000, or
$.09 per diluted share, and equity in earnings of unconsolidated ventures of
$257,000, or $.03 per diluted share. For the fiscal year ending September 30,
2004, BRT reported total revenues of $17,661,000 and net income of $12,002,000,
or $1.55 per share on a diluted basis. Net income for the September 30, 2004
twelve month period includes income from discontinued operations of $1,655,000,
or $.21 per diluted share, gain on sale of available-for-sale securities of
$1,641,000, or $.21 per diluted share, and equity in earnings of unconsolidated
joint ventures of $202,000, or $.03 per diluted share. Income from continuing
operations, excluding gain on sale of securities, was $13,624,000, or $1.74 per
diluted share in the year ended September 30, 2005 compared to $8,706,000, or
$1.13 per diluted share for the year ended September 30, 2004. The weighted
average number of common shares outstanding on a diluted basis was 7,811,483 and
7,734,364 for the twelve months ended September 30, 2005 and September 30, 2004,
respectively.
Commenting on the results of operations for the three months and year ended
September 30, 2005 Jeffrey Gould, President and Chief Executive Officer of BRT
stated that the significant increase in revenues, net income and net income per
share quarter over quarter and year over year was due primarily to the
substantial increase in loan originations. Commenting further, Mr. Gould stated
that he believed that the increase in loan originations was due in large measure
to a more active marketing program which has provided a more national focus. On
the expense side, Mr. Gould noted that the significant increase in interest
expense in the current quarter and fiscal year is due to borrowings under BRT's
credit facilities to fund the increased loan originations. Other expenses
including the adviser's fee and general and administrative expenses increased as
a result of the increase in the level of BRT's business activity.
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 these 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 - (516) 466-3100
BRT REALTY TRUST
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In Thousands except for Per Share Data)
Three Months Ended Twelve Months Ended
September 30, September 30,
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2005 2004 2005 2004
---- ---- ---- ----
Revenues $8,018 $ 5,231 $25,715 $17,661
Expenses 4,123 2,393 12,336 9,114
Income before equity in earnings of unconsolidated real estate
ventures, gain on sale of available-for-sale securities,
minority interest and discontinued operations 3,895 2,838 13,379 8,547
Equity in earnings of unconsolidated real estate ventures 174 128 257 202
Income before gain on sale of available-for-sale securities,
minority interest and discontinued operations 4,069 2,966 13,636 8,749
Gain on sale of available-for-sale securities - - 680 1,641
Minority interest 25 (11) (12) (43)
Income from continuing operations 4,094 2,955 14,304 10,347
Discontinued operations:
Income from operations 14 82 341 394
Gain on sale of real estate assets 1,569 111 1,569 1,261
Income from discontinued operations 1,583 193 1,910 1,655
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Net income $ 5,677 $ 3,148 $16,214 $12,002
Income per share of beneficial interest:
Income from continuing operations $ .53 $ .39 $ 1.84 $ 1.36
Income from discontinued operations .20 .02 .25 .22
Basic earnings per share $ .73 $ .41 $ 2.09 $ 1.58
Income from continuing operations $ .53 $ .38 $ 1.83 $ 1.34
Income from discontinued operations .20 .02 .25 .21
Diluted earnings per share $ .73 $ .40 $ 2.08 $ 1.55
Cash distributions per common share $ .50 $ .48 $ 1.96 $ 1.79
Weighted average number of common shares outstanding:
Basic 7,801,674 7,652,108 7,747,804 7,617,116
Diluted 7,856,101 7,738,328 7,811,483 7,734,364